Egypt is a ‘very resilient’ market for Majid Al Futtaim – official

Egypt has proved to be a “very resilient” market for Majid Al Futtaim, which has seen its fastest recovery from last year’s COVID-19 pandemic business slump in the UAE and Saudi Arabia, CEO Alain Bejjani said on Thursday.

The Middle East’s largest operator of malls expects revenue and earnings to jump back to pre-pandemic levels by the end of next year and is moving full steam ahead with plans to develop its biggest mall ever, Bejjani said in an interview with The Associated Press.

Bejjani explained that the business is steadily rebounding amid vaccine rollouts in some countries of the region, kicking 2021 off to a relatively strong start.

“We’re not out of the woods across the markets, but things are improving,” Bejjani noted. “Going back to the pre-pandemic levels— to 2019 level— in my opinion, will happen by the end of 2022 in terms of financial results.”

He said UAE, Saudi Arabia, and Egypt are expected to lead post-covid recovery for Majid Al Futtaim.

“Every country has had their own set of challenges to deal with. The reality is the fastest recovery is the UAE… and we expect very fast recoveries in other markets like Saudi Arabia,” Bejjani added. “We have also seen Egypt being very resilient.”