UAE’s Majid Al-Futtaim profits rise 18% in H1 2022 – statement

By Nada Ali On Aug 24, 2022

Mall of the Emirates owned by Majid Al Futtaim Group

Dubai-based Majid Al-Futtaim Group announced that its earnings climbed to Dh1.9 billion ($517.71 million) and recorded 18 percent increase in the first-half for 2022, according to its statement published on Wednesday.

This considers a sharp increase due to a strong recovery in the retail and leisure sectors.

UAE consumer spending rose 22 percent in the first six months of this year, despite rising fuel costs and higher inflation.

UAE’s economy is ready to post the strongest annual expansion since 2011 after it increased by 8.2 percent in the first three months of this year.

This based on higher oil prices and measures to relieve the impact of the Covid-19, according to data from the Central Bank of the UAE.

Majid Al Futtaim leisure and cinema posted an increase in revenues by 56 percent to reach 784 million dirhams ($213 million), the statement added.

The group employs more than 45,000 employees and it exists in 17 markets around the world.