Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - Majid Al Futtaim in $5 billion expansion plan  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Majid Al Futtaim, a leading shopping mall, retail and leisure group in the Middle East, unveiled on Tuesday an ambitious 5 billion five-year expansion plan that would enable the Dubai-based conglomerate to double its business to 12 billion by 2018.

Iyad Malas, chief executive officer of Majid Al Futtaim Holding, said the group would invest 1 billion every year over next five years to further expand its presence in the Middle East.

The funding for the massive expansion will be met from the group's own revenue streams and through the capital market, Malas said.

The family-owned 6 billion group, which now operates in 12 international markets with over 26,000 employees, has no plan to go public in the near future, Malas said at a Press briefing to unveil the group's new brand direction.

The extensive expansion into new markets in the Middle East and North Africa region and beyond is aimed at providing an ideal platform to introduce the Majid Al Futtaim brand to entirely-new populations, he said.

"With ambitious plans to double the size of the business by 2018, the company's expansion will be driven by new malls opening in Saudi Arabia and Egypt, residential projects in Lebanon, hypermarkets, cinemas, family entertainment centres and snow park openings," said Malas.

He said following the expansion, a bulk of the additional business would be generated from overseas business, mostly driven by the group's retail chain Carrefour. At present, 70 per cent of the group's business is generated within the UAE.

Malas said the new brand direction would serve the conglomerate to unite its diverse group of companies under one umbrella corporate brand - Majid Al Futtaim - as it embarks on the next chapter of expansion.

"The new brand direction represents the spirit and history of the entrepreneurial company by reinforcing its experiential purpose and vision of its founder, Majid Al Futtaim - 'my dream is to create great moments for everyone, every day'," he said.

The all-encompassing brand strategy adopts the iconic symbol of "M" across the visual identity of the company's brands to create a unifying mark of excellence across its diverse set of assets, including City Centre Malls, VOX Cinemas, Carrefour, Magic Planet Najm Credit Cards, Ski Dubai and Mall of the Emirates.


"This exercise will reinforce the Majid Al Futtaim name behind the unique experiences and brands that are intertwined into the lives of 250 million people who experience our brands each year, yet still allow for each brand to have a strong sense of visual individuality," said Malas. "Creating great moments has always been central to our culture, but has now for the first time been articulated to reflect our responsibility to create exciting living experiences for consumers."

He said the unified corporate identity cascades across the business like a visual identity glue at acts as a 'quality stamp' that will differentiate the group and reinforces its" bold and passionate commitment for the future."

Martin Lindstrom, a leading international branding consultant, worked with Majid Al Futtaim to deliver the new brand direction.

"The new identity is a symbol that has been created to truly represent the spirit and history of Majid Al Futtaim and is so simple that it is immediately recognisable and provides further unification across the company. It takes three essential components that are unique to the heritage of Majid Al Futtaim - the sand, reflected by the colour, which represents the firm's beginnings in Dubai; the arch, which was inspired by the iconic dome from Mall of the Emirates; and the 'M', standing for Majid," said Lindstrom.

Majid Al Futtaim has created some of Dubai's most bold and iconic landmarks, such as Mall of the Emirates, one of the world's most profitable malls, and Ski Dubai, both of which are globally recognised and have helped to transform the city into the modern metropolis that it is today.

Majid Al Futtaim owns and operates 16 shopping malls and 11 hotels in the Mena region, including City Centre malls and Mall of the Emirates, with further developments underway in Lebanon and Egypt. It holds exclusive rights to the Carrefour franchise in 19 markets across Mena and Central Asia, operating a portfolio of 50 hypermarkets and 47 supermarkets in 12 countries.

The family company's bold approach to corporate governance has led it to become the highest credit-rated private company in the Middle East, with investment-grade credit rating (BBB) from both S&P and Fitch.

 


Khaleej Times




  MENA News Headlines
 Jul 23 2016 - Scottsdale, Arizonas AC by J is Part of Daikin Industries Expansion into N. American AC MarketMENAFN Press
(MENAFN Press) google_ad_client = "pub-7060895361757846"; /* MPR 200x200, created 7/14/10 */ google_ad_slot = "9848691929"; google_ad_width = 200; google_ad_height = 200; Scottsdale, Arizona, ...

 Jul 23 2016 - Morocco's inflation rate grows to 2.3 percentMENAFN
(MENAFN) Morocco's annaul consumer inflation increased to 2.3 percent in June from 1.9 percent in May, due to higher food prices.On the other hand, annual food inflation jumped to 4.4 percent from ...

 Jul 23 2016 - Saudi's Modon signs 6.000 deals at USD160bnMENAFN
(MENAFN) The Saudi Industrial Property Authority (MODON) signed more than 6,000 industrial, logistic and services deals for investments that surpasses USD160bn.Additionally, factories in the ...

 Jul 23 2016 - Qatar's exports from Brazil touch USD122.15mnMENAFN
(MENAFN) Brazil's exports to Qatar for the first half of this year reached USD122.15mn, accounting for 2.33 percent.Moreover, meat, sugar, cereals, ores, slag and other miscellaneous grain seeds and ...

 Jul 23 2016 - Rakhi.primogiftsindia.com Offering Heart Winning Selections for Online Rakhi &'Rakhi Gifts!MENAFN Press
(MENAFN Press) Rakhi.primogiftsindia.com is a name reckoned widely for its extensive range of trendy and attractive Rakhis and heart winning Rakhi gifts. In fact, it is one of the reliable online ...

 Jul 22 2016 - Global Water-Soluble Fertilizers Market Has Been Forecasted to Reach USD 15.30 Billion by 2020MENAFN Press
(MENAFN Press) The global water-soluble fertilizers market has been forecasted to reach a value of USD 15.30 billion by 2020 at a CAGR of 5.6%. The market is primarily driven by the increasing ...

 Jul 22 2016 - Established Cardiothoracic Surgeon, Khaled Abdelhady, MD, FRCS, FACS, will be Recognized in Latest Edition of The Leading Physicians of the WorldMENAFN Press
(MENAFN Press) Chicago, Illinois The International Association of HealthCare Professionals is pleased to welcome Khaled Abdelhady, MD, FRCS, FACS, Cardiothoracic Surgeon, to their prestigious ...

 Jul 22 2016 - Elite Radiologist, Charif Abdul Rahman Sidani, MD, to be Spotlighted in The Leading Physicians of the WorldMENAFN Press
(MENAFN Press) Miami, Florida The International Association of HealthCare Professionals is pleased to welcome Charif Abdul Rahman Sidani, MD, Radiologist, to their prestigious organization with ...

 Jul 22 2016 - Advanced Driver Assistance Systems (ADAS) Market to Reach $89.09 billion with 21.7% CAGR Forecast to 2022MENAFN Press
(MENAFN Press) Advanced Driver Assistance Systems (ADAS) Market to Reach $89.09 billion with 21.7% CAGR Forecast to 2022 Global Advanced Driver Assistance Systems (ADAS) Market 2015 Analysis and ...

 Jul 22 2016 - Organic Silicon 2016 World Market Opportunities and Forecasts to 2021MENAFN Press
(MENAFN Press) Organic Silicon 2016 World Market Opportunities and Forecasts to 2021 Global and Chinese Organic Silicon Industry, 2016 Market Research Report PUNE, INDIA, July 22, 2016 ...

more...


 





Google

Easy Forex

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help