MENAFN - Khaleej Times
UAE - Majid Al Futtaim in $5 billion expansion plan
(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.
MENA News Headlines
|Mar 10 2014||Doha Insurance to launch rights issue at USD120m ,MENAFN|
|(MENAFN) Doha Insurance announced its intention to offer additional shares to shareholders, Arabian Business reported.
The company"s bid aims to raise around USD119.9 million and double its ...|
|Mar 10 2014||ME oil, gas transactions led by Oman, UAE, Iraq ,MENAFN|
|(MENAFN) Combined oil and gas transactions in the UAE, Oman and Iraq accounted for around 60 percent if total upstream transactions in the Middle East, Times of Oman reported.
The number of ...|
|Mar 10 2014||Oman plans to divest stakes in state-owned firms ,MENAFN|
|(MENAFN) The Omani government announced its intention to divest its stake in state-owned companies through initial public offerings (IPO), Times of Oman reported.
Executive President of Capital ...|
|Mar 10 2014||Makkah hotel industry posts steady growth ,MENAFN|
|(MENAFN) The city of Makkah is confident that it will continue to enjoy steady business growth, pushed by the positive presence of convenient room occupancy rates, Saudi Gazette reported.
The city ...|
|Mar 10 2014||Saudi construction projects at USD195b in 3 years ,MENAFN|
|(MENAFN) Planned construction projects in Saudi Arabia in the following three years are estimated at USD195.4 billion, Saudi Gazette reported.
The Big 5 Saudi has launched and is expected to ...|
|Mar 10 2014||Dubai non-oil trade up to USD361b in 2013 ,MENAFN|
|(MENAFN) Dubai"s non-oil foreign trade surged USD25.58 billion last year, hitting a record USD361.7 billion, Khaleej Times reported.
India was the emirate"s top trading partner in the year as ...|
|Mar 10 2014||SW China Forest on Fire, Casualties Unknown ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Firefighters are battling to extinguish a forest fire in southwest China's Yunnan Province, according to China's News (Xinhua). A total of 2,320 people, including 250 ...|
|Mar 10 2014||Waiting and Searching for Missing Malaysian Flight Continue ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Chinese warship Mianyang has arrived at the waters suspected to be the site of the missing Beijing-bound Malaysian jetliner, military sources said on Monday. The warship ...|
|Mar 10 2014||Amnesty Accuses Syrian Forces of Committing War Crimes in Yarmouk ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Amnesty International has accused the Syrian government forces of starving the population and targeting doctors in Yarmouk refugee camp in the outskirts of the capital ...|
|Mar 10 2014||Qatar's Mutaz Essa Barshim Wins Men's High Jump Gold Medal ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Qatar's Mutaz Essa Barshim claimed gold medal in the Men's High Jump Final during day three of the IAAF World Indoor Championships at Ergo Arena on Sunday. The ...|
|Mar 10 2014||Al Sadd and Al Arabi Share Spoils in Qatar Stars League ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Al Arabi and Al Sadd drew Saturday 1-1 in the 22nd round of Qatar Stars League.
Ibrahim Khalfan took the lead for Al Sadd in the 70th minute. It took Al Arabi only ...|
|Mar 10 2014||Kuwait Probes Deaths of Dolphins along Its Coast ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Kuwait's Environment Public Authority (EPA) has launched a probe into the causes of dolphin deaths along the country's coasts overs the past few days. EPA's Deputy ...|
|Mar 10 2014||Qatar - Filmmaker Noujaim to Address Northwestern University Students ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Academy Award-Nominated Director of The Square, Jehane Noujaim will be the graduation speaker at Northwestern University in Qatar's ceremony on May 4, the university ...|
|Mar 10 2014||Ukraine Could Sign EU Agreement Later in March ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Ukraine said Sunday it could sign later this month part of a crucial EU agreement for greater integration, even as the former Soviet state remains in a state of upheaval. ...|
|Mar 10 2014||Public Security Director General Inaugurates 30th GCC Traffic Week ,Qatar News Agency|
|(MENAFN - Qatar News Agency) HE Director General of Public Security Staff Major General Saad Bin Jassim Al Khulaifi inaugurated on Sunday the events and activities of 30th GCC Traffic Week in the ...|
|Mar 10 2014||Arab FMs Approve Agenda of Kuwait Summit ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Kuwait's First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah said Sunday the 141st session of the Arab League Council has approved the ...|
|Mar 10 2014||Qatar - HE the Prime Minister Condoles Afghan President ,Qatar News Agency|
|(MENAFN - Qatar News Agency) HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani has sent a cable of condolences to Afghan President Hamid Karzai on the death ...|
|Mar 10 2014||Omani Official Meets Qatari Administrative Development Minister ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Oman's deputy premier for cabinet affairs, Fahd bin Mahmoud al Said, conferred on Sunday with Isa Saad Al Jafali Al Nuaimi , the Qatari administrative development ...|
|Mar 10 2014||Qatar - HH the Emir Sends Cable of Condolences to Afghan President ,Qatar News Agency|
|(MENAFN - Qatar News Agency) HH the Emir Sheikh Tamim bin Hamad Al Thani has sent a cable of condolences to Afghan President Hamid Karzai on the death of First Vice-President Marshal Mohammad Qasim ...|
|Mar 10 2014||Electricity Crisis Expected in Gaza as Fuel Runs Dry ,Qatar News Agency|
|(MENAFN - Qatar News Agency) The last shipment of Qatar-donated diesel -- used to fuel the Gaza Strip's sole power plant -- is expected to run out within four or five days, a Palestinian official ...|