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Mall developer MAF to invest $816m in Dubai

MAF’s business plans include two new hotel developments, renovating existing hotels and redeveloping Mall of the Emirates

Published: Updated:

Dubai mall developer Majid Al Futtaim said it will invest another 3 billion dirhams ($816.7m) over the next 5 years to expand its business in the emirate, after posting a 10 percent increase in its 2013 revenue.

Unlisted MAF, which holds the Carrefour franchise in the Middle East, said on Monday that revenue last year was $6.2bn.

Its earnings before interest, depreciation, taxes and amortization (EBIDTA) from recurring operations grew by 12 percent year-on-year to reach $898m, the company said, without providing full-year net profit figure.

MAF has plans to invest over $816m on extending its Dubai businesses over the next five years, which includes two new hotel developments, renovating two existing hotels and redeveloping its flagship Mall of the Emirates.