Majid Al Futtaim (MAF) Holding, one of the Gulf region's largest mall developers and exclusive franchisee of hypermarket chain Carrefour, is in talks with a small group of banks to discuss the process of issuing bonds, Reuters has reported. "We have obtained credit ratings as the first step in our preparatory work to raise capital through a bond issue. We will announce further details in due course," Daniele Vecchi, senior vice president for group treasury at the firm said in a statement.