750,000 sq m – Al-Futtaim’s gross leasable space in 2009
2.2 million sq m – Al-Futtaim’s planned gross leasable space by 2015
MAF has been operating in a Dubai retail property market in which rents have been falling by as much as 10 per cent each quarter, according to figures from UK property consultant CB Richard Ellis.
Nonetheless, the drop in rental revenues is survivable for a group geographically well spread and well established in resilient economies, such as Egypt and Saudi Arabia that have been less affected.
MAF’s underlying strategy of diversification into a broad range of Middle Eastern economies has been vindicated.
Majid Al-Futtaim Group Profile