During the early years of the Gulf oil boom in the 1980s, the Al-Futtaim family fortunes were built mainly on key import dealerships, including Toyota vehicles and leading Japanese electronic goods brands. Majid Al-Futtaim was unusual among the big local entrepreneurs, as he kept a low personal profile.

Seeking to build on his background in consumer goods, he saw that the development of US-style retail complexes had growth potential, as an increasingly affluent Emirati society moved away from traditional souks towards more Westernised ways of shopping.

It was becoming clear that shopping centres, such as those in the US or Europe, could have a big attraction not only for prosperous locals, but also for both Western expatriate residents in the Gulf and for the growing number of middle class immigrants from Asia aspiring to an US-style way of life.

Later, MAF saw that a concept that had worked well in smaller Gulf countries could be extended to more populous, if less wealthy, Middle East economies. Although Gulf societies include many residents who are extremely affluent, they also have many living on middle incomes, buying the same branded consumer goods as in Europe, the Far East or the US.

Malls may attract media coverage for the luxury goods on offer or extravagances, such as the indoor ski slope at Mall of the Emirates in Dubai, but many outlets sell affordable goods targeted at middle and lower income consumers.

MAF identified great potential for developing such projects in countries with large populations falling into this middle income spending bracket – Saudi Arabia, Iran, Egypt and now Syria. The group has even drawn up plans for two possible mall projects in Aden, Yemen.

In 2008, encouraged by the success of its Egyptian investments, the group announced it would invest $1bn in developing a ‘town centre’ for the -Sabboura Yaafour residential district of New Damascus, Syria.

“The group leased out 90 per cent of the Mirdif mall almost a year before opening”

This will be a mixed use project, with homes, serviced apartments, offices, a souk and a mosque alongside a conventional shopping centre, Carrefour hypermarket, cinema and a Magic Planet entertainment complex.

There are plans for a second Syrian mall, and for another on the fringes of Beirut in Lebanon. In mid December, MAF reported it was assessing tenders for the construction of the $40m superstructure of the Lebanese project.

Meanwhile, the early performance of MAF’s first hypermarket in Tehran has been encouraging, with 60,000 shoppers a day visiting the main store – which is far larger than existing local supermarket chains, such as Refah and Shahrvand. The new store is modelled on a typical Carrefour outlet. Carrefour says it is not involved in the new venture. MAF plans to develop 11 more such stores in Iran, under the brand name Hyperstar.

Nor is the group neglecting home terrain. In March, it is preparing for the opening of the Mirdif City Centre mall in Dubai, which will have 430 or more shops. A novel addition to the usual mix of retail and entertainment will be an ‘indoor skydiving’ facility.

In Dubai, the property rents slump will have affected MAF’s bargaining power with prospective tenants of new projects. But by April 2009, the group had managed to lease out 90 per cent of the space at Mirdif, almost 12 months before the scheduled opening.

The development of malls and leisure complexes is a long-term game. MAF is not as exposed to the fluctuations in consumer spending, as its properties are leased on long-term contracts. Even the Gulf’s most shaken economies are still fundamentally prosperous, and so for MAF, have great long-term potential.