Majid al-Futtaim Group has said its 2015 revenues grew to AED27.3bn ($7.43bn), an 8 per cent year-on-year jump as it continues to expand in the Middle East and African regions.

Total assets sat at AED51bn at the end of 2015 for the company, which owns and operates 19 shopping malls, 12 hotels and three mixed-use communities. Its net debt reached AED9bn, the company said in a statement.

On operating company level, Majid al-Futtaim Properties recorded a 7 per cent increase in revenues to AED4bn, contributing to about 65 per cent of the group’s earnings before interests tax, depreciation and amortization (Ebitda). Occupancy across shopping malls remained at 98 per cent. Majid al-Futtaim Retail saw a 7 per cent year-on-year rise in revenues to AED22bn while Majid al-Futtaim Ventures, which operates portfolio of cinemas, leisure and entertainment, fashion, healthcare, consumer finance portfolio recorded a 34 jump in income.

“With several large scale developments currently in the pipeline in Saudi Arabia, Egypt, and Africa, we are well positioned to fully leverage the significant growth potential of the Middle East and North and East Africa region,” Alain Bejjani, chief executive of Majid al-Futtaim Holding said in the statement.

Although, UAE remains the focus for the company, it aims to solidify presence in Egypt, Saudi Arabia and Oman and plans stronger foothold in Africa and Eurasia through its Carrefour business. Company’s My City Centre, a 5,000 square meters mall in Al Barsha that is expected to be completed in the third quarter of this year. Its investment plans also includes development of City Centre Almaza, the third City Centre in Egypt, which is due to open in 2019. In Africa, the company is initially focusing on development in Eastern and Southern African nations, with Kenya set to be the first destination for Carrefour in 2016, according to the statement.