Local mall developer Majid al-Futtaim (MAF) has ruled out any plans of publicly listing the firm on the Dubai Financial Markets (DFM).

Speaking on the sidelines of a press briefing on 29 March celebrating 20 years of the Deira City Centre mall, group CEO Alain Bejjani tells MEED that the firm will not be launching an IPO.

Bajjani went on to say the firm “is looking to double the size of the business within five years”.

And despite the successful listing of Emaar’s mall group in September 2014, Bejjani tells MEED that the company remains committed to the expansion plans with funding not being an issue. “MAF will fund its expansion in accordance with its credit rating standards – aided by a portfolio of both conventional and Sukuk bonds,” he says.

In mid-March, MAF announced plans to increase its planned investments in Egypt by $590m over the coming five years.