Dubai-based developer Majid Al-Futtaim (MAF) plans to invest $1bn a year over the next five years in retail and property projects, according to Lyad Malas, chief executive officer (CEO) of Majid al-Futtaim Holding.

“We can easily, based on our capital generation in the business, sustain an investment plan of north of a billion [dollars] or a billion and a quarter a year,” he said today in Dubai.  

Malas said the company plans to double the size of the business by 2018, with expansion driven by new malls opening in Saudi Arabia, Oman and Egypt, and residential projects in Lebanon.

“The size of our assets today is more than $10bn, 70 per cent of which is in the UAE. As we go forward, we see a tremendous opportunity to replicate what we have seen in the UAE market. However, we have to be very clear that this very much depends on finding the right land and the right location and the right price,” he said.

Commenting on the company’s performance in 2013, Malas said: “We have had a very good year. Our forecast is that we are likely to see 9-10 per cent growth in revenues.”

The company has no plans to go public, he added.

MAF owns and operates 16 shopping malls and 11 hotels in the Mena region, including City Centre malls and the Mall of the Emirates in Dubai.

In September, the company announced plans to spend AED1bn ($272m) to expand the Mall of the Emirates. The revamp, called Evolution 2015, will include the launch of new luxury retail stores, as well as dining outlets, entertainment concepts and an expansion of Vox Cinema.

MAF also holds the rights to the Carrefour franchise in 19 markets across the Mena region and Central Asia, operating a portfolio of 50 hypermarkets and 47 supermarkets in 12 countries.