Majid Al Futtaim Properties Verified

About Majid Al Futtaim Properties

Majid Al Futtaim Holding (MAF) is one of the largest and most pioneering multinational conglomerates operating across the Middle East, Africa, and Asia (MENA-C). The group is widely credited with transforming the retail, leisure, and real estate experience in the region.

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History and Foundation

• Founder: The late Majid Al Futtaim (passed away in 2021).
• Founding Year: The group began its journey in 1992 in Dubai, UAE.
• Core Vision: The primary objective was to “reshape the region’s retail and real estate experience.”
• First Mall: MAF opened its first shopping mall, City Centre Deira, in Dubai in 1995.
• Major Expansion: In 1997, MAF secured the exclusive franchise rights to operate the French hypermarket and supermarket brand Carrefour across the MENA-C region.

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Ownership and Governance Structure

Majid Al Futtaim Holding is one of the UAE’s most significant private, family-owned conglomerates.

• Ownership Type: It remains a private holding group primarily owned by the Al Futtaim family.
• Governance Intervention: Following the founder’s death in 2021, the Government of Dubai intervened to ensure the stability and continuity of the massive enterprise amidst succession challenges.
• Current Board: A special judicial committee, established by the Ruler of Dubai, now oversees the governance. The restructured board includes both government-appointed members and family representatives, ensuring a stable, professionally managed structure.

Majid Al Futtaim Properties

Majid Al Futtaim Properties is the specialized real estate development, management, and investment arm of the Majid Al Futtaim Group. This division’s core focus is on developing Shopping Malls, Integrated Communities, and Hotels, with the goal of creating Destinations for living, shopping, and leisure.

1. Key Divisions of MAF Properties

MAF Properties manages its operations across three main areas:

A) Shopping Malls

MAF is recognized as a pioneer in regional mall development. The company has transformed shopping centers into “Lifestyle Hubs” rather than just places for transactions, including entertainment, dining, and services.

Key Masterpieces:

• Mall of the Emirates (MOE): The most iconic project, which redefined shopping centers by including Ski Dubai (the Middle East’s first indoor ski slope).
• City Centre Brand: A collection of large regional malls across the Middle East and North Africa (e.g., City Centre Mirdif, Deira, Sharjah, Bahrain, and Mall of Egypt).

B) Communities & Residential Projects

MAF Properties focuses on developing large, sustainable communities that blend urban amenities with nature.

Flagship Project: Tilal Al Ghaf (Dubai):

• A comprehensive development designed based on principles of sustainability and naturalism.
• Its main feature is Lagoon Al Ghaf, a large recreational lagoon for swimming and water sports.
• The project includes luxury villas, townhouses, and apartments, aiming to create a peaceful yet connected lifestyle.

New Project: Ghaf Woods (Dubai):

• The latest project, aiming to create Dubai’s first Forest-Inspired Community, with a strong focus on green space and air quality.

C) Hotels & Hospitality

MAF Properties owns a collection of hotels connected to its shopping malls to provide an integrated experience of shopping, leisure, and accommodation.

Strategy: The group owns 13 hotels managed by prestigious international brands (such as Kempinski and The Sheraton). Example: Kempinski hotels at Mall of the Emirates and City Centre Deira.

2. Real Estate Philosophy and Innovation

• Sustainability: Majid Al Futtaim is a pioneer of the “Net Positive” strategy in the region, meaning its goal is to reach a point where its impact on water consumption and carbon emissions is environmentally positive (generating more renewable energy and returning more water than consumed).
• Customer Experience: MAF Properties’ core philosophy is that properties must be more than simple structures; they should be destinations where people love to live, work, and play.
• Community-Centric: Residential projects like Tilal Al Ghaf are designed to promote social interactions, abundant green space, and easy access to recreational and educational facilities.

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Slogan and Guiding Values

The corporate slogan often associated with MAF’s mission is: “Creating Great Moments for Everyone, Everyday,” reflecting its focus on making a positive impact on people’s lives through its various destinations.

• Core Values:
  • Leading
  • Passionate
  • Together

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Major Achievements and Iconic Projects

MAF is renowned for creating integrated destinations that set high standards for lifestyle and leisure. The group’s real estate arm is Majid Al Futtaim Properties.

Project Type	Project Name	Focus and Key Features
Iconic Retail & Leisure	Mall of the Emirates (MOE) (Dubai)	Home to Ski Dubai (the Middle East’s first indoor ski slope). A world-class destination combining luxury retail, dining, and entertainment.
Flagship Community	Tilal Al Ghaf (Dubai)	A major, sustainable residential development centered around a large recreational lagoon. It is designed for integrated community living.
Regional Malls	City Centre Brand (e.g., Deira, Mirdif, Sharjah, Muscat, Bahrain)	A network of prominent shopping malls across the region that serve as primary retail and entertainment hubs.
Entertainment	VOX Cinemas	The region’s largest and fastest-growing cinema operator.
International Footprint	Mall of Egypt (Cairo)	A prime example of the group’s successful international mall development strategy.

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Current Operations and Business Segments

MAF operates across 17 countries, employing over 43,000 people, and is diversified into five key business units:

1. MAF Properties: Develops and manages real estate, including its portfolio of 29 shopping malls, 13 hotels, and signature residential communities.
2. MAF Retail: Holds the exclusive rights to operate the Carrefour brand across 38 markets, with over 500 outlets, making it one of the largest food retailers in the region.
3. MAF Leisure, Entertainment & Cinema: Manages leisure concepts such as VOX Cinemas, Ski Dubai, and Magic Planet.
4. MAF Ventures: Strategic investments in complementary businesses, including fashion retail, consumer finance, and facility management.
5. MAF Finance: The group’s corporate finance and treasury function.

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Frequently Asked Questions (FAQ)