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February 10, 2016 10:57 AM ET

Real Estate Management and Development

Company Overview of Majid Al Futtaim Properties LLC

Company Overview

Majid Al Futtaim Properties LLC develops, owns, and manages shopping malls, hotels, and mixed-use living communities (residential and commercial properties) in the Middle East and North Africa region. The company was founded in 1992 and is based in Dubai, United Arab Emirates. Majid Al Futtaim Properties LLC operates as a subsidiary of Majid Al Futtaim Holding LLC.

Majid Al Futtaim Tower 2

P.O. Box 60811

Dubai,  

United Arab Emirates

Founded in 1992

Key Executives for Majid Al Futtaim Properties LLC

Chief Financial Officer
Age: 51
Chief Executive Officer of Communities Business Unit
Chief Executive Officer of Shopping Malls Business Unit
Chief Executive Officer of Retail Arm
Chief Executive Officer of Hotels Business Unit
Compensation as of Fiscal Year 2015.

Majid Al Futtaim Properties LLC Key Developments

Majid Al Futtaim Properties LLC Announces Appointment of Robert Welanetz as CEO and Executive Director, Effective February 16, 2016

Majid Al Futtaim Properties LLC announced that Mr. Robert Welanetz has been appointed as Chief Executive Officer and Executive Director, effective February 16, 2016.

Majid Al Futtaim Properties LLC Announces Consolidated Earnings Results for the Six Months Ended June 30, 2015

Majid Al Futtaim Properties LLC announced consolidated earnings results for the six months ended June 30, 2015, For the six months the company reported revenue of AED 1,977,930,000 against AED1,895,930,000 for the same period a year ago. Profit before net valuation gain on land and buildings AED 896,513,000 against AED 926,313,000 for the same period a year ago. Profit before tax was AED 1,736,320,000 against AED 1,541,621,000 for the same period a year ago. Profit for the period was AED 1,719,336,000 against AED 1,523,728,000 for the same period a year ago. Profit attributable to owners of the company was AED 1,706,675,000 against AED1, 516,182,000 for the same period a year ago. Net cash from operating activities was AED 1,362,347,000 against AUD 1,046,494,000 for the same period a year ago. Addition to property, plant and equipment was AED 169,176,000 against AED 113,965,000 for the same period a year ago.

Majid Al Futtaim Opens Sixth City Centre in UAE

Majid Al Futtaim opened doors for its sixth City Centre mall in the UAE and its operator said it would serve four million visitors in its first year of operations. The company said it has invested AED 275 million in the City Centre Me'aisem which is its twelfth in the region. The mall features more than 53 retail outlets including the UAE's 22nd Carrefour hypermarket the 19th Magic Planet in the Middle East for a rewarding family adventure and a range of fashion and lifestyle brands such as Centrepoint Hamp;M Max and Sun amp; Sand Sports and the initiator of the chocolate gifting concept: Patchi. Some brands will also be making their debut in the UAE like 800 Degrees Neapolitan Pizzeria Cath Kidston and GRK Fresh Greek.

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