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Dubai Malls Operator Revenue Climbs as Expansion Offsets VAT

  • MAF plans to expand in Saudi Arabia, Egypt and Kenya
  • VAT had an impact on consumer confidence in Dubai, CEO says
Diners eat overlooking the indoor ski slope at the Mall of the Emirates in Dubai.
Diners eat overlooking the indoor ski slope at the Mall of the Emirates in Dubai.Photographer: Gabriela Maj

Majid Al Futtaim Holding LLC, the Dubai-based conglomerate which operates Carrefour SA stores in the Middle East, posted a 13 percent increase in revenue during the first half, as the company’s regional expansion helped weather the impact of value-added taxation at home.

Sales climbed to 17.8 billion dirhams ($4.85 billion) from a year earlier despite “adverse market conditions,” Chief Executive Officer Alain Bejjani told Bloomberg TV on Tuesday in Dubai. Earnings before interest, taxation, depreciation and amortization grew 4 percent to 2.1 billion dirhams.