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
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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.