Majid Al Futtaim benefited from an increase in shopping mall shoppers, higher hotel occupancy and attendance at cinemas, leisure and entertainment venues.

However, the group reported a 2% drop in net profit to AED 2.4 billion and continued to maintain a strong balance sheet with assets worth approximately AED 66 billion, up 9% year-on-year, and net borrowings of AED 14.2 billion, it said in a statement.