Shopping mall operator says UAE retail revenue in the fourth quarter will be higher than before the pandemic

Privately held Majid Al Futtaim owns 27 shopping malls, including in the UAE, Egypt and Saudi ArabiaAnd franchise rights for brands such as Abercrombie & Fitch Lululemon Athletic.

CEO Alain Bejjani said of the company’s retail performance in the UAE: “We have seen a very strong recovery in physical spending on shopping.”

“The increase in consumption is greater than the increase in passenger flow, so the reality is that people go to shopping malls more purposefully and consume more when they go out.”

He said that revenue in the fourth quarter of this year should exceed the same period in 2019 before the pandemic broke out.

Bejjani, who did not provide numbers, said that UAE retail revenue is now close to 2019 levels.

The Mall of the Emirates in Majid Al Futtaim includes the Mall of the Emirates in Dubai, which has an indoor ski slope. The company also owns hotels and other assets, including residential properties.

The UAE has one of the fastest vaccination campaigns. Officials predict that the 2020 World Expo will last from October to March, when it will attract 25 million international and domestic tourists.

Bejjani said that the Majid Al Futtaim Oman Shopping Center in Muscat, the capital of the Gulf States, was originally scheduled to open in September.