https://adgully.me/post/2996/vox-cinemas-unveils-revamped-20-screen-destination-in-bahrain

VOX Cinemas unveils revamped 20-screen destination in Bahrain

VOX Cinemas, in collaboration with Majid Al Futtaim, has announced the grand reopening of the VOX Cineco multiplex with 20 dazzling screens, situated within the iconic City Centre Bahrain, a premier retail and leisure destination in the region.Film enthusiasts in Bahrain are in for an unparalleled cinematic adventure as the Kingdom welcomes the enhanced and modernized VOX Cineco City Centre. This state-of-the-art cinematic hub has been meticulously designed to elevate the movie-watching experience, offering a seamlessly optimized journey for every visitor.Boasting an impressive array of features, VOX Cineco presents 20 state-of-the-art screens, including premium auditoriums fitted with luxurious leather seats, ensuring utmost comfort. The crown jewel of the cinema experience lies in its colossal 18-meter wide and 10-meter high screen, coupled with dual projectors for truly mesmerizing visuals. The auditory realm is equally enthralling, thanks to a world-class sound system that promises heart-pounding audio.VOX Cinemas has revolutionized the concept of entertainment, catering to both film aficionados and food connoisseurs. The fusion of cinematic magic with gastronomic delight awaits patrons, who can indulge in fine dining within the exclusive lounge or savor delectable dishes delivered right to their seats via the innovative in-theatre waiter service.A tantalizing addition to the experience is the newly inaugurated Candy Bar, nestled within the revamped cinema foyer. This delightful haven offers an array of culinary pleasures, including popcorn, burgers, hotdogs, pizzas, and nachos, all designed to enhance the movie experience.Anmar AlQurashi, Managing Director - Saudi Arabia and Bahrain, Majid Al Futtaim Entertainment, said: "The reopening of VOX Cinemas City Centre Bahrain reaffirms our commitment to elevating the movie-going experience." Join us on this remarkable journey of cinematic excellence, as VOX Cinemas redefines entertainment in Bahrain.
https://adgully.me/post/2834/majid-al-futtaim-forays-into-luxury-home-and-beauty-sectors

Majid Al Futtaim forays into luxury home and beauty sectors

Majid Al Futtaim, a prominent leader in shopping malls, communities, retail, and leisure activities across the Middle East, Africa, and Asia, has marked its entrance into the beauty and luxury home segments. This expansion adds two new categories to its offerings, with the brand's focus on expanding its presence in the UAE.During this year, Majid Al Futtaim has successfully launched 11 new stores within its shopping malls. This achievement is largely attributed to the brand's strategic partnerships with notable names such as the Italian furniture brand Poltrona Frau and the Japanese skincare company Shiseido, among others.As a significant aspect of these collaborations, Majid Al Futtaim Lifestyle has obtained the rights to distribute Poltrona Frau Products in the UAE. This venture represents the brand's initial step into the Luxury Home category, allowing the iconic Italian brand to embark on a new phase of growth in the Middle East. Poltrona Frau's global expansion strategies have positioned it as an influential international benchmark.Fahed Ghanim, Chief Executive Officer of Majid Al Futtaim Lifestyle, expressed excitement about the partnership with Poltrona Frau. He stated, "We are delighted to introduce Poltrona Frau's Italian masterpieces into Majid Al Futtaim Lifestyle's expanding collection of world-class international brands. This collaboration aligns with our strategy of geographical and brand expansion, especially during a period of remarkable year-on-year growth. It reinforces Majid Al Futtaim Lifestyle's mission to enhance the customer experience in the region."In a notable collaboration that occurred earlier in May, Majid Al Futtaim teamed up with the Japanese beauty innovator Shiseido Company. This partnership led to the inauguration of the Shiseido Ginza Tokyo brand store in the Mall of the Emirates. This store is a significant milestone for Shiseido's expansion plans and marked Majid Al Futtaim Lifestyle's entry into the beauty industry.These partnerships contributed to a 12 percent increase in footfall within the shopping malls, with the Mall of the Emirates witnessing its highest-ever first-half footfall.Beyond these collaborations, Majid Al Futtaim has launched five additional stores in the region, including two Supeco low-cost hybrid concept stores in Egypt. The brand's entertainment division continues to expand its reach across the region, as evidenced by the opening of Snow Abu Dhabi in June – the capital's inaugural indoor snow park and the fourth snow destination within the group's portfolio.
https://adgully.me/post/2829/majid-al-futtaim-announces-half-year-financial-results

Majid Al Futtaim announces half year financial results

Dubai: Majid Al Futtaim (“the Group”), the leading shopping malls, communities, retail, and leisure pioneer across the Middle East, Africa, and Central Asia, today announced its operational and financial results for the period ending June 30, 2023. During the first half of the year, Majid Al Futtaim reported a 5% increase in consolidated revenue to AED 18.9 billion, and EBITDA growth of 13% year-on-year to AED 2.1 billion.Reporting growth across all its businesses, the Group’s positive performance was underpinned by focused efforts to drive operational excellence and further buoyed by the UAE’s thriving economy. The Group continues to maintain a healthy balance sheet with assets valued at approximately AED 68 billion.Commenting on the results, Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim – Holding, said: “Majid Al Futtaim is successfully balancing strategic growth with profitable and responsible execution. Our efforts to drive defined business objectives across our portfolio with a renewed focus on operational excellence and productivity are delivering sustainable, profitable growth and value to our stakeholders.“The economic buoyancy of the UAE in conjunction with our internal focus to unlock the inherent power of our ecosystem, has enabled the Group to deliver a solid half year performance. Majid Al Futtaim will continue to evolve, anchoring strategic choices in value-creation that support the evolving needs of our customers, colleagues and communities across the region.”Operating Company PerformanceMajid Al Futtaim – Properties: Net revenue increased 39% year-on-year to AED 3.4 billion, while EBITDA grew 22% to AED 1.7 billion. Performance was primarily driven by UAE-based shopping malls and Tilal Al Ghaf residential real estate development.Shopping Malls footfall increased 12%, boosted by Mall of the Emirates recording its highest ever first-half footfall. Tenant sales grew 7%, with UAE-based malls making the largest contribution. Hotels remained steady with occupancy rates and RevPAR (revenue per available room) growing at 3% and 2% respectively.Tilal Al Ghaf maintained its impressive sales performance through the first half of the year, including the record-breaking sale of an ultra-luxury villa at Lanai Islands and the completion of 916 residential units, significantly contributing to the sustained growth of the Properties business.Majid Al Futtaim – Retail: Driven primarily by the impact of currency devaluations across the Group’s footprint, overall revenue declined by 2% to AED 14.1 billion with EBITDA dipping 7%. At a constant currency rate, revenue grew 8% and EBITDA grew 5%. Online performance of Retail’s digital business remained strong, recording a 13% increase in revenue to AED 1.2 billion in the first half of 2023.Over the same period, Majid Al Futtaim opened five new stores across the region, including two further Supeco low-cost, hybrid concept stores in Egypt. These efforts underline the Group’s continued work to meet the growing consumer demand for digital and omnichannel experiences.Majid Al Futtaim – Entertainment: Revenue increased by 4% to AED 822 million and EBITDA grew 39% to AED 46 million, as the cinemas business continues to recover from delays and adjustments to its content pipeline.More broadly, Majid Al Futtaim’s entertainment business continues to expand its footprint across the region. In June 2023, the Group opened Snow Abu Dhabi, the capital’s first indoor snow park and the Group’s fourth snow destination, underscoring its commitment to deliver innovative, family-friendly and immersive experiences across the region.Majid Al Futtaim – Lifestyle: Revenue increased by 31% to AED 473 million and EBITDA improved by 300% to AED 12 million over the first six months of the year.The Lifestyle business opened 11 new stores in the first half of the year and entered two new categories; Luxury Home and Beauty. In January, the business introduced prestigious Italian furniture brand, Poltrona Frau to the region, and in May opened the only Shiseido store outside of Asia. The new brands complement Lifestyle’s pre-existing portfolio of 8 leading franchise and 2 homegrown brands and provide additional opportunity to further the business’ consistent year on year double digit growth.Progress on Sustainable ImpactMajid Al Futtaim continues to lead the region in prioritising long-term sustainable growth aligned to science-based targets and validated by the Science Based Targets initiative (SBTi). The Group remains on track to become Net Positive in carbon and water by 2040 and through its commitment to phase out single-use plastics, supported by Government-mandated taxation in the UAE, Majid Al Futtaim has achieved 82% reduction in the consumption of single-use plastic.The Group, recognised as a pioneer in sustainable financing for the region, issued its USD 500 million green sukuk in June this year. Proceeds from the issuance will be directed to funding eligible green projects under its 2019 green finance framework. This marks Majid Al Futtaim’s fourth Green capital markets issuance underscoring its commitment to responsible financing and its overall ESG goals.In June 2023, the Mall of the Emirates was presented with a LEED Platinum Award for Operations and Maintenance following its certification in late 2022, making it the largest mall in the world to receive such certification.The Group has also maintained its low risk ESG rating by Sustainalytics.FinancingMajid Al Futtaim continues to maintain a strong financial and liquidity position backed by a well-balanced financing mix encompassing capital markets and bank financing. Net borrowings are at AED 15 billion, with most of the debt maturing 2026 onwards.The Group has upheld its BBB credit rating with a stable outlook from Standard & Poor’s and Fitch Ratings.
https://adgully.me/post/2702/majid-al-futtaim-brings-liveramps-data-collaboration-platform-to-mena

Majid Al Futtaim brings LiveRamp’s data collaboration platform to MENA

Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced a long-term strategic partnership with LiveRamp, a leading data collaboration platform headquartered in San Francisco.The partnership is set to accelerate the Company’s digital offerings, driving value for customers by providing more personalised recommendations based on their shopping preferences and needs. Taking powerful insights gathered through privacy centric data collaboration, the platform seamlessly connects Majid Al Futtaim to its customers, to build a deeper understanding of individual customer journeys. This in turn enables the company to deliver tailored real-time promotions to customers resulting in a more engaging digital experience for consumers.Majid Al Futtaim will leverage LiveRamp’s cutting-edge data collaboration platform across its business and brand portfolio, extending the platform’s benefits to ecosystem partners to enable privacy-centric data collaboration and personalised digital activation.Furthermore, as the exclusive strategic partner of LiveRamp’s data collaboration platform in the Middle East and North Africa, Majid Al Futtaim will be able to offer the innovative data collaboration solution to partners outside its ecosystem, enabling the secure use of first-party data to target, measure, and optimise campaigns, in a privacy-preserving environment.Joe Abi Akl, Chief Corporate Development Officer, Majid Al Futtaim Holding, said: “We are thrilled to introduce LiveRamp, a global leader in data collaboration, to the region. We are confident that this partnership will boost our digital efficiency through precision targeting and A.I. driven campaign optimisation, enabling an improved hyper-personalised experience to our customers.”“We are also pleased to be LiveRamp’s exclusive partner leading the development of the data collaboration ecosystem in the MENA region, and welcome businesses across sectors to explore LiveRamp’s unique capabilities, which ensure compliance with local data privacy laws while enhancing brand equity and value-unlock through retail media.”Alexia Nakad, VP of Global Expansion at LiveRamp, said: “Majid Al Futtaim has long been a pioneer across MENA, setting new benchmarks for innovation and excellence in people-based experiences. We are delighted to be supporting Majid Al Futtaim’s pursuit to deliver advanced and impactful data-driven capabilities for their brands, ecosystem partners, and other businesses across the region.”“The future of consumer interaction and personalised experiences is fuelled by the effective use of data, and with this new partnership, our goal is to ensure that data owners possess the necessary privacy-focused technology, identity and connectivity infrastructure to deliver meaningful business outcomes. Furthermore, it is important to recognise that in a privacy-first era, it is essential that more businesses partner together and collaborate to continue to protect and deliver value for customers. LiveRamp helps to enable the privacy-forward infrastructure that can fuel such collaboration at scale, while also making an important addition to our premier global ecosystem. We are honoured to be partnering with such an innovative and visionary business such as Majid Al Futtaim, and together, we are optimistic that we can unlock value for businesses regionally.”
https://adgully.me/post/895/uae-on-track-to-record-strongest-annual-gdp-growth-in-over-a-decade

UAE on track to record strongest annual GDP growth in over a decade

The latest in a series of quarterly economic reports released by Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, reveals the UAE economy is on track to record its strongest annual GDP growth since 2011 – with Oxford Economics predicting growth of 6.8% for 2022 – a significant increase in the recorded actual growth of 3.8% in 2021.According to the Q3 2022 State of the UAE Retail Economy report, the oil and non-oil sectors both played essential roles – with the biggest GDP driver being the oil sector, which saw a 13.4% increase driven by crude oil prices hovering around USD 100 per barrel for most of the third quarter. The non-oil economy also demonstrated robust growth, buoyed by the Government’s moves to create an investor-friendly environment, with a strong focus on both digital and creative industries, the results of which are reflected in the S&P Global UAE Purchasing Managers’ Index – which hit a three-year high in August.While inflation remains top of mind for many consumers, there has been a decrease in the level of concern over the quarter, with 92% of residents still expressing some concern but saying they are adjusting to the new norm by practising caution in their purchasing. This is evidenced by the economic data showing that increasing results are being achieved across all key sectors of the economy.The sharp rise of e-commerce continues, with sales projected to rise by 22% this year, exceeding USD 6 billion and putting the market on track to reach USD 9.2 billion by 2026. Spending in this area increased 34% in January-September compared with the same period a year earlier, with sales now accounting for 11% of total retail economy sales. The UAE’s strong economic indicators and investment-focused policy updates continue to attract international interest, while the ESG agenda continues to increase in public and private sectors' strategic viewpoints. The introduction of the new laws has seen plastic bag usage at Majid Al Futtaim retail outlets fall by 85% in the first three months, despite a 10% increase in customer visits. Reaching net zero by 2050 will put the UAE ahead of nearly every other nation in the region. The outcome is a robust and resilient retail economy, and a real estate market has defied global economic gravity.Alain Bejjani, Chief Executive Officer at Majid Al Futtaim – Holding, said: “Another strong quarter for the UAE retail economy showcases notable sector-wide resilience and reinforces the country’s steady march towards a return to sustainable growth. The continuation of forward-thinking government initiatives underpinning this progress is making the UAE highly attractive to international businesses – as are the Government’s steps to become a sustainability leader in the MENA region. With all indicators pointing to a strong fourth quarter this year, and the lifting of COVID-19 restrictions, the UAE has put the pandemic-related turbulence firmly in the rear-view. We only need to consider the ongoing opportunity, security, and safety this nation offers to see why the world continues to flock to the region to build their future here.”Travel and tourism visitors have returned and are now spending more than before the pandemic-induced turbulence. As restrictions continue to ease, the pent-up demand for travel has been unleashed – with Dubai experiencing a 182% year-on-year rise in international visitors between January to August. Hotels have been a big beneficiary of increasing tourist arrivals, with the number of occupied room nights rising by 28% on the year in January to August and 17% above pre-COVID-19 levels from 2019, at just under 24 million.The research also indicates that business continues to boom for the UAE real estate market, with Dubai recording the most robust performance between January and September since 2011. Transactions saw a 60% jump compared with a year earlier and a 14% rise in the quarter to 25,500, climbing by 77% to AED 184 billion this year, setting new records for both metrics.Majid Al Futtaim’s Consumer and Business Insights (CBI) Initiative authored the report, drawingon The Happiness Lab – Majid Al Futtaim’s market research online community in three main markets (the UAE, Saudi Arabia and Egypt), in addition to over 797 million point-of-sale (POS) transactions totalling more than AED 182 billion from over five million shoppers from multiple sources (Majid Al Futtaim’s own data and POS data), and reports by respected third-party analysts and organisations.Please visit the link below for an explanation of the methodology and sources relating to the data quoted and to read the State of the UAE Retail Economy report for Q3 2022.