Majid Al Futtaim is a privately held Emirati lifestyle conglomerate founded in Dubai in 1992 that owns Mall of the Emirates, holds the exclusive Carrefour franchise across 38 markets, and runs Ski Dubai, VOX Cinemas and Magic Planet. In 2025 the group reported revenue of AED 35.9 billion, a record net profit of AED 3.57 billion, and total assets of AED 71 billion, employing roughly 43,000 people.
Who is Majid Al Futtaim and what does the company do?
Majid Al Futtaim (often shortened to MAF) is a Dubai, UAE-headquartered conglomerate spanning shopping malls, hotels, supermarket retail, cinemas and family entertainment. It was founded in 1992 by the late Emirati businessman Majid Al Futtaim, who passed away on 17 December 2021 and remained one of the wealthiest Arab entrepreneurs of his generation. The group is not listed on any stock exchange; it is one of the largest family-owned businesses in the Middle East, and its owned assets are valued at roughly US$18-20 billion.
MAF operates across three business arms: Properties (malls and hotels), Retail (its Carrefour franchise) and Lifestyle (leisure, entertainment and cinemas). Together they make MAF one of the most recognisable names in Gulf consumer life, sitting alongside the region’s other giants profiled in our look at the UAE’s most powerful conglomerates.
What malls and hotels does Majid Al Futtaim own?
Majid Al Futtaim owns, develops and operates 29 destination shopping malls across five countries, plus a portfolio of 13 hotels. Its flagship properties include Mall of the Emirates in Dubai, Mall of Egypt in Cairo and Mall of Oman in Muscat, alongside its widespread City Centre and My City Centre neighbourhood centres. Mall of the Emirates remains the group’s best-known asset and one of the most visited retail destinations in the region.
This mall-anchored model places MAF in direct company with developers such as Emaar Properties, owner of Dubai Mall and Burj Khalifa, though MAF’s strength lies in operating integrated retail-and-leisure destinations rather than large-scale residential development.
How big is Majid Al Futtaim’s Carrefour business?
Majid Al Futtaim holds the exclusive right to operate the Carrefour brand across 38 markets in the Middle East, Africa and Asia. Its retail arm runs more than 475 stores under Carrefour and newer formats including HyperMax, Supeco, Myli and Sava, spanning 14 countries. This makes MAF one of the largest grocery retailers in the region and the sole gateway for the French Carrefour brand across a vast, fast-growing consumer market.
| Business area | Scale (2025) |
|---|---|
| Shopping malls | 29 across 5 countries |
| Hotels | 13 |
| Retail stores (Carrefour and formats) | 475+ across 14 countries |
| Carrefour franchise markets | 38 |
| VOX Cinemas screens | 500+ |
| Employees | ~43,000 |
What leisure and entertainment brands does it run?
Through its Lifestyle arm, Majid Al Futtaim operates some of the Gulf’s best-known entertainment attractions. These include Ski Dubai and Ski Egypt indoor ski resorts, iFLY Dubai indoor skydiving, Dreamscape, and Magic Planet family entertainment centres. Its VOX Cinemas chain, with more than 500 screens, is the largest cinema exhibitor in the Middle East. This leisure portfolio is a deliberate strategy: by combining shopping, dining and entertainment under one roof, MAF drives longer visits and higher footfall to its malls.
What are Majid Al Futtaim’s 2025 financial results?
Majid Al Futtaim reported record full-year 2025 results. Revenue rose 6% to AED 35.9 billion, EBITDA increased around 10%, and net profit jumped 41% to AED 3.57 billion, supported by what the group described as its strongest balance sheet in over a decade. Total assets stood at AED 71 billion. The company holds a ‘BBB’ credit rating from S&P, the highest rating among privately held corporates in the region, reflecting its scale, diversification and disciplined balance sheet.
That financial resilience mirrors a broader pattern among the Gulf’s blue-chip operators, from DP World in ports and logistics to the region’s largest telecoms groups, all of which have leaned on diversification to weather softer retail cycles.
Frequently asked questions
Is Majid Al Futtaim a public company?
No. Majid Al Futtaim is a privately held, family-owned conglomerate. It is not listed on any stock exchange, though it issues bonds and carries a public credit rating from agencies such as S&P.
Does Majid Al Futtaim own Carrefour?
MAF does not own the Carrefour brand, which is French. It holds the exclusive franchise rights to operate Carrefour across 38 markets in the Middle East, Africa and Asia, running more than 475 retail stores under that and related formats.
Where is Majid Al Futtaim headquartered?
The group is headquartered in Dubai, United Arab Emirates, and operates across the Middle East, Africa and Asia.
Who founded Majid Al Futtaim?
The company was founded in 1992 by Emirati businessman Majid Al Futtaim, one of the region’s most successful entrepreneurs, who died on 17 December 2021.
Bottom line
Majid Al Futtaim has grown from a single Dubai mall developer in 1992 into a US$18-20 billion, 43,000-strong lifestyle empire spanning 29 malls, the region’s exclusive Carrefour franchise across 38 markets, and marquee attractions like Ski Dubai and VOX Cinemas. Record 2025 profits and a best-in-class private-sector credit rating confirm its place as one of the most durable consumer businesses in the Gulf.
