Majid Al Futtaim Reports Strong H1 2026 Results, Advances Dh100 Billion Development Pipeline

Majid Al Futtaim (MAF) has announced robust financial results for the first half of 2026, with EBITDA climbing 11% to Dh2.5 billion and net operating profit after tax increasing 25% to Dh1.8 billion. This strong performance comes as the Dubai-based conglomerate continues to invest significantly in its long-term growth, with a development pipeline valued at over Dh100 billion.

Development Business Drives Growth

The group's development business was a key contributor to its earnings, with revenue rising 38% year-on-year. During the first half, MAF awarded Dh2.8 billion in new construction contracts, signalling active progress on its ambitious projects. Notable ongoing developments include a Dh62 billion agreement with Dubai South for a 22-million-square-foot mixed-use community, as well as advancements on Ghaf Woods and the redevelopment of Mall of the Emirates. Internationally, MAF is also breaking ground on 'JUNCTION', a mixed-use business park in West Cairo, part of an investment exceeding EGP20 billion.

Portfolio Performance Highlights

While overall revenue saw a modest 1% increase to Dh17.5 billion, the growth in earnings was primarily driven by higher-margin segments such as development, shopping malls, cinemas, and digital businesses. The Asset Management division benefited from resilient customer demand and strong leasing activity in its malls, leading to a 12% rise in mall revenue. This helped to offset softer demand within the hotel business.

Retail, however, faced a more challenging environment, with revenue declining 6% year-on-year, primarily due to non-food categories and consumer conditions in the UAE. Despite this, digital retail revenue grew 11% to Dh1.8 billion, and the group expanded its lifestyle and retail offerings with new store openings and partnerships, including bringing brands like Primark and Ulta Beauty to its destinations. The group ended the period with total assets of approximately Dh73 billion and net borrowings of Dh13.2 billion, maintaining financial flexibility for future investments.