Majid Al Futtaim 'keeping an eye' on Syria as it reports 25% jump in first-half profit
Majid Al Futtaim Holding , one of Dubai's largest private-sector companies, is considering potential expansion into Syria, its chief executive said, as the company posted a 25 per cent jump in profit for the first half of the year. The company is “keeping a close eye” on Syria as part of its expansion plans, Ahmed Galal Ismail, chief executive of Majid Al Futtaim told The National . “We do have a…
Majid Al Futtaim, one of Dubai's largest private-sector companies, is monitoring Syria as potential expansion territory, according to the company's chief executive, Ahmed Galal Ismail. The company reported a significant 25% increase in first-half profit, reaching Dh1.8 billion ($490 million) for the period ending June 30. Revenue grew by 1% year-on-year to Dh17.5 billion, with development revenue surging 38% due to ongoing construction activities.
Ismail expressed excitement about Syria's prospects, stating that the company has a land bank in the country and is keeping a close eye on how the situation evolves. Syria is actively seeking investments to rebuild its economy and create employment opportunities, with Gulf developers and investors showing interest. The Middle East's largest mall operator's profit jump was attributed to strong development revenue and resilient businesses across its 14 markets.
Ismail remains confident about the company's outlook for 2026, citing the diversification of its operations as a key factor in weathering potential challenges.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
