Majid Al Futtaim posts record H1 2026 results as Dh100 billion development pipeline advances

Majid Al Futtaim, a Dubai-based development group, announced record first-half 2026 results on Wednesday, with EBITDA reaching Dh2.5 billion, up 11% year-on-year. The group's development pipeline exceeds Dh100 billion, and it awarded Dh2.8 billion in construction contracts during the period. Development revenue surged 38% year-on-year, while net operating profit after tax increased 25% to Dh1.8 billion, with revenue growing 1% to Dh17.5 billion.

The stronger earnings growth was driven by higher-margin development, shopping malls, cinemas, and digital businesses. Despite a challenging operating environment due to the regional conflict in the second quarter, Majid Al Futtaim remains focused on disciplined capital allocation and long-term growth. CEO Ahmed Galal Ismail highlighted the dynamism of the company's diversified and integrated portfolio across 14 markets, with multiple growth engines contributing to profitability.

Retail revenue fell 6% year-on-year due to challenging consumer conditions in the UAE and ongoing business transformation, while digital retail revenue rose 11% to Dh1.8 billion. The company's malls continued to perform well, with revenue up 12% year-on-year. Majid Al Futtaim's digital businesses also grew, with revenue increasing 12% in Entertainment, 11% in Retail, and 9% in Lifestyle.

The group plans to continue investing in physical and digital capabilities, focusing on data and AI, fintech, e-commerce, and Precision Media to improve productivity and strengthen customer relationships.