Majid Al Futtaim, the Dubai-based mall developer with a strong entertainment division, is planning to expand into East Africa this year with its Carrefour supermarket franchise. It will often take its Magic Planet FEC chain with it as it expands and will open more cinemas in Saudi Arabia and ski slopes across the world, said Alain Bejjani, CEO. He said at a press conference that 2019 would ‘see us deepening our presence in existing markets and opening new markets, especially in East Africa for Carrefour.’

It will also expand its footprint and diversify through developments and acquisitions. He said that the group is on track to double in size by 2020. Bejjani said: “You will see growth in our business in the UAE and outside – that of course will lead to a more balance distribution of revenue and EBITDA.” MAF operated its ski slope in Dubai and another in Egypt while it builds one in Oman and another is planned for Saudi. The country is projected to increase its international tourism by 5.8% per year from 2018 to 2022, according to a report from BMI Research. (2019/02/27)