MAF will start building its Mall of Egypt project in Cairo in the first quarter of this year. WAM
MAF will start building its Mall of Egypt project in Cairo in the first quarter of this year. WAM

Dubai's Majid Al Futtaim to bid for Egypt chain after revenue boost



Dubai's Majid Al Futtaim (MAF) expects to bid for the supermarket arm of Egypt's Mansour Group in the first quarter, MAF's chief executive said, after it posted a 10 per cent rise in annual revenue.

Mansour Group, also the largest distributor of General Motors cars in Egypt, aims to sell supermarket chain Metro and discount grocery store Kheir Zaman. Sources told Reuters in December that the deal was valued at $200 million to $300 million.

"We're still in the due diligence phase, which we expect to be for another month or so," Iyad Malas, chief executive of Majid Al Futtaim Holding, told Reuters. "At which time, we would hopefully make an offer that would be subject to negotiations and then would either conclude a transaction or not."

The discussions signal growing appetite by Gulf-based firms to expand their presence in the most populous Arab state at a time when valuations are low due to political strife in Egypt.

Metro is the country's largest supermarket chain with more than 40 outlets in 10 cities. Kheir Zaman has over 2,000 employees and 30 stores throughout the country.

Unlisted MAF, which reported a 10 per cent rise in annual revenue to 21.6 billion dirhams ($5.9 billion) on Tuesday, entered Egypt in 2000 and it owns two shopping malls, plus 14 hypermarkets and supermarkets.

"We continue to believe that Egypt has a large consumer base that is attractive," said Malas, adding the country provided 5 to 9 per cent of the company's revenue in 2012.

In Cairo, MAF will start building its Mall of Egypt project in the first quarter and also plans to expand its Maadi City Centre mall and develop land it owns near the city's airport.

The family-owned group is the sole franchisee of French hypermarket chain Carrefour in the Middle East and owns 11 shopping malls and 11 hotels in the Middle East and North Africa.

MAF separated its Iran operations from the group in late 2012, with ownership passing directly to MAF's family shareholders.

"We've been fully compliant in terms of sanctions. However, we felt there was always a risk, given our issuance and access to the bond market, there could be some investors who were nervous about having Iran in MAF Holding," said Malas.

MAF issued a $400 million sukuk, or Islamic bond, in February 2012, plus a $500 million conventional bond in July.

Iran provided about 4 per cent of group revenue last year following the devaluation of the rial.

The United Arab Emirates accounted for about half of MAF's revenue in 2012 and the company is in talks to acquire a UAE fast food chain, Malas said, declining to give further details.

"We are speaking to someone already," he said.

Saudi Arabia, Qatar and Bahrain also each provided 5 to 9 per cent of MAF's revenue last year, with the company's earnings before interest, taxes, depreciation and amortisation (EBITDA) up 7 per cent to Dh3 billion.

Revenue from its property division, which includes its malls and hotels, rose 15 per cent to Dh3.2 billion in 2012, with EBITDA at Dh2 billion, the company said in a statement.

MAF's lower-margin retail arm had revenue of Dh17.8 billion in 2012, up 8 per cent, and EBITDA of Dh937 million.

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Racecard

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Results
%3Cp%3E%3Cstrong%3EStage%207%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20%E2%80%93%203hrs%2029min%2042ses%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%20%E2%80%93%2010sec%3Cbr%3E3.%20Geoffrey%20Bouchard%20(FRA)%20AG2R%20Citroen%20Team%20%E2%80%93%2042sec%3Cbr%3E%3Cstrong%3EGeneral%20Classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders%20%E2%80%93%2059se%3Cbr%3E3.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20%E2%80%9360sec%3Cbr%3ERed%20Jersey%20(General%20Classification)%3A%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EGreen%20Jersey%20(Points%20Classification)%3A%20Tim%20Merlier%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EWhite%20Jersey%20(Young%20Rider%20Classification)%3A%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3EBlack%20Jersey%20(Intermediate%20Sprint%20Classification)%3A%20Edward%20Planckaert%20(FRA)%20Alpecin-Deceuninck%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

The biog

Favourite book: Men are from Mars Women are from Venus

Favourite travel destination: Ooty, a hill station in South India

Hobbies: Cooking. Biryani, pepper crab are her signature dishes

Favourite place in UAE: Marjan Island

AS IT STANDS IN POOL A

1. Japan - Played 3, Won 3, Points 14

2. Ireland - Played 3, Won 2, Lost 1, Points 11

3. Scotland - Played 2, Won 1, Lost 1, Points 5

Remaining fixtures

Scotland v Russia – Wednesday, 11.15am

Ireland v Samoa – Saturday, 2.45pm

Japan v Scotland – Sunday, 2.45pm

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.