Majid Al Futtaim, the Middle East’s biggest mall operator, is leasing new stores in Uganda to expand its operations in the East African country.
The company, known for operating Carrefour supermarkets chain, has finalised an agreement with South African retailer Shoprite's arm in Uganda to lease six of its stores in different malls, Majid Al Futtaim said in statement on Wednesday.
“This agreement represents our continued investment in East Africa,” Hani Weiss, chief executive at Majid Al Futtaim Retail, said. “We look forward to strengthening our offering in the region and supporting local talent through employment and career development opportunities.”
Majid Al Futtaim launched its first Carrefour store in Uganda in December 2019 in Kampala’s Oasis Mall and in March 2021 opened its second store in Naalya.
Following the new deal, the company will have a total of eight Carrefour stores in the country. The six new stores are located in Acacia Mall in Kololo, Village Mall, Victoria Mall and Lugogo Mall in Entebbe and Clock Tower and Arena Mall in Kampala, according to the company.
The deal comes as Shoprite seeks to exit its Uganda operations.
Majid Al Futtaim operates more than 375 Carrefour stores in 17 countries employing more than 37,000 people and serving 750,000 customers per day. It also owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with further developments under way in the region.
The company is pressing on with its expansion plans, even as it reported a drop in first-half earnings as large-scale business disruptions affected revenue.
The company’s earnings before interest, tax, depreciation and amortisation, or Ebitda, for the six months ending June 30, fell 27 per cent to Dh1.6 billion. Revenue for the reporting period declined 3 per cent to Dh17.3bn, it said last month.
The retail arm of the company, which is behind Mall of the Emirates and Ski Dubai, reported strong results during the first six months. Revenue increased 4 per cent to Dh15.1bn, while Ebitda grew 18 per cent to Dh709 million.
It opened the Mall of Oman in Muscat earlier this month to boost its retail offering in the sultanate.
UAE currency: the story behind the money in your pockets
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Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.
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Mohammed bin Zayed Majlis
Emergency phone numbers in the UAE
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
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Favourite films: Casablanca and Lawrence of Arabia
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Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
OPINIONS ON PALESTINE & ISRAEL
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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What: Brazil v South Korea
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Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
