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26-07-13

Dubai's MAF reports USD3b revenue in H1

(MENAFN) Dubai-based conglomerate Majid Al Futtaim Holding (MAF) reported a 10 percent increase in half-yearly revenue, helped by the group's expansion strategy, Arabian Business reported. MAF said it's total revenue for the first half of 2013 hit USD3.08 billion compared to a year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 11 percent to USD435.5 million in the period, in which MAF properties contributed by 67 percent. MAF Retail, which operates the Carrefour franchise across MENA and Central Asia, reported a 9 percent increase in sales, with revenues rising to USD2.5 billion in the January-June period. MAF Venture revenue grew by 13 percent to USD114. Last month MAF unveiled plans to invest USD816.6 million in its Dubai businesses over the next five years to support the emirate's 2020 tourism vision. Plans include two new hotels, upgrading two existing hotels, enhancements to its flagship Mall of the Emirates and Deira City Centre shopping malls, opening four new Carrefour supermarkets and two new hypermarkets and building a 14-screen cinema complex. It is also considering the development of a 50-store community mall in what it said was a prime residential area of Dubai.

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