Majid Al Futtaim’s (MAF) next investment cycle is arriving from a position of strength. Net income in 2025 rose 41% y-o-y to AED 3.6 bn on revenue of AED 35.9 bn, up 6%, according to its earnings release. Take out the valuation gains, and the underlying net income rose even faster — up 48% to AED 2.3 bn — suggesting that the core business did more of the work this year.

Real estate development did much of the heavy lifting, with revenue up 33% to AED 5.8 bn on strong residential demand. E-commerce was another growth area, rising 20% to AED 3.2 bn as quick commerce jumped 38%. Shopping malls and hotels still brought in AED 4.8 bn, with occupancy above 98% and footfall up 6%.

Now the spending starts again: As we’ve reported, MAF Properties has committed EGP 15 bn (AED 1.1 bn) to Junction in Egypt’s West Cairo, plus EGP 1.9 bn (c.AED 143.6 mn) for retail there this year. In Saudi Arabia, SAR 17.5 bn is earmarked for an integrated development in Riyadh, CEO Ahmed El Shamy previously told us, alongside a retail multiplex in Diriyah Square. This comes on top of the AED 5 bn transformation of Mall of the Emirates and new grocery formats, including HyperMax and Sava. The group also recently priced a USD 500 mn 10-year sukuk — fresh fuel for what appears to be another capex-heavy chapter.

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