Dubai – Mubasher: Majid Al Futtaim is planning to develop its real estate unit to match the company’s malls and hospitality divisions in terms of both revenue and profit.
“We are very established in terms of shopping malls and retail, so now we want to grow our communities business to be eventually as big as the other businesses,” CEO of MAF Communities Hawazen Esber said, quoted by Arabian Business.
Majid Al Futtaim Communities division is developing four projects in Dubai, Muscat, Sharjah, and Beirut.
The Emirati holding company, Majid Al Futtaim, is utilising “tools” developed in its retail and hospitality business to meet the elevated demand of its real estate customers, Esber commented.
“We want to bring this sector to a more human scale. We want to go smaller and really understand what people want, rather than what developers want to do for them,” he said.