On 9 September 2026 Majid Al Futtaim (MAF) — the MENA region's largest private retail-and-development conglomerate — released its first-half 2026 results. Net operating profit after tax grew 25% to AED 1.8 billion ($490 million). EBITDA hit a first-half record of AED 2.5 billion ($680.7 million), +11% year-on-year. Revenue reached AED 17.5 billion ($4.77 billion), +1% YoY. The development pipeline now exceeds AED 100 billion.
What the release showed
Headline metrics for the first half — per the MAF press release and confirming coverage by The National and Gulf News:
- Net operating profit after tax H1 2026: AED 1.8 billion ($490 million), +25% YoY.
- EBITDA H1 2026: AED 2.5 billion ($680.7 million), +11% YoY — a first-half record.
- Revenue H1 2026: AED 17.5 billion ($4.77 billion), +1% YoY.
- Total assets: AED 73 billion, +4% YoY.
- Net borrowings: AED 13.2 billion.
- New construction contracts awarded in H1: AED 2.8 billion.
- Development pipeline: above AED 100 billion.
By segment: shopping malls +12% revenue YoY, development +38%, asset-management portfolio +4%, cinemas +3%, retail (Carrefour) −6% YoY. Profit growth is being carried by higher-margin businesses — malls, development, cinemas and digital services — while the more volume-heavy retail line dipped modestly.
What sits behind the numbers
Three takeaways.
First — profit is growing several times faster than revenue. Revenue +1%, EBITDA +11%, net operating profit +25%. That is a textbook structural-mix shift toward higher-margin businesses: malls, development, cinemas and digital. For a group with a 14-country footprint and a broad portfolio, it is a signal of quality growth, not just top-line volume.
Second — a Dh100bn+ development pipeline as 'built-in' growth. These are projects already contracted and under way, which will convert into revenue and profit as they are delivered. The anchor is the Dubai South mixed-use community — 22 million sq ft, AED 62 billion — that MAF has previously announced. In H1 2026 the Group awarded AED 2.8 billion of new construction contracts, keeping investment intensity high.
Third — the retail segment (Carrefour) −6% revenue. This is less an alarm than a reflection of competitive pressure in the region's FMCG retail and a gradual shift of consumption toward online and omni-formats. The softness does not erase the segment's contribution to mall traffic; if anything it reduces concentration risk, because profit is increasingly generated in malls and development.
Development portfolio: where MAF is building
Key projects highlighted in the H1 disclosure and confirming coverage:
- Dubai South mixed-use community — AED 62 billion, 22 million sq ft; residential, retail and infrastructure in southern Dubai next to Al Maktoum International.
- Ghaf Woods — a forested residential community in Dubai, part of MAF's nature-inspired portfolio.
- Mall of the Emirates redevelopment — modernisation of the Group's flagship mall.
- JUNCTION business park — West Cairo, EGP 20 billion+ investment in partnership with Egypt's Midar.
Add to this Carrefour (around 500 stores), 29 shopping malls, 600+ Vox Cinemas screens and 7 luxury hotels across 14 markets — a geography that simultaneously diversifies risk and multiplies exposure to local consumption cycles.
What it means for the UAE market
One conglomerate's report is not the index of an entire market, but MAF offers a representative cross-section of three Dubai segments at once: malls (retail footfall), cinemas and entertainment, and large-scale residential development. The three parameters to track together: (1) malls revenue +12% as a proxy for A-class rental strength; (2) development +38% as a signal that primary off-plan demand remains healthy; (3) sustained construction CAPEX as evidence that large UAE private capital continues to deploy into new hubs (Dubai South, Ghaf Woods, Mall of the Emirates redevelopment) with a horizon out to 2030.
For a broader view on UAE growth, non-oil diversification and leading indicators, see our UAE economy 2026 outlook. For practical parameters when picking a Dubai property for investment or rental, see «Dubai property yields: real ROI numbers».
Primary source — Majid Al Futtaim press release dated 9 September 2026. Confirmation and business commentary — The National (Fareed Rahman, 09.09.2026) and Gulf News (Dhanusha Gokulan, 09.09.2026). Group CEO — Ahmed Galal Ismail.
This material is informational and does not constitute investment, tax or legal advice. Financial figures are per Majid Al Futtaim's disclosure as of 09.09.2026.
