Middle East shopping mall operator Majid Al Futtaim said on Wednesday retail revenues in the United Arab Emirates in the latter part of 2021 are likely to exceed those seen before the pandemic, as more people are vaccinated and Dubai Expo 2020 begins.
Privately-held Majid Al Futtaim has 28 shopping centers, including in the UAE, Egypt and Saudi Arabia, and franchisee rights for brands including Abercrombie & Fitch and Lululemon Athletica.
“We are seeing a very solid recovery in the brick and mortar spend on the shopping side,” Chief Executive Alain Bejjani said, speaking of the company’s retail performance in the UAE.
“The amount of spend is growing greater than the footfall growth so the reality is people are being more purposeful of going out to malls and are spending more when going out.”
In the fourth quarter this year, revenues should exceed the same period in 2019, before the pandemic struck, he said.
Bejjani, who did not provide figures, said retail revenue earned in the UAE was now close to 2019 levels.
Majid Al Futtaim’s UAE shopping centers include the Mall of the Emirates in Dubai, which features an indoor ski slope. The company also has hotels and other assets including residential property.
The UAE has one of the fastest vaccination campaigns. Expo 2020, which officials expect will attract 25 million international and domestic visitors, runs from October until March.
Majid Al Futtaim’s Mall of Oman, located in the Gulf state’s capital Muscat and whose opening had been delayed by the pandemic, was set to open in September, Bejjani said.
Iran hits record for new COVID-19 cases for second day running
Explainer: US pays $4 bln to Afghan forces; Who is watching?
Mac Neil wins Canada’s first gold in Tokyo Games first in women’s 100 butterfly
Tunisian president relieves prime minister of his post, freeze parliament
Algeria reimposes restrictions on gatherings to stem COVID-19 cases
Asia7 days ago
India’s COVID-19 excess deaths surpass four million: research
Asia5 days ago
Man with coronavirus disguises as wife on Indonesian flight
Latin America7 days ago
Haiti arrests 3 cops, awaits new chief, while mourning Moise
Europe5 days ago
Norway mourns 77 dead a decade after extremist attack
Middle East5 days ago
Israel to reimpose COVID-19 ‘Green Pass’ as Delta variant hits
Australia & NZ4 days ago
Sydney COVID-19 outbreak a ‘national emergency’ as cases spike
Health5 days ago
Europe Could Have Been Hit With COVID-19 Earlier Than China, New Study Reveals
Health5 days ago
EU lists rare nerve disorder as side-effect of J&J COVID-19 vaccine