The group reported AED 2.5 billion in first-half EBITDA, while its development business recorded 38% year-on-year revenue growth and its development pipeline surpassed AED 100 billion.
September 16, 2026 | Riya Malhotra | UAE | Real Estate | 2 Min Read
Image Courtesy: Digital Studio Middle East
Majid Al Futtaim has reported record EBITDA of AED 2.5 billion for the first half of 2026, up 11% year-on-year, as stronger contributions from its property development, shopping mall and digital businesses supported group profitability.
Net operating profit after tax increased 25% to AED 1.8 billion, while overall revenue rose 1% year-on-year to AED 17.5 billion. The company attributed the stronger earnings growth to a greater contribution from higher-margin businesses, including development, shopping malls, cinemas and digital operations.
Majid Al Futtaim's development business recorded a 38% year-on-year increase in revenue during the period, remaining one of the group's key growth engines.
Its development pipeline now exceeds AED 100 billion, with approximately AED 2.8 billion in construction contracts awarded during the first half of the year.
Among its major projects is an AED 62 billion agreement with Dubai South to develop a 22-million-square-foot mixed-use community. The group is also advancing a mixed-use development in Cairo through a partnership with Midar.
Construction progressed during the period at Ghaf Woods, Majid Al Futtaim's forest-inspired residential community in Dubai, alongside the ongoing redevelopment of Mall of the Emirates.
In Egypt, the company also broke ground on JUNCTION, a next-generation mixed-use business park in West Cairo, with the first phase forming part of an investment exceeding EGP 20 billion.
Majid Al Futtaim's asset management portfolio also recorded continued demand across its shopping destinations.
Revenue from its malls increased 12% year-on-year, supported by leasing activity and tenant performance. Overall net revenue across the asset management portfolio increased 4% to AED 2.3 billion, despite softer tourism demand affecting the hotel business during the second quarter.
The group's total asset base reached approximately AED 73 billion, representing a 4% increase year-on-year.
Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, said the performance reflected the strength of the group's diversified portfolio across development, destinations, digital platforms and customer businesses.
He added that Majid Al Futtaim would continue investing in destinations, platforms and technologies that support its next phase of growth.
Beyond property development, Majid Al Futtaim continued expanding its retail, lifestyle and entertainment businesses during the first half.
Retail digital revenue increased 11% to AED 1.8 billion, while digital revenue across Entertainment and Lifestyle increased 12% and 9%, respectively. The group's SHARE loyalty programme also grew to around 14 million members following its launch in Saudi Arabia.
Looking ahead, Majid Al Futtaim said it will continue selectively investing in its physical and digital infrastructure, with areas including data and AI, fintech, e-commerce and customer platforms expected to play a larger role in future growth.
The results underline the increasing contribution of the group's real estate and development operations as Majid Al Futtaim progresses a substantial pipeline of residential, commercial and mixed-use projects across the region.
Source: Majid Al Futtaim, H1 2026 financial results, published 9 September 2026
