Majid al-Futtaim Group’s (MAF) 1H16 revenue reached AED15.2bn, up 10.9% Y-o-Y. EBITDA rose 7% Y-o-Y to reach AED1.9bn. MAF Retail revenue rose 9% Y-o-Y to AED12.3bn in 1H16, while its EBITDA reached AED582mn (+2% Y-o-Y). The growth was driven by the entry into new markets, including the opening of its first Carrefour hypermarkets in Kenya and Kazakhstan. In total, the company launched 11 new stores, growing its offering to 160 outlets in 15 countries in the Middle East, Africa and Central Asia. Total assets were at AED52bn in June, while net debt reached AED10bn. Occupancy rate across the group’s shopping malls remained strong at 98%, while that of hotels was 77%, with RevPAR showing an 11% drop Y-o-Y in 1H16. (Arabian Business)