Majid Al Futtaim group has announced that its revenue grew 9% Y-o-Y to AED29.9bn (USD8.14bn) in 2016. EBITDA rose 8% to AED4.1bn (USD1.11bn), driven by the group’s expansion in hypermarkets, supermarkets and family entertainment centres. The company plans to continue on its growth trajectory in 2017 with expansion in markets, including the UAE, Egypt, Oman, and Saudi Arabia, according to Alain Bejjani, Majid Al Futtaim Holding CEO. Majid Al Futtaim Properties reported a 10% rise in revenue to AED4.5bn (USD1.23bn). Its malls received 175mn customers, growing 2% compared over 2015, with total occupancy levels in the malls remaining at 98%. Revenue from retail grew 8% Y-o-Y to AED23.9bn and EBITDA 5% to AED1.2bn. That said, the hotel segment reported an 8% decline in revenue per available room (RevPAR). The company is on target to open The Mall of Egypt in 1Q17 and City Centre Almaza, the third City Centre in Egypt, in 2019. (Arabian Business)