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GTI Global Network > News > Headline
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The UAE-based MAF Group is optimistic about the recovery of the entertainment market after the pandemic

Majid Al Futtaim (MAF) group, a well-known shopping mall developer in the UAE, has 43,000 employees, and its own entertainment department, including the Magic Planet family entertainment center chain. MAF is affected by the lockdown and restrictions imposed by the Covid pandemic. In 2020, the group’s revenue drop by 7% to US$8.9 billion, and its earnings by 19% to US$1 billion. The leisure and entertainment division was hardest hit, with a fall of 49 per cent to $380m and earnings slump by 122 per cent, giving a loss of $25m.

Nevertheless, the group is forging ahead with expansion plans for its leisure and entertainment sector, believing firmly that the industry will recover. It intends to unveil 30 new cinema screens this year in neighbouring Saudi Arabia where it is also planning its largest shopping mall project in the capital, Riyadh. The group will also open the largest mall in Oman at the end of this year…all of the locations with plans for Magic Planet FECs, and the whole group is ready for the explosive demand and business opportunities in the post-pandemic market.

 
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