Majid Al Futtaim

Company Background and History

Majid Al Futtaim began its journey in 1992, when its founder, the late Majid Al Futtaim, set out to reshape the region's retail and real estate experience. What started as a bold idea in Dubai has since grown into a multinational group with operations in 17 countries, covering the Middle East, Africa, and Asia. Over the past three decades, the company has expanded its footprint to include more than 43,000 employees, 29 shopping malls, 13 hotels, and over 500 Carrefour outlets, making it one of the most recognizable names in the region.

In real estate, Majid Al Futtaim Properties is the group's dedicated development arm, responsible for large-scale projects such as Mall of the Emirates—home to Ski Dubai—and Tilal Al Ghaf, a master-planned community with over 6,500 homes expected upon full completion. According to its official financial disclosures, the group reported AED 18.9 billion in revenue for the first half of 2024 and maintains total assets exceeding AED 63 billion.

The business is also investing in sustainability. It was one of the first in the region to introduce a Green Finance Framework, and has committed to becoming net positive in carbon and water by 2040. Its green sukuk and bonds are now used to fund environmentally focused developments, reflecting a longer-term shift in strategy.

Architectural Style and Construction Quality

Design Philosophy

The architectural approach at Majid Al Futtaim projects is shaped by practical considerations such as walkability, green space integration, and long-term maintenance. In developments like Tilal Al Ghaf, over 500,000 square meters have been allocated to parks, cycling tracks, and pedestrian-friendly zones. This layout is intended to support a balanced lifestyle while meeting recognized environmental standards. The design language tends toward modern, clean lines, focusing on simplicity and open space rather than ornate or highly decorative architecture.

Quality of Construction

Regarding building standards, Majid Al Futtaim Properties follows a straightforward approach rooted in functionality and long-term performance. In developments like Serenity Mansions, the choice of materials—such as triple-glazed windows, engineered wood flooring, and energy-efficient cooling systems—reflects an apparent effort to manage energy use and ensure thermal comfort. These aren’t just design choices—they’re part of a broader plan to reduce running costs for residents over time.

The construction contract for this phase was awarded to Dutco Construction at a value of AED 1.57 billion, indicating both the size of the development and the complexity involved in delivering standalone mansions at that scale.

Imported marble tiles and custom lighting fixtures are also used in many of the units, but the focus appears to be more on resilience and longevity than on decorative finishes. Across residential projects, the company builds according to Dubai’s Green Building Regulations, and it uses internal inspections to ensure that each phase meets environmental and safety standards.

Construction Credentials

The developer has committed to reducing its environmental footprint across all new buildings. Under its Near-Zero Fit-Out and Refurbishment Policy, new residential and commercial spaces are designed to reduce energy consumption by 30% and water usage by 15%. In the retail portfolio, three properties—City Centre Bahrain, City Centre Muscat, and City Centre Deira—have achieved LEED Platinum certification under the Existing Building Operations and Maintenance category.

Tilal Al Ghaf, one of the group’s largest communities, is being developed with a phased certification strategy. The aim is for LEED Gold or higher ratings on all new residential clusters.

Areas of Development and Master Plan Role

Primary Locations

The real estate projects led by Majid Al Futtaim Properties are primarily concentrated in Dubai’s fast-developing outer zones. One of the main projects is Tilal Al Ghaf, located near Hessa Street and Sheikh Zayed Bin Hamdan Street. The area was selected because of its access to major roads and potential for long-term residential growth. In 2024, the company also launched Ghaf Woods, a mid-rise residential development near Global Village. Both locations were chosen based on practical factors like land availability and future infrastructure plans.

Master Developer Status

As a master developer, Majid Al Futtaim is involved from the ground up. This means they’re not just constructing homes but planning entire neighborhoods—including roads, green areas, schools, and commercial zones. In the case of Tilal Al Ghaf, the company manages all aspects of community layout, infrastructure timing, and shared amenities, aiming to deliver a complete residential environment rather than piecemeal construction.

Geographic Focus

Most of the company’s developments are in suburban Dubai, where larger plots of land allow for phased construction. Rather than focusing on dense vertical towers, the group has leaned toward low- to mid-rise residential buildings. Tilal Al Ghaf, for instance, stretches over more than 3 million square meters, providing space for parks, bike paths, and future community expansions.

Delivered Units

By mid-2024, the company had delivered more than 2,000 units in Tilal Al Ghaf. These include villas and townhouses in early phases like Elan and Harmony. The whole plan for this community involves around 6,500 units, scheduled for delivery in multiple stages through 2027. Based on public handover records, the delivery pace so far has stayed relatively close to initial targets.

Pipeline and Expansion

New units are being added across both main developments. Ghaf Woods sold out its first 1,000 apartments within a week of launch in early 2024. The subsequent phases will likely include more mid-rise buildings and shared facilities. In Serenity Mansions, 109 villas are now under construction, following an AED 1.57 billion contract signed earlier this year. Across all projects, the company has more than 5,000 units in active development or planning stages over the next few years.

Master-Developer Role

The company’s master-developer role includes planning zoning, infrastructure, and utilities before vertical construction begins. This approach allows the developer to sequence work efficiently, aligning each stage with service delivery and road access. In its major communities, Majid Al Futtaim Properties is also responsible for maintaining design consistency across all buildings and ensuring that amenities grow with the population.

Construction Volume and Scale

The construction approach at Majid Al Futtaim Properties is based on a phased system, where infrastructure is developed first, followed by housing and community facilities. As of 2024, the company has more than 2.8 million square meters of active land under construction across its residential developments. These include a mix of villas, townhouses, and mid-rise apartments, built across zones with different density limits and timelines.

On average, Majid Al Futtaim delivers between 500 and 800 homes each year, depending on the size and complexity of the phase. The company works with multiple construction partners, assigning each one to a separate zone to avoid bottlenecks. This method also allows for overlapping construction and delivery schedules.

Vertical construction typically takes 18 to 24 months per phase, starting with the structural shell, followed by MEP works, and finishing. In parallel, essential infrastructure—such as internal roads, district cooling, and water systems—is completed in advance so that handovers aren’t delayed due to service gaps.

A portion of the construction effort is also allocated to non-residential elements. In current master plans, about 20–25% of the total built-up area is used for schools, retail strips, parks, and recreational areas. These are usually built on shorter timelines and awarded to contractors from those handling the residential units.

Market Performance and Trends for Majid Al Futtaim Properties

Pricing

In 2024, Majid Al Futtaim Properties reported a 25% increase in revenue compared to the previous year, reaching AED 8.7 billion. Part of this came from sales activity in communities like Tilal Al Ghaf, where phased releases attracted steady demand. Prices in this development have remained relatively stable across villas and townhouses, with modest growth linked to infrastructure completion and handovers.

Rental Performance

In 2024, Majid Al Futtaim’s retail spaces—including malls and local community hubs—held steady with an average occupancy rate of around 97%. This trend was essentially unchanged from the previous year, indicating consistent leasing demand from regional and international retail tenants. Although these properties aren’t tied to the residential side of the business, their stable performance gives a clearer picture of how the company manages long-term real estate assets across different sectors.

Sales Uptake and Growth

In the residential segment, new phases in Ghaf Woods were fully sold out within a week of launch. This included around 1,000 units in the first release, launched in early 2024. At Tilal Al Ghaf, the company handed over nearly 500 homes the same year, adding to an existing resident base of around 5,000 people. The handover rate aligns with the company's construction schedule, and upcoming phases are planned based on absorption trends.

Buyer Demographics

Majid Al Futtaim Properties' projects continue to attract a diverse range of buyers. The customer base includes local residents, regional investors, and international end-users. Developments with community infrastructure—such as parks, schools, and retail areas—tend to attract long-term residents, while units in early-phase launches are often acquired by short-term investors.

Rental Yields and Trends

Though rental yield figures specific to these projects haven't been disclosed, the consistent occupancy rates and high handover volume suggest steady yields. Demand for mid-range villas and townhouses in suburban Dubai continues to support leasing activity, especially in planned communities where amenities are built early in the development cycle.

Resale Market and Value Retention

Dubai's residential resale market grew by over 25% in 2024, totaling more than AED 155 billion in transaction value. Communities like Tilal Al Ghaf have seen active resales, especially for delivered units in earlier phases. Prices have held their ground, supported by infrastructure progress and phased releases that manage supply without flooding the market.

Awards and Recognitions

Majid Al Futtaim and its real estate arm, Majid Al Futtaim Properties, have received several formal certifications and awards that reflect their project delivery standards and sustainability performance. Below is a summary of the key recognitions from recent years:

• LEED Platinum Certifications (Retail Sector)

• In 2023, City Centre Bahrain, City Centre Deira, and City Centre Muscat were certified LEED Platinum for operating and maintaining existing buildings.

• The Mall of the Emirates was also awarded LEED Platinum, making it the largest operational mall globally to hold this certification.

• Twenty retail assets in the company's portfolio now hold LEED certifications as part of a long-term environmental strategy.

• LEED Platinum Certification (Hospitality Sector)

• In 2021, Majid Al Futtaim Properties' entire hotel portfolio, comprising 13 properties across the UAE and Bahrain, received LEED Platinum certification.

• This was the first time a hotel portfolio in the region achieved this level across all its properties.

• BREEAM Certification – Tilal Al Ghaf

• In 2024, the Distrikt development at Tilal Al Ghaf received a BREEAM "Excellent" rating.

• This recognition was based on the site's environmental design and construction approach, exceeding its original target of "Very Good."

• General Industry Awards

• Throughout 2024, Majid Al Futtaim received over 30 regional and international awards across various categories, including retail, design, and community planning.

• These awards were issued by third-party industry platforms such as Strategic Awards and local market bodies.

Investor and End-User Sentiment

Market Reputation

In 2024, Majid Al Futtaim Properties reported a 25% increase in revenue, reaching AED 8.7 billion, with EBITDA rising to AED 4.2 billion—up 16% from the previous year. These figures indicate that the company’s operations have remained on track across both residential and retail portfolios. Malls operated by Majid Al Futtaim continued to perform steadily, with occupancy averaging 97%, showing consistent demand from commercial tenants.

Positive Feedback

Employee feedback collected on Glassdoor shows a rating of 3.6 out of 5, based on more than 900 reviews. About 77% of current and former employees said they would recommend the company to others, noting a collaborative environment and clear strategic direction. On the customer side, early phases of residential projects such as Ghaf Woods sold out quickly after launch, pointing to interest among end-users and investors.

Challenges and Criticisms

Alongside the positive indicators, some areas have received mixed responses. Some employee reviews on Indeed have mentioned concerns about internal communication and management processes. On external review platforms like PissedConsumer, customers have left feedback around delays in service response and handover timelines, with the site showing an average rating of 2.4 out of 5 from a small sample of users.

Overall Sentiment

The general perception of Majid Al Futtaim Properties among buyers, investors, and employees is steady. While financial results show growth and several projects have gained market traction, feedback across different platforms suggests the company may benefit from refining post-sales support and communication practices to improve long-term satisfaction.