Majid Al Futtaim, the Middle East’s biggest mall operator, is leasing new stores in Uganda to expand its operations in the East African country.
The company, known for operating Carrefour supermarkets chain, has finalised an agreement with South African retailer Shoprite's arm in Uganda to lease six of its stores in different malls, Majid Al Futtaim said in statement on Wednesday.
“This agreement represents our continued investment in East Africa,” Hani Weiss, chief executive at Majid Al Futtaim Retail, said. “We look forward to strengthening our offering in the region and supporting local talent through employment and career development opportunities.”
Majid Al Futtaim launched its first Carrefour store in Uganda in December 2019 in Kampala’s Oasis Mall and in March 2021 opened its second store in Naalya.
Following the new deal, the company will have a total of eight Carrefour stores in the country. The six new stores are located in Acacia Mall in Kololo, Village Mall, Victoria Mall and Lugogo Mall in Entebbe and Clock Tower and Arena Mall in Kampala, according to the company.
The deal comes as Shoprite seeks to exit its Uganda operations.
Majid Al Futtaim operates more than 375 Carrefour stores in 17 countries employing more than 37,000 people and serving 750,000 customers per day. It also owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with further developments under way in the region.
The company is pressing on with its expansion plans, even as it reported a drop in first-half earnings as large-scale business disruptions affected revenue.
The company’s earnings before interest, tax, depreciation and amortisation, or Ebitda, for the six months ending June 30, fell 27 per cent to Dh1.6 billion. Revenue for the reporting period declined 3 per cent to Dh17.3bn, it said last month.
The retail arm of the company, which is behind Mall of the Emirates and Ski Dubai, reported strong results during the first six months. Revenue increased 4 per cent to Dh15.1bn, while Ebitda grew 18 per cent to Dh709 million.
It opened the Mall of Oman in Muscat earlier this month to boost its retail offering in the sultanate.
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MATCH INFO:
Second Test
Pakistan v Australia, Tuesday-Saturday, 10am daily at Zayed Cricket Stadium, Abu Dhabi
Entrance is free
Profile
Company name: Marefa Digital
Based: Dubai Multi Commodities Centre
Number of employees: seven
Sector: e-learning
Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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The biog
Age: 19
Profession: medical student at UAE university
Favourite book: The Ocean at The End of The Lane by Neil Gaiman
Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)
Favourite poet: Edger Allen Poe
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
KILLING OF QASSEM SULEIMANI
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
More coverage from the Future Forum
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
The five pillars of Islam
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Joe Root's Test record
Tests: 53; Innings: 98; Not outs: 11; Runs: 4,594; Best score: 254; Average: 52.80; 100s: 11; 50s: 27
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
