INVESTOR PRESENTATION TRADING UPDATE

INVESTOR PRESENTATION
TRADING UPDATE FY 2015
FEBRUARY 2016
CONTENTS
TABLE OF CONTENTS
Majid Al Futtaim 2015 Performance Update
Appendix

Majid Al Futtaim Group Overview
2
2
MAJID AL FUTTAIM GROUP OVERVIEW
Group Corporate Structure


Solid Track Record


The Group is the leading shopping mall, retail and leisure developer
and operator in the MENA region.
Diversified across three retail-focused business divisions, offering
complementary consumer offerings and operational synergies.
Have grown to one of the largest corporate entities in the UAE.
Have managed to maintain a robust financial profile and delivered
steady growth amidst the financial crisis.
Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)
Mr. Majid Al Futtaim
(Founder)
Mr. Tariq Al Futtaim
99.6%
Item
2010
2011
Assets
9,246
9,658
Revenues
4,569
621
2012
2013
2014
2015
5Y CAGR
10,325 10,743 12,151
13,853
8.4%
5,011
5,604
6,180
6,868
7,443
10.3%
745
809
892
977
1,034
10.7%
0.4%
MAJID AL FUTTAIM
CAPITAL LLC
99.9%*
EBITDA
MAJID AL FUTTAIM HOLDING LLC
(Rated BBB/BBB)
MAJID AL FUTTAIM
PROPERTIES LLC
MAJID AL FUTTAIM
RETAIL LLC
Best in Class Governance Principles
MAJID AL FUTTAIM
VENTURES LLC
 Voluntarily adopted the principles of the Combined Code on Corporate
Governance for listed companies in the UK
 Strong operating company Board structures reporting to a group Board
Regional Footprint – 13 countries since 1992
Georgia
Armenia
Highest Rated Privately Owned Corporate in the GCC
Lebanon
Iraq
Pakistan
Kuwait
Bahrain
Egypt
Qatar
Saudi Arabia
Rating Agency
Rating
Outlook
Standard & Poor’s
BBB
Stable
Fitch
BBB
Stable
UAE
Ratings affirmed June 2015
* BALANCE 0.1% HELD BY MAJID AL FUTTAIM TRUST LLC
3
2015 FIGURES BASED ON UNAUDITED MANAGEMENT ACCOUNTS
FIGURES HAVE BEEN CONVERTED TO USD ON 3.6725 AED/USD EXCHANGE RATE THROUGHOUT PRESENTATION
3
SUMMARY OF MAJID AL FUTTAIM’S 2015 PERFORMANCE
CONTINUED STRENGTH OF BUSINESS FUNDAMENTALS HELP DELIVER STABLE FINANCIAL PERFORMANCE
Resilient Growth Registered in 2015
Revenues: +8% year-on-year
to c. USD 7.4bn
EBITDA: +6% year-on-year
to c. USD 1bn
Assets: +14% year-on-year
to c. USD 13.9bn
Leading MENA asset owner with high profile, landmark
locations
Market leadership in markets with positive long term macro
economic potential due to retail/consumer focus
Low volatility of operating income with diversified income
streams and a balanced financial profile
Complementary businesses with cross-synergies that
reduce individual business risks
Robust & best practice corporate governance framework
Prudent financial management with conservative liquidity
and risk management policies
4
2015 PERFORMANCE OVERVIEW: GROUP
STRONG OPERATIONAL PERFORMANCE DESPITE HEADWINDS
Geographical Split – 31 December 2015
Financial Highlights
(USDmn)
2014
2015
Change
Revenues
6,868
7,443
8%
EBITDA
977
1,034
6%
Capex
942
1086
By Revenue
Oman
5%
Oman Others
Saudi 5%
4%
1%
Qatar
6%
Others
11%
Saudi
9%
UAE
53%
Qatar
8%
Bahrain
3%
Egypt
11%
15%
Operational highlights:
• Mall of the Emirates expansion in Dubai
• City Centre Muscat’s redevelopment in Oman
• New openings of City Centre Me’aisem and City Centre
Shindagha in Dubai brings City Centre network to 13
• Obtained freehold title to Mall of the Emirates and City
Centre Deira gifted lands
• Opened 25 new Carrefour stores and entered 1 new
market (Armenia)
• VOX Cinemas added 58 new screens to the region,
bringing the total number of screens to 182
By EBITDA
Bahrain
8%
UAE
69%
Egypt
7%
Others include Iraq, Georgia and Armenia
Segmental Split – 31 December 2015
By EBITDA
By Revenue
Ventures
5%
Ventures
5%
Properties
14%
Retail
30%
Properties
65%
Retail
81%
Business segment or geographical contributions broadly
unchanged in 2015
5
2015 FIGURES BASED ON UNAUDITED MANAGEMENT ACCOUNTS
2015 PERFORMANCE OVERVIEW: OPERATING UNITS
Properties
Revenues
EBITDA
+7%
FY 2015
SHOPPING
MALLS
+9%
Occupancy
98%
+3% (+4% LFL*)
Footfall growth y-o-y
Average Occupancy
72%
RevPAR Change y-o-y
-7%
HOTELS
Retail
Revenues
EBITDA
Rent to sales
c.10%
Impacted by increased supply of rooms vs.
previous year, and slower tourism inflow
FY 2015
Sales (LFL*)
2%
HYPERMARKETS
New Stores 2015
+9
Total Stores
67
SUPERMARKETS
New Stores 2015
+11
Total Stores
80
Total Screens
182
22/5
+7%
+2%
Ventures
FY 2015
No of admissions
Revenues
+34%
CINEMAS
EBITDA
+22%
L&E
+40%
New Screens added
FASHION
+58
New Sites added (Magic Planet/
Lego)
+5/+4
Total sites (Magic
Planet/Lego)
New Stores opened
+71 **
Operating 115 stores across 7 countries
6
* LFL: LIKE FOR LIKE
** NEW FASHION STORES LARGELY PERTAINING TO MONSOON ACCESSORIZE ACQUISITION
2015 FIGURES BASED ON UNAUDITED MANAGEMENT ACCOUNTS
GROUP DEBT PROFILE (1/2)
Majid Al Futtaim Group’s Balance Funding Profile
Majid Al Futtaim Properties Level
(USD 900mn)
Majid Al Futtaim Holding Level
(USD 1,590mn)
All of which is Senior Unsecured
obligations at Holding level
Cross guarantees
All of which is Senior unsecured
obligations at Properties level
Other
(USD 420mn)
Primarily project finance with limited
recourse to borrower
All Senior Unsecured financing
obligations rank pari passu
among themselves
Total gross debt amounted to c.
USD 2.9bn as at 31 December 2015
(excluding USD 500mn hybrid
issuance)

Maintained focus on conservative liquidity and risk management policies

Well received issuance in the Debt Capital Markets – in October 2015 issued first 10yr Sukuk (USD 500mn)

Both Fitch Ratings and Standard & Poor’s have reaffirmed BBB rating with stable outlook in June 2015

Optimized debt portfolio and increased revolver component of bank financing to reduce cost of carry

Cash position of over USD 380mn and undrawn available lines of over USD 2bn (as of 31 December 2015)*

Average debt life extended to 5.2 years as of 31 December 2015
7
2015 FIGURES BASED ON UNAUDITED MANAGEMENT ACCOUNTS
USD500MN EQUITY HYBRID IS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS
GROUP DEBT PROFILE (2/2)
Majid Al Futtaim’s Robust Capital Structure
Debt Maturity Profile (USD mn)
1,600
Secured debt as a
percentage of
Gross Debt
Dec
2011
Dec
2012
Dec
2013
Dec
2014
Dec
2015
46%
7%
10%
13%
14%
Total Borrowings: USD 2.9bn
800
574
434
28%
<1%
4%
4%
264
47
3%
0
2016
3,000
6
10,500
5
9,000
4.9x
2,500
3.7x
2,000
4
2.4x
Net Debt (USD mn)
29%
2009
2015
2010
Net Debt (USD mn)
Net Debt / EBITDA (times)
2011
2012
2013
Equity (USD mn)
2014
8,642
2,517
7,603
2,179
6,580
1,924
5,975
1,882
5,355
2,122
4,929
3,000
2,311
2,517
1,034
2,179
977
1,924
892
1,882
809
2,122
745
2,311
621
2,239
0
461
0
EBITDA
29%
20%
1,500
2014
29%
4,500
1
2013
40%
31%
30%
500
2012
50%
3
2
2011
2021 onwards
6,000
1,000
2010
2020
40%
4,892
2.2x
2.2x
2019
47%
46%
2,239
2.3x
2018
7,500
2.8x
1,500
2017
Majid Al Futtaim’s Capital Structure
Strong Leverage Metrics
2009
377
400
EBITDA from
encumbered assets
as % of Total
EBITDA
0
1,212
1,200
10%
0%
2015
Net Debt / Equity (%)
* FOR H1 2015, EBITDA REFLECTS 12 MONTH ROLLING
8
2015 FIGURES BASED ON UNAUDITED MANAGEMENT ACCOUNTS
USD500MN EQUITY HYBRID IS NOT TAKEN INTO ACCOUNT IN DEBT CALCULATION
PRUDENT FINANCIAL MANAGEMENT
PROVIDING SOUND PLATFORM FOR GROWTH
Funding Risk Management Framework
 The group focuses on two very important pillars:
(1) Liquidity
(2) Risk Management
Target at least 18 months of financing
requirements
Active management of interest rate, credit
and FX risk
Maintain flexibility in terms of capital
commitments
Financial covenants further reinforce
capital management framework
Current Status
Funding Risk Management
Framework
Policy Covenant
Status as of
31 December 2013
Status as of
31 December 2014
Status as of
31 December 2015
Liquidity Coverage – Months
18
30+
24+
30
0.50 – 3.00
3.60
1.75
2.38
Tangible Net Worth – USD billion
4.1
6.6
7.6
8.6
Total Net Debt to Total Equity (x)
<0.7
0.3
0.3
0.3
EBITDA Interest Cover (x) **
>2.5
6.2
8.7
>10
Interest Rate Risk – Duration in Years*
*Prior to March 2014, the Group’s IR Risk policy on duration was 3.9 +/- 1.0 years
** EBITDA Interest Cover means EBITDA over Net Finance Charges
9
2015 FIGURES BASED ON UNAUDITED MANAGEMENT ACCOUNTS
USD500MN EQUITY HYBRID IS NOT TAKEN INTO ACCOUNT IN DEBT CALCULATION
PRO-ACTIVE FUNDING STRATEGY
Majid Al Futtaim Funding Journey
 Liquidity assurance with
bank facilities despite
disrupted market
 Spending Plans and
capital structure adjusted
‘09
 USD 2bn EMTN Program
established
 USD 1bn early
refinancing to strengthen
liquidity
 BCC/FCC financing
 Initiate Investor education
on MAF credit story
‘10
 Company’s debut Islamic
finance deal
 Majid Al Futtaim gets
credit rating from S&P
and Fitch
 BBB with Stable outlook
 Carrefour Minority share
purchase EUR 530mn
 Issued USD 500mn first
ever international
Corporate Hybrid issuance
from MENA
 Largest Majid Al Futtaim
Club Revolver USD 1.6bn
‘11
‘12
 USD 1bn Sukuk Program
established
 USD 400mn Debut Sukuk
 USD 500mn Debut conventional
bond issued
 USD 500mn MoEg Project
Finance in Egypt
‘13
 Opportunistic upsizing
and tenor extension on
bank facilities
 Optimized Sukuk
Program structure
 $500mn 10yr Sukuk
‘14
‘15
 Debut 10 year USD bond
issuance
 Further optimization of
debt portfolio through
USD 500mn Club
Revolver
FINANCING: STRATEGIC FOCUS AREAS
Diversified Sources of Funding
Matching cash flow profile of liability &
assets: lengthen tenor
Prudent financial policies (liquidity, risk
management)
Optimize debt portfolio opportunistically
Establish credibility & ongoing relationship
with investors
Reduce cost of financing
10
MAJID AL FUTTAIM: STRATEGIC PRIORITIES
Maintain leadership
in our core countries
Protect our leadership
position in the UAE
Expand to be leaders
in adjacent/core
geographies
Build a foundation
position in Africa
Expand considerably
our presence in Egypt
and Saudi Arabia,
driven by our shopping
malls business
Expand in additional
African countries,
primarily with
Carrefour
11
Grow at scale at least
one adjacent
business
Evaluate business
opportunities in
adjacent businesses
MEASURED GROWTH & STEADY DEVELOPMENT PIPELINE
TRUE TO OUR COMMITMENT TO OUR CREDIT RATING, OUR TOP-DOWN CAPITAL ALLOCATION APPROACH IS
MANAGED WITHIN THE DEBT CAPACITY OF THE BBB METRICS AND WITH AN EYE ON PRUDENT FINANCIAL
MANAGEMENT.
EGYPT
Mall Development Pipeline
UAE & OMAN
KSA
City Centre Al Zahia (Sharjah,
UAE)
 Greenfield Super Regional Mall
 GLA: 130,000 M2
 Land acquired
 Construction start 2016
 Opens 2018
City Centre Sharjah Expansion
(Sharjah, UAE)
 Expansion
 Incremental GLA: 13,400 M2
 Land acquired
 Construction start 2015
 Opens 2016
Mall of Egypt (Cairo, Egypt)
 Greenfield Super Regional Mall
 GLA: 165,000 M2
 Under construction
 Land acquired
 Opens 2016
East Riyadh Mall
(Riyadh, KSA)
 Greenfield Regional Mall
 GLA: 115,000 M2
 Land acquired
 Construction start 2016/17
 Opens 2019/20
Mall of Oman (Muscat, Oman)
 Greenfield Super Regional Mall
 GLA: 129,000 M2
 Land leased (50yr lease)
 Construction start 2016
 Opens 2019
City Centre Ajman (Ajman,
UAE)
 Expansion
 Incremental GLA: 21,400 M2
 Land acquired
 Construction start 2015
 Opens 2017
City Centre Almaza (Cairo, Egypt)
 Greenfield Regional Mall
 GLA: 102,000 M2
 Land acquired
 Construction start 2015
 Opens 2018
North Riyadh Mall
(Riyadh, KSA)
 Greenfield Super Regional Mall
 GLA: 225,000 M2 (Phase 1)
 Land acquired
 Construction start 2019
 Opens 2022
Note:
2-3 Community Malls also planned for UAE within 2016-2018
1 Hotel planned for UAE
City Centre Maadi (Cairo, Egypt)
 Expansion
 GLA: 61,000 M2
 Land acquired
 Construction start 2017
 Opens 2020
New Hypermarkets Pipeline - 2016
Location
Number
Location
Number
Location
Number
Location
Number
Pakistan
2
Kazakhstan
1
KSA
1
Egypt
1
Oman
1
Iraq
1
Kenya
2
Qatar
1
12
CLOSING REMARKS
WE ARE A VISION-DRIVEN ORGANISATION THAT AIMS AT
CREATING GREAT MOMENTS FOR EVERYONE, EVERY DAY.
Over the last 20 years, we
have revolutionised the face
of shopping, entertainment
and leisure, creating some of
Dubai’s most globally
recognised iconic
landmarks helping to turn the
city into the modern
metropolis that it is today.
Our mission for the next 5
years is to create more
great moments, for more
customers across an
expanded footprint.
2015 was a transformational year for us. Our goal is to
sustainably deliver double digit growth, within the
capacity of our BBB rating and always under prudent
financial management.
13
CONTENTS
TABLE OF CONTENTS
Majid Al Futtaim 2015 Performance Update
Appendix
Majid Al Futtaim Group Overview
14
HISTORICAL FINANCIAL PERFORMANCE OVERVIEW
SOLID FINANCIAL PERFORMANCE ON THE BACK OF A MANAGED GROWTH STRATEGY
Financial Highlights
Majid Al Futtaim Properties (USDmn)
Majid Al Futtaim has a proven track record of delivering strong financial
results on the back of an effective growth strategy
Item
Revenue
EBITDA
Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)
Item
2010 2011 2012
2013
2014
2015
5Y CAGR
9,246 9,658 10,325 10,743 12,151 13,853
8.4%
Assets
4,569 5,011 5,604 6,180 6,868
7,443
10.3%
Revenue
621
745
809
892
977
1,034
10.7%
EBITDA
2010
63.4%
62.0%
62.6%
62.0%
858
2011
EBITDA
2012
2013
702
645
604
532
1,114
1,040
966
476
389
2014
2015
Majid Al Futtaim Retail (USDmn)
Item
Revenue
EBITDA
EBITDA Margin by Entity (%)
61.9%
Revenue
751
629
 The Group’s ability to combine capital intensive high margin
business (shopping malls) with capital positive, high volume
business (hypermarkets) allows it to effectively manage its
growth.
70.0%
5Y CAGR
12.1%
12.5%
5Y CAGR
9.6%
9.1%
Revenue
63.00%
206
319
312
268
253
245
6,011
5,603
5,032
4,591
4,121
3,796
EBITDA
60.0%
2010
50.0%
2011
2012
2013
2014
2015
Majid Al Futtaim Ventures (USDmn)
40.0%
30.0%
18.6%
20.0%
12.6%
10.0%
5.4%
17.5%
5.9%
5.5%
2011
2012
14.2%
14.2%
12.98%
Item
Revenue
EBITDA
207
5.3%
5.6%
5.30%
2013
2014
2015
5Y CAGR
13.7%
14.3%
Revenue
EBITDA
393
293
243
209
189
0.0%
2010
MAF Properties
MAF Retail
26
35
37
35
41
51
MAF Ventures
2010
15
2011
2012
2013
2014
2015
2015 FIGURES BASED ON UNAUDITED MANAGEMENT ACCOUNTS
BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES
GROUP’S CORE BUSINESS
Overview of Majid Al Futtaim Properties
Majid Al Futtaim Properties’ Key Strengths
 Majid Al Futtaim Properties is the Group’s largest contributor in
terms of EBITDA and combines a balanced mix of operating
assets (primarily shopping centers) and developments.
Alliances and Partnerships with
Key Retailers
 The subsidiary’s core business is Shopping Malls:
 Currently operates 19 shopping malls (includes 4 JVs) in the
UAE, Egypt, Oman, Bahrain and Lebanon – currently developing
four new malls and recently completed an expansion of Mall of
the Emirates.
Established Track Record,
Reputation & Brand
Unique Leisure Offers
(Through Majid Al Futtaim Ventures)
MAJID AL FUTTAIM
PROPERTIES
 Leasable area of approx. 1.1 million square meters as at 31
December 2015 – aggregate visitors of 171 million in 2015,
reflecting 3% growth over 2014.
In-House Expertise (Fully
Integrated Operations)
Iconic Assets
Prime Locations Secured for
Business
180
98% Occupancy
Rate
Competitive Rent
to Sales Ratio
99%
98%
97%
97%
97%
150
100%
120
90
80%
72%
74%
75%
69%
72%
60
 Majid Al Futtaim Properties also owns 12 hotels adjacent to
shopping malls in the UAE (10) and Bahrain (2), with one under
development in Dubai, which aim to capitalize on tourist shopping
and enhance the value of the malls, while capturing higher traffic.
60%
40%
30
20%
135.7
146.9
156.5
167.0
171.3
2011
2012
2013
2014
2015
0
0%
Total Shopping Mall Footfall - Million
16
120%
Shopping Mall Occupancy
Hotels Occupancy
MAJID AL FUTTAIM PROPERTIES
MARKET LEADERSHIP WITH STRONG OCCUPANCY
City Centre Beirut




Opened Apr 13
63K m2 GLA
94% occupancy
6.7mn footfall
Mall of the Emirates*
City Centre Bahrain*




Opened Sep 08
159K m2 GLA
98% occupancy
14.6mn footfall




Opened Sep 05
257K m2 GLA
98% occupancy
38mn footfall
City Centre Deira




City Centre Mirdif*




City Centre Maadi




City Centre Sharjah








Opened Jan 03
61K m2 GLA
95% occupancy
12.9mn footfall
City Centre Muscat




Opened Oct 01
67K m2 GLA
98% occupancy
10mn footfall
City Centre Qurum




Opened Nov 08
23K m2 GLA
99% occupancy
3.7mn footfall




Opened Sep 01
38K m2 GLA
99% occupancy
11.3mn footfall
City Centre Ajman
City Centre Fujairah
Opened Dec 02
30K m2 GLA
91% occupancy
11.7mn footfall
City Centre Alexandria




Opened Mar 10
198K m2 GLA
97% occupancy
23.5mn footfall
Opened Nov 95
111K m2 GLA
99% occupancy
23.3mn footfall
Opened Apr 12
35K m2 GLA
99% occupancy
3.2mn footfall
My City Centre
Nasseriya




Opened Feb 14
5K m2 GLA
97% occupancy
1mn footfall




Opened Dec 98
30K m2 GLA
100% occupancy
10.4mn footfall
City Centre Me’aisem
Opened Sept 15
23K m2 GLA
97% occupancy
0.9mn footfall
2015 Total Footfall at 171mn
3% higher y-o-y, including MOE
redevelopment & expansion1
*SUPER REGIONAL MALLS
:EXCLUDING MOE, TOTAL FOOTFALL GREW BY 4% Y-O-Y
NOTE: GLA REFERS TO GROSS LEASABLE AREA
NOTE: FIGURES BASED ON 2015 UNAUDITED MANAGEMENT ACCOUNTS
1
17
17
BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL
GENERATING STEADY CASHFLOWS
Overview of Majid Al Futtaim Retail
Operating Framework
 Majid Al Futtaim Retail is one of the most active retailers in the
region and introduced the first hypermarket in the Middle East in
1995.
 Majid Al Futtaim Retail aims to capitalize on its strong supply chain
and procurement procedures to deliver value to its customers.
 Majid Al Futtaim Hypermarkets is a wholly owned subsidiary
since 25 June 2013 when Majid Al Futtaim acquired the remaining
25% from Carrefour SA. As part of the transaction, Majid Al Futtaim
also renewed its exclusive franchise partnership with the Carrefour
group until 2025 and extended it to an additional 19 new countries.
It now has the exclusive franchise rights for Carrefour in 38
countries predominantly across the Middle East, Africa and
CIS regions.
Sales Volume
Reinvest
Rebates
 Carrefour charges a sale-based franchise fee and provides
approval on new store openings.
Purchasing
Power
Supplier Rebates
 As at 31 December 2015, Majid Al Futtaim operated over 65
Carrefour hypermarkets, over 75 Carrefour supermarkets and 6
convenience stores across 13 countries, as well as an online
store.
 Majid Al Futtaim plans to open 10 new Carrefour hypermarkets,
16 Carrefour supermarkets and 1 convenience store during
2016
Low Prices
18
Good Quality
Wide Choices
MAJID AL FUTTAIM RETAIL
EXPANDING FOOTPRINT
Overview of Majid Al Futtaim Retail
80
67
70
NUMBER OF HYPERMARKETS
56
60
58
48
50
43
40
37
37
2009
2010
31
25
30
22
18
20
9
11
12
13
2002
2003
2004
5
10
1
1
1
2
2
1995
1996
1997
1998
1999
0
Country
2000
Stores
2001
2005
Country
2006
2007
Stores
2008
Country
2011
2012
2013
2014
Stores
UAE
22
Saudi Arabia
12
Egypt
10
Oman
6
Qatar
3
Jordan
4
Pakistan
2
Iraq
2
Kuwait
1
Bahrain
1
Georgia
2
Lebanon
1
Armenia
1
19
2015
BUSINESS OVERVIEW: MAJID AL FUTTAIM VENTURES
SEEKING COMPLEMENTARY BUSINESSES
Overview of Majid Al Futtaim Ventures
 Majid Al Futtaim Ventures builds and manages value enhancing businesses for the Majid Al Futtaim Group, focusing on selected sectors that are
relevant for the wider business in the region.
 The current portfolio comprises both wholly owned companies and joint ventures.
 Majid Al Futtaim Ventures holdings are further split between strategic and investment holdings – strategic businesses comprise those which
provide a strategic fit to the Group’s business.
Strategic
Holdings
MAJID AL FUTTAIM
VENTURES
Majid Al Futtaim Leisure & Entertainment
LLC
Majid Al Futtaim Cinemas LLC
 Provides unique leisure
offerings to Majid Al Futtaim
malls (Ski Dubai, Magic Planet,
Lego, etc)
Majid Al Futtaim Fashion LLC
 Retails brands with exclusive
licensing rights for MENA (e.g.
Abercrombie & Fitch, Juicy Couture,
Mexx, etc)
 115 stores in 7 countries
Majid Al Futtaim Finance LLC
 Cinema business with182
screens across the MENA
region
ENOVA by VEOLIA
Majid Al Futtaim Food & Beverages LLC
 JV providing Energy
Services and Facilities
Management
 Formed in 2002 (as
Dalkia)
Wholly-Owned
 Acquired in 2013, JV
operates portfolio of
international brands like
California Pizza Kitchen,
You Sushi, Morelli’ etc.
Joint Venture
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 Credit card issuer business
 Introduced Visa cards in 2010
(130,138 active cards)
Majid Al Futtaim Healthcare
 Multi-speciality and Day Care Surget
Centre opened in 2013 in City Centre
Deira. Awarded ISO 15189 standard
and Joint Commision International’s
Gold Seal of Approval.
ROBUST GOVERNANCE STRUCTURE
EFFECTIVE OVERSIGHT OF SYNERGISTIC BUSINESSES
Governance Principles
Board & Committee Structure
 Majid Al Futtaim places considerable emphasis on governance
and transparency within its operational framework.
 To promote a consistent, group-wide strategy, Holding’s CEO
attends the Board meetings of all three subsidiaries.
 The company has voluntarily adopted the principles of the
Combined Code on Corporate Governance for listed
companies in the UK across all areas of its business
 The Board of Directors for the various subsidiaries meet a
minimum of four times a year.
 Strong operating company Board structures reporting to a
group Board
 Set out the principles of Corporate Governance across each of
the group’s operating entities and geographies
Board Responsibilities
Majid Al Futtaim Holding Board
Properties Board
Retail Board
Ventures Board
Sub Committees
Sub Committees
Sub Committees
Audit & Risk
Committee
Audit & Risk
Committee
Audit & Risk
Committee
HR &
Remuneration
Committee
HR &
Remuneration
Committee
HR &
Remuneration
Committee
The Board of Majid Al Futtaim Holding provides independent oversight
to protect shareholders’ interests:
1) Acting as shareholder of operating companies;
2) Controlling decisions related to strategic new businesses /
markets or divestments; and
3) Via managing Funding and Capital allocation
Operating Companies Boards
Each operating company maintains its own Board of Directors
responsible for setting strategic goals, measurement of the success of
the businesses in achieving objectives and maintaining corporate
accountability.
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MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS
TO PROMOTE A CONSISTENT, GROUP-WIDE STRATEGY, HOLDING CEO ALSO ATTENDS THE BOARD MEETINGS OF
THE THREE SUBSIDIARIES.
Sir Michael Rake – Majid Al Futtaim Holding Chairman
Sir Michael Rake was appointed as Chairman of Majid Al Futtaim Holding on 1 July 2009. He is currently the Chairman of BT Group plc, the UK’s largest telecom operator, Chairman of payments
processing firm WorldPay Group LLC and a Director of McGraw Hill Financial. Previous appointments include Chairman of KPMG International, Senior Partner at KPMG UK, Chairman of KPMG
Europe, President of the Confederation of British Industry (2013-2015) amongst many others.
Khalifa Sulaiman – Majid Al Futtaim Holding Deputy Chairman
Mr Khalifa Sulaiman joined the Majid Al Futtaim Holding Board in October 2011. Mr. Sulaiman is a UAE National and has spent a career in government, representing the UAE both locally, regionally
and internationally. During his career, Mr Sulaiman was Ambassador to the Court of St. James in the UK, Chairman of H.H. The Ruler’s Court, Dubai, and Chairman and Director of National Bank of
Dubai PJSC.
Alain Bejjani – Majid Al Futtaim Holding Chief Executive Officer
Mr Alain Bejjani was appointed as CEO of Majid Al Futtaim Holding in February 2015. He was formerly the Chief Corporate Development and Brand Officer at Majid Al Futtaim Holding. He was
previously the Vice President (Legal) at Majid Al Futtaim Properties and Head of Business Development at Majid Al Futtaim Properties. Prior to joining Majid Al Futtaim Properties, Mr Bejjani was
Executive Vice-Chairman of the Investment Development Authority of Lebanon (IDAL) and a founding partner of a law firm.
Tariq Al Futtaim – Majid Al Futtaim Holding Director
Mr Tariq Al Futtaim joined the Majid Al Futtaim Holding Board in May 2005. He was appointed as Vice President when Majid Al Futtaim Holding was formed. He is currently Chairman of the
Majid Al Futtaim Charity Foundation, a prominent charitable initiative founded by the President, Mr Majid Al Futtaim.
Viswanathan Shankar – Majid Al Futtaim Holding Director
Mr Viswanathan Shankar joined the Majid Al Futtaim Holding Board with effect from 1 January 2012. Mr Shankar was, until April 2015, Group Executive Director and a member of the Board of
Directors of Standard Chartered PLC and Standard Chartered Chief Executive Officer - Europe, Middle East, Africa and the Americas as well as Executive Chairman of Principal Finance and
Chairman of Standard Chartered private bank. Prior to joining Standard Chartered in 2001, Mr Shankar spent 19 years with Bank of America in both Asia and the United States of America. Mr
Shankar is a member of the Board of the Inland Revenue Authority of Singapore and the Board of Trustees of the Singapore Indian Development Association as well as being a member of the
Singapore Government’s National Integration Council.
Ian Davis – Majid Al Futtaim Holding Director
Mr Ian Davis joined the Board of Majid Al Futtaim Holding on 1st June 2012. Mr Davis is the Chairman of Rolls Royce and an independent non-executive director of BP, Johnson & Johnson, Inc. He
is also a non-executive member of the UK’s Cabinet. Ian Davis spent his early career at Bowater, moving to McKinsey & Company in 1979. He was managing partner of McKinsey’s practice in the
UK and Ireland from 1996 to 2003. In 2003, he was appointed as Chairman and worldwide managing director of McKinsey, serving in this capacity until 2009. During his career with McKinsey, Ian
Davis served as a consultant to a range of global organizations across the private, public and not-for-profit sectors. He retired as senior partner of McKinsey & Company on 30 July 2010.
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Holding and MAF Properties, its officers, or the Dealers accepts any responsibility whatsoever and makes no representation or warranty, express or implied, for the contents of the Information, including its accuracy,
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