Hampered by geopolitical tensions, Majid Al Futtaim ends 2023 almost at a standstill

Featured image of the article Hampered by geopolitical tensions, Majid Al Futtaim ends 2023 almost at a standstill

An article by Sophie Baqué and Morgane Monteiro

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Publication

28 March 2024 à 18h00

Updated on 2 April 2024 à 16h07

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Publication: 28 March 2024 à 18h00, Updated on 2 April 2024 à 16h07

Reading time: 2 minutes

Affected by the Israeli-Palestinian conflict and the devaluation of the Egyptian currency, Majid Al Futtaim unveiled mixed financial results for 2023.

An article by Sophie Baqué and Morgane Monteiro

Ajouter mind Retail à vos sources

Publication

28 March 2024 à 18h00

Updated on 2 April 2024 à 16h07

Reading time

2 minutes

Publication: 28 March 2024 à 18h00, Updated on 2 April 2024 à 16h07

Reading time: 2 minutes

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On March 14, 2023, Majid Al Futtaim, owner of 29 malls in the Middle East and Carrefour‘s exclusive franchisor within the region, announced sales growth of 1.1% in 2023 (compared with 12% in 2022) to US$9.4 billion. The group has been penalised by a tense geopolitical context including the Israeli-Palestinian conflict, calls for boycotts and a strong currency devaluation in Egypt, where the company controls 21% of the retail market. In a year, the group reduced staff by 6.5% with 43,000 employe

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Article authors

Featured image of the article Sophie Baqué

Sophie Baqué Chief Editor of mind Retail

Featured image of the article Sophie Baqué

Featured image of the article Morgane Monteiro

Morgane Monteiro Journalist

Featured image of the article Morgane Monteiro

Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.

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