With revenues up 10 per cent to Dh18.7 billion in 2011, Majid Al Futtaim Holding (MAF) achieved its best results since inception in 1992. “In particular, strong performance in Dubai helped to offset any softness resulting from regional turmoil,” Iyad Malas, CEO of Majid Al Futtaim Holding, which launched a $1 billion (Dh3.67 billion) sukuk this month, said. It followed a $2 billion Reg S EMTN programme filed with the London Stock Exchange last June.

“We are constantly looking into options to diversify our sources of long-term funding,” Malas added. “Having set up the EMTN and sukuk programmes, we can now wait for the right market conditions and choose whether to issue a sukuk or a conventional bond.

 

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