The Majid Al Futtaim Group, a major shopping mall developer headquartered in the UAE, has its own entertainment division, which includes the Magic Planet chain, and the company reported that due to Covid revenue decline.
The revenue of MAF, which has 43,000 employees, fell 7% to 8.9 billion U.S. dollars in 2020, while its revenue fell 19% to 1 billion U.S. dollars. All these figures are suppressed by viruses and lockdown restrictions.
The leisure and entertainment sector suffered the most, with a decrease of 49% to 380 million U.S. dollars, a 122% decrease in revenue and a loss of 25 million U.S. dollars.
Nevertheless, the group is still actively promoting expansion plans in the leisure and entertainment sector and firmly believes that the industry will recover. The company plans to launch 30 new cinema screens in neighboring Saudi Arabia this year, and plans to build its largest shopping mall project in the capital Riyadh. The group will also open Oman’s largest shopping mall before the end of this year. All locations are planning to establish Magic Planet FEC.