Dubai-based real estate giant Majid Al Futtaim (MAF) is poised to venture into the Indian market as it actively seeks a local partner for collaboration.
Recognizing India’s vibrant realty sector, estimated at 16 billion dollars, MAF has pinpointed the market as one that warrants their attention. Several UAE-based developers, including Emaar, Limitless, Nakheel, and SmartCity, have already established a presence in India.
The company intends to partner with a local entity to develop shopping malls, residential properties, and additional commercial spaces.
Younis Al Mulla, the VP of Business Development at Majid Al Futtaim, announced, “We are studying the Indian market and soon we are going to have a place in the country. India is the company’s target and we need to set up operations in the next one or two years.”
He highlighted that a team of senior officials from MAF visited India in March to explore various opportunities and engaged in discussions with local companies.
The company plans to return to India in June for roadshows in major cities, including Bangalore, Delhi, Mumbai, and Goa.
When inquired about the potential investments in India, Al Mulla noted, “We do not know it yet as nothing has been finalized. We have not decided on that.”
MAF also manages hypermarkets in partnership with Carrefour, the second-largest retailer globally, across the Middle East, North Africa, Iran, Pakistan, and other regions.
This announcement emerges as Carrefour is anticipated to finalize its entry strategy into India, affecting potential collaboration with a domestic firm. The Indian real estate market, currently valued at approximately 16 billion USD, is projected to grow at an annual rate of 30%, reaching 60 billion dollars by the year 2010. This sector has attracted significant interest from numerous international developers, mainly from the Middle East, Southeast Asia, and Europe.
MAF is involved in various sectors, including real estate, retail, and management of proprietary funds, often collaborating with international companies to enhance its business portfolio.
The primary focus for MAF Properties encompasses the development of shopping malls, hotels, and mixed-use community projects. In fact, the company operates seven shopping malls across the UAE, Egypt, and Oman, boasting a total retail area of 500,000 square meters.
Additionally, MAF Retail oversees Majid Al Futtaim Hypermarkets, a joint venture with Carrefour, managing 26 hypermarkets in the region. The Carrefour brand has extended its reach throughout the UAE and into neighboring markets, such as Oman, Qatar, Saudi Arabia, Egypt, Jordan, and Kuwait.