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Majid Al Futtaim (MAF) Holding, the UAE-based developer behind three of Dubai?s largest malls, said revenue in the first half of 2012 rose 15 percent year-on-year to AED10.7bn on the back of recovering tenant sales in markets such as Bahrain and Egypt
The mall operator?s EBITDA (earnings before interest, taxes, depreciation, and amortisation) grew 17 percent year-on-year to over AED1.5bn (US$408m), while total assets amounted to AED37bn, it was announced on Monday.
Iyad Malas, CEO of Majid Al Futtaim Holding, attributed the positive balance sheet to a recovery in revenue from markets previously impacted by the fallout from turbulence during the Arab Spring demonstrations.
?2012 has already been a successful and busy year for us. We have seen turnarounds in markets previously impacted by the Arab spring, with tenant sales increasing about 44 percent in Egypt and about 23 percent in Bahrain, in the first half of the year,? he said.