January 27, 2014 / 9:02 AM / in 3 years

Mall developer MAF to invest $816 mln in Dubai over 5 yrs

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DUBAI, Jan 27 (Reuters) - Dubai mall developer Majid Al Futtaim said it will invest another 3 billion dirhams ($816.7 million) over the next 5 years to expand its business in the emirate, after posting a 10 percent increase in its 2013 revenue.

Unlisted MAF, which holds the Carrefour franchise in the Middle East, said on Monday that revenue last year was 23 billion dirhams.

Its earnings before interest, depreciation, taxes and amortization (EBIDTA) from recurring operations grew by 12 percent year-on-year to reach 3.3 billion dirhams, the company said, without providing full-year net profit figure.

MAF has plans to invest over 3 billion dirhams on extending its Dubai businesses over the next five years, which includes two new hotel developments, renovating two existing hotels and redeveloping its flagship Mall of the Emirates. ($1 = 3.6730 UAE dirhams) (Reporting by Praveen Menon; Editing by Dinesh Nair)

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