About Majid Al Futtaim

Majid Al Futtaim is a privately held regional group founded in 1992. Its activities span properties, retail and leisure. Residential development sits within its Properties and Development business.

In Dubai, the company's current official material highlights Tilal Al Ghaf and Ghaf Woods. The two communities form part of a wider regional group, so this profile keeps project information separate from group-wide financial results.

Tilal Al Ghaf

Tilal Al Ghaf was announced as a flagship mixed-use Dubai community in 2017. Its named residential phases include Alaya, Elysian, Serenity Mansions, Plagette 32 and Amara — see our Dubailand villas guide for how it ranks against the district's other communities.

In January 2024, Majid Al Futtaim announced AED 3 billion in construction contracts for Alaya and Elysian. In April 2025, it awarded an AED 1.57 billion contract for Serenity Mansions and a separate AED 736 million contract covering 148 villas at Plagette 32 and Amara plus the Beach Club.

Ghaf Woods

Ghaf Woods is the other principal Dubai residential community named in Majid Al Futtaim's H1 2025 results. The group presented sales activity at Ghaf Woods and Tilal Al Ghaf within its Development business.

Published information

Contract values on this page belong to the named communities and phases. The group's annual report covers all Majid Al Futtaim businesses and is not used as a substitute for Dubai residential-project data.

Integrated Dubai communities led by Tilal Al Ghaf and Ghaf Woods

Master developerCommunitiesVillasTownhousesDubai

Who owns Majid Al Futtaim?

Majid Al Futtaim Properties LLC is a Dubai limited liability company incorporated on 5 February 1994. Its audited 2025 accounts name its parent as Majid Al Futtaim Holding LLC and its ultimate parent as Majid Al Futtaim Capital PSC. The founder, Majid Al Futtaim, held almost all of the holding company's shares through Majid Al Futtaim Capital and died on 17 December 2021. A special judicial committee ruled in April 2022 that his heirs would hold all of Majid Al Futtaim Capital's share capital, with no one heir holding a majority. A second committee, formed on 5 February 2025, appointed nine directors to that board on 22 May 2025. No shares are listed on any exchange.

Source: Majid Al Futtaim Properties LLC — audited consolidated financial statements, FY2025 · MAF Sukuk Ltd — Base Prospectus, 24 September 2025

Track record

Buildings that made the name

  1. 01 Mall of the Emirates Opened in Dubai in 2005 and owned by Majid Al Futtaim Properties. A third level opened in 2015 and an AED 5 billion redevelopment is under way. 2005 completed
  2. 02 Ski Dubai Indoor ski slope inside Mall of the Emirates, owned by Majid Al Futtaim Properties. 2005 completed
  3. 03 Tilal Al Ghaf Launched in April 2018 as an AED 14 billion community on the Al Qudra side of Dubailand, with 3,262 villas and townhouses across 14 neighbourhoods. Launched 2018
  4. 04 Elan at Tilal Al Ghaf The community's first townhouse release. It sold out three weeks after launch, priced from AED 1.26 million for three bedrooms. Sold out 2020
  5. 05 Ghaf Woods Launched in June 2024 as Dubai's first forest-living community, on 738,000 square metres between the E311 and the D54. Launched 2024
  6. 06 Net-positive mosque at Tilal Al Ghaf Introduced in November 2024 and described by the developer as the first net-positive mosque in the region. Introduced 2024
  7. 07 Ghaf Woods Mall Announced in October 2025 inside the Ghaf Woods community. Announced 2025

Majid Al Futtaim track record

Homes handed over at Tilal Al Ghaf and Ghaf Woods
Almost 2,500
As at 31 December 2025, audited accounts
Homes sold at the two Dubai communities
About 6,000
Out of about 6,500 units in the two communities
Under construction at Tilal Al Ghaf
1,323 homes
Across seven neighbourhoods, as at September 2025
Launched at Ghaf Woods
2,770 apartments
44 buildings across five neighbourhoods
Gross sales at Tilal Al Ghaf
Over AED 20bn
Across all 14 neighbourhoods, as at September 2025

Handed-over and sold figures are the company's own, taken from the audited 2025 accounts as at 31 December 2025. Per-neighbourhood counts come from the sukuk base prospectus of 24 September 2025.Units in the two communities, units sold and units handed over are three separate counts, each at its own stage. Everything below is Dubai residential and excludes the group's malls and retail.

What Majid Al Futtaim is known for

Homes handed over in the two Dubai communities
Almost 2,500 by 31 December 2025
Homes sold there
About 6,000 of about 6,500
Gross sales at Tilal Al Ghaf
Over AED 20bn
FY2025 revenue, Majid Al Futtaim Properties
AED 10.85bn, audited by EY
Development business revenue
AED 5.83bn, up 33% in 2025
Credit rating
BBB from S&P and from Fitch

Every figure belongs to Majid Al Futtaim Properties LLC or to a named Dubai community.Group revenue, which also covers shopping malls and Carrefour, is reported separately and is not used here.

Financials, FY2025 — Majid Al Futtaim Properties LLC

Revenue
AED 10.85bn (+19%)
EBITDA
AED 4.87bn (+15%)
Development business revenue
AED 5.83bn (+33%)
Net profit after tax
AED 5.05bn (+23%)
Total assets
AED 60.38bn
Total equity
AED 44.55bn
Net debt to equity
13.2% (2024: 24.5%)

Source: Majid Al Futtaim Properties LLC — audited consolidated financial statements, year ended 31 December 2025, signed 27 February 2026

Driven by disciplined execution and the strength of our diversified portfolio, we surpassed AED 5 billion in EBITDA for the first time and delivered a 41% year-on-year increase in net profit.
Ahmed Galal Ismail Chief Executive Officer, Majid Al Futtaim Holding Majid Al Futtaim, 16 March 2026

Where Majid Al Futtaim builds

Tilal Al GhafDubailandVillas in DubaiTownhouses in Dubai

Current projects via GRAF

Tilal Al Ghaf — Al Qudra, Dubailand

Tilal Al Ghaf

Al Qudra, Dubailand

Listings from AED 1.2M

View project →

How Majid Al Futtaim differs from other Dubai developers

Majid Al Futtaim is the Middle East's leading shopping mall operator first, a homebuilder second — 29 malls and seven hotels across the region, over 178 million shopping visits a year, before either Dubai community existed. That retail-and-leisure engineering shows up inside the homes themselves, from a solar-powered mosque to a forest planted before the first villa is sold.

A mosque that generates more power than it uses
The Tilal Al Ghaf mosque, opened November 2024, carries 203 solar panels generating over 204,000 kWh a year — more than 115% of its own energy demand, with the surplus fed back into the community grid.
A forest planted before the homes are finished
Ghaf Woods is growing its own tree nursery toward 30,000 trees, replanted across the community to outnumber residents — engineered for air 20% cleaner and temperatures up to 5°C cooler than the rest of Dubai.
First in the region to hold this set of certifications
Ghaf Woods is the first community in the region to pre-certify under LEED Cities and Communities, WELL Communities and Wiredscore Neighbourhood together, on top of a LEED Platinum sales centre.
A 70,000 sq m swimmable lagoon, not a landscaped pond
Built with Crystal Lagoons technology at Tilal Al Ghaf, with 400 metres of white-sand beach for swimming, kayaking and paddleboarding.
Two Dubai communities rather than a list of towers
Tilal Al Ghaf and Ghaf Woods hold about 6,500 homes between them, and the residential business reports on those two.
A second master community, on government-held land
The AED 62 billion Dubai South agreement, signed 19 May 2026, puts a new Majid Al Futtaim community on land held by the Dubai South Authority.
Why GRAF recommends Majid Al Futtaim

GRAF sells at Tilal Al Ghaf — Majid Al Futtaim suits a buyer who wants a master-planned Dubai villa or townhouse community with a handover record already on paper, from a developer whose accounts and ownership chain can be read in filed documents.

What the record shows
  1. Handovers are counted in audited accountsAlmost 2,500 homes at the two communities had been handed over by 31 December 2025, a figure printed in the audited statements rather than in a brochure.
  2. The accounts are openFY2025 revenue of AED 10.85bn, net profit after tax of AED 5.05bn and total assets of AED 60.38bn can be read in the audited statements themselves.
  3. Two agencies rate the groupS&P and Fitch both hold Majid Al Futtaim Holding at BBB with a stable outlook, and Fitch puts the property business at about 90% of consolidated 2025 EBITDA.

GRAF editorial team

Majid Al Futtaim — frequently asked questions

Who owns Majid Al Futtaim?

The developer, Majid Al Futtaim Properties LLC, sits under Majid Al Futtaim Holding LLC, whose ultimate parent is Majid Al Futtaim Capital PSC, according to the audited 2025 accounts. The founder held almost all of the holding company's shares through Majid Al Futtaim Capital and died in December 2021. A judicial committee ruled in 2022 that his heirs hold that share capital, with no one heir holding a majority.

Source: Majid Al Futtaim Properties LLC — audited consolidated financial statements, FY2025

Is Majid Al Futtaim a developer or a retailer?

Both, in separate companies. Majid Al Futtaim Properties LLC develops homes, owns 28 shopping malls and seven hotels and owns Ski Dubai. Carrefour in the region is run by a different arm of the group. Group revenue is therefore not developer revenue.

Source: MAF Sukuk Ltd — Base Prospectus, 24 September 2025

How many homes has Majid Al Futtaim handed over in Dubai?

Almost 2,500 homes at Tilal Al Ghaf and Ghaf Woods had been handed over as at 31 December 2025. The two communities comprise about 6,500 units, of which about 6,000 were sold — three figures, each at its own stage.

Source: Majid Al Futtaim Properties LLC — audited consolidated financial statements, FY2025

What is Tilal Al Ghaf?

An AED 14 billion master community on the Al Qudra side of Dubailand, launched in April 2018. All 14 neighbourhoods have been launched and sold, covering 3,262 villas and townhouses and more than AED 20 billion of gross sales. 1,939 homes had been handed over and 1,323 were under construction as at September 2025.

Source: MAF Sukuk Ltd — Base Prospectus, 24 September 2025

What is Ghaf Woods?

The company's second Dubai community, launched in June 2024 on 738,000 square metres between the E311 and the D54. Five neighbourhoods — Serra, Cilia, Lacina, Capria and Distrikt — cover 44 buildings and 2,770 apartments, and handovers of the first three are stated for 2027.

Source: Ghaf Woods — official community site

Does Majid Al Futtaim publish financial results?

Yes. Majid Al Futtaim Properties LLC publishes consolidated statements audited by Ernst & Young. For 2025 it reported revenue of AED 10.85 billion, EBITDA of AED 4.87 billion, net profit after tax of AED 5.05 billion and total assets of AED 60.38 billion. S&P and Fitch both rate the holding company BBB with a stable outlook.

Source: Majid Al Futtaim — Bonds & Credit Rating

What is Majid Al Futtaim building next in Dubai?

An AED 62 billion mixed-use master community at Dubai South, covering 22 million square feet under an agreement signed on 19 May 2026, alongside continuing construction at Ghaf Woods, where an AED 2 billion contract for Capria East and Capria West was awarded in June 2026.

Source: Majid Al Futtaim — Dubai South partnership, 19 May 2026

New from Majid Al Futtaim

Launch details pending

Distrikt 3 & 4 at Ghaf Woods

Wadi Al Safa 4, Dubailand · Apartments & duplexes

Forest-living apartments in Dubailand, handover set for Q3 2029.

View project

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Official sources
Official websiteMajid Al Futtaim — official siteMajid Al Futtaim — investor relationsMajid Al Futtaim — WikipediaTilal Al Ghaf — official community siteGhaf Woods — official community site
About this profile

Maintained by the GRAF editorial team from public sources and our own project data. Updated 20 August 2026. Contact us

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