When City Centre Deira opened in 1995 as the first modern shopping mall in the Middle East, it was more than a retail development — it was a reimagining of how people in the Gulf would live, socialize, and experience their cities. In a region where extreme heat shapes daily life, the climate-controlled mall emerged as a cultural institution where families gather, businesses meet, and global brands meet homegrown innovation.
The late Majid Al Futtaim launched his namesake company with the aim of creating “great moments for everyone, every day.” Thirty years later, that vision has shaped the urban landscape of the Middle East, with the region leading the world in viewing malls not as mere shopping venues, but as destinations that define cities themselves.
The story of Majid Al Futtaim’s malls is inseparable from Dubai‘s rise as a global metropolis. When Mall of the Emirates opened in 2005 with Ski Dubai— now celebrating its own 20th anniversary — it became emblematic of the city’s audacious spirit.
As Khalifa Bin Braik, chief executive officer of Majid Al Futtaim Asset Management, reflected: “Mall of the Emirates is the embodiment of Majid Al Futtaim’s pioneering DNA. When it opened, it wasn’t just another mall, it redefined what a retail and leisure destination could be. It introduced luxury at scale, bringing together the world’s most prestigious fashion houses under one roof, and set a new benchmark for integrated lifestyle destinations.”
The mall helped define what Dubai represented to the world — a place where the impossible became reality, where desert heat gave way to snow-covered slopes, where East met West in environments that made luxury accessible and experiential.
“Over the past two decades Majid Al Futtaim has not just kept Mall of the Emirates relevant but consistently elevated its offerings to ensure it remains a destination in itself, a magnet for visitors from around the world, and a platform for some of the biggest names in fashion and retail,” said Issam Kazim, chief executive officer at Dubai Corporation for Tourism and Commerce Marketing.
Penguins at Ski Dubai in Mall of the Emirates.
Today, the company owns 29 shopping malls — with the 30th just announced — operates more than 600 VOX Cinemas screens, manages nearly 500 retail stores, employs more than 41,000 people and serves 600 million customers annually across its physical and digital ecosystem. With owned assets valued at $19 billion, Majid Al Futtaim holds the highest credit rating (BBB) among privately held companies in the region.
Crucially, their developments opened the gates for luxury retail to enter the Gulf at scale. As Patrick Chalhoub, executive chairman of Chalhoub Group, reflected: “For 30 years, Majid Al Futtaim malls have stood at the center of luxury and lifestyle in our region. Their enduring vision to weave luxury into everyday life in a distinctive and meaningful way has consistently elevated the retail landscape. Our strong collaboration and partnership is built on a shared commitment to innovation and to anticipating the evolving expectations of both brands and consumers. I am delighted to see new investments at Mall of the Emirates, which will further enhance well-being and redefine luxury experiences.”
As they mark 30 years of innovation, Majid Al Futtaim refuses to rest on its legacy.
“The next chapter for Majid Al Futtaim is about re-founding,” said Bin Braik. “Re-founding means looking at our business with fresh eyes, with the same bold ambition that defined its origins, but with a sharper focus on innovation, agility and impact. Keeping what makes us strong and changing what no longer works. It’s about being braver, more innovative, and making sure every decision creates real value for our customers, partners and people.”
From that first bold step in 1995 to the announcement of its 30th mall three decades later, Majid Al Futtaim has remained true to its founder’s vision: creating great moments for everyone, every day. And if the past is any indication, the next 30 years promise to be just as transformative.
