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Background:
Born in Dubai in 1978 when the metropolis was nonetheless a modest buying and selling port, Khalifa Bin Braik has witnessed the metropolis’s speedy transformation right into a Twenty first-century international hub – and helped form its retail panorama as CEO of Majid Al Futtaim Asset Management.
Majid Al Futtaim is behind the $1.4 billion transformation of Dubai’s second largest mall, The Mall of the Emirates, including 20,000 sqm of further retail house and 100 new shops with an enhanced mixture of eating, wellness and cultural ideas. This growth is along with its latest flagship vacation spot, Ghaf Woods Mall: a first-of-its-kind idea merging retail experiences with the pure setting.
Bin Braik displays on Dubai’s’s put up‑pandemic acceleration and the firm’s transfer from bricks-and-mortar shops to immersive third locations.
“In just over four decades, the economy has grown circa 22 times. But what’s even more remarkable is the mindset that has fueled this growth,” says Bin Braik. “Dubai gives you the power to dream, plan, and execute flawlessly, all in one lifetime, really. It’s a place that teaches you that nothing is too ambitious.”
In this dialog with BoF founder Imran Amed, Bin Braik unpacks Dubai’s evolution, the transformation of bodily retail, and the place progress in the MENA area is coming from subsequent.
Key Insights:
- Post-pandemic, Majid Al Futtaim has shifted retail from pure brick-and-mortar to a completely immersive, experiential vacation spot creator. “Consumers today demand more experiential, more curated spaces, but most importantly, with an intent or a very deep meaning and purpose.” Their components blends retail with eating, leisure and, crucially, wellness: “[Our] DNA is curating an immersive lifestyle destination, blending retail with dining, wellness, … entertainment and, most importantly, community.”
- According to Bin Braik, it’s a false impression that malls throughout the GCC area are homogeneous or that “only luxury” drives Dubai. “Each country has unique customer dynamics … demographics and cultural nuances,” and the “mid‑market and convenience‑driven segments are equally very, very important.” Physical retail “continues to thrive,” supported by robust tourism and built-in experiences.
- Egypt is a key area for a subsequent‑wave alternative. “Today, Egypt’s luxury market is … half of its true potential.” Despite challenges with imports, tariffs and infrastructure, Bin Braik argues that progress might be unlocked by means of funding and modernisation, with stabilisation “[paving] the way for a more vibrant luxury ecosystem market.” He provides: “I think very soon we’ll start seeing investments into the luxury space within the Egyptian market.”
- To win in the MENA area, Bin Braik’s greatest recommendation for international manufacturers is to “strongly lean on localisation and the right partnerships,” and to not underestimate cultural nuance. “Finding the right local partner with similar aspirations is key, but a partner that deeply understands the market and cultural heritage is so important.”
This episode of The BoF Podcast is a part of a paid partnership with Majid Al Futtaim.