Saudi Arabia's Transformation and Market Entry

Born in Dubai in 1978 when the city was still a modest trading port, Khalifa Bin Braik has witnessed the city’s rapid transformation  into a 21st-century global hub – and helped shape its retail landscape 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, adding 20,000 sqm of additional retail space and 100 new stores with an enhanced mix of dining, wellness and cultural concepts. This development is in addition to its newest flagship destination, Ghaf Woods Mall: a first-of-its-kind concept merging retail experiences with the natural environment. 

Bin Braik reflects on Dubai’s’s post‑pandemic acceleration and the company’s move from bricks-and-mortar stores to immersive third places.

“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 conversation with BoF founder Imran Amed, Bin Braik unpacks Dubai’s evolution, the transformation of physical retail, and where growth in the MENA region is coming from next.

Key Insights: 

• Post-pandemic, Majid Al Futtaim has shifted retail from pure brick-and-mortar to a fully immersive, experiential destination creator. “Consumers today demand more experiential, more curated spaces, but most importantly, with an intent or a very deep meaning and purpose.” Their formula blends retail with dining, entertainment 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 misconception that malls across the GCC region 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 strong tourism and integrated experiences.

• Egypt is a key region for a next‑wave opportunity. “Today, Egypt’s luxury market is … half of its true potential.” Despite challenges with imports, tariffs and infrastructure, Bin Braik argues that growth can be unlocked through investment and modernisation, with stabilisation “[paving] the way for a more vibrant luxury ecosystem market.” He adds: “I think very soon we'll start seeing investments into the luxury space within the Egyptian market.”

• To win in the MENA region, Bin Braik’s best advice for global brands is to “strongly lean on localisation and the right partnerships,” and not to 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 part of a paid partnership with Majid Al Futtaim.

Additional Resources:

• How Dubai Is Defying the Luxury Downturn | BoF
• Inside the Fashion Opportunity in Dubai | BoF

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