Khalifa Bin Braik: How culture is powering MENA’s next retail era

Welcome to The Luxury Minute by Jing Daily, where we take you inside the boardroom for unfiltered conversations with C-suite executives and creatives shaping fashion and beauty across global markets. In our fourth podcast episode, we speak with Khalifa Bin Braik, Chief Executive Officer at Majid Al Futtaim Asset Management, where he leads a portfolio of 29 shopping malls and seven hotels across the Middle East and North Africa. Listen now on Spotify, Apple Podcasts, or Amazon. Over the past decade, Dubai has accelerated a transformation decades in the making. What was once a regional trading port has matured into a global crossroads for tourism, retail, and cultural exchange — a city as defined by destination shopping and architectural spectacle as it is by its coastline. At the center of that evolution is Majid Al Futtaim, the Emirati company that has helped shape the Middle East’s modern retail landscape. Through a portfolio spanning shopping malls, lifestyle destinations, hospitality, and entertainment, the company has played a foundational role in positioning Dubai as a hub where commerce and culture intersect. Among its flagship assets is Mall of the Emirates, opened in 2005 and now one of 29 malls across the Middle East and North Africa under its management. For Khalifa Bin Braik, CEO of Majid Al Futtaim Asset Management, born in Dubai in the late 1970s, the scale of the city’s growth is personal. “There were barely any paved streets or any shopping malls back then. It was a very different city. The population in Dubai today stands at about 4 million. So since then, the city has grown about 22 times, and we’ve gone from a fishing and a trading economy to one of the world’s most admired retail and tourism hubs.” That rapid expansion provides the backdrop for how global cultural moments now take root in the city. Chinese New Year, also known as Spring Festival (春节), is one such example — a celebration with more than three millennia of history that has evolved into a defining annual touchpoint for luxury brands and international travel alike. As Dubai strengthens its role as a magnet for Chinese visitors and global consumers, Mall of the Emirates has increasingly integrated Spring Festival into its broader programming — not as a standalone retail activation, but as part of a year-round strategy centered on experience. In partnership with Mall of the Emirates and Dubai Festivals and Retail Establishment, Jing Daily presented a multi-day Chinese New Year showcase featuring limited-edition pop-ups and a fashion walk takeover with designers PRONOUNCE and SUSAN FANG, alongside performances of Huangmei opera by artists from Anhui province. In today’s conversation, Bin Braik reflects on Dubai’s transformation, Majid Al Futtaim’s role in shaping its retail identity, and how cultural milestones like Spring Festival are embedded into long-term destination strategy — advancing a vision of fashion and retail that extends well beyond commerce. Listen to the full episode now on Spotify or Apple Podcasts. Continue reading for excerpts from the conversation. Jing Daily: Retail is integral to Dubai’s orbit. How do you see malls, particularly luxury malls, evolving beyond shopping into cultural and community spaces within that broader ecosystem? Khalifa Bin Braik: We operate 29 shopping malls, soon hopefully 30, across the UAE, Bahrain, Oman, Lebanon, and Egypt, along with seven hotels. The flagship shopping destination is Mall of the Emirates. From a luxury retail standpoint, we have doubled over the last five years. Luxury retail today is no longer transactional. It is fundamentally experiential. The Bain 2025 luxury study describes this tectonic shift towards experiences — culture, wellness, hospitality, and fine dining. With personal luxury goods forecasted at roughly 358 billion euros ($421.6 billion) in 2025, flat versus last year, that signals stabilization. Luxury is no longer volume-driven. Growth now comes from emotional connection, cultural relevance, and curated experiences. This shift is redefining the role of shopping malls, pushing them to become cultural infrastructure — places of discovery, emotional connection, entertainment, and community, not just shopping destinations. JD: Dubai is a major global travel hub, particularly for Chinese tourists, and plays a unique role as a transit point and international crossroads. How does Mall of the Emirates embrace that position as a nexus for cultural overlap, and create flagship moments like you’ve done for Chinese New Year? KBB: In Dubai and the wider region, demographics play a huge role. More than half the population is under 25 — digitally native, brand aware, and experience driven. That makes an omnichannel approach essential. We use digital and data to personalize and enhance the physical journey. Chinese New Year is a key moment in our 12-month calendar. It increasingly shapes global luxury behavior. Around 40 percent of Chinese luxury spending happens overseas, which gives destinations like Dubai and Mall of the Emirates a competitive edge. In 2024, Dubai saw a surge in Asian visitors, reinforcing our role as a preferred international shopping destination. For us, Chinese New Year is not a sales campaign, but a cultural platform built around symbolism, storytelling, and participation. We support this with engagement across Chinese platforms and payment ecosystems, including Alipay, a fully translated Mandarin digital store, and partnerships such as with Ctrip. We actively connect with Chinese travelers before, during, and after their visit — from trip planning and brand discovery to in-mall experiences and cultural activations. The Chinese consumer is extremely important to both Dubai and Mall of the Emirates’ luxury ecosystem. JD: You spoke earlier about the pursuit of excellence and evolution. How are you developing Majid Al Futtaim’s retail strategy to meet the growing expectations and preferences of today’s luxury consumer, and how is Dubai’s role shifting within the global luxury landscape? KBB: The Middle East, and Dubai in this instance, is transitioning from a fly-in retail market into a truly global reference for luxury strategy. Despite global luxury consumer numbers contracting from 400 million in 2022 to 330 million in 2025, the Middle East remains one of the very few regions demonstrating serious expansion. This growth is driven by high-income households, strong tourism investments, and a rising appetite for experiential luxury. Dubai has just set a new tourism record in 2025, welcoming close to 20 million international visitors, a 5 percent increase over 2024. Brands globally increasingly see the region, and more specifically Dubai, as a long-term growth engine — not just a short-term sales opportunity, but a strategic market where they see consistent growth over the next few years. Mall of the Emirates gives global brands a platform to test experiences, innovations, and launch concepts, and to engage culturally diverse consumers. Listen to the full episode now on Spotify or Apple Podcasts.

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Khalifa Bin Braik: How culture is powering MENA’s next retail era