Dubai’s Majid Al Futtaim Holding Appoints New CEO with Immediate Effect

Dubai: Majid Al Futtaim, the leading shopping malls, communities, retail and leisure pioneer across the Middle East, Africa, and Central Asia, announced that Ahmed Galal Ismail has been appointed Chief Executive Officer of Majid Al Futtaim Holding.  

Ahmed Galal Ismail assumes the position from Alain Bejjani, who served in the role for eight years. As the Chief Executive Officer of Majid Al Futtaim – Properties, Ahmed has been responsible for Majid Al Futtaim’s malls, hotels, communities and project management operations since 2018. He previously served as CEO of Majid Al Futtaim – Ventures and VP Strategy of Majid Al Futtaim – Holding.

Following his appointment, Ahmed Galal Ismail said: “I am committed to building on our strong, customer-focused strategy that has allowed us to deliver sustained growth. Our prudent financial discipline and strong governance mean that we are well-positioned to remain focused on sustainable value creation and creating great moments for everyone, everyday.”

Following a steady economic recovery in the retail and leisure sectors, Majid Al Futtaim reported revenue of AED18 billion for H1 2022, an increase of 15% compared to H1 2021. EBITDA rose 18% to AED 1.9 billion, a result of the company’s solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale. The Group continues to maintain a strong balance sheet with total assets valued at around AED 62.9 billion. Net borrowings stood at AED 11.2 billion.