Majid Al Futtaim Holding appoints new chief executive officer

Dubai-based retail and real estate conglomerate Majid Al Futtaim (MAF) announced that Ahmed Galal Ismail has been appointed as 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 of Majid Al Futtaim – Properties, Ismail has been responsible for Majid Al Futtaim’s malls, hotels, communities and project management operations since 2018, the company said in a statement on January 13.

Ismail previously served as CEO of Majid Al Futtaim – Ventures for a decade and was also VP Strategy of Majid Al Futtaim – Holding. Prior to joining Majid Al Futtaim, Ismail was a principal with Booz Allen Hamilton in Dubai, having started his career with Procter & Gamble in Egypt and then Germany.

The newly appointed CEO holds an MBA from London Business School and a B.Sc. in computer science from the American University in Cairo.

“I am committed to building on our strong, customer-focused strategy that has allowed us to deliver sustained growth,” Ahmed Galal Ismail said, following his appointment.

“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.”

Majid Al Futtaim reported Dhs18bn in revenues for H1 2022, posting a 15 per cent rise compared to a year-earlier period. The company’s EBITDA soared 18 per cent to reach Dhs1.9bn, while its total assets valued at around Dhs62.9bn. Net borrowings, meanwhile, stood at Dhs11.2bn.

Read: Majid Al Futtaim reports 18% rise in EBITDA to Dhs1.9bn, revenue rises 15% to Dhs18bn

Majid Al Futtaim, the founder of MAF, passed away in December of 2021. The Emirati businessman, who was born into a family of traders in 1930s, started off as a bank clerk before founding the group in 1992.

Read: UAE businessman Majid Al Futtaim passes away

Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels and four mixed-use communities. Its shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, Mall of Oman, City Centre malls, My City Centre neighbourhood centres, and five community malls which are in joint venture with the Sharjah government.

The company is the exclusive franchisee for Carrefour in over 30 markets, operating a portfolio of more than 400 outlets. It also operates more than 600 VOX Cinemas screens as well as a portfolio of leisure and entertainment experiences, including Ski Dubai, Ski Egypt, Dreamscape, Magic Planet, Little Explorers and iFLY Dubai.