UAE – Majid Al Futtaim Holding, a Dubai-based retail and real estate conglomerate, has unprecedentedly replaced its chief executive officer Alain Bejjani, who served in the role for eight years with Ahmed Galal Ismail.

Majid Al Futtaim (MAF) posted a short statement on their website announcing that Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim–Properties, has taken over from Beijani with immediate effect.

Mr. Bejjani started working at MAF in October 2006, according to his LinkedIn profile. He held multiple roles at the company’s property business, including chief corporate development officer, before taking over as chief executive of the entire conglomerate in February 2015.

Meanwhile, Ismail has previously served as CEO of Majid Al Futtaim–Ventures for a decade and was also the VP of Strategy of Majid Al Futtaim–Holding.

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.

Before 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.

Ismail commented: “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, every day.”

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

The company is also the exclusive franchisee for Carrefour in over 30 markets, operating a portfolio of more than 400 outlets.

In addition, it 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.

During the post-pandemic economy performance, Majid Al Futtaim reported revenue of AED18 billion (US$4.9 billion), an increase of 15 percent year on year in the first half of 2022, having an EBITDA rise of 18 percent to AED1.9 billion ($0.52 billion).

The group has total assets valued at around AED62.9 billion ($17.13 billion) as against the current debt of AED11.2 billion (US$3.05 billion).

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