Majid Al Futtaim has appointed Ahmed Galal Ismail as the Chief Executive Officer (CEO) of Majid Al Futtaim Holding. Bejjani had served in the role for eight years. This comes as the most significant leadership shakeup at Majid Al Futtaim since the passing of visionary leader, the Late Majid Al Futtaim in December 2021.
As the CEO of Majid Al Futtaim – Properties, Ismail was 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 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 regional 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.
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