Majid Al Futtaim has appointed Ahmed Galal Ismail as Chief Executive Officer of Majid Al Futtaim Holding.
Majid Al Futtaim is a leading shopping malls, communities, retail and leisure pioneer across the Middle East, Africa, and Central Asia.
Ahmed Galal Ismail assumed 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 has also 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 Dhs18 billion for H1 2022, an increase of 15 percent compared to H1 2021. EBITDA rose 18 percent to Dhs1.9 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 Dhs62.9 billion. Net borrowings stood at Dhs11.2 billion.
tanvir@dubainewsweek.com
