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Majid Al Futtaim announces 105 job cuts

Snow Park at Mall of Oman Majid Al Futtaim
Majid Al Futtaim's latest venture is the Mall of Oman
  • Retailer said were part of ‘ongoing review’
  • MAF’s net profit fell 2 percent in 2022
  • The company plans to expand in the GCC and north Africa

Majid Al Futtaim is cutting 105 jobs from its 46,000-strong workforce after reporting a 2% drop in profit for 2022.

The cuts will be at the holding level and in divisions including its leisure and entertainment operations, according to a report from Reuters.

A statement from the retail and property conglomerate on Thursday said the redundancies were part of an “ongoing review” and the need to “adapt to accommodate evolving market conditions, streamline activities and drive efficiencies”.

Majid Al Futtaim (MAF) owns 29 malls, 13 hotels and other retail and leisure assets across the Middle East and North Africa. It announced a 2 percent dip in net profit its recent financial results for 2022 to AED2.4 billion ($650 million).

It attributed this drop to “increasing challenges in the form of inflation, supply chain pressures and energy shortages slowing global economic growth in 2022”.

It also unveiled plans to expand in “high growth potential markets” including Saudi Arabia, Egypt and its home market the UAE “amid a resurgence in consumer confidence”.

Earlier this year, MAF opened the OR288 million ($749 million) Mall of Oman in Muscat.

The company replaced long-serving CEO Alain Bejjani in January. The Lebanese business executive had been at the helm of the company since 2015 and was replaced by Ahmed Galal Ismail.