Dubai conglomerate Majid Al Futtaim replaces CEO Bejjani

MAF

Alain Bejjani has been replaced at the helm of Dubai-based retail and property conglomerate Majid Al Futtaim (MAF).

The Lebanese business executive had been CEO of the company since 2015. During his eight year tenure in charge, Bejjaini led the digital transformation of the company and spearheaded its drive towards sustainability. MAF also completed major expansions in Egypt and Saudi Arabia.

Bejjani has been replaced by Ahmed Galal Ismail, who had been CEO of Majid Al Futtaim – Properties since 2018 and previously served as CEO of Majid Al Futtaim – Ventures for ten years, overseeing seven business verticals including fashion retail, leisure and entertainment, cinemas, financial services and facilities management.

In a statement from the company, 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.”

No reason was given for the change in leadership.

Following a steady economic recovery in retail and leisure sectors, the group reported a revenue of AED18 billion ($4.9 billion) in its half yearly financial results last year, an increase of 15 percent compared to H1 2021.

The group has a strong balance sheet with total assets valued at around AED62.9 billion. Net borrowings are at AED11.2 billion. 

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.

He holds an MBA with distinction from the London Business School and a B.Sc. in computer science from the American University in Cairo.