Ahmed Galal Ismail is the new CEO of Majid Al Futtaim Holding. He assumes the position from Alain Bejjani, who served in the role for eight years.
In his new role as CEO, Ismail will oversee Majid Al Futtaim’s malls, hotels, communities and project management operations. He previously served as CEO of Majid Al Futtaim – Ventures and VP Strategy of Majid Al Futtaim – Holding.
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, every day.”
Following a steady economic recovery in the retail and leisure sectors, Majid Al Futtaim reported revenue of AED 18 billion for H1 2022, an increase of 15 percent compared to H1 2021. EBITDA rose 18 percent 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.