Out of its 46,000 employees, the Majid Al Futtaim (MAF) group, a developer of shopping malls based in Dubai, has let go about 105 people in an effort to increase profitability under its new CEO, Ahmed Galal Ismail.
Since MAF also owns an indoor ski resort and the Mall of the Emirates in Dubai, its assets are estimated to be worth over $16 billion.
MAF stated that it constantly assesses its work in order to improve efficiency and adapt to shifting market conditions. These initiatives increase the company’s chances of profitable and sustainable growth while also helping the company generate more revenue for its shareholders.
It is crucial to remember that the MAF changed its executive team after Alain Bejjani, its former CEO, was abruptly fired in January. He was replaced by Ahmed Galal Ismail, but the business made no announcement regarding the sudden change. Despite a 12% increase in revenue from the previous year, MAF’s net profit decreased by 2%.
Additionally, MAF is the Middle Eastern franchise owner for the French superstore Carrefour. In 1992, the business was established by Emirati entrepreneur Majid Al Futtaim. Al Futtaim’s passing at the end of 2021 was announced by Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, who also paid tribute to him as one of the emirate’s pioneers.
