Ahmed Galal Ismail named new CEO of Majid Al Futtaim Holding
Ismail was previously CEO of Majid Al Futtaim – Properties and Majid Al Futtaim – Ventures
Ahmed Galal Ismail has been appointed Chief Executive Officer (CEO) of Majid Al Futtaim Holding, taking over from Alain Bejjani who served for eight years, Majid Al Futtaim has announced.
“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,” said Ismail.
As the previous CEO of Majid Al Futtaim – Properties, Ismail was responsible for Majid Al Futtaim’s malls, hotels, communities and project management operations since 2018. He also previously served as CEO of Majid Al Futtaim – Ventures and VP Strategy of Majid Al Futtaim – Holding.
In late October 2022, Majid Al Futtaim Communities began handovers of the first phase of Al Yasmeen at Al Zahia and later in the month, the firm launched its ultra-luxury concept in Tilal Al Ghaf.
Following a steady economic recovery in the retail and leisure sectors, Majid Al Futtaim reported revenue of $4.9bn for H1 2022, an increase of 15% compared to H1 2021.
The firm’s EBITDA rose 18% to $517.3mn, a result of the company’s solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale, the group said.
In addition, Majid Al Futtaim stated that it continues to maintain a strong balance sheet with total assets valued at around $17.1bn, while net borrowing stood at $3.04bn.
In early December 2022, Majid Al Futtaim secured a sustainability-linked loan for $1.25bn.
