According to an email response to questions, a company with approximately $16 billion in assets, including an indoor ski resort and the Mall of the Emirates, announced job cuts this week as part of an “ongoing review.” The company’s name was not revealed.
The company did not disclose the number of job cuts or the specific reasons for them. According to three sources familiar with the situation, the job cuts were part of a restructuring process that followed the abrupt removal of former CEO Alain Bejjani in January.
Future Plans Unclear for Majid Al Futtaim Amid Restructuring
It is unclear how many jobs were lost as a result of the restructuring. The Mall of the Emirates, one of the world’s largest shopping malls, and an indoor ski resort are among the company’s assets. The company has not provided any additional information about the restructuring or its future plans.
The abrupt removal of the CEO in January and the subsequent restructuring have left many employees concerned about their job security. Employees have received no assurances about their future employment with the company.
Majid Al Futtaim (MAF), which owns approximately $16 billion in assets, including an indoor ski resort and the Mall of the Emirates, stated that they are constantly evaluating their operations and adjusting to changing market conditions.
The company emphasized the importance of streamlining its activities to drive efficiency in an emailed response to inquiries about recent job cuts.
MAF is also the Middle East franchisee for French retailer Carrefour. According to the company, its business-as-usual reviews and measured actions enable it to provide competitive returns to shareholders while maximizing opportunities for profitable and sustainable growth.
The company’s email did not provide any specific information about the recent job cuts or the restructuring process that followed the sudden removal of former CEO Alain Bejjani in January.
The company’s statement, on the other hand, suggests that they are committed to adapting its operations in order to remain competitive in the market and deliver value to its shareholders.
MAF appointed Ahmed Galal Ismail as its new CEO in January, succeeding former CEO Alain Bejjani, who had held the position for eight years. Ismail has been with MAF for a long time, having served as the company’s CEO of the shopping mall division since 2015.
The leadership change was part of a reorganization that took place more than a year after the company’s founder died. MAF did not, however, provide any specific reasons for the change in leadership at the time.
According to anonymous sources, recent job cuts have occurred at the company’s holding level as well as in divisions such as leisure and entertainment.
The sources did not provide any additional information on the number of job cuts or the positions affected.
MAF is a Middle East and North African leader in the development and operation of shopping malls, hotels, and other leisure and entertainment facilities.
The Mall of the Emirates, one of the world’s largest shopping malls, as well as an indoor ski resort and numerous hotels, are among the company’s assets.
The company’s recent restructuring and job cuts have raised concerns among its employees, particularly in light of the ongoing COVID-19 pandemic and its impact on the global economy. However, MAF’s statement suggests that the company is focused on adapting to changing market conditions and ensuring sustainable growth.
Majid Al Futtaim, an Emirati businessman who died at the end of 2021, founded MAF. Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, announced his death and paid tribute to him as one of the emirate’s pioneers.
Majid Al Futtaim founded his own company in 1992, and it has since grown to become one of the largest and most successful in the Middle East and North Africa. MAF expanded its operations under his leadership to include a diverse range of industries, including shopping malls, hotels, and leisure and entertainment facilities.
Majid Al Futtaim was well-known for his business savvy and entrepreneurial spirit. He was a prominent figure in the Emirati business community and was instrumental in promoting regional economic growth and development.
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Following his death, MAF issued a statement in which it described Majid Al Futtaim as a visionary leader and a driving force behind the company’s success. The company also stated its dedication to carrying on its legacy and upholding its values and principles.
The privately held Majid Al Futtaim (MAF) reported a 12% increase in 2022 revenue to 36.3 billion dirhams ($9.89 billion).
The company’s net profit, however, fell by 2% to 2.4 billion dirhams. Despite the drop in net profit, MAF’s revenue growth suggests that the company is still doing well. The company’s assets, which include shopping malls, hotels, and leisure and entertainment facilities, have helped to drive revenue growth in recent years.
Majid Al Futtaim, a privately held Middle Eastern company, has recently undergone a restructuring following the departure of its former CEO, Alain Bejjani.
As part of an ongoing review, the company has made some job cuts across various divisions, including leisure and entertainment operations.