Majid Al Futtaim, a company for the development and management of shopping malls, integrated cities, retail and entertainment facilities, has announced the appointment of Ahmed Jalal Ismail as CEO of the company. Majid Al Futtaim Holding.
He succeeds Ismail Alain Bejjani, who held this position for 8 years. Ismail is the CEO of Majid Al Futtaim Properties, where he is responsible for managing malls, hotels, communities and managing the company’s projects.
Prior to that, Ismail held the positions of CEO of Majid Al Futtaim Enterprises and Vice President of Strategic Affairs at Majid Al Futtaim Holding.
Ahmed Jalal Ismail said, according to the company’s statement: “Majid Al Futtaim’s financial discipline and strong governance qualify it to continue achieving sustainable value and implementing its vision.”
Majid Al Futtaim continues to achieve positive results. After the economic recovery in the retail and entertainment sectors, the company announced revenues of 18 billion dirhams in the first half of 2022, an increase of 15% compared to the first half of 2021.
EBITDA increased by 18% to AED 1.9 billion. This came as a result of the company’s strong performance driven by diversification efforts and continued focus on cost and volume efficiencies. The Group continues to maintain a strong balance sheet with total assets of around AED 62.9 billion and net loans of AED 11.2 billion.
