Majid Al Futtaim Holding has spun off its Syrian and Iranian units to its owner to head off concerns about exposure to sanctions as it adds 4,000 jobs throughout the Middle East.
The Dubai-based family business, which operates Mall of the Emirates and is the owner of the regional franchise rights to Carrefour supermarkets, made the move "proactively" to ease bond and sukuk investor concerns as the company geared up to roll out new malls across the Middle East.
The Syrian and Iranian units are now owned directly by the company founder Majid Al Futtaim.
Units spun off by MAF Holding as profits rise - The National
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