Ahmed Galal Ismail is now the chief executive officer, the company said in a statement, without elaborating on the reasons behind the move. Ismail has been head of the group’s property unit since 2018 and was responsible for its shopping malls, hotels, communities and project management operations. He also previously led the firm’s ventures business.
The group is among the country’s biggest employers and of strategic importance to its food security. Bejjani was one of the most visible executives in Dubai, frequently appearing on TV and a regular at Davos. In December, he posted a photo on Instagram with the ruler of Dubai.
Majid Al Futtaim has long been seen as an anchor of Dubai’s economy. The company controls $16.5 billion in assets including a renowned indoor ski hall, the opulent Mall of the Emirates and the Carrefour hypermarket franchise in the Middle East. It has activities in 17 countries, extending into Africa. Investors also hold some $3.7 billion in corporate debt.
Following its billionaire founder’s death in December 2021, the ruler of Dubai appointed a special judicial committee to oversee any potential disputes — a relatively rare occurrence reserved for high-profile cases.
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