Galal Ismail was previously the Chief Executive Officer of Majid Al Futtaim - Properties.
Majid Al Futtaim, one of Dubai’s biggest private sector companies and the Middle East’s largest mall operator, has named Ahmed Galal Ismail as Chief Executive Officer of Majid Al Futtaim Holding.
Galal Ismail assumes the position from Alain Bejjani, who served for eight years. As the CEO of Majid Al Futtaim – Properties, Galal Ismail has been responsible for Majid Al Futtaim’s malls, hotels, communities and project management operations since 2018. He previously served as CEO of Majid Al Futtaim – Ventures and VP of Strategy at Majid Al Futtaim – Holding.
Speaking about his appointment, Ahmed Galal Ismail said: “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, everyday.”
Following a steady economic recovery in the retail and leisure sectors, Majid Al Futtaim reported revenue of AED18bn ($4.90bn)for H1 2022, an increase of 15% compared to H1 2021. EBITDA rose 18% to AED 1.9bn ($0.52bn), a result of the company’s solid operational performance, driven by diversification efforts and a continued focus on cost efficiencies and scale. The group continues to maintain a strong balance sheet with total assets valued at around AED 62.9bn ($17.12bn). Net borrowings stood at AED 11.2bn ($3.05bn).
