Dubai’s Majid Al Futtaim cuts 105 jobs as new CEO makes mark
The cuts were made at the holding level of the company
Dubai: Dubai’s Majid Al Futtaim (MAF) has cut 105 jobs out of its total staff of 46,000, the Middle Eastern shopping mall developer and operator told Reuters, as its new CEO seeks to boost returns.
The company, whose roughly $16 billion in assets include an indoor ski resort and the Mall of the Emirates, said in an emailed response to questions that the cuts were made this week as part of an “ongoing review”.
“We continually assess our operations and adapt to accommodate evolving market conditions, streamline our activities and drive efficiencies,” said MAF, which also holds the Middle East franchise rights of French retailer Carrefour.
“These measured actions and continuous business-as-usual reviews enable Majid Al Futtaim to deliver competitive returns to our shareholders while maximising opportunities for value accretive, profitable and sustainable growth,” it added.
MAF appointed long-time insider Ahmed Galal Ismail as chief executive in January, replacing Bejjani after eight years in the role.
The cuts were made at the holding level of the company, in addition to divisions such as its leisure and entertainment operations, the sources said, speaking on condition of anonymity.
The privately held company on March 6 reported a 12 per cent increase in 2022 revenue to Dh36.3 billion ($9.89 billion), and a 2 per cent decline in net profit to Dh2.4 billion.