Ahmed Galal Ismail
Ahmed Galal Ismail had been holding senior level roles at Majid Al Futtaim for some time. The CEO position comes as the group makes strong headway in a post-Covid environment. Image Credit: Twitter/@Ahmed_G_Ismail

Dubai: The Dubai-headquartered Majid Al Futtaim Holding has confirmed Ahmed Galal Ismail as the new CEO, and stepping into a role that was held by Alain Bejjani for eight years.

Ismail had been responsible for Majid Al Futtaim’s portfolio of malls, hotels, communities and project management operations since 2018. He had served as CEO of Majid Al Futtaim - Ventures and VP Strategy of Majid Al Futtaim - Holding. “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,” said Ismail in a statement. The Majid Al Futtaim group had recorded significant pick up in top- and bottom-line as the local economy and the region opened up after Covid. The group’s extensive regional interests provided a bulwark in the recovery phase, and the retail giant had also been making inroads with an omni-channel approach.

Majid Al Futtaim had revenues of Dh18 billion for H1-2022, which was an increase of 15 per cent compared to H1-2021. The EBITDA rose 18 per cent to Dh1.9 billion, which is 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 Dh62.9 billion’.

The net borrowings were at Dh11.2 billion at the end of H1-2022.