Dubai: Majid Al Futtaim says business as usual despite changes in parent company
The Dubai-based conglomerate Majid Al Futtaim (MAF) Holding on Tuesday said the recent updates at its parent company 'do not affect the operations or governance' of the company.
The Financial Times earlier reported that Dubai has set up a special judicial committee to restructure the board of the MAF parent company Majid Al Futtaim Capital for smooth succession after the death of the group's founder Majid Al Futtaim.
'Recent updates at our parent company, Majid Al Futtaim Capital, reflect a shareholder-led effort to evolve governance in line with the long-term interests of the Group. These changes do not affect the operations or governance of Majid Al Futtaim Holding. Majid Al Futtaim continues to operate under an independent board and strong oversight,' the company said in a statement to Khaleej Times on Tuesday.
'Our focus remains on delivering sustainable growth across our core businesses to drive economic prosperity in the markets in which we operate,' said the statement.
Majid Al Futtaim is one of the largest family-owned businesses in the UAE and region with interests in retail, hospitality, real estate, entertainment, and facility management among others. It owns 29 malls and welcomes more than 178 million customers per year. Some of its popular brands are Mall of the Emirates, City Centre, Matajer and others. Its hospitality portfolio consists of 7 hotels including Kempinski and Sheraton Mall of the Emirates, Pullman City Centre Deira and others. It employs thousands of people across its diverse portfolio in many countries.
Moreover, Dubai and UAE have been pushing family-owned businesses to plan succession for smooth transition and operation of businesses.
In Dubai and the wider Middle East, many families face their first intergenerational wealth transfer. They will have to navigate this transition against a backdrop of evolving social norms, managing both Sharia and non-Sharia law as well as international inheritance and tax laws. According to wealth analytics firm Kidbrooke, wealthy families across the Middle East will pass Dh3.67 trillion ($1 trillion) to the next generation during the coming decade.
In Dubai, family businesses are synonymous with economic stability and growth. Up to 90 per cent of private companies in the UAE are family businesses, employing more than 70 per cent of the private sector's workforce and contributing around 40 per cent to the national GDP.
In 2021, Emirati billionaire Majid Al Futtaim passed away, establishing a group with global recognition. Majid Al Futtaim Holding had announced hiring 3,000 UAE citizens to support the Emiratisation efforts of the government.
'Majid Al Futtaim remains a privately owned and independently operated Emirati company with a clear strategy, strong performance, and stable governance,' the company said in a statement.
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