Dubai orders Mall of the Emirates owner to restructure its board
DUBAI, United Arab Emirates (AP) — A special judicial committee in Dubai has reportedly ordered the parent company of one of the region's retail giants to restructure its board, trying to end years of turmoil after the death of its billionaire founder and secure the future of the owner of the Mall of the Emirates.
The changes at Majid Al Futtaim come as Dubai tries to guide the family-run businesses that powered the city-state's growth in the United Arab Emirates through generational change. Authorities also likely want to avoid any further infighting that could slow down the growth of a firm that long has made hiring Emiratis a key goal.
The Financial Times first reported on the changes to Majid Al Futtaim's board, saying it came at the orders of a government-established special judicial committee.
In 2022, Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, established a special judicial committee to look after the estate of Majid Al Futtaim's founder — also named Majid Al Futtaim — following his death in 2021.
Responding to questions Monday from The Associated Press, the company appeared to acknowledge the changes at Majid Al Futtaim Capital, which oversees its group of companies.
The changes 'reflect a shareholder-led effort to evolve governance in line with the long-term interests of the Group,' the company said in a statement. '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.'
Succession battles aren't unusual in the United Arab Emirates, where family-run businesses dominate private enterprise. Rulers have given merchant families broad control over different sectors in exchange for the promise of big investments and fast-paced development.
But over the years, that economic strategy has caused headaches for authorities, who have intervened when patriarchs die and tensions between disgruntled relatives boil over.
Majid Al Futtaim is a mainstay of the local consumer economy. It's also a giant in the broader Gulf Arab region, owning and operating prominent hotels, entertainment venues and shopping malls. Its portfolio includes the Mall of the Emirates, a major tourist draw in Dubai that houses the Middle East's first-ever indoor ski slope. It also runs regional franchises for global brands, including Lego.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Black America Web
an hour ago
- Black America Web
Social Security Projected To 'Go-Broke' Earlier Than Expected
Source: filo / Getty I'm 32, and for as long as I can remember, I've heard about how Social Security was on its way to being depleted. It's been a known issue, yet there's been no meaningful legislation to address it. As a result, rising health costs and recent legislation have led to the projected 'go-broke' date moving up for both Social Security and Medicare. According to AP, an annual report released on Wednesday projects the go-broke date for the Social Security trust will occur in 2034, a year up from last year's projection of 2035. For Medicare, the new date was a bit more drastic, going up from 2036 to 2033. Now, to be clear, the go-broke date doesn't mean benefits will be stopped outright. It simply means payouts will be given at a reduced rate. For Social Security, it's estimated that benefit payouts would be capped at 81 percent, and for Medicare, the government provided health insurance that covers people age 65 and older, it's estimated that payments would only cover 89 percent of costs for patients' hospital visits, hospice care, and nursing home stays. This reduction would significantly affect the 68 million Americans currently enrolled in Medicare, The Social Security and Medicare trust funds are overseen by four trustees. The Treasury Secretary serves as managing trustee, with the Secretaries of Labor, Health and Human Services, and the Commissioner of Social Security being the other three. The trustee board technically has two other presidentially-appointed and Senate-confirmed trustees who serve as public representatives, but those roles have been empty for over a decade. 'Current-law projections indicate that Medicare still faces a substantial financial shortfall that needs to be addressed with further legislation. Such legislation should be enacted sooner rather than later to minimize the impact on beneficiaries, providers, and taxpayers,' the trustees state in the report. The go-broke date for Social Security has fluctuated quite a bit in recent years, with annual reports from recent years projecting 'go-broke' dates in 2026, 2028, and 2031, respectively. A poll conducted by AP last month revealed that 3 in 10 Americans over 60 are not confident that Social Security benefits would be there for them if they needed them. Clearly, this news won't do much to increase their confidence. Social Security Administration Commissioner Frank Bisignano, who was only sworn into his role last month, released a statement saying that 'the financial status of the trust funds remains a top priority for the Trump Administration.' This seems like another instance of the Trump administration being all talk, little action, as there seems to be very little meaningful legislation to address the issue. In fact, Trump's 'Big, Beautiful' budget bill has very little in the way of relief for Social Security and Medicare. As a millennial with very little faith in America's ability to improve upon itself, I would very much like it if I could opt out of paying Social Security because while I'm not over 60, I have very little faith that the benefits are going to be there for me by the time I can use them. Heck, at the rate we're going, I'd honestly just be happy if we even have a functional democracy at that point. SEE ALSO: Trump's 'Big, Beautiful Bill' Will Destroy Medicare, Food Stamps Student Loan Collections Make American Credit Scores Plummet SEE ALSO Social Security Projected To 'Go-Broke' Earlier Than Expected was originally published on Black America Web Featured Video CLOSE
The Hill
4 hours ago
- The Hill
Oil rises and US stock futures slip as markets react to US strike on Iran nuclear sites
NEW YORK (AP) — The price of oil rose and U.S. stock futures fell as global markets react to the U.S. strike against nuclear targets in Iran. The price of Brent crude oil, the international standard, rose 2.6% to $79 a barrel. U.S. crude rose 2.6% to $75.76 a barrel. On Saturday, U.S. forces attacked three Iranian nuclear and military sites, further increasing the stakes in the war between Israel and Iran. Futures for the S&P 500 and the Dow Jones Industrial Average slipped 0.3%, while Nasdaq futures fell 0.5%. Treasury yields were little changed. The modest moves indicate markets are taking the latest development in stride. The conflict, which began with an Israeli attack against Iran on June 13, has sent oil prices yo-yoing, which has in turn caused see-saw moves for the U.S. stock market, because of rising and ebbing fears that the war could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world's crude passes. An Iran retaliation that included closing off the waterway would be technically difficult to pull off but traders are afraid Iran could severely disrupt transit through it, sending insurance rates spiking and making shippers nervous to move without U.S. Navy escorts Some analysts think Iran is unlikely to close down the waterway because the country uses it to transport its own crude, mostly to China, and oil is a major source of revenue for the regime. 'It's a scorched earth possibility, a Sherman-burning-Atlanta move,' said Tom Kloza, chief market analyst at Turner Mason & Co. 'It's not probable.' Kloza thinks oil futures will ease back down after initial fears blow over. Ed Yardeni, a long-time analyst, agreed, writing in a report that Tehran leaders would likely hold back. 'They aren't crazy,' he wrote in a note to investors Sunday. 'The price of oil should fall and stock markets around the world should climb higher.' Other experts aren't so sure. Andy Lipow, a Houston analyst covering oil markets for 45 years, said countries are not always rational actors and that he wouldn't be surprised if Tehran lashed out for political or emotional reasons. 'If the Strait of Hormuz was completely shut down, oil prices would rise to $120 to $130 a barrel,' said Lipow, predicting that that would translate to about $4.50 a gallon at the pump and hurt consumers in other ways. 'It would mean higher prices for all those goods transported by truck, and it would be more difficult for the Fed to lower interest rates.'
San Francisco Chronicle
5 hours ago
- San Francisco Chronicle
Oil rises and US stock futures slide as markets react to US strike on Iran nuclear sites
NEW YORK (AP) — The price of oil rose and U.S. stock futures fell as global markets react to the U.S. strike against nuclear targets in Iran. The price of Brent crude oil, the international standard, rose 3.3% to $79.60 a barrel. U.S. crude rose 3.1% to $76.16 a barrel. On Saturday, U.S. forces attacked three Iranian nuclear and military sites, further increasing the stakes in the war between Israel and Iran. Futures for the S&P 500 fell 0.5%, while futures for the Dow Jones Industrial Average slipped 0.4%. Treasury yields fell slightly. The modest moves indicate markets are taking the latest development in stride. The conflict, which began with an Israeli attack against Iran on June 13, has sent oil prices yo-yoing, which has in turn caused see-saw moves for the U.S. stock market, because of rising and ebbing fears that the war could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world's crude passes. An Iran retaliation that included closing off the waterway would be technically difficult to pull off but traders are afraid Iran could severely disrupt transit through it, sending insurance rates spiking and making shippers nervous to move without U.S. Navy escorts Some analysts think Iran is unlikely to close down the waterway because the country uses it to transport its own crude, mostly to China, and oil is a major source of revenue for the regime. 'It's a scorched earth possibility, a Sherman-burning-Atlanta move,' said Tom Kloza, chief market analyst at Turner Mason & Co. "It's not probable.' Kloza thinks oil futures will ease back down after initial fears blow over. Ed Yardeni, a long-time analyst, agreed, writing in a report that Tehran leaders would likely hold back. 'They aren't crazy,' he wrote in a note to investors Sunday. 'The price of oil should fall and stock markets around the world should climb higher.' Other experts aren't so sure. Andy Lipow, a Houston analyst covering oil markets for 45 years, said countries are not always rational actors and that he wouldn't be surprised if Tehran lashed out for political or emotional reasons. 'If the Strait of Hormuz was completely shut down, oil prices would rise to $120 to $130 a barrel,' said Lipow, predicting that that would translate to about $4.50 a gallon at the pump and hurt consumers in other ways. 'It would mean higher prices for all those goods transported by truck, and it would be more difficult for the Fed to lower interest rates.'
