Latest news with #MajidAlFuttaimCapital
Khaleej Times
10-06-2025
- Business
- Khaleej Times
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.
The Independent
09-06-2025
- Business
- The Independent
Succession power struggles as Mall of the Emirates owners ordered to restructure
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 has long 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.' Dubai's government did not respond to a request for comment. The Financial Times described Majid Al Futtaim's parent company as now being overseen by five government and four family representatives. 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. Majid Al Futtaim's revenues last year topped $9 billion. As crown prince in the 1990s, Sheikh Mohammed mediated a succession dispute between Al Futtaim, the founder, and a cousin. Al Futtaim used the funds from that settlement to start his namesake company.
Washington Post
09-06-2025
- Business
- Washington Post
Dubai orders Mall of the Emirates owner to restructure its board
DUBAI, United Arab Emirates — 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.' Dubai's government did not respond to a request for comment. The Financial Times described Majid Al Futtaim's parent company as now being overseen by five government and four family representatives. 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. Majid Al Futtaim's revenues last year topped $9 billion. As crown prince in the 1990s, Sheikh Mohammed mediated a succession dispute between Al Futtaim, the founder, and a cousin. Al Futtaim used the funds from that settlement to start his namesake company.
The Independent
09-06-2025
- Business
- The Independent
Dubai orders Mall of the Emirates owner to restructure its board
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.' Dubai's government did not respond to a request for comment. The Financial Times described Majid Al Futtaim's parent company as now being overseen by five government and four family representatives. 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. Majid Al Futtaim's revenues last year topped $9 billion. As crown prince in the 1990s, Sheikh Mohammed mediated a succession dispute between Al Futtaim, the founder, and a cousin. Al Futtaim used the funds from that settlement to start his namesake company.
Associated Press
09-06-2025
- Business
- Associated Press
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.' Dubai's government did not respond to a request for comment. The Financial Times described Majid Al Futtaim's parent company as now being overseen by five government and four family representatives. 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. Majid Al Futtaim's revenues last year topped $9 billion. As crown prince in the 1990s, Sheikh Mohammed mediated a succession dispute between Al Futtaim, the founder, and a cousin. Al Futtaim used the funds from that settlement to start his namesake company.
