Dubai Orders Mall Board Shake-Up at Majid Al Futtaim After Founder’s Death

Photo : AP

Dubai, United Arab Emirates — A special committee in Dubai has ordered changes to the leadership of the company behind some of the region’s biggest malls and stores, including the famous Mall of the Emirates. This step is being taken to solve family disagreements and help the company grow stronger after the death of its billionaire founder, Majid Al Futtaim, in 2021.

These changes are focused on Majid Al Futtaim Capital, the part of the business that looks after the company’s overall group. The aim is to guide the business into the future while keeping things steady and professional. The company has said that the day-to-day operations and management of Majid Al Futtaim Holding — which runs malls, hotels, and entertainment spots — will continue as normal.

According to reports, a government-appointed committee is now supervising the group’s top board. It includes five government members and four members from the Al Futtaim family.

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Family-run businesses have helped the UAE grow over the years, but when the founder of a company passes away, it often leads to family disagreements. In many cases, the government steps in to help resolve these issues and make sure the businesses continue to succeed.

Majid Al Futtaim Group is one of the biggest names in the Gulf region. The company owns shopping malls, hotels, and entertainment centers across many countries. The Mall of the Emirates in Dubai is one of its most famous projects — it even has an indoor ski slope! The company also manages local franchises for well-known international brands like Lego.

Last year, the group earned over $9 billion in revenue and has always worked to create job opportunities for Emiratis.

This isn’t the first time there’s been a family issue in the Al Futtaim business. In the 1990s, Dubai’s ruler helped settle a major dispute between Majid Al Futtaim and one of his cousins. After that settlement, Majid used the money he received to build the successful company that now carries his name.

With the latest decision, Dubai hopes to prevent further conflicts and make sure the company continues to be a strong part of the region’s economy — now and in the future.