Dubai's Majid Al Futtaim Restructures Amid Generational Shift
A special judicial committee in Dubai has ordered restructuring at Majid Al Futtaim, aiming to secure its future following the founder's death. The changes reflect efforts to align governance with long-term goals and ensure company stability amid generational transition and potential family infighting.
- Country:
- United Arab Emirates
A significant restructuring is underway at Majid Al Futtaim, one of the leading retail giants in UAE, following orders from a special judicial committee in Dubai. This move comes to address years of instability triggered by the death of its billionaire founder, Majid Al Futtaim.
The comprehensive restructuring is an attempt by Dubai to navigate the generational changes impacting family-run enterprises, integral to the city-state's economic model. The shift appears aimed at forestalling internal strife, believed to hinder Emirati employment goals.
According to reports, the revised governance structure includes five government representatives alongside four from the family, marking a significant departure from previous models. Majid Al Futtaim's revenue exceeded USD 9 billion last year, highlighting its importance to the region's economy.
(With inputs from agencies.)
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