Dubai appoints new board for Majid Al Futtaim Capital amid governance overhaul

Dubai has appointed a new board of directors for Majid Al Futtaim Capital, the parent company of one of the Gulf’s largest private businesses, as part of a broader effort to stabilize the group following the founder’s death in 2021.

According to UAE's Al Bayan newspaper, the decision was made by a special judicial committee formed by Dubai’s government to manage the estate of the late Majid Al Futtaim.

The new board includes five government representatives and four family members and is chaired by Fadel Al Ali, head of the Dubai Financial Services Authority.

The company has also been restructured from a limited liability company to a public joint stock company.

Retail powerhouse reports $9 billion in revenue

Majid Al Futtaim Group plays a central role in the region’s economy, operating shopping malls, hotels, and entertainment venues across the Gulf.

It also holds major international franchises, including Carrefour and Lego. The company reported revenues exceeding $9 billion in 2023.

Changes aim to ensure stability and long-term growth

In a statement to The Financial Times, the group said the governance changes are part of a shareholder-led initiative to align operations with long-term strategic goals.

It reaffirmed that the group remains a privately held Emirati company, independently managed and financially robust.

As noted by Al Bayan, the governance overhaul is expected to enhance stability and could set the stage for a future public listing.