Majid Al Futtaim has cut more than 100 jobs in Dubai, the company told Reuters.
The cuts were made across the holding level of the company, in addition to divisions such as its leisure and entertainment operations, sources said, on the condition of anonymity.
The company, whose roughly $16 billion in assets include an indoor ski resort and the Mall of the Emirates, said in an emailed response to questions that the cuts were made this week as part of an “ongoing review”.
The new CEO Ahmed Galal Ismail is seeking to boost returns, Reuters added.
“We continually assess our operations and adapt to accommodate evolving market conditions, streamline our activities and drive efficiencies,” said MAF, which also holds the Middle East franchise rights of French retailer Carrefour.
“These measured actions and continuous business-as-usual reviews enable Majid Al Futtaim to deliver competitive returns to our shareholders while maximising opportunities for value accretive, profitable and sustainable growth,” it added.
MAF appointed long-time insider Ahmed Galal Ismail as chief executive in January, replacing Bejjani after eight years in the role.
The privately held company on March 6 reported a 12 per cent increase in 2022 revenue to Dh36.3 billion ($9.89 billion), and a two per cent decline in net profit to Dh2.4 billion.
