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Majid Al Futtaim, a leading retail and leisure conglomerate based in the UAE, which operates throughout the Middle East, Africa, and Asia, has appointed Fadel Abdulbaqi Al Ali as the new chairman of its holding board, taking over from Sir Michael Rake.
The organization confirmed this leadership change on Tuesday, highlighting that Sir Michael Rake has completed his nearly two-decade tenure, which started in 2009.
Al Ali commented on his new role with pride, stating, “It is a privilege to take my position on Majid Al Futtaim’s Board of Directors and to guide one of the UAE’s most cherished institutions as it enters its fourth decade of development and success.”
New Chairman Acknowledges Sir Michael’s Contributions
Al Ali expressed his appreciation for the company’s executives, board members, and shareholders while acknowledging the significant impact of Sir Michael’s leadership. “Sir Michael Rake… navigated essential challenges and transitions, paving the way forward for the group. His leadership has profoundly influenced Majid Al Futtaim,” he remarked.
Bringing with him a wealth of experience in corporate governance and strategic management, Al Ali has held various prominent positions, including deputy CEO and group chief operations officer at First Abu Dhabi Bank, and CEO at Dubai Holding. Currently, he is the chairman of the Dubai Financial Services Authority, vice chairman at Wio Bank, and a board member of the Commercial International Bank of Egypt.
This leadership transition coincides with Majid Al Futtaim embarking on its fourth decade, expanding its diverse portfolio that features shopping malls, residential developments, retail partnerships like Carrefour, and leisure attractions such as Ski Dubai.
New Board Established by Judicial Committee
Recently, a judicial committee appointed by the Dubai government, under the leadership of DIFC governor Essa Kazim, announced a new nine-member board for the group. This committee was established in 2022, following the orders of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, to address potential legal matters related to the estate of the founder, billionaire Majid Al Futtaim, who passed away in December 2021.
In tandem with this development, the company transitioned from a limited liability entity to a public joint stock company.
Majid Al Futtaim Group boasts owned assets worth $19 billion, employs over 43,000 individuals, and caters to 600 million customers annually through its extensive physical and digital networks.