Majid Al Futtaim (MAF) group, a Dubai-based shopping mall developer, has fired around 105 workers out of 46,000 total staff in a bid to make the company more profitable under the new CEO, Ahmed Galal Ismail.
According to the details, MAF’s assets are worth over $16 billion since it also owns the Mall of the Emirates in Dubai and an indoor ski resort.
MAF mentioned that it is always analyzing its work to adjust to changing market conditions and become more efficient. These efforts help the company earn more revenue for their shareholders while also increasing their opportunities to grow in a profitable and sustainable way.
It is important to note here that the MAF changed its leadership after former CEO, Alain Bejjani, was suddenly removed in January. Ahmed Galal Ismail was chosen as his replacement, but the company did not issue any statement regarding the abrupt change. Last year, MAF made more money than 2021, with a 12% increase in revenue, but their net profit went down by 2%.
Also, MAF holds the franchise rights of the French hypermarket, Carrefour, in the Middle East. Emirati businessman, Majid Al Futtaim founded the company in 1992. Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum announced Al Futtaim’s death at the end of 2021 and paid tribute to him as one of the pioneers of the emirate.
A CEO who removes staff to show profit to the company is not capable to run the organisation, he is using his powers to show profit to the company and not his capability,
Yes that is true. So heartless, he does not think about how much the person has invested his time into the organization and how many families are going to be affected. Karma usually takes place thereafter.
Its shows that Organization doesn’t have a culture..removing employees from the job is not a Solution..these are the people who worked for MALL day to day activities, served you all their careers. So you send them out to live in the rain? Is that you are definition on ethics?
I can really see that the new CEO ,is totally green about finances, laying off works is not a permanent solution,it Only kills the work ethics , very soon other workers too will be layed off ,and the long run the big MAF will be no more.
Actually most were IT people, pretty well paid, and frankly some were not adding as much value as they should have
This guy is not CEO material. Very soon the company will run into red, with this type of guy at the helm of affairs.