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Tue 3 Feb 2015 01:58 PM

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Dubai shopping malls giant announces departure of CEO

Majid Al Futtaim says Iyad Malas is stepping down with immediate effect to pursue 'other interests'

Dubai shopping malls giant announces departure of CEO
Majid Al Futtaim announced that Iyad Malas will step down as CEO with immediate effect.

Majid Al Futtaim, the Dubai-based shopping malls operator, on Tuesday announced that Iyad Malas will step down as CEO with immediate effect to pursue other interests outside of the group.

During his eight years with the business, six years as CEO of Majid Al Futtaim - Holding, Malas made a considerable impact towards the growth of the company throughout the MENA region, the company, famous for building an indoor ski slope in Dubai, said in a statement.

It added that Alain Bejjani, currently chief corporate development and brand officer, has been appointed as the new CEO of Majid Al Futtaim.

Bejjani has been with the company since 2006 and has held several senior positions within the company. As a current member of the Holding Executive Committee, Bejjani has been instrumental in driving the company’s transformational rebrand, business vision, strategy, and innovation, across the company’s portfolio of iconic brands, the company said.

Sir Michael Rake, chairman of Majid Al Futtaim - Holding, said: “I would like to thank Iyad for his dedication, leadership and contribution to the company during his tenure as CEO, and wish him all the best for the future.

"Alain was the driving force behind the initiatives to redefine our corporate brand and our ‘sense of purpose’ in the market. His passion, visionary leadership, and indomitable drive are invaluable assets to spearhead the next chapter of Majid Al Futtaim’s history and take advantage of the incredible opportunities ahead.”

Bejjani said: “I am honoured to be appointed as CEO. Majid Al Futtaim is an exceptional company and I look forward to leading the business as it enters its next phase of growth and value creation."

Prior to joining Majid Al Futtaim Properties, Bejjani was executive vice-chairman of the Investment Development Authority of Lebanon (IDAL).

Last week, Majid Al Futtaim said total revenues grew by 11 percent to AED25 billion ($6.8 billion) in 2014.

The company said in a statement that earnings before interest, taxes, depreciation and amortization (EBITDA) from recurring operations grew by 10 percent year-on-year to reach AED3.6 billion.

With an ambition to double the size of the business over the next five years, Majid Al Futtaim plans further investment to deliver world-class malls in the region, it said.

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