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Majid Al Futtaim, the UAE-based retail, shopping mall and leisure conglomerate operating across the Middle East, Africa, and Asia, has announced the appointment of Fadel Abdulbaqi Al Ali as chairman of its holding board, succeeding Sir Michael Rake.
The company confirmed the leadership transition on Tuesday, noting that Sir Michael Rake’s tenure, which began in 2009, concludes after nearly two decades of association with the group.
“I am honoured by my appointment to Majid Al Futtaim’s Board of Directors and welcome the privilege and responsibility of guiding one of the UAE’s most beloved institutions as it embarks on its fourth decade of growth and prosperity,” said Al Ali in a statement.
Majid Al Futtaim: New chairman praises Sir Michael’s legacy
Al Ali expressed gratitude to the company’s management, board, and shareholders, and acknowledged Sir Michael’s legacy. “Sir Michael Rake… led through important moments and key transitions, while carving a path forward for the group. His stewardship has left an indelible mark on Majid Al Futtaim,” he added.
Al Ali brings extensive experience in corporate governance and strategic leadership.
His past roles include deputy CEO and group chief of operations at First Abu Dhabi Bank, and CEO of Dubai Holding. He currently serves as chairman of the Dubai Financial Services Authority, vice chairman of the board of Wio Bank, and a board member at the Commercial International Bank of Egypt.
The appointment comes as Majid Al Futtaim enters its fourth decade, building on a diversified portfolio that includes malls, residential communities, retail partnerships such as Carrefour, and leisure ventures like Ski Dubai.
New board named by judicial committee
Previously, Dubai’s government-appointed special judicial committee, led by DIFC governor Essa Kazim, had announced a nine-member board for the group.
The judicial committee was set up in 2022 — under the directive of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai — to weigh in on potential legal disputes over the estate of the founder and billionaire Majid Al Futtaim, who died in December 2021.
Concurrently, the company was converted from a limited liability company into a public joint stock company.
With owned assets valued at $19bn, Majid Al Futtaim Group employs more than 43,000 people and serves 600 million customers across its physical and digital ecosystem each year.
