Dubai conglomerate Majid Al Futtaim on Thursday firmly denied reports suggesting potential stake sales, business line divestments, or changes in its governance and ownership structure.
The denial came after Bloomberg reported that government-appointed officials overseeing Majid Al Futtaim Holding had discussed several strategic options, including a potential stake sale, an initial public offering (IPO), and divestiture of certain business units.
In response, the group issued a clear statement to Khaleej Times, describing the claims as “entirely inaccurate, unfounded, and misleading.” The company emphasized that there are “no planned changes” to its governance, shareholding, or company structure.
“Majid Al Futtaim categorically refutes any claims of stake sales, business sell-offs, or changes to our governance or ownership structure,” the company said.
Following the passing of its founder, Emirati billionaire Majid Al Futtaim, in 2021, the Dubai government established a special judicial committee to oversee the restructuring of the group’s board to ensure a smooth leadership succession. Despite this oversight, the company reaffirmed that its operations and governance remain unaffected.
In its statement, the conglomerate reiterated its role as a leading private enterprise in the region:
“Majid Al Futtaim remains a proud and resolute stalwart for MENA’s economies. Fully backed by our shareholders and independent Board, we operate an integrated ecosystem with a clear strategy to lead us into our fourth decade and beyond.”
The family-owned company is one of the largest privately held conglomerates in the UAE, with diversified interests spanning retail, real estate, hospitality, leisure, and entertainment. Its extensive portfolio includes 29 malls such as Mall of the Emirates and City Centre locations, attracting more than 178 million visitors annually.
The company’s hospitality segment operates several renowned hotels including Kempinski and Sheraton Mall of the Emirates, as well as Pullman City Centre Deira, employing thousands across its international operations.
On Wednesday, Majid Al Futtaim issued a hybrid bond that saw overwhelming investor interest, with demand peaking at more than five and a half times the offer. The bond was priced at 5.75 percent, reflecting strong global investor confidence.
“This overwhelming investor demand underscores the confidence of the global financial community in Majid Al Futtaim’s robust fundamentals and prudent capital management,” the company stated.
The Dubai-based conglomerate stressed that it remains “unequivocally committed” to its long-term strategy and disciplined approach to sustainable growth. It emphasized its solid financial foundation, shareholder backing, and stability as the company enters its fourth decade.
Despite ongoing market speculation, Majid Al Futtaim reaffirmed that it continues to deliver “sustained value across all its businesses”, remaining a key player in driving the UAE’s economic growth and diversification.
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