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Retail

Majid Al Futtaim Group Founder Majid Al Futtaim Passes Away

Majid Al Futtaim, the founder of the eponymous business Majid Al Futtaim (MAF) Group has passed away.

The group has been a historical and outstanding partner of Carrefour Group in the Middle East and in Africa for 26 years, since Carrefour opened its first hypermarket in Deira City Centre, Dubai, in 1995.

Al Futtaim was instrumental in building and expanding MAF Retail. He was a visionary entrepreneur and helped transform the economy of the UAE and the entire region.

He believed in "robust, world-class private sector institutions" and the role they play in driving sustainable economic growth and human development, MAF group said in a Twitter post.

He worked tirelessly on turning this purpose and vision into reality that serves as a role model for others.

He was ranked the third-richest Arab businessman by Forbes Magazine this year with a family fortune of $3.6 billion, according to a Reuters report.

A 'Pioneering Businessman'

In his homage to Al Futtaim via a tweet, Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum described him as pioneering businessman and one of "its greatest men who gave back to the nation," the report said.

Carrefour added that it will continue to support and assist MAF Retail and will pursue its shared vision of retail.

Majid al Futtaim (MAF) holds Carrefour franchise rights in around 37 countries.

In 2019, Carrefour Group opened its first hypermarket in Uganda in partnership with the Dubai-based mall operator group.

© 2021 European Supermarket Magazine – your source for the latest Retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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