Veteran Emirati executive steps into leadership role as the group enters its fourth decade, honoring Sir Michael Rake’s legacy and steering a $19 billion regional powerhouse into the future.
Majid Al Futtaim Holding, the UAE-based conglomerate renowned for transforming retail, real estate, and entertainment across the Middle East, Africa, and Asia, has announced the appointment of Fadel Abdulbaqi Al Ali as chairman of its holding board. The appointment, confirmed Tuesday, marks a significant leadership transition as Sir Michael Rake steps down after nearly two decades of service, including 15 years as chairman.
With over 43,000 employees and more than 600 million customers across its physical and digital footprint annually, Majid Al Futtaim is entering a new era—its fourth decade of growth—under Al Ali’s experienced leadership.
“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,” said Al Ali.
Honoring a Legacy
Al Ali praised the contributions of his predecessor, Sir Michael Rake, who joined the company in 2009 and helped guide it through major milestones, including expansive regional growth, strategic diversification, and resilience through economic headwinds.
“Sir Michael Rake led through important moments and key transitions… His stewardship has left an indelible mark on Majid Al Futtaim,” Al Ali stated.
Leadership for the Future
Fadel Al Ali brings a strong track record in corporate governance, banking, and strategic transformation, having previously held positions as deputy CEO and group COO at First Abu Dhabi Bank and CEO of Dubai Holding. He currently chairs the Dubai Financial Services Authority, serves as vice chairman of Wio Bank, and sits on the board of the Commercial International Bank of Egypt.
His leadership is expected to bolster the group’s continued innovation across its diverse portfolio—including iconic assets such as Ski Dubai, Mall of the Emirates, and the Carrefour retail franchise—and accelerate its digital transformation and regional influence.
Judicial Oversight and Governance Reform
This leadership shift follows the appointment of a new nine-member board by a judicial committee established by Dubai’s government in 2022. The committee, led by Essa Kazim, governor of the Dubai International Financial Centre (DIFC), was formed to oversee matters related to the estate of Majid Al Futtaim, the group’s late founder, who passed away in December 2021.
In tandem with board restructuring, the company transitioned from a limited liability structure to a public joint stock company, ensuring stronger regulatory oversight and governance as it scales.
With $19 billion in owned assets and a commitment to sustainable growth, Majid Al Futtaim Group is poised to navigate the complexities of modern commerce while upholding its legacy as one of the region’s most influential family businesses.
