Judicial committee to adjudicate potential legal disputes related to inheritance of Majid Al Futtaim
A combo image shows Majid Al Futtaim and his City Centre mall in Sharjah.
Majid Al Futtaim Holding LLC, the Dubai-based property and retail conglomerate whose assets include hotels and a mall featuring an indoor ski slope, said a judicial committee will adjudicate potential legal disputes related to inheritance issues after its eponymous founder’s death in December.
“There is a Special Judicial Committee whose role is to adjudicate potential legal disputes related to Majid’s estate and inheritance issues,” the company said in a statement. The committee won’t “oversee the company or its business,” it said.
“As we work through this transition, our businesses are continuing their operations as normal,” Majid Al Futtaim said.
Majid Al Futtaim is considered one of the most important entrepreneurs who witnessed the renaissance of the UAE. Majid Al Futtaim grew up in a merchant family, where his father Mohammed and uncle Hamad worked in the trade of wood, fabrics and pearls.
Majid Al Futtaim Group, which was established in the year 1992, specializes in the development and management of shopping malls, integrated cities, retail and entertainment facilities in the Middle East, Africa and Asia.
It owns and operates 27 shopping malls, 13 hotels and four integrated city projects, in addition to many projects under construction.
These include Majid Al Futtaim's shopping malls, Mall of the Emirates, Mall of Egypt, City Center malls, and My City Center community shopping centers, in addition to five shopping malls in partnership with the Government of Sharjah.
The company also has the privilege of exclusive use of the "Carrefour" name in more than 30 markets in the Middle East, Africa and Asia.
Majid Al Futtaim operates more than 350 stores, in addition to the online store.
Forbes estimated Al Futtaim’s net worth as over $4 billion. Forbes Middle East ranked him third among the list of the richest Arabs for the year 2021.
