Dubai -- Leading businessman Majid Al Futtaim is understood to have sold his stake in the Al Futtaim Trading Group to his cousin, Abdullah Al Futtaim. Details of the deal are expected to be released soon.
Majid Al Futtaim was president of Al Futtaim Trading Group. He retains control over Majid Al Futtaim Group which includes City Centre, Carrefour hypermarkets, Greater Union, Securicor and City Centre Hotel and Residence. Abdullah runs the Abdullah Al Futtaim Group which is setting up the Dh6 billion Dubai Festival City.
Abdullah's sons run Al Futtaim Sons Group which includes Marks & Spencer, Toys 'R' Us and other brands.
From pearls, textiles, timber and foodstuffs, the growth of Al Futtaim Trading Group has been phenomenal in the past seven decades. Its status as one of the largest privately-owned business houses in the lower Gulf is undisputed.
Although turnover has not been made public, the fact that it runs about 40 businesses testifies to its diversity, profitability and size. It has a staff of over 8,000 from more than 20 countries. Its retail presence comprises more than 70 showrooms nationwide.
Diversification is indicated by the group's interests in automobiles, consumer electronics, insurance, civil engineering, computers, furnishings, hardware, advertising, construction, real estate and property development, light and heavy engineering, ship repair and steel fabrication.
To manage these companies the Al Futtaim Trading Group has established a decentralised corporate structure with six autonomous core divisions. They are automotive, electronic, retailing and services, insurance, overseas and joint venture and real estate.
The group comprises over 39 divisions and operating companies, besides joint ventures in several countries. The Al Futtaim Trading Group began in the 1930s as a trading establishment for mainly pearls, foodstuffs, timber and textiles. The conglomerate still retains the legacy in its name - Al Futtaim Trading Group.
And the group statement symbolises relationship with the past - "Our roots are embedded in tradition while our vision encompasses the skies".
"The core of the Al Futtaim Trading Group of companies is fortified by the diversity of the activities within its trading arms. Strategically planned operating subsidiaries and associate companies enable and ensure the versatility necessary for the company, not only to keep ahead of its local competition, but moreover, to remain on a par with increasing international competitors.
A combination of astute awareness and careful deliberation, together with imaginative ingenuity, encapsulates the trading group's business philosophy," the group claims.
"Majid Al Futtaim was president of Al Futtaim Trading Group. He retains control over Majid Al Futtaim Group which includes City Centre, Carrefour hypermarkets, Greater Union,Securicor "
Securicor could face legal claims over hijack airports
UK firm bought into US market
Special report: Terrorism in the US
Audrey Gillan and Stuart Millar
Thursday September 13, 2001
The Guardian
Securicor could face a multi-million dollar compensation claim after it emerged yesterday that the British company owns the firm responsible for security on two of the hijacked flights.
Securicor bought Argenbright Security, which has 40% of the US aviation security market, last December for an initial cash payment of $185m.
The Guardian has established that Argenbright is contracted by United and American Airlines, whose planes were used in the attack, to provide security at Washington Dulles and Newark international airports.
Notice---no mention in this about Arab Ownership.