Ahmed El Shamy was appointed CEO of Majid Al Futtaim – Properties in January 2023. Having been established in 1994, Majid Al Futtaim Properties owns and operates 13 hotels, five mixed-use communities, and 29 shopping malls, including the Mall of the Emirates, the Mall of Egypt, and the Mall of Oman, which was inaugurated in February 2023. It had total assets worth $14 billion as of December 2022. In 2022, the company launched new phases in the Tilal Al Ghaf community with a total gross sales value of $1.4 billion. In the first half of 2023, Majid Al Futtaim Holding’s properties segment revenues rose 37% to $980.5 million.