DUBAI: Dubai’s Majid Al-Futtaim, the Middle East operator of French retailer Carrefour, is hiring 200 people as it rolls out an ambitious strategy to expand its digital and e-commerce operations, its chief executive said.
Majid Al-Futtaim, which in June acquired the franchise owner of Geant supermarkets in the Gulf, is bringing data scientists and engineers from Silicon Valley to make best use of its data, CEO Alain Bejjani said in a telephone interview.
Dubai’s retail sector has been slow to embrace data science compared with regional counterparts, but the recent acquisition of Dubai online retailer Souq.com by Amazon.com Inc. may push businesses to think about how to expand online.
“Technology is the currency of the future,” Bejjani said. “People need to understand why data is important and basically how can data help us ... do better business.”
The strategy is already bearing fruit for Majid Al-Futtaim, which has 7.5 million uniquely identified customers in the UAE alone.
In its Carrefour stores for instance the company crunched data related to its biscuit assortments. “We discovered a number of counter-intuitive insights, that when we implemented them they had a very big impact on productivity,” he said.
“We even discovered that there was one specific biscuit brand that actually had a big impact of people walking out of the store if they don’t find (that brand).
“The biscuit brand wasn’t highly promoted by the FMCG (fast-moving consumer goods) companies or the suppliers, and typically our people wouldn’t buy it, so they wouldn’t have it on the shelves as much as they should.”
Majid Al-Futtaim, which holds exclusive rights to the Carrefour franchise in 38 markets in the Middle East, Africa and Asia, according to its website, plans to take Carrefour in the United Arab Emirates online by mid 2018, and across its other territories in the next 24 months, he said.
UAE retailer Majid Al-Futtaim seeks data scientists to capture growth
UAE retailer Majid Al-Futtaim seeks data scientists to capture growth
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The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
