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Dubai - Dubai's Majid Al Futtaim has taken a "difficult decision" that affected 105 out of 46,000 staff across its regional operations, the shopping mall developer and operator said in an emailed response to questions from Reuters.
The company, which operates across the Middle East, said it made cuts this week as part of an "ongoing review".
"We continually assess our operations and adapt to accommodate evolving market conditions, streamline our activities and drive efficiencies," the statement said.
"These measured actions and continuous business-as-usual reviews enable Majid Al Futtaim to deliver competitive returns to our shareholders while maximising opportunities for value accretive, profitable and sustainable growth."
Three sources with direct knowledge of the matter told Reuters on Thursday that the company began cutting jobs as part of a restructuring and leadership shake-up after the abrupt removal of former chief executive Alain Bejjani in January.
Cuts were made at the holding level of the company, in addition to divisions such as its leisure and entertainment operation, the sources said on condition of anonymity because the matter is not public.
(Reporting by Hadeel Al Sayegh; editing by Jason Neely and David Goodman)