The Richest Men in UAE
by kalyani10
Like many other Arabian billionaires, not much is known about the personal life of Abdulla Al Futtaim other than that he is married and lives in Dubai. however Abdulla is believed to have close connections with the Ruler of Dubai, Prime Minister and Vice President of UAE, Sheikh Mohammed bin Rashid Al Maktoum who mediated a settlement between Abdulla Al Futtaim and his rival, cousin Majid Al Futtain, in 2000 which split the assets, liabilities and operations of the original Al Futtaim Group
Majid Al Futtaim
The estranged cousin of Abdulla Al Futtaim, Majid Al Futtaim is nevertheless one of the country’s richest men with a personal fortune worth $1.1 billion. He heads the Majid Al Futtaim Group which however is run by non-family members. the flagship enterprise of the Group is the glitzy Mall of the Emirates, comprising 223,000 square meters of shopping space hosting 520 international retail brands, including department stores, fashion boutiques, lifestyle shops, sports centers, electronics and home furnishing outlets, a Magic Planet family entertainment area, a 14-screen multiplex cinema, and the world-famous indoor-ski slopes known as Ski Dubai. The Group has malls in Egypt too which however suffered damage in 2011 in the aftermath of the political upheavals in the country. Again continuing violence in Syria, as well as Arab League sanctions on the country, are delaying its construction of a huge mall that the Majid Al Futtaim Group has planned outside of Damascus. Majid Al Futtaim Properties is the signature operating arm of the group which operates 11 hotels including Pullman and Kempinski hotels, both adjacent to the Mall of the Emirates.
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The UAE is a federation of seven emirates, each governed by a hereditary emir, with a single national president. Like other countries of the Arabian Peninsula, it is rich in petroleum deposits which have traditionally been responsible for the fortunes of its wealthiest citizens. However in recent years, UAE’s rich have been diversifying their assets into real estate, finance and retail. Here are some of the richest men in UAE and how much they are worth.$MM-DATING3-OPTIN$
Abdul Aziz al Ghurair
Abdul Aziz Al Ghurair the visible face of the immensely wealthy Al Ghurair family whose fortunes are estimated to be worth $2.9 billion, as of March 20121. Abdul Aziz is also the CEO of Mashreq bank, the fourth largest bank of UAE by assets, and was one of the founders of construction giant Emaar. The bank is on the path to recovery after taking a hit for its exposure to bad real estate loans. Assets are still declining, but in a turnaround, Mashreq's net earnings were up almost 17% in the first nine months of 2011.
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Today the Al Ghurair group owns and manages Burjuman mall in Dubai, as well as al Reef mall in the same city. Apart from such prime real estate, the Al Ghurair conglomerate has interests in food, construction, and retail is looking to invest in Libya, where it already owns reportedly half of the country's largest oil refinery. Abdul’s brother Essa operates the second-largest flour milling company in the Middle East. Abdul Aziz himself has served as head of UAE's national assembly, but will reportedly not seek another term this year.
Saif Al Ghuarair
Saif Al Ghurair is next on UAE’s rich list with a net worth of $2.6 billion. He is the chairman of the massive Al Ghurair Group, which has been in business for over 40 years with expertise in retail, industry and manufacturing. Saif is also the uncle of Abdul Aziz, the richest man in the whole of UAE.
Saif Al Ghuarair hails from one of Dubai's oldest merchant families, with interests in banking, malls and manufacturing. A long-time resident of Dubai, he has five children and every one of them holds various positions within the group's subsidiaries while son Majid is chief executive of the company and a billionaire himself.
Abdulla Al Futtaim
With a net worth of $1.6 billion, Abdulla Al Futtaim is the third richest man in UAE. He heads the massive Emirates conglomerate Al Futtaim Group which among other things operates Ikea, Toys "R" Us and Marks & Spencer franchises, sells Toyota and Honda vehicles and co-owns the Middle East's largest privately-funded urban community, Dubai Festival City. Futtaim also had plans to open Cairo Festival City, a residential and commercial complex but which were delayed because of the turmoil in Egypt. In October 2011, the Al Futtain group began construction of another upscale real estate project in Qatar called Doha Festival City.
Like many other Arabian billionaires, not much is known about the personal life of Abdulla Al Futtaim other than that he is married and lives in Dubai. however Abdulla is believed to have close connections with the Ruler of Dubai, Prime Minister and Vice President of UAE, Sheikh Mohammed bin Rashid Al Maktoum who mediated a settlement between Abdulla Al Futtaim and his rival, cousin Majid Al Futtain, in 2000 which split the assets, liabilities and operations of the original Al Futtaim Group
Majid Al Futtaim
The estranged cousin of Abdulla Al Futtaim, Majid Al Futtaim is nevertheless one of the country’s richest men with a personal fortune worth $1.1 billion. He heads the Majid Al Futtaim Group which however is run by non-family members. the flagship enterprise of the Group is the glitzy Mall of the Emirates, comprising 223,000 square meters of shopping space hosting 520 international retail brands, including department stores, fashion boutiques, lifestyle shops, sports centers, electronics and home furnishing outlets, a Magic Planet family entertainment area, a 14-screen multiplex cinema, and the world-famous indoor-ski slopes known as Ski Dubai. The Group has malls in Egypt too which however suffered damage in 2011 in the aftermath of the political upheavals in the country. Again continuing violence in Syria, as well as Arab League sanctions on the country, are delaying its construction of a huge mall that the Majid Al Futtaim Group has planned outside of Damascus. Majid Al Futtaim Properties is the signature operating arm of the group which operates 11 hotels including Pullman and Kempinski hotels, both adjacent to the Mall of the Emirates.
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