Who is Majid Al Futtaim? Biography, Career and Networth
Majid Al Futtaim is a deceased Emirati businessman and billionaire with an estimated networth of $4.3 billion. He founded the Majid Al Futtaim Group, an Emirati real estate and retail conglomerate, with projects in Asia and Africa.
The businessman who was the wealthiest businessman in Dubai and one of the richest in the Arab world was noted as one of the people who helped build modern-day Dubai.
Bio Data
| Full Name | Majid Al Futtaim |
| Date of Birth | 1934 |
| Date of Death | 17 December 2021 |
| Gender | Male |
| Marital Status | Married |
| Career | Businessman |
| Networth | $4.3 Billion |
| Companies | Majid Al Futtaim Group, Al-Futtaim Group |
| Nationality | United Arab Emirate |
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Biography
Majid Al Futtaim was born in Dubai in 1934, into a well-established merchant family, that controlled the economic activity of the undeveloped Dubai at that time.
Like many elite families in the United Arab Emirate, the Al Futtaim family began its present-day conglomerate with monopolies over imported goods and the right to exclusive deals with foreign businesses, in the 1930s and expanded rapidly in the 1940s and 1950s, becoming an integrated commercial, industrial, and services organization.
For decades, the family ruled as a unified entity, the conglomerate, however, broke into fragments in the 1990s, due to a fallout between Majid and his cousin Abdullah. At one point the dispute was so heated and so bad for the family business, that the royal family had to intervene.
The family conglomerate with over 44,000 employees and eight divisions was however divided into parts with Majid controlling the property development business and his cousin Abdullah controlling the automotive and retail business.
Career
Before joining the family business, Majid Al Futtaim worked as a bank clerk, he, however, left to establish his own company after the splitting from the Al Futtaim empire in 1992.
Majid Al Futtaim Group is a real estate and retail conglomerate responsible for many of the malls and attractions in the Middle East including the Mall of the Emirates in Dubai and the Mall of Egypt in Cairo.
The company with operations in over 17 countries including 13 hotels, 29 malls and 375 supermarkets built its first mall in Dubai in 1995. It also manages three major operating subsidiaries: Majid Al Futtaim Properties, Retail, and Ventures generating over $10 billion in revenue and $760 million in profits annually.
Majid Al Futtaim Properties
This firm is a property development venture responsible for developing and managing shopping malls and hotels throughout the Middle East and Northern Africa region. The hotel’s business unit focuses on the development and asset management of hotels connected to or close to the company’s shopping malls and within its master-planned communities. It owned and operated twelve hotels as of 2015.
Majid Al Futtaim Retail
This firm was established as a result of the company’s partnership with the french Franchise Carrefour in 1995 to establish and manage supermarkets, fashion and speciality retail stores. Since the partnership, the company has established over 375 Carrefour supermarkets. The company introduced the world’s first sail-through supermarket “Bites and More by the Shore”, in December 2018. The supermarket operates off the coast of Dubai in order to cater to customers on yachts, boats and jet skis.
Majid Al Futtaim Ventures
This firm offers a variety of amenities such as cinemas, leisure and entertainment services, financial services, fashion and healthcare and JVs in facility management and food and beverages. The firm operates Ski Dubai, an indoor ski resort with 22,500 square meters at the Mall of the Emirates, 18 Magic Planet family entertainment centres, a temperature-controlled indoor and outdoor water park, the first Lego store in the Middle East in Abu Dhabi and 318 cinema screens in various Middle Eastern countries
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Networth
In 2013, Majid Al Futtaim with a networth of $3.6 Billion was named the richest businessman in the United Arab Emirates by Forbes magazine. At the time of his death, he was estimated to be worth around $4.3 billion thereby putting him in the 831st place on the 2021 Forbes Billionaire list.
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