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#203 Majid Al Futtaim $7.74B

Random fact: Opened the Middle East's first hypermarket in 1995.


Al Futtaim is the founder and sole owner of Majid Al Futtaim Holding, a real estate and retail company. The Dubai-based business operates in the Middle East, Pakistan, Georgia and Armenia, and owns 21 shopping malls, 12 hotels and a resort in Oman. Its retail division manages more than 210 Carrefour-branded stores.

As of Oct. 17, 2017:
Last change -$979k (-0.0%)
YTD change +$1.17B (+17.8%)
Industry Real Estate
Biggest asset Majid Al Futtaim Properties
Citizenship United Arab Emirates
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Majid Al Futtaim's net worth of $7.74B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

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Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Majid Al Futtaim's fortune is derived from his control of Majid Al Futtaim Holding, a Dubai-based conglomerate whose largest assets are Majid Al Futtaim Properties, and Majid Al Futtaim Retail.

Majid Al Futtaim Properties owns and operates 21 shopping malls and 12 hotels in the Middle East, Georgia and Egypt, as well as a resort development in Oman, according to its website. Its value is based on its 2016 financial results and the average enterprise value-to-sales and enterprise value-to-Ebitda multiple of three publicly traded peer companies: Emaar Properties, Emaar Malls Group and Damac Properties.

Majid Al Futtaim Retail owns Carrefour Middle East, which operates 210 stores in the Middle East and Egypt, according to its website. Its valued based on its 2016 financial results and the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of three publicly traded peer companies: Abdullah Al Othaim Markets, Dixy Group and Companhia Brasileira de Distribuicao Grupo Pao de Acucar.

Louise Hood, a Majid Al Futtaim Holding spokeswoman who works for Edelman in Dubai, declined to comment on the net worth calculation.


Family: Unknown, No children

Majid Al Futtaim was born into a Dubai merchant family that had ties to the United Arab Emirates' ruling dynasty, the Al Maktoums. During the 1930s, when the port city was a pearl-trading hub in decline, the family founded Al Futtaim Trading Group, which prospered by serving as a joint-venture partner for multinational companies interested in doing business in the U.A.E., a common practice throughout the region.

Benefiting from local laws that limit foreign ownership of limited liability companies to 49 percent, the Al Futtaims formed partnerships with carmaker Toyota and retailer Toys "R" Us, and arranged deals to become the exclusive distributor for other consumer brands, including Panasonic. During the next six decades, the group built operations in six sectors, including construction, insurance, automotive and retail, and formed subsidiaries as far abroad as Egypt and Pakistan.

The group had more than 30 companies by the 1990s, when it was under the control and management of Majid Al Futtaim and his cousin Abdullah, who each started their own initiatives outside of the family operation. Majid formed a company of his own in 1992, focusing on building shopping malls in the region, with the belief that local consumers wanted places to socialize, eat and shop. He opened his first mall three years later, Duba's Deira City Centre, and that same year signed a deal to become the regional franchise holder for French supermarket operator, Carrefour.

As the cousins diversified their own interests, growth at Al Futtaim Trading Group began to slow. In 2000, Sheikh Mohammed bin Rashid Al Maktoum, then serving as U.A.E. defense minister, stepped in to broker a division of the family's assets. After a year of negotiation, Abdullah bought his cousin Majid's stake in Al Futtaim Trading Group for 3 billion dirhams ($817 million), according to a June 2001 report by Middle East Economic Digest.

Majid Al Futtaim Holding had 21 shopping malls as of August 2017, including the Mall of the Emirates, which is home to the Middle East's first indoor ski resort. It also controls 12 hotels and more than 170 Carrefour markets. The billionaire, a Dubai resident, has never given an interview to the press. His son Tariq Al Futtaim has seved on Majid Al Futtaim Group's board of directors since May 2005.

  • 1930 Al Futtaim family founds a trading business in the U.A.E.
  • 1992 Majid founds mall developer, Majid Al Futtaim Holding.
  • 1995 MAF forms joint venture with hypermarket chain, Carrefour.
  • 2001 Dubai Crown Prince brokers division of Al Futtaim empire.
  • 2001 Sells stake in Al Futtaim Trading Group to cousin, Abdullah.
  • 2004 Partners with Oman government on luxury tourism project.
  • 2005 Mall of the Emirates and its indoor ski resort opens to public.
  • 2013 Becomes Middle East partner for Abercrombie & Fitch.