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# Saif Al Ghurair

Random fact: Would spend up to four months working at sea as a young man.

Overview

Al Ghurair is founder and owner of Al Ghurair Group, a Dubai-based conglomerate with interests in finance, manufacturing and real estate. The group controls 39.5 percent of publicly traded Mashreqbank, a steel plant, the Middle East's largest maker of flexible plastic packaging and two Dubai shopping malls, Burjuman Center and Reef Mall.

As of Aug. 18, 2017:
Last change ()
YTD change ()
Industry Finance
Biggest asset N/A
Citizenship United Arab Emirates
Age 92
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Saif Al Ghurair's net worth of can buy ...

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troy ounces of gold
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barrels of crude oil

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

Latest News

Net Worth Summary

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Biography

Birthdate: 1924
Family: Married, 6 children

Saif Al Ghurair was born in Deira near Dubai Creek in 1924. His father, Ahmad, was a pearl diver and trader in Dubai. At the time, the city was centered around fishing, with a thriving port and a population of about 20,000, a quarter of whom were expatriates.

After World War II, the invention of cultured pearls decimated the local trade and, with support from Dubai's ruling Al Maktoum family, the Al Ghurairs diversified into industrial activities. The ruling clan further enriched them and Dubai's other prominent business families by enlisting their trading skills to help modernize the local economy after oil was discovered in 1953.

Saif founded Al Ghurair Group, a holding company for the family's growing industrial concerns, creating one of the region's first cement factories and an aluminum smelter in 1960. With his brother Abdullah he helped expand the family business into property, finance and food. The family founded the United Arab Emirates' first flour processor, National Flour Mills, which is now part of Al Ghurair Food, in 1976. Saif and Abdullah split the family business into two separate companies in the 1990s, with Saif heading Al Ghurair Group and Abdullah heading Al Ghurair Investments, later renamed Al Ghurair.

Al Ghurair brought his six sons Abdul Rahman, Majid, Mohamed, Ahmed, Rashed and Saeed into the group who have helped expand it into new industries and ventures, such as food packaging and shopping-mall development. His son Abdul Rahman became Chairman of the group in 2010, while Majid is group CEO. Mohamed manages the real estate sector and Rashed runs the petrochemicals side of the group.

The billionaire lives in Dubai.

Milestones
  • 1924 Saif Al Ghurair is born in the Dubai neighborhood of Deira.
  • 1960 Founds the Al Ghurair Group.
  • 1967 Bank of Oman -- predecessor of Mashreqbank -- is founded.
  • 1968 National Cement Company is created.
  • 1981 Builds the U.A.E's first modern shopping mall.
  • 1982 Establishes Arabian Packaging.
  • 1992 BurJuman shopping mall opens in Dubai.
  • 2010 Son Abdul Rahman becomes Chairman of the group.