Arab billionaire businessman Majid Al Futtaim passes away

Majid Al Futtaim, owner and founder of Majid Al Futtaim Holding, was a well-respected figure in Emirati society with key contributions to the UAE’s economic growth. He leaves behind an everlasting legacy in the world of retail, real estate and entertainment in the UAE and across the region. 

Al Futtaim established Majid Al Futtaim (MAF) in 1992, a conglomerate that develops shopping malls across the Middle East and North Africa. Started as an entrepreneur with Majid Al Futtaim Holding in 1992 in Dubai, Majid Al Futtaim expanded the group’s business over various sectors, mainly as an integrated lifestyle provider. He was ranked the third-richest Arab businessman by Forbes Magazine this year with a family fortune of $3.6 billion

Members of Dubai’s royal family and the business community paid rich tributes over the demise of prominent Emirati businessman Majid Al Futtaim on Friday night.

The Dubai Ruler hailed Al Futtaim as one of Dubai’s “most important” business leaders. Sheikh Mohammed noted that one of Al Futtaim’s most significant announcements recently was his decision to hire 3,000 Emiratis over the next five years.

“May God have mercy on our brother Majid Al Futtaim, a pioneering businessman and one of the most important in Dubai and among its greatest men who gave back to the nation,” Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum tweeted.

“I extend my sincere condolences to the family of Majid Al Futtaim, a groundbreaking UAE entrepreneur and a pioneer in charitable and humanitarian work. He was an inspirational model of business success combined with a deep commitment to society. May he rest in peace.’ tweeted His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Majid Al Futtaim group owns a number of leading hotels that are managed by the some of the world’s well-known hotel brands, such as Sheraton, Kempinski, Aloft and Pullman. Most of the hotels are designed to integrate with and connect to Majid Al Futtaim shopping malls. The group has 27 malls across the regions, including the Mall of the Emirates in Dubai.

Majid Al Futtaim brought Carrefour to the region in 1995 and owns the rights to operate the brand in over 30 countries across the Middle East, Africa, and Asia. At present, the group operates over 375 Carrefour stores in 17 countries.

The group runs five communities in the region, which have 29,000 houses. Al Zahia, Al Mouj Muscat and Waterfront City are among the communities established by the group. The group has also exclusively partnered with more than 100 fashion and retail brands to bring international style and trends to the region.

Majid Al Futtaim group’s Vox Cinemas has 58 cinema complexes totalling over 500 screens across the region, including 23 cinemas in the UAE, 13 in Oman, 3 in Egypt, 2 in Bahrain, 1 in Lebanon, and 2 in Qatar. Vox Cinemas is now the Middle East’s largest cinema.

Its showpiece mall, the Mall of the Emirates, is a major attraction in Dubai and is home to the indoor ski slope.

Al Futtaim, who ranked as the third-richest Arab billionaire in 2021 and shared his fortune with his family, had an estimated net worth of $4.2 billion as of December 17, 2021, according to Forbes.