Majid Al Futtaim, the billionaire Emirati entrepreneur and founder of Majid Al Futtaim Holding, one of the Middle East’s largest retail and entertainment groups, passed away on Friday, the company announced.
Al Futtaim ranked as the world’s third-richest Arab billionaire in 2021. According to Forbes, his family’s net worth was estimated at $4.3 billion as of December 17, 2021.
Building a Regional Powerhouse
Al Futtaim founded Majid Al Futtaim Holding in 1992, laying the foundation for what would become a dominant force in the region’s retail, hospitality, and entertainment sectors. Today, the group owns and operates 29 shopping malls and 13 hotels across the Middle East, North Africa, and Central Asia.
Its flagship developments include Mall of the Emirates in Dubai and Mall of Egypt in Cairo. The group also holds the exclusive license to operate Carrefour hypermarkets across the region. Earlier this year, Majid Al Futtaim opened the Mall of Oman, which it described as the largest shopping destination in the sultanate.
According to company figures, MAF’s shopping malls host more than 3,000 retailers and attract over 178 million visitors annually. In 2020, the group reported revenues of nearly $8.9 billion and total assets valued at $16 billion. The company ranked third on Forbes Middle East’s Top 100 Arab Family Businesses list in 2021.
Commitment to Sustainability
In August, Majid Al Futtaim secured a $1.5 billion sustainability-linked loan, a milestone that was shortlisted by Forbes Middle East among the region’s top sustainable projects and initiatives of the year. The five-year revolving credit facility marked the largest credit-backed sustainability-linked financing in the MENA real estate sector and one of the largest corporate sustainability-linked loans not backed by a government entity.
Forbes Rankings
In the Forbes World’s Billionaires List released in April, Al Futtaim and his family ranked 831st among 2,755 billionaires worldwide, with an estimated wealth of $3.6 billion. At the time of his death, the family ranked 732nd on Forbes’ Real-Time World’s Billionaires list, with a fortune valued at $4.3 billion.
Tributes Pour In
In a tribute statement, Majid Al Futtaim Holding described its founder as “a visionary entrepreneur who transformed the face of business in the region.” The company added that his achievements “have been an inspiration for many, and particularly for us at the Majid Al Futtaim group, which was built around his clear sense of purpose and unwavering vision.”
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, was among the first leaders to pay tribute, describing Al Futtaim as one of Dubai’s most important business figures whose contributions played a vital role in advancing the UAE’s economic prosperity.
