Saudi Press

Saudi Arabia and the world
Thursday, Apr 25, 2024

Prominent Emirati businessman Majid Al Futtaim dies

Prominent Emirati businessman Majid Al Futtaim dies

Dubai ruler hails Majid Al Futtaim as one of the sheikhdom’s ‘most important merchants’.

Emirati billionaire Majid Al Futtaim, who rose from working as a bank clerk to creating an eponymous business empire, has died.

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum announced Al Futtaim’s death in a post on Twitter on Friday, praising him as one of the sheikhdom’s “most important merchants.”

“May God have mercy on our brother Majid Al Futtaim, the creative businessman, and one of Dubai’s most important merchants and senior men,” wrote Al Maktoum.

“His last decision was to hire 3,000 citizens. May God have mercy on him and place him in his spacious gardens,” he added.

Neither the cause behind his death nor his age were announced.

However, prayers for him and his family had circulated on social media in recent days.

Majid Al Futtaim’s business empire also acknowledged his death online, but did not respond to queries from The Associated Press.

“Majid Al Futtaim was a visionary entrepreneur who transformed the face of business in the entire region and his lifetime achievements have been an inspiration for many,” the company wrote on Twitter. “Our sincere thoughts and prayers are with Mr. Majid’s family and loved ones during this difficult time.”

The Al Futtaim family’s business empire dates back to the 1930s, when Dubai remained a small pearling village before the discovery of oil in what would become the United Arab Emirates. Al Futtaim was a family trading company allied with the city-state’s ruling Al Maktoum family.

Over the decades, it became a trusted partner with foreign brands seeking business, such as Toyota in 1955. Other car manufacturers followed, as did retail brands.

But a bitter family feud between Majid Al Futtaim and his cousin, Abdullah, required Sheikh Mohammed to step in to resolve it in the early 2000s. Al Futtaim run by Abdullah ended up taking the car side of the business and some retail brands.

Majid Al Futtaim Holding, founded in 1992, was Majid’s business vehicle after the split. With it, he became a retail powerhouse in the Middle East and beyond after working as a clerk at the Bank of Oman, which later became Mashreq Bank.

The firm became a franchisee of the French hypermarket chain Carrefour. It now runs over 300 Carrefour-branded supermarkets and hypermarkets across Africa, Asia and the Middle East.

Alexandre Bompard, the chairman and CEO of the Carrefour Group in France, called Al Futtaim’s death “very sad news” for the grocery giant as he had been an “exceptional partner.”

“We will pursue our common vision of trade,” he wrote on Twitter.

Al Futtaim built the city’s first major mall destination at City Center Deira. Today, Dubai is known as a major shopping destination in part due to his firm’s expansions.

Al Futtaim’s showpiece mall, the Mall of the Emirates, is a major attraction in Dubai and is home to the indoor ski slope. It also invested in hotels and movie theaters.

Forbes estimates Al Futtaim’s net worth as over $4 billion. Bloomberg puts his worth at over $6 billion.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×