Emirati Retail Billionaire Majid Al Futtaim Dies on December 17
Posted on 12/19/2021
Emirati billionaire Majid Al Futtaim passed away on Friday, December 17, 2021. A former bank clerk and a visionary entrepreneur, Majid created a business empire in the UAE coinciding with the country’s rapid economic ascent. Al Futtaim was a family trading company allied with the Dubai’s ruling Al Maktoum family.
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum announced Al Futtaim’s death in a Twitter post 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.
There was a family feud in the early 2000s, which had Al Futtaim run by Abdullah to take over the car side of the business and some retail brands. Majid Al Futtaim Holding was founded in 1992 and was Majid’s business vehicle after the split. The Majid Al Futtaim Group oversaw the development of Dubai’s Mall of the Emirates.
Majid Al Futtaim’s net worth is estimated to be between US$ 4 billion and US$ 6 billion.
Keywords: Majid Al Futtaim Group, Majid Al Futtaim Holding LLC.