Majid Al Futtaim is a prominent Emirati businessman and entrepreneur, best known as the founder of the Majid Al Futtaim Group, a leading conglomerate in the Middle East. With a net worth of over $8 billion, Al Futtaim is one of the wealthiest people in the UAE.
Born in 1958 in Kuwait, Al Futtaim grew up in a family of businesspeople. His grandfather, Yusuf Al Futtaim, was a successful trader and businessman who established the first department store in Dubai in the 1950s. Al Futtaim studied at the University of Denver in the United States, where he earned a degree in Business Administration.
After completing his education, Al Futtaim returned to the UAE and began working for his family’s business. In 1980, he founded the Majid Al Futtaim Group, which initially focused on real estate development. Over time, the company expanded into a range of sectors, including retail, hospitality, and entertainment. Today, the Majid Al Futtaim Group is one of the largest conglomerates in the Middle East, with operations in over 15 countries.
One of Al Futtaim’s most significant achievements is the establishment of the Mall of the Emirates, the largest shopping mall in the UAE, which opened in 2005. The mall features over 630 retail outlets, as well as a ski resort and other entertainment facilities. Al Futtaim has also been instrumental in bringing other major brands and companies to the UAE, including Carrefour and VOX Cinemas.
In addition to his business endeavors, Al Futtaim is also a committed philanthropist. He established the Majid Al Futtaim Trust in 2013, which focuses on supporting education and healthcare initiatives in the Middle East. The trust has provided funding for numerous projects, including the construction of schools and hospitals in underprivileged areas.
Today, Majid Al Futtaim is considered one of the most influential business leaders in the UAE and the wider Middle East. His wealth and success have earned him numerous awards and accolades, including the Arabian Business Lifetime Achievement Award and the Forbes Middle East Businessman of the Year Award. Despite his many accomplishments, Al Futtaim remains committed to driving innovation and growth in the region, and he continues to be a prominent figure in the UAE’s business and philanthropic communities.
Here’s a timeline of the key events and achievements in the life of Majid Al Futtaim:
- 1958: Majid Al Futtaim is born in Kuwait.
- 1976: Al Futtaim graduates from the University of Denver in the United States with a degree in Business Administration.
- 1980: Al Futtaim founds the Majid Al Futtaim Group, initially focusing on real estate development.
- 1995: The Majid Al Futtaim Group opens its first City Centre mall in Dubai.
- 2001: Al Futtaim brings the French retailer Carrefour to the UAE, opening its first store in Dubai.
- 2005: The Mall of the Emirates, the largest shopping mall in the UAE, opens in Dubai. The mall features over 630 retail outlets, as well as a ski resort and other entertainment facilities.
- 2007: Al Futtaim brings VOX Cinemas, a leading cinema chain, to the UAE.
- 2010: The Majid Al Futtaim Group expands into Egypt, opening its first City Centre mall in Cairo.
- 2013: Al Futtaim establishes the Majid Al Futtaim Trust, which focuses on supporting education and healthcare initiatives in the Middle East.
- 2016: The Majid Al Futtaim Group opens its first shopping mall in the Kingdom of Saudi Arabia, the Mall of Saudi.
- 2019: Al Futtaim becomes the first Emirati businessman to be listed on Forbes Middle East’s Billionaires List, with a net worth of $4.1 billion.
- 2021: The Majid Al Futtaim Group announces plans to invest $8.1 billion in the UAE over the next five years, focusing on areas such as retail, hospitality, and entertainment.
Throughout his career, Majid Al Futtaim has been instrumental in shaping the landscape of the UAE and the wider Middle East, bringing some of the world’s leading brands and companies to the region and driving innovation and growth in the business and philanthropic communities.
5 Interesting Facts:
- Majid Al Futtaim is a billionaire and one of the wealthiest people in the UAE, with a net worth of over $8 billion according to Forbes.
- In addition to founding the Majid Al Futtaim Group, Al Futtaim also serves as the company’s CEO and has been recognized as a leading figure in the Middle Eastern business community.
- Al Futtaim is known for his commitment to sustainability and social responsibility, with his company implementing a number of initiatives aimed at reducing its environmental footprint and supporting local communities.
- Al Futtaim is an avid skier and was instrumental in the development of Ski Dubai, the first indoor ski resort in the Middle East.
- Al Futtaim is also a philanthropist, establishing the Majid Al Futtaim Trust in 2013 to support education and healthcare initiatives in the Middle East.
- “Innovation is the key to success in any business. You must be creative, take risks, and constantly look for ways to improve and grow.”
- “Success is not just about making money, it’s also about creating value for your customers, your employees, and your community.”
- “We must always be mindful of our impact on the environment and take proactive steps to minimize it. Sustainability is not just a buzzword, it’s a critical imperative for our future.”
- “Leadership is about inspiring others to do great things. It’s about setting a vision, building a team, and empowering them to achieve their full potential.”
- “Philanthropy is not just about giving money, it’s about making a real difference in people’s lives. We must use our resources and expertise to address the most pressing social and environmental challenges of our time.”