Four UAE Nationals on Forbes Billionaires List

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1,226 billionaires around the globe

A popular business magazine in the United States, Forbes, yesterday released its  annual Billionaires list.  There are 1,226 billionaires around the globe. Here is a glance of the Top 10 worldwide by rank in net worth:

  • Carlos Slim: $69 billion, telecommunications
  • Bill Gates: $61 billion, Microsoft Corp.
  • Warren Buffett: $44 billion, Berkshire Hathaway Inc.
  • Bernard Arnault: $41 billion, LVMH Moet Hennessy
  • Armancio Ortega $37.5 billion, Zara International
  • Larry Ellison $36 billion, Oracle Corp.
  • Eike Batista $30 billion, mining and oil industries
  • Stefan Persson $26 billion, clothing chain H&M
  • Li Ka-shing $25.5 billion, diversified industries
  • Karl Albrecht $25.4 billion, discount supermarket chain Aldi Group

Among the names on Forbes Billionaires list not for first time appear these of four UAE nationals. Heads of states and members of Royal families are not classified on Forbes Billionaires list. The magazine issues separate lists with rankings.

401. Abdul Azis Al Ghurair & Family with estimated $2.9 Billion,  Banking Industry

Abdul Aziz Al Ghurair presides over the Dubai-based Mashreq bank, which is on the path to recovery after taking a hit for its exposure to bad real estate loans. Assets are still declining, but in a turnaround, Mashreq’s net earnings were up almost 17% in the first nine months of 2011. The Al Ghurair conglomerate operates in food, construction, and retail sector. In Libya, the conglomerate reportedly owns half of the country’s largest oil refinery.

634. Saif Al Ghurair & Family with estimated $2 Billions from diversified business activities

Saif Al Ghurair is the chairman of Dubai-based Al Ghurair Group. He hails from one of Dubai’s oldest merchant families, with interests in banking, shopping malls and manufacturing. Al Ghurair is a major shareholder in Mashreq bank.

804. Abdulla Al Fahim with estimated $1.6 Billion in the auto and investments industries

Abdulla Al Futtaim owns the Al Futtaim Group. It operates Ikea, Toys “R” Us and Marks & Spencer franchises; sells Toyota and Honda vehicles, and co-owns the Middle East’s largest privately-funded urban community, Dubai Festival City. The group plans to open residential and commercial complexes in Cairo, Egypt. In October 2011, the group began construction of another grand real estate project in Qatar called Doha Festival City.

1075. Majid Al Futtaim with estimated $1.1. Billion from ral estate and retail protfolio

Majid Al Futtaim is the brother of billionaire Abdulla Al Futtaim. His holding company operates the Mall of the Emirates and the “City Centre” malls in the UAE as well as in Egypt. Civil problems in Syria, as well as Arab League sanctions on the country, are delaying its construction of a huge mall outside of Damascus.

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