Strong UAE Presence on Forbes’ Billionaires List

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Forbes announced its list of the world’s wealthiest people in 2013. The ranking consists of billionaires from every part of the world, including the United Arab Emirates. This year, the country enjoys a stronger presence on the Forbes Billionaires List compared to 2012.

376. Majid Al Futtaim with estimated $3.6 billion from real estate and retail portfolio – The highest UAE’s achiever on Forbes’ billionaires list is actually the brother of another entry in the ranking – Abdulla Al Futtaim. However, Majid relies on people outside his family to manage his holding company. Majid Al Futtaim has supermarkets and malls located in almost every part of the Middle East region. Although Majid’s company suffered some losses over the last few years, in 2012 it successfully marked a rise with $2.5 billion. In addition, Majid Al Futtaim has invested a lot in malls and supermarkets in Egypt and he continues to offer his support for the country’s economy despite the current chaotic situation there. Also, Futtaim showed interest in Mansour’s brothers’ Metro supermarket chain. He made an offer to purchase the chain for about $300 million.

437. Abdulla bin Ahmed Al Ghurair & Family with Estimated $3.1 billion from banking industry – Like Majid Al Futtaim, Abdulla bin Ahmad Al Ghurair is seen on the list nearly side by side to his brother Saif. He is also part of the family company Mashreq which was founded way back in 1967. The recession did some big damage on the Al Ghurair company. Despite that, in 2012, it enjoyed a rise of 28%. Towards the end of last year, the management of Mashreq was given to a person outside the family.

922. Abdulla Al Futtaim with estimated $1.65 billion from auto dealers and investments industry – Abdulla Al Futtaim is the owner of the massive Al Futtaim Group. The conglomerate holds shared in various companies among which are Honda, Toyota, Marks & Spencer, Ikea, as well as Toys “R” Us. In addition, Abdulla Al Futtaim co-owns Dubai Festival City which is the biggest urban community which is funded privately in the Middle East region. Aslo, Al Futtaim’s conglomerate is constructing the Cairo Festival City which is scheduled to open in a few months. Moreover, the billionaire is also working on the Doha Festival City which is planned to open towards the end of the year.

1031. Saif Al Ghurair & Family with estimated $1.4 billion from baking, manufacturing and other industries – This is Al Ghurair Group’s ex-chairman. His family has long-established traditions and year of experience in the banking and manufacturing industries. Many of Saif Al Ghurair’s sons work in the family company, while Saif himself is a main shareholder in Mashreq bank.

The UAE presence on Forbes’s billionaires ranking does not end here. There are three more billionaires that have a connection to the country. These are Micky Jagtiani, MA Yusuff Ali and Joy Alukkas. Although they are officially citizens of India, all three of them manage their companies from the UAE.

329. Micky Jagtiani with estimated $4 billion from retail industry – Jagtiani owns Landmark Group which includes 1,300 stores in nearly 20 countries. The company has scheduled the opening of 80 new stores in a period of five years. Not long ago, the billionaire started working in the healthcare industry. In addition, he was a main sponsor of Madonna’s Abu Dhabi concert last year.

974. MA Yusuff Ali with estimated $1.5 billion from jewelry industry – Yusuff is in charge of the Adu Dhabi-based company Lulu Group. The group is famous for the fact that it is among the fastest growing in the world.

1342. Joy Alukkas with estimated $1 billion from jewelry industry – Even though Joy Alukkas’s family owned a jewelry store, the billionaire decided to start his own business in the sector. As a result, he founded the jewelry retail chain Joyalukkas. The chain consists of 85 stores in both India and the Gulf regions. Also, Alukkas is said to own the biggest jewelry store on the globe.

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