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# 297 Majid Al Futtaim $6.36B

Random fact: Developing luxury property in Muscat with the Oman government.


Al Futtaim is the founder and sole owner of Majid Al Futtaim Holding, a real estate and retail company. The Dubai-based business operates in the Middle East, Pakistan, Georgia and Armenia, and owns 24 shopping malls, 13 hotels and a resort in Oman. Its retail division manages more than 240 Carrefour-branded stores.

As of :
Last change +$135M ( +2.2%)
YTD change -$198M ( -3.0%)
Industry Real Estate
Biggest asset Majid Al Futtaim Retail
Citizenship United Arab Emirates
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Majid Al Futtaim's net worth of $6.36B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

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Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Majid Al Futtaim's fortune is derived from his control of Majid Al Futtaim Holding, a Dubai-based conglomerate whose largest assets are Majid Al Futtaim Properties, and Majid Al Futtaim Retail. He's attributed sole ownership of the company to reflect his status as the founder and namesake.

Majid Al Futtaim Properties owns and operates 24 shopping malls and 13 hotels in the Middle East, Georgia and Egypt, as well as a resort development in Oman, according to its 2018 financial statements. Its value is based on its 2018 financial results and the average enterprise value-to-sales and enterprise value-to-Ebitda multiple of three publicly traded peer companies: Emaar Properties, Emaar Malls Group and Damac Properties.

Majid Al Futtaim Retail owns Carrefour Middle East, which operates more than 240 stores in the Middle East and Egypt, according to its website. Its valued based on its 2018 financial results and the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of three publicly traded peer companies: Abdullah Al Othaim Markets, Magnit PJSC and Companhia Brasileira de Distribuicao Grupo Pao de Acucar.

Majid Al Futtaim Holding spokesman, Hisham Maarouf, declined to comment on the net worth calculation.


Family: Unknown, No children

Majid Al Futtaim was born into a Dubai merchant family that had ties to the United Arab Emirates' ruling dynasty, the Al Maktoums. During the 1930s, when the port city was a pearl-trading hub in decline, the family founded Al Futtaim Trading Group, which prospered by serving as a joint-venture partner for multinational companies interested in doing business in the U.A.E., a common practice throughout the region.

Benefiting from local laws that limit foreign ownership of limited liability companies to 49 percent, the Al Futtaims formed partnerships with carmaker Toyota and retailer Toys "R" Us, and arranged deals to become the exclusive distributor for other consumer brands, including Panasonic. During the next six decades, the group built operations in six sectors, including construction, insurance, automotive and retail, and formed subsidiaries as far abroad as Egypt and Pakistan.

The group had more than 30 companies by the 1990s, when it was under the control and management of Majid Al Futtaim and his cousin Abdullah, who each started their own initiatives outside of the family operation. Majid formed a company of his own in 1992, focusing on building shopping malls in the region, with the belief that local consumers wanted places to socialize, eat and shop. He opened his first mall three years later, Duba's Deira City Centre, and that same year signed a deal to become the regional franchise holder for French supermarket operator, Carrefour.

As the cousins diversified their own interests, growth at Al Futtaim Trading Group began to slow. In 2000, Sheikh Mohammed bin Rashid Al Maktoum, then serving as U.A.E. defense minister, stepped in to broker a division of the family's assets. After a year of negotiation, Abdullah bought his cousin Majid's stake in Al Futtaim Trading Group for 3 billion dirhams ($817 million), according to a June 2001 report by Middle East Economic Digest.

Majid Al Futtaim Holding had 24 shopping malls as of December 2018, including the Mall of the Emirates, which is home to the Middle East's first indoor ski resort. It also controls 13 hotels and more than 260 Carrefour markets. The billionaire, a Dubai resident, has never given an interview to the press. His son Tariq Al Futtaim has served on Majid Al Futtaim Group's board of directors since May 2005.

  • 1930 Al Futtaim family founds a trading business in the U.A.E.
  • 1992 Majid founds mall developer, Majid Al Futtaim Holding.
  • 1995 MAF forms joint venture with hypermarket chain, Carrefour.
  • 2001 Dubai Crown Prince brokers division of Al Futtaim empire.
  • 2001 Sells stake in Al Futtaim Trading Group to cousin, Abdullah.
  • 2004 Partners with Oman government on luxury tourism project.
  • 2005 Mall of the Emirates and its indoor ski resort opens to public.
  • 2013 Becomes Middle East partner for Abercrombie & Fitch.