03. Majid Al Futtaim & family
Net Worth: 10.6 Billion dollars
Majid Al Futtaim is an Emirati businessman, the founder, owner and president of the Majid Al Futtaim Group, an Emirati real estate and retail conglomerate, with projects in Asia and Africa. As of March 2017, Al Futtaim’s net worth is estimated by Forbes at US$10.9 billion, the second richest individual in the Middle East.
Majid Al Futtaim is the brother of billionaire Abdulla Al Futtaim. Non-family members run his eponymous holding company, which operates malls, including Mall of the Emirates (with an indoor ski slope) and Carrefour hypermarkets across the Middle East, North Africa and Central Asia. Michael Rake, the chairman of British telecom company BT Group, is chairman. Son Tareq is a non-executive board member. Futtaim plans to open the Mall of Egypt in March 2017. Although privately held, the company is among the most transparent conglomerates in the U.A.E, publishing its revenues and net profit annually.