STATS
Source of Wealth Inheritance/Self-made
Industry real estate, retail
RESIDENCE Dubai, United Arab Emirates
CITIZENSHIP United Arab Emirates
MARITAL STATUS Married
Biggest asset Majid Al Futtaim Retail
INTERESTS Boating – Yachts; Owns a
luxury yacht
Milestones
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.
Majid Mohammed Al Futtaim is the member of the Al Futtaim family, the owners of the Al Futtaim Group, one of the oldest and largest family-owned groups of companies in the Middle East region. Majid is a married man with the lion share of his fortune stemming from Majid Al Futtaim Holding and different speculations. Al Futtaim Group was set up in Dubai, the United Arab Emirates in the 1930s as a small trading venture.
Business has developed over the years and was passed down to relatives until it eventually passed to Majid Mohammed and his cousin, Abdulla Hamad. In the year 2000, a dispute between Majid and his cousin Abdulla, the Al Futtaim Group was split between, Abdulla who control the automotive and retail businesses operating under the Al Futtaim Group, and Majid retained control of the property development and real estate through Majid Al Futtaim Holding which he established in Dubai in 1992. In 2000, Majid sold his stake in Al Futtaim Group to his cousin, Abdulla for reportedly over $860 million. It was reported that he sold his stake due to disagreements between him and Abdullah, as to the vision of Al Futtaim Group and conflict of interests between the two, but their corporate relationship is still interwoven. Abdulla’s exclusive foreign brands are being sold in the developments built by Majid.
However, Prime Minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, who is reportedly a friend of the cousins, was one of the central mediators in reaching a settlement between the cousins.
Majid Al Futtaim Holding owns and operates shopping malls, including six super regional malls, hotels, cinema halls, residential and commercial properties throughout the Middle East and North Africa as well as providing consumer finance services. He also operates over 45 Carrefour hypermarkets across ten countries. Majid Al Futtaim is the Owner and President of Majid Al Futtaim Holding, and a co-founder of Oasis Capital Egypt, private equity and venture capital firm based in Egypt. Majid Al Futtaim is a co-founder along with Naguib Sawiris of Orascom Telecom, and Lubna Olayan of Olayan Finance Group.
Also, he is the founder of Majid Al Futtaim Charity Foundation.
A current wealth analysis on Majid Mohammed concluded private holdings of $4.5 billion in Majid Al Futtaim Holding, liquid assets of $600 million, and the value of a $250 million Quattroelle Yacht.
Majid Al Futtaim Charity Foundation in collaboration with Higher Colleges of Technology (HCT), established a retail academy and industry consortium in the United Arab Emirates, to help launch and advance retail careers of Emiratis.
Majid al Futtaim Holding received an investment-grade rating of BBB, assigned by both Standard and Poors and Fitch Ratings, which is the highest
credit rating assigned to any privately held corporate in the Middle East.
In April 2012, Majid Al Futtaim Holding announced its plans to double its portfolio of major malls in the Middle East region with a $2 billion funding
program in place. In December 2013, Majid Properties announced its plans to invest about $465 million to build a shopping mall in Muscat, Oman, as a part of its expansion plans in the region. The mall is reportedly said to be the biggest in Oman, with more than 300 stores.
Al Futtaim is known for building some of the United Arab Emirates’ largest shopping malls and leisure centres, which attract over 120 million visitors each year. Al Futtaim established his first shopping mall, City Centre in Dubai, in 1995; the mall now has branches from Oman to Alexandria in Egypt. Built in 2005, The Mall of the Emirates in Dubai which is reportedly one of the largest shopping resorts outside of North America. The company also holds a majority stake in a retail franchise business with Carrefour.
Majid Al Futtaim Finance, a 100% owned subsidiary of Majid Al Futtaim Ventures, received top honours for its Mall Gift Card program in the Closed Loop Retailer Program of the Year category at the 2012 Prepaid Middle East Awards.
In July 2014, Al Futtaim’s founding company Majid Al Futtaim Holding, partnered with The Sameness Project, a Dubai based project that supports and spreads sameness between people. They then launched a campaign named “Together we make a difference,” to support laborers in the United Arab Emirates.
Majid is very philanthropic and is the founder of Majid Al Futtaim Charity Foundation. As of 2017, The foundation donated more than $23 million; donates primarily to educational, social and health-related causes. Recipients include: American Near East Refugee Aid (ANERA), Fujairah Hospital, Latifa Hospital, and Fujairah Housing
Project.
Majid does not appear to support any political party or philosophy publicly. However, he is a friend of Mohammed bin Rashid Al Maktoum, Ruler of Dubai, and has a partnership with the Government of Sharjah in Sharjah Holding.
Majid is list as one of the top three wealthiest people in the middle east.
Majid’s web address is http://www.majidalfuttaim.com
Facebook: https://www.facebook.com/MajidAlFuttaim l
LinkedIn: https://www.linkedin.com/company/majid-al-futtaim/
Twitter: https://twitter.com/majidalfuttaim
Amed Niaz Hazel Sr. is a freelance writer and equity fund manager in Owings Mills Maryland.
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