Dubai, known as the land of luxury and opulence, is home to some of the wealthiest people in the world. In this article, we will take a closer look at who the richest person in Dubai is and how they made their fortune.
The Richest Person in Dubai
According to Forbes’ Real-Time Billionaires List, the richest person in Dubai is currently Majid Al Futtaim. As of August 2021, his net worth is estimated to be $10.6 billion.
Who Is Majid Al Futtaim?
Majid Al Futtaim is a billionaire businessman from Dubai who made his fortune through real estate development and retail ventures. He is the founder of Majid Al Futtaim Holding, which owns and operates shopping malls, hotels, and entertainment venues across the Middle East and North Africa.
Real Estate Development
Majid Al Futtaim’s real estate development business started with a single mall in 1995. Today, his company owns more than 20 shopping malls across the region. In addition to malls, his company has also developed residential properties and hotels.
Retail Ventures
Apart from real estate development, Majid Al Futtaim’s company also owns popular retail brands such as Carrefour hypermarkets and VOX Cinemas. Carrefour hypermarkets are present in several countries across the Middle East while VOX Cinemas operates movie theaters across the region.
Majid Al Futtaim’s Philanthropy Work
Apart from his successful business ventures, Majid Al Futtaim is also known for his philanthropic work. His foundation focuses on providing education opportunities for underprivileged children in several countries across the Middle East.
- The foundation provides scholarships for students to attend universities.
- It also supports schools in underprivileged areas, providing them with resources and facilities.
- The foundation also conducts research to identify areas where it can make the most impact in improving education outcomes.
Conclusion
In conclusion, Majid Al Futtaim is the richest person in Dubai, with a net worth of $10. He made his fortune through real estate development and retail ventures and is known for his philanthropic work. His success story is an inspiration for aspiring entrepreneurs in the region.