Majid Al Futtaim and Sheikh Mohammed share a light moment.
Gulf Today, Staff Reporter
Emirati billionaire Majid Al Futtaim, who rose from a humble bank job to creating an eponymous business empire, including a massive Dubai mall with an indoor ski slope, died on Friday.
Majid Al Futtaim is considered one of the most important entrepreneurs who witnessed the renaissance of the UAE. Majid Al Futtaim grew up in a merchant family, where his father Mohammed and uncle Hamad worked in the trade of wood, fabrics and pearls.
Majid Al Futtaim is the founder of Majid Al Futtaim Group, which specializes in the development and management of shopping malls, integrated cities, retail and entertainment facilities in the Middle East, Africa and Asia, established in the year 1992.
Majid Al Futtaim worked to change the concept of shopping and entertainment to achieve “the happiest moments for all people, every day.”
The features of that vision have begun to be embodied through many modern and innovative shopping centers, which were opened first in the United Arab Emirates, and then expanded through 17 markets around the world, employing more than 43,000 employees.
Today, Majid Al Futtaim owns and operates 27 shopping malls, 13 hotels and four integrated city projects, in addition to many projects under construction.
These include Majid Al Futtaim's shopping malls, Mall of the Emirates, Mall of Egypt, City Center malls, and My City Center community shopping centers, in addition to five shopping malls in partnership with the Government of Sharjah.
The company also has the privilege of exclusive use of the "Carrefour" name in more than 30 markets in the Middle East, Africa and Asia. Majid Al Futtaim operates more than 350 stores, in addition to the online store.
Forbes estimated Al Futtaim’s net worth as over $4 billion.
Forbes Middle East ranked him third among the list of the richest Arabs for the year 2021.
Majid Al Futtaim, who used to work as an employee in the Bank of Oman, now known as Mashreq Bank, decided to break away from the traditional family business and turned to the automobile trade, which later opened the doors to huge wealth.
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