Meet the 5 Richest People in the UAE

Published October 8th, 2017 - 07:00 GMT
Most billionaires in the UAE are getting richer by the day. Also, they're all men. (File photo)
Most billionaires in the UAE are getting richer by the day. Also, they're all men. (File photo)

Most billionaires in the UAE are getting richer every year, with their private wealth growing by $1 billion to $5.6 billion over the course of 12 months.

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In this year's rankings released by Forbes, at least five UAE residents made it to the top five list and their combined fortunes ballooned to $27.3 billion as of March, up from $18.4 billion in 2016. Aggregate wealth surged further to $29.16 billion as of October 3, according to Forbes' real time data.

Here’s a closer look at how much the five richest people in the UAE are actually worth, as of 2017.

1. Majid Al Futtaim

Net worth: $10.6 billion (up from $5 billion in 2016)

Real time net worth: $11.4 billion (as of October 3)

Global rank: 125th richest billionaire

Who is he: Majid Al Futtaim owns the Dubai-based holding company that operates shopping malls, as well as retail and leisure establishments. Some of his popular businesses include Mall of the Emirates which features an indoor ski slope.

2. Abdulla Bin Ahmad Al Ghurair

Net worth: $6.8 billion (up from $4.9 billion in 2016)

Real time net worth: $7 billion (as of October 3)

Source of wealth: Diversified

Global rank: 202

Who is he: The father of another Emirati billionaire,  Abdul Aziz Al Ghurair who runs Mashreq bank, Abdulla Al Ghurair has recently pledged to set aside a third of his assets to a foundation that focuses on education programs.


3. Abdulla Al Futtaim

Net worth:  $4.1 billion (up from $ 3.1 billion in 2016)

Real time net worth:  $4 billion (as of October 3)

Source of wealth:  Auto dealers, investments

Global rank: 427

Who is he: Abdulla Al Futtaim is the owner of Al Futtaim Group, a huge conglomerate that sells Toyota and Honda vehicles in the UAE. His portfolio also includes popular franchises for global brands like Ikea, Marks & Spencer and Toys “R” Us.

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4. Hussain Sajwani 

Net worth: $3.7 billion

Real time net worth: $4.8 billion (as of October 3)

Source of wealth: Real estate

Global rank: 501

Who is he: Hussain Sajwani is the founder of real estate developer Damac Properties, which started in 2002. The units in his first 38-storey apartment building project were sold in less than six months before construction even started. His company tied up with Donald Trump in 2013.

5. Saif Al Ghurair

Net worth: $2.1 billion (down from $2.2 billion in 2016)

Real time net worth: $1.96 billion (as of October 3)

Source of wealth: Diversified

Global rank: 973

Who is he: Saif Al Ghurair is the former chairman of family-owned holding company Al Ghurair Group. His six sons now manage the company’s businesses in the steel, packaging and retail industries.

By Cleofe Maceda

 


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