Majid Al Futtaim: Journey of Emirati businessman
Biography of Majid Al Futtaim:
Majid Al Futtaim was a remarkable Emirati businessman who
revolutionized retail and real estate across the Middle East, Africa, and Asia.
Born in 1934, he was part of a well-known business family and was the cousin of
billionaire Abdulla Al Futtaim, the head of the Al-Futtaim Group. However, the
two cousins eventually went their separate ways, each building their own
business empire.
The Birth of a Business Empire
In 1992, Majid Al Futtaim founded his own company, the Majid
Al Futtaim Group, with the vision of creating extraordinary shopping and
entertainment experiences. His goal was to introduce a modern, world-class
retail experience to the region, making shopping not just about purchasing
goods but about enjoying unforgettable moments.
A Company That Transformed the Region
From its humble beginnings, Majid Al Futtaim’s company
quickly grew into a powerhouse, expanding into 20 international markets and
employing more than 45,000 people. The company introduced innovative concepts
in shopping malls, leisure, and entertainment, redefining how people shop, eat,
and spend their free time.
Innovative Shopping and Leisure Destinations
Majid Al Futtaim’s company is best known for developing some
of the most iconic shopping malls and entertainment hubs in the region. The
Mall of the Emirates, one of his most famous projects, is home to Ski Dubai, an
indoor ski slope that became a global attraction. Another major development,
the Mall of Egypt, opened in March 2017 and further expanded the company’s
influence.
A Legacy of Excellence
Majid Al Futtaim’s business success was driven by his
commitment to quality and innovation. His company owns and operates 29 shopping
malls, seven hotels, and four mixed-use communities. Every year, more than 600
million people visit his establishments, making them some of the most popular
destinations in the region.
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A Financial Powerhouse
Under his leadership, the Majid Al Futtaim Group grew into
one of the most respected privately held companies in the Middle East. By 2021,
the company’s assets were valued at $18 billion, and it held the highest credit
rating (BBB) among privately owned businesses in the region.
A Lifestyle Transformation
Since 1995, Majid Al Futtaim has shaped the way people
experience shopping, entertainment, and leisure. His developments provided more
than just a place to shop—they created destinations where families and friends
could come together and enjoy unforgettable moments. His company became a
pioneer in blending retail, hospitality, and entertainment into one seamless
experience.
A Man of Great Wealth and Influence
As a visionary entrepreneur, Majid Al Futtaim accumulated a
significant fortune. In September 2021, Forbes estimated his net worth at $4
billion, making him one of the richest individuals in the region. His company’s
success reflected his ability to anticipate market trends and invest in
projects that changed the retail landscape.
A Passion for Luxury and Lifestyle
Beyond his business empire, Majid Al Futtaim had a love for
luxury. He owned the Quattroelle, a stunning yacht built by Lürssen in 2013,
originally designed for billionaire Michael Lee-Chin. The yacht, operated by a
crew of 29, was a symbol of his refined taste and appreciation for exclusivity.
A Private but Influential Life
Majid Al Futtaim preferred to keep his personal life
private. He was married and lived in Dubai, where he oversaw the operations of
his vast business empire. His focus remained on expanding his company and
ensuring it continued to thrive long after his time.
His Lasting Impact
On December 17, 2021, Majid Al Futtaim passed away in Dubai,
leaving behind a legacy that will continue to shape the retail and real estate
industries. His company remains a leader in shopping malls, communities, and
entertainment, fulfilling his vision of bringing joy and convenience to
millions of people across the world.
The Next Generation Takes Over
Today, Majid Al Futtaim’s legacy lives on through his
family. His son, Tariq Al Futtaim, serves on the board of the company, ensuring
that the values and vision of his father continue to drive the business
forward. Majid Al Futtaim’s contributions have forever transformed the retail
and lifestyle industry, making him one of the most influential businessmen in
the Middle East.
Timeline for story
1934 – Majid Al Futtaim was born in Dubai.
1992 – Founded Majid Al Futtaim Group.
1995 – Began transforming retail and entertainment in the
region.
2005 – Opened Mall of the Emirates with Ski Dubai.
2017 – Opened Mall of Egypt.
2021 (Sept) – Net worth estimated at $4 billion by Forbes.
2021 (Dec 17) – Passed away in Dubai.
Present – His son Tariq Al Futtaim continues his legacy.
