According to Forbes, we looked at three of the richest individuals in the UAE. In this article, you will find out who they are and how they accumulated their impressive fortunes.
The income of the developer Damac Properties in 2015 reached $2.3 billion, more than half of this amount was net profit. Since its founding in 2002, the company has built 27,500 apartments, with plans for another 40,000 in the UAE and even London.
Such stunning results for the first time brought Sajwani into the ranking of the richest people in the world. A 72% stake in Damac Properties, as well as stakes in other projects, placed him 527th on the list of richest people with an income of $3.2 billion.
New horizons opened up for the businessman in 2001 when the UAE government allowed foreigners to purchase property in the country. He started selling expensive real estate and realized how he could beat his competitors using advertising.
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To attract clients from China, Damac Properties used a company that provides air tickets, hotel, and visa services to Chinese people wishing to purchase real estate in the UAE.
Damac Properties cooperates with the brands Versace, Fendi, and Bugatti – the company builds apartments with designs from fashion houses.
The company has built more than 27,000 homes worldwide, and Sajwani himself has expanded his influence into other industries, acquiring Italian fashion house Roberto Cavalli in 2019, as well as jewelry company De Grisogono in 2022.
The journey of his success began in an unexpected setting – his family’s involvement in pearl fishing. Over time, this modest enterprise evolved into a vast empire encompassing cement, flour, and sugar factories. Additionally, the family business diversified into food production, notably pasta under the Jenan brand.
Abdullah Al Ghurair donated 4.2 billion dirhams, which is more than $1 billion, about a third of his entire fortune, to the Abdullah Al Ghurair Education Foundation he created.
Abdula Al Futtaim is the owner of the Al Futtaim Group. This is one of the largest companies based in the United Arab Emirates. The company includes 43 various branches and subsidiaries.
The focus of the branches: automobiles, electronics, retail, insurance, industry, real estate. The company is a representative of such brands as Toyota, Lexus, Chrysler, IKEAIKEA, IBM, Toshiba, Panasonic, Alcate, Hertz, Kolber. Al Futtaim Group produces 15 percent of Dubai’s GDP.
Abdul al-Futtaim is one of the richest people in Asia. He inherited his fortune from his father. He currently lives with his family in Dubai, UAE.
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In 2000, Abdul al-Futtaim created his own conglomerate, which was focused on the sale of cars and retail. Abdul al-Futtaim’s companies are distributors of such brands as IBM, Ikea, and Toyota. His companies are also involved in real estate.
Abdul al-Futtaim plays a leading role in the construction of the Dubai resort. Construction is expected to be completed by 2015. The cost of the project is estimated at $15 billion.
This year, Forbes did not include the following billionaires from Saudi Arabia in the ranking of the world’s richest people (the assessment of the businessman’s wealth is based on last year):
The prince is chairman of Kingdom Holding, which has investments in taxi service Lyft, social network Twitter, financial conglomerate Citigroup, and the Four Seasons hotel chain.
The sheikh is a shareholder in a Swedish oil refinery, a gas station chain in Saudi Arabia, and an Ethiopian conglomerate involved in gold mining, construction, and agriculture.
The company he founded, Almarai, which produces dairy products, is one of the largest in the Middle East.
His company, Assila Investments, owns stakes in a hotel chain, a bank, and a manufacturer of kitchen appliances.
The businessman is the founder of the Dallah Al-Baraka conglomerate, which is involved in real estate, food production, and medical care.
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Together with his brothers, the businessman created Al Rajhi Bank, one of the largest Islamic banks in the world.
The real estate empire built by three brothers includes 19 shopping centers.
A businessman invests in real estate.
