According to the Forbes annual billionaires list, United Arab Emirates (UAE) now has the highest number of Arab billionaires. 7 richest billionaires in the UAE made into the Forbes magazine’s billionaire list this year compare to 5 billionaires last year.
With seven billionaires, UAE becomes the highest number of Arab billionaires in the world, followed by Egypt with six billionaires. Nassef Sawiris, the Egyptian billionair, becomes the richest Arab with net worth of $6.6 billions. Nassef replaces Prince Al Waleed Bin Talal as the richest Arab in the world because Prince Al Waleed Bin Talal including all 10 Saudia Arabia’s billionaires were removed from the list due to falling fortunes or political headwinds.
According to the Forbes list which was published on Tuesday, Amazon chief Jeff Bezos is now the world’s richest person. Microsoft owner and the founder of Melinda & Gates foundation, Bill Gates is now slipped to second place in the list.
List of Richest Emirati Billionares
So here is the list of richest Emirati billionares with the details of their net wealth and their global ranking.
Wealth: $5.9 billion
Global ranking: 296
Abdulla Al Ghurair is the founder of Mashreqbank. Abdulla Al Ghurair founded MashreqBank in 1967 and now it has become the leading bank in UAE. Now he is the chairman of the bank with son Abdul Aziz is the CEO of the bank. His family’s holding company has investments in food, real estate and construction. Al Ghurair Foods has the biggest pasta factory in the Middle East. His construction company did the exterior cladding of Burj Khalifa and helped to build the Dubai Metro.
Wealth: $4.6 billion
Global ranking: 456
Majid Al Futtaim with the wealth of $4.6 billions claimed the second position as the richest Arab in the UAE. He is the founder of Majid Al Futtaim Group. His group operates 12 hotels and 21 shopping malls including Mall of Emirates in Dubai and the Mall of Egypt in Cairo. Also the company owns the license to operate Carrefour across the Middle East, North Africa and Central Africa. The group had $8 billion in revenues and $760 million in profits in 2016.
Wealth: $4.1 billion
Global ranking: 527
Hussain Sajwani with the wealth of $4.1 billion is the third richest billionaire in the UAE. He is the founder and the chairmain of Damac Properties. Before he founded DAMAC Properties in 2002 he was in the food services business and was catering to the US military and construction giant Bechtel. After Dubai allowed foreigners to own property in 2001, Hussain Sajwani entered into real estate industry and sold units in a residential building in less then 6 months. DAMAC Properties and Hussain Sajwani is known for his marketing strategies like offering free Lamborghinis to the property buyers. In 2013, DAMAC Properties teamed up with Donald Trump to build two golf courses in Dubai.
Wealth: $3.3 billion
Global ranking: 703
Abdulla Al Futtaim is the fourth wealthiest billionaire in the UAE. He is the cousin of Majid Al Futtaim and the owner of the Al Futtaim Group. His son Omar Al Futtaim is the Vice Chairman of the company. Al Futtaim became the exclusive distributor of Toyota in UAE in 1955 and now has the 30% share of the auto market. The group also owns the malls including Dubai Festival City and Cairo Festival City. Al Futtaim also has the license to operate Hertz, IKEA, Zara and Toys “R” Us in UAE.
Wealth: $2.7 billion
Global ranking: 887
With the wealth of $2.7 billion Saeed Bin Butti Al Qebaisi is the fifth richest billionaire in the UAE. He is the chairman of the Centurion Investments based in Abu Dhabi. The company is known for its investments in healthcare, retail and the money exchange business. Saeed Bin Butti Al Qebaisi’s main investment is in largest healthcare firm in the UAE, NMC Healthcare. NMC healthcare is based in UK and runs hospitals and clinics in many countries. Saeed Bin Butti Al Qebaisi also has the partnership with Khalifa bin Butti Al Muhairi, which include joint stakes in Travelx and UAE Exchange.
Wealth: $1.9 billion
Global ranking: 1,284
Brother of Abdulla Al Ghurair and the founder of Al Ghurair Group is now the sixth wealthiest billionaire in the UAE. Al Ghurair Group is working in banking, steel and packaging industries. Saif Al Ghurair also has shares in Mashreqbank and in National Cement Company. Nippon Steel & Sumitomo Metal, one of the world’s biggest steel producers, has a minority stake in Al Ghurair Steel. His company Taghleef Industries is one of the world’s largest manufacturers of polypropylene films, used in food packaging and lamination.
Wealth: $1.5 billion
Global ranking: 1,561
Like his partner Saeed Bin Butti Al Qebaisi, Khalifa Bin Butti Al Muhairi has major investments in healthcare, Retail and money exchange industry. Khalifa bin Butti Al Muhairi is the chairman of KBBO Group and board manager of NMC Healthcare. He has the large number of shares in UK based NMC Healthcare which was founded by another billionaire B.R. Shetty. Al Muhairi also has stakes in UAE Exchange which handles $26 billion in remittances annually. Also have stakes in UK based money exchange Travelx. He has partnered with billionaire Saeed Bin Butti Al Qebaisi to make investments through Infinite Investment and Centurion Partners.