ArabianBusiness.com - Middle East Business News
Monday, 23 September 2019 14:19 UAE time
 
20#  Majid Al Futtaim  - picture not available
20# Majid Al Futtaim

Net Worth: US$ 4.1 Billion
Country of Residence: United Arab Emirates
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Majid Al Futtaim has quite simply changed the face of shopping, entertainment and leisure in the Middle East. The man who introduced shopping malls and hypermarkets to the region, Al Futtaim has built an empire that stands tall even despite the current downturn and resultant belt-tightening on show across the Gulf.

Al Futtaim established the Majid Al Futtaim Group in 1992, and today it is divided into five businesses: MAF Properties, MAF Trust, MAF Retail, MAF Ventures and MAF Projects.

The man is famous for building some of the Emirates' largest shopping malls and leisure centres, which have acted as a magnet for both consumers and retail businesses, and attract over 120 million visitors each year. Al Futtaim opened his first shopping mall in 1995, City Centre in Dubai, and they are now dotting the region's map from Oman to Alexandria in Egypt.

The Mall of the Emirates in Dubai opened in September 2005 and is one of the largest shopping resorts outside of North America. The 223,000 sq m centre is home to over 400 retailers and 65 restaurants as well as the five-star Kempinski, a hotel which offers 400 rooms, a host of licenced restaurants, tennis court, swimming pools and spas.

As well as owning and operating Mall of the Emirates, the company holds a majority stake in a retail franchise business with Carrefour.

Al Futtaim is also responsible for Bahrain City Centre, the first leisure and shopping destination in the Kingdom of Bahrain, which has provisions for more than 300 stores. It includes the only indoor/outdoor water park in the region and one of the largest cinemas in the Middle East, and opened in September last year.

Al Futtaim currently has a number of projects under construction. His development arm, MAF Development is responsible for The Wave in Muscat.

A joint project with the Government of the Sultanate of Oman, this multi-use scheme occupies a beachfront location of more than 7km in width, covering a total area of more than 200 hectares.

Meanwhile, the group announced last month that Mirdif City Centre is on track for a March 16, 2010 launch.

Over 90 percent of its retailers are on schedule to open their stores for business on the first day the mall opens. The company said that the total construction of the building is now 94 percent complete with over 95 percent of the mall leased out.
 

 

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