Even though Dubai is situated in a conservative Middle Eastern country like the UAE, it has an open culture that attracts businesses globally. That is why the richest people living in Dubai are not only from the Emirates, but from other countries as well. According to a Wealth-X and UBS report, Dubai is home to more than 30 billionaires — by far the most of any Middle Eastern city. But a more recent and comprehensive list from Forbes only lists seven Dubai residents in the world’s billionaire club as of 2018. Here are top 10 richest people in Dubai.
Sheikh Ahmed Bin Saeed Al Maktoum
Net worth: $12 billion in 2018
Source of wealth: Real Estate
Having taken birth in the royal family as the son of Dubai’s former ruler- Sheikh Saeed bin Maktoum Al Maktoum, Sheikh Ahmed Bin Saeed Al Maktoum has taken the country’s financial industry and the aviation industry to new heights with the best strategies. He is the President of the Department of Civil Aviation; Chairman and CEO of The Emirates Group and Chairman of Dubai World and Dubai’s investment wing. He is well known for bringing a drastic change in the UAE’s aviation industry by converting Emirates from a simple regional airline into the world’s largest airline by the international passenger traffic. The credit of launching the low budget Fly Dubai airline and creating airport Terminal 3 which has become the world’s largest air terminal goes to him. Ahmed is ranked at No.4 in the list of top 10 richest politician of UAE.
Majid Al Futtaim
Net worth: $10.9 billion in 2017
Source of wealth: Real estate, retail
Global rank: 125th richest billionaire
Owner of the Majid Al Futtaim Holding Group founded in 1992, Majid Al Futtaim is the brother of fellow Dubai billionaire Abdulla Al Futtaim. The Majid Al Futtaim Holding has revolutionized the whole concept of shopping, entertainment in the UAE and has powerful establishments to his credit such as City Centre and Mall of Emirates, Carrefour. The company also has a license to operate hypermarkets for French company Carrefour across the Middle East, North Africa, and Central Asia.
Abdulla bin Ahmad Al Ghurair
Net worth: $6.8 billion in 2018
Source of wealth: Diversified
Global rank: 296
Born into a successful business family, Ahmad Al Ghurair accumulated much wealth after he founded Mashreqbank in 1967. He is the chairman of Mashreqbank, one of the leading banks in the UAE. He also owns Al Ghurair Foods which has the biggest pasta factory in the Middle East. He also has interests in retail and construction. About one-third of his assets is donated to a new charity, the Al Ghurair Foundation for Education.
M.A. Yusuff Ali
Net worth: $5 billion in 2017
Source of wealth: Diversified
Called the retail king of the Middle East, M.A. Yusuff Ali earns in billions from his LuLu Group. With an array of 133 stores, the company has expanded overseas to Malaysia, Indonesia, Egypt, India and the Gulf. His new projects also include one in Kerala. Apart from a 50% stake in Sheraton hotel in Muscat, he also owns Dubai’s first Steigenberger hotel, and the Scotland Yard Hotel in London. His company has teamed up with Dubai Cares to adopt schools in Nepal and Gaza.
Micky Jagtiani
Net worth: $4.5 billion in 2017
Source of wealth: Diversified
The retail magnate in the Middle East, Micky Jagtiani used to drive taxis in London. Eventually he migrated to Bahrain and started a baby products shop in 1973. Later he established Landmark Group, which has its headquarter in Dubai. Landmark has over 2,200 stores in India, Africa and the Middle East. Today his business has expanded into budget hotels, furniture and fashion too. He runs his business in Southeast Asia and the Middle East. Today Jagtiani is not only one of the richest Indians in the world but also one of the top 10 richest people in Dubai. His Landmark International Foundation of Empowerment (LIFE) supports underprivileged children through healthcare and schools.
Hussain Sajwani
Net worth: $3.7 billion in 2017
Source of wealth: Real estate
Global rank: 501
The Dubai-based luxury real estate developer Hussain Sajwani founded Damac Properties in 2002. Before shifting to real estate, Sajwani began his career in food services, where he catered to the U.S. military and large construction companies. After the country made it easier for foreigners to own real estate in Dubai, Sajwani moved to real estate. Damac Properties partnered with Donald Trump in 2013 and developed two Trump golf courses in Dubai. He is the prominent and promising leader of Damac Holding which has begun as the catering company and has also grown as one of the largest private sector organization in complete Middle East as such.
Ravi Pilai
Net worth: $3.6 billion in 2017
Source of wealth: Real estate
Another Keralite who migrated to the Emirates and ranks among the top 10 richest people in Dubai is Ravi Pillai. He started his business in the Emirates in 1979, with the help of a local partner who invested in his venture. Eventually he built RP Group of Companies. Today he is one of the largest employers of Indian talents in the Middle East. With a net worth of $3.6 billion Ravi Pillai has indeed made it big from the scratches and emerged as a top player in real estate.
Abdullah Al Futtaim
Net worth: $4.1 billion in 2018
Source of wealth: Auto dealers, investments
Global rank: 427
Businessman and investor Abdulla Al Futtaim is the owner and operator of the Al Futtaim Group, which is a managing force behind many of the world’s most famous brands. It is a huge conglomerate that sells Toyota and Honda vehicles in the country. The group also has a license to operate brands like Toys “R” Us, Ikea, Hertz and Zara in the UAE.
Saif Al Ghurair
Net worth: $2.1 billion in 2017
Source of wealth: Diversified
Global rank: 973
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. Also he is one of the board members of Dubai Chamber of Commerce, Industry’s Economic Board and the Dubai Executive Council. Saif Al Ghurair belongs to an old merchant family in Dubai, which initially harvested pearls from the Arabian Gulf. During a boat trip to India in the 1930s, Saif met with a storm that left him blind in one eye.
Mohammad Al Rashid Alabbar
Net worth: $76 million in 2017
Source of wealth: Real Estate
Being at the chairman position of Emaar Properties, he is also one of the richest men in UAE. He has made some of the class architectures which include the world’s tallest building-Burj Khalifa. This shows how influential this person is. He is the man behind talking of the lifestyle and the landscape to the next level in the UAE. He is the leader of around 60 properties under the name Emaar.
