Third richest Arab billionaire Majid Al Futtaim passes away

DUBAI: The Founder of Majid Al Futtaim Holding and the third richest Arab billionaire Majid Al Futtaim passed away on Friday.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai paid tribute to Futtaim on Twitter, hailing UAE businessman as “one of Dubai’s most important” business leaders.

رحم الله أخونا ماجد الفطيم، رجل الأعمال المبدع ، وأحد أهم تجار دبي وكبار رجالاتها …
وصاحب عطاء للوطن وخير لا ينقطع .. آخر قراراته كان توظيف ٣٠٠٠ مواطن … رحمه الله وأسكنه فسيح جناته وألهم أهله وذويه الصبر والسلوان .. آمين pic.twitter.com/BZKtRrdRds

— HH Sheikh Mohammed (@HHShkMohd) December 17, 2021

His Highness Sheikh Mohammed noted that one of Al Futtaim’s most significant announcements recently was his decision to hire 3,000 Emiratis over the next five years.

Yusuffali M.A., Lulu Group chairman and managing director, said the demise of Majid Al Futtaim was a “great loss”.

“A true visionary and inspiration for the entire business community. He played a very key role in many business sectors, especially in the growth of retail sector in UAE and the region. Great loss indeed.”

Al Futtaim founded Majid Al Futtaim Holding in 1992. It expanded across the Mideast with malls and other ventures. It also runs over 300 Carrefour supermarkets and hypermarkets across Africa, Asia and the Middle East.

Its showpiece mall, the Mall of the Emirates, is a major attraction in Dubai and is home to the indoor ski slope.

Al Futtaim, who ranked as the third richest Arab billionaire in 2021 and shared his fortune with his family, had an estimated net worth of $4.2 billion as of December 17, 2021, according to Forbes.