Leading the 10 richest in Dubai is Majid Al Futtaim
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Five Indian-origin businessmen are among the 10 richest in Dubai. According to moneyinc.com, starting with Ravi Pillai with $4.2 Billion who is third on the list, the others are M.A Yusuff Ali – $3.7 Billion (No 4), Micky Jagtiani – $3.1 Billion (No 5), B.R. Shetty – $2.6 Billion (No 6) and Sunny Varkey – $2.6 Billion (No 7).
Leading the 10 richest in Dubai is Majid Al Futtaim. The moneyinc.com quotes Startuptalky to point out that Majid Al Futtaim is the richest person in Dubai, with a net worth of $6.2 billion. He is the chairman and founder of the Majid Al Futtaim Holding (MAF), a well-known entertainment conglomerate. He has investments in real estate projects, car distribution, leisure, and entertainment.
Following him is Abdulla bin Ahmad Al Ghurair with a net worth of $4.9 Billion. An Emirati billionaire businessman, Al Ghurair and his brother Saif Ahmad Al Ghurair founded Mashreq bank, which is today one of the leading banks in the United Arab Emirates. He increased his net worth by earning a huge salary as the bank’s Chairman but later stepped down in October 2019. His eldest son, Abdul Aziz, is the current CEO of the bank and chairman of Al Ghurair investment.
Ravi Pillai comes next. A Dubai-based Indian billionaire businessman and the founder of RP Group, Pillai was born in a family of farmers in a coastal town in Kollam. He started a small trading business by partnering with a local farmer and established Nasser S. Al Hajri Corporation (NSH) with 150 employees two years later. RG Group is a multinational conglomerate employing more than 70,000 employees across its business. This includes RP Mall at Kollam City and Shopping Mall in South Kerala.
Five Indian-origin businessmen are among the 10 richest in Dubai:
Ravi Pillai with $4.2 Billion (No3)
M.A Yusuff Ali – $3.7 Billion (No 4)
Micky Jagtiani – $3.1 Billion (No 5)
B.R. Shetty – $2.6 Billion (No 6)
Sunny Varkey – $2.6 Billion (No 7)
Next in line is the well-known M.A Yusuff Ali with $3.7 Billion. A UAE-based Indian businessman and billionaire, according to Webbspy, Ali achieved his $3.7 billion net worth as the Managing Director and Chairman of Lulu Group International. He is the owner of the Lulu International Shopping Mall and the Lulu Hypermarket chain worldwide. Under his leadership, the company has been able to increase its operations over the past few years extensively and now has interests in both food and non-food categories. Lulu Group International currently employs the largest number of Indians living outside India. In 2006, he started his large business investments in India by launching the Lulu Convention Centre. In 2013, Yusuff Ali bought 5% of the Catholic Syrian Bank (CSB) and about 5% of the Dhanlaxmi Bank.
Following M.A Yusuff Ali is Micky Jagtiani with a net worth of $3.1 Billion. Mukesh Wadhumal Jagtiani is an Indian billionaire businessman who is the owner and chairman of Landmark Group. In 1973, Jagtiani relocated to the United Arab Emirates. After spending a decade running his deceased brother’s shop in Bahrain, he decided to expand his operations by opening six additional shops. At the start of the Gulf War, Micky relocated to Dubai, where he founded the Landmark Group, an Indian multinational conglomerate.
B.R. Shetty with a net worth of $2.6 Billion is No 6 in the list. An Indian-born businessman who is the founder and a shareholder in several major companies, including BRS Ventures, NMC Health, Finablr, and Neopharma, situated in the United Arab Emirates. Shetty has been actively involved in advertising, hospitals, financial services, pharmaceuticals, retail, and information technology. In 1973, he was appointed as the country’s first medical representative and later launched the New Medical Centre Health in 1975. In 2016, B.R. Shetty announced that he was building the first medical university in Abu Dhabi. Due to his involvement in the health sector, he was awarded several awards like the 2011 Asian Achievers Award, 2012 Global Indian of the Year, and 2017 Annual Health Awards. In May 2018, Shetty was listed among the top Indian Leaders in the Arab world.
Last on the list is Saif Al Ghurair – $1.7 Billion, an Emirati billionaire businessman and the founder of Mashreq Bank, one of the country’s most successful companies
At the seventh spot is Sunny Varkey with a net worth of $2.6 Billion, An Indian-born, Dubai-based education entrepreneur, billionaire, and philanthropist, Varkey is the executive chairman and founder of the Global advisory and Educational Management firm, GEMS Education, which is an international education company. GEMS Education is also the largest operator of private kindergarten schools worldwide, with more than 80 schools in seven countries. Sunny’s family moved to Dubai when he was three years old.
Others in the list are Abdulla Futtaim – $2.5 Billion. Al Futtaim is an Emirati billionaire businessman and founder of the Al-Futtaim Group, a large conglomerate based in Dubai, UAE. Al-Futtaim Group employs more than 44,000 people and mainly operates in electronics, industries, automotive, real estate, insurance, services, retail, and overseas.
Following him is Hussain Sajwani – $2.1 Billion, another Emirati billionaire businessman and the CEO of DAMAC Properties, which is a real estate development company. Hussain’s success story began after leaving school at fourteen to work as a mechanic. He later obtained a government scholarship and attended a medical college in Baghdad. Sajwani started his career in the finance department of Abu Dhabi Gas Industries in 1981. He launched DAMAC Properties in 2002, which has grown to be one of the largest property development firms in the Middle East. Since its establishment, the company has delivered more than 27,000 homes.
Last on the list is Saif Al Ghurair – $1.7 Billion, an Emirati billionaire businessman and the founder of Mashreq Bank, one of the country’s most successful companies. Mashreq Bank was founded in 1961 and has a loyal customer base of more than 500,000. Ghurair is also the CEO of the Dubai-based Al-Ghurair Group, one of the largest manufacturing and real estate companies in the United Arab Emirates.
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