The Dubai has a unique recent history though the area has been settled for thousands of years it wasn’t until oil was discovered in the 1960s that Dubai became a megalopolis for the world’s rich and famous. The Emirate also offers extremely relaxed tax laws to tempt international business moguls today it is the go-to destination for anyone with a business idea and money to burn. Today we are counting down the top 10 richest men in Dubai.
10. HUSSAIN SAJWANI
Hussain Sajwani is a real-estate entrepreneur with numerous holdings all over the Middle East and elsewhere. He is the chairman of Dubai based luxury real estate developer DAMAC properties which he founded in 2002 and for Sajwani business was in his blood both his parents were successful entrepreneurs.
His father was a trader with a shop at the local souk selling, watch Parker Pens, shirts and goods imported from China. Such money obtained a government scholarship and attended a medical college in Baghdad. After his first year, he left for the US and attended the University of Washington where he studied industrial engineering. Sajwani’s first job was as a financier for Abu Dhabi gas industries from there he started a catering business that worked exclusively with wealthy clients.
This is where he learned that Dubai was an up-and-coming destination with money to be made for the newly rich, he now owns a real estate conglomerate with unbelievably lavish offerings in London, Dubai, and Paris. Among others, these include a golf course designed by Tiger Woods and managed by the Trump Organization. Sarjwani’s wealth was over 4 billion but it has since sunk to a respectable 1.4 billion dollars making him the tenth richest person in Dubai in 2020.
9. SAIF AL GHURAIR
He is an Emirati businessman holding the 10th largest fortune of any to buy resident. The 96-year-old man has spent his entire lifetime amassing a huge business empire in a personal net worth of 1.7 billion dollars. Al Ghurair Group is one of the biggest conglomerates in Dubai and it has holdings and numerous businesses.
For example, the company represents major ventures and petrochemicals, packaging, metals, real estate, stock brokerages and more. Those familiar with Dubai will recognize two of Ghurair’s biggest real estate holdings the Reef mall and Burjuman Center together they represent two of the biggest malls in Dubai. They are anchored by brands such as H&M and Forever 21 and include such popular brands as Splash, Matalan, Brands For Less, Next and LC Waikiki. Ghurair got his start in finance with a bachelor’s degree in accounting at the Al Ain University. He’s gained many skillsets since then and shared the knowledge with his family, in fact, all six of his sons are integral members of his highly lucrative business.
8. SUNNY VARKEY
Sunny Varkey is the brains behind GEMS Education one of the largest private school operators in the world for students from playgroup to grade 12. Under Varkey’s leadership, the group transformed from a single school to an operator that oversees the education of 110 thousand students in 100 schools across 10 countries.
Mr. Varkey’s parents both teachers arrived in Dubai in 1959 to seek a better life for their family and what they found was a real need to educate children arriving in the city. From around the world, their son Sunny added a visionary’s ambition to a practitioner’s experience from simple roots in a family of teachers.
Gems education is today the largest privately owned International School provider educating over 100,000 students across the globe to provide quality education to everyone. Varkey is also a huge philanthropist and has donated more than 30 million dollars to provide education to those in need through a non-profit with the support of Bill Clinton and others but this is only a drop in the pale for the Dubai resident whose is worth 1.8 billion dollars.
7. ABDULLA FUTTAIM
Abdulla Futtaim is a remarkably wealthy businessman who grew up in Dubai. He built a multi-billion Durham fortune through selling Toyota cars, franchising Global brands such as Zara IKEA, Toys R Us, and Hertz as well as setting up shopping malls like Dubai Festival City and Cairo Festival City.
His massively successful AL-FUTTAIM group has holdings all over the world including in Kenya, Japan, and Morocco. Forbes said AL-Futtaim’s conglomerate was so large and profitable that it could account for up to 15% of Dubai’s gross, domestic products. His net worth is 2 billion dollars making him the eighth wealthiest person in Dubai. He ranks eighth in the list of richest men in Dubai.
6. RAVI PILLAI
Continuing the prolific trend of Indian men who moved to Dubai in search of greater opportunity Ravi Pillai had a string of failed businesses in India and Saudi Arabia. Before he finally took the plunge to the wealthy Arab emirate.
Pillai received an MBA in his home town in India and though he failed many times. This knowledge served him well as he launched RP Group a major Emirati conglomerate and one of the biggest employers in the Middle East with over 70,000 employees. Pillai has increased his business to many countries including the UAE, Qatar, and Bahrain. He is much interested in the construction, steel, cement and oil, and gas industries. This business offers Pillai a one-way ticket to a luxurious lifestyle. He has homes all over the world including a Penthouse and Trump Tower in Pune City.
He spent an unbelievable 7.5 million dollars on his daughter’s wedding. The wedding was organized by the production designer who worked on the film Bahubali, this makes it one of the most expensive weddings in history. But the cost of the wedding was negligible to Pillai who has a net worth of over 2.5 billion dollars. He ranks fourth in the list of richest men in Dubai.
5. MICKY JAGTIANI
Jagtiani is another Indian business magnate with an empire and Dubai. But his story is particularly international, Jagtiani was born in Kuwait and moved back to India with his family. He did his schooling in Madras Mumbai.
Before moving to London where he joined an accounting school from which he eventually dropped out here he worked as a taxi driver until the death of his brother. At this point, Jagtiani moved to Bahrain to take over his brother’s business that he turned into a baby product shop. When the Gulf War hit he moved to Dubai where he initiated the Landmark Group. Over the years the Landmark group expanded into fashion, electronics, furniture and budget hotels in the Middle East and Southeast Asia.
It employs around 45,000 people and has more than 1,000 stores across the Persian Gulf region, the Middle East and India. Unlike other Dubai billionaires who are close with the Trump administration, Jagtiani’s company suspended sales of all Trump-branded products in its stores after the US president made anti-Muslim remarks during his election campaign. He is currently worth more than 2.5 billion dollars making him the fifth richest man in Dubai.
Dr. Bhava Gupta Raghu Ram Shetty set foot in the sands of UAE for the first time back in 1973 in underdeveloped Abu Dhabi. This was the beginning of the journey to care for more than a million patients and a never-ending commitment to bring healthy habits to the region it all began with a few dirhams in his pocket.
A degree in clinical pharmacy and an insatiable hope and ambition, the Indian born businessman started the company Neo Pharma when he was a young man. But this was only the first of his many ventures, he then founded UAE exchange to find a way for Emirates citizens to send money back to their respective home countries.
These are enormously profitable but his biggest asset is London listed NMC health one of the UAE’s largest hospital chains with numerous investments all around the world. B.R Shetty’s worth is 3.15 billion dollars and his fortune is growing every year and he doesn’t spend his caste wealth on himself. He supports many medical facilities around the world including the special care center in Abu Dhabi and the Cancer Foundation run by Pakistan Prime Minister Imran Khan among others. He ranks sixth in the list of richest men in Dubai.
3. MAJID AL FUTTAIM
Majid al Futtaim is the richest man in Dubai with an astounding fortune of 3.5 billion dollars. His eponymous business usually shortened to MAF has 10.6 billion dollars in annual revenues and is making more every single year.
MAF owns and operates 12 hotels and 22 malls including Mall of the Emirates in Dubai and the Mall of Egypt in Cairo. The company worked in 13 countries including UAE, Lebanon, Egypt Saudi Arabia, Oman, Kuwait, Qatar, Jordan, Pakistan, Iraq, Armenia, and others. Unlike some of his Emirati rivals, Futtaim focuses on entertainment such as cinemas and concerts this diversification helped boost his portfolio to new heights.
He also has a stake in the fashion world with exclusive licensing rights for fashion brands such as Abercrombie & Fitch, Lululemon, and Athletica. He also owns a monster 250 million dollars mega yacht the ship is 139 meters long and can accommodate 16 guests in 8 staterooms the yacht has a crew of 29 and plenty of room Al-Futtaim to entertain guests for weeks on end. He ranks first in the list of richest men in Dubai.
2. M.A YUSUF ALI
By now you may have noticed a trend Yussuf Ali was born in India but made all his riches in the United Arab Emirates. He is the chairman and Director of Lulu Group International which owns the Lulu Hypermarket worldwide and Lulu International shopping mall with annual revenue of 7.4 billion dollars. He ranks at the second position of Richest Men in Dubai.
Ali has many toys from luxury cars to helicopters but he is also renowned for his philanthropy. Yussuf Ali is very closely involved in many social charitable and humanitarian activities both in India as well as in the Arab states of the Gulf. Recently the Lulu group joined hands with Dubai Cares and adopted schools in Gaza and Nepal. Yussuf Ali contributed and took initiative to open a multi-faith funeral center for the Indian community in Sharjah that spread across 8.3 acres.
He also took the initiative to sell and promote organic products grown by the special needs community in UAE through blue glue hypermarkets then this year Ali received a distinct honor from his newfound home. He was both proud and humbled after receiving the UAE’s first golden card granting him permanent residency in the country in which he is built an empire. His net worth is 3.6 billion USD.
1. ABDULLA AL GHURAIR
ABDULLA AL GHURAIR is the Richest Men in Dubai 2020. The mega-billionaire founded Mashreq Bank in 1967 one of the UAE’s leading banks. He remains chairman and his son Abdul Aziz is CEO.
He is also the founder of Al Ghurair a United Arab Emirates-based family-owned conglomerate it owns the UAE’s largest Flour Mill, a commodities trader, a water company, an animal feed producer as well as hotels, apartments, and a Dubai shopping mall.
He also has stakes in the National Cement Company among many other ventures like every other billionaire on the list Ghurair has his hands and numerous businesses around the emirate. His net worth is 3.7 billion dollars. He still commands respect around the UAE, his lifetime of hard work has cemented him as the second richest man in Dubai. He ranks second in the list of richest men in Dubai.
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