2 indian selfmade billionaires among richest in gulf
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

2 Indian self-made billionaires among richest in Gulf

Arab Today, arab today

Arab Today, arab today 2 Indian self-made billionaires among richest in Gulf

Micky Jagtiani, Chairman of Landmark Group
DUBAI - Arab Today

At least two expatriates in the UAE who are from India are among the richest self-made billionaires in the Gulf Cooperation Council (GCC) region, according to a new report.

Yusuff Ali M.A., the owner of one of the ubiquitous retail brands in the UAE, Lulu Hypermarket, and Micky Jagtiani, the success behind Landmark that runs a number of retail stores, have been included in the list of top ten richest people in the Gulf by China-based Hurun Research Institute. 

Both entrepreneurs from India, with a combined net worth of $10.8 billion (Dh39 billion) are based in the UAE.

The institute’s first ever study of self-made billionaires from the Gulf  also showed that Dubai is home to the highest number of people who have become billionaires through their own efforts, making it the most preferred destination for the Gulf’s ultra-rich.

There are now 12 individuals with at least $1 billion in fortunes living in Dubai, the highest in the Gulf Cooperation Council (GCC) region

he billionaires’ club in the emirate is dominated by UAE nationals, although it also includes Jagtiani from India.

Dubai is followed by Jeddah with four billionaires, and Abu Dhabi, Riyadh and Muscat with three each.

Across the Gulf, the self-made billionaire population has reached 27 individuals, with combined fortunes hitting $84 billlion, and per capita wealth reaching $2.2 billion, up 10 per cent year on year. While only 27 billionaires from the Gulf have been documented so far, it is likely that the actual number is now close to 100.

“If we managed to find 27 self-made billionaires, you can be sure there must be close to 100 self-made billionaires in the Gulf, since for every one that we have found, we have missed at least two if not more," said Rupert Hoogewerf,  chairman and chief researcher of Hurun Report.

By country, the UAE topped the list with 16 billionaires, followed by Saudi Arabia with seven billionaires and Oman with three billionaires.  So far, only one billionaire has moved out of the region, Mahdi Al-Tajir, 75, who has a net worth of $1.8 billion and now lives in the United Kingdom

Here’s a quick look at some of the self-made billionaires in the Gulf:

Majid Al Futtaim
Founder of Majid Al Futtaim Group who brought to Dubai the Mall of the Emirates, Carrefour hypermarkets and Egypt, the first indoor ski inside a mega shopping complex
Net worth: $13 billion


Mohammed Al Amoudi, 70
 A billionaire from Ethiopia. He first made a lot of money from construction and real estate. He later ventured into the petrol industry through the acquisition of oil refineries in Sweden and Morocco. His most valuable asset? His oil refiner called Preem, said to be the largest fuel company in Sweden.
Net worth: $8.1 billion


MA Yusuff Ali, 61
He is the man behind one of the ubiquitous grocery brands in the UAE, the LuLu Hypermarket operated by his company Emke Group. The “retail king” has also invested $300 million to build a mall, hotel and convention centre in India.
Net worth: $6.2 billion


Mohamed Bin Issa Al Jaber, 57
The owner of MBI Group has a number of premium and budget hotels in his portfolio.  A Unesco special envoy, through his foundation, Al Jaber has organised support for restoring Mali's cultural heritage including mosques and old Muslim manuscripts
Net worth: $6.2 billion


Sulaiman Al Rajhi & family, 96
Sulaiman owns Al-Rajhi Bank, the largest Islamic Bank in the world. Al Rajhi has moved a portion of his stake in the bank to an endowment that bears his name and donated the bulk of his fortune to charity, funding anti-hunger efforts and education in Saudi Arabia. Another co-founder of the bank, Abdulla Al Rajhi makes the list.
Net worth: $4.9 billion


Micky Jagtiani, 64
The Dubai-based billionaire is the founder of Landmark Group. In 2015, after Donald Trump made anti-Muslim remarks, Dubai’s Landmark Group suspended sales of all Trump-branded products.
Net worth: $4.6 billion


Hussain Sajwani, 63
The owner of Damac has been promoting properties to foreigners, who are allowed to own apartments in the emirate.  Sajwani had earlier collaborated with US president Donald Trump to set up two golf courses in the UAE. In mid-February, the Trump International Golf Course Dubai opened at Damac's Akoya development, while the Trump World Golf Course, which is in another development, is expected to open next year.
Net worth: $3.5 billion


Abdullah Al Futtaim 
The businessman is the cousin of Majid, and runs Al Futtaim Group, a leading car distributor and owner of an insurance company

source : gulfnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

2 indian selfmade billionaires among richest in gulf 2 indian selfmade billionaires among richest in gulf

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

2 indian selfmade billionaires among richest in gulf 2 indian selfmade billionaires among richest in gulf

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday