The son of Khalad Al Habtoor, the investor, business tycoon, CEO and vice-chairman of the Al Habtoor Group. The Al Habtoor Group is one of the largest corporations around the UAE. Mohammed Khalaf Al Habtoor was born in one of the biggest business families in Dubai. In this article, we list the top 25 richest people in Dubai with a net worth above a billion USD. The richest and wealthiest people around the globe call Dubai their second home.
Who are the top 10 richest people in Dubai?
In the list of richest persons in the world Hussain stands at 962nd number. Abdulla 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 divisions such as; electronics, industries, automotive, real estate, insurance, services, retail, and overseas. In 1967, Abdulla bin Ahmad Al Ghurair founded Mashreqbank, which has since grown into one of the leading banks in the United Arab Emirates.
Founder – Media.net
Hussain Sajwani is the founder and chairman of DAMAC Properties – a real estate development company. He was awarded the Arabian Business Real Estate Award along with the title of the Real Estate Legend. DAMAC Properties is counted among the leading companies of real estate which have directed the development of multiple large scale projects, and luxurious property across Europe and UAE. Bavaguthu Raghuram Shetty, the founder and acquirer of the United Arab Emirates companies accommodating Abu-Dhabi based NMC Health, BRS Ventures, Neopharma and Finablr. B.R Shetty is an Indian-born businessman who is counted among the top businessmen in Dubai.
Though he might be best known for his political and monarchical identities, he made most of his money as a real-estate developer as well as his family’s robust holdings. It’s hard to establish a firm line between government assets and the Al Maktoum family’s wealth, but there’s no doubt that Al Maktoum helped make Dubai into the city it is now. According to Forbes, Bernard Arnault is the wealthiest man in the world. The Indian entrepreneur, Azad Moopen works in the healthcare, physician and philanthropic field. He has developed some great health care facilities in the Asia-Pacific region. He is ranked 6th among the top 100 Indian Leaders in UAE, by Forbes.
Among all the rich men in Dubai, Sunny Varkey ranks seventh and is the wealthiest individual with a net worth of $2.5 billion. An Indian-born billionaire, he runs over 250 K-12 schools worldwide. B.R. Shetty is the founder of NMC Health, BRS Ventures, Neopharma, and Fnablr, and is the sixth richest person in Dubai with a net worth of $2.6 billion in 2023. In 2018, he joined the Giving Pledge which provides commitment to donate half of his wealth to charitable causes.
In June 2021, Hussain Sajwani resigned as the Chairman of DAMAC Properties and agreed to privatize the company. 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. Al Ghurair was born in 1924 and is the eldest of the five sons of Ahmed Al Ghurair. The study firmly places Dubai in the top 50 ranking of the world’s wealthiest cities, claiming the 21st spot.
Dubai – Durov is the youngest billionaire in the UAE, region
It continues to attract individuals with substantial wealth to its shores, while also fostering an environment conducive to the growth of startups and established enterprises alike. Notably, more millionaires reside in Dubai than in cities such as richest man in dubai Osaka, Munich, Vancouver, or Madrid. Dubai, a gilded metropolis synonymous with luxury and excess, is a playground for the world’s ultra-wealthy.
- Lubna Khalid Ali Qasimi is the first woman ever to serve as a minister in the United Arab Emirates.
- Born to Indian expatriate teachers who settled in Dubai in 1959, Sunny Varkey leads GEMS Education, renowned as the largest operator of K-12 schools globally.
- In 1967, Abdulla bin Ahmad Al Ghurair founded Mashreqbank, which has since grown into one of the leading banks in the United Arab Emirates.
- Since its establishment, MAF has grown to be one of the largest firms in the United Arab Emirates.
- He is ranked 6th among the top 100 Indian Leaders in UAE, by Forbes.
Yusuff Ali Musaliam Veettil Abdul Kader (M.A Yusuff Ali) is a very popular Indian billionaire and businessman. He is the managing director and chairman of LuLu Group International, the very popular Group of Industries that includes LuLu International Shopping Mall and LuLu Hypermarket chain across the world. We all strive to become rich, wealthy to live the life we have ever dreamt of. As the statement above states, rich people don’t spend their money to show-off at the inception, they first accumulate the wealth and then spend it for their entire life. He has investments in real estate projects, car distribution, leisure, and entertainment. Since its establishment, MAF has grown to be one of the largest firms in the United Arab Emirates.
Saeed Bin Butti Al Qebaisi has an investment partnership with a prominent billionaire, Khalifa Bin Butti Al Muhairi. In the listing of 2017 by Forbes, Lubna Khalid Ali Qasimi is the 36th most popular women in the world. Moreover, she was honoured as the Dame Commander of the Most Excellent Order of the British Empire in the year 2013.
Al Muhairi, who also has investments in the healthcare industry, saw his net worth slip from $1.5 billion to $1.2 billion. It attracts some of the richest individuals from around the world, who often consider it a second home. However, in this article, we will unfold the top 10 richest people in Dubai, UAE and their net worth.
Abdulla bin Ahmad Al Ghurair
Mashreq Bank was founded in 1961 and has a loyal customer base of more than 500,000. Kabir Mulchandani is the proprietor of FIVE Holdings, a Dubai-based real estate company that operates luxury party hotels and resorts in the Middle East, Spain, and Switzerland. He established the company in 2011 and intends to list it on the Dubai Stock Exchange in 2025. Sunny Varkey, the founder of GEMS Education, the world’s largest private education provider, is a significant figure in Dubai’s educational landscape.
Dubai is one of the most prosperous and technologically advanced cities around the globe. As Dubai continues its relentless ascent, its billionaire class is poised to expand and redefine the city’s skyline, both literally and figuratively. Under his leadership, Damac Properties has developed some of Dubai’s most opulent residential and commercial projects, significantly altering the city’s skyline. Notably, Sajwani forged a partnership with Donald Trump in 2013 to establish two Trump-branded golf courses within Dubai developments. In April 2020, a member of Abu Dhabi’s royal family reportedly acquired a significant 20% stake in LuLu for $1 billion.
In the Middle East, Menon’s Sobha Realty operates across the UAE, Qatar, Oman, and other Gulf countries. Menon has expressed plans for his wife to assume the role of chairman at Sobha after his passing, with his son Ravi serving as co-chair. M.A. Yusuff Ali, known as the retail magnate of the Middle East, leads LuLu Group International, which generates $8.4 billion in revenue. The conglomerate operates 256 hypermarkets and malls across the Gulf region and beyond. Originally from a village in Kerala, India, Yusuff Ali relocated to Abu Dhabi in 1973 to join his uncle’s modest distribution enterprise. Durov is not only a billionaire, but he was able to make a name for himself at a young age and founded VK when he was only 22.
Looking forward, Yusuff Ali plans to take the retail giant public between 2023 and 2024. His diverse portfolio also includes prestigious assets such as the Waldorf Astoria in Scotland and the Great Scotland Yard Hotel, which was formerly the headquarters of the U.K. Pavel Durov founded and owns the messaging app Telegram, boasting over 700 million monthly active users globally. Positioned as a free alternative to messaging platforms like WhatsApp, Telegram competes in the crowded digital communication landscape.
In May 2018, Shetty was listed among the top Indian Leaders in the Arab world. 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. In 2006, he opened the company Taghleef Industries by merging Dubai PolyFilm with AKPP in Oman and Technopak in Egypt. As a result, Taghleef Industries became one of the world’s largest manufacturers of polypropene films, food packaging, and lamination. Originally from Mumbai, India, Mulchandani initially worked in his family’s consumer electronics business before relocating to Dubai in the early 2000s to venture into real estate.
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