Family capital / United Arab Emirates
Al Futtaim family
The Al Futtaim family belonged to Dubai's merchant trading tradition; when the pearling industry collapsed, Abdullah Al Futtaim built the modern business through Dubai's creekside trading economy of the 1940s and 1950s, evolving from merchant trading into broader distribution and services.
How the fortune was built
A pivotal moment came in 1955 with the founding of Al Futtaim Motors as the exclusive UAE distributor for Toyota, a relationship that continues today. In 2000, a long-running dispute between Abdulla Al Futtaim and cousin Majid Al Futtaim was formally settled, splitting the conglomerate into two separately owned groups: Al-Futtaim Group (automotive and trading) and Majid Al Futtaim Group (malls, retail, and entertainment, which Majid had already begun building from 1992).
Where the family invests today
The two branches now invest independently. Al-Futtaim Group pledged roughly $2.7 billion toward Saudi Arabia investments in 2025, spanning e-mobility, retail, insurance, and real estate, and acquired a near-50% stake in Saudi-listed Cenomi Retail. Majid Al Futtaim Holding is mid-way through a roughly $1.4 billion redevelopment of Mall of the Emirates and reported record FY2025 profit, alongside a digitally native ad-tech venture.
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