Majid Al Futtaim Bio: Business Empire, Age, Net Worth, Malls, Wife, Children, Legacy, Death

Majid Mohammed Majid Al Futtaim, is an Emirati billionaire businessman, was the founder and owner of the Majid Al Futtaim Group (MAF), a leading real estate and retail conglomerate in the Middle East, North Africa, and Asia.

He transformed the region’s commercial landscape by establishing MAF in 1992, following a split from the family business. Al Futtaim was renowned for iconic projects like the Mall of the Emirates, featuring an indoor ski slope, and for securing the exclusive Carrefour franchise across multiple regions.

His vision to “create great moments for everyone, every day” drove MAF’s growth into a powerhouse with over 43,000 employees.

Profile

• Full Name: Majid Mohammed Majid Al Futtaim
• Stage Name: Majid Al Futtaim
• Born: 1934
• Died: 17 December 2021
• Age: 87 years old
• Birthplace: Dubai, United Arab Emirates
• Nationality: Emirati
• Occupation: Businessman, Founder of Majid Al Futtaim Group
• Height: Unknown
• Parents: Mohammed Al Futtaim, Mrs. Al Futtaim
• Siblings: Abdulla Al Futtaim
• Spouse: Unknown
• Children: Tariq Al Futtaim
• Relationship: Married
• Net Worth: $4.3 billion

Early Life and Education

Majid Mohammed Majid Al Futtaim was born in 1934 in Dubai, United Arab Emirates, to Mohammed Al Futtaim and his wife, whose name is not publicly known.

Raised alongside his brother, Abdulla Al Futtaim, in a prominent merchant family engaged in the pearl and timber trade during the 1940s and 1950s, he developed an early entrepreneurial spirit.

Al Futtaim attended Aligarh Muslim University in India, earning a degree in mechanical engineering. He is of Emirati ethnicity and practices Islam as his religion.

Career

Majid Al Futtaim began his career as a clerk at the Bank of Oman, later known as Mashreq Bank, where he gained valuable financial insights.

Choosing not to join his father and uncle’s pearl and timber trade, he ventured into the automobile sector, securing a Toyota dealership in 1955 after traveling to Japan. This marked the start of his independent business journey within the Al Futtaim family empire, which was allied with Dubai’s ruling Al Maktoum family.

In 1992, following a family feud, he split from his brother Abdulla’s Al-Futtaim Group and founded the Majid Al Futtaim Group, focusing on retail and real estate. His first major project, City Centre Deira in 1995, introduced Carrefour and Magic Planet to the UAE.

Under Al Futtaim’s leadership, MAF grew into a retail and entertainment giant, operating 29 shopping malls, 13 hotels, and over 375 Carrefour stores across 17 countries by 2021.

The Mall of the Emirates, opened in 2005, became a global landmark with its indoor ski slope, Ski Dubai, attracting over 42 million visitors annually. MAF’s portfolio expanded to include Mall of Egypt (2017), VOX Cinemas, and leisure ventures like Ski Egypt.

Al Futtaim’s strategic partnerships with brands like LEGO, Crate & Barrel, and Lululemon strengthened MAF’s lifestyle offerings. In 2020, the group reported $8.9 billion in revenue, despite a net loss, reflecting its scale. His son Tariq sits on the board, while professional managers run operations.

At the time of his death in December 2021, Majid Al Futtaim remained a pivotal figure in MAF’s vision, leaving a legacy of innovation and economic impact.

His final initiative to hire 3,000 Emiratis underscored his commitment to national development. MAF continues to thrive, with 2023 revenues of AED 34.7 billion and a net profit of AED 2.7 billion, driven by digital advancements and expansions like Tilal Al Ghaf in Dubai.

Recent leadership changes, including Fadel Abdulbaqi Al Ali’s appointment as Chairman in 2024, reflect MAF’s growth trajectory. Al Futtaim’s pioneering work in retail, real estate, and leisure redefined Dubai as a global shopping and entertainment hub.

Social Media

Instagram Handle: @majidalfuttaim

Personal Life

Majid Al Maktoum maintained a private personal life, with limited details about his spouse, whose name is not publicly known.

He was married and had at least one son, Tariq Al Futtaim, who is involved in the family business. Known for his philanthropy and modest demeanor, Al Futtaim supported community initiatives and was praised for his charitable contributions.

His decision to hire 3,000 Emiratis in 2021 highlighted his dedication to UAE’s growth. Unfortunately, Al Futtaim died in Dubai on 17 December 2021, at the age of 87 years.

Net Worth

Majid Al Futtaim net worth is estimated to be around $4.3 billion USD at the time of his death in December 2021.

His wealth stemmed primarily from the Majid Al Futtaim Group, which operates shopping malls, hotels, and over 375 Carrefour stores across multiple regions. Additional income came from real estate developments like Tilal Al Ghaf and leisure ventures such as VOX Cinemas and Ski Dubai.