Forbes' Top 3 Wealthiest Arab Businessmen in the UAE: A Deep Dive by Inside

We have curated a list of the three wealthiest people in the Emirates, according to Forbes. Discover who makes the top three and how these individuals amassed their impressive fortunes in our article.

This content is crafted by the experts at Inside Team. We specialize in selling and managing real estate across the UAE, covering both primary and secondary markets. We assist with mortgages, installment plans, and select the finest properties for living and investment purposes.

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Hussain Sajwani?

$4.5 Billion

Hussain Sajwani, a business tycoon and the founder of DAMAC Properties, is often referred to as the "Arab Trump." He earned his millions in real estate, known for his innovative marketing—offering buyers Lamborghinis, BMWs, jet skis, and studio apartments as bonuses. Born into an entrepreneurial family, Sajwani was sent to the US for a top-notch education. Upon returning, he ventured into catering, serving companies like Bechtel. By 1996, thriving in the catering business, he began building small hotels in Dubai and investing in downtown property.

In 2001, a pivotal year when UAE laws allowed foreigners to own property in Dubai, Sajwani shifted focus to real estate. This move was crucial to his career. By 2002, he founded DAMAC Properties, now one of the largest development companies in the Middle East. DAMAC started by constructing towers in Dubai Marina, selling apartments before completion—a strategy not widespread at the time. Marina Terrace, its first 38-story tower, sold out in less than six weeks.

A decade later, DAMAC's revenue skyrocketed, topping Forbes' list of the world's fastest-growing companies for its average revenue growth from 2013 to 2016. DAMAC has built over 27,000 homes globally. Sajwani later expanded his influence into other sectors, acquiring the Italian fashion house Roberto Cavalli in 2019 and the jewelry company De Grisogono in 2022. Today, DAMAC builds homes with interiors by the jewelry brand and plans expansion into markets like Saudi Arabia.

Sajwani is also noted for his philanthropy, regularly donating millions of dirhams to various initiatives and projects. For example, in 2020, he contributed 1 million dirhams to the "100 Million Meals" campaign for those affected by COVID-19.

"It [success] has been a combination of luck and vision. Someone would open the door, and I would run and grab the opportunity.," says Hussain Sajwani.

Abdulla Al Ghurair

$4.5 Billion

Abdulla Al Ghurair, the founder of Mashreqbank, stands as one of the wealthiest Emiratis.?

Success stories often begin in the most unexpected places, and the Al Ghurair family is no exception. Ahmad Al Ghurair (Abdulla's father) was engaged in pearl fishing with his eldest son in the 1930s. This pearl fishing business gradually transformed into a global empire, including cement, flour milling, and sugar factories. The family corporation also started producing food items, such as pasta under the Jenan brand.

Abdulla inherited his initial capital and business from his father. In 1967, he founded Mashreq Bank, which later became the largest private bank in the UAE. In 2019, the banker stepped down as the company's chairman but remained on the board of directors.

Abdulla's ventures extend beyond finance. His portfolio includes several malls and factories. For instance, in 1991, the Al Ghurair Group opened the BurJuman Center shopping mall. The company was also involved in the cladding of the world's tallest building, the Burj Khalifa, and participated in the construction of the Dubai Metro.

The Mashreq Bank founder is also a philanthropist. In 2015, Al Ghurair invested a third of his group's assets in creating a fund aimed at advancing education in the UAE. Currently, his foundation aims to provide scholarships for 15,000 Arab students by 2025.

Abdulla Al Futtaim

$2.6 Billion

Abdulla Al Futtaim, a successful entrepreneur, distributor of Toyota and Lexus, and owner of the Al Futtaim Group conglomerate, which accounts for 15% of Dubai's GDP, is a significant figure in the business world.

Abdulla Al Futtaim's journey began in the automobile trade. In the 1950s, his uncle started importing cars to Dubai, and the family quickly recognized the potential of the burgeoning automotive market in the region. Today, the Al Futtaim Group is a giant company selling over 100,000 vehicles annually and holds franchises for global brands such as Toyota, Lexus, Honda, and Volvo.

Abdulla Al Futtaim no longer manages the company, having handed over the business to his son Omar, who currently serves as the Vice Chairman and CEO of Al Futtaim Group.

The Al Futtaim Group is not only a leader in the automotive industry but also owns the insurance company Orient. Additionally, the conglomerate holds the rights to manage IKEA stores in the UAE, Qatar, Egypt, and Oman, and controls brands like Hertz, Toys "R" Us, and Zara in the Emirates.

According to recent data, the Al Futtaim Group contributes to 15% of Dubai's GDP. Moreover, in September 2022, the group was listed among the top 100 best Arab family businesses in the Middle East by Forbes, securing the third place.

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