June 26, 2024
Business GCC News UAE

Top 10 Wealthiest People In The UAE In 2024

From Real Estate To Tech Entrepreneurs

Dubai, the second most expensive city in the Middle East and 20th worldwide, is not just a city but a thriving metropolis in the UAE. With a population of approximately 3,302,000, it is a hub of diversity and innovation. Its distinctive architecture and groundbreaking ideas have made it a magnet for the world’s wealthiest individuals and positioned it as a global economic powerhouse. Dubai’s unique economic landscape and opportunities for business growth have a ripple effect, influencing the global financial landscape.

The top 10 wealthiest individuals in Dubai in 2024 are not just rich but also visionaries and pioneers in their respective fields. Their corporate empires and significant contributions to the retail, real estate, and entertainment sectors have transformed Dubai into a bustling hub of economic activity and shaped its identity as a land of opportunities. Their success stories, which are a testament to Dubai’s potential for growth and innovation, inspire us all. Their continued presence in the city’s economic landscape is a testament to their ongoing impact and a key factor in Dubai’s continued prosperity, fuelling optimism for the future.

Top 10 Wealthiest People In The UAE In 2024

1. Sheikh Ahmed bin Saeed Al Maktoum

Emirates Group Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum has not just played a pivotal role but has been the driving force, the mastermind, behind the global expansion of Emirates Airline. Under his exceptional leadership, the Emirates Group has amassed $51.3 billion in assets and $28.3 billion in sales in the 2019-20 fiscal year. Its fleet of 270 aircraft, a testament to its strategic vision, covers over 150 destinations across six continents, making it one of the world’s largest and most successful airlines. These extraordinary achievements, led by Sheikh Ahmed bin Saeed Al Maktoum, are just a glimpse into the wealth and influence of Dubai’s top 10 wealthiest individuals.

Sheikh Ahmed heads many boards, including Emirates NBD, Dubai Holding, Dubai Aerospace Enterprise, Dubai Airports, Dubai Petroleum, and the Dubai World Trade Centre.

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Emirates is one of the world’s most successful carriers. Credit: Emirates

Sheikh Ahmed’s influence extends far beyond the Emirates Group. His diverse roles and responsibilities, including serving on numerous boards and committees such as the Dubai Supreme Council for Energy, the Dubai Supreme Fiscal Committee, and the Bureau for Expo 2020, showcase the breadth of his involvement and the depth of his contributions to Dubai’s economic landscape. This impressive portfolio underscores his significant role in shaping Dubai’s financial future.

2. Majid Al Futtaim

Renowned UAE businessman Majid Al Futtaim has not just amassed a fortune, but he has done so through astute investments and trade. His business empire spans various properties, from hotels to commercial centres to leisure facilities, showcasing his diverse entrepreneurial skills.

The Mall of the Emirates in Dubai, the City Centre malls in Dubai, and the Northern Emirates, popular retail destinations, are significant feathers in his cap. His wealth is a testament to his financial understanding and ability to forecast future market behaviour.

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Mall of the Emirates in Dubai City. Credit: MAF

Under his leadership, Majid Al Futtaim Holding has flourished, acquiring 27 shopping malls, 13 hotels, and mixed-use communities, including VOX Cinemas and Ski Dubai. His business sense is further validated by the success of Carrefour, a venture that has brought him substantial returns.

3. Mohammed Khalaf Al Habtoor

The son of Khaled Al Habtoor is vice-chairman and CEO of the Al Habtoor Group, one of the UAE’s largest enterprises. He was born into a well-known Dubai business family and oversaw the group’s expansion into insurance, hotels, real estate, vehicles, hospitality, publishing, and education.

Al Habtoor also started the Dubai Polo Gold Cup. He formed Al Habtoor Group, which created Al Habtoor City and established a legacy of luxury in the UAE’s hotel sector, including the renowned Habtoor Palace.

4. Pavel Durov

In 2006, Ilya Perekopsky and Russian social media entrepreneur Pavel Durov collaborated to establish VKontakte. Durov oversaw VK to a value of $3 billion. After departing Russia, Durov obtained citizenship in Saint Kitts and Nevis and deposited $300 million in Swiss institutions. After completing the development of Telegram, a Berlin-based encrypted communications application, he relocated to Dubai. Now, he is among the wealthiest men in the UAE.

5. Mohamed Alabbar

Mohamed Alabbar’s story as an entrepreneur demonstrates the UAE economy’s exponential growth, particularly in digital transformation and e-commerce. Alabbar, the founder of Emaar Properties and noon.com, is one of the UAE’s wealthiest businesspeople, having used technology to alter the retail and real estate sectors.

6. Hussain Sejwani

Hussain Sejwani is the founder and manager of the well-known construction company DAMAC. He also deals in real estate. DAMAC Hills and Aykon City have transformed Dubai’s skyline. His property has made him one of the world’s wealthiest people.

7. Abdullah bin Ahmad Al Ghurair

Abdul Aziz, the son of a well-known UAE billionaire, replaced his father as CEO of Mashreq Bank. Al Ghurair is notable for his creative ideas and long-range solutions. He also owns businesses in real estate and cuisine. His varied interests in manufacturing, construction, and education help explain his success in UAE corporate life.

8. Saif Al Ghurair

Saif Al Ghurair is the chairman and CEO of The Al Ghurair Group. He is known for making intelligent investments, such as buying a share of Mashreq, the largest private bank in the UAE. His road to becoming an entrepreneur is linked to the growth of the retail and business sectors in the UAE. As CEO of Al Ghurair Investment, his strategic vision has helped the company become well-known in many fields, making him an essential figure in the UAE’s business world.

9. Dr Shamsheer Vayalil

Dr Shamsheer Vayalil, with a net worth of $3.4 billion, is Burjeel Holdings founder and chairman.

10. Saeed Bin Butti Al Qebaisi

Saeed Bin Butti Al Qebaisi is among the UAE’s wealthiest people because of his wise investments. Al Qebaisi’s portfolio, which spans healthcare and finance, demonstrates a prudent approach to diversification and wealth creation in a rapidly changing global market.

Featured image: Dubai is home to some of the wealthiest people in the UAE. Mohammed Nasim

Last Updated on 3 weeks by Middle East News 247

    Middle East News 247

    Middle East News 247 delivers trending business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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