Eight UAE nationals in 50 richest Arabs list

DUBAI — Of the 50 richest Arabs in the world, eight are UAE nationals, combining for a staggering $21.26 billion (Dh78.02 billion).

By A Staff Reporter

Published: Fri 26 Aug 2005, 12:41 PM

Last updated: Tue 31 Jan 2023, 2:08 PM

Number one on the list compiled by ITP's Arabian Business was Saudi Prince Alwaleed bin Talal Al Saud worth an estimated $26 billion (Dh95.42 billion). The list is dominated by 16 Saudis, with UAE nationals being the second largest number on the list closely followed by Kuwaitis with 6 people on the top 50 list. All in all the top 50 combined for an overwhelming $139.4 billion (Dh511.60 billion).

Abdulaziz Al Ghurair, founder of Mashreqbank, was the sixth wealthiest national on the list with $5.2 billion (Dh19.08 billion), up $1.2 billion (Dh4.4 billion) from last year, due to the outstanding year Mashreqbank has experienced with profits rising about 25 per cent.

At number nine was Mahdi Al-Tajir with $4.3 billion (Dh15.78 billion) up half a billion dollars from last year. Al-Tajir's success stems from his diverse and blooming businesses such as Highland Spring water and the Park Towel Hotel. The Futtaim brothers, Abdullah and Majed, rank 10 and 11, respectively. Abdullah, worth an estimated $3.8 billion

(Dh13.95 billion), has amassed his wealth from his auto empire with such market-leading names as Toyota, Lexus, Honda, Volvo and Chrysler.

Majed, with a wealth of about $3.6 billion (Dh13.21 billion), is famous for his mega-malls and shopping centres, most notably the spectacular City Centre chain of malls.

Khalaf Al Habtoor, with $1.35 billion (Dh4.95 billion), is ranked 31 on the list. His conglomerate of businesses in the fields of engineering, real estate, motors, hotels, leasing and publishing all contribute significantly to his massive success.

The Al Tayer family stands at number 32 with $1.32 billion (Dh4.84 billion). At the forefront of their businesses are their motor enterprises, Al Tayer Motors (which include Land Rover, Jaguar, Ford, Lincoln and Ferrari) and their engineering venture, Obaid Hamaid Al Tayer Engineering.

Another auto-empire entry is the Rostamani family at number 36 with an estimated $1.14 billion (Dh4.18 billion). With the exclusive franchises for Renault, Suzuki and Nissan, Arabian Autos has helped develop the family's wealth.

Rounding out the list of UAE nationals in the top 50 is Rashid Al Habtoor at number 41 with an amassed wealth of $550 million (Dh2.02 billion). Working hard to develop his own path as a businessman away from his father's (Khalaf Al Habtoor) empire.