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    Dubai special committee to chip in on Emirati billionaire’s estate

    Mohit SinghBy 2 Mins Read Top Global News
    Dubai special committee to chip in on Emirati billionaire's estate
    Image: Pixabay

    Dubai is setting up a special committee, to look after the affairs of the Emirati billionaire Majid Al Futtaim.

    Regarded as the backbone of Dubai’s tourist and economic prosperity, the Emirati billionaire has properties across the nation.

    Al Futtaim passed away in December last year. Ever since then, there have been rumors of him having ten heirs.
    According to the Financial Times newspaper, Dubai’s ruler created a special judicial committee for this. 
    The company confirmed in a statement to The Associated Press on Monday that there is a Special      Judicial Committee.
    Their job is to arbitrate future legal disputes linked to Mr. Majid’s estate and inheritance concerns, not to control the company or its activities.
    “Our businesses are continuing to operate as usual while we work through this transition,” the corporation noted.
    Al Futtaim, who died in December, was a rising star.
    He came from humble beginnings as a bank clerk to build a $16 billion fortune.

    The economic empire of the Al Futtaim family dates back to the 1930s when Dubai was still under the pearling hamlet before oil was discovered.

    In what would become the United Arab Emirates.

    Al Futtaim was a family commercial enterprise linked to the ruling Al Maktoum family of the city-state.

    It became a trusted partner with foreign brands seeking business over the years, such as Toyota in 1955.

    Other automobile manufacturers, as well as retail brands, followed suit.

    His namesake enterprise, which includes VOX Cinemas and 29 malls in the Middle East, has more than two dozen malls around the area.

    https://unitedbusinessoutlook.com/news/paperless-dubai-businesses-in-uae-support-single-use-bags/
    A mall in Dubai decked up for the expo 2020.
    (Image source: Pixabay)

    This includes the famed Mall of the Emirates in Dubai, which has an indoor mall.

    Year-round, there’s a ski slope, penguin viewings, and other activities in very cold temperatures.
    Carrefour, a French hypermarket chain, also became a franchisee of the company. 
    In Africa, Asia, and the Middle East, it presently operates over 300 Carrefour-branded supermarkets and hypermarkets.
    In the early 2000s, a previous family quarrel between Majid Al Futtaim and his cousin, Abdullah, necessitated intervention by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.
    Al Maktoum characterized Al Futtaim as one of Dubai’s “most important merchants” when he announced his death in December.
    "May God has mercy on our brother Majid Al Futtaim, the creative businessman and one of Dubai's most powerful merchants and senior figures," Al Maktoum wrote.

    Al Futtaim, a great entrepreneur and one of Dubai’s most powerful businessmen and senior figures,” Al Maktoum stated.

    “His most recent decision was to hire 3,000 people from the general public. May God has pity on him and sends him to his lush gardens,” he concluded.

    Al Futtaim has a net worth of over $4 billion, according to Forbes. His net worth, according to Bloomberg, is above $6 billion.

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