Last week, on December 17, the UAE, and indeed the Arab world, lost a pioneering businessman. Majid Al Futtaim was a businessman who, in his own way, pioneered numerous economic activities in the whole region. It is no exaggeration to call him a UAE national treasure.
Within hours of the news, the Middle East community reacted with sadness at his passing but also with respect and praise for his legacy. The reactions spread from the UAE to the wider Middle East, and in less than 24 hours, condolences started pouring in from around the world. The words people chose to mourn Majid Al Futtaim paint a vibrant picture of his legacy, and how the businesses he started impacted our lives.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai described him as “the UAE’s most creative businessman” and noted that his last corporate decision was to employ 3000 UAE nationals.
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces said he was “a groundbreaking UAE entrepreneur and a pioneer in charitable and humanitarian work”.
The leaders of the UAE business community called him a key contributor towards the UAE’s growth, one of Dubai’s “most important merchants”, while MSN Arabia described him as the man who saw tomorrow.
This, in a nutshell, summarises his legacy. A visionary, shrewd, pioneering businessman and forward-thinking investor. The businesses he created generated 100,000s of direct and indirect jobs across the Middle East, Africa, and Asia, and rejuvenated whole communities with his unique model of shopping malls, communities, retail and leisure offerings.
While a complex and major operation, he coined a simple and captivating vision for his group: “great moments for everyone, everyday”. Across the company, this vision continues to bring people together, around a common goal and provides a focal point for developing strategies to achieve a better future. Majid Al Futtaim demonstrated fundamental skills required of great leaders – for one, the ability to create for an organisation a simple, memorable and unifying vision.
He demonstrated a fundamental skill required of great leaders
Starting from humble beginnings, working as a bank clerk, he established the Majid Al Futtaim group in 1992 and built his empire to become the third wealthiest Arab businessman, with over $4.2 billion personal net wealth. His group today runs over 300 Carrefour stores across 3 continents and manages 29 malls, 13 hotels, and it announced $8.9 bn in group revenue in 2020.
Anyone who lived in Dubai from 1995 onwards knows the famous Deira City Center Mall. Back in those days, it was one of the only mega malls in the Middle East and a key destination in Dubai and the region. In 2021, several weeks before he passed away, Majid Al Futtaim announced Mall of Saudi, with an overall investment of over $4 bn, a mall that promises to be one the largest in the world, re-shaping the future of retail.
His legacy will be not only as a retail giant, but as a corporate entrepreneur who never shied away from taking risks and investing in new ventures. My favourite example is how he brought skiing to Dubai. In the land of sun and sand, my children learnt freestyle skiing over a 1.5 km slope and met penguins in a cool -2 degree snow park.
While a major success now, it was a big bet when it started. Now the group is taking his indoor skiing model to many countries, from Saudi Arabia to China.
He also led the region’s first and most ambitious green corporate agenda. Almost a decade before it became fashionable, he normalised sustainability and climate action and made them part of his corporate agenda. He invested heavily in green facilities and operations. In 2016, his was the first company in the region to commit to the goal of Net Zero, and the first in the world to launch the Green Sukuk benchmark.
Most importantly, he offered a masterclass in establishing an institution. He managed to migrate his work and business from an entrepreneurial and merchant model – which he personally led, to a mega-family business – which is the dominant model in the GCC, to a corporate model – that is now sustainable and has an investable future. The results of the company and the corporate governance choices he made has set the company up for a long run in the future.
This model is not only critical for Majid A Futtaim as a group but it will be seen as a benchmark for a number of family businesses, who are now witnessing a generational transition. In fact, by 2030, over $15.4 trillion will be passed onto the next generation or inheritors among the world’s richest families. Building institutions that are well governed like Majid Al Futtaim group will be a benchmark. It is a notable legacy for its founder and one that, in my view, many future generations will learn from.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Killing of Qassem Suleimani
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
KILLING OF QASSEM SULEIMANI
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Middleweight (75kg): Jafarov Saidjamshid (UZB) beat Abilkhan Amankul (KAZ) 4-1.
Light Heavyweight (81kg): Ruzmetov Dilshodbek (UZB) beat Meysam Gheshlaghi (IRI) 3-2.
Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.
Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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1. Fasting
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MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
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The specs: 2018 Ford F-150
Price, base / as tested: Dh173,250 / Dh178,500
Engine: 5.0-litre V8
Power: 395hp @ 5,000rpm
Torque: 555Nm @ 2,750rpm
Transmission: 10-speed automatic
Fuel consumption, combined: 12.4L / 100km
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Price: From Dh590,000
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Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
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How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
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Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
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Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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Mohammed bin Zayed Majlis
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
