Majid Al Futtaim, a man whose dream was to “create moments for everyone, every day”, died on Friday, December 17.
The rich legacy he leaves goes beyond the eponymous shopping malls and developments he inspired to be built.
His legacy will live on in the pioneering business and culture his Majid Al Futtaim conglomerate created, one that he built by working tirelessly and turning his purpose and vision into reality.
A former bank clerk but a visionary entrepreneur, Al Futtaim was hailed by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, as one of the emirate's “most important merchants and senior men".
“May God have mercy on our brother Majid Al Futtaim, the creative businessman,” Sheikh Mohammed said.
His strong belief that robust and world-class private sector institutions play a critical role in driving sustainable economic growth and human development are not only epitomised by the structures he built.
Al Futtaim founded retailing and entertainment company Majid Al Futtaim Holding, or MAF, in 1992, and in 1995, City Centre Deira, the group's flagship mall, opened its doors and paved the way for major growth.
May God have mercy on our brother Majid Al Futtaim, the creative businessman and one of Dubai’s most important merchants
Sheikh Mohammed bin Rashid,
Vice President and Ruler of Dubai
The mall was also home to the first branch of French hypermarket chain Carrefour and family entertainment centre Magic Planet in the UAE — among many firsts the company ushered into retail and entertainment space in the Emirates.
In the 2000s, the MAF portfolio expanded exponentially, with Vox Cinemas, the UAE's first multiplex cinema, opening in 2000.
MAF's success was also replicated outside the UAE, as it expanded into markets including Saudi Arabia, Egypt, Oman, Bahrain, Lebanon, Kuwait, Qatar, Jordan and Uganda, bringing with it the touch of retail and entertainment flair Dubai and the UAE are known for.
“Majid Al Futtaim was not just a businessman, but a genius in trade and management,” said Habib Al Mulla, partner at Habib Al Mulla & Partners, a member firm of Baker & McKenzie International.
“He introduced concepts in the world of commerce that were not known in the region and established a financial empire with a structure that experts could not.
“He became an inspiring model for pioneers and his is an experience that deserves to be documented and studied. May God have mercy on him and place him in heaven.”
In 2003, Majid Al Futtaim Fashion was established, becoming a springboard into the region for some of the world’s most famous retail brands — eventually paving the way for tech company Apple to open its first stores in the region — and allowing them to tap into and grow their brands strategically across a broad market.
Majid Al Futtaim was not just a businessman, but a genius in trade and management. He introduced concepts in the world of commerce that were not known in the region and established a financial empire with a structure that experts could not
Habib Al Mulla,
partner at Habib Al Mulla & Partners
In 2005, the region's first shopping resort and flagship luxury destination, Mall of the Emirates, opened in Al Barsha and became the home of the Middle East’s first indoor ski resort and snow park, Ski Dubai.
With more than 34,000 employees in 28 shopping malls, 13 hotels and four city projects, Al Futtaim's business endeavours are a perfect example of how humble beginnings can develop into prolific success.
His leadership has benefited entire communities across the region, making his malls and hotels part of the fabric of daily life for many.
“Mr Majid Al Futtaim was a visionary entrepreneur who transformed the face of business in the entire region and his lifetime achievements have been an inspiration for many, and particularly for us at the Majid Al Futtaim group of companies,” the conglomerate said in a statement.
On Forbes' Billionaires 2021 list, he is ranked third in the Middle East and 831st globally, with a net worth of $4.3 billion.
If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
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Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Infiniti QX80 specs
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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Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
