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.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
THE CARD
2pm: Maiden Dh 60,000 (Dirt) 1,400m
2.30pm: Handicap Dh 76,000 (D) 1,400m
3pm: Handicap Dh 64,000 (D) 1,200m
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m
4pm: Maiden Dh 60,000 (D) 1,000m
4.30pm: Handicap 64,000 (D) 1,950m
