Emiratis rise in Forbes’ billionaires list

The UAE is represented by four billionaires in the just released list of world’s top billionaires by Forbes magazine, with Mashreq bank Chairman and CEO Abdul Aziz Al Ghurair ranked #1 in the UAE and #401 globally, with his fortune estimated at $2.9 billion.

Al Ghurair improved his ranking from #427 last year, when he was worth $2.7bn according to Forbes magazine. The 57-year-old chairman of Mashreq has also served as the head of the Federal National Council, the UAE’s national assembly, but has maintained the he will not seek another term this year.

“Abdul Aziz Al Ghurair presides over Mashreq, a leading bank in the United Arab Emirates. The bank is on the path to recovery after taking a hit for its exposure to bad real estate loans. Assets are still declining, but in a turn around, Mashreq’s net earnings were up almost 17 per cent in the first nine months of 2011,” Forbes wrote in his profile.

The magazine estimates that the Al Ghurair family has lost $6bn in net worth since 2008, when Forbes reckoned Abdul Aziz Al Ghurair and family were worth $8.9bn. “The Al Ghurair conglomerate, which has interests in food, construction, and retail is looking to invest in Libya, where it already owns reportedly half of the country’s largest oil refinery,” the profile further stated.

At #2 in the UAE and #634 worldwide is Saif Al Ghurair (and family), chairman of the Al Ghurair Group and with an estimated net worth of $2bn. Saif Al ghurair and family have improved their rankings dramatically from last year, when they were ranked #736 worldwide with their fortune then worth$1.7bn.

Saif Al Ghurair and family, one of Dubai’'s oldest merchant families with interests in banking, malls and manufacturing, have lost about $800million since 2008, when Forbes reckoned their net worth at $2.8bn. “[Saif] AlGhurair is a major share holder in Mashreq, a leading Emirati bank helmed by his nephew Abdul Aziz Al Ghurair, also a billionaire,” Forbes wrote in the UAE billionaire’s profile.

With a net worth of $1.6bn, Abdullah Al Futtaim of the AlFuttaim Group – which operates Ikea, Toys “R” Us, and Marks & Spencer franchises; sells Toyota, Jeep, Dodge and Lexus, and co-owns the Middle East’s largest privately-funded urban community, Dubai Festival City – is #3 in theUAE and #804 worldwide.

This is again an improvement of more than 100 notches over last year, when Forbes ranked him at #938 overall with a net worth of $1.3bn. “Plans to open residential and commercial complex Cairo Festival City were delayed because of the turmoil in Egypt. In October 2011, the group began construction of another grand real estate project in Qatar called Doha Festival City,” Forbes said. Abdullah Al Futtaim’s fortune has dwindled from an estimated $3bn in 2007, but has grown from $1.1bn in 2010.

Rounding up the list of UAE entries in the Forbes list is Majid Al Futtaim, brother of Abdullah Al Futtaim and chairman of the MAF Group of Companies that oversees a string of City Centre malls in the UAE and across the region, and also the Mall of the Emirates. His net worth is estimated at $1.1bn in 2011, down from $3bn in 2009 and $1.2bn in 2011. He is ranked #4 in the UAE and #1075 globally.

“The group’s properties in Egypt suffered damage last year during demonstrations. Increasing violence in Syria, as well as Arab League sanctions on the country, are delaying its construction of a huge mall outside of Damascus,” the Forbes profile said.

In fact, had the Forbes list taken into account the fact that a number of individuals on the list from other countries such as India, for instance, operate out of the UAE and have amassed their fortunes from this very country, the list would have been longer than the four current representatives. At #290 (last year: #376), Micky Jagtiani, a resident ofDubai, UAE, and owner of the Dubai-headquartered Landmark Group, has an estimated fortune of $3.8bn (up from last year’s $3bn), but since he is Indian, he represents India on the Forbes list.

“College dropout Micky Jagtiani started with $6,000 and a kids store in Bahrain in 1973. Today he controls $4.7 billion (sales) Landmark Group, a Middle East retailing empire, headquartered in Dubai,” Forbes saida but him. “It has over 1,000 stores in 15 countries, including India, selling everything from home furnishings and baby products to shoes and electronics. It recently expanded into Kenya and opened candy-store chain Candlelite. It has the regional franchise for Steve Madden and health club group Fitness First. Group is reportedly mulling partnering French retailer Auchan for a venture in India,” it said.

Together, the billionaires on Forbes’ global list ranks1,226 dollar billionaires worldwide who together hold $4.6 trillion in networth, and represent about 2.3 per cent of the world’s wealth.

With an estimated  networth of $69bn (down from last year’s $74bn), Mexico’s Carlos Slim Helu and family once again top the global Forbes list for 2012, followed by USA’s Bill Gates with $61bn to his credit (up from last year’s $56bn), USA’s Warren Buffett ($44bn, down from $50bn), France’s Bernard Arnault ($41bn, the same aslast year) and Spain’s Amancio Ortega ($37.5bn).

At #9 worldwide, Hong Kong’s Li Ka-shing is the richest Asian with a net worth of $25.5bn, pushing India’s Mukesh Ambani (net worth:$22.3bn) to #2 in Asia and #19 globally.

Among other GCC entries, Saudi Arabia’s Prince Alwaleed bin Talal is ranked #29 (down from last year’s #26) on the list, with an estimated fortune of $18bn (down from last year’s $19.6bn), and down $5.7bn since 2005, when the magazine reckoned his net worth at $23.7bn.

In all, there are 17 entries from the three GCC countries of UAE (4), Saudi Arabia (8) and Kuwait (5), with a combined net worth of $65.4bn held by these individuals.

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