A bank clerk by trade, Al Futtaim built a $16 billion dollar corporate empire before passing away in December of this year.
To weigh in on possible legal challenges over the inheritance of Emirati billionaire Majid Al Futtaim, who is generally regarded as a foundation of Dubai's tourist and economic development, a special judicial committee has been created to advise the government.
The committee was created by Dubai's ruler in the wake of claims of dispute among Al Futtaim's ten heirs, according to an article published over the weekend in the Financial Times newspaper.
On Monday, the company revealed to The Associated Press that it had formed a Special Judicial Committee "whose duty is to arbitrate future legal challenges connected to Mr Majid's estate and inheritance concerns, rather than to monitor the company or its operations."
According to the corporation, "While we work through this transition, our companies are continuing to operate as usual."
A bank clerk by trade, Al Futtaim built a $16 billion corporate empire before passing away in December of the same year.
When Dubai was a little pearling hamlet in the 1930s, before oil was discovered in what would become the United Arab Emirates, the Al Futtaim family established a corporate empire that has survived to the present day. Al Futtaim was a family-owned commercial enterprise that was affiliated with the governing Al Maktoum family of the city-state of Dubai.
Over the years, it established itself as a reliable commercial partner for international companies wishing to expand their operations in Japan, such as Toyota in 1955. Other automobile manufacturers, as well as retail brands, followed suit.
VOX Cinemas, as well as 29 malls throughout the Middle East, are owned and operated by his namesake firm, which owns more than two dozen malls in the area. There's also an indoor ski slope, penguin viewings, and other attractions available year-round in the famed Mall of the Emirates, which is located in sweltering subzero temps.
In addition, the firm has a franchise agreement with the French hypermarket chain Carrefour. It presently operates more than 300 supermarkets and hypermarkets under the Carrefour name in Africa, Asia, and the Middle East, among other places.
In the early 2000s, a prior family quarrel between Majid Al Futtaim and his cousin, Abdullah, necessitated the intervention of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum in order to bring the situation to a close.
Al Maktoum characterized Al Futtaim as one of Dubai's "most significant merchants" upon announcing his death in December.
"May God have compassion on our brother Majid Al Futtaim, the innovative businessman who is also one of Dubai's most prominent merchants and senior men," Al Maktoum stated in a statement.
"His most recent choice was to recruit 3,000 locals," says the author. I pray that God would have pity on him and put him in one of his beautiful gardens," he said.
According to Forbes, Al Futtaim's net worth is more than $4 billion. According to Bloomberg, he is worth more than $6 billion.
SOURCE: NEWS AGENCIES
Post a Comment