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UAE’s Majid Al Futtaim tops billionaires list; KSA’s bin Talal tops Arab world

UAE’s Majid Al Futtaim tops billionaires list; KSA’s bin Talal tops Arab world
Majid Al Futtaim ranked fourth across the Arab world

Dubai - Mubasher: The Bloomberg Billionaires Index included three UAE businessmen in the list of the world’s 500 richest people by the end of October.

Majid Al Futtaim ranked fourth across the Arab world and 205th globally with a wealth valued at $7.69 billion, after increasing by $1.1 billion since the beginning of the year.

Meanwhile, Hussain Sajwani ranked fifth across the Arab world and the 299th globally with a wealth valued at $5.78 billion. Sajwani’s wealth grew by $2 billion since the start of 2017, according to the report.

Moreover, Abdullah Al Ghurair ranked sixth across the Arab world and the 348th globally with a wealth valued at $5.29 billion. Al Ghurair’s wealth increased by $499 million since January.

According to index, both Al Futtaim’s and Sajwani’s wealth were mainly focused on the real estate sector, whereas Al Ghurair’s included various economic sectors.

As for other businessmen in the Arab world and the GCC, Saudis lead the billionaires' list, as Prince Alwaleed Bin Talal Alsaud ranked 49th globally with $19.1 billion, while Mohammed Hussein Al Amoudi ranked 141st with $10.1 billion.

Alwaleed bin Talal’s wealth comes from a diverse range of sectors, whereas Al Amoudi’s is mainly focused on the energy sector.

In terms of MENA, Egypt’s industrial and construction businessman Nassef Sawiris, ranked 248th with $6.58 billion, while his brother, telecom giant, Naguib Sawiris ranked 377th on the Bloomberg Billionaire’s Index with $4.96 billion.

Globally, Amazon.com’s CEO Jeff Bezos topped the world’s richest with a wealth valued at $94.5 billion.