Despite having a small population, the UAE boasts a thriving economy. As one of the key trading hubs in the Middle East, the country owes much of its economic success to the wealthy businessmen who have played a significant role in driving commerce and employment growth.
In the past, wealthy individuals from various parts of the world used to come to the UAE to set up their businesses and investments. However, these tycoons have recently begun to explore business prospects in other countries while still using the UAE as the hub of their entrepreneurial endeavors.
The individuals mentioned below have showcased ample skills and determination in managing these sprawling business empires.
Top 10 Richest Business Man in Dubai
1. Name : Pavel Valeryevich Durov
Net worth : 15 Billion
Pavel Valeryevich Durov is a tech prodigy with dual French-Emirati citizenship, originally from Russia. He is renowned for being the mastermind behind the social media platforms VK and Telegram Messenger. Durov was born on October 10, 1984, in Leningrad, which was then a part of the Russian Soviet Federative Socialist Republic.
Pavel Durov has been involved in the technology industry for a considerable time. He served as the CEO of VK until 2014 and later left Russia. He is now a citizen of the UAE, where he has established his technology business ventures, making him one of the wealthiest individuals in the country.
Apart from his Emirati citizenship, Durov also holds citizenship from Russia, St. Kitts, and France.
2. Name : M.A Yusuff Ali
Net worth : 5 Billion
M.A Yusuff Ali is an Indian entrepreneur who has achieved great success and wealth in the UAE. He arrived in the country in pursuit of economic opportunities and founded LuLu Group International, a UAE-based company that operates a chain of retail stores throughout the country.
Through his entrepreneurial skills, Ali has grown LuLu Group International into a massive retail chain that operates in several countries, including the UAE, Saudi Arabia, Oman, Kuwait, Bahrain, and India. His success has earned him significant recognition and accolades in the business world, both in the UAE and globally.
M.A Yussuf Ali’s remarkable success in business is a testament to his entrepreneurial spirit and vision. His diversified ventures in various industries have allowed him to create a significant business presence not only in the UAE but also in other parts of Asia, including India, where he has made significant contributions to various philanthropic causes.
Through his philanthropic activities, Yussuf Ali has demonstrated his commitment to giving back to society and improving the lives of the less fortunate. His dedication to social responsibility and sustainable development has earned him great respect and admiration in the business world and beyond.
3. Name : Micky Jagtian
Net worth : 3.1 Billion
Micky Jagtiani’s journey from being a taxi driver in London to becoming one of the most successful businessmen in the UAE is indeed inspiring. After relocating to the UAE in 1973, he started a baby product shop in Bahrain, which he ran for a decade. He then gradually expanded his business by adding more shops, and over time, this small venture grew into the Landmark Group.
Under Jagtiani’s leadership, the Landmark Group has become one of the largest and most successful retail and hospitality conglomerates in the UAE. The company operates several well-known brands, including Centrepoint, Splash, Babyshop, and Home Centre. Jagtiani’s entrepreneurial skills, dedication, and hard work have been instrumental in driving the growth and success of the Landmark Group, and he is widely regarded as one of the most influential and respected businessmen in the UAE.
4. Name : Abdulla Al Ghurair
Net worth : 2.6 Billion
Abdulla Al Ghurair is a highly respected Emirati businessman and billionaire who has been a prominent figure in the business world for many years. He has a diverse business empire that spans various sectors, including real estate, construction, and food processing.
One of Al Ghurair’s most significant achievements is the establishment of Mashreqbank, which he founded in the 1960s. Under his leadership, Mashreqbank has grown to become one of the leading banks in the UAE, providing a wide range of financial services to its customers.
As the majority shareholder and Chairman of Mashreqbank, Al Ghurair receives a significant payout, and he also earns a good salary in his capacity as Chairman. Moreover, his son serves as the CEO of the bank, and together, they have continued to guide Mashreqbank to greater heights. Al Ghurair’s entrepreneurial skills, strategic vision, and leadership qualities have earned him great respect and admiration in the business world and beyond.
5. Name : Ravi Pillai
Net worth : 2.6 Billion
Ravi Pillai is a prominent figure in the UAE, having established himself as a successful businessman after leaving his home country of India. His Kerala-based construction business was forced to shut down following labor strikes, prompting him to seek business opportunities in the UAE.
Upon arriving in the UAE, he partnered with a local entrepreneur and started a small trading business. Within two years, he expanded his operations to include construction, and his company, the Nasser S. Al Hajri Corporation (NSH), has since grown to become one of the largest conglomerates in the country.
Despite spending more than 30 years in the UAE, Pillai is not known to have any significant business ties with India, although he may still have family members there.
6. Name : B.R. Shetty
Net worth : 2.6 Billion
B.R. Shetty is a prominent billionaire businessman who has made a significant contribution to the healthcare industry in the UAE. He has established and acquired several healthcare franchises, making him a prominent figure in the sector.
Initially, Shetty’s interests were focused on hospitals and hospitality, but he has since expanded into healthcare management, financial services, advertising, and other business ventures.
Recently, Shetty has faced some legal issues, including having some of his assets frozen over charges of corruption. However, he has not been found guilty of any wrongdoing.
7. Name : Sunny Varkey
Net worth : 2.6 Billion
Sunny Varkey’s educational empire, GEMS Education, is an impressive achievement, with schools spread across the globe. He has demonstrated a strong commitment to providing quality education at affordable prices, which has earned him recognition and awards for his contribution to education.
Apart from his business ventures, Sunny Varkey is also known for his philanthropic activities, particularly in the area of education. He has established several charitable initiatives, including the Varkey Foundation, which seeks to improve access to education for underprivileged children globally.
8. Name : Abdulla Futtaim
Net worth : 2.4 Billion
Abdulla Futtaim has indeed made a name for himself as the Chairman of the Al-Futtaim Group, which is one of the largest conglomerates in the United Arab Emirates. The group has diversified interests in various sectors, including automotive, electronics, retail, insurance, services, and real estate.
One of the most notable investments of the Al-Futtaim Group is its franchise right to operate IKEA stores in several countries in the Middle East, including the UAE, Qatar, Egypt, and Oman. This has helped the company establish a dominant position in the furniture retail industry in the region.
In addition to its retail investments, the Al-Futtaim Group also has exclusive distributorship rights for several major car brands, including Toyota, Lexus, and Hino, in the UAE. This has made the company a major player in the automotive industry in the country.
9. Name : Hussain Sajwani
Net worth : 2.1 Billion
Hussain Sajwani is indeed a prominent figure in the real estate development industry in the UAE. His company, DAMAC Properties, has been involved in the development of numerous high-profile projects across the country, including luxury apartments, villas, and hotels. Sajwani’s success has earned him a reputation as a savvy businessman, and he has been recognized for his contributions to the growth of the UAE’s real estate sector.
10. Name : Majid Saif Ahmed Al Ghurair
Net worth : 1.7 Billion
Majid Saif Ahmed Al Ghurair is a prominent Emirati businessman and a member of the prominent Al Ghurair family. He is the CEO of the Al Ghurair Group, which is a diversified conglomerate that has interests in various sectors, including manufacturing, real estate, retail, and financial services.
Under Majid Al Ghurair’s leadership, the Al Ghurair Group has grown into one of the most successful business groups in the Middle East. The group’s subsidiaries include Mashreq Bank, Gulf Extrusions, and the Al Ghurair Investment.
Majid Al Ghurair is also a philanthropist and is involved in various charitable causes. He is the founder of the Majid Al Ghurair Foundation for Education, which aims to provide access to quality education to underprivileged youth in the Arab world.