While Europe was flailing in the midst of a Recession, the United Arab Emirates has been making economic waves globally. It's an area of the world made up of the seven Emirates - namely Abu Dhabi, Sharjah, Dubai, Fujaraih, Ras al-Khaimah, Umm al-Qaiwain and Ajman. The UAE borders Qatar to the west, Oman to the East and North, and Saudi Arabia to the south; the largest and probably most well-known emirate is Abu Dhabi. A large portion of the UAE is a desert, and the rest of the country is made up of rocky mountains and plains. The UAE has been gaining attention and recognition for its large annual trade surplus, high per capita income and an open economy.
In recent years, it's seen a transformation into a modern nation with an enviable economy - helped significantly by oil resources. The country's tourist industry has increased thanks to its world-class facilities, beaches, intriguing traditional culture and a stable political environment. Skilled Western workers like teachers and doctors are even relocating to the UAE with the lure of much higher salaries than they'd receive in their home country. The UAE's Gross Domestic Product was approximately $360 billion in 2011 and it's got an oil reserve of about 97.8 billion barrels. The government is channelling a huge part of its expenditure to infrastructure expansion and job creation to attract private investors and the population is increasing at a rapid rate. A rich history and culture pervades the Emirates, and the cultural symbols of the people of UAE are the falcon, Arabian horse, coffeepot, date palm, camel and pearling boat.
These represent a community that struggled with harsh, unforgiving climatic conditions but now enjoys huge prosperity. Given the huge resources in the UAE, the leading Emirati business people have frankly mystifying wealth. We've taken a look at the five richest people in the UAE, to truly contextualise the huge wealth in this fascinating part of the world. 65-year old Sheikh Khalifa al-Nahayan is the richest person in UAE- and, fittingly, the President. Sheikh Khalifa has an estimated net worth of between $15-$23 billion. The oldest son of Zayed bin Sultan Al Nahayan, Sheikh Khalifa owns a 30-acre estate in Seychelles.
Although he controls huge reserves of oil, not all his fortune comes from this precious resource. Like most of the businessmen on our list, he must be acutely aware that oil is a finite resource because Sheikh Khalifa has diversified his investments in various sectors of the economy. His family is believed to have a collective fortune of about $150 billion. Saif Al Ghurair is the Emirati billionaire and the CEO of the Dubai based Al-Ghurair group which is the largest manufacturing and real estate firm of UAE. He is the former chairman of family holding company Al Ghurair Group with his brother Abdulla who is also a billionaire and both are scions of an old Dubai merchant family.
Saif's sons are also holds positions within the group that has interests in banking, plastics for food packaging and in steel. He is also a major shareholder in Mashreq bank which is the leading bank of UAE. Saif Al Ghurair estimated net worth is US $ 3.4 billion and he is ranked at No. 4 in the list of top 10 richest people of UAE. Abdulla Al Ghurair is the Emirati billionaire and the scions of a prominent UAE business family.
In 1967 Abdulla founded Mashreq bank which is now becomes the one of the country's leading bank. He serves as the chairman and his son Abdul Aziz is CEO of the bank. The family holding company is managed by the outsider with the help of Abdulla's sons who look after the various divisions including the real estate, food and construction business. Abdullah Al Ghurair estimated net worth is US $ 6.4 billion and he is ranked first in the list of top 10 richest people of United Arab Emirates.
BR Shetty is the managing director and CEO of the Abu Dhabi based UAE Exchange and the new medical group of companies. His other firms UAE Exchange also becomes functional in India and provides banking services and also acquire the Travelex Holdings in last year. BR Shetty estimated net worth is US $ 1.7 billion and he is ranked at No. 9 in the list of top 10 richest people of UAE. Ravi Pillai is also the Indian born Emirati entrepreneur and business magnate. He is the head of the RP Group of companies that drives his fortune from the constructions firm Al-Hajri corp. that he established with his Bahrain partner. He also plans to expend his business into real estate and building the 110-story building in Dubai and has made investments in malls, hotels, school and in banks.
Ravi Pillai estimated net worth is US $ 2.4 billion and he is ranked at No. 7 in the list of top 10 richest people of UAE. Al Ghurair's wealth dates back to 1967 when he founded Mashreq bank during UAE's period of rapid economic growth. Mashreq Bank PSC is run by Al Ghurair's family - his son comes in at number 4 on our UAE rich list.
While he is the chairman, his son is the CEO and Sultan Al Ghurair sits on the board of the bank. Despite some blips on real-estate loans, Mashreq saw a 25% increase in profits in 2012. The Al Ghurair Group secures the family's wealth and commands significant respect in the business world.
It divided into two industrial groups in 1990s; one industrial group, the Saif Ahmad Al Ghurair Group, is led and owned by Saif Ahmad while the other is owned and run by Abdulla. Yousuf Ali is the Indian born Emirati businessman and the managing director of the EMKE LuLu Group of companies; that headquarter based in Abu Dhabi. His business group also owns the LuLu Hypermarket in the Gulf countries. He also acquires the iconic Scotland Yard apartments in the London and plans to build a luxury hotel. He also expands his retailing empire to 119 hypermarkets, grocery outlets, supermarkets and dozens of stores and malls in the South Asia, Africa and in India. Yousuf Ali estimated net worth is US $ 2.5 billion and he is ranked at No. 6 in the list of top 10 richest people of UAE.
Abdulla Al Futtaim is the Emirati billionaire and the owner of the conglomerate Al Futtaim holdings with his brother Majid Al Futtaim who is also a billionaire. His company is the exclusive distributor of Honda and Toyota vehicles in the United Arab Emirates and has retail stores of Toyotas in Egypt. Abdullah Al Futtaim estimated net worth is US $ 3.2 billion and he is ranked at No. 5 in the list of top 10 richest people of UAE.
Micky Jagtiani is the Indian entrepreneur and based in UAE and the owner of the Landmark Dubai based retail store group. He also holds the stakes in the high street retailer firm of UK Debenhams and he plans to expend his business from the Gulf countries to China. Micky Jagtiani estimated net worth is US $ 5.2 billion and he is ranked third in the list of top 10 richest people of UAE.
Majid Al Futtaim is the Emirati billionaire and the owner of the Al Futtaim holding that owned and operated in the retail, leisure, shopping malls in the North Africa and in the Middle East. Al Futtaim holdings are diversified in the three subsidiaries of retail, properties and Al Futtaim ventures. His venture group provides the amenities such as the financial services, cinemas, entertainment, leisure, fashion and healthcare products and also deals in food and beverages. Majid Al Futtaim estimated net worth is US $ 6.2 billion and he is ranked second in the list of top 10 richest people of UAE.
Azad Moopen is the Dubai-based Indian physician, philanthropist and the founder of the Medicity Healthcare facility if Asian pacific. He is the chairman and the MD of the Aster Healthcare conglomerate which was established in 1987. He also provided the healthcare facilities in Indian and has MIMS hospitals with 3,000 employees. Azad Moopen estimated net worth is US $ 1.1 billion and he is ranked at No. 10 in the list of top 10 richest people of UAE. Sunny Varkey is the Emirati Dubai based educational entrepreneur and humanitarian. He is also the chairman of the Varkey Group and the trustee of the philanthropic foundation.
Sunny Varkey estimated net worth is US $ 2 billion and he is ranked at No. 8 in the list of top 10 richest people of UAE. Oil has made Dubai one of the richest states or emirates in the world. Even though Dubai has little oil, the black gold has made the city rich.
In less than 50 years, Its robust economy has made Dubai an affluent state admired around the world. The oil industry and forward-thinking business strategies have enabled Dubai to become a global economic powerhouse. Dubai is one of the most popular cities in the world and one of the major cities of the United Arab Emirates . The city has one of the highest percentages of people with top-notch wealth. Most of the billionaires of Dubai are listed in the top billionaires of the world. Dubai is the largest city in the UAE which is known as the hub of business and culture.
Dubai is the home to tons of famous and rich, wealthy people in the world. Most people recognize this region for its rich oil reserves, and it's still one of the biggest exporters of this natural resource. In fact, the rich supply of oil is one reason so many countries in this area have earned a spot on the list of the world's wealthiest nations.
Dubai is a uniquely affluent emirate because it isn't dependant on selling oil to thrive. Its diverse economy is based around trade, transportation, technology, tourism and finance. With the world's busiest international passenger traffic, Dubai has become the gateway to the East. But the emirate is no longer just a stopover for moneyed travelers.
Dubai is the globally admired destination for the rich and famous and everyone in between. Dubaimay be the second-largest emirate in the country, but it holds the biggest population, majority of which are expats from around the world. Dubai has a thriving business and tourism industry, having a skyline dotted by majestic buildings and towers. Here, you will find the Burj Al Arab (a 7-star hotel), the Burj Khalifa , and the luxurious Palm Trilogy islands, among many other attractions. Saeed Bin Butti Al Qebaisi is one of the top 15 billionaires of Dubai.
He is the chairman of an Abu-Dhabi firm, Centurion Investments that looks after the investments in money exchange, health care and retail. His wealthiest and most profitable stake is in NMC Health (a London-listed firm ). Take fine dining up a notch with these gold-plated delicacies in DubaiApart from these high-end tastes of the elite in Dubai, the city's super-rich also spend some serious money on their homes! From bespoke luxury fittings to interiors designed by famous artists from around the world, the billionaire and millionaires in the city take luxury lodgings to a whole new level. If you are wondering about some of the popular areas for the elite to live in the city, take a look at some of the most expensive properties in Dubai.
Luxury sports cars are a routine sight in Dubai, especially for the super-rich. While some of us can only dream about driving our favourite supercars, Dubai's elite are know to take their Bugattis and Lamborghinis for a quick grocery run! The royal family of Dubai is also well known for their love of exclusive supercars. The super rich in Dubai appear to live by the adage that, if you have it, flaunt it! You might have come across people splurging serious sums of money on luxury cars and houses, but in Dubai, if it's not made of gold it's probably not worth mentioning. This is why the City of Gold has a very particular set of things which are perceived as status symbols by the elite.
Our list contains some of the most epic and outrageous ways people in Dubai choose to spend their many millions or in some cases even billions. The Indian radiologist and businessman, Shamsheer Vayalil Parambath is the founder, managing director and chairman of the VPS Healthcare Group. Also managing director and vice-chairman of the healthcare and education investment company, Amanat Holdings. Through the years, the wealthiest Arab countries have attracted countless visitors from around the world. People love the images of gold buildings, fantastic food, and all the most delicate things in life. However, when talking about the Arab region, one thing comes to most people's minds first—oil.
Thousands of companies choose Dubai to benefit from its free-trade zones. Today, there are more than 30 free-trade zones in Dubai, accounting for more than 20% of total foreign investment in the UAE. Free trade zones have transformed Dubai into a top economy in the region. The city is a popular expat destination due to its booming economy, safety, and quality of life.
It is also the largest in terms of land area and the second most populated emirate. Due to its vast oil resources, Abu Dhabi is the wealthiest emirate in the UAE. A trip to Abu Dhabi would not be complete without seeing the Sheikh Zayed Grand Mosque, Khalifa Park, and Yas Island. The extravagant lifestyle of the elite class of Dubai has led them to develop some unusual spending habits, which may seem outrageous to most people but for them, it is perfectly normal.
In Dubai, people won't even bat an eyelid when you tell them that the number plate actually cost them more than an average Lamborghini Aventador! Considered as one of the defining status symbols among the rich locals and expats in the city, getting customised number plates is one of the top things the Dubai's elite spend their money on. That is why billionaire businessman Arif Ahmad Al Zarouni spent a whopping AED 18M just to own the Sharjah No 1 plate.
Which Is The Richest Emirate In Uae If you missed out on your chance of meeting your favourite celebrity then don't worry, you can hire them for a private meeting! Most of us can only wish to be lucky enough to click a selfie with our favourite stars but for the filthy rich elite in Dubai, it is just a matter of booking their favourite stars for a private meeting. Celebrities like Wiz Khalifa, French Montana, Paris Hilton and Chris Brown will play and even DJ at your party but you'll only have to pay them around AED 1.1–1.8M, which is no biggie for billionaires. The 14-year-old son of the famous construction mogul in Dubai, Saif Ahmed Belhasa has a social media account where he has uploaded photos with the likes of Jackie Chan, Akon, Messi and Nicki Minaj. Let's be honest, the lives of the rich and fancy pique our curiosity!
And a slew of others have made millions out of feeding our vicarious sensibilities and giving us a glimpse into the lives of the super-rich across the world. Being one of the quintessential luxury capitals in the world, how do you think the uber-rich people in Dubai spend their money? You might have heard a few outrageous stories about the luxurious tastes of super-rich celebrities but nothing comes close to the decadent extravagance of the elite in Dubai. From custom-made couture to cars made entirely out of gold, today MyBayut brings you a list of the unbelievable ways rich people in Dubai spend their money. The report also found that Abu Dhabi ranks seventh globally on the list of cities that are expected to see the strongest growth in households earning over $250,000 between 2017 and 2022.
The emirate is anticipated to see its wealthiest households increase by 84,067 during the five-year period. Thaksin Shinawatra is the founder of Advanced Info Service which is a mobile phone operator company and the Shin Corporation which is an IT and telecommunications alliance based company. The richest ranked person in Dubai, Majid Al Futtaim is the chairman of the Majid Al Futtaim Holding , the entertainment and retail conglomerate. It originated in 1992 and soon grew into one of the largest companies across the UAE.
Today, it includes more than 120 stores around North Africa, the Central Asia region and the Middle East. B.R ShettyBavaguthu Raghuram Shetty, the founder and acquirer of the United Arab Emirates companies accommodating Abu-Dhabi based NMC Health, BRS Ventures, Neopharma and Finablr. B.R Shetty is an Indian-born businessman who is counted among the top businessmen in Dubai. He founded and chairs Horizon Group, a real estate holding company with investments in Amman, Jordan, and Beirut, Lebanon. The project, in partnership with the Jordanian government, is worth an estimated $5 billion.
He's the majority owner of Globe Express Services, a logistics company with a presence in more than 100 countries. Beach on Red sea, Sharm El Sheikh, EgyptWith over 80 million people, Egypt is one of the most populous and wealthiest Arab countries today. Most of Egypt's economic wealth relates to activity on the Nile River Valley, teeming with arable land. Manufacturing, agriculture, and tourism are all important industries for this country.























































