Even with such a small population, the UAE has a very robust economy. The country is one of the most important hubs for trade in the Middle East, and the richest men in the UAE are largely responsible for this abundance in commerce and employment.
The UAE’s wealthiest men have traditionally come in from all over the world to establish businesses and investments in the country; recently, however, these business magnates have started to take advantage of business opportunities in other lands; making the UAE the headquarters of their business ventures.
Controlling such business empires requires skill and purpose which the following have demonstrated in abundance.
Top 10 Richest Men In The UAE
1. Pavel Durov
Net Worth: $15 Billion
Pavel Valeryevich Durov is a Russian-born French-Emirati entrepreneur. He is a tech genius who is best known as the founder of the social networking sites VK and Telegram Messenger. He was born on the 10th of October 1984, in Leningrad, Russian SFSR, Soviet Union.
He has been into technology for a long time; he was head of VK until 2014, and then he left Russia and has since then taken citizenship of the UAE. This makes him the richest man in the UAE.
He also holds citizenship from Russia St Kitts and France.
2. M.A Yusuff Ali
Net worth: $5 Billion
M.A Yusuff Ali is another great man who has achieved great wealth in the UAE. He too comes from India but came to the UAE to take advantage of economic opportunities. His company is LuLu Group International, a UAE company that operates a chain of retail stores across the UAE.
M.A Yussuf Ali is a visionary; he has kept a watchful eye for business opportunities, which has resulted in him diversifying his enterprises; entering into retail, food processing, and logistics.
M.A Yussuf Ali has a business presence in the UAE, India, and other parts of Asia. He is a noted philanthropist; and has made several donations to worthy causes in India.
3. Micky Jagtiani
Net worth: $3.1 Billion
Micky Jagtiani has had a very interesting life. He was once a taxi driver in London, but by relocating to the UAE in 1973, he has unlocked his potential as a true businessman.
Micky Jagtiani spent 10 years running a baby product shop in Bahrain, and then expanded his business by adding more shops. Those small shops metamorphosed into the Landmark Group, and Micky Jagtiani gradually worked his way into becoming one of the biggest businessmen in the UAE.
Landmark Group of UAE is a diversified business; it operates retail outlets that deal in fashion, electronics, and furniture. Landmark Group also owns hotels.
4. Abdulla bin Ahmad Al Ghurair
Net worth: $2.6 Billion
Abdulla Al Ghurair is an Emirati Billionaire; a veteran businessman who has been one of the wealthiest citizens of his country for a very long time. His business empire also spans various sectors such as real estate, construction, and food processing.
Abdulla bin Ahmad Al Ghurair established Mashreqbank as far back as the 60s and has firmly guided his establishment into becoming one of the leading banks in the United Arab Emirates.
Abdulla Al Ghurair as the Chairman of the bank gets a very good payout as the majority shareholder of the firm. He also gets a good salary as chairman, while his son sits as CEO of the bank.
5. Ravi Pillai
Net worth: $2.6 Billion
Ravi Pillai is has become a great and powerful citizen of the UAE. He abandoned his native India in favor of the United Arab Emirates after his Kerala-based construction business was forced to close down after labor strikes.
As soon as he landed in the United Arab Emirates he found a local partner and started a small trading business. Within two years, he had expanded into construction- and now his company, the Nasser S. Al Hajri Corporation (NSH), is one of the biggest conglomerates in the United Arab Emirates.
He has lived in the UAE for more than 30 years, and while he may still have family in India; he is not known to have any economic ties with the country.
6. B.R. Shetty
Net Worth: $2.6 Billion
B.R. Shetty is another billionaire businessman who has made his money in the UAE. He has made his impact in the healthcare industry; building and acquiring several healthcare franchises.
When he first landed in the UAE his business interests were hospitals and hospitality. Since then he has gone into healthcare management, financial services, advertising, and several other business ventures.
B.R Shetty has come under hot water recently; some of his assets have been frozen over charges of corruption. Nevertheless, he has not been found guilty of any wrongdoing.
7. Sunny Varkey
Net worth: $2.6 Billion
Sunny Varkey has built a different kind of empire; an educational empire. His establishment; GEMS Education has a total of 250 schools worldwide.
Sunny Varkey is another Indian Billionaire who has taken root in the UAE. He has shown that it is possible to run an educational empire and to make a profit without charging ridiculously high fees.
Sunny Varkey has received several awards for his achievements, and for his contribution to education.
8. Abdulla Futtaim
Net worth: $2.4 Billion
Abdulla Futtaim is the Chairman of the Al-Futtaim Group, a large conglomerate that has investments in the automotive, electronics, retail sectors, insurance, services, and real estate.
The Al-Futtaim Group also has huge investments in the furniture business; it has the franchise right to IKEA stores in UAE, Qatar, Egypt, and Oman.
Furthermore, the company also has exclusive distributor rights of several major car brands; such as Toyota, Lexus, and Hino in the UAE.
9. Hussain Sajwani
Net worth: $2.1 Billion
Hussain Sajwani is the chairman of the real estate development company DAMAC Properties which was founded in 2002. Since its establishment, the company has grown into one of the leading companies in the real estate sector and has made some enduring and lucrative investments in the real estate sector in the country.
DAMAC Properties have built several large-scale, luxury properties, and projects in both Europe and the UAE. The company has consistently yielded profits for its investors and is currently regarded as one of the biggest property development and real estate companies in the Arab World.
Hussain Sajwani is one of the richest men in the UAE; his company is one of the biggest players in the construction industry, and he has received several awards for his contributions to the real estate and housing sectors.
10. Majid Saif Ahmed Al Ghurair
Net worth: $1.7 Billion
Majid Saif Ahmed Al Ghurair is the oldest son of the late Saif Al Ghurair; who was the Chairman of the Al Ghurair Group; one of the largest real estate and manufacturing companies in the UAE.
Majid Saif Ahmed Al Ghurair also serves on the board of directors of the Mashreq Bank; the oldest privately held bank in the UAE, which his father made significant investments several years ago.
The richest men in the UAE have chosen this great country as their place of residence and business. They have been part of the history of the country, and part of the reason why the country has grown in leaps and bounds, and why this country has become a hub of trade and commerce; with plenty of work opportunities.