Friday, June 24, 2022

Dubai:Committee appointed to weigh-in on emirati billionaire’s estate

A special judicial committee has been appointed in order to view the legal arguments over the estate of Emirati billionaire “Majid Al Futtaim”, widely seen as a pillar of Dubai tourism and economic growth.

As per the reports, Dubai’s ruler appointed the committee amid reports of disagreement among Al Futtaim’s ten beneficiaries.

As per the company, there is a Special Judicial Committee whose only role is to judge the potential legal disputes related to Mr Majid’s estate and legacy issues and not oversee the company or its business.

Furthermore, the company added that we are working through transition, and our business will continue these operations as normal.

Al Futtaim, who died in December, worked in a bank as a clerk to create a $16bn business empire.

The Al Futtaim family’s business empire dates back to the 1930s when Dubai stayed a small pearling village before finding oil in the United Arab Emirates. Al Futtaim was a family trading company associated with the city-states city-state’s ruling Al Maktoum family.

After some decades, their empire became a trusted partner with the foreign brands business, for example, Toyota in 1955.

His eponymous company has more than two dozen malls across the region, including VOX Cinemas and 29 malls in the Middle East, in which Dubai’s iconic Mall of the Emirates is also included, which boasts an indoor ski slope, penguin viewings and other experiences in blasting subzero temperatures year-round.

The company also made their franchise off the french hypermarket chain Carrefour. Now they run more than 300 Carrefour-branded supermarkets and hypermarkets across Africa, Asia and the Middle East.

A prior family rivalry business Majid Al Futtaim and his cousin, Abdullah, required Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum to step in to settle it in the early 2000s.

While announcing the news of his death in December, Al Maktoum stated that he was among the most important merchants”.

Al Maktoum wrote that May God have mercy on our brother Majid Al Futtaim, the creative businessman, and he is among Dubai most important merchants and also senior.

He added, that his last decision was to hire 3000 citizens. May god give him a peaceful place in his spacious gardens.

As per the Forbes estimation, Al Futtaim’s net worth income was more than $4 billion.

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