Al-Futtaim Group
| File:Al-Futtaimlogo.png | |
| Company type | Private |
|---|---|
| Industry | conglomerate |
| Founded | 1930s |
| Headquarters | Dubai, United Arab Emirates |
Key people | Omar Al Futtaim (CEO), Abdulla Al Futtaim (owner) |
Number of employees | circa 20,000 (2010) |
| Subsidiaries | Kolber Geneve; Westar |
| Website | www.al-futtaim.ae |
The Al-Futtaim Group is a large conglomerate operating in the United Arab Emirates.
History
The group was founded in the 1930s and expanded rapidly in the 1940s and 1950s becoming an integrated commercial, industrial, and services organization.[1]
The Al-Futtaim family split its business interests in 2000 with Abdulla Al Futtaim controlling the automotive and mainly retail business, and his brother Majid controlling a property development business (now known as Majid Al Futtaim Group).[2]
In September 2013, the group bid $86 million to take full control of the Nairobi-based car retailer CMC Holdings.[3]
Operations
Al-Futtaim Group employs over 30,000 people[4] and operates eight divisions comprising automotive, electronics, insurance, services, real estate, retail, industries, and overseas.[5] The Chairman is Abdulla Al Futtaim who reportedly has close connections with the Ruler of Dubai, Prime Minister and Vice President of the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum. Sheik Maktoum mediated a settlement between Abdulla Al Futtaim and his rival, cousin Majid Al Futtaim, in 2000 which split the assets, liabilities and operations of the then-larger Al Futtaim Group.[6]
As of March 2012, Abdulla Al Futtaim is estimated by Forbes magazine to have a net worth of $1.6 billion, ranking him as the 804th richest person in the world, and third richest in the United Arab Emirates (UAE).[7] Prior to the Global Financial Crisis Abdulla Al Futtaim was worth nearly twice his current wealth. In 2007 Forbes ranked him as the 287th richest person in the world with a net worth of $3 billion and said his conglomerate was so large and profitable that it could account for 15% of Dubai's gross domestic product.[8] The CEO of Al-Futtaim Group was Robert Willett[9] until he suddenly resigned in January 2011. After that Omar Al-Futtaim became a Board Member, CEO & Vice Chairman [10][11]
Businesses
Al Futtaim's businesses include Kolber Geneve[12] and Westar.[13]
Al Futtaim Motors
In 1955, Al-Futtaim Motors was established and is the exclusive distributor of Toyota, Lexus, Hino trucks and Toyota Material Handling equipment in the UAE.[14]
See Also
References
- ^ Al Futtaim Group: Profile
- ^ Arabian Business Rich List
- ^ Dubai's Al Futtaim offers $86 million for Kenyan car retailer, International: Reuters, 2013
- ^ Al Futtaim Group: Careers
- ^ Hoovers
- ^ 2010 List - Abdulla Al Futtaim Forbes
- ^ Profile - Abdulla Al Futtaim Forbes
- ^ 2007 List - Abdulla Al Futtaim Forbes
- ^ Al Futtaim Group announces Robert Willett as new CEO Gulf News, 14 June 2010
- ^ Al-Futtaim Group Company Profiel arabianbusiness.com, 24 November 2012
- ^ Bloomberg Businessweek 24 November 2012
- ^ Al-Futtaim expands watches portfolio
- ^ Al-Futtaim Watches scouts for distributors in EU.
- ^ "ABOUT AL-FUTTAIM MOTORS". AL-FUTTAIM MOTORS. Al-Futtaim Motors Company LLC. Retrieved 7 July 2015.