Al-Futtaim Group

Al-Futtaim Group
Private
Industry conglomerate
Founded 1930s
Headquarters Dubai, United Arab Emirates
Key people
 Omar Al Futtaim (CEO), Abdulla Al Futtaim (owner)
Number of employees
 over 44,000 (2015)[1]
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.[2]

The Al-Futtaim family split its business interests in 2000 with Abdulla Al Futtaim controlling the automotive and mainly retail business, and his cousin Majid controlling a property development business (now known as Majid Al Futtaim Group).[3]

In September 2013, the group bid $86 million to take full control of the Nairobi-based car retailer CMC Holdings.[4]

Operations

Al-Futtaim Group employs over 44,000 people[5] and operates eight divisions comprising automotive, electronics, insurance, services, real estate, retail, industries, and overseas.[6] 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.[7]

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).[8] 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.[9] The CEO of Al-Futtaim Group was Robert Willett[10] until he suddenly resigned in January 2011. After that Omar Al-Futtaim became a Board Member, CEO & Vice Chairman [11][12]

Businesses

Al Futtaim's businesses include Kolber Geneve[13] and Westar.[14]

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.[15]

Robinsons & Co.

In April 2008, the Al Futtaim Group bought 88% of the shares of Robinsons & Co. at S$7.20 per share.[16][17]

See Also

References

  1. ↑ Al Futtaim Group: Careers
  2. ↑ Al Futtaim Group: Profile
  3. ↑ Arabian Business Rich List
  4. ↑ Dubai's Al Futtaim offers $86 million for Kenyan car retailer, International: Reuters, 2013
  5. ↑ Al Futtaim Group: Careers
  6. ↑ Hoovers
  7. ↑ 2010 List - Abdulla Al Futtaim Forbes
  8. ↑ Profile - Abdulla Al Futtaim Forbes
  9. ↑ 2007 List - Abdulla Al Futtaim Forbes
  10. ↑ Al Futtaim Group announces Robert Willett as new CEO Gulf News, 14 June 2010
  11. ↑ Al-Futtaim Group Company Profiel arabianbusiness.com, 24 November 2012
  12. ↑ Bloomberg Businessweek 24 November 2012
  13. ↑ Al-Futtaim expands watches portfolio
  14. ↑ Al-Futtaim Watches scouts for distributors in EU.
  15. ↑ "ABOUT AL-FUTTAIM MOTORS". AL-FUTTAIM MOTORS. Al-Futtaim Motors Company LLC. Retrieved 7 July 2015.
  16. ↑ Nolan, Lynne. "Al-Futtaim acquires Robinson and Company". ArabianBusiness.com. Arabian Business Publishing Ltd. Retrieved 7 July 2015.
  17. ↑ Wong, Ai Ai. "Al-Futtaim Group Takeover of Robinsons". Baker & McKenzie. Baker & McKenzie. Retrieved 7 July 2015.
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