Thousands of super-rich expatriates call the UAE home, but there are only a few of them who have made themselves billions of dirhams through a lot of hard work and determination.
According to a wealth research firm, there are at least 22 self-made billionaires in UAE as of March this year, the highest in the Gulf Cooperation Council (GCC) region. And the majority of them seem to come from just one country: India.
Data released by Hurun Research Institute showed that among the ten richest self-made billionaires in UAE, those who got rich not out of pure luck or through family inheritance, at least six of them are from the South Asian nation.
Even across the region, many of the ultra-rich residents with humble beginnings are foreigners, and their numbers are accelerating quickly.
“Self-made entrepreneurs in the Gulf are growing fast. Almost half of the self-made billionaires residing in the gulf are immigrants, especially from India, who have settled here,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
Among the self-made billionaires in UAE, retail tycoon Micky Jagtiani took the crown as the richest, with a net worth of $5.5 billion, or roughly Dh20 billon.
The entrepreneur owns Landmark Group, the company behind the ubiquitous names like Splash, Home Centre, New Look, Iconic, Shoemart, Emax, Centrepoint and Babyshop.
Landmark Group has 2,200 outlets across 21 countries. The Indian expatriate started his business with baby products and then expanded into fashion, electronics, furniture and budget hotels in Middle East and Southeast Asia.
MA Yusuff Ali came second on the list and this self-made billionaire built a fortune by selling groceries. The businessman is behind the hypermarket chain LuLu, which has now 124 outlets across the Gulf, India and Egypt. But he’s not just into the retail business.
“He made the headlines for buying Scotland Yard inLondon for $171 million and is developing it into a 92,000-square-foot hotel,” Hurun noted. He has also poured more than $1 billion into his home country to build hotels, malls and convention centres.
...[ Continue to next page ]
Share This Post
