Today's Edition
ISIDORA CIRIC (ABU DHABI)
Five Emiratis have landed on Forbes' 2025 World's Billionaires list, with their combined fortunes amounting to $24.3 billion. Among them are two newcomers, adding fresh names to a ranking that's larger and richer than ever before.
At the top is Hussain Sajwani, founder and chairman of DAMAC Properties, who more than doubled his wealth over the past year. Forbes now estimates his net worth at $10.2 billion, up from $5.1 billion in 2024.
Known for being among the first to seize Dubai's early 2000s real estate boom, Sajwani began developing luxury properties when foreign ownership was first allowed. Long before that, in the mid-1990s, he was building hotels to cater to Dubai's fast-growing population. Today, DAMAC's projects span continents, from London and Toronto to Jeddah and the Maldives. In January, Sajwani made international headlines again when he stood alongside US President-elect Donald Trump to unveil a $20 billion plan for a new network of data centres across the United States.
Abdulla Al Futtaim and his family rank second among the Emiratis, with an estimated net worth of $4.7 billion - a jump of more than 50% from the $3.3 billion recorded on Forbes' 2024 list.
His business empire began with car sales, but today stretches across retail, automotive and real estate through the Al Futtaim Group. The group, which he owns and his son Omar runs, still holds the exclusive UAE distributorship of Toyota, dating back to 1955. The company runs brands like Hertz, Ikea, and Marks & Spencer in the UAE, and its malls anchor key commercial developments in cities including Dubai, Doha and Cairo.
Close behind is Abdulla bin Ahmad Al Ghurair and his family, with $4.6 billion, a sharp rise from $3.9 billion in 2024.
A pioneer in the UAE's financial sector, Al Ghurair launched Mashreqbank in the late 1960s and remains on its board today. His broader business interests run through the Al Ghurair group, a family-owned conglomerate active in food, real estate and construction. The group owns the UAE's largest flour mill, a water company, an animal-feed producer, and a shopping mall in Dubai. Its construction arm has taken on major infrastructure projects, including the exterior cladding of the Burj Khalifa and work on the Dubai Metro.
New to the list this year is Hussain Binghatti Aljbori, founder and chairman of Binghatti, with a reported net worth of $2.5 billion.
His real estate firm has gained attention for an aggressive expansion strategy, with more than 40 developments across Dubai in areas like Business Bay, Dubai Marina and Silicon Oasis. In early 2024, Binghatti raised over $600 million through a sukuk issuance - the first of its kind from a regional developer that year - attracting over double its target subscription.
Also making a debut is Mohamed Alabbar, the man behind Emaar Properties and Eagle Hills, with an estimated $2.3 billion. He played a central role in building some of Dubai's most iconic landmarks, including the Burj Khalifa and Dubai Mall, and also leads Eagle Hills, a private real estate investment firm based in Abu Dhabi.
His ventures aren't limited to bricks and mortar - he launched Noon.com in 2017 as a regional challenger to global e-commerce giants, and chairs Americana Group, one of the largest food companies in the Middle East.
Globally, the number of billionaires has hit a new record, with Forbes counting 3,028 individuals on the list, with a combined net worth totalling $16.1 trillion - nearly $2 trillion more than in 2024.
The MENA region has also witnessed a rise. This year, 38 billionaires from nine countries across the region made the list, with a total net worth of $128.4 billion, more than double last year's $53.7 billion spread across 29 names.
