Emirati billionaire, Carrefour franchisee Majid Al Futtaim dies at 71

Emirati billionaire businessman and the founder of the Majid Al Futtaim Group, Majid Al Futtaim is dead.

Majid Al Futtaim Group is the company that holds exclusive franchise for Carrefour chain of hypermarkets in Kenya.

Carrefour, Kenya through its official Twitter handle has confirmed that Futtaim passed away on Friday.

However, Futtaim's cause of death was not disclosed.

"We are deeply saddened to announce that our beloved founder, Mr Majid Al Futtaim, passed away on the 17 December 2021," Carrefour Kenya tweeted.

At the time of his demise, Futtaim was aged 71.

Futtaim was an entrepreneur who built robust businesses on real estate and retail conglomerate with projects across the world.

He believed in robust, world-class private sector institutions and hey role they should play in driving sustainable economic growth and human development.

According to Carrefour Kenya, He was a visionary entrepreneur who transformed the face of business and was an inspiration for many.

"Mr Majid Al Futtaim was a visionary entrepreneur who transformed the face of business in the entire region and his lifetime achievements have been an inspiration for many," Carrefour Kenya wrote.

The ruler of Dubai Mohammed bid Rashid Al Maktoum mourned the Futtaim as one of the most important merchants of Dubai.

"May God have mercy on our brother Majid Al Futtaim, the creative businessman, and one of Dubai’s most important merchants and senior men," said Al Maktoum.

"He is a giver of the homeland and endless goodness... His last decision was to hire 3000 citizens... May God have mercy on him and put him in his spacious gardens and inspire his family and relatives with patience and solace... Amen"

Sheikh Mohammed bin Rashid Al Maktoum and Majid Al Futtaim. PHOTO/COURTESY

Majid Al Futtaim was founded in 1992 and is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Asia and Africa.

What started as a single person's vision has transformed the face of shopping, entertainment and leisure, creating glorious moments for everyone, every moment.

Majid Al Futtaim has since grown into one of the United Arab Emirates' (UAE) most successful businesses, spanning about 17 international markets.

It has employed over 43,000 individuals and got the highest credit rating among privately held corporates in the region.

The company owns and operates 29 shopping malls, 13 hotels and four mixed-use communities with more developments in the region underway.

Majid Al Futtaim is the company is the exclusive franchise for Carrefour in over 30 markets across the Middle East, Africa, and Asia, with a portfolio of over 375 outlets including City+.

Futtaim started handling Carrefour operations in the Middle East in 1995. The first Carrefour hypermarket in the region was established in City Centre Deira in Dubai.