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Al-Futtaim Group

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Not to be confused with Majid Al Futtaim Group.
Al-Futtaim Group
Company typePrivate
Industryconglomerate
Founded1939
HeadquartersDubai, United Arab Emirates
Key people
Omar Al Futtaim (CEO), Abdulla Al Futtaim (owner)
Number of employees
over 42,000 (2017)[1]
SubsidiariesKolber Geneve
Westar
Websitewww.alfuttaim.com

The Al-Futtaim Group (Arabic: مجموعة الفطيم, romanized: Majmouat al-Futtaim) is a large conglomerate based in Dubai, United Arab Emirates.

History

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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

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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] Sheikh Mohammed bin Rashid Al 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]

The CEO of the group was Robert Willett[8] until he suddenly resigned in January 2011. After that, Omar Al-Futtaim became a board member, CEO and vice chairman.[9][10]

In September 2022, the group was listed by Forbes in the Middle East's Top 100 Arab Family Businesses, ranking third.[11]

Businesses

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Al Futtaim Motors: Established by the group in 1955, it is the exclusive distributor of Toyota, Lexus, Hino trucks and Toyota Material Handling equipment in the UAE.[12]

Robinsons & Co.: In April 2008, the Al-Futtaim Group bought 88% of the shares of Robinsons & Co. at S$7.20 per share.[13][14]

IKEA: The group holds the franchise rights to operate IKEA stores in UAE, Qatar, Egypt and Oman.[15] It operates four IKEA stores in UAE, Qatar and Egypt.[16]

Ace Hardware: First opened in Dubai in 1991 by the group, Ace now trades in six locations in the United Arab Emirates including Dubai, Abu Dhabi, Ras Al Khaimah, and Al Ain. Each of the six stores are also certified as ‘Ace Helpful’ in keeping with global Ace standards.[17]

Plug Ins: Consumer electronics store in the UAE.[18]

Orient: Founded by Al-Futtaim in 1982, Orient is the largest insurance company in the United Arab Emirates by financial capital, with up to 500 million AED (approx. 136.1 million USD). Headquartered in Dubai, it works with major clients in Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah, as well as Oman and Bahrain.[19]

Toys "R" Us: The firm opened the U.A.E.'s first Toys "R" Us store in 1995, and owns and operates 19 Toys "R" Us and Babies "R" Us stores across Bahrain, Egypt, Kuwait, Oman, Qatar, and the United Arab Emirates.[20] Its stores were unaffected by the franchiser's 2018 bankruptcy in the United States.[21]

Al-Futtaim's businesses also include Kolber Geneve[22] and Westar.[23]

Marks and Spencer: In 2018 the group acquired the franchise rights to Marks and Spencer locations in Hong Kong and Macau.[24][25]

References

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  1. ^ Al Futtaim Group: Home
  2. ^ "Al Futtaim Group: Profile". Archived from the original on 2010-02-04. Retrieved 2010-01-23.
  3. ^ "Arabian Business Rich List". Archived from the original on 2010-02-03. Retrieved 2010-01-23.
  4. ^ Dubai's Al Futtaim offers $86 million for Kenyan car retailer, International: Reuters, 2013
  5. ^ "afuturewithus.com". www.afuturewithus.com. Retrieved 2018-05-30.
  6. ^ Hoovers
  7. ^ 2010 List - Abdulla Al Futtaim Forbes
  8. ^ Al Futtaim Group announces Robert Willett as new CEO Gulf News, 14 June 2010
  9. ^ Al-Futtaim Group Company Profiel arabianbusiness.com, 24 November 2012
  10. ^ "Omar Abdulla Al Futtaim: Executive Profile & Biography - Bloomberg". investing.businessweek.com. Retrieved 2018-05-30.[dead link]
  11. ^ Mughal, Waqar. "Al-Futtaim Group - The Top 100 Arab Family Businesses". Forbes Lists. Retrieved 2022-10-19.
  12. ^ "ABOUT AL-FUTTAIM MOTORS". AL-FUTTAIM MOTORS. Al-Futtaim Motors Company LLC. Retrieved 7 July 2015.
  13. ^ Nolan, Lynne. "Al-Futtaim acquires Robinson and Company". ArabianBusiness.com. Arabian Business Publishing Ltd. Retrieved 7 July 2015.
  14. ^ Wong, Ai Ai. "Al-Futtaim Group Takeover of Robinsons". Baker & McKenzie. Baker & McKenzie. Archived from the original on 2015-07-10. Retrieved 7 July 2015.
  15. ^ Deulgaonkar, Parag (19 March 2017). "UAE's Al-Futtaim plans new Ikea stores in Middle East". ArabianBusiness.com. Archived from the original on 23 December 2018. Retrieved 23 December 2018.
  16. ^ "Inter IKEA Systems B.V. - IKEA franchisees". franchisor.ikea.com. 29 November 2018. Archived from the original on 23 December 2018. Retrieved 23 December 2018.
  17. ^ "Al-Futtaim ACE launches its exclusive Ramadan collection". Zawya. Retrieved 17 June 2019.
  18. ^ "Plug-Ins to open four more outlets this year". gulfnews.com. Retrieved 2021-09-16.
  19. ^ "Our Profile". Insuranceuae.com. Retrieved 2019-10-19.
  20. ^ "Toys R Us". Alfuttaim.com. Archived from the original on September 22, 2020. Retrieved July 14, 2018.
  21. ^ John, Issac (September 20, 2017). "Toys 'R' Us UAE operations unhit". Khaleej Times. Archived from the original on 2017-11-02. Retrieved June 22, 2018.
  22. ^ Staff (2013-09-22). "Al-Futtaim expands watches portfolio". Emirates 24/7. Retrieved 2018-05-30.
  23. ^ Al-Futtaim Watches scouts for distributors in EU.
  24. ^ "Marks & Spencer sells Hong Kong stores as it retreats from overseas markets". The Guardian. 2 January 2018.
  25. ^ "M&S sells Hong Kong business to franchise partner". Financial Times. 2 January 2018.
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