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Dubai property tycoon Hussain Sajwani is the richest Arab in UAE: Forbes

Billionaire founder of DAMAC Properties has added around $300mln to his fortune

Staff Reporter

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Dubai property tycoon Hussain Sajwani has topped the latest Forbes list of richest people in the UAE for the first time after adding $300 million to his fortune.

The founder of DAMAC Properties leads the pack this year with a net worth of $2.7 billion, moving two places up in the UAE and taking the sixth spot overall in the Middle East region. The number one position was previously occupied by Majid Al Futtaim, who passed away in December 2021.

Two other Emirati billionaires also made it to the 2022 list. Mashreqbank founder Abdulla bin Ahmad Al Ghurair and family came second in the UAE and 7th in the Middle East, with a net worth of $2.6 billion, down by $200 million from last year.

Abdulla Al Futtaim and family, with a net worth of $2.5 billion, came third. The owner of conglomerate Al Futtaim Group landed the 8th spot in the Middle East region.

Overall, the number of global billionaires fell to 2,668 from 2,755 in 2021 due to the impact of the coronavirus pandemic. Their total net worth also dropped from $13.1 trillion in 2021 to $12.7 trillion.

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