Billionaire's Abrupt Death Leaves Dubai To Untangle Messy Inheritance
NDTV
As dozens of workers bustle on the sprawling lot adjacent to the fine sand of Al Mamzar beach, local authorities are agonizing over the villa and the rest of the estate of Majid Al Futtaim, the deceased patriarch of a shopping and entertainment empire that's an anchor of Dubai's economy.
In a particularly exclusive corner of Dubai, a modern-day palace with moorish arches and an imposing gateway is rising from the desert, despite uncertainty over who will live there. We are deeply saddened to announce that our beloved founder, Mr Majid Al Futtaim, passed away on the 17 December 2021. (1/6) pic.twitter.com/3UWnNFIdYe
As dozens of workers bustle on the sprawling lot adjacent to the fine sand of Al Mamzar beach, local authorities are agonizing over the villa and the rest of the estate of Majid Al Futtaim, the deceased patriarch of a shopping and entertainment empire that's an anchor of Dubai's economy.
Family-owned companies have been crucial to the emirate's development, and a messy succession plan risks distraction and disruption just as the region looks to broaden its economy away from a reliance on oil.
"With so many other major family-owned conglomerates in Dubai, the stakes are too high to let such succession disputes bubble over," said Christopher Davidson, associate fellow at the Henry Jackson Society.
