Top 10 Business Tycoons in the UAE 2026

Some fortunes in the UAE started with one shop. Others started with one hospital, one tower or one messaging app.

Today those fortunes sit at the top of the country’s wealth rankings. Forbes Middle East counts 17 billionaires living in the UAE in 2026, with a combined net worth of $212.6 billion as of March 1, 2026. Seven of the Arab world’s billionaires are Emirati citizens, and together they’re worth $35.4 billion.

The people behind those numbers run developers, supermarkets, banks, schools and hospitals that UAE residents use every week.

We picked the business tycoons in the UAE who built or run major companies from the country, then ranked them by Forbes net worth. Every wealth figure comes with its source and date. Read on for the top 10 business tycoons in the UAE for 2026, what they own and what they did in 2025 and 2026.

Why the UAE Produces So Many Business Tycoons

A Home Base for Gulf-Wide Empires

A lot of the country’s biggest fortunes were built at home and then taken abroad. LuLu, Landmark and Al-Futtaim all run stores and brands across several Gulf countries from their headquarters in Abu Dhabi or Dubai.

Room for Expat Founders

Indian-born founders are a big part of the story. Forbes Middle East counts nine billionaires of Indian origin among UAE residents in 2026. Between them they’re worth $49.9 billion, in retail, construction, healthcare and education.

Deep Local Capital Markets

The Abu Dhabi Securities Exchange and the Dubai Financial Market have turned private family firms into listed companies. LuLu Retail’s 2024 listing raised $1.7 billion, and Burjeel Holdings’ 2022 listing pushed its founder’s fortune higher.

Family Businesses That Last

Al-Futtaim traces its roots to 1930. Mashreq was founded in 1967. When a company lasts that long, a family can invest for the next generation.

Top 10 Business Tycoons in the UAE at a Glance

Top 10 Business Tycoons in the UAE (2026)

Here are the founders and chairs behind some of the UAE’s best-known companies, ranked by Forbes net worth.

1. Hussain Sajwani

Hussain Sajwani is the founder and chairman of DAMAC Properties, the Dubai luxury developer he set up in 2002. He started out in food services, supplying the US military and construction firm Bechtel. He moved into property once Dubai opened its market to foreign buyers. In 2013, DAMAC teamed up with Donald Trump to develop two Trump-branded golf courses in Dubai.

Forbes valued Sajwani at $15.3 billion as of March 1, 2026, up from $10.2 billion a year earlier. Forbes Middle East ranked him No. 2 on its World’s Richest Arabs 2026 list. In 2025 he announced plans to invest $20 billion in US data centers. DAMAC has scheduled 8,800 home handovers in Dubai in 2026, and it awarded more than AED 10 billion in construction contracts in the first half of the year.

Key Highlights
✔ Founded DAMAC Properties in 2002
✔ About 50,000 homes delivered and about 54,000 under construction (July 2026)
✔ $20 billion US data center plan announced in 2025
✔ Richest Emirati on the Forbes 2026 list

Known for: Branded luxury housing and some of Dubai’s biggest master communities.

2. Pavel Durov

Pavel Durov is the founder of Telegram, the messaging app he runs from Dubai. He was born in Leningrad in 1984. He left Russia after refusing to give authorities encrypted user data from his first social network. In 2017 he moved himself and Telegram to Dubai, where the company now has its headquarters. He became a UAE citizen in February 2021.

Forbes put Durov’s net worth at $6.6 billion as of March 2026, and Forbes Middle East ranks him fifth among the UAE’s richest residents. Telegram passed 1 billion active users, a milestone reported in March 2025. Durov says the app turned a profit for the first time in 2024, with total revenue above $1 billion. He also faces legal pressure abroad. French authorities charged him in August 2024 in an investigation linked to criminal activity on the platform, and he was allowed to leave France in March 2025.

Key Highlights
✔ Founder of Telegram, headquartered in Dubai
✔ More than 1 billion active users
✔ First profitable year in 2024, revenue above $1 billion
✔ UAE citizen since 2021

Known for: Building one of the world’s largest messaging apps from Dubai.

3. M.A. Yusuff Ali

M.A. Yusuff Ali is chairman of LuLu Retail, the hypermarket chain that grew out of his uncle’s small distribution business in Abu Dhabi. He moved there from Kerala, India, in 1973. In 2024 he listed the retail business on the Abu Dhabi Securities Exchange, raising $1.7 billion. He also owns the Waldorf Astoria in Scotland and the Great Scotland Yard Hotel in the UK, and he holds a minority stake in Cochin International Airport.

Forbes valued Yusuff Ali at $5.8 billion as of March 1, 2026. Forbes India’s 2026 rich list put him at $5.75 billion in October, which made him the richest Malayali on that list. LuLu Retail posted record 2025 revenue of $7.9 billion (Dh29 billion), up 4.1%, with net profit of $205 million. It opened 20 stores in 2025 and now has 267 outlets in the UAE, Saudi Arabia, Kuwait and Bahrain. Another 50 are planned between 2026 and 2028.

Key Highlights
✔ Chairman of ADX-listed LuLu Retail
✔ Record 2025 revenue of $7.9 billion
✔ 267 outlets with 50 more planned by 2028
✔ Hotel holdings in Scotland and London

Known for: Turning a family trading business into one of the Gulf’s biggest grocery chains.

4. Renuka Jagtiani

Renuka Jagtiani is chairwoman and CEO of Landmark Group, the Dubai-based retailer her late husband, Micky Jagtiani, founded in 1973 as a single baby products shop in Bahrain. Micky Jagtiani died in 2023. She joined the business in 1993 and became chairwoman in 2017.

Forbes valued Renuka Jagtiani at $5.6 billion as of March 1, 2026, which put her seventh on Forbes Middle East’s list of the richest UAE residents. Landmark runs more than 2,200 stores in over 15 countries across the Middle East, Africa, India and Southeast Asia, and its annual revenue is above $7 billion. Its brands include Max Fashion, Splash, Babyshop, Centrepoint and Fitness First. She’s leading a $1 billion investment program to add 400 stores across the GCC, India and Southeast Asia.

Key Highlights
✔ Chairwoman since 2017, with the group since 1993
✔ More than 2,200 stores in over 15 countries
✔ Annual revenue above $7 billion
✔ $1 billion plan for 400 new stores

Known for: Running one of the region’s largest family-owned retail groups.

5. Abdulla Al Futtaim

Abdulla Al Futtaim owns the Al-Futtaim Group, a Dubai family business that traces its roots to 1930. His son, Omar Al Futtaim, is vice chairman and CEO. The group became the UAE’s exclusive Toyota dealer in 1955. Today it works across automotive, financial services, real estate, retail and healthcare, with partner brands such as IKEA, Zara, Panasonic and Honda.

Forbes valued Abdulla Al Futtaim and his family at $4.8 billion as of March 1, 2026. Forbes Middle East ranked Al-Futtaim second on its Top 100 Arab Family Businesses 2026 list. In July 2025 the group agreed to buy a 49.95% stake in Saudi franchise retailer Cenomi Retail for more than SAR 2.5 billion. At the time, it operated in 18 countries, employed nearly 33,000 people and held more than 200 brands. In February 2026, Al-Futtaim Real Estate partnered with Siemens on digital and sustainability upgrades.

Key Highlights
✔ UAE’s exclusive Toyota dealer since 1955
✔ Agreed to buy 49.95% of Cenomi Retail in 2025
✔ More than 200 brands in 18 countries
✔ Ranked No. 2 Arab family business by Forbes Middle East in 2026

Known for: Cars, malls and global retail franchises across the Gulf.

6. Abdulla bin Ahmad Al Ghurair

Abdulla bin Ahmad Al Ghurair founded Mashreqbank in 1967 and built it into one of the UAE’s leading banks. He stepped down as chairman in 2019. His family’s Al Ghurair holding company has interests in food, construction, mobility, asset management and real estate. Its construction business handled the exterior cladding of Burj Khalifa and helped build the Dubai Metro.

Forbes valued Abdulla Al Ghurair and his family at $4.5 billion as of March 1, 2026, and Forbes Middle East ranked him eighth among the world’s richest Arabs. At 97, he’s the oldest person on this list. In 2026 the group signed an exclusive deal with Chery Group to launch the Karry vehicle brand in the UAE. He’s also known for pledging Dh4.2 billion to an education foundation.

Key Highlights
✔ Founded Mashreqbank in 1967
✔ Group worked on Burj Khalifa cladding and Dubai Metro
✔ Karry brand launch with Chery Group in 2026
✔ Dh4.2 billion pledge to education

Known for: Banking, industry and large-scale education philanthropy.

Also Read: Real Time Billionaires List

7. Ravi Pillai

Ravi Pillai is the founder and chairman of RP Group, which he built after moving from Kerala to Saudi Arabia in 1978. He was born in 1953 in Chavara, in Kerala’s Kollam district. In 1980 he set up Nasser S. Al-Hajri Corporation (NSH) with 150 employees, and NSH became the group’s flagship company. Pillai lives in Dubai. His RP Group now employs more than 70,000 people across construction, infrastructure, hospitality, healthcare, education and other businesses.

Forbes put Pillai’s net worth at about $4.2 billion in its 2026 billionaires ranking, and Forbes India’s 2026 rich list had him at $4.1 billion in October. His group’s RP Global is developing two Dubai projects, one in Business Bay and one on Sheikh Zayed Road, worth about $1.5 billion combined. In December 2024, Bahrain’s King Hamad awarded him the Medal of Efficiency. India gave him the Padma Shri in 2010.

Key Highlights
✔ Founded NSH in Saudi Arabia in 1980
✔ More than 70,000 employees
✔ About $1.5 billion in Dubai projects under development
✔ Padma Shri (2010) and Bahrain’s Medal of Efficiency (2024)

Known for: Building a Gulf construction and hospitality group that started in Saudi Arabia.

8. Sunny Varkey

Sunny Varkey is the founder and chairman of GEMS Education, one of the world’s largest operators of K-12 schools. His parents were Indian expat teachers who moved to Dubai in 1959. Today his sons Dino and Jay run the business day to day as group CEO and deputy CEO.

Forbes valued Varkey at $4 billion as of March 1, 2026, and Forbes India’s October 2026 list gave the same figure. In June 2024, a consortium led by Brookfield Asset Management invested $2 billion in GEMS. In August 2026, GEMS welcomed 1,550 new teachers, which took its educator community above 10,000.

Key Highlights
✔ Founder and chairman of GEMS Education
✔ $2 billion Brookfield-led investment in 2024
✔ More than 10,000 educators in 2026
✔ Second generation now runs operations

Known for: Private schooling at scale across the UAE.

9. Mohamed Alabbar

Mohamed Alabbar founded Emaar Properties in 1997. Emaar built Burj Khalifa, the world’s tallest tower, and listed on the Dubai Financial Market in 2000. Alabbar stepped down as Emaar chairman in 2020. In 2014 he founded Eagle Hills in Abu Dhabi, which develops apartments, hotels and retail projects in 10 countries on three continents. He also holds stakes in Noon and Zand Bank.

Forbes valued Alabbar at $3 billion as of March 1, 2026, up from $2.3 billion when he first joined the Forbes list in 2025. Forbes Middle East ranked him 14th among the world’s richest Arabs. Most of his wealth comes from a 33% stake in Americana Restaurants, the listed operator of fast-food franchises across the Middle East. In June 2026, he announced a new Dh200 billion project in Dubai, though he hasn’t said yet where it will be.

Key Highlights
✔ Founded Emaar Properties in 1997
✔ Founded Eagle Hills in 2014
✔ 33% stake in Americana Restaurants
✔ Dh200 billion Dubai project announced in June 2026

Known for: Founding Emaar, the developer behind Burj Khalifa.

10. Shamsheer Vayalil

Dr. Shamsheer Vayalil is the founder, chairman and CEO of Burjeel Holdings, a network of hospitals, clinics and pharmacies. He was born into a business family in Kerala. After training as a doctor, he worked as a radiologist in the Middle East. He opened his first hospital in Abu Dhabi in 2007, with early backing from his father-in-law, M.A. Yusuff Ali. He also founded ADX-listed Response Plus Holding.

Forbes valued Vayalil at $1.8 billion as of March 1, 2026, which ranks him 13th among the UAE’s richest residents. Burjeel listed on the Abu Dhabi Securities Exchange in 2022 and now has 115 assets, including 20 hospitals and 39 medical centers. For 2025 it reported revenue of Dh5.5 billion, up 9.8%, and net profit of Dh503 million, up 39.5%.

Key Highlights
✔ Founded Burjeel with one Abu Dhabi hospital in 2007
✔ ADX listing in 2022
✔ 2025 net profit up 39.5% to Dh503 million
✔ 20 hospitals and 39 medical centers

Known for: Building one of the UAE’s largest private healthcare groups.

What Sets the UAE’s Top Business Tycoons Apart

They Keep Expanding Across the Gulf

Growth rarely stops at the UAE border. Al-Futtaim agreed to buy almost half of Saudi Arabia’s Cenomi Retail in 2025. LuLu plans 50 new stores by 2028, and Landmark is putting $1 billion into 400 new stores.

They Use Public Markets

Many business tycoons in the UAE now use stock listings. LuLu Retail and Burjeel trade in Abu Dhabi, and Alabbar’s biggest asset is his stake in listed Americana Restaurants.

They Plan for Succession

Omar Al Futtaim runs Al-Futtaim. Ali Sajwani is managing director of DAMAC. Dino and Jay Varkey lead GEMS, and the Jagtiani children are Landmark group directors.

They Bet on Daily Needs

Groceries, clothes, schools, hospitals, cars and homes make up most of this list. That helps explain why these fortunes last.

Frequently Asked Questions About Business Tycoons in the UAE

Who is the richest person living in the UAE in 2026?

By Forbes figures, it’s Binance founder Changpeng Zhao, worth $110 billion as of March 1, 2026. We left him off this list because his fortune comes from a global crypto exchange, not a business built and run in the UAE. Among Emiratis, DAMAC’s Hussain Sajwani is the richest at $15.3 billion.

Who is the richest Emirati businessman?

Hussain Sajwani. He’s No. 2 on Forbes Middle East’s World’s Richest Arabs 2026 list, behind Saudi Arabia’s Prince Alwaleed Bin Talal Alsaud.

Why do the net worth figures differ between websites?

Estimates move with share prices and private valuations, and Forbes measured its 2026 list on March 1, 2026. Some older articles still list people who have died, such as Micky Jagtiani, who died in 2023, and Saif Al Ghurair, who died in 2019.

Are all the business tycoons in the UAE Emirati citizens?

No. Five people on this list are Indian-born founders or chairs who live in the UAE. Pavel Durov holds UAE citizenship along with other passports. Sajwani, Al Futtaim, Al Ghurair and Alabbar are Emirati.

Conclusion

The top 10 business tycoons in the UAE in 2026 made their money in property, retail, banking, schools, healthcare and technology. Most of them still run businesses that UAE residents deal with every day, and most are still growing.

The rankings will shift as markets move. But the pattern is clear: patient family ownership, regional expansion and more use of public markets keep producing new business tycoons in the UAE.