Businesses in the UAE are mostly run by the families of the well-known richest families, who contribute more than 90% of the UAE economy. These businesses are instrumental to the vision that the country has towards creating sustainable communities within urban areas.
They help deliver innovation in real estate projects and shape the future of the country. Such family businesses include Juma Al majid, which has been historically associated with urban life development in the UAE.
Image credit- Khaleej Times
This article speaks about the top business group that has recently been acknowledged by the Forbes magazine Juma Al Majid as one of the “Top 100 Arab family companies in 2020 in the Middle East.” Read more in the article.
Table of Contents
| 1 | Introduction |
| 2 | Juma Al Majid Business: Overview |
| 3 | History |
| 4 | Founder |
| 5 | A Pioneer Team of Juma Al Majid |
| 6 | Group Businesses |
| 7 | Top Competitors |
| 8 | Conclusion |
Introduction
The UAE rapidly developed into one of the fastest-growing emerging markets. After opening its economy by joining the WTO, the country welcomed many multinational companies, forcing local businesses into increased competition.
To regain their competitiveness, local companies must learn about global standards and new technologies that can give them better and more efficient competitiveness.
As required by UAE law, family businesses such as Juma Al Majid, which was founded in 1950, should adhere to international standards, in this case, International Financial Reporting Standards. The subsequent section covers Juma Al Majid’s performance in core business activities.
Juma Al Majid Business: Overview
| Founder of Juma Al Majid | Juma Al Majid |
| Founding Year of Juma Al Majid | 1950 |
| Revenue of Juma Al Majid | $2 Billion |
| Total Employee of Juma Al Majid | 7500 Plus |
| Headquarters of Juma Al Majid | Dubai, UAE |
| Operation Year | 74 |
| Industries | Automotive, Heavy Equipment, Fast Moving Consumer Goods, Watches, Home Appliances, Office Equipment, Real Estate, Travel & Tourism, Contracting & Services |
| Juma Al Majid Nationality | Emirati |
| Children of Juma Al Majid | Hana, Khalid Juma Al Majid |
| Rank in Forbes Richest List | 30 |
History
This futuristic business organisation came into existence in 1950 by Juma Al Majid. In its early years, the company was primarily focused on trading. As the UAE developed into a unified nation, the company expanded to various sectors, starting with construction and later diversifying into travel, general trading, food imports, and other industries.
Juma Al Majid has been a key player in financial investment nationally and globally, which has managed the financial portfolio (Juma Al Majid Holding Group LLC., 2021).
Founder
Juma Al Majid is the founder of the well-known, successful company ‘Juma Al Majid Holding Group,’ born in 1930 in Dubai. His work is impressive, categorised as in the days of the UAE, and he is known for his philanthropic nature, political advice, and successful Emirati businessman.
He has been a key businessman among the top businessmen of the UAE, which has been recognised by Forbes. Recently, Forbes ranked Al Majid in the 30th position in the list of the top 100 Arab family enterprises in the Gulf.
His philosophy has been a supportive factor in his success as he has faith in satisfaction and surpasses the expectations of the customer with the help of social awareness, integrity, trustworthiness, and service quality.
A Pioneer Team of Juma Al Majid
Such a well-known business group has some of the best leadership qualities and dedication to take to the peak of the mountain. Some of the names are listed below:
- Khalid Juma Al Majid—The Vice Chairman of the Company
- Abduselam Hamde—The Chief Strategy Officer
- Jawad Abu Farha—The Chief Information Officer
- Akef Al Attar- The Group’s Chief Finance Officer
- Azzam Al Khuffash—The Chief Legal Officer
- Ziyad Shahrouri- The Chief Property Officer
- Shaukat Ali Mir—The Chief Contracting Officer
- Hazem El-Kholy, The Chief Investment Officer
- Khalid Mustafa – Chief Internal Audit Officer
These leaders are controlling each department with the best passion in the Juma Al Majid Holding Group LLC., 2021.
Group Businesses
1- Commercial
Juma Al Majid has played a strategic role in developing different sectors through partnerships. The company carries on its books leading brands from various sectors, including FMCG, automotive, heavy equipment, and consumer solutions. It sells everything ranging from vehicles and lubricants to office equipment, home appliances, and watches, boasting an excellent reputation for innovation and quality.
2- Real
The real estate division has the Project Development and Management Division, which carries out master planning, strategic planning, and feasibility evaluation of all investments of the Group and Bet Al Khair, as well as private projects. It cuts across the international and local markets. Some major businesses under this division include Al Majid Property Co. LLC. and Al Maarifa Mechanical Electrical and Building Maintenance Company LLC (Juma Al Majid Holding Group LLC., 2021).
3. Investment
Juma Al Majid has invested in high-growth industries strategically while ensuring effective risk management through hedging. The investment division of the Group is Al Majid Investment Co. LLC, which was established in 1999 to expand and diversify its portfolio across money markets, global equities, private equity, direct equity, and fixed income (Juma Al Majid Holding Group LLC., 2021).
4. Travel and Tourism
Its leisure travel businesses in the group focus specifically on UAE consumers for the sector: Al Majid Travel LLC and Sky Line Travel, Tourism, and Shipping LLC. Services range from airline ticketing to providing visas, cargo, or shipping; ground transportation; staycations in UAE places; accommodation, etc.
5. Contracting and services
The Contracting and Services division of the Group will ensure that projects are executed on time with quality through collaborating with global brands like Hindalco and Trane. Key businesses include Al Arabia for Electro-Mechanical, Safety and Security, Elevators, Technical Supplies, Leader, and Operations and Maintenance (Juma Al Majid Holding Group LLC., 2021).
Top Competitors of The Business Group Juma Al Majid
The business group Juma Al Majid has some key rivals that are giving strong competition to this leader. Here are some of the competitors:
1. Galadari Brothers: Founded in 1960, this leading firm specialises in investment and real estate, covering a large area of the Juma Al Majid.
2- Wakatu: Founded in 1977, this firm globally dealt with business activities like the property sector, aquaculture, horticulture, beverages, and food.
3. Kadooglu Holding: Founded in 1977, this company is the pioneer of some of the top activities, such as the construction sector, fuel distribution, and other areas.
4. The Kanoo Group: Founded in 1980, this business company is also involved in many business ideas that are a part of the Juma Al Majid Group.
Conclusion
To have such a successful entrepreneurship journey, one must make great sacrifices and dedicate resources to being a unique solution provider. All entrepreneurs, from those in Forbes to Fortune 500, start by identifying an idea and then carry out a process in which opportunities are created, resources are committed, the market is entered, the product is launched, growth is received, expansion happens, and finally, an exit occurs for other new ideas to emerge. This means that financial and business excellence are positive attitudes, but the effective execution of each stage distinguishes actual achievement.
