Al-Futtaim Group: from a 1955 Toyota franchise to a stake in Saudi retailer Cenomi
Editorial
Al-Futtaim Group, based in Dubai, is owned by Abdulla Al-Futtaim and led by his son Omar, who is vice chairman and chief executive. Forbes Middle East ranked it second in its 2026 list of the Top 100 Arab Family Businesses and put the family’s estimated net worth at $4.7 billion as of May 2026. That is a family estimate, not audited accounts: the group does not publish its revenue.
What the group does
The company website lists six areas: automotive, financial services, health, real estate, retail and the Al-Futtaim Education Foundation. It says it employs more than 40,000 people from over 100 nationalities in more than 20 countries across the Middle East, North Africa, the CIS and Asia. Forbes Middle East reported more than 33,000 employees in its 2024 list, so headcount figures vary by source and year.
The group became the exclusive UAE distributor for Toyota in 1955 when Al-Futtaim Motors began delivering Toyota vehicles; Wikipedia adds that it also distributes Lexus and Hino trucks. In retail it holds franchises that include IKEA, which Wikipedia says covers the UAE, Qatar, Egypt and Oman, as well as Marks & Spencer, Ace Hardware, Toys “R” Us and Watsons. Its financial services businesses include Orient Insurance, which began operating in 1982, and Emirates Investment Bank. Dubai Festival City Mall opened in 2005 and Cairo Festival City in 2013.
A short timeline
- 1930s: founded in Dubai. Forbes Middle East gives 1930; Wikipedia gives 1939.
- 1977: real estate development starts with Al Garhoud Villas and Al-Futtaim Tower.
- 1991: Al-Futtaim Retail is established.
- 2000: the group is divided between Abdulla Al Futtaim and his cousin Majid, creating Majid Al Futtaim as a separate group. Wikipedia says Sheikh Mohammed bin Rashid Al Maktoum mediated the settlement.
- 2008: it buys 88% of Robinsons & Co. in April, at S$7.20 a share, according to Wikipedia.
- 2018: it acquires the Marks & Spencer franchise rights for Hong Kong and Macau.
- 2019: Al-Futtaim Health and the Al-Futtaim Education Foundation begin operating in the UAE.
- 2022: Polestar launches in the UAE through the automotive division.
- 2024: BYD launches in Saudi Arabia through Al-Futtaim Electric Mobility.
The Cenomi Retail deal
The largest recent transaction is Al-Futtaim Retail’s purchase of 49.95% of Cenomi Retail, which describes itself as Saudi Arabia’s leading retail brand partner. A share purchase agreement was signed in July 2025 at SAR 44 a share, for SAR 2.52 billion, which press reports converted to roughly $667 million. The shares came from several of Cenomi Retail’s substantial shareholders. Al-Futtaim’s own announcement, dated 15 September 2025 in Riyadh, described it as one of the largest foreign strategic investments in a Saudi-listed retailer and tied it to Saudi Vision 2030 goals.
Al-Futtaim also agreed to a SAR 1.35 billion shareholder loan facility to strengthen Cenomi Retail’s balance sheet, with an option to convert it into equity, subject to agreement on the ratio, shareholder approvals and regulatory requirements. Salim Fakhouri, Cenomi Retail’s chief executive, called the entry of Al-Futtaim a milestone, and Wassim Arabi, president of retail at Al-Futtaim, described it as a long-term commitment to the Kingdom.
Leadership
Omar Al Futtaim holds a bachelor’s degree in economics from Macalester College (1985) and began his career in investment banking at Morgan Stanley. He chairs the Al Futtaim Education Foundation and sits on the boards of Commercial Bank of Dubai, Orient Insurance, Emirates Investment Bank and the Dubai Chamber of Commerce. The company says he has been chief executive since 2001, while Wikipedia says he took over in 2011 after Robert Willett resigned. Division heads named on the company website include Jorge Navea (automotive), Wassim Arabi (retail), Dr. Haider Al Enzi (health) and Omer Elamin (Orient Insurance).
Forbes Middle East also notes that Al-Futtaim Real Estate partnered with Siemens in February 2026 on digital transformation and sustainability across its property portfolio. Al-Futtaim currently advertises a goods flow manager role for its IKEA Yas store in Abu Dhabi, which is listed on this site.