Majid Al Futtaim Death Leaves Dubai to Untangle Inheritance Plan - Bloomberg
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.
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.
Al Futtaim’s inheritance was left unresolved when the octogenarian died in December. While the villa was intended as a residence for him and his third wife, the centerpiece of the estate is Majid Al Futtaim Holding.
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