omar al futtaim yacht

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'I hope to lead Al Futtaim in the right direction'

Business retail.

Company's new Chief Executive Robert Willett says he shares a joint vision with the family business group

Dubai: Robert Willett, former Best Buy and Accenture executive, has been appointed CEO of Dubai-based family conglomerate Al Futtaim. In his first interview in his new position, he exclusively talks to Gulf News about his move to the UAE, his visions for the company and about having "retired from retirement."

Gulf News: When are you taking over your new position?

Robert Willett: I was working as a non-executive board director for Al Futtaim for about a year and now I am switching to full time, after my appointment as CEO in the last month.

Did you have any ties to the region before?

I am a sort of international person, and have been working in the Middle East since quite a while as well in many other parts of the world in several designations, for Accenture and of course for Best Buy. The Middle East has always had a sort of fascination for me, and fortunately Omar [Al Futtaim] asked if I want to join their team. So in fact they approached me. This gives me the opportunity to share my experience for Al Futtaim, who are running a very diversified and successful business.

You announced your retirement from Best Buy last year, did you now retire from retirement?

[laughs] I have always been looking for bigger opportunities, and I must confess that I am a little bit of a workaholic.

It is quite rare that a Gulf family business hires a non-family member to run its operations.

I hope to lead the business of Al Futtaim in the right direction. I can understand that it is seen as a rare case, but, however, Omar [Al Futtaim] is a very special person and I hope that I can participate in the business of the company.

Given the fact of your appointment, it has been truly acknowledged in the US and UK business community that the Middle East obviously continues to attract top executives. Did your appointment come as a surprise for many?

Frankly, my colleagues were not surprised, as they know that I always was an international person, for example, as I built up the Best Buy business in China. This and other operations throughout the world gave me a great experience on the international stage. Regarding the Middle East, I think sometimes people are ignorant of the markets. This market here, of course, has had its predicaments with the world recession, there was some turbulence and some slowdown and I am not sure if the region is already out of the woods. But the market here has coped with it particularly well. On the other hand, if you ask if there are things to do, I say: yes, and if you ask if there are issues to be addressed, I say: absolutely.

However, I am delighted to be in Dubai, it's an amazing place to be. In my opinion it should occur to more people to come here. It's a great place for families and businesses, and a great place to live.

Do you think that business customs here differ from the US or the UK?

A very important thing not only here, but in several other parts of the world, is face-to-face interaction instead of emails and the like. It is important to build a relationship and to build trust, to get to understand each other. This, of course, takes its time, but it also offers tremendous opportunities.

Al Futtaim is a huge business conglomerate, how long will it take for you to get an overview over all activities?

Since I worked with Al Futtaim now for one year as a non-exec, I have got a pretty good idea of their business. But it is too early to say that I would already be able to leverage it, this will take another six months. By the way, this is not about one single person, this is about a team working together.

What is your game plan for the company?

I hope you understand I cannot disclose this at the moment. I have a vision which I share jointly with Omar [Al Futtaim]. Over the next six months we will be building a team to walk on a united way forward.

What did it mean when it was said that you were expected to lead the group into an era of positive change?

This means to lead it from its forward-centred way on a customer-centred way. Its not the vertical approach, it is a horizontal, holistic approach.

You said in an earlier statement you are going to focus on making Al Futtaim truly "customer-centric". Which role did the customer play for Al Futtaim until now?

The customer has always been important for Al Futtaim. Now we have got more experience and we are going to apply it.

You just travelled to Cairo, visiting Al Futtaim's Festival City project. Can you give details on the fundraising process for this venture?

This is a good question, but it's too early to give details on this particular topic.

Any expansion plans into new sectors or countries with Al Futtaim?

As for this question as well, I request you to be patient at least for the next six months.

Distinguished career

Robert A. Willett began his career with Marks & Spencer in the UK, has distinguished himself creditably on the international retailing landscape by holding group CEO and Managing Director positions in major companies across Europe, Asia and the US.

In 2004, he joined Best Buy and served as the executive vice president of operations and chief information officer. He was appointed CEO in 2006. He was responsible for the implementation of a global integration and growth strategy to maximize the retailer's opportunities beyond North America, while continuing to re-engineer the supply chain and information technology functions. Prior to Best Buy, Willett was Global Managing Partner of Accenture's retail practices and Executive Committee member of the global management consultancy. He worked with retailers throughout the world on strategy review, business transformation, procurement and supply chain management, brand positioning, technology transformation and customer segmentation.

In June 2008, he was also named to the board of directors of LightHaus Logic Inc, a provider of video analytics systems based in Canada. In 2009, he was appointed a non-executive board member of Al Futtaim Group. Last month he took over as CEO of the group. Can large family conglomerates benefit from acquiring non-family members? Should such companies look at hiring outside the family to bring in new ideas and experience?

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RADIANT Yacht – Masterful $300M Superyacht

Delivered to her owner, businessman from the United Arab Emirates, in 2009, RADIANT yacht is a 110-metre (260.1 ft) luxury yacht.

She is currently the 38th largest yacht in the world, closely followed by KAOS, AL RAYA and ANNA, who have the same lengths.

RADIANT yacht interior

The interior of the RADIANT yacht was designed by Glen Pushelberg, who co-founded the high-profile studio Yabu Pushelberg.

Their portfolio mainly consists of boutiques and expensive hotels, although they have worked on several luxury yachts in recent years.

The interior layout and design of RADIANT have been kept a secret from the public although it is rumored to be very modern and tasteful with contemporary design choices rather than traditional.

The yacht can welcome twenty guests in ten cabins as well as 44 crew members. She has a cinema, an indoor pool, elevators, and a spa onboard.

Specifications

RADIANT was built by Luerssen at their Lemwerder shipyard in Germany. She was delivered in late 2009 and conducted her maiden voyage in February 2010.

RADIANT has a total length of 110 meters (260.1 ft), a beam of 16.3 meters (53.6 ft), and a draft of 4.68 meters (15.4 ft).

Her weight lies at 5,082 tons, making her a relatively heavy yacht. Her average cruising speed is 16 knots, although she can accelerate to a top speed of 22 knots if required using her twin diesel MTU engines .

Her water tanks can carry up to 100,000 liters of freshwater allowing her to take guests on longer trips. 

Tim Heywood and his renowned design studio worked on the exterior of RADIANT in collaboration with Luerssen.

The British designer specializes in large vessels and has worked on yachts like DILBAR and PELROUS in the past. RADIANT is one of his most notable design projects.

She has a somewhat unconventional exterior which isn’t all-white like most superyachts but features a light grey lower half. She has a helipad on the top deck, although it can only support smaller aircraft.

The bow, which is usually where a helipad would be placed on a large yacht, is instead a spacious sun deck with storage facilities for smaller tenders and water toys such as jet skis. The aft of the vessel has several decks with comfortable seating areas.

The RADIANT yacht was sold to the owner for an estimated price of US $300 million. She generates an additional US $20 to $30 million in annual running costs.

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Top 100 Arabs 2024

94. Omar Al Futtaim

Vice chairman and ceo of al futtaim group.

Origin: UAE

Residence: UAE

Sector: Diversified

2023 Rank: New

Omar Al Futtaim has been serving as the vice chairman and CEO of Al-Futtaim Group (AFG), a prominent family business conglomerate headquartered in Dubai. In his role, Al Futtaim oversees the strategic direction and growth of the company across five key business verticals: automotive, financial services, real estate, retail, and health.

Under his leadership, AFG has expanded its presence to over twenty markets across the Middle East, Asia, Africa, and Australia, employing more than 42,000 individuals.

Prior to joining Al-Futtaim Group, he gained valuable experience in investment banking at Morgan Stanley in New York and the UK.

Beyond his role at Al-Futtaim Group, he serves as chairman and board member of several public organisations, including the Commercial Bank of Dubai, Orient Insurance PJSC, Emirates Investment Bank PJSC, and the Dubai Chamber of Commerce. He also chairs the Al Futtaim Education Foundation, the non-profit education arm of the group.

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Al-futtaim group appoints moza omar al futtaim as chief ai officer.

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• The creation of the new role of Chief AI Officer demonstrates importance of AI in Al-Futtaim Group’s future-focused approach
• Moza Al Futtaim will oversee the effective integration of AI-solutions across the Group’s various divisions

Al-Futtaim Group, a leading diversified and progressive, privately held regional family business headquartered in Dubai, has appointed Moza Omar Al Futtaim as its Chief AI Officer, a role recently created to harness the enormous potential of artificial intelligence (AI) across its operations.

Moza will play a pivotal role in ensuring the smart, swift, and effective adoption of AI across the Group’s diverse divisions – including Automotive, Financial Services, Retail, Real Estate, Health, and “Blue” the Group’s reward programme. This demonstrates the Group’s strong commitment. It focuses on identifying new investment opportunities and adopting AI-driven solutions. These efforts are aimed at maintaining a competitive edge and further enrich customer experiences.

Reflecting on her new role, Moza Al Futtaim stated : “I am thrilled to embark on this exciting journey as Al-Futtaim Group’s Chief AI Officer. The potential of AI to transform our business operations and customer experiences is immense. In the present highly competitive market, adopting AI enables companies to stay ahead of the curve as well as accelerate the pace of change. In this new capacity, I aim to foster a culture of innovation and learning, ensuring that AI becomes a cornerstone of our growth strategy. Together, we will unlock new opportunities, drive efficiency, and create unparalleled value for our customers, employees, and stakeholders.”

Moza’s appointment underscores Al-Futtaim Group’s commitment to innovation and its proactive approach to adopting cutting-edge technologies which promise to revolutionise businesses’ operations. AI and automation are not just future possibilities, but immediate opportunities to increase productivity, improve cost efficiency, and enhance customer satisfaction. Recent global surveys indicate that over 70 per cent of organisations using AI have gained a significant competitive advantage, with AI and automation potentially increasing productivity by up to 40 per cent.

In recognition of AI’s immense potential, the UAE government has implemented a comprehensive artificial intelligence strategy to become a world leader in AI by 2031. This strategy, known as the UAE National Strategy for Artificial Intelligence 2031, focuses on leveraging AI across various key sectors to enhance economic growth, sustainability, and the quality of life for its citizens.

Established in the 1930s, Al-Futtaim Group has consistently demonstrated entrepreneurship and a relentless customer focus, allowing it to grow and expand across more than 20 countries in the Middle East, Asia, and Africa. Today, with more than 33,000 employees and partnerships with over 200 of the world’s most admired and innovative brands, Al-Futtaim continues to enrich lives while upholding its core values of respect, excellence, collaboration, and integrity.

Establishing the role of Chief AI Officer is a testament to Al-Futtaim Group’s vision for the future – one where AI-driven solutions are an essential, integral, and indispensable part of growth and development. The Group invites its stakeholders, customers, employees, and the wider community to embrace this exciting new chapter.

AL-FUTTAIM MOTORS AND AIR LIQUIDE OFFICIALLY INAUGURATE FIRST HYDROGEN STATION FOR FUEL CELL ELECTRIC VEHICLES IN THE UAE

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Media Center Al-Futtaim Group appoints Moza Omar Al Futtaim as Chief AI Officer

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Al Futtaim Group appoints Chief AI Officer to spearhead AI driven developments

Al-futtaim group, a prominent dubai-based conglomerate has appointed moza omar al futtaim as the chief ai officer..

• Corporations have created a new C-level role dedicated to it, called Chief AI Officer.
• Al-Futtaim Group also recently appointed Moza Omar Al Futtaim as the Chief AI Officer.
• The UAE government is taking great measures to harness the power of AI by implementing a comprehensive strategy.

Al-Futtaim Group’s new Chief AI Officer

On 15th February, Moza Omar Al Futtaim was appointed as the Chief AI Officer of Al Futtaim Group , a prominent privately held regional family business based in Dubai.

“I am thrilled to embark on this exciting journey as Al-Futtaim Group’s Chief AI Officer. The potential of AI to transform our business operations and customer experiences is immense. In the present highly competitive market, adopting AI enables companies to stay ahead of the curve as well as accelerate the pace of change. In this new capacity, I aim to foster a culture of innovation and learning, ensuring that AI becomes a cornerstone of our growth strategy. Together, we will unlock new opportunities, drive efficiency, and create unparalleled value for our customers, employees, and stakeholders.” – Moza Omar Al Futtaim.

What Moza Al Futtaim will oversee

Moza Al Futtaim will be responsible for the smart and swift integration of Artificial Intelligence technologies across Al Futtaim’s diverse sectors including,

• Automotive • Financial Services • Retail • Real Estate • Health • And the Group’s reward program, “Blue.”

“Having collaborated with Moza on our Group CSR, Lifestyle app Blue, and other Group-wide initiatives, I can confidently say she’s the perfect fit for driving technological innovation and AI-driven development for our teams and customers.” Adel Maymoon, Corporate Communications Manager at Al-Futtaim Group congratulated Moza Al Futtaim on her appointment.

Al Futtaim’s commitment to AI

Al Futtaim Group is strongly committed to identifying new investment prospects and embracing AI-driven solutions.

These initiatives are geared towards staying ahead in the competitive landscape, enhancing customer experiences, and revolutionizing business operations.

They welcome their stakeholders, customers, employees, and the wider community to join us in embracing this exciting new chapter.

About Al-Futtaim Group

Al-Futtaim Group, founded in the 1930s as a trading business, has evolved into a highly diversified and forward-thinking regional enterprise based in Dubai, United Arab Emirates.

With five operating divisions spanning automotive, financial services, real estate, retail, and health, they have a strong presence in over 20 countries across the Middle East, Asia, and Africa.

They employ a team of more than 33,000 employees.

UAE’s National Strategy for Artificial Intelligence 2031

The UAE has announced an initiative called “National Strategy for Artificial Intelligence 2031”. This aims to position the country as a global leader in AI by 2031.

To ensure successful implementation, the Emirates Council for Artificial Intelligence and Digital Transactions, in collaboration with local and federal entities, oversees the strategy’s execution.

The strategy includes eight strategic objectives, numerous initiatives, and the establishment of an incubator for AI innovations.

By leveraging AI across key sectors, such as education, and government services, the strategy seeks to enhance,

• Economic growth
• Sustainability
• The overall quality of life for UAE citizens
• Attract talent.

How do you become a Chief AI Officer?

If you want to become a CAIO, you need to be well-versed in,

• Technical aspects of AI
• An educational background in computer science, data science, or a related field is often a prerequisite.
• Many CAIOs hold advanced degrees such as a Master’s or Ph.D. in a relevant field.
• Leadership and Communication Skills
• Strategic Thinking and Business Acumen
• In a nutshell, hands-on experience in implementing AI solutions, managing AI teams, and understanding the business implications of AI applications can set you apart.

Why does a company need a C-level AI role?

AI and automation offer not only future possibilities, but also immediate chances to boost productivity, enhance cost efficiency, and improve customer satisfaction.

Recent surveys conducted worldwide reveal that more than 70 percent of organizations that utilize AI have achieved a notable competitive edge.

Furthermore, AI and automation have the potential to increase productivity by up to 40 percent.

In the year 2023 alone, numerous businesses appointed individuals for this brand-new position.

According to recent research conducted by Foundry, 11% of medium to large organizations have already assigned someone to this role, while an additional 21% of organizations are actively searching for a suitable candidate.

Several well-known organizations that have already appointed Chief AI officers, include GE HealthCare, UnitedHealth Group, Deloitte, Dell Technologies, Intel Corporation, and IBM.

Wrapping up…

We have all witnessed the immense potential of AI hence corporates doubling down on its potential is strategic.

The role of the Chief AI Officer may be relatively new, but its significance is growing rapidly as businesses continue to invest in AI.

In today’s world, workplaces must embrace AI and be ready to seize the incredible opportunities it brings, while also being prepared to tackle the challenges that come with this ever-evolving technology.

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Succession dramas add impetus to UAE’s draft family business law

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Simeon Kerr in Dubai

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

More than two decades ago, the cousins running the Al-Futtaim conglomerate, one of the Gulf’s biggest family-run businesses, fell out. Such was the importance of Al-Futtaim to the Gulf state, Dubai’s then crown prince stepped in, mediating Abdulla al-Futtaim’s buyout of his cousin Majid’s stake.

Majid then went on to establish his own retail empire and after the billionaire’s death in December, Dubai’s leadership has stepped in again — this time in an attempt to smooth the succession of his eponymous business to his 10 heirs.

Sheikh Mohammed bin Rashid al-Maktoum has set up a special judicial committee to deal with “potential legal disputes related to Mr Majid’s estate and inheritance issues”, according to Majid Al Futtaim Group.

The ruler’s move recognises both the importance of the firm, which runs 27 malls including Dubai’s flagship Mall of the Emirates, and the debilitating impact of succession conflicts on the private companies that contribute an estimated $160bn, or 40 per cent, of the UAE’s economic output.

The drama at MAF Group has underscored the urgency of federal government moves to draft a family business law, aimed at improving governance and smoothing succession.

“It’s good for the government to sit early with the family to ensure a proper structure, rather than trying to resolve it later,” said one leading family business member.

With the death of a patriarch, wealthy families in the Gulf are often riven with complex rivalries, even if there is a will in place. Under sharia law, only a third of a deceased’s estate can be distributed outside of the family according to a will. The remainder is apportioned among survivors using a rigid formula that grants male heirs double the amount of immediate female relatives.

With control of multibillion-dollar, diversified enterprises at stake, tensions can quickly flare between squabbling siblings and wives. Frosty familial relations take on an outsized importance when the spoils of large companies are up for grabs. “Suddenly, a random relative is demanding a place on the board, with zero knowledge of the business whatsoever,” said one shareholder of a major conglomerate.

The business risk is substantial. “They are at risk of collapsing over minor internal issues or not being prepared for internal or external disruptive factors,” said an official.

When things go sour, government committees, consisting of a group of judges overseen by a technocrat or executive, have typically intervened to protect the interests of all heirs. But families subject to their wide-ranging powers have said they often tie up decision-making with burdensome bureaucracy. “The government needs to give these committees clear mandates, rather than allowing them to entertain every demand of family member,” said the shareholder.

The draft law includes provisions for how families manage their assets before or after the passing of a founder. The ministry is also considering mandating the clear provision of succession plans.

“There is much that is positive about this prospective law. However, the details need to be fleshed out further once it is officially released,” said Omar Alghanim, chair of the Family Business Council Gulf. “Successful family businesses thrive across generations, so any law that can support families to manage their generational transfer is welcomed. Many disputes within families arguably could be resolved by this.”

To deal with internal divisions, the law envisions a conflict management and mediation mechanism to prevent resorting to the regular courts, which follow laws that can inadvertently push longstanding companies into liquidation.

“It gives families a platform to legally organise, professionalise and plan ahead for generations, pre-empting destructive family conflicts or disintegration of the businesses,” said Alghanim.

Under the proposed law, families could agree to transfer shares to third parties. There could be different classes of shares that are “specifically tailored to address the modern challenges of family firms here”, said Fadi Hammadeh, adviser to the FBCG and group general counsel at Al-Futtaim.

The ministry is involved in consultations on the precise definition of a family business, which could be offered reduced fees for property transfers or stocks as an incentive for compliance. Other countries that have introduced family business laws, such as Malta, have offered various incentives, including tax breaks on the transfer of assets between generations.

“This is a platform to take control of chaotic situations,” said Hammadeh. “Many hope for the best and do nothing, but one needs to plan for the worse and provide tools to entice families into creating better frameworks for the future.”

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Omar Abdullah Al Futtaim

Vice Chairman & CEO, Al-Futtaim Group

Omar A. Al Futtaim is the Vice Chairman & CEO of Al-Futtaim Group (AFG), one of the most progressive regional family business conglomerates, head-quartered in Dubai, United Arab Emirates.

As Vice Chairman & CEO of this third generation privately owned business, Mr. Al Futtaim is responsible for leading and growing the business across five business verticals: automotive, financial services, real estate, retail and health. Today AFG is present in more than twenty different markets across the Middle East, Asia, Africa and Australia and employs in excess of 42,000 employees.

During a career that extends across three decades, Mr. Al Futtaim has served in a number of leadership positions. Prior to his career at Al-Futtaim Group, Mr. Al Futtaim worked in investment banking at Morgan Stanley in New York and the United Kingdom.

His entrepreneurship, rigorous customer focus and relentless drive for excellence have enabled AFG to successfully grow its business by responding to the changing needs of the customers and markets in which it operates.

Mr. Al Futtaim is a chairman and board member of a number of public organizations including the Commercial Bank of Dubai, Orient Insurance PJSC, Emirates Investment Bank PJSC and the Dubai Chamber of Commerce. Mr. Al Futtaim is also the Chairman of Al Futtaim Education Foundation, the non-profit education arm of the Group.

Mr. Al Futtaim holds a Bachelors’ Degree in Economics from McAlester College, Minnesota, USA.

About Al-Futtaim Group:

Established in the 1930s as a trading business, Al-Futtaim is one of the most progressive regional business houses headquartered in Dubai, United Arab Emirates.

Al-Futtaim employs 42,000 people and operates through more than 200 brands. The majority of businesses, built on a portfolio of world leading brands, dominate their sector. The Group has significantly expanded its operations in recent years through a strategic acquisition plan and has entered a number of new territories, increasing its footprint beyond the GCC and Greater Middle East to encompass South East and North Asia, Australasia, East Africa and Europe.

Today the Group’s five divisions: automotive, financial services, real estate, retail and health operate in more than 20 countries and are focused on providing quality products and services that enrich people’s lives and aspirations each and every day.  The success of Al-Futtaim is attributed to proactively managing change whilst upholding the values of respect, excellence, collaboration and integrity.  As Al-Futtaim’s global presence continues to grow and expand, we engage with the increasing number of communities where we operate, aiming to make a positive impact from a business, social and environmental perspective. http://www.alfuttaim.com   

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YOU ARE AT: Home » Moza Omar AI Futtaim Appointed As Al-Futtaim Group’s Chief AI Officer

Moza Omar AI Futtaim Appointed As Al-Futtaim Group’s Chief AI Officer

• February 19, 2024

Al-Futtaim Group, a leading diversified and progressive, privately held regional family business headquartered in Dubai, has appointed Moza Omar Al Futtaim as its Chief AI Officer, a role recently created to harness the enormous potential of artificial intelligence (AI) across its operations.

Moza’s appointment underscores Al-Futtaim Group’s commitment to innovation and its proactive approach to adopting cutting-edge technologies that promise to revolutionize businesses’ operations. AI and automation are not just future possibilities, but immediate opportunities to increase productivity, improve cost efficiency, and enhance customer satisfaction.

Industry sources added that recent global surveys displayed that over 70 percent of organizations using AI have gained a significant competitive advantage, with AI and automation potentially increasing productivity by up to 40 percent.

In recognition of AI’s immense potential, the UAE government has implemented a comprehensive artificial intelligence strategy to become a world leader in AI by 2031. This strategy, known as the UAE National Strategy for Artificial Intelligence 2031, focuses on leveraging AI across various key sectors to enhance economic growth, sustainability, and the quality of life for its citizens.

Reflecting on her new role, Moza Al Futtaim stated: “I am thrilled to embark on this exciting journey as Al-Futtaim Group’s Chief AI Officer. The potential of AI to transform our business operations and customer experiences is immense. In the present highly competitive market, adopting AI enables companies to stay ahead of the curve as well as accelerate the pace of change. In this new capacity, I aim to foster a culture of innovation and learning, ensuring that AI becomes a cornerstone of our growth strategy. Together, we will unlock new opportunities, drive efficiency, and create unparalleled value for our customers, employees, and stakeholders.”

• Al-Futtaim Group , Chief AI Officer , intlbm , leadership development , Moza Omar Al Futtaim

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• Omar Al-Futtaim

Chairman at EMIRATES INVESTMENT BANK

Omar Abdullah Al-Futtaim is currently the Vice Chairman & Chief Executive Officer at Al Futtaim Pvt Co. LLC, the Vice Chairman & CEO at Al-Futtaim Investment Management Ltd., the Vice Chairman & Chief Executive Officer at Al-Futtaim Group Real Estate LLC, the Chairman at Emirates Investment Bank, the Vice Chairman at Orient Insurance PJSC, and a Non-Executive Non-Independent Director at Commercial Bank of Dubai. He is also a Director at Dubai Chamber of Commerce & Industry and Dubai Council For Economic Affairs. In addition, he serves as the Chief Artificial Intelligence Officer at Al-Futtaim Group and as a Trustee at Emirates Nationals Development Programme. Previously, he worked as a Director at Gulf Insurance Group Jordan, Commercial Bank of Dubai, and Al-Futtaim Carillion LLC. He completed his undergraduate studies at Macalester College and the School of Oriental & African Studies.

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