The Al Futtaim family split its empire into two parts in early 2000 and Abdullah’s brother Majid Al Futtaim concentrated on developing the Mall of the Emirates opposite Dubai Internet City, which famously features the Middle East’s first indoor ski slope. Meanwhile, Dubai Festival City opened the way for Abdullah to tap into the UAE’s soaring real estate development market.

Indeed, the next few weeks could prove vital for Al Futtaim. The family-owned conglomerate hopes to clinch a deal in India this year to build a project similar to its US$15bn Dubai Festival City development, where it will work with a local partner. Al Futtaim is building the 526-hectare Dubai Festival City development with shops, offices, apartments and hotels, as well as a similar US$4bn Cairo Festival City in Egypt.

Meanwhile, another arm of the family group, Al Futtaim Capital, is considering selling Islamic or conventional bonds within the next 12 months to finance the projects, with Dubai Festival City considered a typical candidate to do a bond, Sukuk or securitisations. Al Futtaim is also in talks with banks for a US$401.7m loan to finance Cairo Festival City.