Forbes’ billionaires list

The UAE is represented by four billionaires in the just released list of world’s top billionaires by Forbes magazine, with Mashreq bank Chairman and CEO Abdul Aziz Al Ghurair ranked #1 in the UAE and #401 globally, with his fortune estimated at $2.9 billion.

Al Ghurair improved his ranking from #427 last year, when he was worth $2.7bn according to Forbes magazine. The 57-year-old chairman of Mashreq has also served as the head of the Federal National Council, the UAE’s national assembly, but has maintained the he will not seek another term this year.

“Abdul Aziz Al Ghurair presides over Mashreq, a leading bank in the United Arab Emirates. The bank is on the path to recovery after taking a hit for its exposure to bad real estate loans. Assets are still declining, but in a turn around, Mashreq’s net earnings were up almost 17 per cent in the first nine months of 2011,” Forbes wrote in his profile.