Dubai: Abdul Wahid Al Rostamani, founder and chairman of the AW Rostamani Group, died in Dubai on Thursday at the age of 83.
The burial was held on Thursday at Al Quoz cemetery, while the mourning majlis will start on Friday and continue until Sunday at the family residence on Al Athar Street in Dubai.
The influential businessman was also a shareholder in Gulf News, Commercial Bank of Dubai and Dubai Insurance.
In the years since its formation, the AW Rostamani Group developed into one of the leading business and investment holding entities in the UAE. The Group’s interests include automotive retailing, general trading, construction and allied interests.
"It is with great sadness that we announce the passing of a father and leader — Abdul Wahid Rostamani,” said Michel Ayat, CEO of AW Rostamani Automotive. “He was incredibly proud of AW Rostamani Group and all of its employees … and we will miss him greatly. His drive for excellence, determination, can-do spirit and commitment to everyone in this organisation — it will inspire and stay with us always.
“On behalf of our Board of Directors, executive management team and employees, we mourn his loss and extend our deepest sympathies to his family,” added Ayat.
One of many condolences posts on social media, was tweeted by Nissan Middle East: “Offering our sincere condolences to the family of Mr. Abdul Wahid Al Rostamani, Chairman of AW Rostamani Group. May his soul rest in peace.”
Early life
Al Rostamani, whose father was a merchant in the Gulf and India, was born in Dubai in July 1933. At the age of 21, he opened Dubai’s first bookshop, Al Ahliya Library, with his late brother, Abdullah Hassan Al Rostanani, using a capital of Rs100 (Indian rupees).
A few years later, the brothers started a general trading company that would eventually become AW Rostamani Group.
According to Forbes, the late Al Rostamani ranked 60 out of the top richest 100 Arabs in 2014, with a wealth worth $448.22 million (Dh1.64 billion). Meanwhile, earlier this year, he ranked 28 on the annual world billionaires list with a net worth of $1.3 billion.
-With inputs from Gulf News Archives
