Mostafa bin Abdullatif

About the Founder

Mostafa Bin Abdullatif Al Abbasi was born in 1890 in Bastak in modern-day Iran. His father, Abdullatif bin Al Muttalib Al Abbasi, made sure that he received an education at his local Quranic school, where he learned to read, write, and memorize portions of the Holy Quran. When he was old enough, his father sent him to be trained under the merchant Hanyan Al-Anzi, which became the foundation of Mostafa’s lifelong career in trade.^[3]

Mostafa married Lulwa bint Hanyan Al-Anzi, the daughter of his employer. The couple had three children, Mahmoud, Abdullah, and Abdullatif. He later also married Asma bint Abdul Rahman Al Khan Al Abbasi, sister of Ishaq bin Abdul Rahman Al Khan Al Abbasi, Mostafa’s agent in Bahrain. With her, he had one son, Mohammed.^[4]

Founding Story

Mostafa Bin Abdullatif began his career as a trader, focusing on pearls and precious gems. Recognizing the potential of emerging markets, he expanded his operations to Bahrain and Dubai between 1900 and 1910, playing a part in establishing trade routes and business channels to other major hubs such as Bombay, Karachi, and Kuwait. Along with exporting regional goods to France and the United Kingdom, he also played a key role in setting up what would become the Chamber of Commerce in Bahrain and one of the first banks in the Gulf region.^[5] His expertise in trade was epitomized by a transaction with Dubai-based merchant Hussein bin Nasser, who was offering for sale a pearl at triple his own purchase price of 35,000 rupees, and doubts about its value led many to hesitate. Confident in its worth, Mostafa paid the 105,000 rupees and later resold it to British royals at a considerable profit.^[6]

Growth Phase

In 1924, the Dubai ruler’s court officially recognized Mostafa Bin Abdullatif as a trading enterprise, marking a significant milestone in the company’s history.^[7] The early business focused on the trade of precious pearls, later expanding to include commodities such as rice and wheat.^[8] Business growth came in the subsequent decades, with branches operating in Bombay, Karachi, Dubai, and Bahrain from the 1930s to the 1950s.^[9]

Mostafa’s four children gave him ten grandchildren, including Omran Abullatif, who later served as group managing director.^[10] After Mostafa’s passing in 1964, his heirs took over the family business.^[11] The company diversified its portfolio, with the 1963 launch of a subsidiary, Axon Business Systems, a provider of security equipment; ventures into real estate that began the following year; and the establishment of the “New Store” in 1971, which became the authorized distributor for Braun in the UAE. That same year, as the United Arab Emirates federation was being formed, the family started Dubai Ice, a leading ice supplier in the region. This marked a significant period of growth and diversification for the business.^[12]

Hamdan Ali Abdullatif Mostafa, the founder’s great-grandson, served as director from 1996 until 2013, when he was appointed CEO. Under his management, the BoomTown Productions media company became a MBAL Group subsidiary in 2002, followed by MALCO Technologies, an IT solutions company, in 2013.^[13]

Today

The Mostafa Bin Abdullatif Investments (MBAL Group) remains headquartered in Dubai, United Arab Emirates, and continues to operate in Bahrain, where it holds the exclusive dealership for Breitling watches. The group operates two boutiques through Malco Investments, its investment division’s joint venture with Yaquby Premium W.L.L. In 2021, the Mostafa Bin Abdullatif Foundation was established, which serves to perpetuate the legacy of Mostafa Bin Abdullatif.^[14] The company has around 350 employees.^[15]

The business is led by members of the third and fourth generation. The CEO as of 2013 is Hamdan Ali Abdullatif Mostafa, a member of the fourth generation and Mostafa’s great-grandson. Mohammed Faisal Mostafa, another great-grandson of the founder, joined in 2023 and currently serves as the manager of projects and business development.^[16] The diversified group—which celebrated its centennial in 2024—now owns and operates many divisions and subsidiaries in a wide range of industries across the broad fields of trading, investments, and real estate.^[17]