(FILES) This file photo taken on December 3, 2018 shows Ikea founder Ingvar Kamprad posing prior the inauguration of the Margaretha Kamprad Chair of Environmental Science and Limnology at the Swiss Federal Institutes of Technology of Lausanne (EPFL) in Lausanne. 
Ingvar Kamprad, the enigmatic founder of Swedish furniture giant IKEA, died aged 91 on Sunday, the company said. / AFP PHOTO / FABRICE COFFRINI
(FILES) This file photo taken on December 3, 2018 shows Ikea founder Ingvar Kamprad posing prior the inauguration of the Margaretha Kamprad Chair of Environmental Science and Limnology at the Swiss FeShow more

IKEA founder Ingvar Kamprad dies aged 91



Ingvar Kamprad, the founder of IKEA who turned the flat-pack furniture firm into a billion-dollar business, has died at the age of 91, the Swedish company said.

Mr Kamprad died on Saturday surrounded by loved ones at his home in Smaland, an agricultural region in southern Sweden, after a short illness.

The businessman, who had a modest upbringing on a small farm, founded the company in 1943 aged 17. The name IKEA comes from the acronym for Ingvar Kamprad, Elmtaryd and Agunnaryd (the name of his farm and municipality of origin).

However, it wasn’t until 1956 when the company began selling flat-pack furniture that IKEA found its niche in the market and eventually became the world’s largest furniture retailer.

Today IKEA has 403 stores across every continent and makes annual sales of 38 billion euros (Dh173.4bn).

Mr Kamprad got the idea for selling flat-pack furniture after seeing an employee take the legs off a table to save space. He realised saving space would also save money.

"Ingvar Kamprad was a unique entrepreneur who has meant a lot for Swedish business and who has made home furnishing available for many people, not just the few," Swedish Prime Minister Stefan Lofven told TT news agency upon hearing the news of the industrialist’s death.

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Read more: World's second-largest furniture firm on rocks amid Enron-style suspicions

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While Torbjörn Lööf, chief executive and president of Inter Ikea Group, the furniture giant’s parent company, said: “We are deeply saddened by Ingvar’s passing. We will remember his dedication and commitment to always side with the many people. To never give up, always try to become better and lead by example.”

One of the richest men in the world with an estimated wealth of 610 billion Swedish kronor (Dh285bn), Mr Kamprad stepped down from the helm of the company in 2010 to make way for his three sons and eventually left the board of Inter Ikea in 2013 when his youngest son became chairman.

Known for being thrifty despite his enormous fortune, the entrepreneur wore second hand clothes, used a supermarket loyalty card and drove an old Volvo in his later years.

"If you look at me, I think I do not wear anything that was not bought at a flea market, I want to show a good example," he told Swedish broadcaster TV4 in 2016.

Mr Kamprad also espoused the egalitarian beliefs of IKEA. He told a Swedish newspaper in 2008 that he belonged to the people on the shop floor.

However, his life was not without controversy.

Mr Kamprad was criticised for his links to Nazi groups during the Second World War. Sweden, which remained neutral during the war, had a Nazi organisation, which Mr Kamprad attended meetings of from 1945 to 1948.

He later asked for forgiveness for his “stupidity” in attending the meetings in a 1999 book, saying that it was the “biggest mistake” of his life.

Mr Kamprad moved to Denmark in 1973 in order to avoid Sweden’s higher tax structure and later to Switzerland to pay even less tax. He returned to Sweden in 2014.

First Person
Richard Flanagan
Chatto & Windus 

Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Non-oil%20trade
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A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

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BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

COMPANY%20PROFILE
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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Company%20Profile
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Business Insights
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  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The%20specs
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TALE OF THE TAPE

Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm

Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm

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Find the right policy for you

Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.

Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.

Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.

Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.

If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.

Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.

Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice. 

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now