Frontpage Slideshow (version 2.0.0) - Copyright © 2006-2008 by JoomlaWorks
Top 10 Richest Arabs 2013 E-mail
User Rating: / 33
PoorBest 
Monday, 24 February 2014

1.   Prince Alwaleed Bin Talal Al Saud $31.2bn ($25.9bn in 2012) Saudi Arabia 

Whatever he touches generally turns to gold, and 2013 was no exception. In 2011, Alwaleed and Kingdom Holding Company (KHC) spent $300m on a stake in Twitter they said was worth more than 3 percent. When Twitter went public in 2013, the value of the prince's stake soared by 200 percent to $900m, after a 70 percent rise in the share price. Things have also been pretty impressive at Kingdom Holding in which the prince has a 95 percent share stake: the one year return on the stock had crossed a remarkable 35 percent by last Sunday. This entire means that the prince is once again – for the 10th year running – the world’s richest Arab, with a personal fortune of $31.2bn. This figure has been verified by his private office. But the real strength of the overall KHC portfolio lies in sector diversity. It has major interests in investment categories ranging from luxury hotels and real estate to media and publishing, entertainment, finance and investment services, social media and technology, consumer and retail, petrochemicals, education, private equities, health care, aviation – even agriculture. KHC is among the world’s largest and most diverse investors, with regional and international holdings in many key industries. It is recognized as one of the largest foreign investors in the United States. The question in the past few years has been whether anyone else on the rich list could ever topple the prince from pole position. Based on the latest figures, the answer is a resounding no.

2.   Mohamed Bin Issa Al Jaber $12.66bn ($7bn in 2012) Saudi Arabia

Prominent Arab philanthropist and businessman Sheikh Mohamed Bin Issa Al Jaber has spent the last 33 years building the MBI International Holding Group Inc. into an established collection of major international companies. Following a steady stream of investments into existing businesses during 2012, the group saw 2013 as the perfect time to invest in new acquisitions and expand: JJW Hotels & Resorts, established in 1989, has - amongst other major investments for the year - recently taken over control of the Penina Hotel & Golf Resort from the Starwood Group. This latest addition to the 60 hotels already in JJW’s portfolio is set to be added to throughout the course of 2014. At the start of December 2013, MBI International Holding Group Inc. also increased their interest in Austrian ski & sports equipment company, Kneissl to 100 percent - making it the sole owner. Established in 1861, this marquee brand is set to bring another dimension to an already diverse portfolio. Sheikh Mohamed is also an active philanthropist, funding scholarship programs at some of the world’s top educational institutions through his own MBI Al Jaber Foundation.

3.   The Olayan family $12.5bn ($12.9bn in 2012) Saudi Arabia

In third place for the year 2013 is the Olayan family. This year marked the family business' 66th year of operations. It has come a long way since the summer of 1947 when Suleiman S. Olayan launched his first business in the Eastern Province of Saudi Arabia. While still private and closely held, the group he founded has blossomed over the decades into a multinational enterprise with offices on three continents, and 50,000 people employed by 50 affiliated companies. Its main investment portfolio covers public and private equities, real estate, fixed income securities and other specialized assets. Suleiman is survived by his son Khaled and his three daughters - Hayat, Hutham and Lubna. This year, the group has partnered with the world's largest snack food company, Mondelez International to distribute its products in the kingdom.

4.   Mohammed Al Amoudi $12bn ($11.5bn in 2012) Saudi Arabia

One of Arab world’s most successful businessmen, Al Amoudi’s father is Hadhrami Yemeni and his mother is Ethiopian. He immigrated to Saudi Arabia in 1965 and became a Saudi citizen, and is said to be the largest foreign investor in both Sweden and Ethiopia. Al Amoudi made his first fortune in construction and real estate before branching out into buying oil refineries in Morocco and Sweden and his native Ethiopia. His holding and operating companies, Corral Group and the Midroc Group, employ more than 40,000 people. Corral Group has an investment portfolio in Europe and the Middle East that includes Preem Petroleum, the largest integrated petroleum firm in Sweden, Svenska Petroleum & Exploration, SAMIR, Naft Services Company (Saudi Arabia) and Fortuna Holdings (Lebanon).

5.   The Sawiris family $10bn ($11.2bn in 2012) Egypt

There is no stopping this family. Just in December 2013 Naguib Sawiris announced plans to invest $1bn in Egypt this year, focusing on construction, real estate, agriculture and microfinance. Indeed ever since Onsi, the patriarch of the family handed over the reins to Naguib, his eldest son and two brothers Nassef and Samih, their fortunes have rocketed. They took over and expanded the Orascom conglomerate into a telecommunications, construction, hotel and development business. Naguib, 58, launched the first mobile operator in Egypt, Mobinil in 1998, was chairman of the telecoms firms Wind Telecom and Orascom and launched Koryolink, the first mobile operator in North Korea in 2008. Naguib turned to politics as a wave of protests swept Egypt in 2011.

6.   The Kharafi family $8.5bn ($8.6bn in 2012) Kuwait

Kuwaiti family conglomerate the Kharafi Group, which has an annual turnover of around $5bn and is already active in 25 countries, is looking to Asia as its next target for investment, a senior family member told Arabian Business this year. “Asia is a growing market but it is high risk... We are looking at a couple of opportunities there,” Bader Al Kharafi, a member of the executive council, told Arabian Business in an interview in the company’s headquarters in Kuwait City. “You can be an investor or run and manage the company. We are looking at investments, maybe some private equity funds, those types of products where they have a good team... Transport, renewable energy and with what is happening in China we would definitely look at renewable energy. These are the sectors we think we could [invest].” The Kharafi Group has operations in 25 countries around the world, from Senegal to Botswana to Kazakhstan and The Maldives, and has more than 120,000 employees. The family business has always had strong connections with Egypt, from power stations along the Nile Delta to contracts at Marsa Alam International Airport and the Red Sea’s Port Ghalib, one of the biggest marina resorts in the Middle East.

7.   The Bin Laden family $7.5bn ($8.1bn in 2012) Saudi Arabia

Two years ago, the Binladin Group won deals to construct Prince Alwaleed’s Kingdom Tower and the expansion of the King Abdulaziz International Airport in Jeddah. Between then the contracts are worth over $20bn. Adding to those deals was a bumper contract to help build the first phase of the Haramain railway link. The family fortune is based on a construction business that paid immense dividends when decades ago it was awarded contracts for major renovations in Makkah and other religious buildings in Saudi Arabia and abroad. Founded by Mohammed Binladin, the family also built several palaces in Riyadh and Jeddah for the royal family and carried out restoration work following an arson attack on Jerusalem’s Al Aqsa Mosque in 1969. Salem, Mohammed’s eldest son, ran the empire left behind by his father upon his death in 1968 until he died when his private plane crashed in Texas in 1988. Thirteen of Mohammed's sons sit on the board of the family’s firm — the most prominent being Bakr, Hassan, Islam and Yehya.

8.   Said Khoury $7bn ($7.2bn in 2012) Palestine

With cousin Hasib Sabbagh, in 1952 Said Khoury founded Consolidated Contractors International Company (CCC), one of the first Arab construction companies. The company sees sales of $4bn a year and manages projects in 40 countries, with a focus on Middle East and North Africa. Born in Safad, Palestine, Khoury moved to Lebanon in 1948 after the Arab-Israeli war and got his first job helping to build Tripoli Airport. He is now based in Athens. CCC has built landmark projects in everything from Iraq’s Abu Ghraib prison (built in 1969, before the ascent of Saddam Hussein to the presidency of the country), to the Ronald Reagan National Airport in Washington, DC. The company has undertaken major projects in Azerbaijan, Turkey, Africa and the Gulf. The success of CCC is rooted in the early 1960s, with Sabbagh and Khoury securing a contract related to oil pipe storage facilities for the Iraq Petroleum Company, which entailed working with the Bechtel Group, the world’s largest construction company. That deal cemented a long and lasting relationship between CCC and Bechtel and it defined CCC’s scale of operations across the world.

9.   The Al Ghurair family$6.3bn ($6.4bn in 2012) UAE

The highest placed UAE entry comes in at number 12 thanks to the huge Al Ghurair family. The family legacy can be traced back to Ahmad Al Ghurair who founded Al Ghurair Group in 1960. The family name has been a fixture within the UAE business community ever since. Ahmad Al Ghurair passed on his legacy to his sons Saif, Abdulla, Majid, Marwan and Jomaa. Until the 1990s Al Ghurair Group was led by Saif Ahmad Al Ghurair. This corporation was formed in 1960. In the 1990s, Saif Ahmad Al Ghurair and Abdulla Al Ghurair embarked upon creating two unique yet complementing diversified industrial groups. This decision led to the creation of Saif Ahmad Al Ghurair Group (now the Al Ghurair Group) and Abdulla Al Ghurair Group. Abdul Aziz Al Ghurair is CEO of Mashreq bank, which he started from scratch with $1.6m of capital during the oil boom in the 1960s, and which is the country’s fourth-largest by assets.

10.The Kanoo family $6.1bn ($6.26bn in 2012) UAE (Bahraini origin)

The biggest family firm in Bahrain, the Kanoo Group has now been in existence for over 120 years. Established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo, it has grown from its early trading and shipping business to become one of the most diversified and highly regarded business houses in the Gulf region and beyond. After the death of chairman and CEO Abdulla Ali Kanoo, Yusuf Ahmed Kanoo has stepped up to take the top role in the organisation. Mishal Kanoo, one of the region’s most recognisable executives, remains as deputy chairman. It now has fourteen divisions in total, and employs 4,000 staff, with another 6,000 employed in its various joint venture operations. The company’s joint venture division was established over 25 years ago and has been linked to high profile names such as Axa Insurance, Norwich Union, Maersk and BASF.

 

Add comment

Security code
Refresh

< Prev   Next >
 

Online Users

We have 1 guest online

Currency Converter

Convert   into