In the Middle East, family businesses are the backbone of the region’s economy where some of the largest businesses are run by families through private companies.
It’s worth mentioning that the 10 most powerful Arab families have a wealth of more than $31 billion.
Here are the top 10 Arab Family Businesses this year.
1. Mansour Group - Egypt: The group was founded by Loutfy Mansour. Egypt’s Mansour Group has operations in over 100 countries. It is run by the Mansour brothers: Yasseen, Mohammed, and Yousseff Mansour. All three are billionaires with a combined net worth of $7.4 billion.
2. Al-Futtaim Group - UAE: the group was founded in the 1930s and expanded rapidly in the 1940s and 1950s becoming an integrated commercial, industrial, and services organization. Al-Futtaim Group employs over 44,000 people and operates eight divisions comprising automotive, electronics, insurance, services, real estate, retail, industries, and overseas. Al-Futtaim ranked #1001 on Forbes World’s Billionaires list 2020 with a net worth of $2.1 billion.
3. Olayan Group - KSA: The group was founded in 1947 by Suliman S. Olayan. The Olayan Group built its foundations in contracting and commerce in Saudi Arabia. The family owns 4.93% of Swiss bank Credit Suisse, and 18.24% of the Saudi British Bank. Real estate assets include 550 Madison Avenue in New York City, Knightsbridge Estate in London, and the Hotel Ritz in Madrid, as well as office, retail, and residential assets in Paris’s 8th Arrondissement.
4. Majid Al Futtaim - UAE: Majid Al Futtaim Holding (MAF) was founded in 1992 by the billionaire Majid Al Futtaim. The retailing and entertainment behemoth currently owns and operates 27 shopping malls and 13 hotels. Majid Al Futtaim ranked #590 on Forbes World’s Billionaires list 2020 with a net worth of $3.3 billion.
5. Rashed Abdul Rahman AlRashed & Sons Group - KSA: The group is a dynamic, leading conglomerate in Saudi Arabia. Founded in 1950 by Rashed Al Rashed. The group has 26 wholly-owned companies. It operates in seven business areas, including building materials, cement, and bulk materials, finishing materials, real estate, contracting, industrial products, automotive products, and food products.
6. Abdul Latif Jameel Group- KSA: The group was founded in Jeddah in 1945 by Abdul Latif Jameel as a small trading business. Ten years later, the group was appointed as a Toyota distributor and built the largest vehicle distribution network in the Kingdom. Its core operations are mainly in transportation, engineering and manufacturing, financial services, land and real estate, energy and environmental services, consumer products, and advertising and media sectors. The group has grown through various investments and acquisitions.
7. Al Ghurair - UAE: Al Ghurair’s portfolio includes Al Ghurair Properties, which manages several residential, office, street retail, industrial, and hospitality businesses. It established the Al Ghurair Centre in 1982, the first shopping mall in the MENA region. Al Ghurair Foods, operates the largest poultry farm in the U.A.E. and produces flour, semolina, and oats. Billionaire Abdulla Al Ghurair owns the holding company and founded Mashreq Bank, the largest private sector bank in the U.A.E. Founder, Abdulla Al Ghurair ranked #494 on Forbes World’s Billionaires List 2020 with a net worth of $3.7 billion.
8. Alghanim Industries - Kuwait: It was founded by Yusuf Alghanim in 1932. Yusuf was a founding member of the Commercial Bank of Kuwait, the Kuwait National Petroleum Company, and the Kuwait Pipes Company. Today the group has over 30 businesses in six key segments—automotive, engineering, food, and beverage, industrial, consumer, and services. Among the famous brands under its portfolio are Costa Coffee, Wendy’s, GM, and Ford. Executive chairman Kutayba Alghanim is a billionaire, with a fortune worth $1.3 billion.
9. Al Ghurair Group - UAE: The group was founded by Saif Ahmed Al Ghurair in 1960. The BurJuman Centre in Bur Dubai is the group’s flagship property under its real estate portfolio. Its petrochemical business, Taghleef Industries, is among the largest global manufacturers of biaxially oriented polypropylene film used in food packaging. The group is also involved in metal manufacturing through Al Ghurair Iron and Steel, a producer of hot-dipped galvanized steel.
10. Zamil Group Holding - KSA: The group’s founder, Abdullah Hamad Al Zamil, first established his trade and services business in Bahrain in 1920. Today, Al Zamil Group owns shares of two publicly listed companies on Saudi Stock Exchange, Zamil Industrial and Sahara petrochemical. Zamil Industrial became the first family-owned company in Saudi Arabia to be listed on the Saudi Stock Exchange in 2002.
