RIYADH: Saudi companies topped Forbes’ annual Arab Top 100 Family Businesses ranking with 37 entries, followed by the United Arab Emirates and Kuwait with 25 and 8 entries respectively.
According to the Forbes press release, these three countries made up 75% of the top 20 on the list. Additionally, all of the family businesses in the top 10 were diversified businesses operating in multiple industries.
The Olayan family, which runs one of Saudi Arabia’s largest conglomerates, was ranked the top Arab family business for the second consecutive year.
Founded in 1947, the Olayan Group comprises more than 50 companies and affiliated businesses. The Egyptian group Mansour and the Al-Futtaim group from the United Arab Emirates are the other two groups that took the podium.
Olayan Financial Co.’s investments in the public sector make up the largest part of the group’s portfolio, as it owned 20.3% of Saudi British Bank in July 2022.
The Mansour Group was also honored for its mammoth reach spanning 100 countries with over 60,000 employees and total revenues exceeding $7.5 billion.
Through its investment arm, ManCapital, the Mansour Group owns shares in global companies such as Spotify, Uber, Airbnb, Meta, Twitter and others.
Other Saudi companies also made the top 10, with Al Muhaidib Group ranked fourth, Abdul Laitf Jameel seventh and Rashed Abdul Rahman Al Rashed and Sons Group ranked 10th.
Geographically, Qatar-based companies had seven entries, Egypt had six, Oman six, Bahrain had four, Jordan had two, Morocco had two, and Algeria, Lebanon and Yemen all had one entry each.
In ninth position, Al Faisal Holding is the only newcomer to this year’s top 10 companies, up from 11th place in 2021, according to the press release. In May 2022, it launched a new subsidiary offering production services, Metaserra, a joint venture with Turkey’s Doludizgin.
Diversified business companies dominate the ranking with 89 entries. For example, the Al Futtaim Group has built a legacy from its activities in the automotive, finance, real estate, retail and healthcare sectors.
The group operates in more than 20 countries with 35,000 employees and holds significant stakes in Emirates Investment Bank, Commercial Bank of Dubai and Dubai Insurance Co.
Abdullah Al Futtaim and his family also had a net worth of $2.5 billion as of August 2022.
The statement further said that of the top 100 family businesses in 2022, eight were owned by Arab billionaires. For example, the founder of the Cevital group based in Algeria, Issad Rebrab, had a net worth of $5.1 billion in August 2022, making him the second richest Arab in the world.
To construct this list, Forbes Middle East only considered private companies or holding companies jointly owned or operated by Arab families. Conglomerates were categorized based on the size and performance of their operations, business activity, age, heritage, and business diversification in terms of geography and industry.