Forbes Middle East has released its yearly Top 100 Arab Family Businesses list for 2024, showcasing established conglomerates growing through expansion and investment in the region. This list focuses on businesses owned or managed by Arab families, evaluating them based on size, value, performance, activity, age, legacy, and diversity in different sectors and regions.
The most successful families in the business world are from the GCC region, with 34 out of 100 companies from Saudi Arabia, 28 from the UAE, and seven different businesses each from Kuwait and Qatar. Together, these four Gulf countries make up 76% of the list.
Abdul Latif Jameel, a company in Saudi Arabia, is ranked first, followed by the Al-Futtaim Group from the UAE and Egypt’s Mansour Group. The Mansour Group is the only non-GCC company in the top 10. In May 2023, Mohamed Mansour’s group won a $500 million franchise from U.S. Major League Soccer to start a football club in San Diego by 2025. Mohamed Mansour and his brothers Youssef and Yasseen have a combined net worth of $5.8 billion, making them the richest Arab family on this year’s list.
The family businesses on this list have been around for a long time, with some starting as far back as the 1800s or before 1950. There are only a few newer ones from the 2000s, mostly because they split from older businesses or combined existing assets. For example, O Capital Group in Morocco formed in 2021 by merging two companies. In contrast, Towell Group from Oman is the oldest, dating back to 1866.
Several companies on the 2024 list prioritize sustainability by investing heavily in eco-friendly initiatives. For instance, AlNowais Investments Group is leading with over 1,230MW of clean energy projects across Africa. Alfardan Group is promoting environmental sustainability by partnering with Electronics Recycling Factory for e-waste recycling. Also, Safari Group and Knauf Group are joining forces to build an advanced plasterboard production facility, aiming to reduce energy and water usage significantly.
Top 10 Arab Family Businesses In The Middle East 2024
1| Abdul Latif Jameel
Country: Saudi Arabia
Established: 1945
2| Al-Futtaim Group
Country: U.A.E.
Established: 1930s
3| Mansour Group
Country: Egypt
Established: 1952
4| Majid Al Futtaim Holding
Country: U.A.E.
Established: 1992
5| Olayan Financing Company (OFC)
Country: Saudi Arabia
Established: 1947
6| Al Ghurair Investment
Country: U.A.E.
Established: 1960
7| SEDCO Holding
Country: Saudi Arabia
Established: 1976
8| Al Muhaidib Group
Country: Saudi Arabia
Established: 1943
9| Al Ghurair Group
Country: U.A.E.
Established: 1960
10 | DAMAC Group
Country: U.A.E.
Established: 1982
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