Saudi-headquartered family businesses dominate the Forbes Middle East list of the Top 100 Arab Family Businesses for 2023 with 33 entries, while Egypt’s the Mansour Group with a net worth of $6.4 billion tops the list.
The list showcases MENA’s most exceptional legacy businesses that have not only endured through generations but are now making waves on the region’s stock markets, says Forbes.
Determined to honour the profound heritage and triumphs of Arab family businesses, Forbes Middle East meticulously evaluated each conglomerate based on the size and performance of their holdings, business activity, age, and legacy, as well as their remarkable geographical and sector diversification, it says.
Notably, over 60% of the listees are major shareholders in companies listed on regional stock exchanges, many of which were founded by their families.
Demonstrating the kingdom’s profound business prowess, Saudi-headquartered family businesses dominate with 33 entries, holding four of the top 10 positions. Trailing close behind, the UAE boasts 29 entries, followed by Egypt with nine and Qatar with eight. Kuwait has six, Oman five, Bahrain four, Morocco three, Jordan two and Algeria one.
Amidst these giants, six venerable family businesses have defied time, thriving since the 1800s. Morocco-based O Capital Group is the youngest listee, founded in 2021, signifying the boundless potential and ambition of Arab family businesses. Established by billionaire founder and chairman Othman Benjelloun, O Capital Group has strategic partnerships with Air Arabic Maroc, Aman Resorts Group, and The Bank of Africa. Benjelloun and his family had a net worth of $1.3 billion as of July 2023.
Leading this year’s prestigious list is Egypt’s powerhouse, the Mansour Group. With a combined net worth of $6.4 billion, Yasseen, Mohamed, and Youssef Mansour are among the billionaires featured on the 2023 ranking. The 11 billionaires on this year’s list are worth $27.7 billion collectively.
Climbing the ranks, SEDCO Holding is the only newcomer to this year’s top 10, leaping from the 14th spot in 2022. This Saudi investment firm owns 35% of Nahdi Medical Company, which raised $1.4 billion in 2022, marking the kingdom’s largest IPO since Aramco’s listing.
Embracing innovation, Arab family businesses are also pioneering change through startup investments. For example, the Mansour and Abdel Latif Jameel families are backing global startups, and the Tamer Group acquired Mumzworld, a childcare e-commerce company, in 2021. The Arab business landscape is embracing the future with boundless enthusiasm, Forbes said.’
Top 10 Arab family businesses in the Middle East – 2023:
1. Mansour Group, Egypt , Established: 1952
2. Al-Futtaim Group, UAE, 1930
3. Olayan Financing Company (OFC), Saudi Arabia, 1947
4. Al Ghurair Investment, UAE, 1960
5. Majid Al Futtaim Holding, UAE, 1992
6. Abdul Latif Jameel, Saudi Arabia, 1945
7. Al Muhaidib Group, Saudi Arabia, 1943
8. SEDCO Holding, Saudi Arabia, 1976
9. Al Ghurair Group, UAE, 1960
10. Al Faisal Holding, Qatar, 1964