Doha: Seven Qatari private businesses or holding companies jointly owned or run by Arab families have made it to Forbes’ Top 100 Arab Family Businesses 2022, with two more Qatari firms joining the list this year. The Qatari family businesses include Al Faisal Holding (Rank 9), Power International Holding (Rank 13), Alfardan Group (Rank 33), Almana Group (Rank 74), Jaidah Group (Rank 93), Abu Issa Holding (Rank 96), and Al Muftah Group (Rank 100).
According to Forbes Middle East, Arab family businesses in the region have “so far this year seen many of the fields they are most active in – including retail, real estate, energy, and industrials – welcome a V-shaped recovery”. It added that these businesses are continuously evolving. Forbes noted that while the leading Arab family businesses are still investing in their traditional businesses, they are also moving towards new age industries, investing in startups, and in some cases founding their own new enterprises.
“The way Arab family businesses are run and controlled used to be extremely concentrated, but that is changing. In many of the top 100, the third generation and beyond are joining the business. Many have begun focusing on succession planning and separating ownership and management. Some have even listed their flagship company or important subsidiaries—a trend that looks like it will continue to grow in future. Of this year’s top 100 family companies, 89 percent are diversified business conglomerates,” said Forbes.
Al Faisal Holding, which rose to Rank 9 in this year’s list compared to Rank 11 in 2021, was established as a small automotive parts trading company nearly 60 years ago. Today, it has 50 companies across culture and education, hospitality, real estate, construction and project management, trading, manufacturing, and financial investments. The company has 29 hotels across Qatar, Saudi Arabia, Egypt, Algeria, Europe, and the U.S. In May 2022, Al Faisal Holding launched a new subsidiary offering production services, Metaserra, a joint venture with Turkey’s Doludizgin.
Power International Holding (PIH) is a newcomer to the list, but has already ranked 13th among the top 100 Arab family businesses. PIH is a second-generation family conglomerate with activities in five main sectors: general contracting, industries and services, agriculture and food industries, real estate, and lifestyle, including hospitality, entertainment, and catering. The company employs more than 65,000 people, with operations in 10 countries. Its subsidiaries include construction company UCC Holding, milk and dairy brand Baladna, real estate firm Assets, lifestyle hospitality and entertainment company Aura Group, and Estithmar Holding which is expected to open the Al Maha Island, housing the much anticipated Lusail Winter Wonderland in November.
Alfardan Group, which was first established as a jewellery company, has now grown into a leading business group in the region with a wide range of portfolio including jewellery, financial exchange, property development, automotive, hospitality, marine, and investment. Alfardan Real Estate also owns 6.1 percent in Dubai Investments, which was worth $162m as of August 2022.
Almana Group, ranked 74th, started as a trading house in 1960 and has since grown to become a diversified company operating across automotive, industrials, contracting, real estate, project division, F&B, financial, security and IT, and travel. It employs 10,000 people and has over 30 subsidiaries and partnerships with more than 100 global brands.
Jaidah Group, which is back in this year's list, was established in 1898 in Qatar and now operates in real estate, energy, heavy equipment, automotive, electrical, and industrial supplies. In 2022, Jaidah Project Division’s Switchgear Factory began assembling smart panels in Qatar in collaboration with Schneider Electric. In the same year, Jaidah Prime Security services completed the supply, test, and commissioning of IP CCTV systems and public address systems at the Al Rayyan Stadium, Forbes noted.
Abu Issa Holding started as a luxury department store “Blue Salon” in 1981. Today, it houses over 70 businesses across 11 sectors, including retail, ecommerce, hospitality, real estate, broadcasting, contracting, and engineering services, among others. The conglomerate operates in nine countries through 47 branches, 12 warehouses, and 200 retail stores. The group also employs more than 4,000 people.
Al Muftah Group, a regular in the list, was a tire dealer in the 1960s. Today, the group has businesses in 14 sectors including engineering and construction, automotive and transport, real estate, wellness and fitness, education, and home appliances. The group established the Al Muftah Centre department store in 1987 and Al Muftah Jewellery in 1984, which sells watches from renowned global brands.
