The Richest Men in Saudi Arabia
by kalyani10
Vast oil reserves in the Arabian Peninsula have ensured that some of the world’s biggest billionaires have always come from the country of Saudi Arabia. Apart from having access to petroleum deposits, these billionaires have also profited from access to ruling establishments in the country. However in recent times, oil is no longer the sole plank of their wealth and they have increasingly been profiting from private as well public investments in other countries. Here are some of the richest men in Saudi Arabia and what they are presently worth.
- Prince Alwaleed bin talal al Saud
This member of the royal family of Saudi Arabia is currently believed to be the richest individual in Saudi Arabia as well as in the entire Arab world. He is estimated to be worth around $18 billion, according to Forbes which also makes him the 29th richest billionaire in the world1. Alwaleed started out by making a fortune in the Saudi construction sector and then hit the big time when he bought into struggling Citibank in 1990. He invested $209m for a 4.9% stake, the biggest holding allowed without being legally required to reveal his identity. Now his interests are global, spanning the Middle East, Asia, Africa, Europe and the US where he has invested in sectors as widely ranging as media, technology, banking, hotels, real estate and agriculture sectors. He has a stake in the Time Warner Company besides owning Paris’s leading hotel, the George V as well as 100,000 hectares of reclaimed desert in Egypt.
Prince Alwaleed bin talal al Saud is married and father of two children; he lives in Riyadh, the capital of Saudi Arabia.
- Mohammad al Amoudi
The second richest man in Saudi Arabia is Mohammad al Amoudi with a net worth of $12.5 billion as of March 2012. He is yet another product of the Saudi construction boom from which he went on to diversify and buy up oil refineries in Morocco and Sweden, where he is one of the country’s biggest foreign investors. Other than these he also owns business interests in the UK and the US.
Despite being a citizen of Saudi Arabia, Mohammad al Amoudi was born in Ethiopia to a Yemeni father and an Ethiopian mother. Perhaps this is why Al Amoudi has in recent years made huge investments in Ethiopia where he is the largest private employer with a payroll of 30,000. Al Amoudi’s companies in Ethiopia are growing rice, corn and other staples on thousands of acres for the home market as well as for export to Saudi Arabia; in February 2012, Al Amoudi announced a further $3.4 billion investment in Ethiopia in agriculture as well as cement, steel and transport via his newly formed Derba conglomerate. He also has plans to reopen two newly refurbished Ethiopian resorts - Blue Nile and Lake Tana - part of his eight hotel empire across Northern Africa. Married and father of eight children, the 67 year old self-made billionaire lives in Jeddah, Saudi Arabia.
TIP: Millionaire Match has many single millionaire men looking for women to date and marry.
- Mohammad bin Isa al Jabar
With a net worth of $ 7 billion, realty baron Mohammad bin Isa al Jabar is one of the richest men in Saudi Arabia. Al Jabar owns the MBI international group which in turn includes companies like luxury JJW hotels & resorts in Austria, France, Portugal and the United Kingdom, amarante 4-star hotels in France, Portugal and Egypt as well as median 3-star hotels in and stars budget hotels in France, AJWA group for food industries, an agri-food processing company, Jadawel international, a company developing residential compounds for expatriates in Saudi Arabia, and Continentoil.
In December 2011 Al Jabar was in news2 for a feud with Standard Bank in London which had accused him of failing to repay a $150 million loan, while Al Jaber claimed the bank made an unauthorized loan deal with his assistant to cover trading losses. Since then however Al Jaber and Standard Bank claim they have reached a mutually agreeable settlement.
- Sulaiman Al Rajhi
Sulaiman Al Rajhi owes his position as one of the wealthiest Saudis to a net worth of $5.9 billion as of March 2012. Suleiman Al Rajhi became wealthy by founding with his brothers one of the world's largest Islamic banks, Al Rajhi Bank, way back in 1957. Nearly after 50 years of operation solely within Saudi Arabia, the bank launched its first international branch in Malaysia in 2006. The bank follows the Saudi business model which adheres closely to the deeply rooted Islamic banking principles and is compliant with banking practices as laid down in Sharia law.
However in May 2011 Sulaiman Al Rajhi announced plans to donate the bulk of his fortune to charity. According to Forbes3, his drop in net worth from $7.7 billion in 2011 reflects an estimated donation of part of his fortune. Apart from this, he is also in the process of transferring his fortune to his heirs.
- Mohammad Al Issa
The next name to figure on the list of five top richest Saudi men is that of Mohammad Al Issa who has a net worth of $2.2 billion, as of March 2012. A self-made billionaire, Mohammad Al Issa is one of the largest individual investors in the Saudi stock market. His holdings include major stakes in Savola Group, one the Saudi Arabia’s largest food processors, as well as Saudi Hotels & Resort Areas, and Banque Saudi Fransi. The bank announced in November 2011 that it will sell its stake in a Syria-based bank, because of ongoing instability in the country.
Not much is known about the personal life of the 87 year old billionaire; he lives in Riyadh and is seldom seen in public. His family though is less media shy, especially his 22 year old son Dhia Al Essa who is thought to boast of a luxury car collection worth more than $12 million4.
References:
- Log in to post comments
