Mubasher: Saudi Arabia has dominated this year’s Forbes Middle East Top 100 Arab Family Businesses, which are seen as the backbone of the region's economy.
Saudi Arabia came in the lead with 36 family businesses, followed by the UAE with 21 entries on the list, and in third place came the region’s most populous country, Egypt, with only three family businesses on the list, including the number one spot.
Mansour Group from Egypt made it to the top of the list, with three family members on the Forbes’ World’s Billionaires 2020 list, followed by Al Futtaim Group from the UAE, and Olayan Group from Saudi Arabia.
Other Saudi firms on the list included Rashed Abdul Rahman Al Rashed & Sons Group (5th place), Abdul Latif Jameel Group (6th place), and Zamil Group Holding (10th place).
The list also featured Al Muhaidib Group (11th place), Yousuf M.A. Naghi & Sons Group (12th place), Al Nahla Group (13th place), E. A. Juffali & Brothers (15th place), and Sedco Holding (20th place).
El Morshedy and El Araby were the two other Egyptian names on the list, ranked 55th and 68th, respectively.
Most of the companies on the list have been passed down through at least one generation, with 10 companies more than a century old, and 13 founded between 75 and 100 years ago.
Forbes says it looked at approximately 200 Arab family-owned businesses in the region and considered various factors, including the group investments in regional and global stock exchanges, business diversification, types of business activity, number of employees, geographical diversification, and date of establishment.