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Top 100 Arab family businesses feature 37 Saudi firms – Forbes Middle East

Top 100 Arab family businesses feature 37 Saudi firms – Forbes Middle East
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Dubai - Mubasher: Saudi-headquartered family businesses have dominated this year’s Forbes Middle East Top 100 Arab Family Businesses with 37 entries, followed by the UAE and Kuwait with 25 and eight entries, respectively.

Together, these three countries account for 75% of the top 20 in the list. All family businesses in the top 10 are diversified companies operating in multiple sectors, according to a press release on Tuesday.

Qatar came in fourth place with 7 entries, followed by Egypt and Oman with 6 entries, each. 

Forbes’ ranking spotlights the region’s most resilient and future-focused family-run firms, many of whom have been handed down through several generations.

Saudi’s Olayan Financing Group (OFC) topped the ranking for the second year running. Egypt’s Mansour Group and UAE-based Al-Futtaim Group round up the top three.

Al Faisal Holding was the only newcomer to this year’s top 10 businesses, ranked 9th, up from 11th place in 2021.

Diversified business corporations i.e. groups investing in multiple sectors and geographies, dominated the ranking with 89 entries. Three retail firms and two investment companies are the next most populated sectors. Of the top 100 family family-run companies in 2022, eight are owned by Arab billionaires. Algeria-based Cevital Group’s founder Issad Rebrab had a net worth of $5.1 billion as of August 2022, making him the world's second richest Arab.

Forbes said it merely considered private businesses or holding companies that are jointly owned or operated by Arab families. The conglomerates were ranked according to their holding’s size and performance, business activity, age, legacy, and how diversified the business is in terms of geography and sector.