Forbes Middle East has unveiled its esteemed top 100 family businesses list, prominently showcasing seven Qatari firms, including Al Faisal Holding and Power International Holding.
Forbes Middle East (ME) has revealed its selection of the top 100 homegrown businesses in the region for the current year. Going beyond their economic significance, Forbes emphasized these business titans’ role in preserving Middle Eastern traditions and heritage.
To be eligible for inclusion in this year’s list, businesses needed to be either operated or owned by Arab families. Forbes ME conducted a thorough evaluation, considering factors such as size, value, performance, business activity, age, legacy, as well as the extent of geographic and sectoral diversification of each conglomerate applying for recognition.
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This year, the Gulf Cooperation Council (GCC) region has notably excelled within the realm of family businesses, making a significant mark among the top 100 enterprises.
A substantial 76% of the listed businesses hail from Qatar, the Kingdom of Saudi Arabia (KSA), Kuwait, and the United Arab Emirates (UAE) collectively. Qatar, in particular, has made a remarkable contribution, with seven out of the 76 GCC conglomerates originating from the country. Below are the distinguished Qatari entities that have secured positions on the list, along with their respective regional rankings.
11 # Al Faisal Holding.
Ranked eleventh this year, Qatar’s Al Faisal Holding company stands out for its extensive portfolio covering real estate, construction, hospitality, trading, transportation, entertainment, education, services, and information technology.
Established in 1964 by Sheikh Faisal bin Qassim Al Thani, the company’s origins trace back to trading spare automobile parts. Over the years, it has expanded significantly, now encompassing subsidiaries such as the Al Rayyan Tourism and Investment Company (ARTIC).
ARTIC made headlines last year by securing a franchisee agreement with IHG Hotels & Resorts to rebrand their Crowne Plaza hotel in New York’s Time Square.
As of February 2024, the holding boasts a net worth of $1.8 million. Notably, three out of the company’s six board members are women – Sheikha Al Jazi bint Faisal Al Thani, Sheikha Al Anood bint Faisal Al Thani, and Sheikha Haya bint Faisal Al Thani.
Sheikh Faisal attributes the company’s enduring success to the visionary leadership of H.H. The Emir, Sheikh Tamim Bin Hamad Al-Thani, expressing confidence in Qatar’s ongoing rise as a significant economic force. He reaffirms Al Faisal Holding’s unwavering commitment to contributing to the nation’s promising future.
#12 Power International Holding
Moutaz Al Khayyat, the group’s chairman, and Ramez Al Khayyat, the vice-chair, founded the Power International Holding (PIH) conglomerate in 1983 as a second-generation family business organisation.
Today, the company has 65,000 employees and operates across 14 different sectors – including general contracting, food industry and agriculture, real estate, hospitality and lifestyle.
PIH operates in 19 countries, including the KSA, Oman, Libya, France, the United Kingdom and Kazakhstan.
In February, PIH inked an agreement to acquire Kazakhstan’s Mobile Telecom Services, which is owned by the national telecommunications company – Kazakhtelecom.
IH also intends to broaden its operations to Mauritania and Malaysia.
# 17 Afardan Group
Established in 1954 and chaired by Hussain Ibrahim Alfardan, the Alfardan Group is a prominent entity with diversified operations across various sectors including jewellery, exchange, property, hospitality, automotive, investments, marine services, and medical.
In 2024, Alfardan Jewellery commemorated its 70th anniversary with a special celebration, showcasing an exclusive collection at the 20th Doha Jewellery & Watches Exhibition.
Reflecting on the enduring legacy of his forefathers since the company’s inception in the 1950s, Ali Hussain Alfardan, the vice chairman of Alfardan Group and president of Alfardan Jewellery, stated, “Alfardan Jewellery and its endeavors hold a special place in the hearts of my father and our family. Our journey as a family began with pearling generations ago, evolving into multiple luxury enterprises across the region.”
63 # Darwish Holding
Darwish Holding from Qatar serves as a prime example of a family business that has withstood the trials of time.
Founded in the 1900s by brothers Abdullah, Kassem, and Abdulrahman Darwish, the company initially consolidated their father’s business. Today, the group boasts a workforce of over 3,000 employees and operates across diverse industries including consumer distribution, investment, retail, real estate, business services, and technology.
Darwish Holding’s retail arm, Fifty One East, represents over 800 renowned brands such as Chanel, Rolex, Boucheron, and Sony. Some of these partnerships date back to the 1940s, underscoring the company’s longstanding relationships with global brands.
Saoud Al Darwish, the company’s vice chairman, emphasizes that Darwish Holding has no intentions of slowing down. He affirms their commitment to contributing to Qatar’s ambitious plans outlined in the Qatar National Vision 2030. This vision focuses on economic diversification, moving away from reliance solely on the oil and gas sector.
73# Al Mana Group
The Almana Group began in 1960 and has grown into a major Qatari conglomerate. It oversees 55 companies across eight countries and has a workforce of over 3,500 employees.
The group operates in various sectors including automotive distribution and services, real estate and investments, retail, food & beverage, engineering, technology, media, and entertainment.
In the automotive sector, Almana represents top brands such as Ford, Ford Trucks, Lincoln, Jeep, Chrysler, Dodge, RAM, Hongqi, Bestune, and Hertz.
83# Abu issa holding
Founded by the late Abdul Rahim Abu Issa in 1981, the AbuIssa Holding (AIH) family business has evolved significantly over the years.
Today, under the leadership of Ashraf AbuIssa, boasting over four decades of experience, AIH operates across 11 sectors. These include retail, distribution, telecommunications, information technology, energy and engineering, construction support services, investment, real estate, and marketing.
AIH holds substantial shares in more than 50 countries across the Middle East (ME) and Gulf Cooperation Council (GCC) regions.
A decade following Qatar’s independence in 1971, AIH introduced its inaugural concept to the local market – the Blue Salon luxury department store. Since the 1980s, Blue Salon has been a go-to destination for Qatar’s high-end retail needs. Providing consumers with a diverse range of fashion, watches, jewelry, perfumes, cosmetics, home décor, and luggage selections, both in-store and online.
100 # Al muftah Group
The Almuftah Group embarked on its journey in 1963, initiated by Abdulrehman Muftah Almuftah. Initially, the company traded in tyres and gramophone records.
In 1968, the first tyre showroom opened on Doha’s Airport Road, specializing in Japanese Toyo-brand tyres. Expanding its horizons, the group introduced Almuftah Jewellery in 1984. Throughout the 1990s, Almuftah diversified into real estate, education, graphic design, and tourism.
Today, Almuftah boasts a workforce of 6,000 employees and operates across 15 diverse sectors through over 30 companies.