Bahraini groups among Forbes top 100 Arab family businesses

YK Almoayyed and Sons leads a four-strong Bahraini presence in the Forbes list of ‘Top 100 Arab Family Businesses for 2023’.

Chaired by Farouk Almoayyed, the group that represents more than 300 brands and employs over 8,000 people is placed 31 in the ranking.

Founded by Yousuf Khalil Almoayyed in 1940, the enterprise has grown to hold a diversified portfolio across automobiles, electronics, home appliances, heavy equipment, and industrial building systems, among others.

The company deals in Nissan, Ford, Infiniti, Lincoln, Renault, Komatsu, Continental Tires, Sony, Toshiba, and Honeywell.

In 2023, the group partnered with major brands including Panasonic, Hisense CAC, Nikai, Elf Lubricants, BKT Tires, and Krank Batteries, to be their official distributor in Bahrain.

Tracing its origin to 1890, Yusuf Bin Ahmed Kanoo Group (YBA Kanoo) is the second-highest ranked Bahraini company in the list, taking the 45th place.

Led by Khalid Mohamed Kanoo as chairman, the group has businesses in shipping, logistics, travel, industrial, oil and gas, capital, and real estate and has a presence in the UAE, Oman, Saudi Arabia, and Bahrain.

The real estate arm of the group has more than 300 projects across three countries, including 172 residential properties and 277 commercial units in Bahrain.

In 76th place is the Abdulla Yousif Fakhro Group with Esam Fakhro as its chairman.

The group began operations in 1888 in Bahrain. Today, it has businesses across the automotive, industrial products, electronics, telecommunications, insurance, contracting, shipping, and logistics industries.

Rounding off the kingdom’s presence is Alzayani Investments in 79th place.

Nawaf Al Zayani is the chairman of the company that was established in 1977 by Hamid Rashid Al Zayani.

Its business portfolio spans diverse sectors, including automotive, healthcare, manufacturing, real estate, service businesses, and F&B.

Forbes Middle East said leading this year’s prestigious list is Egypt’s powerhouse, the Mansour Group.

With a combined net worth of $6.4 billion, Yasseen, Mohamed, and Youssef Mansour are among the billionaires featured on the 2023 ranking. The 11 billionaires on this year’s list are worth $27.7bn collectively.

In compiling the list, the publisher meticulously evaluated each conglomerate based on the size and performance of their holdings, business activity, age, and legacy, as well as their remarkable geographical and sector diversification.

Notably, over 60 per cent of the esteemed listees are major shareholders in companies listed on regional stock exchanges, many of which were founded by their families.

Saudi-headquartered family businesses dominate with 33 entries, holding four of the top 10 positions. Trailing close behind, the UAE boasts an impressive 29 entries, followed by Egypt with nine and Qatar with eight.




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