Eight Qatari companies in Forbes’ list of ‘Top 100 Arab Family Businesses 2023’

Eight Qatari companies in Forbes’ list of ‘Top 100 Arab Family Businesses 2023’

QLNews
By QLNews

Qatar has always provided fertile grounds for the uninterrupted growth of businesses. Over the years, several institutions — many of them run by families — have grown to become behemoths in their own fields.

Eight Qatar-based companies made it to the recent Forbes’ Top 100 Arab Family Businesses 2023. Al Faisal Holding topped the table of Qatari companies, finishing in 10th place. Power International Holding came next, just three spots behind (13th). While the Alfardan Group came 17th, Darwish Holding was in 57th place.

The Almana Group (69th), Abu Issa Holding (96th), Ali Bin Ali Holding (97th) and Al Muftah Group (100) completed the top 100.

Forbes observed that most of the Middle East’s top family-owned businesses had started out as dealers, agents, or distributors for international companies. The most successful enterprises then evolved by adding more services and sectors to their portfolios. It added that recently, more family businesses were looking to access the region’s stock exchanges for growth.

The ranking was created based on information collected from stock exchanges, reports from consulting firms and other primary sources.

Companies were ranked on the basis of the size and value of businesses they held — including listed entities, real estate and hospitality assets — and revenues from other holdings, business activity from the previous year, sectors and geographies they diversified into, the performance of key businesses and the sectors in which they operate, the legacy of the company and the total number of employees it recruited.

Darwish Holding and Ali Bin Ali made the Forbes list last year as well when seven Qatari companies had been featured.

Forbes stated that Al Faisal Holding, ranked ninth last year, has over 50 companies operating across eight sectors. The group’s hospitality arm — Al Rayyan Tourism Investment Company (ARTIC) — has 35 hotels and projects in the Middle East, Africa, Europe, and North America.

It said Al Faisal Holding’s Chairman Faisal Bin Qassim Al Thani had a net worth of $1.7bn as of July 4, 2023.

Forbes listed Power International Holiday (PIH) as a diversified business group operating in multiple sectors including contracting, agriculture and food, real estate, and healthcare. Employing 65,000 people, the company maintained its 13th rank from the 2022 list.

Al Fardan Group saw the biggest up move in rankings — improving 16 places from 33 to 17 this year. Forbes described it as one of Qatar’s leading family conglomerates, with a presence in UAE, Saudi Arabia, Oman, Turkiye, and Switzerland. The group's portfolio includes jewellery, financial services, property development, automotive, hospitality, marine, agriculture, and medical services.

Darwish Holding, founded in the 1900s by Abdullah Darwish and his brothers Kassem and Abdulrahman, today boast of more than 1,700 employees representing over 800 major brands. It has nine divisions including retail, malls, estate and technology.

Al Mana Group, moved from rank 74 to 69 this year. The Group, which started as a trading house in 1960, has since expanded into automotive distribution and services, real estate, investments, retail, engineering, technology, media, and entertainment.

Almana Group’s automotive division represents some of the world’s leading brands including Ford, Jeep, Chrysler, and Dodge.

Abu Issa Holding launched its first concept — Blue Salon — in 1981. Today, the group operates in nine countries and across 11 sectors including retail, distribution, telecommunications, IT, energy and engineering, construction support services, investment, real estate, and marketing.

Ali Bin Ali Holding started importing international products to Qatar in 1945. Today, it is one of Qatar’s largest retail and distribution companies with a presence in Qatar, Saudi Arabia, Kuwait, and Europe. It employs about 5,000 people and has over 400 brands in its portfolio.

The Almuftah Group started by selling gramophone records in 1963 before setting up a tire showroom in 1968. Today, it has over 30 companies and employs 6,000 people across engineering and construction, travel, education, industrial equipment, automotive, restaurants and catering, consumer electronics, wellness, and trading.

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