Saudi Arabia, also known as the Kingdom of Saudi Arabia, is a country located on the Arabian Peninsula in Western Asia. With a land area of approximately 2,150,000 km², it is the largest country in Western Asia and the second-largest nation in the Arab world. According to Wikipedia, Saudi Arabia is also home to some of the richest people in the Middle East, with the richest person having a net worth of about $14.3 billion. In this article, we will take a closer look at the 10 Richest Men in Saudi Arabia.
10. Saleh Karmel- $2.3 billion
Saleh Abdullah Kamel, born in 1941 and passed away in May 2020, was a Saudi Arabian billionaire entrepreneur with an estimated net worth of $2.3 billion. He was the founder and chairman of the Dallah al Baraka Group (DBHC), one of the largest organizations in the Middle East. Dallah al Baraka is a multinational company with investments in healthcare, banking, finance, transportation and operations, manufacturing, maintenance, and real estate. Saleh was the chairman of the Islamic Chamber of Commerce and the Jeddah Chamber of Commerce and Industry. While serving as the chairman of the General Council for Islamic Banks, he was nicknamed, 'the father of contemporary Islamic finance.' He was honored with Malaysia's Royal Award for Islamic Finance in 2010.
As chairman of JCC and the DBHC, he attempted to expand trade among member states of the Organization of Islamic Cooperation nations and promote Jeddah as the main international airport and center for global commerce. Saleh also led several projects to help develop the kingdom of Saudi Arabia as a major regional economic zone. He planned to achieve this by combining the Chamber of Commerce, DBHC's efforts, and the ongoing major infrastructure projects such as the Economic City, the King Abdullah International Airport, the new railways, and the King Abdullah Port to improve domestic businesses across the country.
9. Abdullah Al Rajhi- $2.5 billion
Abdullah Al Rajhi was born in Al Bukayriyah, situated in Al Qassim province in Saudi Arabia. He grew up with his brother Saleh in the Najd desert, where the two started their business of charging transportation money for pilgrims using caramel caravans across the desert to the cities of Medina and Mecca. The Al Rajhi brothers, which included Salah, Sulaiman, Mohammed, and Abdullah, helped grow their business by utilizing the increase of migrant laborers to Saudi Arabia during the 1970s oil boom and helping them send their incomes home to destinations such as Pakistan and Indonesia. In 1983, the Al Rajhi brothers were granted permission to create Saudi Arabia's first Islamic commercial bank that aimed to observe religious beliefs that included a ban on interest.
While Abdullah and his brothers have diversified family investments into various sectors such as agriculture, gypsum, steel, and many other industrial sectors, the Al Rajhi family are majority shareholders of the Al Rajhi Bank. According to Discover Walks, Abdullah Al Rajhi founded the Al Rajhi Bank with his brothers about 50 years ago, and he was appointed as the Managing Director and CEO from 2008 to 2012. Today, he serves as a Non-Executive Officer and Vice Chairman of one of the largest Islamic commercial banks worldwide. Al Rajhi Bank has opened 24 branches throughout Malaysia, six other regional offices, and its headquarters in Riyadh. Apart from owning shares in Al Rajhi Bank, Abdullah also owns stakes in Al Baraka Banking Group, an Islamic bank established by Saleh Kamel, another Saudi billionaire.
8. Muhammad Sulaiman Al Jasser- $2.8 billion
Muhammad Sulaiman Al Jasser, born in 1955, is a Saudi Arabian economist. He currently serves as a Chairman of the General Authority for Competition and an advisor at the General Authority of the Council of Ministers of Saudi Arabia. Muhammad began his career in 1981 at the Saudi finance ministry. In 1988, he was appointed as the executive director for Saudi Arabia at the International Monetary Fund (IMF). In 1995, he was employed at the Saudi Arabian Monetary Authority (SAMA) and named the Vice Chairman of the SAMA board and Vice Governor of SAMA.
After serving as the director of the Saudi Arabian Mining Company until 2009, he was appointed the chairman of the Gulf Monetary Council in March 2010. Between 2009 and 2011, he served as the Board Chairman and Governor of the Saudi Arabian Central Bank (SAMA). In December 2011, Al Jasser was named the minister of economy and planning, taking over from Khalid bin Mohammed Al Gosaibi. He was appointed Minister of Economy and Planning between 2011 and 2015.
7. Mohamed Al Issa- $3.3 billion
Muhammad bin Abdul Karim Issa, born in June 1965, is a Saudi Arabian billionaire, Secretary General of the Muslim World League, politician, former Saudi Minister of Justice, President of the International Islamic Halal Organization, and a major stock market investor. He is a major shareholder in Riyad Bank, the country's main commercial bank, and Savola Group, one of Saudi Arabia's leading food businesses. Karim Issa is also the chairman of the Center for Responsible Leadership, a body of globally influential faith, media, community, business, and government leaders working together to provide solutions to the challenges facing humanity and the modern-day world.
He is also considered a key figure in the fight against extremist ideology and a prominent Islamic leader. Mohammed has been praised by several government officials and religious leaders for his significant efforts to promote cooperation, moderation, and co-existence among all people. In December 2012, Al Issa appointed his son Abdullah as the chairman of Saudi Hotels & Co., which owns and operates several hotels throughout Saudi Arabia.
6. Prince Sultan bin Mohammed bin Saud Al Kabeer- $6 billion
Prince Sultan bin Mohammed Bin Saud Al Kabeer, born in 1954, is a Saudi Royal family member and a businessman. He is the twelfth son of King Abdulaziz and Crown Prince of Saudi, who reigned from 2005 to 2011. Saud Al Kabeer is also a great-nephew of King Abdulaziz, the grandson of Noura bint Abdul Rahman, the King's sister. Prince Sultan bin Mohammed is also popularly known for founding Almarai in 1977, the largest vertically-integrated dairy company globally. Al Kabeer also bought an Argentine farm operator that produced wheat, maize, and barley to feed his large herd of Holstein cows, serving as his main milk source. In the late 1980s, he founded Masstock Saudia, a joint agricultural partnership with an Irish organization.
In November 2017, Prince Sultan was arrested by the local authorities but was not detained. This arrest was due to a corruption crackdown conducted by a royal anti-corruption committee. Al Kabeer was named the third richest person in the Forbes Middle East's billionaire in 2017. He was also listed as the 38th most powerful Arab in 2019 and among the most powerful people in Saudi in the annual Arabian Business Saudi Arabia Power 2020 list. In March 2020, Prince Sultan resigned from his role as the chairman of the board of directors of Almarai Company, and the position was handed over to his son Nayef bin Sultan Al Kabeer.
5. Lubna Olayan - $8 billion
Lubya Olayan is a prominent Saudi Arabian businesswoman and the Chief Executive Officer of Olayan Financing Company. She and her family founded the Olayan Group in 1947, a private multinational enterprise mainly involved in manufacturing, investments, distribution, and services. According to Celebritynetworth, the Olayan Group is involved in about 40 organizations and often partners with several leading multinational companies. In June 2019, Olayan was appointed as the Chairwoman of the Saudi British Bank (SABB), making her the first Saudi woman to lead the bank.
She was re-appointed and assumed the position for another three years after the merger between Alawwal Bank and SABB. In 2005, Olayan was elected to the Board of the Down Syndrome Charitable Association, a non-profit company based in Riyadh. Back in April 2007, she was elected as a member of the Board of Trustees for Cornell University and later joined the Advisory Board of Effat College. And in 2010, Lubna Olayan was awarded the Cornell Entrepreneur of the Year and named the 86th most powerful woman worldwide by Forbes.
4. Mohamed Bin Issa Al Jaber- $9 billion
Mohammed Bin Issa Al Jaber is a Saudi Arabian entrepreneur and philanthropist, who owns several posh and budget hotels in Egypt and Europe through, JJW Hotels & Resorts Limited, an international private company. Mohammed Bin Issa is married and has three children, all of who are Trustees of the MBI Al Jaber Foundation. The MBI Al Jaber Foundation is the main sponsor brand of the International Association for the Study of Arabia, previously known as the British Foundation for the Study of Arabia. This foundation is also a U.K. Registered Charity that promotes research relating to the Arabian Peninsula. The MBI Al Jaber Foundation is the leading supporter company of Connecting Cultures, an intercultural education program keen on creating close relations and greater understanding between youths of different backgrounds.
Furthermore, the MBI Al Jaber Foundation is the co-founder of the Olive Tree Program at the City, University of London, which was in operation from 2004 to 2016. The program was meant to bring Palestinian and Israeli students together to pursue their educational goals in London. In 2009, the Saudi Arabian philanthropist Al Jaber released his first book, which provided a progressive Arab view on the various changes influenced by the region's social and economic development. MBI Al Jaber is also on the advisory board of the Middle East Center of the London School of Economics and the founding patron of the London Middle East Institute at SOAS. In 2011, he won the court case against Standard Bank in London, where he was accused of failing to repay a $150 million loan.
3. Mohammed Al Amoudi- $12 billion
Mohammed Hussein Ali Al Amoudi is a Saudi businessman born in 1946 in Ethiopia to an Ethiopian Muslim mother and a Yemeni father from Hadhramaut. As of 2022, Hussein's net Worth has been estimated to be approximately $12 billion, making him the richest man from Ethiopia and the second-richest person in Saudi Arabia. He is also listed as the second richest person of African descent globally. According to Lifeinsaudiarabia, Mohammed Hussein Al amassed his wealth through oil refineries (Svenska Petroleum Exploration AB), real estate, construction, and other business ventures. He began conducting his business operations in 1974 and invested this money to build an empire with oil and mining holdings in Morocco, Ethiopia, and Sweden.
His businesses generate billions of dollars in profits each year, thus, making him a major investor in Sweden and the wealthiest foreign investor in Ethiopia. Additionally, Mohammed Al Amoudi owns a wide array of energy, hotels (Addis Ababa Sheraton), manufacturing, agriculture, mining, and healthcare businesses. Some of his well-known companies are Mohammed International Development Research and Organization Companies, also referred to as MIDROC, and Corral Petroleum Holdings. In 1988, MIDROC was awarded a contract to construct Saudi Arabia's underground oil storage valued at $30 billion. Yanbu Steel later acquired MIDROC in 2000.
2. Alanoud Badr- $18 billion
Alanoud Badr, born in March 1980, is a Saudi Arabian businesswoman estimated to have a net worth of $18 billion, making her the second richest person in Saudi. While there is no information available about the names of her parents and occupation, Badr's father is from Saudi Arabia, while her mother is from Lebanon. Bard is a well-known fashion designer and the founder of Lady Fozaza, which has grown to become one of the most highly sought-after fashion brands by celebrity stylists and designers in the Middle East. According to Successstory, she has styled many celebrities, such as Evan Rachel Wood and the Kardashians, among others. Throughout her professional fashion designing career, she won the Best Local Designer Award in 2012, was voted Best Dressed by Harpers Bazaar in 2010, and was honored with the Grazia Style Awards in 2013.
1. Prince Alwaleed Bin Talal Alsaud- $18.7 billion
Prince Alwaleed Bin Talal Alsaud is a Saudi business investor, philanthropist, and entrepreneur. He is the late Saudi King Abdullah's nephew, the grandson of Lebanon's first Prime Minister, Riad Al Solh, and the grandson of the first Saudi Arabian King, Ibn Saud. Prince Alwaleed is a member of the Saudi royal family and owns stakes in public and private organizations in the United States, the Middle East, and Europe. High-profile Talal Alsaud was included the Time magazine's annual list of the world's top 100 most influential people in 2008.
According to Business Insider, he has been able to achieve his estimated net worth of $18.7 billion after buying shares in social media company Twitter, hotel management company Four Seasons Hotels & Resorts, the Savoy Hotel in London, Citigroup, ride-sharing firm Lyft, the classy Hotel George V in Paris, and many others. In addition to owning 95 percent of the shares in Kingdom Holding Co., Prince Alwaleed owns Saudi real estate, the largest stake in Rotana, an Arabic-language entertainment organization, and other valuable assets.
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Written by Dana Hanson
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