Saudi stars

The Al Rajhi Family
Owners, Al Rajhi Bank

The four brothers, Saleh bin Abdul Aziz Al Rajhi, Abdullah bin Abdul Aziz Al Rajhi, Mohammed bin Abdul Aziz Al Rajhi and Sulaiman bin Abdul Aziz Al Rajhi make up one of the most respected families in Saudi Arabia.

Al Rajhi is a Riyadh-based Islamic bank and a major investor in the Kingdom's business markets. Originally founded as a joint stock company in 1987, Al Rahji is today the world's largest Islamic bank with a paid-up capital of US$2bn as well as one of the oldest and most established financial institutions in Saudi Arabia.

The bank is currently 99% owned by Saudi shareholders, but the founding Al Rajhi family significantly continues to hold a key stake and remains the corporation's primary equity holders.

The Al Rajhi family is considered by many in Saudi Arabia as the Kingdom's wealthiest non-royals, and ranks among the world's leading philanthropists.

Its core business in Saudi Arabia is in wholesale, retail, commercial and investment banking, all of which are guided by Sharia principles. The bank accounts for 600 branches in Saudi Arabia, 1400 automated teller machines (ATM) and over 8000 merchant terminals.

With these assets, Al Rajhi Bank is considered as one of the largest banking corporations in the Kingdom after Saudi American Bank and Riyadh Bank.

It began with a capital base of US$225m, which was then increased to US$1.35bn (March 2005) then, after a year, it rose to US$2.03bn (March 2006) and finally to an impressive US$4.05bn (March 2007).

Prospects for the bank have continued to excel due to the demand for Islamic financial services in Saudi Arabia and the Middle East region in general.

Al Rajhi took two years to open its first branch in Malaysia after being awarded a licence in 2004 by Bank Negara. Al Rajhi is also the second of three foreign banks that were awarded Islamic banking licences by the Central Bank of Malaysia.

It is currently targeting the automotive sector, pushing hard on car leases. Consequently, it recently opened car showrooms across the country as part of an initiative aimed at increasing its lease-to-buy business.

Mohammed Bin Issa Al Jaber
Chairman, MBI Group

Al Jaber is the Saudi tycoon who heads up the MBI International group of companies that, between them, are worth US$3bn.

It is believed that his stake is around the 50% mark. What isn't in doubt, however, is the success of MBI. It now includes real estate giant Jadawel International, JJW Hotels & Resorts which operates 55 hotels in Europe and the Middle East as well as the AJWA Group, one of the largest food companies in the Middle East.

JJW Hotels posted a massive leap in turnover and profits last year, which it claims put it on target to join the world's top luxury hoteliers.

During 2005, turnover grew by 78% to US$153.9m and there was a steep growth in pre-tax profits to US$20m as the company reaped the benefits of its expansion progress in recent years. The chains' expansion is expected to continue this year, in particular in the UK, with US$257m earmarked for capital.

The golf-loving Al Jaber also bought the UK's Scotsman Hotel Group last year, reportedly attracted by the Scotsman's upmarket quirky style. Around US$250m is believed to have been earmarked to bring a portfolio of intimate luxury hotels to key European cities.

Mohammed Bin Issa Al Jaber would be even richer but for the cash he has given to various charities over the years.

He has funded scholarship programmes at some of the world's finest and most high-profile educational institutions.

The founding sponsor of London Middle East Institute at the London-based School of Oriental and African Studies, he has also given a generous donation to a new building at the Jeddah-based Dar El Hekmah College, an English-language, private sector women's liberal arts college. He has also been a promoter of Arab-Israeli reconciliation, including through the Olive Tree Educational Trust at London University.

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