Rich pickings to be had amid the crisis

The only thing more difficult than accumulating a fortune must be losing one. And while none of them will ever want for a dollar, it is the unwelcome prospect of going from riches to rags that is presumably motivating those on the Arabian Business Rich List 2008.

It takes a very good businessman to make money, but a brilliant one to keep it - and it is precisely because our top 50 are such brilliant businessmen that they will be working hard to steer a path through the current economic uncertainty.

Many of the stars of this year's Rich List will be anxiously awaiting the effect of the global slowdown upon the tourism and retail industries, so key to the fortunes of some major Gulf family groups.

The cash cows of real estate and construction - so lucrative for so many years - are coming up dry, and it is these other revenue streams that the region's richest hope will sustain them over and beyond the next 18 months.

Expansion has been the name of the game for the Gulf's multibillionaire elite, and those who have not managed to spread themselves across enough sectors may wish they had paid more attention to the mantra of Gulf rulers - diversify, diversify, diversify.

In that vein, the smart ones will view 2009 as a golden opportunity, rather than a potential crisis. It should be the year that those with easy access to quick cash are able to snap up depressed assets from New York to Tokyo, via London or any other capital facing recession and home to a host of highly motivated sellers.

They may have lost hundreds of millions of dollars this year as markets tanked, but those on our list still have the funds to step forward at a time when others are drawing their purse strings tighter.

Across the world, assets continue their downward spiral but it is inevitable that the likes of HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud will be enthused by the prospect of picking up a bargain or two in the months to come.

Depressed assets will rebound as economies recover, and those Arabs looking to carve themselves a significant stake in the new world economy will have to buy intelligently if they are to enter the second decade of the 21st century in a position to keep pace with Asia's nascent economic superpowers.

2009 will also be an important year for those looking to break into the top 50. Last year's entry-level fortune stood at $700m - this year there are no mere multimillionaires on the list, Mohammed Al Rajhi coming in at 50 with $1.1bn.

A smart purchase on behalf of any of those just outside the top table, could see them propelled high up the rankings this time next year.

Congratulations to those who have made it - you are in formidable company. Commiserations to those who have yet to make it, but remember that in these turbulent times, fortunes can be won as well as lost. In 2009, there's all to play for.

Andrew White is the editor of Arabian Business English.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM