Industry: Finance and Construction
Company: Elkhereiji Group of Companies
Country: Saudi Arabia
Wealth: 3 Billion
As chairman of the Elkhereiji Group of companies, Mohammed Elkhereiji oversees a conglomerate that includes interests in finance, construction, trading and real estate.
The group was founded by Abdul Karim Elkhereiji in 1978, after he had worked for 20 years at his family-owned company, Elkhereiji Company. Since that time, his initial firm, Elkhereiji Trading and Electronics, has become one of the country’s leading suppliers of uninterruptible power systems, as well as holding distribution contracts for several major international companies.
Among the firm’s many clients are several government ministries, all of Saudi Arabia’s major banks, Saudi Arabian Airlines and several of the kingdom’s top universities. Its largest customer is state oil behemoth Saudi Aramco.
Elkhereiji’s finance arm is known as ACE Arabia, which has recently expanded into the insurance sector. ACE MENA, one of ACE Arabia’s joint ventures, is headquartered in Bahrain and is one of the Gulf’s largest insurance players.