New guard takes 24 of the top spots on this year’s list, with Saudi’s Bugshan family netting highest-ranking spot
This year’s Arabian Business Rich List has seen a record 24 new players, with the entry bar raised from $1.5bn in 2009 to $1.7bn this year.
Of those 24, the highest was Saudi Arabia’s Bugshan family, in eighth place, with a total of $7bn. The Jeddah-based family empire has made its billions in a range of sectors, with investments ranging from real estate and luxury cosmetics, to watches and electronics.
The Bugshan stable of brands includes the well-known labels Nivea, Christian Dior perfumes and Bridgestone tyres, to name a few.
The second-highest new entry was the Al Juffali family – also from Saudi Arabia – which has built one of the biggest industrial conglomerates in the region. The family was placed a creditable 11 after an exceptional year.
Other new entries included Tarek Abdulla Al Qahtani, the Naghi Family, Abdullah Al Rushaid and Qatari business magnate Omar Hamad Almana.
Elsewhere in the Arab world, Syria’s biggest Formula One fan Mansour Ojjey made it to 42 place, while diamond supremo Robert Mouawad, from Lebanon, came 43. Both men are on the list for the first time.
Another new entry came in the form of Egypt’s Heikal brothers, who are redefining Middle Eastern banking.