Wealth: 7 Billion
When it comes to big, things don’t get much bigger than the empire of the Bugshan family.
Based in Jeddah, they are associated with a number of business sectors, including automobiles, luxury cosmetics and watches, real estate and electronics.
As regional entrepreneurs, they also maintain a strong presence in Morocco, Yemen, Algeria and the UAE.
Founded in 1923, the Ahmed Salem Bugshan Group (referred to as ASB) started as a steel manufacturer. Since then the group has developed into a huge conglomerate by establishing alliances, joint ventures, dealerships and licence agreements with leading global brands.
In Saudi Arabia, ASB companies hold sole distribution rights for Bridgestone tyres, Nivea, and Christian Dior perfumes, to name a few. With the opening of a Canadian curriculum school for the expatriate and local community in 2009 in Saudi Arabia, education can be added to the group’s ever growing portfolio.
Talk of a recession doesn’t seem to have affected the group, and despite considerable interests in many so-called “trouble spots” in the Arab world, the family’s strong brand and reputation has kept the business flowing.
If anything, our estimate of $7bn may be conservative — watch out for an increase next year.