Company: Korath Group
Wealth: 520 Million
Korath Mohammed has lived and done business in the UAE for more than 40 years, developing one of the largest conglomerates in the Middle East. Korath Holding, established in India in 1961, spans logistics, food, facility management, décor, real estate and retail and boasts 5,000 employees.
The company now enjoys a global presence with offices and subsidiaries in the UAE, Oman, Qatar, KSA, India, the US, the UK, Italy, China, Indonesia and Thailand, and more than 1.2 million sq ft of retail space.
While many other firms were struggling to come to terms with the post-2008 financial decline, Korath Mohammed and his son Riyaz Korath launched a new chain of hypermarkets, betting on UAE residents continuing to need products but at a more affordable price point.
In 2013, Korath Holding signed a $5m deal to open 26 Hawes & Curtis stores across the Gulf over five years. The deal would see Hawes & Curtis, a British shirt specialist based in London’s Jermyn Street, almost double its number of stores globally.
As CEO, Riyaz has been given a mandate to further expand the family business.