Company: Al Fozan Group
Country: Saudi Arabia
It’s been a busy 2012 for the chairman of the 40 year-old Al Fozan Group, Abdulatif Al Fozan. In August, he launched the firm’s newest manufacturing site, a rebar production facility, in Jeddah.
Recent deals include contracts to work on projects as varied as the King Abdullah Financial Centre in Riyadh and the King Abdulaziz International Airport in the same city. Al Fozan has seen his family group grow from a small base to over 20 different companies with a number of joint ventures including Bawan Holding in 2006 and Atheel Holding. Considered to be one of the fastest growing firms in Saudi Arabia, the business extends to a variety of different sectors, including building materials, commercial and industrial steel, electrical and hardware items and accumulated technologies. It also holds equity stakes in several affiliate ventures, from banks and petrochemical firms, to recycling and consumer retail operations. These stakes are part of a long term plan to diversify its revenue streams. In the kingdom, the group is also one of the largest importers of steel, wood, electrical and hardware material. Like many Gulf tycoons, Al Fozan took over the firm from his father.