Arabian Business Rich List 2010
Thu 16 Dec 2010 10:41 AM
The Gargash family

The Gargash family

Industry: Transport

Company: Gargash Enterprises

Country: United Arab Emirates

Wealth: 3.71 Billion

The Gargash family saw tragedy this year as its 85-year-old
patriarch, Abdul Gafour Ali Gargash, passed away in April. But the clan — and
its hugely successful empire, built on the back of Abdul Gafour and his
nephews, continues to prosper. It first began trading in the last decade of the
19th century, but it wasn’t until 1918 that the late Ali Haji Abdulla Awazi
Gargash laid the foundation for what has since emerged as one of the region’s
leading trading houses.

Today, the family’s interests are widespread and impressive:
in the automobile world, it is the sole agent for Mercedes Benz in Dubai,
through Gargash Enterprises. The family is also involved in electronics, real
estate, insurance, industrial development and construction.

Shehab Gargash has enjoyed particular success running Daman
Investments, which was founded in 2000 and manages assets close to $1.4bn.
Daman has interests in asset management, mutual funds, venture capital and
private equity.