Industry: Banking and Finance
Company: Kuwait Projects Company
Wealth: 3.4 Billion
A former fighter pilot in the Kuwaiti Air Force, Faisal Al
Ayyar has been with Kuwait Projects Company (Holding) (KIPCO) since 1990, and
has overseen the then-modest local investment bank's growth into one of the
leading diversified investment holdings groups in the MENA region. With more
than $1.5bn in assets under its control or management, the bank’s core
activities include financial services, media and telecoms, with interests in
real estate, manufacturing, medical services, aviation and education.
KIPCO controls or holds substantial stakes in some 55
countries throughout the MENA region, and is the majority joint venture partner
of Viacom in Showtime, the Middle East’s leading pay-TV entertainment provider.
In December 2010, the company was reported to have begun
negotiations to acquire a stake in the Bahrain-based Ahli United Bank.