Company: Al Fozan Group
Country: Saudi Arabia
Wealth: 3.26 Billion
Established in 1960, the Al Fozan Group is considered to be one of the fastest growing companies in Saudi Arabia.
Chaired by Abdullatif Al Fozan, the group has diversified interests in building materials, commercial and industrial steel, electrical and hardware items and accumulated technologies.
The group also holds equity stakes in several affiliate ventures, ranging from banks and petrochemical companies, to recycling and consumer retail operations, as part of its long term plan to diversify its revenue streams.
Since taking over the reins from his father, Abdullatif Al Fozan has seen the group grow to over 20 companies and enter into a number of joint ventures, including Bawan Holding in 2006 and Atheel Holding.
Al Fozan is also heavily involved in philanthropic work and earlier this year, he was appointed as a board member of the National Social Charity Fund by the Council of Ministers.
With a network of over 60 sales outlets in Saudi Arabia, the Al Fozan Group plans to expand its reach and establish itself as a market leader in the region.
The group is also one of the largest importers of steel, wood, electrical and hardware material in the kingdom.