The Olayan Group started off as a trucking concern in 1947. In 1954 its founder, Suleiman Olayan, launched General Trading Company, the group’s food and consumer distribution business and was instrumental in bringing commercial insurance to Saudi Arabia, founding Arab Commercial Enterprises – which went on to become the region’s largest insurance and reinsurance broker. Olayan’s 60th anniversary saw the group owning more than 50 companies, with hefty stakes in MetLife, First Boston and American International Group. Alongside Suleiman’s widow Mary, the four children — Khaled, Hayat, Hutham and Lubna share the group’s $7.2bn fortune.
The family is also a long-time investor in Credit Suisse, this year upping its stake to 3.6 percent of registered shares and 3.4 percent of mandatory convertible notes. However, the family fortune will have taken a hit as Credit Suisse shares have slumped 56 percent from year-to-date.
Olayan Financing Company continues to assess opportunities in Egypt via the $200m investment firm it set up with Majid Al Futtaim Holding, the Dubai-based diversified business house, Oasis Capital Egypt and Orascom Telecom. MAF and Olayan each have a 30 percent stake in the company, with the rest held by Orascom Telecom. This is the first time that an alliance between three such dominant corporations has been formed in Egypt.
With the state-run Abu Dhabi investment vehicle and Germany’s VW group, Olayan owns LeasePlan, the world’s biggest vehicle management and leasing firm. In November Volkswagen car leasing affiliate LeasePlan announced it would be accepting a Dutch guarantee on $1.9bn of loans, the first company to use part of the government’s bank rescue package. LeasePlan has a fleet of 1.3 million vehicles and competes with ING Car Lease, General Motors and Ford. The family also owns 70 percent of Peel Holdings, one of the UK’s most powerful property developers, which owns Liverpool’s John Lennon Airport, the Trafford Centre shopping complex, the Manchester Ship Canal, Glasgow Harbour and the Mersey Docks.
In November the Marfin Investment Group (MIG) said it was in advanced talks to sell up to 40 percent stake in food group Vivartia with Saudi Olayan Group and the company’s CEO Spyros Theodoropoulos.
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