The big news for Abdulatif Al Fozan last year was the listing of one of his holding company’s firms, Saudi Bawan Holding. The company, which specialises in building materials, raised $144m by listing 30 percent of its shares on the Tadawul and was heavily over-subscribed.
Al Fozan is the chairman of Al Fozan Group, a 41-year-old company with interests in 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 businessmen, Abdulatif Al Fozan took over the firm from his father.
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