In the Middle East, economic strength is built on more than corporations – it’s the families behind them. These dynasties have nurtured industries, turned bold visions into enduring legacies, and crafted the very foundation of the region’s economy.
Take MAG Group Holding, where innovative real estate projects redefine urban living. Or Petrochem Middle East, a chemical empire that began in a spare room and now dominates globally. Then there’s Alabbar Enterprises, seamlessly blending international luxury with homegrown excellence in retail and hospitality.
These families don’t just succeed in business – they shape communities, uphold family values, and set new standards. From redefining real estate to revolutionising distribution and pioneering lifestyle brands, they embody the entrepreneurial spirit driving the region forward.
Here, we explore the origins, milestones, and future of the Middle East’s most influential family dynasties – names that don’t just grace boardrooms, but define legacies.
Company Name: Al Khayyat Investments (AKI)
Industry: Diversified
Country: UAE
Working across a diverse portfolio of businesses and partnerships, today, Al Khayyat Investments (AKI) touches every part of people’s lives to bring them the things that matter. The privately held Emirati holding company was originally founded in 1982 by Dr. Saad F. Al Khayyat, who remains the company’s Chairman. Dr. Saad’s founding entrepreneurial vision, people-first approach, and passionate belief in family values continue to be at the core of AKI today, driving the business forward.
Zaid S. Al Khayyat, Managing Director of AKI, has spearheaded AKI’s transformation in recent years. He now oversees the company’s strategic direction while building on the legacy and founding principles established by Dr. Saad. Zaid delivers on the company’s growth ambition and drives continuous evolution within the organisation, nurturing a culture of excellence that has allowed the company to reach new heights.
Diversified operations
Based in Dubai, AKI has grown from a single pharmaceutical company into a truly diversified organisation with operations in the GCC, Iraq, Jordan, and Egypt, employing over 7,000 people. The company now operates across multiple sectors spanning pharmaceuticals, medical devices and laboratory equipment, retail, food and non-food consumer goods, fitness, automotive, environmental services, and contracting.
“Our DNA is proudly rooted in the core building blocks of family, guiding how we think, operate, and deliver,” notes Zaid S. Al Khayyat. “This foundation encourages us to support and inspire each other, taking a long-term view and being truly invested in the relationships that we have.”
This people-centric approach not only fuels AKI’s growth but creates a work environment where everyone is supported, appreciated, and respected. As a result, AKI was named one of the top 30 Best Workplaces in UAE™ in both 2023 and 2024 by Great Place to Work® Middle East.
Meanwhile, AKI has continued to expand its businesses across the region. This has involved the successful introduction of BinSina Pharmacy to new markets, the expansion of AKI Medlab and AKI Pharma to Oman, the launch of its fashion brands in KSA, the expansion of its Befit fitness brand within the GCC, an exclusive distribution partnership with SharkNinja in the UAE and KSA, and the launch of one of the UAE’s largest horticulture nurseries through its Gulf Contracting & Landscaping (GCL) business, to name a few.
Regardless of the industry, the integration of new technologies and automation empowers AKI to optimise inventory tracking and distribution. Final touches are currently being made on its state-of-the-art fulfilment centre in the UAE which will triple AKI’s fulfilment capacity and support the company’s next phase of expansion.
Reaffirming the company’s commitment to responsibly expanding its business ecosystem while advancing sustainable development agendas across the region, AKI introduced a new ESG strategy this year.
Speaking about the company’s entrepreneurial spirit, Zaid S. Al Khayyat adds: “Even after more than four decades, our values remain the soul of our business. We seek out change and are driven by an entrepreneurial spirit. By doing so, we aim high, do more, and deliver beyond the expected.”
Company Name: Al Masaood Group
Industry: Diversified
Country: UAE
For over five decades, Al Masaood Group has exemplified the power and potential of a family-owned business. Based in Abu Dhabi, the group has grown from a modest trading house into one of the Middle East’s most diverse and respected conglomerates, spanning 18 market segments. From automotive and industrial solutions to marine and property, Al Masaood embodies a seamless blend of innovation, heritage, and resilience.
Proudly holding registration number one with the Abu Dhabi Chamber of Commerce, Al Masaood Group’s history is deeply intertwined with the UAE’s development. The late Ahmed Al Masaood, its visionary founder, not only became the Chamber’s first president but also spearheaded transformative projects that shaped the nation’s infrastructure. These milestones included introducing the UAE’s first gas turbine and desalination plant in partnership with global engineering giants – a pioneering spirit that continues to define the group’s journey. Today, Al Masaood Group continues to exceed expectations, drive expansion, and uphold its commitment to delivering unparalleled quality and service under the leadership of its Chairman, H.E. Masaood Ahmed Al Masaood.
As the authorised distributor for Nissan, INFINITI, Renault, and Bridgestone across Abu Dhabi, Al Ain, and the Western Region, Al Masaood serves both individual customers and fleets with unmatched aftersales care. Signature models such as the Nissan Patrol – the UAE’s number 1 SUV – have solidified its market leadership. Complementing this is the group’s AutoCentral network, which offers top-tier multi-brand servicing, while bespoke leasing solutions from Al Masaood Auto Leasing cater to corporate and retail clients alike.
Powering the industry
Beyond automotive, Al Masaood is a powerhouse in industrial applications and solutions, delivering cutting-edge services across energy, logistics, and modular construction. Al Masaood Group Industrial represents global leaders such as UD Trucks, Renault Trucks, MTU, and Volvo Penta, providing tailored solutions for marine propulsion, utilities, logistics and heavy machinery. The group’s industrial divisions have played a vital role in iconic developments, from LNG plants on Das Island to electrical grid connections for Saadiyat Island, cementing its reputation as a trusted partner in the UAE’s industrial growth.
The group manages a portfolio of property and assets, including the iconic Al Masaood Tower in Abu Dhabi’s business district. Collaborating with government initiatives, the group aligns its ventures with the UAE’s Vision 2030, fostering sustainable growth and economic diversification.
Emiratisation drive
At the heart of Al Masaood’s ethos lies a commitment to community and innovation. Emiratisation is a priority, with initiatives including the Emirati Functional Trainee Programme, cultivating the next generation of leaders. Campaigns such as the Tyre Safety Awareness initiative, developed in collaboration with Abu Dhabi Police, underscore the group’s dedication to enhancing public safety. Al Masaood’s influence extends to sports and youth development, including its role as a Gold Sponsor of the 2019 Special Olympics World Games in Abu Dhabi.
Sustainability is another cornerstone of its mission, with eco-friendly modular construction projects and partnerships driving innovation across industries. With a diverse workforce of over 2,000 professionals representing over 50 nationalities, Al Masaood Group stands as a beacon of inclusivity and excellence. From its pioneering roots to its forward-thinking present, Al Masaood Group remains a cornerstone of economic and social progress in the Middle East.
Company Name: Alabbar Enterprises
Industry: Retail
Country: UAE
Founded in 2008, Alabbar Enterprises is a UAE-based powerhouse that has redefined the region’s lifestyle and retail sectors. Guided by a commitment to excellence, innovation, and creating memorable moments, the company has evolved into a dynamic entity bridging international luxury with local sensibilities. With a diverse portfolio of globally recognised brands and bespoke home-grown concepts, Alabbar Enterprises continues to shape the future of retail and hospitality in the UAE and beyond.
A vision rooted in distinction
At the heart of Alabbar Enterprises lies a passion for delivering world-class experiences. Its diverse portfolio includes internationally acclaimed brands such as Ethan Allen, Candylicious, Yogurtland, Garrett Popcorn Shops, and Garrett Gold, alongside home-grown concepts that showcase the company’s commitment to quality, creativity, and innovation. These ventures, spanning furniture, confectionery, and lifestyle experiences, reflect the group’s unwavering dedication to crafting moments that resonate deeply with customers.
Revolutionising the F&B landscape
Expanding its influence into the culinary world, Alabbar Enterprises launched ANOTHER, a hospitality division dedicated to redefining dining experiences. ANOTHER curates unique concepts, including Angelina, Ganache Chocolatier, Caya, Karak House, GIA, The Good Hood Kitchen, Parka, Krema, and Two at Symphony, offering an array of experiences that cater to diverse tastes and occasions. From artisanal desserts to gourmet dining, ANOTHER’s brands are designed to foster community and connection, blending curated food with immersive ambiances. Every detail, from menu innovation to interior design, reflects the company’s mission to create unforgettable culinary moments.
Innovation at the core
As co-founder and CEO of Alabbar Enterprises, Mouza Alabbar plays a key role in shaping the company’s strategic vision and creative direction. Her leadership is defined by a deep commitment to authenticity, innovation, and empowering women in the region. Under her guidance, Alabbar Enterprises has developed home-grown brands that capture the essence of the UAE while catering to global standards.
Mouza’s dedication to detail and her ability to balance creativity with commercial success have been instrumental in the company’s growth. She leads a team committed to innovation, ensuring every product and experience aligns with the highest standards. Her vision extends to every aspect of the business, from product development and customer experience to interior design and market expansion.
The success of Alabbar Enterprises is further bolstered by the contributions of the Alabbar family. Mohamed Alabbar, a visionary entrepreneur and founder of Emaar Properties, has instilled a culture of excellence and innovation across all ventures. His influence extends beyond real estate, driving the family’s ventures into retail, hospitality, and e-commerce.
Rashid Alabbar, with expertise in technology and retail, co-founded the company and has played a significant role in steering its operations. His ventures, including Symphony Technology and Sivvi.com, demonstrate his commitment to innovation and digital transformation, positioning the group as a leader in the e-commerce space.
Salama Alabbar has made a mark on the region’s fashion and e-commerce sectors. Her ventures, including Symphony and BySymphony.com, highlight her passion for curating exceptional experiences and fostering creativity in the UAE’s luxury market.
Company Name: Al-Futtaim Group
Industry: Diversified
Country: UAE
Founded in the 1930s as a modest trading enterprise, the Al-Futtaim Group has blossomed into one of the UAE’s most renowned and dynamic family businesses. Under the leadership of Chairman Abdulla Al Futtaim and his son, Vice Chairman Omar A. Al Futtaim, the group has expanded its influence across five key sectors: automotive, retail, real estate, financial services, and health. This legacy is a blend of heritage, innovation, and global reach – a conglomerate that today operates in over 20 countries with a workforce of more than 33,000 people from 100 nationalities.
Driving excellence since 1955
An important chapter in Al-Futtaim’s story began in 1955 when it became the exclusive distributor for Toyota in the UAE. Today, Al-Futtaim Motors remains the country’s go-to destination for Toyota, Lexus, Hino trucks, and Toyota Material Handling equipment, standing as a testament to the group’s long-term vision in automotive excellence. This division is a cornerstone of the Al-Futtaim legacy, setting industry standards and continuously driving innovation across the Emirates.
From IKEA to Toys “R” Us
In the retail world, Al-Futtaim Group is an undisputed heavyweight, operating with a portfolio of globally recognised brands that include IKEA, Ace Hardware, and Marks & Spencer. The group holds the franchise rights for IKEA in the UAE, Qatar, Egypt, and Oman, with stores that offer a unique blend of Swedish practicality and Middle Eastern accessibility. Ace Hardware, first opened in Dubai in 1991, now operates six locations across the UAE, catering to DIY enthusiasts and professional trades alike. Al-Futtaim also brought Toys “R” Us to the UAE in 1995 and has since expanded the brand across Bahrain, Kuwait, Oman, Qatar, and Egypt, ensuring that the region’s young minds are nurtured with quality and joy, unaffected by the brand’s US setbacks.
Building trust and security
In real estate, the Al-Futtaim Group has developed a strong portfolio that combines residential, commercial, and community spaces, underscoring its commitment to the UAE’s urban landscape. Financial services are equally integral to the group’s operations, with Orient Insurance standing as the largest insurance company in the UAE by capital, providing comprehensive insurance solutions across the Gulf region. Established in 1982, Orient has become a trusted partner for clients from Dubai to Bahrain, proving that the Al-Futtaim name carries both integrity and security.
The group’s diversified portfolio doesn’t stop there. With brands like Robinsons & Co., Plug Ins, Kolber Geneve, and Westar, Al-Futtaim continues to evolve its offering, blending home-grown initiatives with international partnerships. In 2018, the group expanded into new territories by acquiring the franchise rights to Marks & Spencer stores in Hong Kong and Macau, extending its influence in the Asian market. Through each acquisition, Al-Futtaim has strengthened its role as a global player, seamlessly integrating international brands into the lives of Middle Eastern consumers.
A lasting legacy of quality and innovation
The group is more than just a family business; it’s a legacy of innovation, resilience, and an unshakeable commitment to quality. Under the stewardship of the Al-Futtaim family, the group has cultivated a unique position within the UAE and beyond, balancing tradition with an unrelenting focus on growth. Abdulla and Omar Al Futtaim’s leadership has cemented a legacy that will continue to shape the UAE’s economy and inspire future generations. Today, the Al-Futtaim Group stands not only as a symbol of corporate success but as a testament to the enduring power of family, vision, and values.
Company Name: Aster DM Healthcare
Industry: Healthcare
Country: UAE
From a single clinic in Dubai to a global healthcare conglomerate, Dr. Azad Moopen’s journey is one of vision, resilience, and an unrelenting commitment to healing. As the founder and chairman of Aster DM Healthcare, Dr. Moopen has built a legacy that extends across the Middle East and India, encompassing over 377 facilities and providing care to millions. His story is one deeply rooted in the values of his father, Ahmed Unni Moopen – a freedom fighter and philanthropist who laid the groundwork for community welfare in his hometown of Kalpakancheri, Kerala. Inspired by this legacy, Dr. Moopen has made it his life’s work to expand access to quality healthcare on a global scale.
From humble beginnings to global leader
Dr. Moopen’s medical career began at Calicut Medical College, where he served as a medical lecturer. In 1987, he ventured to Dubai, starting his first clinic – a modest beginning that would grow into Aster DM Healthcare. Today, the conglomerate employs over 20,500 people, including nearly 3,000 doctors, with facilities spanning eight countries. Aster DM Healthcare’s rapid growth is testament to Dr. Moopen’s vision and commitment to patient-centred care. In 2018, the company’s success culminated in an IPO, marking a significant milestone for the healthcare industry in the region.
A focus on community health
Dr. Moopen has also been instrumental in transforming healthcare in India. In 2001, he founded the Malabar Institute of Medical Sciences (MIMS) in Kozhikode, Kerala, a 600-bed tertiary care hospital that was the first in India to earn National Accreditation Board certification. Through the MIMS Charitable Trust, Dr. Moopen has extended healthcare access to thousands of low-income families, adopting over 7,000 underprivileged members and ensuring free outpatient and inpatient care. His philanthropy and focus on social impact are further exemplified by the Aster DM Foundation and the Dr. Moopen Family Foundation, through which he has earmarked 20 per cent of his personal wealth for philanthropic activities.
As Deputy Managing Director of Aster DM Healthcare, Alisha Moopen plays a key role in steering the company towards new horizons. A Chartered Accountant and former Ernst & Young professional, Alisha joined Aster in 2013 and has since championed the group’s expansion into new markets. Her commitment to healthcare excellence and equity was recognised by the World Economic Forum, which named her a Young Global Leader in 2018. This accolade places her in a global network of individuals dedicated to tackling the world’s biggest challenges, with healthcare as a primary focus.
Alisha’s passion for healthcare extends beyond business, as she actively works to promote women’s empowerment and mental health. She launched the Women in Leadership programme at Aster DM Healthcare, creating growth opportunities for female talent and fostering diversity within the organisation. Alisha advocates for healthcare that embraces compassion, precision, and innovation, with an eye towards future technologies like precision medicine and AI-powered health solutions.
A legacy of compassionate healthcare and philanthropy
The Moopen family’s impact goes far beyond clinical walls. Alisha and Dr. Moopen have both contributed significantly to the Aster Volunteers programme, which connects those in need with individuals and resources willing to help. Their philanthropic initiatives, managed by the Aster DM Foundation, provide aid and healthcare access to underserved communities, embodying the family’s core philosophy of giving back.
Company Name: AW Rostamani Group
Industry: Diversified
Country: UAE
In 1954, Abdul Wahid Al Rostamani laid the foundation for what would grow into one of the UAE’s most diversified and respected business empires, starting humbly with a single bookstore in Dubai. This bookstore would become AW Rostamani Group (AWR), a powerhouse woven into the very fabric of the UAE’s economy, spanning everything from automotive to real estate and advanced mobility solutions. Abdul Wahid’s vision, coupled with a keen business instinct and unmatched people skills, set the tone for an empire that today, under the stewardship of Khalid Al Rostamani, holds sway over multiple industries, employs over 4,000 people from 61 nations, and champions both innovation and national development.
Khalid Al Rostamani, now Chairman and Group CEO, has guided the group’s expansion with a steady hand and a modern approach to the family legacy. A graduate of George Washington University with a degree in finance, Khalid has been integral to AWR’s progress since joining in 1993, honing a business model that thrives on both diversification and a commitment to community. The real estate division, AWR Properties, established in 1982, exemplifies this ethos, offering a 360-degree approach that spans the full life cycle of a property. From sourcing and development to tenant management and 24/7 facility support, the division’s portfolio includes residential, commercial, and retail assets across Dubai, showing just how deep AWR’s influence runs in the city’s infrastructure.
The automotive sector, led by Arabian Automobiles Company (AAC), represents a crown jewel within AWR. With a legacy spanning over 50 years, AAC is one of the leading automotive dealerships in the GCC and the exclusive distributor of Nissan, INFINITI, and Renault vehicles across Dubai and the Northern Emirates. Under the AWR Mobility umbrella, services like Shift Car Rental have become synonymous with reliable, customer-first rental solutions since 2008, while AUTOTRUST provides comprehensive repair, service, and sales for multi-brand used vehicles.
A new generation of leaders
Khalid’s leadership is part of a larger family legacy that includes the contributions of Dr. Amina Al Rostamani, Huda Al Rostamani, and Hana Al Rostamani, each of whom has played a role in steering AWR to its current heights and beyond. Dr. Amina, a distinguished executive and trailblazer in her own right, oversees the corporate services of the group as COO and CEO of AWR Properties. She brings a pedigree in engineering, a Doctorate from George Washington University, and deep expertise in wireless technologies, which has earned her recognition on the boards of key organisations like HSBC Bank Middle East and the Al Jalila Foundation.
Huda Al Rostamani has been a driving force since 2007, responsible for overseeing the group’s performance and growth while ensuring alignment with AWR’s strategic vision. With a master’s in medical engineering and a background in data processing, Huda lends a unique perspective to the board, focusing on development and turnaround strategies for the group’s expanding business landscape.
Then there’s Hana Al Rostamani, a powerhouse in the UAE’s banking sector and Group Chief Executive Officer of First Abu Dhabi Bank (FAB). Hana has been recognised as the first female CEO in FAB’s history and has spent more than 25 years pushing boundaries in financial services, both regionally and globally. A graduate of George Washington University with dual degrees in Business Administration and Information Management, she is not only a UAE trailblazer but also a respected voice on sustainable development and cross-border financial collaboration.
Company Name: Ajlan & Bros Group
Industry: Diversified
Country: Saudi Arabia
The story of Ajlan & Bros Group dates to 1979 when founders Ajlan, Saad, Mohammed, and Fahad opened a small store in Riyadh, specialising in fabrics and garments. With their dedication and entrepreneurial spirit, the business flourished, leading to the inauguration of the group’s first factory in China. This strategic move allowed Ajlan & Bros to establish a comprehensive supply chain, encompassing production and packaging.
Ajlan & Bros has established itself as a prominent player in the textile industry not only in Riyadh but the entire MENA region. The group offers a wide range of textile products and services, catering to diverse customer needs. Its subsidiary, Abdulaziz Al Ajlan Sons Real Estate Co, is one of the largest real estate companies in Saudi Arabia, with a significant land portfolio worth over $15 billion.
The group has also made substantial international investments in real estate and financial markets. In line with Saudi Vision 2030, Ajlan & Bros diversified its business interests, leading to the formation of Ajlan & Bros Holding, which acts as a strategic partner for global growth and a gateway to the MENA region.
The Holding has accelerated the diversification of the group and is now one of the largest private sector conglomerates in the MENA region, employing over 15,000 people in more than 25 countries and across 75 companies.
The Holding is building businesses in partnership with international firms in sectors including aerospace, blockchain, cybersecurity, environment, energy, events, facility management, financial services, FMCG, gaming, healthcare, industrial, infrastructure, logistics, manufacturing, mining, technology, tourism, and water.
Ajlan & Bros Holding are committed to the Kingdom’s Vision 2030 and have aligned their investments and strategies to enable the Holding to take a leading role in achieving the vision of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, and Prince Mohammad bin Salman bin Abdulaziz Al Saud.
Saudi Arabia is well-positioned to turn into a knowledge-based economy.
Company Name: Chalhoub Group
Industry: Fashion and retail
Country: UAE
The Chalhoub story began in 1955 when Michel and Widad Chalhoub opened the first Christofle boutique in Damascus, Syria. This wasn’t merely the start of a business; it was the launch of a legacy that would redefine luxury retail across the Middle East. With a foundation of robust partnerships, including licensing rights to French luxury brands Baccarat and Jean Patou, they set a new standard for Middle Eastern luxury retail.
Building the foundation and expansion across the region
By 1965, the Chalhoub family had relocated to Lebanon, and within a decade, all operations moved to Kuwait as the business took root. In 1980, they launched Tanagra, a brand that embodied the Chalhoubs’ vision for regional luxury. Just three years later, they brought the renowned Louis Vuitton brand to the Middle East, opening the region’s first LV store – a significant milestone for both the group and the region.
The rise of a luxury powerhouse
In the 1990s, the Chalhoub Group made another pivotal move, shifting its headquarters to Dubai. By 2001, Michel and Widad’s sons, Anthony and Patrick, were appointed co-CEOs, with Patrick based in Dubai to drive the group’s strategic growth.
From 2001 to 2006, the Chalhoub Group became the primary franchiser for luxury giants such as Puig, Sephora, Celine, Havas, Louboutin, Fendi, and Dior Couture, while continuing to add icons like Lacoste, Tory Burch, Michael Kors, and Carolina Herrera.
Building in-house brands and concept stores
In 2012, the Chalhoub Group redefined footwear retail with the launch of Level Shoes, a luxury footwear concept in Dubai Mall that set new standards for the region. Their commitment to heritage led to the 2017 acquisition of Christofle, the French luxury brand that had helped launch the Chalhoub legacy.
Today, Chalhoub Group manages a portfolio of seven in-house brands and provides distribution for over 300 luxury, beauty, and fashion brands across the Middle East.
Investing in people
Beyond business, the Chalhoub Group is dedicated to nurturing talent and empowering women. In 2007, they established Chalhoub University to offer specialised training in sales and marketing. Their commitment to education extends to a partnership with the American University of Sharjah, where they’ve created a professorship in luxury brand management to encourage academic growth and industry expertise. The group is also a signatory of the Women’s Empowerment Principles, underscoring its pledge to gender equality.
A legacy of quality and commitment
The Chalhoub Group is more than a business; it’s a family legacy rooted in excellence, resilience, and a passion for luxury. Michel and Widad Chalhoub’s vision has shaped luxury retail in the Middle East, creating a legacy that will continue to influence the industry for generations to come.
Company Name: DAMAC Properties
Industry: Real estate
Country: UAE
Hussain Sajwani’s story is nothing short of inspiring. From humble beginnings, he has built DAMAC Properties into one of the Middle East’s most influential property development companies. Starting with hotels in Dubai in the mid-90s to accommodate the booming influx of business travellers, Sajwani quickly saw the vast potential of Dubai’s real estate market. In 2002, he seized the opportunity, establishing DAMAC Properties, a bold move that would mark the beginning of a global legacy.
Today, DAMAC is recognised for delivering over 43,700 homes, with more than 30,000 under development across the UAE and beyond, from Jeddah and Beirut to London and Miami.
A global footprint in luxury living
DAMAC Properties isn’t just about buildings; it’s about creating spaces that define luxury living. Internationally, DAMAC has developed iconic properties like the 50-storey DAMAC Towers Nine Elms in London, in partnership with the Italian fashion house Versace, as well as prestigious developments in Miami’s Surfside neighbourhood and Toronto in collaboration with Marlin Spring.
DAMAC’s projects are distinguished by their collaborations with globally renowned brands, including Versace Home, Fendi Casa, de GRISOGONO, and Cavalli, making each residence a statement in elegance and sophistication.
From real estate to data centres and luxury fashion
Sajwani has led DAMAC into ventures that extend far beyond traditional property development. Recognising the critical demand for digital infrastructure, DAMAC Group recently established DAMAC Data Centres, with projects underway in Riyadh, Dammam, Turkey, and Ireland to meet the surging need for digital storage solutions. In 2019, the group ventured into luxury fashion by acquiring Roberto Cavalli SPA, followed by the acquisition of the Swiss jewellery brand de GRISIGONO, positioning these iconic brands for a new generation while preserving their heritage. Not one to rest on past successes, DAMAC has also ventured into the hospitality industry with its own hotel management division, overseeing luxury properties across Dubai under brands like Radisson, Paramount, Rotana, and DAMAC Maison.
The next generation
Hussain’s legacy is in capable hands with his children, Ali and Amira, who have become pivotal figures in DAMAC’s continued expansion. Ali Sajwani, as Managing Director of Operations and Technology, has introduced efficiency-driven initiatives that have transformed DAMAC into a streamlined global entity. With a focus on digital transformation, Ali has eliminated unnecessary bureaucracy, moved the company to a paperless process, and led efforts to streamline collections – ensuring DAMAC remains resilient, even through the COVID-19 pandemic.
Amira Sajwani, Managing Director of Sales and Development, has a deep commitment to DAMAC’s vision of luxury living. Overseeing all aspects of property development, Amira ensures that every project maximises its value, from design and construction to sales and marketing. She has successfully strengthened DAMAC’s network of sales agents, both locally and internationally, empowering them to achieve consistent results.
Company Name: Easa Saleh Al Gurg Group
Industry: Diversified
Country: UAE
Easa Saleh Al Gurg Group (ESAG) stands as one of the UAE’s most storied family business empires, tracing its origins back to a time when the Emirates was on the cusp of becoming a global hub. What began as a trading partnership with consumer giants like Grundig and Siemens has grown into a powerhouse with over 30 companies spanning sectors from retail and industrial to real estate and building materials. Today, the ESAG name is synonymous with quality, innovation, and an unwavering commitment to the UAE’s development.
From trading partner to diversified conglomerate
The Al Gurg family’s journey began with a clear-eyed vision and a strong grasp of global partnerships. ESAG quickly made its mark, distributing leading consumer brands and providing high-quality products. Over time, through strategic acquisitions and organic growth, the group expanded its reach and built joint ventures with industry titans like Unilever, Siemens, and AkzoNobel. ESAG’s expertise has broadened to cover not just retail but also technical consultancy and project management in sectors as diverse as engineering and manufacturing, making it a cornerstone of the UAE’s modernisation.
Iconic projects and unmatched expertise
ESAG’s contributions go far beyond commercial success – they’ve been fundamental to the development of some of the UAE’s most iconic landmarks. The group’s involvement in projects like the Burj Khalifa, Dubai Opera, and Sheikh Zayed Mosque underscores its role as a driving force in shaping the country’s infrastructure. In fact, ESAG’s building materials sector has been pivotal in supplying high-quality solutions that have powered numerous successful projects across the UAE, solidifying its reputation as a key player in the construction and development landscape.
A powerhouse in retail and lifestyle
The group’s ventures in the retail and lifestyle sector are equally impressive. Al Gurg Living (AGL), OFIS, and Interiors are well-known brands that offer everything from furniture to home decor, catering to the tastes of discerning UAE residents. Meanwhile, AGS Office Supplies & Trading has established itself as the leading supplier of stationery, with an expansive portfolio that includes major international brands. Whether in lifestyle or office essentials, ESAG’s retail wing has become a trusted name for quality and variety.
Leading the way in tyres and distribution
ESAG TBA, established in 1978, has firmly positioned itself as a leading distributor of tyres, batteries, and automotive accessories in the UAE. Starting with Dunlop Tyres, ESAG TBA has since expanded its portfolio to include Falken, Blackhawk, and Petronas Lubricants, cementing its status as a major player in the UAE tyre industry. Additionally, Al Gurg Distribution (AGD) serves as the exclusive agent for British American Tobacco and its subsidiaries, underscoring ESAG’s strength in the fast-moving consumer goods (FMCG) sector.
Real estate holdings and residential pioneering
Beyond retail and industry, ESAG is a significant real estate owner, with a portfolio that spans office, retail, industrial, and residential properties. The group’s holdings include prime villas in Jumeirah, Umm Suqeim, Mirdif, and Sharjah, alongside numerous apartment buildings across the UAE. This diverse property portfolio reflects the group’s commitment to enhancing the UAE’s living standards, offering residents and businesses premium spaces designed with quality in mind.
Company Name: Gargash Group
Industry: Diversified
Country: UAE
Founded in 1918 by Ali Haji Abdulla Awazi Gargash, the Gargash Group stands as one of the UAE’s most enduring and respected family enterprises. Over the last century, the family business has expanded into four major sectors: automotive, real estate, financial services, and F&B, each driven by a customer-centric approach and an unwavering commitment to quality. Today, the Gargash Group is renowned for blending global expertise with a profound understanding of local markets, offering integrated, innovative solutions that reflect the dynamic landscape of the Emirates.
Transforming the UAE’s automotive landscape
The Gargash Group has long been a trailblazer in the UAE’s automotive sector, introducing some of the world’s most prestigious brands to the region, including Mercedes-Benz, Alfa Romeo, and GAC MOTOR. Through partnerships with top automotive giants and premium services like SIXT Rent Car, SIXT Leasing, and SIXT Limousine, Gargash Motors has become a trusted name synonymous with luxury, quality, and innovation. This legacy of excellence and customer care is rooted in the family’s commitment to bringing the best of the automotive world to the UAE.
A trusted name in real estate
Gargash Real Estate has also played a pivotal role in shaping the UAE’s property landscape, developing and managing residential, commercial, and industrial properties known for their quality and craftsmanship. From concept to construction, the real estate division reflects the Gargash Group’s dedication to building environments that are as sustainable as they are elegant, offering high standards of living and business spaces that embody the family’s commitment to detail and excellence.
Pioneers in financial services
Since 1998, the financial services arm of the Gargash Group, Daman Investments, has been a cornerstone of the UAE’s non-banking financial sector. Founded by Shehab Gargash, Daman Investments provides asset management, brokerage, and wealth management services to clients across the Emirates. Known for its innovative approach and focus on integrity, Daman Investments has earned a strong reputation for providing trusted financial expertise, securing the Gargash Group’s place as a leader in the UAE’s financial sector.
Leadership in a modern age
Now led by Samir and Shehab Gargash, the Gargash Group has successfully merged tradition with modernity. Group Chairman Samir Gargash, an alumnus of the Royal Military Academy Sandhurst, has brought disciplined leadership and strategic acumen to the business, overseeing Gargash Motors and expanding its portfolio with new distributorships. His brother, Shehab Gargash, serves as Group CEO and Managing Director, guiding the group’s expansion with expertise gained from an illustrious banking career with Citibank and Emirates Bank International. With both an MBA and BBA from George Washington University, Shehab’s financial acumen has been crucial to the group’s success, driving growth across multiple sectors.
A legacy of trust, quality, and adaptability
With over 100 years of history, a workforce of 2,500 employees, and investments spanning over 33 sectors, the Gargash Group embodies resilience, innovation, and integrity. From hospitality to real estate, the group’s ventures reflect a careful balance between staying true to its traditional roots and embracing the demands of modern customers.
Company Name: Ghassan Aboud Group
Industry: Diversified
Country: UAE
What began as a modest automotive trade venture by Ghassan Aboud has since transformed into one of the UAE’s most dynamic business empires. Headquartered in Dubai, the Ghassan Aboud Group (GAG) now spans over 10 countries, with additional offices in Egypt, Jordan, Turkey, Belgium, and Australia. Employing over 2,500 people, GAG has expanded well beyond automotive into sectors as varied as hospitality, logistics, healthcare, media, and digital e-commerce, carving a name for itself as an agile conglomerate with global ambitions.
Diversification at the core
The group’s rapid expansion began in 2008 with the launch of Live Point Art Production, a venture into media and production. This was followed by Crystalbrook Collection, a luxury hotel development and management company based in Australia, marking the group’s entry into the high-end hospitality market. In 2016, GAG took its first steps into retail with the launch of Grandiose Supermarket, a chain of hypermarkets, supermarkets, and convenience stores that now dots the UAE, proudly operating as a sustainable and responsible retailer. The group continued its diversification with BuyGro, a B2B digital marketplace launched in 2020 to streamline e-commerce across the UAE’s food and FMCG sectors.
Leading the way in automotive exports and logistics
At its core, GAG remains a leader in automotive trade and export, supplying auto parts, vehicles, and lubricants to over 100 countries with an impressive 27-year track record. The group is well known for its innovative approach, leveraging cutting-edge digital solutions to disrupt the industry and streamline the supply chain. In addition to automotive, GAG has expanded its logistics capabilities, providing 3PL solutions with seamless supply chain management, storage, and transportation services, making it the preferred logistics partner for many.
Commitment to health, food, and FMCG
GAG’s healthcare division adheres to international standards and offers a comprehensive range of specialities with a strong emphasis on patient-centric care, integrating advanced technological solutions to elevate the healthcare experience. In the FMCG and food sector, GAG’s subsidiaries provide award-winning catering services and food distribution, earning the group a reputation for excellence and convenience. Grandiose Supermarket, GAG’s retail arm, is particularly known for its commitment to sustainable practices, aiming to reduce its environmental footprint while delivering quality products to UAE consumers.
Empowering media and digital innovation
The group’s ventures in media and digital platforms have been key in helping businesses and artists reach their full potential. From arts and journalism to advanced digital marketplaces, GAG has proven its ability to adapt to the demands of the modern world, with initiatives like Live Point Art Production supporting creative industries across the region.
Philanthropy at heart
Driven by a commitment to give back, Ghassan Aboud founded Orient for Human Relief, an international NGO licensed in Europe, the USA, and Turkey. This foundation is one of the most active in the humanitarian space, providing essential services like education, medical assistance, and relief activities to communities in need. It also offers vocational training, empowering individuals with skills for a brighter future.
Company Name: GMG
Industry: Diversified
Country: UAE
Founded by Abdul Aziz Baker in 1977, GMG started as a modest butchery specialising in fresh Western meat, fish, and cold cuts. But Abdul Aziz’s vision for the business went far beyond cuts of meat. Over the past four decades, GMG has evolved into a global well-being powerhouse, with a portfolio spanning food, health, and sports, all driven by the family’s commitment to promoting healthier, more active lifestyles.
GMG Sports, the giant in global sporting retail
GMG Sports is a force to be reckoned with, boasting an impressive portfolio of over 90 sports brands and operating more than 500 stores worldwide. With brands like Vans, Jordan, Nike, and Timberland under its umbrella, GMG Sports is at the forefront of retail, offering products that cater to both elite athletes and everyday fitness enthusiasts. Employing over 4,500 people, the sports division is a tribute to the Baker family’s ambition to champion an active lifestyle on a global scale.
GMG Everyday Goods, from farm to fork
GMG’s impact on the food industry is equally noteworthy. The GMG Everyday Goods division is a one-stop solution for everything food, covering the entire chain from ‘farm to fork.’ This segment includes a range of home-grown brands such as Farm Fresh and Noor Al Islami, as well as major international names like Geant, Monoprix, and Franprix. With products spanning every kitchen need, GMG Everyday Goods has solidified GMG’s role as a trusted provider in food manufacturing, distribution, and retail, with a promise to bring quality food to every table.
Expanding horizons
GMG Properties has further diversified the company’s portfolio with a range of commercial and residential real estate offerings. Notable properties include the iconic Jumeirah Centre, established in 1988, and Aswaaq Mall in Dubai, bringing community-focused shopping spaces to the UAE. GMG’s logistics division, Trilogi, offers top-tier freight solutions, supported by a network of 28 logistic centres and a workforce of over 1,200 employees across the GCC. From dry storage to frozen logistics, Trilogi ensures that GMG’s products are efficiently transported and delivered, making it a preferred partner in the region’s logistics landscape.
Ventures in education and outdoor living
GMG Ventures marks the Bakers’ latest commitment to well-being, with Emirates British Nursery providing high-quality early education services and Suncoast Stores offering affordable, durable outdoor furniture for regional customers. These ventures reflect GMG’s desire to enrich lives beyond just sports and food, expanding its influence into areas that support family life and community well-being.
A legacy of growth and well-being
The Baker family’s journey from a single butchery to a diversified well-being empire is a testament to their vision, resilience, and commitment to quality. Underpinned by a family ethos of trust and innovation, GMG continues to shape lives and promote healthier lifestyles, proving that what began as a small butchery can indeed grow into a global legacy. Today, GMG stands as a beacon of well-being, offering products, services, and solutions that touch nearly every aspect of life in the region and beyond.
Company Name: Huda Beauty
Industry: Retail
Country: UAE
From an unfulfilled finance job to the pinnacle of the beauty industry, Huda Kattan’s journey is a masterclass in passion, resilience, and innovation. In 2013, Huda, alongside her sisters Mona and Alya, launched Huda Beauty, a brand that has since become one of the most recognised names in global cosmetics. With annual sales exceeding $200mn and a valuation of $1.2bn in 2017, the Kattan family’s venture is more than a beauty brand – it’s a movement that empowers millions to embrace confidence and individuality.
From blog to a billion-dollar brand
Huda’s story began in 2010 when she left behind a corporate finance career to pursue her love for beauty. She enrolled in a prestigious makeup school in Los Angeles, where her talent quickly gained attention, leading to work with A-list celebrities and even members of royal families. Driven by her passion for sharing knowledge and making beauty accessible, she launched HUDABEAUTY.COM, a beauty blog that soon became a trusted source of advice and inspiration for beauty enthusiasts worldwide.
Three years later, Huda teamed up with her sisters to fill a gap in the market by creating their own line of false eyelashes. With an initial investment of $6,500 from Alya, the lashes launched at Sephora in Dubai Mall and were an instant success. What began as a single product has evolved into a full-scale cosmetics empire, offering lipsticks, eyeshadow palettes, complexion products, and more – all of which have become bestsellers globally.
An influencer-led revolution
Huda Kattan’s ability to connect with her audience has been vital to the brand’s meteoric rise. With nearly 53 million Instagram followers, she has built a loyal community, setting Huda Beauty apart in the crowded beauty market. The brand’s growth has been organic, with no money spent on advertising – a rarity in today’s competitive landscape. This direct connection with consumers has shaped the brand’s approach to product development. Every launch is a response to real feedback, ensuring that Huda Beauty products genuinely meet the needs of its audience. It’s this authenticity that has made Huda Beauty a household name across the globe.
Innovation with purpose
At the heart of Huda Beauty lies a commitment to innovation and inclusivity. The brand’s products are designed not only to fill gaps in the industry but to empower users to feel confident and express their individuality. Whether it’s through a versatile eyeshadow palette or a high-performance lipstick, each item reflects the Kattan family’s dedication to quality, creativity, and self-expression. Huda’s approach to beauty goes beyond products – it’s about creating a movement. For her, beauty is not about how much you spend but about how confident you feel. This ethos drives the brand to consistently innovate and elevate standards, ensuring every product delivers on its promise to inspire.
A family affair
The Kattan family’s shared vision has been instrumental in the success of Huda Beauty. While Huda remains the creative force and face of the brand, Mona has been integral in driving business strategy, and Alya’s initial support laid the foundation for their first product launch. Together, the sisters have built a brand that blends global recognition with deeply rooted family values.
As Huda Beauty continues to expand its product lines and global reach, its mission remains clear: To redefine beauty by creating products that inspire confidence and empower self-expression. With innovation at its core and an unwavering connection to its community, the brand is poised to remain a leader in the beauty industry for years to come.
Company Name: Landmark Group
Industry: Diversified
Country: UAE
The name Micky Jagtiani resonates across the Middle East’s retail landscape, a self-made legend who transformed a single store in Bahrain into the powerful conglomerate known as Landmark Group. Micky, who passed away in May 2023, left behind an empire of over 2,000 stores across 24 countries, employing more than 50,000 people. With an estimated fortune of over $5bn, he stands as one of the Middle East’s most successful and enduring business figures.
A modest start to a remarkable journey
Born in Kuwait in 1952, Micky Jagtiani’s early life was far removed from the corporate heights he would later reach. After attending schools in India and Beirut, he moved to London to study accounting, working as a hotel cleaner and an unlicensed taxi driver. Following a family tragedy, Micky returned to the Gulf to take over his brother’s baby items shop in Bahrain in 1973. That small store marked the beginning of Landmark Group and set the stage for one of the most powerful retail transformations in the Middle East.
From Babyshop to Centrepoint
In 1990, Landmark Group relocated its headquarters to Dubai, setting in motion a phase of rapid expansion. The group launched Shoemart, Babyshop in Oman, and Splash in Sharjah, each becoming a recognised brand. Micky’s keen eye for opportunity saw Landmark venture into Saudi Arabia in 1994, followed by Home Centre in 1995 and Lifestyle in 1998. With the UAE’s first Fun City in 1999, the family business expanded into hospitality and leisure, marking the group’s ever-broadening scope.
The force behind Landmark Group
Micky’s wife, Renuka Jagtiani, has been instrumental in shaping the Landmark Group’s identity for over 25 years. As chairwoman and CEO, she has driven the group’s strategic expansion, guiding its fashion and hospitality operations and building iconic brands like Splash. Known for her visionary leadership, Renuka spearheaded Landmark’s digital transformation nearly a decade ago, positioning it as the region’s largest omnichannel retailer and ensuring its continued growth in an evolving retail environment. Today, she oversees all retail and hospitality operations, ensuring that the group’s values of quality and accessibility are consistently upheld.
An enduring legacy of community impact
While Micky Jagtiani’s business achievements are impressive, his legacy is equally marked by a strong commitment to giving back. From the launch of popular brands like Babyshop, Splash, and Home Centre to landmark initiatives in corporate social responsibility, the Jagtiani family has prioritised community impact and customer-centric values. Landmark Group’s statement following Micky’s passing reflects this ethos, honouring him as a visionary who built “household names” and embodied a deep commitment to understanding his market.
A legacy cemented in vision and philanthropy
Micky Jagtiani’s life and career are a testament to resilience, vision, and ambition. From the unassuming beginnings of a baby store in Bahrain, he reshaped the region’s retail landscape, bringing trusted brands to communities across the Middle East, Africa, and the Indian subcontinent. With Renuka Jagtiani at the helm, Landmark Group is poised to continue its legacy, honouring Micky’s memory by furthering his commitment to innovation, expansion, and customer trust.
Company Name: MAG Group Holding
Industry: Diversified
Country: UAE
MAG Group Holding, established in 1978 by Moafaq Ahmad Al Gaddah, is a family-owned conglomerate headquartered in Dubai. Over the decades, the group has solidified its position as a leading force in the Middle East, boasting a diversified portfolio that spans real estate, contracting, engineering, logistics, industrial trading, and hospitality. With investments exceeding $10bn, MAG Group Holding continues to influence and shape the business landscape in the region.
Foundation of success
The real estate division is central to MAG Group’s success. MAG Property Development focuses on mid to high-range properties, managing projects valued at over $5bn. This subsidiary delivers iconic residential and commercial properties that epitomise urban luxury and cater to diverse market demands. Meanwhile, Keturah specialises in well-being and wellness real estate, overseeing a portfolio worth $3bn. Keturah integrates innovative design with sustainable living solutions, enhancing the quality of life for residents.
Other key subsidiaries include IGO Property Development, managing projects valued at $1.8bn, and Shomous Property Development, which oversees developments exceeding $1bn. Additionally, MBL Investments in JLT and the Art Centre contribute another $1.1bn to the real estate portfolio, underscoring MAG Group’s extensive expertise and commitment to excellence in property development.
Diversification and Strategic Growth
Beyond real estate, MAG Group has strategically diversified into several other industries:
- Shipping, Spare Parts, and Logistics: Enhancing its footprint in essential sectors.
- Contracting and Engineering: Renowned for executing complex infrastructure projects with precision.
- Industrial Trading: Catering to diverse market demands with a robust trading arm.
- Freight Services and Logistics: Providing comprehensive supply chain solutions that ensure efficiency and reliability for both regional and global businesses.
Workforce and innovation
Employing over 2,000 professionals across more than 50 companies, MAG Group Holding reinforces its position as a key player in the MENA region. The group’s dedication to innovation and excellence is exemplified by projects such as the Emirates Financial Towers, which earned a Guinness World Record, and its luxurious branded residences that set new standards in upscale living.
Leadership and Vision
Under the visionary leadership of Al Gaddah, MAG Group Holding has significantly contributed to the UAE’s economic growth and established benchmarks in sustainability, design, and operational excellence. The group’s commitment to expanding its portfolio and diversifying its ventures ensures its continued influence and leadership in the global market.
Future endeavours
Looking ahead, MAG Group Holding has an impressive pipeline of projects currently in the design and study phases, valued at $10bn, slated for release in 2025 and 2026. These upcoming developments underscore the group’s commitment to sustained growth and innovation, further solidifying its legacy as a trailblazer in the international arena.
Company Name: Nikai Group of Companies
Industry: Retail
Country: UAE
In the fiercely competitive world of global business, only a few family-owned enterprises have sustained the kind of enduring success seen with the Nikai Group of Companies. Central to this legacy is the Shahdadpuri family’s unwavering dedication to reliability, integrity, and excellence. Each member has brought their own strengths to the table, collectively shaping Nikai Group into a powerhouse spanning multiple industries.
The story began with the vision of former diplomat. Paras Shahdadpuri, whose transition from public service to entrepreneurship sparked an extraordinary journey. Starting with commodity trading, Paras deftly transformed Nikai Group into a diversified conglomerate with interests in electronics, logistics, outsourcing, and digital solutions. His knack for identifying untapped opportunities and forging strategic partnerships set the foundation for the company’s expansive growth.
Creating a global enterprise
Nikai’s origins trace back to a pivotal moment when Paras, stranded after a missed flight in Dubai, seized an opportunity that others might have overlooked. In 1987, he launched Crescent General Trading, planting the seed for what would become a global enterprise. Over 37 years, this vision has grown into a network spanning over 60 countries, with Nikai Electronics alone having served more than 60 million satisfied customers.
Visionary leadership
Under Paras’ visionary leadership, Nikai Group evolved into a symbol of excellence and trust, a legacy that his children continue to uphold and expand. Mahesh Shahdadpuri, inspired by his father’s entrepreneurial spirit, saw an opportunity to diversify and founded TASC Outsourcing and staffing firm that swiftly became an industry leader, providing specialized staffing solutions across all sectors of economy. Today, TASC is synonymous with reliability in the HR services sector.
Meanwhile, Dr. Jean Shahdadpuri, who transitioned from a distinguished career as a physician executive in the US, brings her visionary leadership to Nikai Group as Managing Director. She has driven digital transformation across the Group’s operations, integrating data-driven decision-making to foster innovation and enhance efficiency.
Simultaneously, Dr. Jean’s strategic foresight is guiding the Group’s expansion into cutting-edge sectors such as digital health and Artificial Intelligence in healthcare, positioning Nikai at the forefront of technological advancements in the industry. Her unique blend of professional expertise and strategic vision continues to shape a future-ready organisation that thrives on innovation and adaptability.
The Shahdadpuri family’s commitment to building Nikai on a foundation of trust, quality, and customer satisfaction has not gone unnoticed. The Group’s accolades include the prestigious Superbrand recognition, listing in Forbes Magazine and various other publication, including ISO 9001 certification, further cementing its reputation for excellence.
With the next generation at the helm, Nikai Group is set to continue its trajectory of growth and global impact. Guided by a shared vision and an unyielding drive for excellence, the Shahdadpuri family remains steadfast in their mission to make a meaningful difference in the lives of millions worldwide, ensuring that Nikai remains not just a business but a beacon of reliability and progress for generations to come.
Company Name: Petrochem Middle East
Industry: Energy
Country: UAE
Founded in 1995 by Yogesh Mehta, Petrochem Middle East’s rise from humble beginnings to a $2bn annual revenue powerhouse is nothing short of legendary. With a start in a friend’s spare room and countless hours researching the chemical market, Mehta’s journey from modest beginnings to one of the region’s most respected entrepreneurs is a testament to resilience, vision, and sheer tenacity.
By the late 1990s, Mehta had established Petrochem’s first terminal in Jebel Ali, marking the start of an empire that would eventually become the biggest chemical distributor in the Middle East and the twelfth largest globally. Now, with a new $80mn bulk storage terminal under construction, Petrochem is taking another seismic step – moving from distribution to manufacturing. This strategic shift is set to redefine the company and comes as Mehta hands over the reins to his son, Rohan.
Rohan, who brings a fresh, modern perspective to the table, is stepping up as Managing Director while Group Commercial Director Venu Nayar takes on the role of CEO. Together, they’re set to lead Petrochem into a new era, one focused on manufacturing and innovation. For Rohan, who holds a degree from Northeastern University and has gained experience at OQ Chemicals in Dallas, taking on this leadership role is both a privilege and a challenge. He’s keenly aware of the enormity of his father’s legacy but approaches the future with a distinct, corporate mindset. As Yogesh himself puts it, “Rohan’s approach is practical and corporate; mine is soulful and gut-driven.”
Solid foundations amid global challenges
Despite the ongoing success, Mehta is frank about the challenges facing the chemical industry, describing it as being in the midst of a “long dark night.” Oversupply, geopolitical instability, and inflationary pressures have led to tighter profit margins, and Mehta admits that navigating this climate isn’t easy. “Our model works when next month’s prices are higher,” he explains. “But when prices fall, the challenges are real.” Yet, even in these tough times, he’s confident that Rohan and the Petrochem team are well-equipped to steer the company through.
Leadership transition
For Mehta, this handover isn’t about stepping back; it’s about redefining his own life. At nearly 65, he’s ready for new adventures – be it hiking in Lake Como or preparing to open his first restaurant, Yogi’s, in Dubai. The restaurant, designed to celebrate his passion for food and live music, is about “passion before profit,” he says, a place for him and his friends to relax and enjoy life.
But Petrochem is still his legacy, and he’s not walking away entirely. Mehta will retain the role of Founder/Chairman, guiding the business on big decisions and ensuring it remains on the right path. “I’ll be there for the critical calls,” he says, “but the day-to-day? That’s now for Rohan and the team.”
This smooth transition of power embodies the heart of Petrochem’s success: A commitment to family values, ethical business practices, and a clear, forward-looking strategy. As Mehta hands the baton to Rohan, Petrochem stands as a rare example of a family-run business prepared for generational succession. The next chapter is set, and as the company evolves into manufacturing, the Petrochem legacy – rooted in hard work, honesty, and vision – will continue to thrive, proving that family, more than anything, remains at the heart of its success.
Company Name: Sobha Group
Industry: Construction
Country: UAE
From humble beginnings in India to a revered international name in real estate, Mr. PNC Menon has built a remarkable legacy with Sobha Group. Known as “The Palace Maker,” PNC Menon’s journey began in Oman, where he established a turnkey interior decoration firm that quickly became a market leader, serving royalty across the Middle East. Today, Sobha Group is a multinational real estate powerhouse, celebrated for its craftsmanship, innovation, and commitment to quality across India, the UAE, and beyond.
From Oman to India and the UAE
PNC Menon founded Sobha Limited in India in 1994, recognising a gap in the market for high-quality real estate development. What began as a venture into luxury housing soon evolved into one of India’s most esteemed construction and development firms. Sobha Limited’s 2006 IPO was oversubscribed by an impressive 126 times, reflecting the trust and excitement surrounding the brand. Operating in 24 cities and 13 states, Sobha India has delivered a legacy of excellence, known for setting international standards in design and construction.
In 2011, PNC Menon launched PNC Investments in the UAE, marking Sobha’s entry into the Dubai market with flagship projects such as Sobha Hartland – a $4bn mixed-use development – and District One, an $8bn luxury villa community in partnership with Meydan Group. Under Menon’s leadership, Sobha has established a name synonymous with luxury, innovation, and unparalleled craftsmanship.
The next chapter
With PNC Menon’s retirement as Chairman effective in November 2024, the baton passes to his son, Ravi Menon, who has been instrumental in shaping Sobha Group’s trajectory. A Civil Engineering graduate from Purdue University, Ravi Menon brings decades of hands-on experience to the role, having joined Sobha India as Director in 2004 and quickly rising to Vice Chairman by 2006. Known for his meticulous attention to detail, Ravi introduced Sobha’s backward-integration model, streamlining everything from design to construction, which even became a case study at Harvard.
Ravi’s leadership has been transformative, expanding Sobha’s operations and guiding the brand to new markets while ensuring that quality remains uncompromised. His commitment to innovation, quality, and timely delivery has solidified Sobha Realty as a leading name in the UAE’s luxury real estate market, with plans for further global expansion. As Chairman of Sobha Group, Ravi’s vision is to carry forward the legacy his father established, advancing Sobha Realty as the most trusted name in luxury real estate.
Commitment to community and philanthropy
Beyond business, the Menon family is deeply committed to social impact. PNC Menon has pledged 50 per cent of his wealth to charity, joining the “Giving Pledge” alongside Bill and Melinda Gates and Warren Buffet. Through the Sobha Foundation, the Menon family supports initiatives in education, healthcare, and community welfare, aiming to uplift underprivileged communities in India, Oman, and the UAE. Ravi has continued this legacy with the “Graamasobha” model in India, focusing on sustainable development and social rehabilitation.
As the family-led group enters its next chapter, the Sobha name stands as a beacon of excellence, a testament to the Menons’ dedication to delivering the highest standards in real estate while remaining deeply committed to the communities they serve.
Company Name: Thumbay Group
Industry: Healthcare
Country: UAE
From the bustling city of Mangalore to the innovation capital of Dubai, Dr. Thumbay Moideen has crafted a business empire that has left a lasting mark on the UAE and beyond. As the visionary founder of the Thumbay Group, Dr. Moideen is a third-generation entrepreneur who built upon his family’s business legacy and took it to new heights in the Gulf. Starting with Thumbay Group in 1998, Dr. Moideen established one of the UAE’s pioneering medical institutions, Gulf Medical University, marking the beginning of an extraordinary legacy.
What began as a medical university has grown into a global conglomerate spanning 20 sectors. Thumbay Group’s influence extends across healthcare, education, medical research, diagnostics, retail pharmacy, health communications, retail optical, wellness, hospitality, real estate, publishing, technology, media, and even medical tourism. With nearly 5,000 employees, Thumbay Group continues to deliver community-centred services that align with Dr. Moideen’s commitment to social and economic development. The group celebrated 17 years of service at Thumbay Hospital Fujairah, reinforcing its community-centric ethos and dedication to healthcare.
An example of medical excellence
Dr. Moideen’s decision to establish Gulf Medical University (GMU) was groundbreaking. As the first expatriate invited by Ajman’s rulers to create a medical institution, he built GMU into a globally recognised educational hub, attracting students from over 80 countries. Today, GMU is at the forefront of medical education in the region, with Thumbay Healthcare’s academic hospitals and clinics providing top-tier medical services, making it the largest private-academic hospital network in the UAE.
The healthcare arm of Thumbay Group is in the capable hands of Dr. Moideen’s son, Akbar Moideen Thumbay. Serving as Vice President of Healthcare, Akbar has overseen the expansion of Thumbay Hospitals, clinics, and Thumbay Labs across the UAE, making it a destination for patients from over 175 countries. Under his leadership, Thumbay Healthcare has achieved the prestigious JCI Enterprise Accreditation and established the UAE’s first drive-through pharmacy, ensuring patient-centric innovation remains at the heart of the family’s legacy. Akbar’s strategic focus on medical tourism has further solidified Thumbay Hospitals as a preferred choice for patients from Africa and Europe seeking specialised treatments.
Focus on Future Generations
Thumbay Group’s commitment to education extends beyond GMU. The Thumbay Foundation actively supports scholarships, grants, and financial assistance, embodying Dr. Moideen’s belief in access to quality education. The family’s legacy is also reflected in Thumbay Group’s forward-thinking approach, with ventures into health communications, retail optical, wellness, and nutrition. The group’s media arm, including Health magazine, managed by Akbar’s wife, Nousheen Salma, serves as a trusted source on well-being and lifestyle in the UAE.
Beyond healthcare and education, Thumbay Group has a robust presence in real estate, hospitality, and logistics. Led by Akram Moideen Thumbay, Director of Operations for Thumbay Technologies and the construction division, the family continues to diversify with real estate projects and innovative construction solutions. With Thumbay Labs, Zo & Mo Opticals, and Thumbay Pharmacy expanding across the UAE, the Group has solidified its standing as a pioneer in integrated healthcare and wellness solutions.
Company Name: Yusuf Bin Ahmed Kanoo Group
Industry: Diversified
Country: Bahrain
Founded in 1890 by the late Haji Yusuf bin Ahmed Kanoo, the Yusuf Bin Ahmed Kanoo Group (YBA Kanoo) is one of the Middle East’s most enduring and influential family-owned businesses. From its beginnings as a small trading and shipping business in Bahrain, the YBA Kanoo Group has evolved into a multinational powerhouse with operations spanning the Middle East, North Africa, Europe, and Asia. With a workforce of over 4,000 employees and a diversified portfolio of businesses, the group’s influence is felt across industries, solidifying its reputation as a pillar of economic growth in the region.
A pioneer in economic development
Cited by Bahrain’s King Hamad bin Isa Al Khalifa as a key contributor to the nation’s development, YBA Kanoo has grown into a trusted name in the Gulf and beyond. Wholly owned activities across Bahrain, Saudi Arabia, the UAE (as The Kanoo Group), Oman, and Qatar have been complemented by expansions into Egypt, South Africa, the UK, France, and India. As the group celebrates over 130 years of operations, its business ethos of innovation, integrity, and adaptability continues to shape its success.
A multifaceted enterprise
The YBA Kanoo Group’s diverse portfolio is organised into five core business groups, each of which plays a key role in the region’s economy. Kanoo Capital manages the group’s investments, employing a hybrid approach of direct securities trading and long-term investments to ensure robust, inflation-adjusted returns that secure the group’s future. The Industrial & Energy division, the largest within the group, serves global giants such as Saudi Aramco, ADNOC, and SABIC. With specialised units in EPC, fabrication, operations, and drilling, this division delivers cutting-edge solutions across the Gulf and beyond.
Kanoo Travel, launched in the late 1930s as the GCC’s first IATA member, has grown into the region’s largest travel company, operating 70 IATA locations and employing over 900 people. Offering services in corporate, leisure, and marine travel, the division also represents American Express in Bahrain and Saudi Arabia, solidifying its position as an industry leader. Meanwhile, Kanoo Shipping handles over 17,000 ship calls annually, covering ports from the Suez Canal to East Africa, and Kanoo Logistics offers comprehensive logistics solutions with facilities across the GCC.
The group’s real estate portfolio is equally impressive, featuring residential, commercial, and industrial properties in Bahrain, Saudi Arabia, and the UAE. Specialising in project development, management, and facilities oversight, the real estate division reflects YBA Kanoo’s commitment to creating enduring value through well-crafted developments.
Partnerships and joint ventures
The group’s success is amplified by its strategic partnerships and joint ventures with global leaders such as Maersk, BASF, and Akzo Nobel. Collaborations with companies like National Bank of Bahrain, Gulf Hotels Group, and Larsen & Toubro highlight YBA Kanoo’s ability to innovate and deliver across a diverse range of industries.
A legacy of leadership and innovation
For over a century, YBA Kanoo has remained at the forefront of business in the Middle East, evolving with changing markets while staying true to its founding values. The family’s dedication to quality, innovation, and service excellence has allowed the group to thrive, with each generation building on the vision of Haji Yusuf bin Ahmed Kanoo.
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