Rich List-The Al Zamil Family
Founded in the 1930s as a trading house, Al Zamil is now one of the kingdom’s largest private enterprises, spanning diversified industrial and commercial interests. This covers everything from air-conditioning manufacturing to food processing, steel fabrication and travel services. The group, which began investing in the plastics industry over 30 years ago, employs 10,000 people in over 55 countries. The family has a 25 percent stake in the Bahrain-based Energy Central Company.
This could prove a huge windfall given the region’s growing power demands, with the stake adding an additional $200m to the family’s wealth.
The group was founded by the late Sheikh Abdullah Al-Hamad Al Zamil, a Saudi Arabian entrepreneur, who established a modest trading entity selling food items and textiles in the Kingdom of Bahrain in the 1930s. Later, he expanded his business successfully into real estate investments in Saudi Arabia.
Zamil Group’s directors now comprises 12 sons, led by chairman Mohammed and director Abdulrahman — the latter also sits on the King’s 90-strong advisory council. Khalid Al Zamil is a director of Gulf Navigation Holding which is listed on the Dubai Financial Market.
The group’s Saudi International Petrochemicals is capitalised at $13bn and its National Power Company at $55m.
Dammam-based Zamil Industrial employs more than 9600 people in 55 countries. The company operates through four divisions: Zamil Air Conditioners, Zamil Steel Industries, Zamil Glass Industries and Arabian Fiberglass Insulation Co. In the year ended 31 December 2007, the Tadawul-listed company’s turnover rose 28.3 percent on the year to $981.6m. Net profit per share rose 7.8 percent to $1.22. Export sales accounted for $356.5m, or 36 percent of total revenue and was 20.4 percent higher than in 2006. Zamil Industrial exports to more than 80 international markets.With an aggressive expansion planned in Asia over the next few years, and a 22-year energy contract signed with Saudi petrochemical giant Sabic, the Al Zamil family’s wealth stands to improve over the next decade.