Industry: Banking & Finance
Company: Al Zamil Group
Country: Saudi Arabia
Wealth: 3.5 Billion
Zamil Group Holding Company is now one of the Kingdom’s largest private enterprises, having come a long way since its inception as a simple trading house back in the 1930s.
Spanning diversified industrial and commercial interests, Zamil makes its mark on 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 also has a significant stake in the Bahrain-based Energy Central Company, which could prove a huge windfall given the region’s growing power demands. The stake is valued at around $200m. The group was founded by the late Abdullah Al Hamad Al Zamil, a Saudi entrepreneur who established a modest trading entity selling food items and textiles in the Kingdom of Bahrain in the 1930s. Later, he expanded successfully into real estate investments.
Perhaps the group’s best-known subsidiary is Dammam-based
, which employs more than 9,600 people in 55 countries. The company operates through four divisions: Zamil Air Conditioners, Zamil Steel Industries, Zamil Glass Industries and Arabian Fiberglass Insulation.
Zamil Group’s directors now comprise his 12 sons, led by chairman Mohammed and director Abdulrahman. Khalid Al Zamil is a director of
Gulf Navigation Holding
which is listed on the Dubai Financial Market. However, those in line to inherit the empire can’t afford to rest easy.
“The next generation should not obtain their positions just because they happen to be the sons of the owners,” said Abdullah Al-Hamed Al Zamil recently.