Saudi Rich List
Wed 26 Aug 2009 07:24 AM
Al Subeaei Family
45

Al Subeaei Family

Industry: Banking & Finance

Company: Al Subeaei Group of Companies

Country: Saudi Arabia

Wealth: 500 Million

Back in 1933, brothers Mohammed and Abdullah Ibrahim Al Subeaei launched a fledgling currency exchange company. Today, the Al Subeaei Group of Companies has evolved to become one of the most successful and reputed trading houses in the Kingdom.

After the Second World War, as the value of Saudi Arabia’s oil deposits became apparent, Al Subeaei Currency Exchange Co was followed by financial investment and banking businesses.

The company grew in parallel with the blossoming economy, and in this period the group’s activities developed to include real estate investment.

In the decades since, Mohammed and Abdullah have led Al Subeaei Group to achieve high growth in each of the trade, industry, agriculture and services sectors.

On the Tadawul, Mohammed and Abdullah hold significant stakes in
Bank Albilad

, a Sharia-based financial solutions provider headquartered in Riyadh.

The bank may have taken a hit so far in 2009 — it is down 24 percent year-to-date — but the brothers’ fortunes are secured thanks to the diversity of their business interests.