Saudi Rich List
Wed 26 Aug 2009 07:24 AM
Ahmad Hasan Fitaihi
47

Ahmad Hasan Fitaihi

Industry: Retail

Company: Fitaihi Group Holding Company

Country: Saudi Arabia

Wealth: 400 Million

The Fitaihi name traces back to the year 1887 when the Fitaihi family started as silversmiths in the holy city of Mecca. But it is the year 1907 that Fitaihi’s customers identify as the birth date for Fitaihi the jeweller, when Hassan Fitaihi, the father of Ahmed Hassan Fitaihi, opened the first gold shop in what is today the ‘Gold Market’ of Jeddah. In 1964, Ahmed established with his father a limited liability company under the name H Fitaihi & Son.

Today the firm’s products include crystals, chinaware, fashion, textile, leather items, accessories, cosmetics and beauty products, kitchen appliances, bed linen, home furnishing, and other products.

The
Fitaihi Group

is also the franchiser and distributor of a number of international brands in Saudi Arabia including Mont Blanc, Dunhill, Sarcar, Louis Erard, Saint Louis, Rebecca, Derek Rose, Talento, Christian Dior, Breitling and others.

The group is known for its pioneering contribution to the Saudi retail market. In 1984 it opened the first department store in Saudi Arabia, in Jeddah, which permanently defined the Fitaihi name as a provider of luxury items and services to society’s elite.

Fitaihi followed with a second department store in Riyadh in 1993, and in 2000 the company became a case study for business schools nationwide, and a model for other Saudi family conglomerates, when it was transformed into a public shareholding company. Late in 2003, Fitaihi launched the first jewellery retail outlet in Saudi Arabia that is managed entirely by Saudi females.

Fitaihi

subsidiaries include Sadouq Investments Holding Co and Medmac Gulf Real Estate Investment Co, while the group also has stakes in International Medical Centre and Marina Bay Co.