The World Richest Arabs 2014
Thu 04 Dec 2014 12:28 PM
The Al Ghurair family

The Al Ghurair family

Industry: Diversified

Country: UAE

Wealth: 7 Billion

The name Al Ghurair has become synonymous with the growth of Dubai. Abdullah Al Ghurair runs one of the emirate’s largest family concerns, with interests in agricultural commodities, banking, real estate, malls and refineries. The family legacy can be traced back to Ahmad Al Ghurair who founded Al Ghurair Group in 1960. The family name has been a fixture within the UAE business community ever since. Ahmad Al Ghurair passed on his legacy to his sons Saif, Abdulla, Majid, Marwan and Jomaa. Until the 1990s Al Ghurair Group was led by Saif Ahmad Al Ghurair. This corporation was formed in 1960. In the 1990s, Saif Ahmad Al Ghurair and Abdulla Al Ghurair embarked upon creating two unique yet complementing diversified industrial groups. This decision led to the creation of Saif Ahmad Al Ghurair Group (now the Al Ghurair Group) and Abdulla Al Ghurair Group. Abdul Aziz Al Ghurair (pictured) is CEO of Mashreq Bank, which he started from scratch with $1.6m of capital during the oil boom in the 1960s, and which is the country’s fourth-largest by assets. Mashreq has a strong hold in its home market of the UAE (where one in every two households bank with the lender) but it also operates in a number of other countries in the region, including Egypt, Qatar, Kuwait and Bahrain.