Wealth: 6 Billion
It has been a sad year for the Kanoo Group, one of the largest and oldest family firms in the Gulf. In August, the group’s chairman, Yusuf Bin Ahmed Kanoo, passed away, aged 72. He had led the company since the death of Abdulla Ali Kanoo four years ago.
Established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo, it has grown from its early trading and shipping business to become one of the most diversified and highly regarded business houses in the Gulf region and beyond. Mubarak Jassim Kanoo is now chairman of the firm, while Mishal Kanoo (above), one of the region’s most recognisable executives, remains as deputy chairman of the group’s UAE and Oman division. It now has 14 divisions in total, and employs 4,000 staff, with another 6,000 employed in its various joint venture operations. The company’s joint venture division was established over 25 years ago and has been linked to high profile names such as Axa Insurance, Norwich Union, Maersk and BASF.