The World Richest Arabs 2014
Thu 04 Dec 2014 12:28 PM
Toufic Aboukhater
15

Toufic Aboukhater

Industry: Investments

Country: Monaco (Palestine)

Wealth: 5.6 Billion

Self-made businessman Toufic Aboukhater lives in Monaco and has stakes in oil, transport and manufacturing companies. The reclusive businessman started out working for Royal Dutch Shell, before going on to develop strong relationships in the Gulf and UAE, building one of the first cement factories in Ras Al Khaimah.

In early 2011, Aboukhater, who previously owned the Grand Hotel in Monte Carlo and the Dorchester in London (pictured), purchased, through his company Mansion Services, seven hotels branded by InterContinental Hotels Group Plc, including the Carlton Hotel on the Croisette boulevard in the French Riviera town of Cannes for about €450m. The seven hotels had changed hands several times before the purchase and had a valuation at one point of as much as €634m. Aboukhater sold the Carlton at the end of 2011 for €450m to a Qatari investor.