Wealth: 8.5 Billion
Kuwaiti family conglomerate the Kharafi Group, which has an annual turnover of around $5bn and is already active in 25 countries, is looking to Asia as its next target for investment, a senior family member told Arabian Business this year.
“Asia is a growing market but it is high risk... We are looking at a couple of opportunities there,” Bader Al Kharafi, a member of the executive council, told Arabian Business in an interview in the company’s headquarters in Kuwait City.
“You can be an investor or run and manage the company. We are looking at investments, maybe some private equity funds, those types of products where they have a good team... Transport, renewable energy and with what is happening in China we would definitely look at renewable energy. These are the sectors we think we could [invest].”
The Kharafi Group has operations in 25 countries around the world, from Senegal to Botswana to Kazakhstan and The Maldives, and has more than 120,000 employees.
The family business has always had strong connections with Egypt, from power stations along the Nile Delta to contracts at Marsa Alam International Airport and the Red Sea’s Port Ghalib, one of the biggest marina resorts in the Middle East.