Country: Saudi Arabia
Wealth: 3.25 Billion
Abdulatif Al Fozan is the chairman of Al Fozan Group, a 41-year-old company with interests in building materials, commercial and industrial steel, electrical and hardware items and accumulated technologies. It also holds equity stakes in several affiliate ventures, from banks and petrochemical firms, to recycling and consumer retail operations. These stakes are part of a long-term plan to diversify its revenue streams. In the kingdom, the group is also one of the largest importers of steel, wood, electrical and hardware material. Like many Gulf businessmen, Abdulatif Al Fozan took over the firm from his father.
Among the Al Fozan Group’s most recent moves has been the construction of a rebar production facility in Jeddah, while the firm has also won work on the King Abdullah Financial Centre in Riyadh and the King Abdulaziz International Airport in the same city. Al Fozan has seen his family group grow from a small base to over 20 different companies with a number of joint ventures including Bawan Holding in 2006 and Atheel Holding. Earlier this year, Bawan Holding — which specialises in building materials — announced its intention to list 30 percent of its shares on the Tadawul by the end of this year.