The world’s richest Arabs
Sun 15 Dec 2013 04:47 AM
Munib Masri
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Munib Masri

Country: Palestine

Wealth: 3 Billion

Often described as the Duke of Nablus or Palestine’s Rothschild, Masri is known as the patriarch of a prominent Palestinian family that has produced bankers, consultants and politicians. Masri, a geologist, hails from the West Bank town of Nablus from where he resides at his Palestine House, a palace of limestone resembling the Palladian-style Villa La Rotonda in Vicenza, Italy. Masri, who was once a close confidant of the late Palestinian leader Yasser Arafat (who offered him the premiership three times), made his fortune in oil and gas working in the Gulf region,  North Africa and elsewhere.

When the Oslo peace process kicked off Masri helped set up the Palestine Development and Investment Ltd. (PADICO), the largest private investor by initial investment in the West Bank and Gaza Strip, which he chairs. The holding group controls over 30 companies across various industries that include telecommunications, construction, tourism, energy, environment, banking, finance and agriculture. He also founded the Edgo group (industry, commerce, health, education, distribution), which oversees 29 companies across the Middle East, Africa, Europe and North America. Masri, who is a member of the Palestine Central Council, is also a philanthropist.