ArabianBusiness.com - Middle East Business News
Saturday, 19 October 2019 12:36 UAE time
 
11#  Sulaiman Al Rajhi  - picture not available
11# Sulaiman Al Rajhi

Net Worth: US$ 5.2 Billion
Country of Residence: Saudi Arabia
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Sulaiman Al Rajhi is chairman of Al Rajhi Bank, Saudi Arabia's largest Islamic bank, established by royal decree in 1988. The bank's origins date back to the 1940s when it started operating as a money changer in the Kingdom.

Today, its operations include retail, corporate and investment banking. Sulaiman owns the largest cut of the institution's shares, and the last six months have not been kind to Sulaiman or his beloved bank.

It could have been far worse, and earlier this year Sulaiman looked in trouble as Al Rajhi shares tanked in the wake of the severe economic downturn. The bank's shares lost more than 50 percent of their value between August 2008 and March of this year, but have since staged a laudable recovery. In addition, Sulaiman has a range of side business interests from cement production to agriculture.

A philanthropist, Al Rajhi founded the SAAR Foundation, a flagship corporation representing charities, think tanks, and business entities.
 

 

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