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Thursday, 12 December 2019 21:48 UAE time
 
50#  The Alghanim Family  - picture not available
50# The Alghanim Family

Net Worth: US$ 1.5 Billion
Country of Residence: Kuwait
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The Alghanim Family was among the original families to populate what would once become Kuwait. And since those early days, it has built a formidable reputation as one of the region's chief commercial merchants.

The modern era of their business dominance started in 1932 when Yusuf Ahmed Alghanim returned to Kuwait from his studies abroad and took over one of his father's businesses. By the end of the 1930s, he had established the reputation of Alghanim throughout the Middle East and was employing more than 4,000 people.

Under the guidance of Yusuf, the organisation grew and diversified over the next 40 years. One of the major steps was the association with General Motors (GM) to introduce American-made vehicles in Kuwait, through what is today one of the largest GM agencies in the world.

From the early 70s, Yusuf's sons, Kutayba and Bassam, took over and introduced modern management structures and decentralised decision-making processes. In the late 70s and the early 80s, the holding company became known as Alghanim Industries, with several business units and brands operating under its umbrella. Some of the leading global brands that Alghanim associated include Hitachi, British Airways, Phillips, Kirby Building Systems and Frigidaire.

Throughout the 1990s the company remained true to the entrepreneurial spirit instilled by Yusuf Alghanim - forming marketing collaborations and strategic alliances with corporate giants such as Xerox, Whirlpool, Haier, Lofra and American Express. It continued creating innovative new opportunities to open markets within the GCC and expanding operations globally.

The holding company's major areas of activity are trading and distribution of consumer electronics, food and consumables, automotive vehicles and products, industrial manufacturing, engineering, technology, travel, shipping and transportation services, advertising, insurance and contracting.

The company's wholly-owned subsidiaries, joint ventures and associations employ more than 12,000 men and women from more than 45 different countries across four continents. It has established strongholds in the Middle East, India and Turkey with operations currently extending to Eastern Europe, Africa, East and Southeast Asia.

With Yusuf's grandson, Omar K Alghanim joining the management ranks of the company in 2002, Alghanim Industries embarked on a new period of development and growth. Currently the CEO of the conglomerate, Omar brings his Harvard MBA and Morgan Stanley training to the venerable family company.

As with any respectable billionaire, he is involved in more than one multibillion-dollar business. Omar represents his family's
majority share in Gulf Bank, a publicly-listed retail bank; is a founding shareholder of Perella Weinberg Partners, and is the chairman of Injaz Kuwait -a non-profit organisation focusing on the country's youth development programmes.
 

 

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