Presenting the biggest players and longest-lasting legacies of MENA economies. 

  • Companies based in the GCC make up 85% of the ranking.  
  • 34 businesses are headquartered in Saudi Arabia, followed by the U.A.E. with 28.  
  • Saudi Arabia, the UAE, Kuwait, and Qatar make up 76% of the list.  
  • Six family businesses on the list were established in the 1800s.

Dubai: Forbes Middle East has unveiled its annual list of the Top 100 Arab Family Businesses for 2024, highlighting the long-standing conglomerates transforming through expansion and investment in the region. To construct this list, Forbes Middle East only considered businesses owned or run by Arab families. The conglomerates were ranked on their size, value, performance, business activity, age, legacy, and extent of the business’ geographic and sector diversification.  

GCC families are the most successful in the family business space, with 34 of the 100 firms originating from Saudi Arabia, 28 from the UAE, and seven businesses each from Kuwait and Qatar. Combined, these four Gulf countries constitute 76% of the list.  

The Saudi Arabia-headquartered Abdul Latif Jameel reigns in the first place, with the UAE’s Al-Futtaim Group and Egypt’s Mansour Group rounding up the top three. Of the top 10, the billionaire-owned Mansour Group is the only non-GCC-based entry. In May 2023, U.S. Major League Soccer awarded a $500 million franchise to a group led by Mohamed Mansour to launch a football club in San Diego, California, by 2025. Group Chairman Mohamed Mansour, alongside brothers Youssef and Yasseen, had a combined net worth of $5.8 billion as of February 2024, making them the richest Arab family featured on this year’s list.  

From traditional real estate to hospitality investments, the family businesses on this list have stood the test of time, with six being established in the 1800s and 26 established before 1950. Just six were established in the 2000s, all of which were formed due to a split or sale of an earlier business or consolidation of pre-existing assets to form a holding group. For instance, Morocco’s O Capital Group was founded in 2021 when Holding Benjelloun Mezian merged with FinanceCom in the same year. In contrast, Oman-based Towell Group is the oldest family business in the ranking, with roots dating back to 1866.  

Backing sustainable operations with substantial capital has been a consistent priority for several of the 2024 listees. For example, AlNowais Investments Group has over 1,230MW of clean energy projects in Africa, Burkina Faso, Egypt, Jordan, Morocco, and Togo, either in operation or under construction. Meanwhile, Alfardan Group signed an MoU with Electronics Recycling Factory to develop environmental sustainability and encourage e-waste recycling in June 2023. Similarly, the Safari Group and the Knauf Group agreed in December 2023 to invest in and build a new state-of-the-art plasterboard production facility that will significantly reduce energy and water consumption.  

Click here to view the complete list of the Top 100 Arab Family Businesses 2024.

Top 10 Arab Family Businesses In The Middle East 2024

1| Abdul Latif Jameel
Country: Saudi Arabia
Established: 1945

2| Al-Futtaim Group
Country: U.A.E.
Established: 1930s

3| Mansour Group
Country: Egypt
Established: 1952

4| Majid Al Futtaim Holding
Country: U.A.E.
Established: 1992

5| Olayan Financing Company (OFC) 
Country: Saudi Arabia
Established: 1947

6| Al Ghurair Investment
Country: U.A.E.
Established: 1960

7| SEDCO Holding  
Country: Saudi Arabia
Established: 1976

8| Al Muhaidib Group
Country: Saudi Arabia
Established: 1943

9| Al Ghurair Group
Country: U.A.E.
Established: 1960

10 | DAMAC Group
Country: U.A.E.  
Established: 1982

About Forbes Middle East

Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspiring business journalism and entrepreneurial capitalism. Its online and social platforms break news covering billionaires, business, investment, technology, economy, entrepreneurship, leadership, and luxury lifestyles. The monthly magazine, featuring in-depth interviews with the Middle East’s most influential and innovative leaders, is published in print in English and Arabic, with digital versions available to both regional and global audiences online. Forbes Middle East extends the Forbes brand of journalism across the Arab world, conducting its own comprehensive research to publish original lists that adhere to strict methodologies. Its content attracts business leaders, investors, active and potential entrepreneurs, and a wide audience of ambitious and influential executives.

Media contact: Basma Aly Sadek: basma@forbesmiddleeast.com