Y K Almoayyed & Sons (YKA) leads a four-strong Bahraini presence in 2024’s Forbes ranking of the top 100 Arab Family Businesses with YBA Kanoo, Alzayani Investments and Fakhro Group.

Revealed last week, the list sees Saudi Arabia-headquartered Abdul Latif Jameel reigning in the first place, with the UAE’s Al-Futtaim Group and Egypt’s Mansour Group rounding out the top three.

In 51st place, Y K Almoayyed & Sons Group is the top ranked Bahraini family enterprise with Farouk Almoayyed at the helm.

From humble beginnings in 1930, the group also known as YKA has grown into a major Bahraini conglomerate. Yousuf Khalil Almoayyed opened his first shop in Manama, selling everyday essentials. Ten years later, this foundation became Y K Almoayyed & Sons. In 1996, Farouk Almoayyed took the reins from his father as chairman.

Today, the group boasts an impressive portfolio. They are the distributing partners for over 300 international brands, a testament to their reach and influence. Y K Almoayyed & Sons encompasses four subsidiaries: Almoayyed Properties, Ashrafs, Almoayyed Contracting Group, and the National Concrete Company, providing a diverse range of services. Their workforce exceeds 8,000 employees, highlighting their significant contribution to the Bahraini economy.

Further solidifying their commitment to a leading brand, the group recently inaugurated a newly renovated Nissan Service Centre in December 2023, showcasing their dedication to customer satisfaction.

Yusuf Bin Ahmed Kanoo Group (YBA Kanoo) comes next in 55th place.

In 1890, a young Yusuf bin Ahmed Kanoo, at the helm of a small family shop selling everyday goods, ignited a legacy that would span over a century. At the age of 22, he took the reins from his father, laying the foundation for what is now the YBA Kanoo Group.

Today, a testament to their remarkable growth, the group boasts seven distinct divisions. These divisions encompass a vast array of services, including investments, ventures, travel, shipping, logistics, real estate, and industrial and energy solutions (Kanoo Global Investments, Kanoo Ventures, Kanoo Travel, Kanoo Shipping, Kanoo Logistics, Kanoo Real Estate, and Kanoo Industrial and Energy).

Their diversified portfolio extends across the globe through strategic businesses and joint ventures. The group’s wholly owned activities have a strong presence in the Gulf States (Bahrain, Saudi Arabia, UAE, Oman, and Qatar), while their expansion continues across Africa, Europe, and Asia.

In May 2023, Kanoo Real Estate partnered with Almoayyed Contracting Group to embark on the construction of the Kanoo Museum, a project that promises to be a cultural landmark.

Established in 1977, Alzayani Investments with Zayed Rashid Alzayani as its current chairman ranks 82nd in the list.

Today, it has 12 companies across real estate, industrials, automobile, food and beverages, and venture capital, including Gulf Closures, which is a joint venture between the Aptar Group and Zayani Industries, with a plant manufacturing capacity of two billion caps per year in the Middle East, Indian subcontinent, and Africa. Zayani Motors operates a specialised truck and bus sales facility and an after-sales facility for Mitsubishi Fuso, while Euro Motors has dealerships for BMW, MINI, Land Rover, Jaguar, Rolls-Royce Motor Cars, Ferrari and Maserati.

Wrapping up the kingdom’s presence is the Fakhro Group in 95th place.

Founded in 1888, the Fakhro Group today functions across six countries in automotive, trading, insurance, logistics, ICT, real estate, and food and beverages.

The Fakhro Restaurants Company currently owns and operates McDonald’s restaurants in Bahrain. Its SunCity Ventures is the franchisee for Vapiano in Bahrain, Kuwait, Saudi Arabia, and Oman and owns Zayt Zaytoon, a Lebanese fast-casual restaurant concept. Fakhro Electronics distributes brands such as Cisco, 3Com, Sony, LG and OKI.

Fakhro Transport owns the franchise for Budget Car Rental in Qatar and Bahrain and operates locations at the Bahrain International Airport and Hamad International Airport in Qatar.

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 per cent of the list.

Sharing an interesting insight, Forbes finds Middle Eastern family businesses are ditching tradition for innovation. Facing global competition, these long-standing firms (many pre-1950) are embracing tech, sustainability, and global expansion. They’re investing in everything from electric vehicles to clean energy projects, venturing beyond hospitality and retail. This shift ensures their place in a rapidly changing world, with the GCC leading the way.

 

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).