Four Bahraini firms make it to Forbes list of 'Top Arab Family Businesses for 2023'

TDT | Manama        

The Daily Tribune – www.newsofbahrain.com

YK Almoayyed and Sons is one of four Bahraini companies on Forbes' list of the "Top 100 Arab Family Businesses for 2023." The group, which represents over 300 brands, employs over 8,000 people, and is chaired by Farouk Almoayyed, is ranked 31st.

Yousuf Khalil Almoayyed founded the company in 1940, and it now has a diverse portfolio that includes autos, electronics, household appliances, heavy equipment, and industrial building systems, among other products.

Nissan, Ford, Infiniti, Lincoln, Renault, Komatsu, Continental Tyres, Sony, Toshiba, and Honeywell are among the brands represented. In 2023, the group became the exclusive distributor in Bahrain for key brands including Panasonic, Hisense CAC, Nikai, Elf Lubricants, BKT Tyres, and Krank Batteries.

Yusuf Bin Ahmed Kanoo Group (YBA Kanoo), which dates back to 1890, is the second-highest-ranked Bahraini firm on the list, ranking 45th.

The organisation, which is led by Khalid Mohamed Kanoo as chairman, operates in shipping, logistics, travel, industrial, oil and gas, capital, and real estate and has offices in the UAE, Oman, Saudi Arabia, and Bahrain.

The group's real estate business includes over 300 projects spread across three countries, including 172 residential apartments and 277 commercial units in Bahrain.

The Abdulla Yousif Fakhro Group, led by Esam Fakhro, is ranked 76th. The organisation began operations in Bahrain in 1888. It now has operations in automotive, industrial products, electronics, telecommunications, insurance, contracts, shipping, and logistics.

Alzayani Investments wraps up the kingdom's presence in 79th place. Zayed Rashid Al Zayani is the chairman of the firm founded by Hamid Rashid Al Zayani in 1977. Its business portfolio includes automotive, healthcare, manufacturing, real estate, service firms, and food and beverage.

According to Forbes Middle East, Egypt's superpower, the Mansour Group, is at the top of this year's coveted list. Yasseen, Mohamed, and Youssef Mansour are among the billionaires listed on the 2023 list, with a total net worth of $6.4 billion.

The 11 billionaires on this year's list are worth a total of $27.7 billion. The publication thoroughly analysed each conglomerate while preparing the list, based on the size and performance of their assets, economic activity, age, and legacy, as well as their outstanding geographical and industry variety.

Notably, over 60% of the respected listees are large shareholders in regional stock exchange-listed enterprises, many of which were started by their families.

Saudi-based family enterprises lead with 33 entries, accounting for four of the top ten spots. The UAE comes in second with an outstanding 29 entries, followed by Egypt with nine and Qatar with eight.