Forbes Middle East reveals its prestigious top 100 family businesses list, which prominently features seven Qatari firms, including Al Faisal Holding and Power International Holding.
Forbes Middle East (ME) has unveiled the region’s top 100 homegrown businesses for this year.
Beyond mere economic entities, Forbes highlighted how these business powerhouses were upholding Middle Eastern traditions and heritage.
To qualify for this year’s cohort, the businesses had to either run or be owned by Arab families. Forbes ME assessed the size, value, performance, business activity, age, legacy, and extent of geographic and sector diversification of each of the applying conglomerates.
This year, the Gulf Cooperation Council (GCC) region particularly stood out among the 100 family businesses.
Collectively, family businesses from Qatar, the Kingdom of Saudi Arabia (KSA), Kuwait, and the United Arab Emirates constitute 76% of the list.
Qatar alone contributed to seven of the 76 GCC conglomerates. Here are the Qatari powerhouses that made it to the list and their regional ranking.
#11 Al Faisal Holding
Qatar’s Al Faisal Holding company ranked eleventh this year for its diverse portfolio in real estate, construction, hospitality, trading, transportation, entertainment, education, services and information technology.
Established in 1964 by Sheikh Faisal bin Qassim Al Thani, the company’s humble beginnings began with trading in spare automobile parts. Since then, the company has grown to feature subsidiaries, including the Al Rayyan Tourism and Investment Company (ARTIC).
Last year, ARTIC inked a franchisee agreement with IHG Hotels & Resorts to rebrand their Crowne Plaza hotel in New York’s Time Square.
As of February 2024, the holding’s net worth stands at $1.8 million.
Three people out of the company’s six board members are also women – namely, Sheikha Al Jazi bint Faisal Al Thani, Sheikha Al Anood bint Faisal Al Thani and Sheikha Haya bint Faisal Al Thani.
For Sheikh Faisal, this company’s sustained success is attributable to the “superior vision of H.H. The Emir, Sheikh Tamim Bin Hamad Al-Thani, which will ensure that Qatar will steadily continue to become one of the region’s major economic powers.”
He added: “Al Faisal Holding is as determined as ever to play our part in our country’s promising future.”
#12 Power International Holding
Moutaz Al Khayyat, the group’s chairman, and Ramez Al Khayyat, the vice-chair, founded the Power International Holding (PIH) conglomerate in 1983 as a second-generation family business organisation.
Today, the company has 65,000 employees and operates across 14 different sectors – including general contracting, food industry and agriculture, real estate, hospitality and lifestyle.
PIH operates in 19 countries, including the KSA, Oman, Libya, France, the United Kingdom and Kazakhstan.
In February, PIH inked an agreement to acquire Kazakhstan’s Mobile Telecom Services, which is owned by the national telecommunications company – Kazakhtelecom.
PIH also has plans to expand operations to Mauritania and Malaysia.
#17 Alfardan Group
The Alfardan Group was founded in 1954 and is chaired by Hussain Ibrahim Alfardan.
The company’s operations span the jewellery, exchange, property, hospitality, automotive, investments, marine services and medical sectors.
In 2024, Alfardan Jewellery celebrated its 70th anniversary and marked the occasion by showcasing an exclusive collection at the 20th Doha Jewellery & Watches Exhibition.
Remarking on his forefather’s enduring legacy since the establishment of the company in the 1950s, Ali Hussain Alfardan, the vice chairman of Alfardan Group and president of Alfardan Jewellery, said, “Alfardan Jewellery and its work remains especially close to my father’s and all our hearts. Our ventures as a family began with pearling generations back, and later evolved into multiple luxury enterprises across the region.”
#63 Darwish Holding
Qatar’s Darwish Holding exemplifies a family business that has stood the test of time.
Brothers Abdullah, Kassem, and Abdulrahman Darwish originally established the company in the 1900s, consolidating their father’s business.
Since then, the group now employs over 3,000 people and operates within a wide range of industries, such as consumer distribution, investment, retail, real estate, business services and technology.
Darwish Holding also represents over 800 world-class brands through its retail arm Fifty One East. This includes Chanel, Rolex, Boucheron and Sony. Some of the brands represented by the group span as far back as partnerships from the 1940s.
According to the company’s vice chairman, Saoud Al Darwish, Darwish Holding has no plans to slow down anytime soon: “We continue to contribute to the accomplishment of the ambitious plans laid out for Qatar by supporting the objectives of the four pillars of the Qatar National Vision 2030, which focuses on diversifying the economy and moving away from a sole reliance on the oil and gas sector.”
#73 Almana Group
The Almana group was established in 1960 and grew to become a Qatari conglomerate that represents 55 companies in eight countries and employs over 3500 people.
The group’s operations include operations in automotive distribution and services, real estate and investments, retail, food & beverage, engineering, technology, media and entertainment.
Within the automotive industry, Almana represents leading brands, such as Ford, Ford Trucks, Lincoln, Jeep, Chrysler, Dodge, RAM, Hongqi, Bestune and Hertz.
#83 AbuIssa Holding
The AbuIssa Holding (AIH) family business was founded by the late Abdul Rahim Abu Issa in 1981.
Today, under the leadership of Ashraf AbuIssa, with over four decades of experience, AIH operates in 11 sectors – including retail, distribution, telecommunications, information technology, energy and engineering, construction support services, investment, real estate and marketing.
AIH also holds major shares in over 50 countries across the ME and GCC.
A decade after Qatar’s independence in 1971, AIH introduced their first concept to the local marketplace – the Blue Salon luxury department store. Since the 80s, Blue Salon has continued to cater for Qatar’s high-end retailer needs. Offering consumers an array of fashion, watches, jewellery, perfumes, cosmetics, home décor and luggage selections, both on and offline.
#100 Almuftah Group
The Almuftah Group began operations in 1963 when it was established by Abdulrehman Muftah Almuftah. In the early days, the company sold tyers and gramophone records.
In 1968, the company opened its first tyre showroom on Doha’s Airport Road – selling Japanese Toyo-brand tyres. Then in 1984, the group expanded and opened Almuftah Jewellery. Later, in the 90s, Almuftah would venture into real estate, education, graphic design and tourism.
Today, Almuftah employs 6,000 people and operates in 15 multiple sectors across over 30 companies