Bahrain's family businesses shine in Forbes ME Ranking

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Forbes Middle East's Top 100 Arab Family Businesses for 2024 has placed Y. K. Almoayyed & Sons Group at the forefront among Bahraini companies.

The conglomerate, founded by Yousuf Khalil Almoayyed in 1930, clinches the 51st spot on the esteemed list.

To construct this list, Forbes Middle East said it only considered businesses owned or run by Arab families.

Criteria such as size, value, performance, business activity, age, legacy, and geographical and sector diversification were pivotal in determining the rankings.

The publication highlights the dominance of GCC families in the family business arena, with Saudi Arabia leading the pack with 34 entries, followed by 28 from the UAE and seven each from Kuwait and Qatar.

Collectively, these four Gulf nations account for a staggering 76% of the list.

Yousuf Khalil Almoayyed

Y. K. Almoayyed & Sons Group, founded by Yousuf Khalil Almoayyed in 1930, ranks 51st on the list.

The group stands as a distributing partner for over 300 international brands and boasts four subsidiaries: Almoayyed Properties, Ashrafs, Almoayyed Contracting Group, and the National Concrete Company, collectively employing over 8,000 individuals.

Yusuf Bin Ahmed Kanoo

Following closely behind is Yusuf Bin Ahmed Kanoo Group (YBA Kanoo) in the 55th position.

YBA Kanoo was founded in 1890 when the late Yusuf Bin Ahmed Kanoo took over a small shop selling consumer goods from his father at the age of 22.

Today, the group has seven key divisions: Kanoo Global Investments, Kanoo Ventures, Kanoo Travel, Kanoo Shipping, Kanoo Logistics, Kanoo Real Estate, and Kanoo Industrial and Energy.

Alzayani Investments

Alzayani Investments secures the 82nd spot on the list. Established in 1977, the group has diversified interests across real estate, industrials, automobiles, food and beverages, and venture capital, with notable ventures like Gulf Closures making significant strides in manufacturing.

Fakhro Group

At the 95th position, Fakhro Group, established in 1888, holds a prominent presence across six countries, with ventures spanning automotive, trading, insurance, logistics, ICT, real estate, and food and beverages.

Noteworthy endeavours include owning and operating McDonald's restaurants in Bahrain and franchises for Vapiano and Zayt Zaytoon across the GCC region.

Saudi Arabia-headquartered Abdul Latif Jameel reigns in 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, US 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, along with 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.

Legacy, success

Spanning from conventional real estate ventures to forays into the hospitality sector, the family enterprises featured on this list epitomise resilience and longevity.

Impressively, six of these businesses trace their roots back to the 1800s, while an additional 26 were established before 1950, underscoring their enduring legacy and enduring success.

Surprisingly, only six businesses on the list emerged in the 2000s, all of which were born out of either the division or sale of pre-existing enterprises or the consolidation of existing assets into a unified holding entity.

This trend reflects the evolution and adaptation of family businesses in response to changing market dynamics and strategic imperatives.