Family businesses are a key economic force in the Middle East, and with governments increasingly focused on pushing for privatization along with the non-oil private sector, family-owned groups are expected to seize opportunities in new areas while facing global unrest and digitization challenges. "Today, huge industries are further open to the private sector, including tourism, mining, manufacturing, and media," says Ajlan Bin Abdulaziz Alajlan, Chairman of the Ajlan & Bros Group, an investment conglomerate already working across more than 25 countries.
The Saudi businessman co-founded the family business in 1979 alongside his brothers Mohammed, Fahad, and Saad. The four siblings started off with a small shop in Al-Deira in Riyadh, specializing in fabrics and garments.
Since then, they have ventured into several sectors, including manufacturing, construction, real estate, power, logistics, Fintech, retail, mining, entertainment, and healthcare, among others.
Over the last five years, the group has made efforts to align its strategy with the Saudi Vision 2030, which aims to develop and diversify the kingdom's economy, reduce its dependence on oil and maximize the role of the private sector. Family businesses-which contribute approximately 60% to the GDP of the GCC and about 90% to its private sector economy, according to the Family Business Council-are poised to play a key role in the transition. The Ajlan & Bros Group became a holding company in 2017, approaching diversified sectors. "We've been focusing on expanding through partnerships with foreign investors," reveals Alajlan.
This story is from the December 2022 edition of Forbes Middle East - English.
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This story is from the December 2022 edition of Forbes Middle East - English.
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