The success of the 67-year-old Alkhorayef Group hasn’t been by chance. Founded in 1957 by the late Abdullah Ibrahim Alkhorayef, the group has been fueled by strategic planning, paving the way to becoming the current industrial leader in its home market of Saudi Arabia and beyond.
Today, the Alkhorayef Group has a diversified portfolio of activities in several fields, including water, clean energy, real estate, hospitality, heavy and light industries, defense, operations, and maintenance. The group also invests in venture capital markets locally and internationally. Its startup portfolio includes 10 investments worth a total of $14.5 million. The group invested $500,000 in the Saudi edtech startup Noon Academy in 2021, and $524,000 in U.S. internet company Astranis in 2023.
Now, the group is formulating a management transition in addition to setting a new strategy for its operations. These plans are in line with global recommendations to navigate the current global economic challenges. Post-pandemic dynamics are requiring family businesses to ensure that their multigenerational goals are still achievable in a fast-changing economic environment, according to EY.
“To ensure a smooth management transition for the esteemed legacy of Alkhorayef Group, we are establishing a family pact that will govern the future management of the group. The partners are in complete harmony. We are also developing a coordinated strategy for the operations,” says Saad Alkhorayef, Chairman of the Alkhorayef Group. Both the pact and the new strategy are anticipated to be finalized in 2024, with details still being worked out.
Bu hikaye Forbes Middle East - English dergisinin March 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Forbes Middle East - English dergisinin March 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
WATCHING OUT FOR THE WEALTHY
Faisal Al-Hamad, CEO of Kuwait-based NBK Wealth, has been leading the NBK Group's client-centric businesses under a unified umbrella since 2021. With over $20 billion in assets under management, he's now planning for expansion.
Middle East Forbes THE MIDDLE EAST'S TOP 100 TRAVEL & TOURISM LEADERS 2024
Thanks to their geographical position and historical and cultural richness, Middle East countries are attracting both tourists and investors.
PARTY WITH PURPOSE
New Forbes billionaire Kabir Mulchandani, Founder and Chairman of FIVE Holdings, is building an entertainment ecosystem with a sustainable footprint. Now, he's talking IPO plans.
EMPIRE BUILDING
Hussain Sajwani, Founder and Chairman of the DAMAC Group, has built a property empire and accumulated over $5 billion in wealth since establishing the group in 1982. As he continues to seek out new opportunities, he's also supporting the next generation as they follow in his footsteps.
The Middle East's RICHEST BILLIONAIRES 2024
It's been a banner year for the mega-wealthy. Forbes found an unprecedented 2,781 billionaires around the globe for this year's World's Billionaires list-141 more than in 2023 and 26 more than the previous record, set in 2021.
Riches from Rags
Investors have blown billions of dollars on loss-making luxury clothing resale firms. VINTED, an unlikely startup from Lithuania, finally cracked the code.
The New Goal Standard
JORGE MAS took a risk with a lucrative bet on Lionel Messi and quickly transformed Inter Miami into MLS's second billion-dollar franchise. But now the clock is ticking.
Reasons To Seek Adventure
Whether it’s the exhilaration of free-falling out of the sky or the thrill of being immersed among the shark-filled reefs of the Indian Ocean, adventure enthusiasts are drawn by the allure of life-changing experiences. Here are some reasons why.
THE MIDDLE EAST'S 30 MOST VALUABLE BANKS 2024
MENA’s banking sector has shown resilience over the last year, supported by higher interest rates and oil prices.
INVESTING AT YOUR FINGERTIPS
Ahmad Hammouda and Seif Amr, Cofounders of Egypt-based digital investment platform Thndr, are facing competition from brokerages and investment banks to democratize investing. Having seen exponential growth in four years, they’re now looking at expanding to the U.A.E. and Saudi Arabia.