Saudi companies topped Forbes magazine's annual list of the Top 100 Arab Family Businesses with 37 entries. UAE has 25 companies while Kuwait has 8 companies.
According to a Forbes magazine press release, these three countries accounted for 75 percent of the top 20 companies on the list. In addition, all family businesses in the top 10 were diversified companies with operations in multiple sectors.
The Al-Alian family, which runs one of Saudi Arabia's largest conglomerates, was ranked the number one Arab family business for the second year in a row, according to Arab News.
Established in 1947, the Al Alyan Group consists of more than 50 companies and associated businesses.
Al Alyan Financial Company's public sector investments form the largest part of the group's portfolio as it held a 20.3 percent stake in Saudi British Bank in July 2022.
The Mansoor Group has also been the focus of a very large business spanning over 100 countries with over 60,000 employees and a gross revenue of over $7.5 billion.
Mansoor Group has stakes in global companies like Spotify, Uber, Airbnb, Meta, Twitter and others.
Other companies from Saudi Arabia also joined the top 10, among which Al-Mhidb Group is fourth, Abdul Latif Jameel is seventh and Rashid Abdul Rahman Al-Rashid & Sons Group is in 10th place.
Abdullah Al Futtaim and his family had a net worth of $2.5 billion in August 2022.
From a geographical point of view, there were seven entries from companies based in Qatar, six from Egypt, six from Oman, four from Bahrain, two from Jordan, two from Morocco and one each from Algeria, Lebanon and Yemen.
Al-Faisal Holding is the only newcomer to this year's top 10 businesses at the ninth position, which is ranked 11th in 2021, said Forbes magazine's press release.
Diversified business corporations dominated the rankings with 89 entries. Al Futtaim Group, for example, has built a legacy with its operations in the automotive, finance, real estate, retail and healthcare sectors.
The group operates in more than 20 countries with 35,000 employees and has major shareholdings in Emirates Investment Bank, Commercial Bank of Dubai and Dubai Insurance Company.
Abdullah Al Futtaim and his family also had a net worth of $2.5 billion in August 2022.
A Forbes magazine press release added that eight of the top 100 family-run companies in 2022 were owned by Arab billionaires. Asad Rebrab, founder of Algeria-based Civital Group, for example, had a net worth of $5.1 billion as of August 2022, making him the world's second-richest Arab.
