Doha, Qatar: Seven Qatari family businesses were featured in the list of Top 100 Arab Family Businesses in the Middle East during the year 2024 by Forbes magazine.

Al Faisal Holding (Rank 11), Founder and Chairman – Faisal bin Qassim Al Thani; Power International Holding (Rank 12), President and Group CEO – Ramez Al Khayyat; Alfardan Group (Rank 17), Chairman – Hussain Ibrahim Alfardan; Darwish Holding (Rank 63), Chairman and Managing Director – Bader Abdullah Al Darwish; Almana Group (Rank 73), Vice Chairman – Saoud Omar H A Almana, Abu Issa Holding (Rank 83), Chairman – Ashraf Abu Issa; and Al Muftah Group (Rank 100), Chairman - Abdulrehman Muftah Almuftah have made it to the ranking of top companies in their respective categories in March issue of Forbes Middle East.

According to Forbes, family businesses on the list have stood the test of time, with six being established in 1800s and 26 established before 1950. Just six were established in 2000s, all of which were formed due to a split or sale of an earlier business or the consolidation of pre-existing assets to form a holding group.

GCC families are the most successful in the family business space, with 34 of the 100 family businesses coming from Saudi Arabia, 28 from the UAE., and seven businesses each from Qatar and Kuwait, it noted.

Big homegrown businesses in the Middle East are not only economic entities but also cultural and social institutions deeply rooted in tradition and heritage. Middle Eastern family businesses, once characterised by traditional sectors such as hospitality, retail, and manufacturing are increasingly diversifying into emerging industries.

The push for innovation and adaptation is crucial in the face of global competition and rapid technological advancements. Many family businesses are investing in research and development, digital transformation, and sustainable practices to secure their place in the evolving market.

In recent decades, Middle Eastern family businesses have undergone a transformation, expanding their horizons beyond regional borders and venturing into the global arena.

Apart from the traditional real estate as well as hospitality investments in Europe and the US, Middle Eastern families are now investing in tech startups as well as sustainability ventures, in both the developed and developing world.

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