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Kristalina Georgieva To Serve As IMF Chief For Second Term

The IMF Board commended Georgieva’s “strong and agile leadership during her term, navigating a series of major global shocks.”

The Executive Board of the International Monetary Fund (IMF) on Friday selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024.

The board’s decision was taken by consensus, according to a statement by the coordinators of the Executive Board, Afonso S. Bevilaqua and Abdullah F. BinZarah.

The decision was made nearly a week after the coordinators announced that Georgieva, the IMF’s current Managing Director, is the only candidate for the position, Xinhua news agency reported.

“In taking this decision, the Board commended Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks,” the statement said.

Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than $360 billion in new financing since the start of the pandemic for 97 countries, debt service relief to the Fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation equivalent to $650 billion, the statement noted.

Under her leadership, the Fund introduced innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window.

It also secured a 50 per cent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub-Saharan African chair to the IMF Board.

“Looking ahead, the Board welcomes Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership,” the statement said.

Georgieva, a national of Bulgaria, has been the IMF’s Managing Director since October 1, 2019.

Before joining the Fund, Georgieva was Chief Executive Officer of the World Bank from January 2017 to September 2019, during which time she also served as interim President of the World Bank Group for three months.

She previously served at the European Commission as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, and as Vice-President for Budget and Human Resources.

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Arab News Finance Investment

UAE’s banking sector archives 10.2 percent annual growth

banking sector representative image

Savings Deposits in banks have been on a consistently upward trajectory in recent years… reports Asian Lite News

According to recent statistics from the Central Bank of the UAE (CBUAE), savings deposits in the UAE banking sector, excluding interbank deposits, grew by 10.2 percent annually, reaching AED270.48 billion at the end of January 2024 compared to approximately AED245.54 billion in January 2023, attracting around AED25 billion.

The local currency, the dirham, accounted for the largest share of savings deposits, about 82 percent or AED222.01 billion, while the share of foreign currencies amounted to 18 percent or AED48.4 billion.

Savings Deposits in banks have been on a consistently upward trajectory in recent years, rising from AED152 billion at the end of 2018 to AED172.2 billion in 2019, and reaching AED215.2 billion in 2020, AED241.8 billion in 2021, and AED245.8 billion in 2022.

The Demand Deposits increased to AED1.001 trillion at the end of January 2024, with an annual growth rate of 9.5 percent compared to AED914.74 billion in January 2023, an increase equivalent to AED86.6 billion.

Demand Deposits total comprised AED720.55 billion in the local currency, the dirham, accounting for 72 percent, and around AED280.8 billion in foreign currencies, accounting for 28 percent.

Demand Deposits continued to grow in recent years, rising from AED577.6 billion at the end of 2018 to AED599.6 billion at the end of 2019, AED696.8 billion at the end of 2020, AED848 billion in 2021, and AED907.3 billion in 2022.

According to the Central Bank’s bulletin, Time Deposits reached AED796.9 billion at the end of January 2024, with a 30.3 percent annual increase compared to about AED611.69 billion in January 2023, an increase of AED185.2 billion.

The local currency, the dirham, accounted for the largest share of time deposits, about 60 percent or AED474.88 billion, while the share of foreign currencies amounted to about 40 percent or AED322.04 billion.

ALSO READ : Arab Bank Group Posts Impressive 59% Profit Growth

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Arab News Business Finance

Abu Dhabi private sector achieves remarkable growth

representative image

In 2023, the private sector continued its strong growth, reaching AED 338.9 billion, up 35% compared to 2016. Supported by private sector and family-owned businesses, Abu Dhabi non-oil sectors is going from strength to strength…. reports Asian Lite News

The Abu Dhabi Department of Economic Development (ADDED), in collaboration with the Abu Dhabi Investment Office (ADIO), organized the second edition of the Al Multaqa quarterly meetings, aiming to strengthen partnerships with the private sector and family offices. The meetings provided the business community with updates on the Emirate’s economy and achievements in 2023, while also emphasizing future opportunities.

Launched in Q4-2023, Al Multaqa Meetings empower Abu Dhabi’s to accelerate economic growth, by providing a platform for ongoing dialogues to support investment and the development of new policies that further enhance the Emirate’s business environment.
In 2023, the private sector continued its strong growth, reaching AED 338.9 billion, up 35% compared to 2016. Supported by private sector and family-owned businesses, Abu Dhabi non-oil sectors is going from strength to strength, recording a growth of 9.1 per cent during 2023 to AED 610 billion to contribute 53.4% of total real GDP.

Addressing Al Multaqa meeting, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said: “The importance of our collaborative efforts is reflected in Abu Dhabi’s growth indicators. Remarkably, we managed to achieve this strong performance despite global challenges, reflecting the strength and resilience of our ‘Falcon Economy’ and its ability to soar to new heights.”
“Backed by decades-long experience, the private sector and family-owned businesses in Abu Dhabi continue to contribute to economic diversification as evidenced by their share in the highest growing non-oil sectors”.


Family-owned businesses in Abu Dhabi represent 50 per cent of companies in the construction sector, which grew by 13.1 per cent in 2023 compared to 2022, reaching more than AED97 billion; 60 per cent in the finance sector, which rose by 25.5 per cent to AED79 billion; 80 per cent in the wholesale trade sector, which achieved a growth of 7.9 per cent, to reach AED63 billion; and 70 per cent in the transportation sector, which rose by 17.1 per cent during past year.


Al Zaabi added: “In our first meeting, we underlined the crucial role that family offices and private sector play in Abu Dhabi and the UAE’s success. Today, I reiterate the importance of discussing promising opportunities, analyse challenges, and work together to overcome them. We are organising these meetings to ensure the exchange of opinions and to benefit from the extensive experiences and knowledge.”


Abdulla Gharib Alqemzi, Acting Director General of the Statistics Centre – Abu Dhabi, delivered a comprehensive presentation about economic performance of the Emirate during the past 10 years, which saw a 28.5 per cent growth of non-oil GDP, from AED 474.6 billion in 2014 to AED 610 billion in 2023, and a 19 percent rise of total real GDP, from AED 960.1 billion in 2014 to AED 1.14 trillion in 2023.


Alqemzi highlighted major sectors contributing to economic diversification efforts, including manufacturing, construction, finance, trade, transportation, real estate, and ICT.

Abu Dhabi Investment Office (ADIO)’s Musataha Programme revealed several investment opportunities offered to the private sector, enabling investors to develop government-owned land. ADIO also announced investment opportunities in the sports field in different areas of the Emirate in addition to new sites that will be offered to develop feed-selling markets.


ADIO has signed agreement with Dustour Marine Wooden Boats Trading Est. to establish a new state-of-the-art project to support the Emirate’s coastal development in line with urban, social, recreational, and economic expansion plans.


ADDED’s Industrial Development Bureau (IDB) and SMEs sector shared significant updates to further improve ease of doing business and enable the private sector to benefit from ample opportunities provided by development plans.

ALSO READ : Arab Bank Group Posts Impressive 59% Profit Growth

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Business Finance Investment News

Gold prices surged to an all-time high

Spot gold hit $2,304.09 per ounce, remaining steady at $2,299.28 per ounce as of 0343 GMT. Meanwhile, spot silver fell to $27.08 per ounce, platinum edged down to $935.39, and palladium rose to $1,017.83…. reports Asian Lite News

Gold prices surged to an all-time high on Thursday following Federal Reserve officials’ reaffirmation of anticipated interest rate reductions in 2024, as reported by Reuters.

Spot gold was steady at $2,299.28 per ounce as of 0343 GMT and hit a record high of $2,304.09 earlier in the session. Bullion has hit record highs in each session since last week’s Thursday.

Spot silver fell 0.5% to $27.08 per ounce, platinum edged down 0.1% to $935.39 and palladium was up 0.4% at $1.017.83.

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Finance Lite Blogs

Securing a prosperous future

Through informed decision-making and strategic planning, women can unlock the full potential of their investments, ensuring a prosperous future for themselves and future generations. Here are four essential tips women must consider while investing outlined by Swati Saxena, Founder and CEO of 4 Thoughts Finance…reports Asian Lite News

In today’s dynamic financial landscape women emerge as influential investors, reshaping conventional perceptions and forging their path to economic empowerment.

Despite encountering challenges like financial literacy gaps and gender biases, women demonstrate resilience and skill in navigating the intricacies of the marketplace. From managing household finances to exploring equity markets, they bring a unique perspective driven by emotional intelligence and long-term vision.

Recognizing the significance of financial planning, there is a growing call to address barriers and create inclusive opportunities. By embracing their financial journey as a nurturing process, women can craft portfolios aligned with their values, aspirations, and risk tolerance.

Through informed decision-making and strategic planning, women can unlock the full potential of their investments, ensuring a prosperous future for themselves and future generations. Here are four essential tips women must consider while investing outlined by Swati Saxena, Founder and CEO of 4 Thoughts Finance.

Improve financial literacy: Comprehending the complexities of financial products calls for strong financial literacy to avoid pitfalls. It is vital to possess knowledge of investing measures, stock types, industrial and economic cycles, and management ethics. Proficiency with digital banking and AI-powered financial tools helps in today’s environment. The ability to obtain up-to-date market data online and understand the basics of it is essential. A proficient level of financial literacy will aid the navigation of asset classes and maximize profits in an increasingly competitive environment.

Prioritizing needs and creating a comprehensive financial plan: Investments must have a rationale. They must be linked to objectives like retirement planning, economic independence, and resolving societal inequalities like the gender wealth gap. It’s also essential to save and increase income from investment because disposable income from static sources determines wealth. A clear understanding of risk and personal risk tolerance aids confident investing. Safer options like high-interest savings accounts and riskier ones like individual stocks must be prioritized based on understanding the risk as it suits the investor. It is also essential to review and monitor investments regularly.

Strategize and diversify investments: Investing across a broad range of assets reduces risk by reducing the effect of market volatility. Include mutual funds (note that mutual funds are a basket representing assets, but are themselves not an asset class), stocks, bonds, and insurance. Consult financial professionals to make well-informed judgments and avoid hurried investments. Customization is essential, including a wide choice of inexpensive, tax-efficient investments based on one’s financial condition, risk tolerance, goals and ambitions. Gains and stability are balanced by reducing overall portfolio risk through diversification across asset classes, industries, and geographies. This approach uses market possibilities for optimum returns and resilience against economic fluctuations, even as it synchronizes investments with long-term goals.

A guide for financial well-being: Handling market fluctuations while making the best of investments takes knowledge and expertise that involves effort. An experienced financial advisor provides objective fiduciary guidance to minimize conflicts of interest. Long-term economic success is protected by their understanding of logical, research-backed methodologies and tax-efficient strategies. Advice from experts is crucial in complex circumstances or in optimizing efficiency. Costs and giving up control could be difficult for a person who likes to be in charge but having a professional can provide customized solutions and sound decision-making. Wise investment management to achieve financial objectives is eased by qualified financial experts.

The growing involvement of women in the investment environment is critical in the movement toward financial emancipation and independence. Women may successfully negotiate the difficulties of investing, secure a prosperous future for themselves, and promote greater economic inclusivity by emphasizing financial knowledge, strategic planning, diversification, and seeking mentorship.

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Economy Finance India News

IFC Report: India Fast-Tracking Emission Goals

The report said that the RBI included the small renewable energy sector under its priority sector lending scheme in 2015 itself…reports Asian Lite News

India has significantly developed its climate actions, enabling it towards a path, which will help achieve its Nationally Determined Contributions (NDCs) well before 2030, a report by International Finance Corporation (IFC) has said.

The report titled “Blended Finance for Climate Investments in India”, which was released on Tuesday, noted that India is the only G20 nation which is in line with 2 degrees warming compared to its fair share contribution to climate action.

NDCs are at the heart of the Paris Agreement and the achievement of its long-term goals. They embody efforts by each country to reduce their national emissions and adapt to the impacts of climate change.

The report said that the RBI included the small renewable energy sector under its priority sector lending scheme in 2015 itself.

“Since the first issuance of green bonds that year, India has developed the second largest green bonds market among emerging economies with cumulative issuances worth more than $10 billion by private companies and public sector entities,” it noted.

The IFC report also said that at the end of April 2021, India had taken its commitments to green finance one step further when the RBI became the member of Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

This, it said, will go a long way in strengthening the financial sector’s response to climate change and developing a much stronger and more coherent, coordinated and credible policy framework to support green investment.

At the Paris “One Planet Summit” in December 2017, eight central banks and supervisors had established the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

The network’s purpose is to help strengthening the global response required to meet the goals of the Paris agreement and to enhance the role of the financial system to manage risks and to mobilise capital for green and low-carbon investments in the broader context of environmentally sustainable development.

Meanwhile, talking about the most recent measures, the IFC report stated that the Indian government had proposed to issue sovereign green bonds in 2022-23 for mobilising finance for green infrastructure projects.

As on February 2023, 50 per cent of the total target of about $2 billion of green financing has been raised in the first tranche, it stated.

The report also highlighted the Panchamrit commitments announced by Prime Minister Narendra Modi to meet India’s COP26 ambitions.

It pointed out that as of February 2023, renewable energy sources contributed to 41 per cent of India’s total installed capacity and the country stands fourth globally in terms of total renewable energy installed capacity.

India is committed to meet 50 per cent of its energy requirements from renewable energy by 2030, the IFC report said.

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Business Finance Investment

FIRST PERSON: Sukhvinder Gill

The transition from derivatives trading to venture capital was quite an extraordinary journey for me. I thrived on the intraday volatility and the adrenaline rush that comes with trading; however, the strategic thinking and the long term vision required to build successful businesses as a VC investor pulled me in. Why did I do it?

1. Passion for Innovation: Being a visionary- working with RedCloud Technologies to raise their funding round has given me first-hand foray into the journey that founders endure in raising funds for a tech startup. Venture capital is a natural outlet for my strong interest in using technology and innovation to solve real-world problems.

2. Long-Term Investment: Derivative trading often involves short-term speculation and can be highly volatile. Venture capital, on the other hand, involves long-term strategic thinking. This aligns perfectly with the wealth of experience I have gained in my 30-year career.

3. Diversification: transitioning to venture capital allows me to diversify my investment portfolio. It has allowed me to spread my interest across a range of companies rather than being heavily reliant on one market or asset class.

Sukhvinder Gill

4. Desire for hands-on involvement: in venture capital you have the opportunity to work closely with your portfolio companies, providing strategic guidance and mentorship. I maintained a more hands-on role when building and running trading floors As an investor I am able to take this to the next level.

5. Aligning Personal Values: venture capital allows you to support and invest in companies that align with your personal values and interests. I am passionate about tech, and AI, particularly around the B2B and commerce space.

7. Potential for High Returns: venture capital has the potential for significant returns – if you believe in your ability to identify and build on winning ideas and companies.

The Big Apple

I am choosing New York City to set up my investment firm (think of it as VC reinvented) for several reasons:

1. Access to a Diverse Ecosystem: New York City is a global business hub with a diverse and thriving ecosystem that includes finance, media, technology, healthcare, fashion, and more. This diversity allows access to a wide range of industries, talent, and capital.

2. Strong Financial Sector: New York City is the world’s financial capital, with a concentration of investment banks, private equity firms, and hedge funds, allowing for strategic partnerships and capital raising.

4. Media and Advertising Expertise: New York knows how to use the media and advertising which are crucial for many tech startups.

5. Diverse Talent Pool: New York’s population is incredibly diverse, making it easier for startups to find talent from various backgrounds and skill sets. This diversity can be a competitive advantage for startups looking to build teams with different perspectives and experiences.

6. Exit Opportunities: New York City provides access to a robust ecosystem of potential exit opportunities, including mergers and acquisitions (M&A) and initial public offerings (IPOs). The presence of major stock exchanges like the NYSE and NASDAQ facilitates access to public markets.

7. Quality of Life: New York City offers a high quality of life with diverse cultural amenities, a vibrant social scene, and a thriving arts and culture scene. This can be appealing to entrepreneurs and investors looking for an exciting and enriching environment.

The proverb “fortune favours the bold” has been a Northstar for me. The vision is clear.

(Sukhvinder Gill is an investor and venture capitalist)

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Business Finance Investment

Perfios Reports Strong Growth with 100% YoY Revenue Increase

Perfios has displayed strong financial standing by achieving revenue targets of 100 per cent YoY growth and constantly improving its bottomline…reports Asian Lite News

Global B2B software-as-a-service (SaaS) company Perfios on Monday announced to raise $229 million in its Series D funding from leading private equity investor Kedaara Capital.

The fundraise, through the combination of a primary fund raise and a secondary sale, is one of the largest investments in an Indian B2B SaaS company this year.

Perfios, a market leader in India with a strong footprint in the Middle East and Southeast Asia, said it plans to deploy the funds in fuelling its continued global expansion plans in North America and Europe. 

The company also plans to invest in new-age technologies to enhance its comprehensive stack of Decision Analytics SaaS products to solve the entire end-to-end customer journey across banking, insurance and embedded commerce.

“Led by one of the strongest teams in the space, Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally,” said Nishant Sharma, Founder and Managing Partner, Kedaara Capital.

Perfios has displayed strong financial standing by achieving revenue targets of 100 per cent YoY growth and constantly improving its bottomline. 

With a current footprint in 18 geographies, Perfios continues to expand their business in global markets.

“This investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe,” said Sabyasachi Goswami, CEO, Perfios.

“This funding underscores not just our achievements and the tireless dedication of our employees, but also our commitment to employee wealth creation through ESOPs,” added VR Govindarajan, Co-Founder and Chairman, Perfios.

With Bessemer Venture Partners joining in 2017 during the Series A round and Warburg Pincus in 2019’s Series B, Perfios has garnered significant backing from leading investors over the years. 

Founded in 2008, Perfios is serving the banking, financial services and insurance industry in 18 countries, empowering more than 1,000 financial institutions. 

Perfios delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and processes 1.7 billion transactions a year with an AUM of $36 billion.

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Business Finance UAE News

The Rise of Islamic Microfinance: A $60 Billion Industry with a Noble Mission

Addressing this need head-on, AlHuda CIBE, a renowned Islamic finance consultancy and advisory firm since 2005, has established the Center of Excellence for Islamic Microfinance…reports Asian Lite News

The global Islamic microfinance industry has reached a significant milestone, surpassing $60 billion in value within the $3.8 trillion Islamic finance landscape. This achievement highlights the growing recognition of Islamic microfinance as a potent tool for poverty alleviation. The industry’s potential to bridge financial gaps while adhering to Shariah principles positions it as a viable alternative for fostering financial inclusion and tackling global poverty challenges.

Despite ongoing efforts and UN Millennium Goals, global poverty eradication remains unachieved. This challenge is particular in Muslim majority countries, where conventional financial structures often hinder progress due to their reliance on prohibited elements like Riba (interest). Financial exclusion due to these factors underscores the necessity for alternative financial solutions that are Shariah-compliant.

Addressing this need head-on, AlHuda CIBE, a renowned Islamic finance consultancy and advisory firm since 2005, has established the Center of Excellence for Islamic Microfinance. This initiative aims to introduce Islamic microfinance as a powerful poverty alleviation tool in diverse countries around the world. AlHuda CIBE’s impactful projects have earned them a reputation for collaborating with esteemed international organizations, including the United Nations (UN), World Bank (WB), IFC, Asian Development Bank (ADB), USAID, GIZ, and Islamic Development Bank (IsDB). The firm has also extended its services to various central banks, rural development initiatives in different countries, agricultural development projects, and numerous other developmental ministries at the micro-level. Over its operational history, the consultancy firm has successfully executed more than 45 diverse projects through its Center of Excellence, which is composed of dynamic and dedicated team members operating under the guidance of vigilant management.

Mr. Muhammad Zubair, CEO of AlHuda CIBE, emphasized the crucial role Islamic microfinance plays in tackling global poverty. Despite its promising growth, the industry represents just 2% of the total Islamic finance landscape. To truly uplift populations living under the poverty line, he emphasized the need for exponential contributions.

Mr. Zubair called for the rapid introduction of Shariah (Islamic) FinTech services, a revolutionary concept combining Islamic finance, microfinance, and cutting-edge technology. This three-fold approach, he believes, holds the key to achieving the UN’s top priority goal of poverty alleviation.

He further added, In the context of Muslim-majority countries, there exists a unique challenge where the poor population is proportionally twice as large. This demographic reality underscores the pressing need for inclusive financial solutions tailored to these nations. Remarkably, a staggering 72% of the unbanked population hails from these Muslim-majority countries, indicating a substantial gap in financial inclusion. The financial exclusion experienced by a significant portion of these inhabitants underscores the critical importance of addressing this issue with innovative and relevant approaches. This disparity not only represents an economic hurdle but also a social and developmental imperative that necessitates immediate attention. Islamic microfinance serves as a compatible and highly viable solution, seamlessly integrating with various micro-credit lending approaches such as Grameen lending, village banking, co-operative societies, credit unions, self-help groups, and commercial microfinance models. This synergy enhances its efficacy in addressing the pressing issue of financial inclusion within these communities.

Shariah FinTech’s cross-border accessibility and less regulated nature make it a game-changer in the financial world. As technology, including blockchain, cryptocurrencies, DiFi, and the Metaverse, merges with microfinance, accessing Islamic microfinance services becomes more convenient. This integration empowers impoverished populations, fosters financial inclusion, nurtures new startups, and drives expansions in existing small businesses.

To expedite progress, Mr. Zubair urged experts, governments, and central banks to collaborate on introducing FinTech regulations, creating an enabling environment for innovation. By embracing Islamic Microfinance and Shariah FinTech services, the world can become closer to achieving the UN’s Sustainable Development Goals, making steps towards a more inclusive and poverty-free world.

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Business Finance UAE News

Saudi , UAE lead Forbes’ Arab family business ranking

The 11 billionaires on this year’s list are worth $27.7 billion collectively…reports Asian Lite News

Forbes Middle East has revealed its flagship annual list of the Top 100 Arab Family Businesses for 2023, showcasing MENA’s most exceptional legacy businesses that have not only endured through generations but are now making waves on the region’s stock markets.

Determined to honor the profound heritage and triumphs of Arab family businesses, Forbes Middle East meticulously evaluated each conglomerate based on the size and performance of their holdings, business activity, age, and legacy, as well as their remarkable geographical and sector diversification. Notably, over 60% of the esteemed listees are major shareholders in companies listed on regional stock exchanges, many of which were founded by their families.

Demonstrating the kingdom’s profound business prowess, Saudi-headquartered family businesses dominate with 33 entries, holding four of the top 10 positions. Trailing close behind, the UAE boasts an impressive 29 entries, followed by Egypt with nine and Qatar with eight.

Amidst these giants, six venerable family businesses have defied time, thriving since the 1800s. Morocco-based O Capital Group is the youngest listee, founded in 2021, signifying the boundless potential and ambition of Arab family businesses. Established by billionaire founder and chairman Othman Benjelloun, O Capital Group has strategic partnerships with Air Arabic Maroc, Aman Resorts Group, and The Bank of Africa. Benjelloun and his family had a net worth of $1.3 billion as of July 2023.

Leading this year’s prestigious list is Egypt’s powerhouse, the Mansour Group. With a combined net worth of $6.4 billion, Yasseen, Mohamed, and Youssef Mansour are among the billionaires featured on the 2023 ranking. The 11 billionaires on this year’s list are worth $27.7 billion collectively.

Climbing the ranks, SEDCO Holding is the only newcomer to this year’s top 10, leaping from the 14th spot in 2022. This Saudi investment firm owns 35% of Nahdi Medical Company, which raised $1.4 billion in 2022, marking the kingdom’s largest IPO since Aramco’s listing.  

Embracing innovation, Arab family businesses are also pioneering change through startup investments. For example, the Mansour and Abdel Latif Jameel families are backing global startups, and the Tamer Group acquired Mumzworld, a childcare e-commerce company, in 2021. The Arab business landscape is embracing the future with boundless enthusiasm.

Top 10 Arab Family Businesses In The Middle East 2023

1| Mansour Group

  • Country: Egypt
  • Established: 1952

2| Al-Futtaim Group

  • Country: U.A.E.
  • Established: 1930

3| Olayan Financing Company (OFC) 

  • Country: Saudi Arabia
  • Established: 1947

4| Al Ghurair Investment

  • Country: U.A.E.
  • Established: 1960

5| Majid Al Futtaim Holding

  • Country: U.A.E.
  • Established: 1992

6| Abdul Latif Jameel

  • Country: Saudi Arabia
  • Established: 1945

7| Al Muhaidib Group

  • Country: Saudi Arabia
  • Established: 1943

8| SEDCO Holding

  • Country: Saudi Arabia
  • Established: 1976

9| Al Ghurair Group

  • Country: U.A.E.
  • Established: 1960

10| Al Faisal Holding

  • Country: Qatar
  • Established: 1964

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