YK Almoayyed & Sons (YKA) leads the presence of four Bahrainis in the Forbes 2024 Top 100 Arab Family Businesses with YBA Kanoo, Alzayani Investments and Fakhro Group.
Revealed last week, the list sees Saudi Arabia-based Abdul Latif Jameel reigning supreme, with the UAE’s Al-Futtaim Group and Egypt’s Mansour Group completing the top three.
At number 51, YK Almoayyed & Sons Group is the highest ranked family business in Bahrain, with Farooq Almoayed at the helm.
From humble beginnings in the 1930s, the group, also known as YKA, has grown into a major Bahraini conglomerate. Yusuf Khalil Almoayed opened his first store in Manama, selling essential goods. Ten years later, this foundation became YK Almoayyed & Sons. In 1996, Farouk Almoayed took over from his father as chairman.
Today, the group has an impressive portfolio. They are distribution partners for over 300 international brands, a testament to their reach and influence. YK Almoayyed & Sons comprises four subsidiaries: Almoayyed Properties, Ashrafs, Almoayyed Contracting Group and National Concrete Company, providing a diverse range of services. Their workforce exceeds 8,000 employees, highlighting their significant contribution to Bahrain’s economy.
Further cementing its commitment to a flagship brand, the group recently opened a newly renovated Nissan Service Center in December 2023, demonstrating its commitment to customer satisfaction.
Yusuf Bin Ahmed Kanoo Group (YBA Kanoo) is next at number 55.
In 1890, young Yusuf bin Ahmed Kanu, at the helm of a small family shop selling everyday goods, ignited a legacy that would span more than a century. At the age of 22, he took over the reins from his father, laying the foundation for what is now the YBA Kanoo Group.
Today, a testament to their remarkable growth, the group boasts seven distinct divisions. These divisions cover a wide range of services including investments, ventures, travel, shipping, logistics, real estate and industrial and energy solutions (Kanoo Global Investments, Kanoo Ventures, Kanoo Travel, Kanoo Shipping, Kanoo Logistics, Kanoo Real Estate and Kanoo Industrial and Energy).
Their diversified portfolio spans the globe through strategic businesses and joint ventures. The group’s wholly owned operations have a strong presence in the Gulf States (Bahrain, Saudi Arabia, UAE, Oman and Qatar), while their expansion continues in Africa, Europe and Asia.
In May 2023, Kanoo Real Estate partnered with Almoayyed Contracting Group to begin construction of the Kanoo Museum, a project that promises to be a cultural landmark.
Established in 1977, Alzayani Investments with Zayed Rashid Alzayani as its current chairman ranks 82nd on the list.
Today, it has 12 companies in real estate, industrial, automotive, food and beverage and venture capital, including Gulf Closures, which is a joint venture between Aptar Group and Zayani Industries, with a production capacity of two billion caps per year in the Middle East, India subcontinent and Africa. Zayani Motors operates a dedicated truck and bus sales facility and aftermarket facility for Mitsubishi Fuso, while Euro Motors has dealerships for BMW, MINI, Land Rover, Jaguar, Rolls-Royce Motor Cars, Ferrari and Maserati.
Rounding out the kingdom’s presence is the Fakhro Group in 95th place.
Founded in 1888, Fakhro Group today operates in six countries in the fields of automotive, trading, insurance, logistics, ICT, real estate and food and beverage.
Fakhro Restaurants Company currently owns and operates McDonald’s restaurants in Bahrain. Her SunCity Ventures is a Vapiano franchisee in Bahrain, Kuwait, Saudi Arabia and Oman and owns Zayt Zaytoon, a Lebanese fast-food restaurant concept. Fakhro Electronics distributes brands such as Cisco, 3Com, Sony, LG and OKI.
Fakhro Transport owns a budget car rental franchise in Qatar and Bahrain and operates locations at Bahrain International Airport and Hamad International Airport in Qatar.
To compile this list, Forbes Middle East considered only businesses owned or managed by Arab families. The conglomerates were ranked by their size, value, performance, business activity, age, heritage and degree of geographic and sectoral diversification of the business.
GCC families are the most successful in the family business space, with 34 of the 100 firms originating from Saudi Arabia, 28 from the UAE, and seven firms each from Kuwait and Qatar. Combined, these four Gulf countries make up 76 percent of the list.
Sharing an interesting insight, Forbes finds that family businesses in the Middle East are abandoning tradition in favor of innovation. Faced with global competition, these long-established firms (well before 1950) embraced technology, sustainability and global expansion. They invest in everything from electric vehicles to clean energy projects, going beyond hospitality and retail. This change ensures their place in a rapidly changing world, with the GCC leading the way.
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