Page 88 - Aamir Rehman Gulf Capital and Islamic Finance The Rise of the New Global Players

72 PART I Background and Context

T ABLE 2.6

The Al-Futtaim Group at a Glance 1

Attribute Description
Origins Founded in the 1930s as a trading enterprise; grew into a
conglomerate through the 1940s and 1950s
Number of companies Over 40 companies bear the Al-Futtaim name, not to mention
all the international brands that the group represents through
distribution and franchise agreements
Geographic presence While the UAE is its home market, Al-Futtaim has operations
in Bahrain, Kuwait, Qatar, Oman, and Egypt
Operating divisions • Automotive
• Electronics
• Retail services
• “Overseas” (international)
• Insurance
• Industries
• Real estate
Key retail brands IKEA, Carrefour, Toys ‘R’ Us, Marks & Spencer, Seiko,
Raymond Weil
Key auto brands Toyota/Lexus, Honda, Chrysler/Jeep/Dodge, Volvo, Hertz
Key electronics brands Panasonic, Sanyo, Toshiba, Alcatel

1
Al-Futtaim profile excerpted from Dubai & Co. and based on the corporate Web site and press releases.

useful for broadly illustrating how private wealth in the region is gen-
erally rooted in sprawling family conglomerates (see Table 2.7).
Many of the names listed are owners of well-known conglomer-
ates in their respective countries. In Saudi Arabia, for example, the
Olayan, Al Zamil, and Abdul Latif Jameel families are leading busi-
ness groups with high-profile holdings in (respectively) the financial
services, petrochemicals, and automotive industries. The Al Rajhi fam-
ily is a household name for establishing the Kingdom’s first—and still
dominant—Islamic bank. Saleh Kamel, founder of the Dallah Al
Baraka Group, holds major assets in the financial services sector as
well as in the media industry and beyond. The Bin Mahfouz family is
a major shareholder in National Commercial Bank, Saudi Arabia’s
37
largest bank by market share. The UAE families featured—including
the Al Ghurair, Al-Futtaim, and Gargash families—control significant
conglomerates, and the Al-Tajir Group is a major retailer. A quick scan
of the region’s wealthiest people thus highlights the importance of