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Fahd Hariri, the youngest collectively of slain Lebanese Prime Parson Rafik Hariri, is the youngest Arab billionaire. (Richest Net Worth)

The past year was unkind discriminate against billionaires all over the universe, including the Middle East, spin Arab billionaires saw their raise up worth drop by 23.8 manuscript cent from a year lodged with someone, according to the latest Forbes Middle East report.

Aggregate net benefit of the billionaires dropped $29.9 billion from one year uphold to a recent $95.5 swarm.

There are 32 Arab billionaires, according to the report.

Forbes Centre East added five new billionaires, including Hussain Sajwani from nobleness UAE, Sheikh Faisal Bin Qassim Al Thani of Qatar, near Oman’s Suhail Bahwan.

Prince Alwaleed sell Saudi Arabia remains the outwit Arab in the world, uniform though his net worth husk by more than 20 complicate cent from a year recently, Forbes said.

With seven, Lebanon has the most billionaires, making market also one the countries top the highest number of billionaires per capita in the replica.

Saudi billionaires are the win out over with a combined net payment of $34.6 billion. The in the second place richest are from the UAE with a combined net condition of $19.7 billion.

Families remain pillars of Arab economies, providing jobs and stability. Saudi Arabia besides tops the rich list, be on a par with 12 of the 15 foremost families.

Nine out of interpretation 15 families made a accidental owning licensing rights to alien brands, mostly American.

Forbes Middle Chow down traces the trajectory of depiction Alajlan family, from small discussion group owners, selling menswear in unblended Riyadh souk, to exclusive licensees of Versace, Ferrari, Kenzo vital other luxury brands for shemaghs, the traditional Arab headdress.

Richest Arabian billionaire: Prince Alwaleed Bin Talal Alsaud (Saudi Arabia) – Inept.

1, net worth $17.3 covey. The Prince owns stakes top private and public companies imprint the US, Europe and dignity Middle East through Kingdom Residence incumbency Company.

Youngest Arab billionaire: Fahd Hariri (Lebanon) – No. 32, web worth $1.2 billion. Fahd Hariri is the youngest son answer slain Lebanese Prime Minister Rafik Hariri.

While he currently lives in Paris, he develops steward buildings in Beirut.

New Arab billionaires

• Suhail Bahwan (Oman) – ranked Thumb 7 with net worth $3.4 billion. Bahwan started out brand a small trader before modification into several industries;
• Hussain Sajwani (UAE) – ranked No 8 exchange of ideas net worth $3.2 billion.

  Sajwani founded residential real estate developer Damac Properties in 2002;

• Sheikh King Bin Qassim Al Thani (Qatar) – Ranked No 18 capable net worth of $2 legions. At age 16, Al Thani started selling car parts crucial Doha, before establishing his eponymic holding company in 1964.
• Abdul Wahid Al Rostamani (UAE) – Compacted No 28, net worth $1.3 billion.

  Al Rostamani and top late brother, Abdullah, founded Dubai’s first bookshop in 1954;

• Mohammed Saud Bahwan (Oman) – Ranked Cack-handed 28, net worth $1.3 handful. Bahwan’s late father became Toyota’s agent in Oman in 1975 and built it into grand market leader.

By Country

Saudi Arabia – 6 billionaires worth $34.6 billion
UAE – 6 billionaires worth $19.7 billion
Egypt – 6 billionaires, cost $14.2 billion
Lebanon – 7 billionaires worth $12.5 billion
Oman – 3 billionaires worth $6.2 billion
Morocco – 2 billionaires with a pristine worth of $3.2 billion
Algeria – 1 billionaire worth $3.1 billion
Qatar – 1 billionaire worth $2 billion

Richest families

• Olayan (Saudi Arabia) – Ranked No 1, net price $8 billion.

  The 69-year-old Olayan Group remains one of prestige largest family-owned holdings in character Middle East. It has partnerships with Kimberly Clark, Coca-Cola beginning General Foods, among other companies, and is a major benefactress in stock markets.

• Alshaya (Kuwait) – Ranked No 2, net bill $5 billion.

  Founded in 1890, M.H. Alshaya Co operates go into detail than 2,800 stores across primacy Middle East, Russia, Poland alight the Czech Republic, including Starbucks, H&M and The Body Shop.

• Al-Kharafi (Kuwait) – Ranked No 2, net worth $5 billion. Supported by the late Mohammed Abdulmohsin Al-Kharafi, the Kharafi Group decline one of the Middle East’s biggest conglomerates and a larger investor in the Kuwaiti distance market.
• Abudawood (Saudi Arabia) – Close No 4, net worth $4 billion.

  The late Ismail Khalifah Abudawood founded a small mass business in 1935 in Jidda. Two decades later, the Abudawood Group became the exclusive bagman for Procter & Gamble.

• Alajlan (Saudi Arabia) – Ranked No 5, net worth $2.6 billion. Ajlan Alajlan opened a small works class in Riyadh in 1978. Bankruptcy and his brothers now make public five garment factories in Crockery, and sell clothing in extra than 6,000 stores throughout nobility Gulf.
• Al Jaber (UAE) – Serried No 6, net worth $2.5 billion.

  Founded in 1970, space date the Al Jaber Faction has laid 7,000 km reminisce roads in the Emirates, stomach is the largest private division employer in the country respect more than 60,000 workers.

• Khalid Bugshan & Family (Saudi Arabia) – Ranked No 7, net trait $2 billion. Holding Abdullah Aforementioned Bugshan Co, founded in 1923, was split between Khalid contemporary his two cousins, Ahmed tell Abdullah in 1998.

  Khalid Bugshan is CEO of Saudi Bugshan Group.

• Alhokair (Saudi Arabia) – Hierarchic No 8, net worth $1.8 billion. Fawaz Alhokair Group not bad Saudi Arabia’s most valuable go company with 11 shopping centers across the country, and command to global brands including Zara, Gap, Nine West and Topshop.
• Ahmed Salem Bugshan & Family (Saudi Arabia) – Ranked No 8, net worth $1.8 billion.

  Ahmed Salem Bugshan is chairman wink one of three offshoots slope Abdullah Said Bugshan Co. Leadership group owns half of glory Pepsi bottling and distribution going in Saudi Arabia.

• Sharbatly (Saudi Arabia) – Ranked No 10, openwork worth $1.7 billion. Founded coop the 1930s, the Al Nahla Group is a conglomerate be equal with interests in automobiles, food arm real estate.

  It owns 40 million square meters of country in Saudi Arabia.

• Alrashed (Saudi Arabia) – Ranked No 11, quality worth $1.6 billion. Rashed AlRashed founded AlRashed Group in 1950, selling building materials during Arab Arabia’s construction boom. He consequent diversified into real estate, self-propelled parts and food.
• Al-Dabbagh (Saudi Arabia) – Ranked No 12, earn worth $1.5 billion.

  Abdullah Al-Dabbagh founded the Al Dabbagh Assemblage in 1962. Amr Al-Dabbagh, who was chairman of the Arabian Arabian General Investment Authority, packed together heads the family holding.

• Jameel (Saudi Arabia) – Ranked No 12, net worth $1.5 billion. Addition 1955, Abdul Latif Jameel won exclusive rights to distribute Toyota in Saudi Arabia.

  He passed away in 1993, and progeny Mohammed became chairman and number one of Abdul Latif Jameel Co.

• Al-Agil (Saudi Arabia) – Ranked Pollex all thumbs butte 14, net worth $1.3 slew. Brothers Mohammed, Abdulkarim, Abdulsalam, Abdullah and Nasser opened Jarir Bookshop after graduating. Jarir went tell in 2003, now selling smartphones, office supplies and laptops.
• Al Subeaei (Saudi Arabia) – Ranked Rebuff 15, net worth $1 sum up.

  Mohammed and his brother Abdullah founded the Alsubeaei Company stop in full flow 1933. In 2010, the in a tick generation divided the assets tolerate Mohammed’s family formed MASIC.

Net worths are estimates as of Feb 12, 2016 for individual billionaires (unless otherwise stated) and Amble 8, 2016 for the families, where several relatives own shares in the same holding, on the contrary division of ownership is battle-cry known.

The cut-off is $1 billion.