Most Powerful Business Leaders in Kuwait

The Top 10 list of the most powerful business leaders in Kuwait is compiled and updated bi-annually by the MarcoPolis research team. The numerical rankings take into account the accumulated wealth of each of these business personalities (as per the available data). The Top 10 list is led by Bassam Alghanim, followed by his brother Kutayba Alghanim and Fawzi Al Kharafi.

Kuwait is a country of small geographical area but nevertheless it has a wealthy and comparatively open economy. The country’s petroleum reserves represent nearly half of Kuwait’s GDP and 90% of Kuwait’s government income and export revenues. It is no surprise that Kuwait’s riches have mostly made their money in the oil and energy sector and have then gone on to diversify their interests.

The List – Most Powerful Business Leaders in Kuwait

#1 Bassam Alghanim

Bassam Alghanim’s wealth comes from assets inherited from his father’s conglomerate Alghanim Industries as well as his stake in Gulf Bank. He is no longer involved in the family holding after a bitter fight with his brother Kutayba regarding the division of assets inherited by his father. He has also sued his brother Kutayba alleging that he and his son Omar hacked into his email to gain insight into his affairs. He currently lives in Los Angeles, USA.

#2 Kutayba Alghanim

The brother of Bassam Alghanim also owes his wealth to his inheritance from his father, including his share in Alghanim Industries and a stake in Gulf Bank. His son Omar has taken over the running of the conglomerate Alghanim Industries, which has resulted in a rift between Kutayba and Bassam. He continues to live in Kuwait and is married with three children.

#3 Fawzi Al Kharafi

Kharafi Group is one of the biggest holding companies in the Middle East, M.A. Kharafi & Sons. Fawzi Al Kharafi, brother of the late Nasser Al Kharafi, is the vice chairman of the group. It is a private company with diversified commercial interests and revenues. Even though Kharafi Group has a minor presence in western countries, it has great influence in Albania where it owns two luxury hotels and other real estate properties. It also owns Albania Airlines. It also has significant interests in Egypt where the group has over $2B in investments. He currently lives in Kuwait.

#4 Mohannad Al Kharafi

Mohannad Al Kharafi is the chairman of M.A. Kharafi & Sons, one of the biggest holding companies in the Middle East. He is the younger brother of Nasser Al Kharafi. Like his brothers, he inherited a stake in the Kharafi Group from his father. He currently lives in Kuwait.

#5 Fawaz Al Hasawi

Fawaz Al Hasawi belongs to one of the wealthiest families in Kuwait. The family business interests are in property, hotels, and air conditioning. He made news headlines as he took over Nottingham Forest Football Club, UK. Clearly with an interest in football, Fawaz Al Hasawi was the president of the Kuwaiti Club Qadsia which has won the past four domestic championships. He resigned from Qadsia in 2012 before acquiring the UK football club.

#6 Jawad Ahmed Bukhamseen

The Bukhamseen Holding was established in 1957 and has become a huge multifaceted conglomerate. Initially involved in trade, real estate and construction the family company has entered into financial investment and banking, hospitality, travel, and tourism, industrial production, media and consultancy services, urban planning, civil engineering, and major development projects in Kuwait. It also has holdings in Kuwait International Bank, First Gulf Bank, and Egyptian Gulf Bank. Jawad Ahmed Bukhamseen is a pioneering and well reputed businessman as well as a devout Muslim.

#7 Mohammad Alshaya

Mohammad Alshaya heads one of Kuwait’s wealthiest business conglomerates, the Alshaya Group. The group is involved in a wide range of interests including real estate, construction, hospitality, advertising, and IT in the Middle East. It is also the regional franchisee of many international companies including Starbucks, H&M, Foot Locker, Mothercare, Debenhams, River Island, Topshop, Office Depot, and PF Chang’s. The Group has also expanded into Central Europe including the Czech Republic, Hungary, and Slovakia.

#8 Sheikh Suad Al Humaidhi

Sheikh Suad Al Humaidhi is the widow of the late Sheikh Jaber Al Sabah, a prominent figure of the ruling family of Kuwait. She is a prominent business woman and is Chair of Suad Hamad Saled Al Homaizi Establishment, specialised in general trading and contracting. She is seen as the face of businesswomen in the Middle East. She has stakes in several banks including NBK, the country’s largest lender and she owns commercial and residential property all across the region.

#9 Sheikh Salim Sabah Al Nasser Al Sabah

Sheikh Salim Sabah Al Nasser Al Sabah is the 15th ruler and 5th Emir of Kuwait and is also the Commander of the Military of Kuwait. He holds a 5.4% stake in Ahli United Bank of Kuwait, one of the top 10 companies in Kuwait. In 2010 the Bank became an Islamic bank and in February 2015 the bank’s market capital stood at $5B.

#10 Mohammed Saleh Yousef Behbehani

Mohammed Saleh Yousef Behbehani holds a stake of 6.8% in Al Ahli United Bank of Kuwait. He is also Partner and President of Mohammed Saleh & Reza Yousef Behbehani Co., an exclusive distributor and agent for a number of large international automobile brands. It is one of the most successful and best-selling vehicle dealers in Kuwait and the region. It has won many awards including consistently achieving the “Chairman’s Challenge Award” for five consecutive years. This award is General Motors’ most prestigious award.