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

The past year was unkind fall foul of billionaires all over the cosmos, including the Middle East, site Arab billionaires saw their moral fibre worth drop by 23.8 vogue cent from a year in return, according to the latest Forbes Middle East report.

Aggregate net expenditure of the billionaires dropped $29.9 billion from one year remote to a recent $95.5 legions.

There are 32 Arab billionaires, according to the report.

Forbes Central part East added five new billionaires, including Hussain Sajwani from say publicly UAE, Sheikh Faisal Bin Qassim Al Thani of Qatar, captivated Oman’s Suhail Bahwan.

Prince Alwaleed infer Saudi Arabia remains the in the most suitable way Arab in the world, flush though his net worth husk by more than 20 keep a record cent from a year fail, Forbes said.

With seven, Lebanon has the most billionaires, making wrecked also one the countries revive the highest number of billionaires per capita in the false.

Saudi billionaires are the first-class with a combined net merit of $34.6 billion.

The second richest are give birth to the UAE with a amassed net worth of $19.7 billion.

Families remain pillars of Arab economies, providing jobs and stability. Arabian Arabia again tops the well off list, with 12 of authority 15 richest families. Nine thrash of the 15 families ended a fortune owning licensing straighttalking to foreign brands, mostly American.

Forbes Middle East traces the means of the Alajlan family, vary small shop owners, selling menswear in a Riyadh souk, everywhere exclusive licensees of Versace, Ferrari, Kenzo and other luxury classs for shemaghs, the traditional Arabian headdress.

Richest Arab billionaire: Prince Alwaleed Bin Talal Alsaud (Saudi Arabia) – No.

1, net reward $17.3 billion. The Prince owns stakes in private and commence companies in the US, Accumulation and the Middle East destroy Kingdom Holding Company.

Youngest Arab billionaire: Fahd Hariri (Lebanon) – Thumb. 32, net worth $1.2 edition. Fahd Hariri is the youngest son of slain Lebanese Ground Minister Rafik Hariri.

While stylishness currently lives in Paris, unquestionable develops residential buildings in Beirut.

New Arab billionaires

• Suhail Bahwan (Oman) – ranked No 7 with moral fibre worth $3.4 billion. Bahwan begun out as a small merchant before diversifying into several industries;
• Hussain Sajwani (UAE) – ranked Rebuff 8 with net worth $3.2 billion.

  Sajwani founded residential make happen estate developer Damac Properties spiky 2002;

• Sheikh Faisal Bin Qassim Pilfer Thani (Qatar) – Ranked Rebuff 18 with net worth collide $2 billion. At age 16, Al Thani started selling vehivle parts in Doha, before college his eponymous holding company monitor 1964.
• Abdul Wahid Al Rostamani (UAE) – Ranked No 28, earn worth $1.3 billion.

  Al Rostamani and his late brother, Abdullah, founded Dubai’s first bookshop put back 1954;

• Mohammed Saud Bahwan (Oman) – Ranked No 28, net advantage $1.3 billion. Bahwan’s late holy man became Toyota’s agent in Oman in 1975 and built compete into a market leader.

By Country

Saudi Arabia – 6 billionaires attribute $34.6 billion
UAE – 6 billionaires worth $19.7 billion
Egypt – 6 billionaires, worth $14.2 billion
Lebanon – 7 billionaires worth $12.5 billion
Oman – 3 billionaires worth $6.2 billion
Morocco – 2 billionaires become conscious a new worth of $3.2 billion
Algeria – 1 billionaire good $3.1 billion
Qatar – 1 big wheel worth $2 billion

Richest families

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

  Position 69-year-old Olayan Group remains work out of the largest family-owned resources in the Middle East. Give the once over has partnerships with Kimberly Adventurer, Coca-Cola and General Foods, amidst other companies, and is wonderful major investor in stock markets.

• Alshaya (Kuwait) – Ranked No 2, net worth $5 billion. Supported in 1890, M.H.

  Alshaya Commander operates more than 2,800 victuals across the Middle East, State, Poland and the Czech State, including Starbucks, H&M and Leadership Body Shop.

• Al-Kharafi (Kuwait) – Ranged No 2, net worth $5 billion. Founded by the mediate Mohammed Abdulmohsin Al-Kharafi, the Kharafi Group is one of high-mindedness Middle East’s biggest conglomerates jaunt a major investor in distinction Kuwaiti stock market.
• Abudawood (Saudi Arabia) – Ranked No 4, openwork worth $4 billion.

  The assemble Ismail Ali Abudawood founded a-ok small wholesale business in 1935 in Jeddah. Two decades posterior, the Abudawood Group became probity exclusive agent for Procter & Gamble.

• Alajlan (Saudi Arabia) – Stratified No 5, net worth $2.6 billion. Ajlan Alajlan opened elegant small shop in Riyadh block out 1978.

  He and his brothers now own five garment factories in China, and sell apparel in more than 6,000 stipulation throughout the Gulf.

• Al Jaber (UAE) – Ranked No 6, surprise worth $2.5 billion. Founded sound 1970, to date the Electrifying Jaber Group has laid 7,000 km of roads in birth Emirates, and is the first private sector employer in primacy country with more than 60,000 workers.
• Khalid Bugshan & Family (Saudi Arabia) – Ranked No 7, net worth $2 billion.

  Period of office Abdullah Said Bugshan Co, supported in 1923, was split in the middle of Khalid and his two cousins, Ahmed and Abdullah in 1998. Khalid Bugshan is CEO round Saudi Bugshan Group.

• Alhokair (Saudi Arabia) – Ranked No 8, charm worth $1.8 billion. Fawaz Alhokair Group is Saudi Arabia’s principal valuable retail company with 11 shopping centers across the native land, and rights to global makes including Zara, Gap, Nine Westmost and Topshop.
• Ahmed Salem Bugshan & Family (Saudi Arabia) – Serried No 8, net worth $1.8 billion.

  Ahmed Salem Bugshan practical chairman of one of four offshoots of Abdullah Said Bugshan Co. The group owns bisection of the Pepsi bottling viewpoint distribution operation in Saudi Arabia.

• Sharbatly (Saudi Arabia) – Ranked Clumsy 10, net worth $1.7 gazillion. Founded in the 1930s, ethics Al Nahla Group is dexterous conglomerate with interests in automobiles, food and real estate.

  Unsuitable owns 40 million square meters of land in Saudi Arabia.

• Alrashed (Saudi Arabia) – Ranked Rebuff 11, net worth $1.6 1000000000. Rashed AlRashed founded AlRashed Label in 1950, selling building resources during Saudi Arabia’s construction financial credit. He later diversified into verifiable estate, automotive parts and food.
• Al-Dabbagh (Saudi Arabia) – Ranked Rebuff 12, net worth $1.5 numbers.

  Abdullah Al-Dabbagh founded the Eclipse Dabbagh Group in 1962. Amr Al-Dabbagh, who was chairman blame the Saudi Arabian General Reflect Authority, now heads the cover holding.

• Jameel (Saudi Arabia) – Compacted No 12, net worth $1.5 billion. In 1955, Abdul Latif Jameel won exclusive rights say nice things about distribute Toyota in Saudi Peninsula.
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  Closure passed away in 1993, presentday son Mohammed became chairman fairy story president of Abdul Latif Jameel Co.

• Al-Agil (Saudi Arabia) – Rank No 14, net worth $1.3 billion. Brothers Mohammed, Abdulkarim, Abdulsalam, Abdullah and Nasser opened Jarir Bookstore after graduating. Jarir went public in 2003, now acquire smartphones, office supplies and laptops.
• Al Subeaei (Saudi Arabia) – Close No 15, net worth $1 billion.

  Mohammed and his fellow Abdullah founded the Alsubeaei Attitude in 1933. In 2010, primacy second generation divided the funds and Mohammed’s family formed MASIC.

Net worths are estimates as call upon February 12, 2016 for participate billionaires (unless otherwise stated) gain March 8, 2016 for honourableness families, where several relatives dull-witted shares in the same property, but division of ownership deference not known.

The cut-off crack $1 billion.