Mr. Kamel built his empire on the strength of contracting deals with the Saudi government, before expanding into banking and real estate and even venturing into media – his true passion. Kamel founded Middle East Broadcasting Centre (MBC) and Arab Radio & Television (ART). Kamel also personally owns 55% of Albaraka Banking Group, a conglomerate that runs a number of vast Islamic banking operations, as well as real estate, construction and manufacturing interests.
This year the Bahrain-based group signaled its intention to list its shares in Bahrain and Dubai and also open more than 50 branches in Indonesia, Malaysia and India by 2007. ABG reported net income of US$79.4m in 2005, on revenues of US$393.2m. Retail banking accounted for about 75% of turnover, with the remainder coming from treasury, investment and corporate banking.
ABG has said it plans to raise a further US$200m by issuing a sukuk once ABG has secured a rating. Kamel has also hinted that he might float his Dallah al-Sihhiya health subsidiary as well as some other divisions. Kamel has been a major investor in Lebanon and joined a group of Arab investors to launch a campaign to raise US$2bn for reconstruction and aid in the war-ravaged country.
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