An on-off flirtation with French telecoms and media group Vivendi finally bit the dust earlier this year, as the French firm decided not to buy a stake in telecoms group Oger Telecom, which is majority owned by Saudi Oger, which in turn is controlled by the Hariri family. The telecoms group provides fixed line, mobile and internet access to consumers in Turkey, Saudi Arabia, South Africa, Lebanon and Jordan.

Fortunately, the group is easily capable of withstanding such a blow. Saudi Oger Group was established in 1978 after Hariri merged his company Sekonest, with Oger, a French firm. The company today is a diversified construction company that is now run by Saad and Bahaa Hariri, the eldest sons of the former premier. In addition to being engaged in building, construction and maintenance, the group is also heavily invested in printing and publishing operations.

In 2003, Saudi Oger acquired 11% of the Jordanian-based Arab Bank for an estimated US$375m. The bank is one of the region’s largest privately-owned banks with Saudi Arabia and Qatar owning minority holdings, and it owns 40% of Saudi Arabia’s Arab National Bank. With an 18% stake the Hariris are the largest single shareholder in the bank, a pillar of the economy that constitutes over 40% of the Amman bourse capitalisation, and the family’s wealth was no doubt boosted this year by news that first-quarter net profit rose 25% to US$187.1m, as the bank maintained growth across the board.

The Hariri family is also Jordan’s largest real estate property investors and ranks among the country’s top foreign investors. The family is currently involved in the US$600m Saraya luxury real estate project in Jordan, developed by the family’s group of companies, and Oger’s first real estate project in Jordan, Al Abdali is a US$1bn joint venture partnership with the government. Work on Al Abdali is currently underway in a bid to develop the capital’s downtown area. Moreover, the family also owns the Future TV station in Lebanon and has interests in a number of Saudi banks.