The Olayan Group started off as a trucking concern in 1947. In 1954 its founder Suleiman Olayan launched General Trading Company, the group’s food and consumer distribution business and was instrumental in bringing commercial insurance to Saudi Arabia, founding Arab Commercial Enterprises – which went on to become the region’s largest insurance and reinsurance broker. Olayan’s 60th anniversary sees the group owning more than 50 companies, and with hefty stakes in MetLife, Credit Suisse, First Boston and American International Group. Alongside Sulaiman’s widow Mary, the four children – Khaled, Hayat, Hutham and Lubna share the group’s US$7.2bn fortune.
Exel-Saudi Arabia, an Olayan joint venture (with the UK’s Exel Overseas) last year signed a 10-year contract with Saudi Aramco to provide comprehensive logistical services for Saudi Aramco throughout the KSA. Meanwhile, Olayan Financing Company continues to assess opportunities in Egypt via the US$200m investment firm it set up with Majid Al Futtaim Holding, the Dubai-based diversified business house, Oasis Capital Egypt and Orascom Telecom. MAF and Olayan each have a 30% stake in the new company, with the rest held by Orascom Telecom. This is the first time that an alliance between three such dominant corporations has been formed in Egypt. Targeting investments of US$25m to US$35m, the company is seeking majority stake ownerships in underperforming Egyptian firms. Another windfall could come from Sama, Saudi Arabia’s first low-cost airline, in which Olayan is an investor.
Meanwhile, the group’s overseas investments continue to enjoy healthy returns. With state-run Abu Dhabi investment vehicle and Germany’s VW group, Olayan owns LeasePlan, the world’s biggest vehicle management and leasing firm. It also owns 70% of Peel Holdings, one of the UK’s most powerful property developers, which owns Liverpool’s John Lennon Airport, the Trafford Centre shopping complex, the Manchester Ship Canal, Glasgow Harbour and the Mersey Docks.
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