Egypt?s al-Ahram newspaper publicized the results of a financial study, the source of which was not identified, showing that Arabs from the Gulf region have holdings worth approximately $1.4 trillion in American and European banks. According to the article, the entire sum is owned by only 2000 individuals, with the Arab-run Radio Monte Carlo reporting that 75,000 individuals from one Gulf country alone hold deposits of $700 billion in American, British and Swiss banks. According to the newspaper, ?This wealth has been accumulating over a period of 30 years and has yielded enormous profits to the banks themselves.?
One possible reason for such a concentration of wealth may be the extent to which Gulf companies are actually just family businesses. Dr. Muhammad bin Ibrahim al-Tuwaijri, the Director General of the Saudi Arabian bin Laden Foundation, told London?s Ash-Sharq al-Awsat that family-owned companies ?are the spine of the economies of the Arab countries.? The family companies, which, according to the ash-Sharq al-Awsat article, constitute 95% of all registered companies in the Middle East, fulfill an important role ?in providing services and goods to the population and employment opportunities to a large number of people,? said al-Tuwaijri. In recognition of this reality, and in an effort to assist Arab family businesses, reported the London newspaper, the bin Laden Foundation is organizing a seminar on the challenges such companies face in the new global economy. The seminar will be held in Jeddah, Saudi Arabia, on January 15 and 16.
One possible reason for such a concentration of wealth may be the extent to which Gulf companies are actually just family businesses. Dr. Muhammad bin Ibrahim al-Tuwaijri, the Director General of the Saudi Arabian bin Laden Foundation, told London?s Ash-Sharq al-Awsat that family-owned companies ?are the spine of the economies of the Arab countries.? The family companies, which, according to the ash-Sharq al-Awsat article, constitute 95% of all registered companies in the Middle East, fulfill an important role ?in providing services and goods to the population and employment opportunities to a large number of people,? said al-Tuwaijri. In recognition of this reality, and in an effort to assist Arab family businesses, reported the London newspaper, the bin Laden Foundation is organizing a seminar on the challenges such companies face in the new global economy. The seminar will be held in Jeddah, Saudi Arabia, on January 15 and 16.