The News
It’s been a good year for the Gulf’s wealthiest — markets lifted the net worth of billionaires while IPOs have created new ones.
The UAE’s Abdulla Al Ghurair, whose fortune climbed 36% to $9.1 billion, saw the biggest growth in his wealth, driven by gains in Mashreq Bank and National Cement, according to Al Eqtisadiah.
In Saudi Arabia, Prince Alwaleed bin Talal added $1 billion to his fortune. Meanwhile, massive demand for new stocks elevated health care executives Ammar and Mazen Fakeeh and media mogul Waleed Al Ibrahim to billionaire status. Saudi IPOs raised $4.1 billion across 16 listings in 2024, and the exchange expects a busy pipeline for 2025.
AD