Omani businessmen, other Arabs feature in Forbes list of richest people
March 10, 2018 | 11:00 PM
by Times News Service
File photo of Suhail Bhawan.

Muscat: Forbes Middle East announced its list of richest Arab billionaires including several from Oman and those who have business in Oman.

Omani businessman, Suhail Bahwan who owns the Suhail Bahwan Group features seventh in the list with a fortune of $3.9 billion. Suhail Bahwan Group has diversified portfolio of investments including construction and automotive.

P.N.C. Menon, owner of Sobha Developers, also came in at 22nd place.

Forbes revealed the Arab billionaires as part of the 2018 Forbes Global Billionaires ranking. The 31 mega-wealthy Arab business tycoons have a combined estimated net worth of $76.7 billion.

Construction and chemical tycoon, Nassef Sawiris, tops the list with an estimated net worth of $6.6 billion. He is followed by three Emirati business moguls—Abdullah Al Ghurair, Majid Al Futtaim and Hussain Sajwani, with an estimated net worth of $5.9 billion, $4.6 billion and $4.1 billion respectively.

Abdullah Al Futtaim, whose company also operates in Oman was also ranked among the top 10 just behind Suhail Bahwan at 8th place.

None of the previous year's Saudi billionaires made it to this year's rankings, as the publication chose to abstain Saudi Arabian billionaires due to reports revolving around their asset seizures. Last year Saudi billionaires were worth $42.1 billion, while this year they were expected to be worth more considering the rise in oil prices and capital markets globally.

As a result, the total wealth of Arab billionaires has fallen from $123.4 billion to $76.7 billion, and 11 have dropped off the charts: last year there were 42; today there are 31.

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