Lebanon's 'billionaire club': The Mikati, and Hariri brothers on Forbes Middle East 2024 list

Variety and Tech
2024-05-22 | 08:46
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Lebanon's 'billionaire club': The Mikati, and Hariri brothers on Forbes Middle East 2024 list
Lebanon's 'billionaire club': The Mikati, and Hariri brothers on Forbes Middle East 2024 list

In a recently published post, Forbes Middle East shared the Middle East's "Richest Billionaires 2024" list.

According to the magazine, "the Middle East billionaires’ collective wealth amounted to $100.9 billion," adding that "Pavel Durov—the founder and owner of the messaging app Telegram—is the richest man in the Middle East, with a net worth of $15.5 billion in 2024."

With entries coming from countries such as Egypt, the UAE, and India, Lebanon was featured with six billionaires, having a "combined net worth of $11.8 billion."

So, who are they?

Najib Mikati
Net Worth: $2.8 B

Najib Mikati, who currently serves as Lebanon's caretaker prime minister, cofounded M1 Group investment firm.

Mikati and his brother, Taha, founded Investcom in 1982, selling satellite phones at the peak of Lebanon's civil war. 

"They expanded into Africa, where they built cellphone towers in Ghana, Liberia, and Benin, among other countries," Forbes Middle East said, adding: "In 2005, Investcom went public on the London Stock Exchange, and in 2009, South Africa's MTN bought the Mikatis' stake for $3.6 billion."

Taha Mikati
Net Worth: $2.8 B

Taha Mikati is the cofounder of Beirut-based holding company M1 Group, with investments including stakes in MTN, Pepe Jeans, and prime real estate in New York, London, and Monaco. 

Bahaa Hariri
Net Worth: $2.1 B

Ayman Hariri
Net Worth: $1.4 B

Fahed Hariri
Net Worth: $1.2 B

Bahaa Hariri, Ayman Hariri, and Fahed Hariri are the sons of late Lebanese Prime Minister Rafik Hariri.

In the details:
- In 2008, Bahaa Hariri sold his stake in Saudi Oger, the family construction business, to his brother Saad Hariri, the country's former prime minister.

He also founded and chairs Horizon Group, a real estate holding company with investments in Jordan and Lebanon. 

- Ayman Hariri inherited a stake in a Saudi-based construction company, Saudi Oger, and also sold it to his brother Saad in 2014. 

Additionally, he invests in startups via New York-based firm Red Sea Ventures and serves as a cofounder and CEO of Vero, a social media platform that allows users to share music, videos, in addition to photos.

- Fahed Hariri, the youngest son of the late Rafik Hariri, sold his shares in the family construction firm Saudi Oger to his brother Saad Hariri in 2012.

"He invested some of the proceeds in real estate in New York, Paris, and Monte Carlo and Lebanese banks. He is also developing residential buildings in Beirut," the magazine said.

Robert Mouawad
Net Worth: $1.5 B

Robert Mouawad inherited his family's high-end jewelry business that was founded in Beirut in 1890. 

Additionally, he turned over the business' management to his sons.

"Mouawad boasts one of the world's most dazzling gem collections, including Dynasty, a 51.12-carat Russian diamond estimated at nearly $10 million. Robert Mouawad also owns extensive real estate and has developed luxury residences on a man-made island in Bahrain," added Forbes Middle East.

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