Abdul Aziz Al Ghurair Owner of one of the largest commercial banks Country: UAE

Abdul Aziz Al Ghurair: A Successful Businessman and Philanthropist

Abdul Aziz Al Ghurair, born in 1954, is the chairman and owner of one of the largest commercial banks in the United Arab Emirates. He comes from a prominent business family, as his father is the founder and owner of Mashreqbank. Like his brother, Essa, Abdul Aziz received his education in the United States, specifically at the California Institute of Technology.

After returning to the Emirates, Abdul Aziz started working at the bank that his father established in 1960. By that time, Mashreqbank had become one of the largest banks in the region, specializing in stock market trading and currency exchange. This success was largely due to the booming industrial and economic growth of the oil and gas industry. Despite a decline in profits in 2005-2006, Abdul Aziz Al Ghurair continues to maintain leadership in the financial sector of the UAE. The family was able to navigate through this downturn easily due to diversification of their products and investments.

Not only Abdul Aziz Al Ghurair, but his brother Essa and uncle Saif are also successful businessmen. Essa manages a large flour mill, which is the second-largest in the Middle East. Uncle Saif owns a network of stores and supermarkets, with an annual income of about one billion dollars. However, when the family is mentioned, Abdul Aziz Al Ghurair is often the first to be recognized. This is not surprising, as Mashreqbank is considered the family's most valuable asset, estimated at around eight billion US dollars.

Interestingly, the foundation of the family's wealth lies in pearls. Abdul Aziz Al Ghurair's ancestors began accumulating wealth in the third generation during the flourishing pearl trade. With the funds they accumulated, they were able to establish a bank, which is now the pride of the family. Perhaps, this is why the Al Ghurair billionaire family devotes a significant amount of time to environmental conservation, particularly the Red Sea and coral reefs. They have established a special fund, primarily funded by Abdul Aziz Al Ghurair's financial profits, to support these efforts. Additionally, he is known for his philanthropy and assistance to children, such as the recent fundraising campaign for school construction in Iraq.