Two Omanis find place in the latest list of region’s richest

Muscat: Oman’s Sheikh Suhail Bahwan and Mohammed Saud Bahwan are among the five new billionaires from the region included in the Forbes Middle East list. Altogether, the Sultanate has three billionaires, whose worth is valued at $6.2 billion.
Sheikh Suhail Bahwan started out as a trader before diversifying into several industries, whereas Mohammed Saud Bahwan’s late father became Toyota’s dealer in Oman in 1975 and built it into a market leader, according to a statement from Forbes.
Other three billionaires added to the list include Hussain Sajwani of the UAE, ranked 8, with net worth of $3.2 billion; Sheikh Faisal bin Qassim Al Thaniof Qatar, ranked 18, with a net worth $2 billion; and Abdul Wahid Al Rostamaniof the UAE, ranked 28, with net worth $1.3 billion.
Prince Alwaleed of Saudi Arabia remains the No.1 Arab billionaire, even though his net worth fell by more than 20 per cent from a year ago. The net worth of the wealthiest Arab in the list is $17.3 billion. Last year, Arab billionaires saw their net worth drop by 23.8 per cent from a year ago.
‘Forbes Middle East’ is the Middle Eastern arm of the world renowned ‘Forbes’ magazine. Its audience includebillionaires, powerful Arabs and expats, entrepreneurs, senior corporate managers and government officials united by a belief in free enterprise and entrepreneurial values.
At 7, Lebanon has the most billionaires, making it also one the countries with the highest number of billionaires per capita in the world. Saudi billionaires are the richest with a combined net worth of $34.6 billion.
The second richest are from the UAE with a combined net worth of $19.7 billion.
Among the families, Saudi Arabia again tops the rich list, with 12 of the 15 richest families. Nine out of the 15 families made a fortune owning licensing rights to foreign brands, mostly American.
By country, Saudi Arabia has 6 billionaires worth $34.6 billion; the UAE has 6 billionaires worth $19.7 billion; Egypt has 6 billionaires, worth $14.2 billion; Lebanon has 7 billionaires worth $12.5 billion; Morocco has 2 billionaires with a new worth of $3.2 billion; Algeria has 1 billionaire worth $3.1 billion; Qatar also has1 billionaire worth $2 billion.
The 69-year-old Olayan Group of Saudi Arabia remains one of the largest family-owned holdings in the Middle East. It has partnerships with Kimberly Clark, Coca-Cola and General Foods, among other companies.