Forbes Middle East

Holding On To Heritage

- By Claudine Coletti and Jason Lasrado

Sheikh Faisal Bin Qassim Al Thani, Chairman of Al Faisal Holding, has been building his family legacy for 57 years since starting his first company aged 16. Today Qatar’s wealthiest businessma­n, with a net worth of $1.6 billion, is focused on preserving Arabian culture through his growing museum while his children take care of business.

Sheikh Faisal Bin Qassim Al Thani, Chairman of Al Faisal Holding, has been building his family legacy for 57 years since starting his first company aged 16. Today Qatar’s wealthiest businessma­n, with a net worth of $1.6 billion, is focused on preserving Arabian culture through his growing museum while his children take care of business.

On January 5, 2021, the leaders of some of the largest economies in the Middle East came together at the end of the GCC Summit in Saudi Arabia’s historical city of AlUla to sign the AlUla Declaratio­n—an agreement between them to reconnect and strengthen a forgotten friendship. The small but significan­t gesture was a unified move towards normalizin­g the relationsh­ip between Qatar and the other Gulf countries for the first time in well over three years, after a 2017 dispute saw the small but oil-rich peninsula of Qatar cut off by Saudi Arabia, the U.A.E., Bahrain, and Egypt.

The blockade coupled with the recent pandemic has made Qatar a more independen­t economy. Still, for residents of the Middle East, the peaceful reestablis­hing of old ties means that communicat­ion with and access to the country can start to reopen. And for Qatar, the lifting of the border closures means it can continue full steam ahead with its plans to welcome the world to the FIFA World Cup 2022 in Doha and begin its post-pandemic recovery allied with its powerful neighbors.

For the country’s richest businessma­n, it is simply a fateful next step. “The previous challenges that we faced are history now,” says Sheikh Faisal Bin Qassim Al Thani, Chairman of family conglomera­te Al Faisal Holding and Qatar’s wealthiest businessma­n, with an estimated net worth of $1.6 billion according to Forbes’ 2021 list of the world’s billionair­es. “They are gone, and we should talk honestly without exaggerati­ng or underestim­ating things. The crisis, whether it’s in our country or another, is a fate and destiny.”

The animated but quietly-spoken 73-year-old has good reason to be optimistic­ally wanting to get on with things. Al Faisal Holding is Qatar’s largest private hotel owner, with 34 luxury hotels and approximat­ely 6,600 rooms in its portfolio. Next year, with the pandemic and geopolitic­al tensions behind it, Qatar could welcome up to 1.7 million visitors during the World Cup football tournament, according to the Internatio­nal Civil Aviation Organizati­on. With a population of just over 2.8 million, that’s potentiall­y around 60% more people arriving in Qatar than currently live there. After a tough year, this would undoubtedl­y be a significan­t blessing for the travel and hospitalit­y sector.

Al Thani’s empire spans the globe, with hotels on four continents. His portfolio includes the St Regis in Washington D.C., the St Regis Bal Harbour, W Miami, JW Marriott Istanbul Bosporus, Four Seasons at First Residence Cairo, and the M Hotel in Makkah, located six minutes away from the Haram, the holiest site in Islam. The group also owns hotels in Italy, Germany, the U.S., the U.K., Egypt, Algeria, and Turkey.

Despite this enviable hospitalit­y catalog, Al Thani’s biggest investment is in the Aamal Company, a large conglomera­te listed on the Qatar stock exchange whose main activity is manufactur­ing industrial products, including cement, steel, pipes, and cables. Al Thani founded the company and today owns 70% of its shares—valued at $1.1 billion as of April 2021. Al Faisal Holding also has interests in jewelry, real estate, trading, industrial ventures, and education. The group owns the Gulf English School and the Stenden University Qatar, as well as an equestrian training center and a sports academy.

But Al Thani’s main passion today lies not in business but art and culture. He is currently the owner of one of the largest private collection­s of historical artifacts

in the world, primarily housed at the Sheikh Faisal Bin Qassim Al Thani Museum, which he establishe­d in 1998. Located in the village of Al Samriya, the museum holds more than 30,000 artifacts spanning from the Jurassic Period to the early Islamic era and up to the present day, most of which Al Thani says he sourced himself.

“I have collected around 99% of the pieces in the museum,” says the billionair­e. “I have a collection of rare books and an entire library of manuscript­s. I also have a collection of calligraph­y from all the old calligraph­ers.” Other important pieces include a Quran room that houses a Kiswah—the cloth that covers the Kaaba in the holy city of Makkah. Visitors can also explore a Syrian house from Damascus that was dismantled and reassemble­d at the museum and over 600 vintage cars.

“His enthusiasm for collecting items of historical relevance has always gone hand in hand with his vision of creating and sharing a new cultural heritage for Qatar and beyond,” says Claudio Cravero, Director of the Sheikh Faisal bin Qassim Museum, about Al Thani. “I am honored to be the custodian of such a unique institutio­n.”

In 2013, Sheikh Faisal opened a new museum in the heart of West Bay, Doha’s business district. The Sheikh Faisal Oriental Carpet Museum hosts a wide range of unique carpets, including more

than 500 from Iran, Turkey, India, and Egypt dating from the 17th to the 20th century. “I have valuable and rare carpets with historical significan­ce,” Al Thani reveals. “The masterpiec­e has no home country, and that’s why it is important.”

This desire to promote Middle Eastern culture led to him creating “The Majlis – Cultures in Dialogue” exhibition three years ago in collaborat­ion with Qatar Museums, the UNESCO Doha Office, and the Qatar National Committee for Education, Culture, and Science. The showcase of the traditiona­l Arabian social space was launched in 2018 in France, before traveling throughout Europe over the next two years, visiting Paris, Malta, Vienna, and Madrid. It may resume this year and continue to the U.S.

It is not the first time Al Thani has carried his art across the world. He recalls many times when, having bought a piece in London or Paris, he would gladly fly back to Doha in the middle of his trip to deliver it safely before continuing with his journey. It’s a typical sign of commitment from a leader that has been growing his empire since he was just a teenager.

Al Thani started his first business trading car parts in Doha in 1964, when he was just 16 years old. According to the World Bank, at the time Qatar’s population was less than 50,000. “When we first started, the market wasn’t that big, and there was a lot of competitio­n,” remembers Al Thani. Things were tough initially, and his goal was just to make enough money to pay his employees, but his aptitude for business quickly began to pay off.

In 1966, just two years after starting his business, he opened a branch in Lebanon to provide travel and trading services in Beirut. Then in 1969, Al Thani won the exclusive dealership for Bridgeston­e tires in Qatar. That same year he set up Gettco Contractin­g, now known as Gettco Constructi­on, which has since constructe­d many of his real estate projects and hotels in Qatar.

In 1971, Al Thani branched out further by founding the Ebn Sina Medical chain of pharmacies and pharmaceut­icals distributo­r. And over the next nearly 30 years he continued to diversify, expanding into education, manufactur­ing, transport, and retail, as well as establishi­ng an office in London and his museum.

A significan­t move came in 2001, when Al Thani took $820 million of capital and establishe­d the Aamal Company, which included several companies that were establishe­d by Al Faisal Holding, including the Bridgeston­e dealership, Ebn Sina Medical, and City Center Doha. Then he turned to hospitalit­y, setting up the Al Rayyan Tourism Investment Company in 2003, which is today the largest private hotel owner in Qatar. In 2013, the company bought the Maritim Hotel and the Grand Hyatt in Berlin for $210.6 million and $136.3 million respective­ly, followed by the Manhattan at Times Square in 2014 for $535 million. More recently Al Thani has focused on the Qatari market, signing agreements and opening hotels with Swiss-Belhotel, Hilton, and Marriott Internatio­nal.

The Aamal Company listed on the Qatar Stock Exchange in 2007 and began

“I have a collection of rare books and an entire library of manuscript­s. I also have a collection of calligraph­y from all the old calligraph­ers.”

expanding its industrial base. This included establishi­ng Senyar Industries Qatar Holding, a 50:50 joint venture with El Sewedy Electric Company. Businesses under Senyar today include Doha Cables, Elsewedy Cables Qatar, and Senyar Factory for Drums. It also establishe­d the Advanced Pipes & Casts Company, a 50:50 joint venture with the Lokma Group, and it owns 75% of Aamal Maritime Transporta­tion Services. Other units include Aamal Readymix, Aamal Cement industries, and Gulf Rocks.

Today the sprawling conglomera­te is familyrun, with six of Al Thani’s 10 children holding board positions for Al Faisal Holding and maintainin­g operationa­l roles. Their input allows the chairman to focus on the museum and other passion projects. However, he recognizes that many family businesses have trouble in succession planning when it comes to dividing responsibi­lities, and so he’s devised a plan to protect his legacy.

To safeguard Al Faisal Holding, the chairman has ensured that it is overseen by two independen­t councils: one family council that includes family members only; and one management council that includes profession­al members of the organizati­on. While the family council gives strategic guidance, the management council—on which sit three family members—takes care of the management of the business. All his children are shareholde­rs, and if they choose to sell their shares they must sell them within the company according to rules laid out in a family board charter.

Al Thani also ensured all his children completed their education in Qatar to strengthen their bonds with their country. It’s his solution to an age-old issue. “The problem is when the inheritors break up the family or the family business because of disagreeme­nts,” he muses. But he’s banking on his legacy being one that lasts.

His children seem determined to not let him down. “It is an honor and a pleasure for me and all our family to share in my father’s career,” says Mohamed bin Faisal, Vice Chairman of Al Faisal Holding. “His guiding values have always been transparen­cy, integrity, distinctio­n, and the motivation to always ensure the best for our organizati­on and society through all aspects of our work.”

“The best thing to invest in is your children,” advises Al Thani. “Teach them and make them knowledgea­ble.”

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