Back in 1959, Abdullatif and Mohamed Al Fozan established a simple business that traded in building materials. That single business put down roots that were so strong that the Al Fozan Group has been able to grow and flourish into diverse businesses across multiple sectors of both the domestic and regional economies. Throughout this stellar growth the group has always remained true to its core values and maintained a focus on retail, manufacturing, real estate and trading.
As astute businessmen, Abdullatif and Mohamed Al Fozan capitalised on the exceptional growth of the Saudi Arabian economy during the 1960s and 1970s by identifying a niche business that could supply goods to meet the growing demand for building materials. As time went by and the trading business flourished, Abdullatif and Mohamed spotted another niche for investment in the local manufacture of materials for the construction sector as well as for trading in electrical materials, timber industry supplies, hardware and metals. This kind of organic growth could only take place because Abdullatif and Mohamed were entrepreneurs with the spirit of the business in their veins.
This drive and ambition has been passed on undimmed to each succeeding generation. As the next generation of the Al Fozan family took the helm, the group diversified further still into new areas including consumer electronics, real estate development and homewares. Developments have always been into growth areas that would benefit the group while also contributing greatly to the development story of the Saudi Arabian economy.
The growth story never stops and in 2010 two well-established Al Fozan Group businesses were successfully listed on the Saudi Stock Exchange (Tadawul): Bawan Holding Company, a major investor in manufacturing; and United Electronics Company (eXtra). There seems little doubt that these businesses are destined to play a significant part in the Saudi economy for decades to come.
But it has not all been about organic growth. At the other end of the spectrum, the group has also made a series of strategic investments in complementary industries, much of it in support of the Saudi government’s privatization and infrastructure programs. Today the group holds significant investments in fields as diverse as telecommunications, services and maintenance: future-focused businesses that will see the Al Fozan Group remain vibrant and relevant well into the future.