Report: Saeb Nahas, Syria’s richest man

Saeb Nahas, the Chairman of the Nahas Group was ranked Syria’s richest man, in a recent survey on the wealthiest Arabs.

The survey, published by Arabian Business, is a rich list of the 50 wealthiest Arabs. It estimates Mr Nahas’ net worth at USD 1 billion.

Three Syrian nationals are included in the list. Besides Mr Nahas, who is ranked 46th, Mr Nabil Kuzbari is ranked 48th with a net worth of USD 900 million and Mr Moafaq Al Gadah is ranked 50th with a net worth of USD 700 million. All three are new entries into this annual survey.

The wealthiest Arab citizen is Prince Al Walid Bin Talal with a net worth of USD 29.5 billion followed by the Rajhi family (USD 24 billion) and the Hariri family (USD 17.8 billion).

The quality of the survey is, however, doubtful. The magazine does not mention the methodology used to gather the data in a region where very few people declare their real wealth. In the case of Syria, for instance, many doubts can be cast on the figures obtained. None of the companies owned by these three individuals are listed, while taxation based on real income is non-existent.

Of the three Syrian individuals listed, only Mr Nahas has built his wealth from his activities in Syria. He owns a large group of mainly trading companies, the Nahas Group, which is present in the automotive, construction, tourism, agricultural, pharmaceutical and insurance sectors.

Mr Kuzbari is the main shareholder of Vimpex, a paper trading concern based in Vienna. Vimpex trades in paper throughout the Middle East region. Mr Kuzbari is also a shareholder and the chairman of Cham Holding, a grouping of Syrian businessmen founded in 2006 with its main activity in real estate development.

Mr Al Gadah was relatively unknown in Syria until recently. His main investment in the country is his joint-venture with Emaar, the UAE real estate giant, to develop the Eight Gate mixed-use compound in the outskirts of Damascus.