Abdul Latif Jameel

Abdul Latif Jameel Company Ltd (عبد اللطيف جميل, abbreviated ALJ) is a Saudi Arabia-based diversified business active in 30 countries, with a focus on the Middle East, North Africa and Turkey (MENAT) region.[1] In addition to a core business of automobile sales, manufacturing, assembly, and engineering, ALJ has operations in the areas of consumer financial services, real estate development, power generation, environmental services and consumer retail.[2] It is one of the largest privately held companies in Saudi Arabia.[3]

History

The company was founded by Abdul Latif Jameel and began operations as a gas station in Jeddah in 1945. It began importing Toyota Land Cruiser automobiles in 1955 and became Toyota's sole distributor in Saudi Arabia. Through its partnership with ALJ, Toyota became one of the most popular automobile brands in Saudi Arabia, with a market share periodically reaching as high as 40 percent.[3]

ALJ acquired a solar power business from the Spanish firm Fotowatio Renewable Ventures (FRV) in 2015. FRV's portfolio included a controversial solar farm in Moree, Australia, which The Australian reported may benefit from up to AUD 168 million in government subsidies.[4] The solar portfolio also includes three solar farms in Jordan that generate 435 million kWh annually.[5]

In 2016, ALJ announced plans to invest $2 billion of its own funds over the next five years, to include power generation projects and an expansion of its core motor vehicle business.[6]

Management

The company is owned and controlled by the Jameel family, which Forbes ranked as the fourth-richest family in the Arab world as of 2017, with a total estimated net worth of $2.2 billion. The founder, Abdul Latif Jameel, ran the company from its formation until his death in 1993, when his son, Mohammed Abdul Latif Jameel, became chairman and president.[7] Mohammed's middle son, Hassan Jameel, serves as deputy vice chairman.[8]

See also

References

  1. ↑ "Our Locations". Abdul Latif Jameel. Retrieved 2017-09-27.
  2. ↑ "Welcome to Abdul Latif Jameel® - Opening new doors". Abdul Latif Jameel. Retrieved 2017-09-27.
  3. 1 2 "Abdul Latif Jameel: A Saudi-Japanese success story". english.alarabiya.net. Retrieved 2017-09-27.
  4. ↑ "Solar farm defends itself over its renewable energy subsidies". www.theaustralian.com.au. Retrieved 2017-09-28.
  5. ↑ "Abdul Latif Jameel Energy to power over 120,000 homes in Jordan". Arab News. 2017-09-27. Retrieved 2017-09-28.
  6. ↑ "Saudi conglomerate Abdul Latif Jameel plans to invest $2bn over next five years". The National. Retrieved 2017-09-27.
  7. ↑ "The Arab World's Richest Families 2017 - Forbes Middle East". Forbes Middle East. Retrieved 2017-09-28.
  8. ↑ "FBCG: Governance and succession planning crucial in family businesses". Family Business Council - Gulf. April 3, 2018. Retrieved May 4, 2018.
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