Saudis top Middle East ultra rich list

Updated 07 October 2015

Saudis top Middle East ultra rich list

JEDDAH: Saudi Arabia and the UAE jointly account for over 45 percent of the UHNW (ultra high net worth) population in the Middle East, a new Wealth-X study has found.
The wealth-intelligence organization defines UHNW individuals as those with $30 million and above in net assets.
Saudi Arabia has the largest UHNW population (1,495 ultra wealthy individuals) and UHNW wealth ($320 billion) in the region, followed by the UAE, said the report.
In the UAE, there are 1,275 such individuals, worth a combined $255 billion, representing 20 percent of the total ultra wealthy population in the Middle East. The UAE is ranked 22nd in Wealth-X’s global ranking of UHNW population by country, behind Saudi Arabia (17) but ahead of Kuwait (32).
Nearly 1,000 ultra high net worth (UHNW) individuals are based in UAE capital Abu Dhabi (450 individuals) and Dubai (495).
The report said that Saudi Arabia’s more dispersed economic growth has resulted in a split of its UHNW population across a few of its key hubs.
All of these main hubs have experienced faster growth in UHNW population than their respective country’s average. This concentration exemplifies how vital infrastructure is facilitating the growth of both fortunes and opportunities. “As such, clusters continue to dominate, and we expect these cities’ existing pull of international resources to become stronger,” said the report.
Saudi Arabia and the UAE jointly account for over 45 percent of the region’s UHNW population, and both of these countries experienced fast growth in UHNW population and wealth.
The only country in the region to experience an overall decline in its UHNW population and wealth this year was Kuwait, due to the slow GDP growth and a declining equity market in the country. In Saudi Arabia or UAE, the UHNW populations control more than half their respective countries’ total wealth.
The study also reveals that 57 percent of the UAE’s UHNW population amassed their fortune through entrepreneurship. Only 8 percent fully inherited their fortune; and 35 percent partially inherited and grew their wealth.


Passionate Saudi musicians Jwa ready to take the world by storm

The group has plans to perform in Jordan, Egypt, Dubai and Bahrain, as it awaits the release of its first album before exploring new horizons. (Photo/Supplied)
Updated 19 February 2020

Passionate Saudi musicians Jwa ready to take the world by storm

  • Jwa’s first album is due to be released on Feb. 25
  • The word “jwa” in Arabic means the “highest levels of passion and love,” which embodies how the quintet feel about Indie music — the thing that brought them together

RIYADH: The music scene in the Kingdom is exploding, with young, talented Saudis taking full advantage of the developments in the country by showcasing their talent.
 In a limited time, young Saudi musicians have proven that they are equal to any other young cohort of musicians anywhere in the world.
 One of those talents is a young band from Dhahran, Jwa. Currently performing locally in Riyadh, Jeddah and other cities in the Eastern Province, the group has plans to perform in Jordan, Egypt, Dubai and Bahrain, as it awaits the release of its first album before exploring new horizons.
 The band, formed in 2018, is composed of Methgal Al-Shammari on drums, Mohammad Al-Nahas (bass and vocals), Arkan Al-Zahrani (guitar), Mansour Al-Gallaf (guitar) and Fawaz Baasem (keyboard).
They have had two local hit singles, “Ya Safina” and “Min Jadeed.” Methgal and Mohammad, the founders of Jwa, say that at first they “performed at numerous local events and parties” across the Kingdom. It did not take them long to become popular among Saudis.

FASTFACTS

• Jwa was formed in 2018.

• Since its launch it has two local hit singles.

• The band’s first album is due to be released on Feb. 25.

The word “jwa” in Arabic means the “highest levels of passion and love,” which embodies how the quintet feel about Indie music — the thing that brought them together.
However, they have faced many challenges in the last two years. Methgal and Mohammad said initially a “lack of support for independent bands” and “weakness of the nurturing music environment” within the country halted their progress.
However, due to the steps taken by the General Entertainment Authority, bands like Jwa have become able to make their voices and music heard. In the future, they are looking to go international, to “make their band known not only to different regions of Saudi Arabia but also abroad to gain more momentum and attraction.”
Jwa’s first album is due to be released on Feb. 25.