RIYADH, 8 July — Saudi businessmen paid tributes to Sheikh Suleiman Al-Olayan and said that his death has removed from the economic scene a business magnate who carved out a niche for himself by his sheer hard work and business acumen. Speaking on behalf of the Council of Saudi Chambers of Commerce and Industry, Osama Al-Kurdi, secretary-general, said Sheikh Suleiman made major contributions to the Saudi economy through his more than 40 companies, often in partnership with leading multinationals. He also had a charitable disposition.
Al-Kurdi said Olayan was also former chairman of the Council of Saudi Chambers—a post that he held for three years during the early ‘90s. “It was a very good period for the business community of Saudi Arabia. He was a wonderful business leader who shared the wealth of his experience and knowledge with others.” Asked how he would see the future of the Olayan empire in the wake of his death, the secretary-general said its future was assured, since he believed in group management for his company. Moreover, many of those involved were his family members who used modern management techniques. This was to ensure that the enterprise would survive its founder.
“ So there need not be any apprehension over the future of business families.” Speaking on behalf of the Saudi British Bank, David Hodgkinson, managing director of SABB, paid tributes to Olayan, who was the chairman of SABB for a good part of his 23 years’ association with the bank — both as chairman and as a member of the board of directors.
Hodgkinson said that as the bank’s first chairman, Olayan exerted tremendous influence on SABB. He led an active life and helped others with his wise counsel and experience. “Besides being a significant shareholder, he played a major role in providing strategic guidance for the bank’s recovery during the mid 1980s, when it was a difficult period for all the banks.”
Hassan Al-Amri, director general of the Saudi Insurance Co. (Methaq), said Olayan was a distinguished businessman who had understood the changes that were taking place in the Saudi market. He did not confine himself to the Saudi market but went global in his market reach. The Saudi business community is proud of Olayan because he represented a group of Saudi businessmen who were able to establish successful global enterprises. He hoped that the young members of the business community would be able to draw inspiration from the life and career of Olayan.
Mohammad Abdullah Al-Babtain, chairman of the Al-Babtain Group of Companies, said Olayan rose from a modest beginning. “He was a gifted student endowed with a phenomenal memory and a unique ability to see things from a different perspective to make a project commercially viable”, he added.
