Agriculture Minister discusses boosting agricultural cooperation with Romania, Moldova    Egypt's PM orders 60,000 new homes for Alexandria's unsafe buildings    Crystal Martin to build large-scale textile, apparel factory in Egypt    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Escalation in Gaza as Israeli airstrikes intensify, ceasefire talks stagnate    Egypt to launch EGTAP.com online platform to train tourism workforce: minister    Singapore's economy grows in Q2 '25    Gold prices dip slightly on Monday trading    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    EU prepared to retaliate with €21b tariff package – Italy's FM    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Billionaire Saudi banking tycoon dead at 79, family says
Published in Ahram Online on 19 - 05 - 2020

Billionaire Saudi businessman Saleh Abdullah Kamel, who founded the banking and real estate conglomerate Dallah Albaraka Group, has died, according to relatives quoted in the kingdom's media. He was 79.
People close to Kamel told The Associated Press he died at the Dr. Samir Abbas Hospital in the city of Jiddah, where he was taken after suffering a heart attack early on Tuesday.
Kamel's business empire grew from its humble beginnings in the late 1960's _ at the same time that the kingdom was using its oil wealth to rapidly develop and in need of homegrown companies to build roads, highways and cities.
Over the years, the business expanded to tens of thousands of employees and today includes subsidiaries and stakes in a range of businesses, such as the operation and maintenance of airports and roads, tourism, trade, trucking and transportation, telecommunications, media, agriculture, poultry and health care.
Kamel's son and the CEO of Dallah Albaraka Group, Abdullah Kamel, was quoted in the state-linked Okaz newspaper that he oversees as saying that funeral prayers will be held Tuesday afternoon in Mecca's Grand Mosque, which has been closed to visitors amid the coronavirus pandemic.
The fact that his funeral prayers are being permitted at the mosque, which is home to Islam's holiest site, reflects Kamel's prominence and stature in Saudi Arabia.
Saudi-owned Al-Arabiya TV network said Kamel, who was born in Mecca but based in Jiddah, was instrumental in helping build many of the kingdom's ports and major projects. He served on numerous boards and was the chairman of the General Council for Islamic Banks and the Jiddah Chamber of Commerce. He once owned a significant stake in Saudi broadcaster MBC, which owns and operates Al-Arabiya.
Al-Arabiya dubbed him ``the father of contemporary Islamic finance''.
His life, however, was not without controversy. Following the 9/11 attacks, he and other prominent Saudi businessmen and princes were sued on charges of financing the attacks. The lawsuits were dismissed by the U.S. District Court of New York in 2005.
The Wall Street Journal had reported at the time that U.S. intelligence and counterterrorism officials had information linking the Dallah Albaraka Group to transactions by suspected al-Qaida members. However U.S. officials gave no indication that Kamel or his son, Abdullah, knowingly aided al-Qaida or other militant groups.
Kamel was also reportedly swept up in Crown Prince Mohammed bin Salman's anti-corruption purge in 2017. The unprecedented Saudi crackdown saw the country's top princes and businessmen detained at the Ritz-Carlton in Riyadh, with many forced to sign over billions of dollars in assets. The sweep, which was conducted largely in secret behind closed doors, helped the young crown prince consolidate power and was widely criticized by international rights groups.
Across Muslim countries and at home, Kamel was heavily involved in philanthropy and charity.
A multi-million dollar donation in 2010 established the Abdallah S. Kamel Center for the Study of Islamic Law and Civilization at Yale Law School in the U.S.


Clic here to read the story from its source.