If you’re a fan of ultra-expensive watches, then your hobby is likely to be lining the pockets of the Hayek family, who run by far the world’s largest watchmaking company. Sales at Swatch are predicted to come in at over $9bn for the first time this year. The firm is led by chairwoman Nayla and CEO Nick (pictured), who took over the publicly traded firm after the recent death of their father, Nicolas. And, if their latest move pays off, it looks like the group’s revenues could be about to get even larger.
Aside from sales of its own brands, which include Longines, Tissot, Omega and Breguet, Swatch also devotes significant investment to mechanical movements and components, which it has until now sold off to rival manufacturers. This year, Swatch spent $1bn buying the Harry Winston brand, which it plans to use to get even greater access into markets like the US and China.
Abdulatif Al Fozan is the chairman of Al Fozan Group, a 41-year-old company with interests in building materials, commercial and industrial steel, electrical and hardware items and accumulated technologies. It also holds equity stakes in several affiliate ventures, from banks and petrochemical firms, to recycling and consumer retail operations. These stakes are part of a long-term plan to diversify its revenue streams. In the kingdom, the group is also one of the largest importers of steel, wood, electrical and hardware material. Like many Gulf businessmen, Abdulatif Al Fozan took over the firm from his father.
Among the Al Fozan Group’s most recent moves has been the construction of a rebar production facility in Jeddah, while the firm has also won work on the King Abdullah Financial Centre in Riyadh and the King Abdulaziz International Airport in the same city. Al Fozan has seen his family group grow from a small base to over 20 different companies with a number of joint ventures including Bawan Holding in 2006 and Atheel Holding. Earlier this year, Bawan Holding — which specialises in building materials — announced its intention to list 30 percent of its shares on the Tadawul by the end of this year.