Bloomberg Billionaires Index

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#173 Mohamed Al Jaber $8.27B

Random fact: Owns homes in London, Paris, Portugal, Houston, Vienna and Jeddah.

Overview

Al Jaber is founder and chairman of MBI International Holding Group, a London-based hotel, food and real estate company. His JJW Hotels & Resorts owns and manages more than 50 properties in the U.K., France, Egypt, Austria, and Portugal. He also controls food maker Ajwa Group; office properties in Europe; and real estate in Saudi Arabia.

As of July 25, 2017:
Last change +$2.08M (+0.0%)
YTD change +$35.3M (+0.4%)
Industry Retail
Biggest asset Cash
Citizenship Saudi Arabia
Age 58
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mohamed Al Jaber's net worth of $8.27B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Al Jaber's fortune is tied to property he owns in Europe and Saudi Arabia, which he controls through London-based MBI International Holdings Group. His investments in cash and other closely held assets are derived partly from proceeds he collected when his Saudi Arabia-based property company, Jadawel International, sold two Saudi residential compounds in 2013. Al Jaber declined to specify the sale price. Jadawel still owns more than 1 million square meters of undeveloped land in Saudi Arabia, which is valued using average prices for undeveloped land plots, according to Century21 Saudi and Ernst & Young.

He also owns and manages 56 mid-range and five-star hotels in Europe and Egypt through JJW Hotels & Resorts and the Scotsman Group, which is incorporated under JJW. The hotels are valued based on their total net asset value as of December 2014, according to Al Jaber, the most recent audited figures available for all of Al Jaber's assets.

The billionaire said he also owns a series of global office properties. The properties are valued at their acquisition cost, as reported by MBI. Any leverage attached to these assets -- which are debt free, according to Al Jaber -- is held by MBI. He declined to provide details on the location or size of the properties.

Al Jaber said he also controls a 70 percent stake in Ajwa Group for Food Industries, a Saudi Arabia-based food manufacturing and processing business that also operates in Egypt. It's valued based on the company's self-reported revenue, net profit and net debt figures as of December 2014, and the average enterprise value-to-sales multiple of four comparable publicly traded companies.

According to Al Jaber's auditor, Ernst & Young, MBI has $292 million of total debt as of Dec. 31, 2014.

Biography

Birthdate: 1/17/1959
Family: Married, 3 children

Al Jaber was born in Jeddah, Saudi Arabia, in 1959. His first major business endeavor was Jadawel International, a construction and development group he founded in 1982. Seeing the need for high-quality housing for the growing number of western expatriates working in Saudi Arabia, he built two residential compound developments, one in Riyadh and one in Al Khobar.

In 1987, Al Jaber diversified into hotels, buying a 370-acre plot of land in the Algarve region of Portugal, intending to develop a golf resort. Two years later, he founded JJW Hotels and Resorts and put together a management team with the aim of acquiring more properties throughout Europe. He bought four hotel sites in France while also building the Portuguese property, Pinheiros Altos, into a golf resort and residential development.

He began buying operating hotels, starting with a chain of of ten French budget hotels and the Amarante in Vienna in 1992. By 2000, JJW's portfolio included more than two dozen hotels in France, as well as properties in Turkey, Egypt, Austria, Portugal, and an equity stake in Prince Alwaleed's Kingdom Hotel Investments. In 2006, before the company listed on the Saudi stock exchange, Al Jaber resigned from the board after declining to sign a mandatory lock-up agreement and sold his stake back to Kingdom.

JJW's purchases soon skewed upscale. He bought Scotsman Group, a U.K. luxury boutique hotel chain, in 2006, and a year later, the Eton Collection, a similar chain. Eton's five hotels went into administration during the 2008 credit crisis and were sold to U.S.-based Westmont Hospitality in December 2010.

Sheikh Mohamed, as he is called by his staff, has a history of lawsuit entanglements over late or failed payments. In March 2009, JJW entered an agreement with private equity firm Starwood Capital to buy 12 French hotels, including the Hotel de Crillon in Paris. The deal fell apart and both sides sued for breach of contract after JJW refused to pay 100 million euros ($137 million) of an initial deposit Starwood claimed it was owed. The Paris Commercial Court sided with Starwood in April 2010 and demanded JJW make the payments owed. The Paris Court of Appeals dismissed JJW's payment obligation in February 2011.

JJW was sued by a contractor for failing to pay for construction work at the Berners Hotel in London. The suit was later settled. The hotel went into administration in the summer of 2010 and was later bought by Marriott. In October 2011, Standard Bank sued Al Jaber for $150 million in a London court, saying loans made to MBI companies weren't repaid. The billionaire countersued, accusing the lender of making unauthorized trades from his personal account. In court, he said he'd lost more than $1.6 billion due to a court-imposed freeze of his assets. The judge lifted the order after Al Jaber and the bank settled out of court. The settlement terms weren't disclosed.

Milestones
  • 1959 Mohamed bin Issa Al Jaber is born in Jeddah, Saudi Arabia.
  • 1982 Founds property group and developer, Jadawel, in Riyadh.
  • 1987 Expands into hotels, buys development site in Portugal.
  • 1989 Starts JJW Hotels & Resorts, aims to buy more European hotels.
  • 1992 Acquires chain of ten French hotels and the Amarante Vienna.
  • 2002 Founds MBI Al Jaber Foundation.
  • 2003 Al Qaeda bombing attack targets a Jadawel compound in Riyadh.
  • 2006 Purchases U.K. hotel collection, Scotsman Group for $112 million.
  • 2011 Standard Bank sues Al Jaber for $150 million over unpaid loans.
  • 2011 Settles lawsuit with Standard Bank on undisclosed terms.