An expert on family offices in Saudi Arabia and the wider world – and a prominent figure at the Columbia Business School – sets out why Saudi Arabia is an important and growing area for private market investing.

The author of this article, Abbas Hashmi (pictured below), is s the principal of Saudi Family Holdings, a single-family office based in New York and Riyadh. He has served in leadership roles at Goldman Sachs and AIG and is program leader at Columbia Business School’s Global Family Enterprise Program. (More on the author below.)

Family Wealth Report is pleased to share these insights and arguments; the usual editorial disclaimers apply to views of guest authors. Email tom.burroughes@wealthbriefing.com and amanda.cheesley@clearviewpublishing.com
 

Saudi Arabia is home to one of the most underappreciated yet most powerful drivers of global capital today: the multi-generational family business.

While global headlines often focus on sovereign wealth funds or mega projects, what is quietly fueling the Kingdom’s economic engine is a network of family-owned conglomerates that account for most of the private sector. They are no longer just domestic operators. Today, they are institutional investors, global partners, and long-term stewards of capital.

And they are open for business.

A market built on family capital
Family businesses in Saudi Arabia make up over 95 per cent of all private enterprises. They contribute more than 60 per cent of the non-oil GDP and employ millions of people across the nation. Many of the Kingdom’s largest and most resilient companies, operating in sectors such as construction, logistics, healthcare, and food, are family-owned.

This is not new. What is new is how these families are evolving.

Where the previous generation prioritized local growth and internal ownership, the current generation is seeking international exposure, co-investment partners, and long-term strategic alliances. Many are institutionalizing their operations, forming family offices, and developing global investment theses. For investors and capital allocators, the implications are massive. Behind the curtain of Saudi’s transformation is a capital base that is private, patient, and hungry to collaborate.

Why Saudi, why now?
The rise of family-led capital in Saudi Arabia is no accident. It is backed by a deliberate national strategy.

Vision 2030 has accelerated the modernization of the business environment, from streamlined licensing to new companies' law reforms that enable family business continuity and governance.

At the same time, programs like Shareek, the National Center for Family Business, and Public Investment Fund partnerships are encouraging family groups to scale, professionalize, and seek global exposure.

Abdulrahman T Bakir, head of the Americas for the Ministry of Investment of Saudi Arabia, described it this way: “MISA has taken major steps to attract, foster, and grow global family office and family business engagement. That is why we chose Miami as our regional base, to directly connect with US, Canadian, and Latin American family offices who are looking for trusted partners, long-term relationships, and strategic entry into the Kingdom.”

Saudi’s diplomatic and economic outreach is also shifting. The country is not just opening up to foreign investors. It is co-investing globally.

Take Brazil. Through Manara Minerals, a joint venture between the Public Investment Fund and Ma’aden, Saudi Arabia recently invested $2.6 billion in Vale Base Metals, securing access to critical minerals such as nickel and copper. Bakir called it a strategic signal of intent.

This is a two-way street now. Just as investors are coming into Saudi, we are actively co-investing across emerging markets. What we are building is not just foreign direct investment. It is family capital diplomacy.

Co-creation versus extraction
This is where Saudi Arabia diverges from other global wealth hubs like Singapore or the UAE.

In Singapore, the rise of family offices has been driven by regulatory ease, lifestyle, and financial incentives. In the UAE, particularly Dubai and Abu Dhabi, family-owned firms are strong but often globally diversified with more transaction-led partnerships.

Saudi Arabia offers something different. Its family business ecosystem is large, under-allocated to international assets, and still early in its global investment journey. What it seeks is not opportunism, but alignment. 

This is a co-creation economy.

Saudi partners are looking for investors and operators who want to build something enduring. Whether it is in renewables, logistics, healthcare, or AI, the local capital base is ready to back serious players, but the model must be reciprocal. Investors who understand the culture, who commit to the long game, and who add value beyond the checkbook will find themselves in rare company.

What investors should know
If you are a private equity fund, founder, or multi-family office seeking to enter the Gulf, here is what Saudi Arabia offers:
-- A multi-trillion-dollar intergenerational wealth transfer is underway; 
-- A government backing family business governance and global expansion; 
-- An economy where family groups drive growth, hiring, and investment; and 
-- A capital base that values trust, structure, and aligned outcomes.

This is not a place for extractive capital. It is a place where institutional investors and family enterprises can co-create long-term value, both inside and outside the Kingdom.


Sources
KPMG: Global Family Business Report 2025
IMARC Group: Saudi Arabia Family Offices Market
Grant Thornton: Family Businesses in Saudi Arabia
LinkedIn: Abdulrahman T. Bakir posts and statements
Arabian Gulf Business Insight: Manara Minerals' investment in Vale Base Metals
fDi Intelligence: Saudi investment strategy in Brazil and mining
Saudi National Center for Family Business
Vision 2030 official policy frameworks


About the author
Abbas Hashmi is the Principal of Saudi Family Holdings, a single-family office based in New York and Riyadh. He previously held leadership roles at Goldman Sachs and AIG and serves as Program Leader at Columbia Business School’s Global Family Enterprise Program. Abbas is Honorary Co-Chair of United States Trade Missions to Saudi Arabia, the United Arab Emirates, and Bahrain, where he advises on cross-border capital strategy and private market access.

He also serves on the Advisory Board of the Silverstein Dream Foundation, part of Silverstein Properties, a global real estate and venture platform with multi-billion-dollar assets under management and a legacy that includes the development of the World Trade Center. As a frequent keynote speaker, Abbas appears at global investment summits to speak on family office capital, co-creation models, and emerging market strategies.