Omar Aggad

Omar A. Aggad (20 April 1927[1] – 1 February 2018) (Arabic: عمر العقاد‎) was a Saudi Palestinian businessman,[2] the founder of Aggad Investment Company (AICO), and the founder and former chairman of Arab Palestinian Investment Company (APIC).[3]

Omar Aggad
Born
Omar A. Aggad

(1927-04-20)20 April 1927
Jaffa, Mandatory Palestine (now Israel)
Died1 February 2018(2018-02-01) (aged 90)
Canada
Alma materUniversity of Manchester
OccupationBusinessman
Known forFounder of Arab Palestinian Investment Company and Aggad Investment Company (AICO)
Spouse(s)Malak Aggad
Children4, including Tarek Aggad

Early life

Aggad was born in Jaffa, Mandatory Palestine, in 1927, and attended Alrashidieh College in Jerusalem. He subsequently received a scholarship to attend the University of Manchester in the UK where he graduated with degrees in electrical and mechanical engineering.

Career

After working for a few years in the UK, he moved to Saudi Arabia in 1950 where he joined the Juffali Group as a senior manager. In 1975, he ventured out on his own and created what would become one of the leading investment groups in Saudi Arabia. He established over 40 industrial and trade ventures in Saudi Arabia, most of which still exist.

He was the founder of Aggad Investment Company (AICO) in 1975,[3] and the founder and former chairman of the Arab Palestinian Investment Company (APIC).[3] He led a group of investors to purchase 25% of Smith Barney in 1982, and served on its board of directors.[4]

The Wall Street Journal noted that "Aggad is considered one of Saudi Arabia's most savviest and professional managers. In a book about Arabian merchants, British writer Michael Fields called him "bold and impulsive, an intuitive decision-taker with a huge head for detail." As a partner with other Saudi and foreign investors, Aggad operated 23 manufacturing plants scattered across Saudi Arabia."[5]

He was a founding shareholder and director of InvestCorp Bank and a founding director of the Saudi British Bank while serving on the board of directors for 20 years.[6][7][8]

After the Oslo process, and having been historically supportive of Palestine, Aggad decided to create an entity to invest and create jobs in his historic homeland, and thus he founded the Arab Palestinian Investment Company (APIC).

Since its founding, APIC has become one of the largest operators in Palestine, employing over 1600 people. Subsidiaries of APIC offer a wide array of products and services through distribution rights agreements with multinational companies that include Philip Morris, Procter & Gamble, Kellogg's, Hyundai, Chrysler, Dodge, Jeep, Alfa Romeo, Fiat, Fiat Professional, XL Energy, Abbott, B. Braun, Eli Lilly, GlaxoSmithKline, Sanofi Aventis and Nivea, among many others.[9]

APIC was registered in the British Virgin Islands in September 1994. In 1996, it was registered with Palestine's Ministry of National Economy as a foreign private shareholding company, and became into a foreign public shareholding company in 2013. In March 2014, APIC shares were listed on the Palestine Exchange (PEX: APIC). Its authorized capital is US$70 million, and its paid-up capital is US$66 million as of December 2015.[10][11]

Aggad was a philanthropist, and the school of engineering at Birzeit University is named after him, and he served as an honorary trustee of the university.[12] He was an honorary trustee of the Institute of Palestine Studies and other not-for-profits in Saudi Arabia and elsewhere in the Arab World.

Personal life

He was married to Malak Aggad, and they had 4 children, Talal, Rana, Lama, and Tarek . Talal Aggad manages the family holding company (AICO), and Tarek Aggad is CEO of APIC.

Death

Omar Aggad died on 1 February 2018 at the age of 90.[2]

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References
  1. "The International Who's who of the Arab World". International Who's Who of the Arab World Ltd. 2 November 1984 – via Google Books.
  2. "death of Omar Aggad". Mann news agency. Retrieved 2 Feb 2018.
  3. "Aico.com". Aico.com.sa. Retrieved 11 April 2016.
  4. Lueck, Thomas J. (1982-07-02). "ARABS BUY 25% OF FIRM ON WALL ST. - NYTimes.com". The New York Times. nytimes.com. Retrieved 10 September 2016.
  5. Seib, Gerald (1986). Facing the Recession In Saudi Arabia Taxes A Businessman's Skills; Omar Aggad Slashes Costs, Ponders Diversification (1st ed.). ISBN 978-0879519711.
  6. "Investcorp Bank B.S.C.: Board of Directors - Businessweek". Bloomberg. Retrieved 4 May 2016.
  7. "Annual Report 2001" (PDF). Saab. Retrieved 4 May 2016.
  8. Kirdar, Nemir (2012-09-13). In Pursuit of Fulfilment. Google Books. ISBN 9780297869511. Retrieved 4 May 2016.
  9. "APIC Home Page". APIC. Retrieved 4 May 2016.
  10. "About The Arab Palestinian Investment Company (APIC)". APIC. Retrieved 11 April 2016.
  11. Blau, Uri; Dolev, Daniel (7 April 2016). "Panama Papers: Leaks Reveal Abbas' Son's $1m Holding in Company With Ties to Palestinian Authority". Haaretz. Retrieved 11 April 2016.
  12. "Birzeit University Campus". Birzeit University. Retrieved 4 May 2016.
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