In the Words of The Family
“Okeili & Co. deftly handled the role as an effective Family advisor in reviewing our Family Governance Program. Their true attempt to maximize the value of result and best practices is worth noticeable”
Mr. Mohammad Ageel, Chief Operations Officer, Al Fozan Holding
About Al Fozan Holding
Abdullatif & Mohammad Al Fozan, founded back in 1959, is a group of more than thirty companies spanning different sectors. Through its core subsidiaries, the Group manufactures and distributes construction material and electrical products. Other subsidiaries engage in investment and finance, contracting, services, industrial and real estate. The Group head office is based in Khobar, Saudi Arabia. The Group has an active social arm, Al Fozan social foundation, which pioneers in charity housing along many other activities including a rehabilitation center for the handicapped people and a hunger and food distribution program along with others.
Al Fozan Group has emerged as one of the leading groups in Saudi Arabia and the region by keeping a watchful eye on the portfolio strategy and constant process improvement.
Guided by strong values, the Group continues to expand and diversify seeking new frontiers to explore and develop. As of today, the Group:
− Represents the largest building material trading company in the GCC
− Is the undisputed leader in the consumer electronics market in Saudi Arabia
− Is considered as one of the fastest growing companies in the region
− Has over 110 retail locations in the Kingdom and GCC
− Employs over 10,500
In an attempt to ensure the family business governance framework is robust, in line with best practice and tailored to meet the aspirations of all family members, Al Fozan Group mandated Okeili &co to review the current state and provide improvement recommendations where necessary.
HOW DID OKEILI & CO. HELP?
To ensure a diligent review, Okeili & Co. proposed and followed a three-step approach in fulfilling the mandate objectives. To start with, our team of family business professionals engaged discovery to gain a full understanding of the current Governance state as well as Family members’ aspirations. Building on this understanding, the second step involved assisting the Group in reviewing the Family Governance Program deliverables delivered by a third party, in an attempt to maximize the value received from such third party engagement and ensure best practice, earned by Okeili & Co. through other major family business experiences, are brought to the attention of the Group and adopted where deemed fit. The final step involved reflecting the improvements on the Governance Framework and making sure all stakeholders are abreast of the changes made.
