Meet Saudi billionaire, sold palm dates as a child, worked as cook in Riyadh, now has net worth of Rs...; no match for Mukesh Ambani, Adani
Sheikh Sulaiman bin Abdul Aziz Al Rajhi (File)
There is a widespread myth about Saudi billionaires that a majority of them are oil tycoons who made their fortune selling the liquid gold which is abundant in the desert Kingdom. However, this cannot be farther from reality as there are many self-made billionaires in Saudi Arabia, and indeed entire Middle East, who have started from modest backgrounds, and earned their riches through innovation and sheer business acumen.
One such individual is Sheikh Sulaiman bin Abdul Aziz Al Rajhi, a Saudi businessman who built his business empire from scratch, and sold palm dates for a living as a 12-year-old. Let us delve into the inspiring journey of this remarkable entrepreneur: Who is Sheikh Sulaiman bin Abdul Aziz Al Rajhi?
Born in a low-income household in Al Bukairiyah in Saudi Arabia's Al Qassim province, Al Rajhi's childhood was devoid of luxuries and basic education. Growing up in the harsh Nejd desert, Sulaiman and his brother earned a livelihood by ferrying Hajj pilgrims on camel caravans across the desert to reach the holy cities of Mecca and Medina.
From an early age, Sulaiman Al Rajhi had developed an enterprising outlook, and worked as a a porter, carrying shopping luggage for shoppers at the Al Khadra market in Riyadh when he was just nine years of age. Later, as a 12-year-old, he began collecting palm dates for a living, a job that fetched him a paltry monthly salary of six Saudi Riyals, barely enough to eat.
In an interview, Sulaiman Al Rajhi recalled how he often slept on gravel at his workplace, and wore the same clothes at work as well as afterwards, because he lacked money. From rags to riches- How Sulaiman Abdul Aziz Al Rajhi made his fortune
Growing up as a teenager during the early 1940s, Al Rajhi worked several odd jobs, including as a cook at a smalltime Riyadh hotel, and wholesaler of imported kerosene, as he looked for a breakout opportunity to change his circumstances.
Later, Al Rajhi worked as a waiter for a Saudi contracting company for a mere 60 Saudi Riyals, and then established his own grocery shop, which he forced to sell to spend on his marriage. Rajhi was 15 at the time.
Afterwards, Sulaiman started working at a currency exchange business established by his brother Saleh Al Rajhi, and in 1956, the Al Rajhi brother expanded the enterprise by opening a second branch.
However, Sulaiman's groundbreaking opportunity arrived in 1970, when he opened his own currency exchange firm after separating his business from his brother. Over the years, Sulaiman expanded his business, opening more than 30 branches across Saudi Arabia, and later took the enterprise to other nations across the Arab world, including Egypt and Lebanon, where he made massive gains.
Today, Sulaiman Abdul Aziz Al Rajhi holds the largest individual stake Al Rajhi Bank, which he co-founded with his older brother Saleh Al Rajhi, and has consistently reported the most profitable operations amongst all of Saudi banking groups. Sulaiman Abdul Aziz Al Rajhi net worth
At one point, Sulaiman Abdul Aziz Al Rajhi was ranked among the wealthiest individuals in the world, with Forbes estimating his net worth at around $7.7 billion in 2011. However, Al Rajhi later donated a major chunk of his vast fortune to charity, by transferring his shares in the family-owned Al Rajhi Bank, his poultry farm, and other assets to a charitable endowment that bears his name to fund anti-hunger efforts and education in the Kingdom of Saudi Arabia, according to a Forbes report.
Currently, Sulaiman Abdul Aziz Al Rajhi has a net worth of around $2.2 billion, as per Forbes, enough to live a life of luxury which he has undoubtedly earned.
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