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Alabbar's Belgrade Setback; KSA Richest GCC; Saudi Sisters Stacking Billions
Wednesday, December 17, 2025
Happy Wednesday everyone!
Saudi Arabia solidifies its position as the GCC's wealthiest nation at $3.7 trillion, while the UAE closes in with the region's fastest growth rate. Behind Saudi's numbers are the Olayan sisters — two septuagenarians who've quietly built a $50 billion-plus fortune bridging Wall Street and Riyadh. Meanwhile, political turbulence derails ambition: Emaar's Mohamed Alabbar and Jared Kushner have pulled their $500 million Trump Tower Belgrade project after Serbian officials were indicted for clearing its path.
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Emaar's Alabbar And Kushner Abandon Trump Tower Belgrade After Government Officials Indicted
What’s it About?
Mohamed Alabbar's Eagle Hills and Jared Kushner's Affinity Partners have withdrawn their $500 million Trump Tower Belgrade project following the indictment of Serbia's culture minister and three officials. The luxury hotel planned for a bombed NATO site sparked mass protests and allegations officials falsified documents to remove its protected status.
Why it Matters?
The collapse marks a setback for Alabbar and Kushner's Atlantic Eagle Hills Partners venture, raising questions about high-profile developments in politically volatile markets. The project's controversy strained President Aleksandar Vucic, already facing year-long corruption protests, while highlighting risks when Western investors partner with embattled governments on sensitive historical sites.
What’s Next?
Despite Belgrade's failure, Trump-branded projects continue in the Balkans. Affinity is developing a luxury Albanian island resort with government backing, while Romanian developers plan Trump Tower Bucharest. Alabbar's next moves with Trump-branded properties remain unclear after this high-profile withdrawal from their joint venture.
Saudi Arabia Tops GCC Wealth Rankings At $3.7 Trillion As UAE Surges With Fastest Growth
What’s it About?
Saudi Arabia leads the Gulf region with $3.7 trillion in total net wealth, posting 1% annual growth, according to Boston Consulting Group. The UAE follows at $3.12 trillion with the region's highest growth rate of 9.89%, driven by surging real assets and cross-border wealth inflows.
Why it Matters?
The UAE's rapid wealth accumulation signals its rising competitiveness as a regional financial hub, narrowing the gap with Saudi Arabia. This wealth concentration in the top two economies underscores the GCC's growing importance in global finance, though per-capita wealth remains unclear given Saudi Arabia's larger population.
What’s Next?
The UAE's momentum suggests continued competition for regional wealth dominance as both nations pursue economic diversification. Qatar, Kuwait, Oman, and Bahrain trail significantly with wealth ranging from $765 billion to $160 billion, indicating potential for further concentration at the top.
The Olayan Sisters: Saudi Arabia's Quiet Billionaire Power Brokers
When Lubna Olayan took her seat beside Elon Musk at the White House state dinner for Saudi Arabia's crown prince last month, her presence spoke volumes about the quiet empire she and her sister Hutham have built. The two women, both in their early seventies, helm the Olayan Group — a sprawling conglomerate that operates at the scale of a sovereign wealth fund and has made their family one of the world's richest, with an estimated fortune exceeding $50 billion, possibly surpassing $100 billion, Bloomberg reported.
The sisters came of age when Saudi women couldn't drive or obtain passports without male permission, yet they've transformed their father Suliman's modest beginnings into a global powerhouse. Starting as a dispatcher who mortgaged his house for $8,000, Suliman built partnerships selling everything from Colgate to Coca-Cola across the kingdom before his death in 2002.
Today, the Olayan Group controls nearly $13 billion in US stocks — including billion-dollar stakes in BlackRock and JPMorgan — plus tens of billions in private equity and real estate spanning Madison Avenue to Dubai. At home, they bottle Coca-Cola, run Burger King franchises, and service oilfields.
Their influence extends beyond wealth. As steely negotiators who've maintained fierce loyalty to Saudi Arabia through turbulent times, the sisters have become indispensable connectors between Wall Street and Riyadh. Lubna co-chairs the US-Saudi Business Council with Citigroup's Jane Fraser, while Hutham sits on Brookfield's board. When Saudi Aramco's IPO struggled in 2019, the family answered the call to shore up demand.
Unlike the flamboyant Prince Alwaleed, the Olayans eschew the spotlight, operating with what Hutham calls calculated frugality. Even their Credit Suisse losses — catastrophic by most standards — barely registered as they continued business as usual, their profile only growing stronger.
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