Source of Wealth
Toyota dealerships; inherited and growing
In 1955, Abdul Latif Jameel became Toyota's exclusive distributor in Saudi Arabia. After his death in 1993, his son Mohammed became chairman and president of Abdul Latif Jameel Co, which bills itself as the world's largest independent distributor of Toyota and Lexus vehicles. It opened the world's largest Lexus retail facility last year, but Jameel is betting on renewable energy. In 2015, ALJ bought Madrid-based Fotowatio Renewable Ventures, which has developed 50 solar and wind energy projects in more than 20 countries and signed an agreement in February 2017 to develop an Australian solar farm to power 45,000 homes. A year ago, the group announced plans to invest $2 billion in manufacturing, financial services and real estate in Saudi Arabia over the next five years, including a sprawling, energy efficient headquarters in Jeddah.