Kuwait’s Nasser Al-Kharafi dies at 67

Kuwait’s Nasser Al-Kharafi who has a net worth estimated at $10.4 billion, died this past week-end of a heart attack in Cairo. The 67-year-old businessman chairs the Kharafi Group, one of the Middle East’s biggest conglomerates and a pillar of the Kuwaiti economy, with stakes in more than a dozen companies. The Kuwait stock market took a small tumble losing close to 1% of its value.

News of his death hit hard telecom company Zain Group, with shares dropping more than 3%. The Kharafi Group, which is the second largest shareholder in Zain, had been trying unsuccessfully for months to sell its stake to the UAE’s Etisalat. At one point, it even considered an offer from Saudi Prince Alwaleed Bin Talal Alsaud to buy its Saudi operations, which would have cleared a regulatory hurdle for Etisalat.

The Kharafi Group also owns a stake in National Bank of Kuwait, the country’s oldest bank and one of the best managed in the region. Its star advisory board includes billionaires Naguib Sawiris of Egypt, Turkey’s Suzan Sabanci Dinçer, and India’s Mukesh Ambani, as well as Pimco’s Mohamed El-Erian.

Its Americana division operates several fast-food joints throughout the Middle East, including KFC, Hardee’s, and Krispy Kreme. (The Group is one of the largest shareholders in the donut chain). During the Egyptian uprising, KFC on Tahrir Square became a makeshift clinic to treat the wounded. Kharafi has extensive investments in Egypt, and had recently purchased three power stations in the country for more than $1 billion.

Nasser Al-Kharafi succeeded his father to the helm of the family business in 1993. Mohamed Abdul Mohsin Al-Kharafi had built the holding group into a regional powerhouse. I’d met him before his death at an investment symposium in Morocco, where he quipped that his investment philosophy was: “I’m not in one pot, not in one place, not in one currency.” It’s a philosophy that was carried on by Nasser Al-Kharafi. The family hasn’t announced yet who will succeed him. His son Marzouk runs Americana; Badr is vice chairman of Kharafi Group, and Faisal is general manager. Nasser Al-Kharafi’s brother Jassim, a former finance minister and chairman of the Kuwait Investment Agency, is speaker of the National Assembly. His sister Faiza, a chemist, was president of Kuwait University. Forbes

  • I am a young boy muslim from Albania.I live in a Korca city, in the south-east of Albania.My job is specialist agriculture. I work in this job of my city, in the agriculture Directory. Our area produces apple fruit, and I have a idea for building one refrigerator for storage these fruit and for selling them after some for a long time within my country or out.  In these build I want to employ many unemployed Muslims In my city. If you help me with a grand in money, I’ll realize it fastely. I hope in the future will retun it to them again.Please contact me in my email addres “neviontelha@yahoo.com”, or in my brother mobile number +355672001673, because he speaks arabic language. With respect fullfrom Nevion TELHA.Albania.

    • paypal ok? western uninon? cash in hand? i would like to try an apple first if its ok.  nevion god bless your efforts courage and intentions and i am sure some of us  would like to contribute to your good intentions but dont want to be taken on trust i hope you can understand more convincing is needed.  

      • prophettt

        geo,
        Good day/evening,
        Any guess as to why He decided to post his  “Business proposal” on an April 19 story?lol
        I have to admit that He gave me a good laugh on a very gloomy day.

        • howdy prophet, how gloomy are we talking?  news conference followed by break gloomy? i wish  i had a dollar for every time i wanted to slash my wrist lol.

        • dabshaleem

          yu sin fau due

    • prophettt

      You would make the “stupid News” front page.This is a classic example of stupid people thinking they are smart,and everyone else is stupid.lol
      My recommendation to you is to look up ” When stupid people think they are smart” Face book page,and then invite all your friends  to give you company.

    • master09

      Why unemployed Muslim and not just unemployed people. You guys must live behind a wall, very high wall.

  • I am a young boy muslim from Albania.I live in a Korca city, in the south-east of Albania.My job is specialist agriculture. I work in this job of my city, in the agriculture Directory. Our area produces apple fruit, and I have a idea for building one refrigerator for storage these fruit and for selling them after some for a long time within my country or out.  In these build I want to employ many unemployed Muslims In my city. If you help me with a grand in money, I’ll realize it fastely. I hope in the future will retun it to them again.Please contact me in my email addres “neviontelha@yahoo.com”, or in my brother mobile number +355672001673, because he speaks arabic language. With respect fullfrom Nevion TELHA.Albania.

    • paypal ok? western uninon? cash in hand? i would like to try an apple first if its ok.  nevion god bless your efforts courage and intentions and i am sure some of us  would like to contribute to your good intentions but dont want to be taken on trust i hope you can understand more convincing is needed.  

      • Anonymous

        geo, Any guess as to why He decided to post his  “Business proposal” on an April 19 story?lol

        • howdy prophet, how gloomy are we talking?  news conference followed by break gloomy? i wish  i had a dollar for every time i wanted to slash my wrist lol.

        • howdy prophet, how gloomy are we talking?  news conference followed by break gloomy? i wish  i had a dollar for every time i wanted to slash my wrist lol.

        • Anonymous

          yu sin fau due

    • Anonymous

      You would make the “stupid News” front page.This is a classic example of stupid people thinking they are smart,and everyone else is stupid.lol
      My recommendation to you is to look up ” When stupid people think they are smart” face book page,and then invite all your friends  to give you company.

    • Anonymous

      Why unemployed Muslim and not just unemployed people. You guys must live behind a wall, very high wall.