Al Rajhi family has left an indelible mark on the world of business, venturing into nearly every investment field—from banking and finance to philanthropy, supporting Hajj campaigns, building mosques, and engaging in various charitable endeavors.
Their story is one of resilience and ambition, tracing back to their migration from a small town in Qassim, Najd, to the capital Riyadh, where they began with humble jobs, earning mere pennies under difficult conditions. Over the years, their hard work transformed into major institutions that span Saudi Arabia and beyond, securing their place among the world’s wealthiest.
Today, members of Al Rajhi family rank among the richest businessmen in Saudi Arabia, the Gulf, and globally. Notably, Sulaiman bin Abdulaziz Al Rajhi was once estimated by Forbes to have a net worth of $5.9 billion, earning him a spot among the world’s wealthiest individuals.
The Journey to Riyadh
In the face of hardship, the patriarch Abdulaziz Al Rajhi left his sons behind in Buraidah, Qassim, and set out for Riyadh, nearly 370 km away, in search of better opportunities. The family lived modestly, sharing their struggles with fellow townspeople.
One by one, the elder Al Rajhi brothers joined their father in the capital, while Sulaiman remained behind with his mother for a few more years before eventually reuniting with the family.
Upon arriving in Riyadh, the four brothers—Salih, Abdullah, Sulaiman, and Mohammed—began searching for work in the bustling city. At the time, Riyadh was still enclosed by protective walls with well-known gates like Al-Thumairi and Al-Darwaza, with Souq Al-Safaat serving as the main marketplace. It was here that the brothers spent most of their time, striving to earn a living.
A Humble Start
Sulaiman Al Rajhi, one of the younger brothers, left school early, drawn to work and trade. His first jobs included carrying goods for merchants and collecting fallen firewood from camels. He also worked in construction, gaining hands-on experience in the business world.
He later became a cook, earning 30 riyals per month, before opening a small shop on Al-Murabba Road, selling household items. This modest shop laid the groundwork for what is now one of the largest business empires in Saudi Arabia.
Meanwhile, his older brother Salih started working near Souq Al-Muqaybara, selling locks and small tools. Over time, he expanded his business, later venturing into currency exchange at the young age of 16.
From Hardship to Success
Despite their struggles, Al Rajhi brothers persevered.
By 1943, Sulaiman had opened a small grocery store selling sugar, tea, and sweets, even importing goods from Bahrain to sell in Riyadh.
By 1957, the brothers pooled their resources and founded Al Rajhi Exchange, which initially served pilgrims visiting the Holy Mosque in Makkah. The business grew rapidly, attracting investors and expanding its services.
As the company flourished, the brothers took their financial expertise to Jeddah, a major hub for pilgrimage and trade, and established deeper connections with international finance.
Over the years, their small exchange business evolved into Al Rajhi Bank, Saudi Arabia’s first Islamic bank and one of the largest Islamic financial institutions in the world.
Expanding Beyond Banking
As their wealth grew, Al Rajhi brothers diversified their investments, establishing major companies in sectors such as agriculture, industry, and food production. Their ventures extended beyond Saudi Arabia, shaping economies across the Arab world.
Sulaiman Al Rajhi became known for his work ethic, often saying:
“I sleep like a chicken and wake up like a rooster,” emphasizing the importance of early mornings and discipline.
From Local to Global Success
What began as a local business in Riyadh soon turned into an international empire. Al Rajhi Exchange developed strong ties with Swiss banks, while each brother pursued different industries:
- Salih became a real estate mogul, developing properties across Riyadh and beyond. Even after his passing, his assets were valued at billions of riyals.
- Abdulrahman ran Al Rajhi Trading and Exchange until it closed in the early 2000s.
- Mohammed focused on industrial development, leading Al Rajhi Steel, now one of the largest steel companies in the Middle East and North Africa.
- Sulaiman expanded into banking, agriculture, and philanthropy, ultimately donating much of his wealth to charity.
A Lasting Legacy
Beyond their business success, Al Rajhi family remains deeply committed to philanthropy. They have funded:
- Hotels and tourism projects in collaboration with businessmen like Sheikh Abdulaziz Al-Mousa.
- Food security initiatives, including farms with over 250,000 palm trees.
- Charitable projects, employing over 5,000 Saudis across various sectors.
Today, Al Rajhi Bank stands as a pillar of Islamic finance, while the family’s business empire continues to shape Saudi Arabia’s economy, proving that hard work, perseverance, and integrity can turn humble beginnings into global success.
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