A collaborative research project between New York University Abu Dhabi and Tharawat Family Business Forum

Spotlight

Abdulrahman Suleiman Al Bassam & Sons Co

Information last updated on 19 August 2022

Snapshot

Founding

Family Name:

Al Bassam

Founder’s Name:

Abdulaziz Ali Al Bassam

Earliest Documented Business Name:

Abdulaziz Ali Al Bassam Co.

Founding Year:

1926

Founding Location:

Manama, Bahrain[1]

Today

Current Operating Status:

Operating

Family Business Name:

Abdulrahman Suleiman Al Bassam and Sons Company

Headquarters Location:

Dammam, Saudi Arabia

Key Industries:

Construction & Materials, Electronic & Electrical Equipment, and Food & Drug Retailers sector[2]

Number of Employees:

Unclear

ABOUT THE FOUNDER

Abdulaziz Ali Al Bassam was born in 1893 in the city of Unayzah in modern-day Saudi Arabia. Unayzah at the time was much more advanced than neighboring cities, the nucleus of a politically autonomous emirate and a bustling trade center, given its strategic location at the crossroads of key trade routes in the Arabian Peninsula.[3] The Al Bassam family was well established in trade. With a long history as merchants, the Al Bassams had already founded multiple family businesses, many still operational today, often independent from one another as opposed to the typical Saudi model of one “family house.”[4]

 

Growing up in this environment, Abdulaziz was surrounded by relatives who engaged in trade in Egypt, Iraq, the Levant, and India. His cousin Mohammed Al Bassam was a well-known merchant in Iraq and the founder of a toll road between Baghdad and Damascus.[5] Sulaiman Abdulla Al Bassam and Saleh Al Bassam were also prominent merchants in the region under Ottoman rule.[6]

 

During Abdulaziz’s childhood, the region endured repeated episodes of instability as various forces vied for control.[7] Amid these conflicts, Abdulaziz’s family lost their wealth in 1902. Abdulaziz’s father headed to Mecca to try his luck in trade, but only came back with more debt. As the eldest son, when Abdulaziz turned 11 years old, he was expected to begin helping out the family. Accompanied by friends, he started traveling to Iraq and Kuwait in search of work.[8]

 

Shortly after, Abdulaziz moved to Bahrain, by that point a significant regional trade center.[9] He landed an office job thanks to his ability to read, write, and do some math, which were then uncommon skills. During his time there, he connected with Yousef Bin Ahmed Kanoo,[10] one of the country’s most successful businessmen in fields from pearling and shipping to commodities.[11] In what Abdulaziz later described as a key milestone in his life, he was hired by Kanoo, whom he regarded as both a boss and a mentor.[12]

FOUNDING STORY

Having acquired years of experience with Yousef Kanoo, Abdulaziz struck out on his own in 1914 in commodities and trading. By 1924, his name was frequently appearing in the state customs records, leading government officials to wonder who he was. He was called in and asked to open a proper Commercial Registration (CR) to register his business officially, which he did in 1926 under the name Abdulaziz Ali Al Bassam Co.[13]

 

Though the pearling industry was at its peak, especially in Bahrain, throughout the 1920s, Abdulaziz never put his financial resources into the field, investing instead in gold and real estate. The latter was looked down upon by his fellow businessmen, who thought he was “throwing his money on sand.” The opposite turned out to be true: Abdulaziz’s choices proved remarkably foresightful as the value of real estate and gold increased exponentially, and the pearl market shockingly crashed.[14]

GROWTH PHASE

As Abdulaziz’s company grew steadily, in 1932 the Kingdom of Saudi Arabia was formed through the unification of various areas of the peninsula. Oil was discovered, and successful commercial oil production began in the late 1930s.[15] Rapid social and technological modernization and transformations took place all over the country following the massive increase in oil revenues.[16] By 1955, the Saudi economy was expanding at an unprecedented rate, and Abdulaziz reoriented his company, investing in land development and construction to complement the firm’s real estate portfolio — all while maintaining its long-standing position in the gold trade.[17]  Abdulaziz passed away in 1976 in Egypt, and was buried in Mecca.[18] The following year was an important one for the company as its ownership was transferred completely to his son[19] Abdulrahman Al Bassam, who renamed it to Abdulrahman Suleiman Al Bassam and Sons Company.[20]

TODAY

Today, Abdulrahman Suleiman Al Bassam and Sons Company maintains offices in Saudi Arabia’s Eastern Province and Bahrain,[21] and is run by members of the family’s third generation.

Notes

Photo Credit: Founder Abdulaziz Ali Al Bassam (center) and members of the Al Bassam family. Image credit: AWN. Source: Tharawat Magazine

[1] Abdulrahman Suleiman AlBassam & Sons Company – About Us. http://albassams.com/sa/en/about_us.html. Last Accessed 19 Aug. 2022.

[2] Abdulrahman Al Sulaiman Al Bassam & Sons Company – ClarifiedBy. https://clarifiedby.diligenciagroup.com/company/summary/165182-abdulrahman-al-sulaiman-al-bassam-and-sons-company/. Last Accessed 19 Aug. 2022.

[3]Altorki, Soraya. Arabian Oasis City: The Transformation of ʻUnayzah. Austin: University of Texas Press, 1989. Internet Archive, http://archive.org/details/arabianoasiscity0000alto. P.2. Last Accessed 19 Aug. 2022.

[4] Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/. Last Accessed 19 Aug. 2022.

[5] “البسام تاجر العرب .. خرج من عنيزة وصادر الفرنسيون أمواله.” صحيفة الاقتصادية, https://www.aleqt.com/2017/04/28/article_1177946.html. Last Accessed 19 Aug. 2022.

[6]  Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/.Last Accessed 19 Aug. 2022..

[7] Altorki, Soraya. Arabian Oasis City: The Transformation of ʻUnayzah. Austin : University of Texas Press, 1989. Internet Archive, http://archive.org/details/arabianoasiscity0000alto. P.75. Last Accessed 19 Aug. 2022.

[8]  Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/.Last Accessed 19 Aug. 2022.

[9] Al Mahari, Salman. Bahrain, Its History and Heritage: An Overview. https://unesdoc.unesco.org/ark:/48223/pf0000264627/PDF/264617eng.pdf.multi.nameddest=264627%20. Last Accessed 19 Aug. 2022.

[10]  Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/. Last Accessed 19 Aug. 2022.

[11] Kanoo, Khalid M. The House of Kanoo: A Century of an Arabian Family Business. London Centre of Arab Studies, 1997. Google Books, https://books.google.ae/books?id=h1-jMQEACAAJ. Last Accessed 19 Aug. 2022.

[12]  Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/.Last Accessed 19 Aug. 2022.

[13]  Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/. Last Accessed 19 Aug. 2022.

[14]  Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/. Last Accessed 19 Aug. 2022.

[15] Driven by the Curiosity to Explore. https://www.aramco.com/en/who-we-are/overview/our-history. Last Accessed 19 Aug. 2022.

[16] Chaudhry, Kiren Aziz. The Price of Wealth, Economies and Institutions in the Middle East. Cornell University Press, 2015. DeGruyter, doi:10.7591/9781501700347.

[17] Abdulrahman Suleiman AlBassam & Sons Company – About Us. http://albassams.com/sa/en/about_us.html. Last Accessed 19 Aug. 2022.

[18]  Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/. Last Accessed 19 Aug. 2022.

[19]  Tradition and Innovation – How a 100-Year-Old Business Legacy Inspires Entrepreneurship | Family Business Histories. https://familybusinesshistories.org/tradition-and-innovation-albassam/.Last Accessed 19 Aug. 2022.

[20] Abdulrahman Suleiman AlBassam & Sons Company – About Us. http://albassams.com/sa/en/about_us.html. Last Accessed 19 Aug. 2022.

[21] Abdulrahman Suleiman AlBassam & Sons Company – About Us. http://albassams.com/sa/en/about_us.html. Last Accessed 19 Aug. 2022.

To cite this article please use:

“Abdulrahman Suleiman Al Bassam & Sons Co” Family Business Histories Research Project, New York University Abu Dhabi and Tharawat Family Business Forum, 20 Mar. 2023, familybusinesshistories.org/spotlights/abdulrahman-albassam