Lubna Olayan
Lubna Suliman al-Olayan | |
|---|---|
| Born | August 4, 1955 Khobar, Eastern Province, Saudi Arabia |
| Occupation(s) | Entrepreneur, business executive |
| Known for | Former CEO and deputy chairman of Olayan Financing Company; Chairwoman of Saudi British Bank (SABB) |
Lubna Suliman al-Olayan (; born 4 August 1955) is a prominent Saudi entrepreneur who formerly held the roles of CEO and deputy chairman at Olayan Financing Company.
Early life
Lubna Al-Olayan, the youngest offspring of Sheikh Sulaiman Al-Olayan, the founder of the Olayan Group, was born in Khobar, located in the Eastern Province. She earned a Bachelor of Science degree in Agriculture from Cornell University and later obtained an MBA from Indiana University. Between 1979 and 1981, she worked at Morgan Guaranty Trust Bank in New York City before returning to Saudi Arabia to join her family’s enterprise. She eventually took on the position of CEO within Olayan Financing Group.
Career
Throughout her career, Lubna has served on various boards, including those of WPP and Saudi Hollandi Bank (currently known as Alawwal Bank). She has also contributed her expertise to the International Advisory Boards of Rolls-Royce and Citigroup.
Until May 1, 2019, she led Olayan Financing Company (OFC) as CEO, overseeing the holding company responsible for The Olayan Group’s operations in Saudi Arabia and the Middle East. Jonathan Franklin succeeded her in this role. Established by her father in 1947, the family-owned conglomerate spans sectors such as distribution, manufacturing, services, and investment. It maintains partnerships with numerous global multinational corporations and holds significant stakes in regional stock markets. The family's net worth is estimated to surpass $10 billion.
On 16 June 2019, Lubna was named Chairwoman of the Saudi British Bank (SABB), marking her as the first Saudi woman to chair a bank. She secured reappointment for a three-year term in January 2020 and continued in this capacity following the merger between SABB and Alawwal Bank. In January 2023, she was once again re-elected Chair of the Board for an additional three years.
Other activities
Beyond her corporate responsibilities, Olayan has played key roles on multiple boards that extend her influence strategically. She joined the Board of Directors at INSEAD in December 2005 and has been involved with its International Council since 1997. In April 2007, she became a member of the Board of Trustees at Cornell University. Additionally, she participates on the Advisory Board of Effat College in Jeddah and serves as a board member of Alfanar, a leading venture philanthropy organization across the Arab world. Since 2002, she has been part of the Board of Trustees for the Arab Thought Foundation and was elected to the Board of the Down Syndrome Charitable Association in Riyadh in 2005. Furthermore, Olayan holds a position on the Board of Trustees at KAUST and was elected to join the MIT Corporation in June 2018. Her entrepreneurial leadership was recognized with the Cornell Entrepreneur of the Year award in 2010. In 2014, Forbes ranked her as the 86th most powerful woman worldwide. She is also a trustee on the Board of the World Economic Forum.
Personal life
Lubna Olayan is married to John Xefos, an international lawyer from the United States, and they have three daughters together. The family lives in Riyadh, Saudi Arabia. She is also known as the daughter of Saudi billionaire businessman Sulaiman Olayan.