Suliman S. Olayan
Suliman Saleh Al Olayan | |
|---|---|
| Born | Template:Birth date |
| Died | July 4, 2006 (aged 87) |
| Occupation | Businessman |
| Known for | Founder of the Olayan Group; Chairman of CI Capital Holding Co; Board member of Housing & Development Bank |
Suliman Saleh Al Olayan (; 5 November 1918 – 4 July 2006) was a prominent Saudi businessman recognized as one of the nation's wealthiest individuals. He founded the Olayan Group and the Suliman Saleh Olayan Foundation. Olayan also held the position of chairman at CI Capital Holding Co and was a board member of the Housing & Development Bank.
Biography and career
Orphaned at the age of six, Olayan advanced from modest origins thanks to his ties with the Al-Saud family, his business expertise, and his ability to navigate diverse cultural environments. After beginning his career at ARAMCO (1937–1947), he departed to establish his own trucking firm, which became the first among more than fifty companies he would develop. Over a span exceeding five decades, he transformed The Olayan Group into a leading diversified enterprise within Saudi Arabia and a significant international investor.
Born in 1918 into a merchant household, Olayan lost his parents early in life. His education took place in Bahrain, where he attended both American and local schools, gaining fluency in English and demonstrating strong commercial insight. Following his studies, he worked at Bahrain Petroleum Company before joining California Arabian Standard Oil Company (later Aramco), where by 1947 he had advanced to Government Relations.
In 1947, using a loan secured against his residence, he launched the General Contracting Company (GCC). The firm’s initial major client was Bechtel for the Trans-Arabian Pipeline project. This achievement enabled Olayan to expand into Saudi Arabia’s nascent electrical power industry through involvement with the National Gas Company.
He founded General Trading Company (GTC) in 1954 to handle distribution of food and consumer goods, and established Arab Commercial Enterprises (ACE), which was among the first to introduce commercial insurance services in Saudi Arabia. During the 1960s, the Olayan Group broadened its scope to include international equity investments and formed strategic alliances, securing exclusive distributorships for brands such as Kimberly-Clark, General Foods, Pillsbury, Cummins Engine, Kenworth, and Atlas Copco.
By 1969, under Kimberly-Clark’s license, the Group inaugurated Saudi Arabia’s first paper tissue converting factory. It also developed facilities for cold storage, meat processing, and plastic pipe production through joint ventures with global companies.
By 1983, Olayan was ranked among the wealthiest bankers worldwide with an estimated fortune of $2 billion. From the late 1980s onward, the Group diversified further into light manufacturing and franchising throughout the Gulf region and Middle East while reinforcing its core businesses.
In 2002, Forbes assessed his net worth at $7.6 billion.
He is survived by his son Khaled Olayan; daughters Hayat, Hutham, Lubna Olayan; and wife Maryam.