Wafic Saïd
Wafic Saïd | |
|---|---|
| Born | December 21, 1939 Damascus, Syria |
| Occupation(s) | Businessman, financier, philanthropist |
| Known for | Facilitating Al-Yamamah arms agreement; founder of Saïd Foundation and Saïd Business School |
| Notable work | Saïd Foundation, Saïd Business School at Oxford University |
Wafic Rida Saïd () (born 21 December 1939) is a businessman, financier, and philanthropist of Syrian, Saudi, and Canadian descent who has resided in Monaco for many years.
Raised in Syria, Saïd left in his early twenties to pursue a banking career in Switzerland before amassing his wealth through involvement in Saudi Arabia’s construction industry during the 1970s. His reputation was notably enhanced by his role in facilitating the Al-Yamamah arms agreement between the United Kingdom and Saudi Arabia in the 1980s. In 1982, he launched the Saïd Foundation and went on to establish the Saïd Business School at Oxford University in 1996 with an initial endowment of £20 million. Among his real estate holdings is Tusmore Park located in Oxfordshire.
He holds the position of Foundation Fellow at Somerville College, Oxford.
Biography
Born in Damascus, Syria, in 1939 into a distinguished Syrian lineage, Saïd’s grandfather was an Ottoman army general and served as a colonial governor of Ottoman Syria. He was the youngest son of Rida Saïd, a prominent Syrian ophthalmologist and Minister for Higher Education who founded Damascus University in 1926 upon the request of King Faisal.
Following his father’s premature passing, Saïd received Jesuit education in Beirut and subsequently attended the Institute of Bankers in London. Although accepted to University of Cambridge, political turmoil in Syria and the confiscation of his family’s assets prevented him from enrolling.
Amidst the perilous environment following the 1963 Syrian coup d'état, Saïd departed Syria. He gained experience working for Union de Banque Suisse (now UBS) and Banque Commerciale Arabe SA in Switzerland before relocating to England. In 1967, he opened two Middle Eastern restaurants in London, including Caravanserai on Kensington High Street, which he sold by 1969.
In 1969, Saïd married Rosemary Thompson; the couple had three children: Karim, Khaled, and Rasha. Their son Karim tragically died in 1981 during an accident at Prince Sultan’s residence in Saudi Arabia, where Saïd was granted Saudi citizenship by royal decree. To commemorate Karim’s memory, Saïd founded the Karim Rida Saïd Foundation aimed at supporting underprivileged youth across the Middle East.
Relocating to Saudi Arabia that same year, Saïd leveraged the oil-driven economic boom to create and invest in enterprises involved with major infrastructure developments aligned with the kingdom’s modernization initiatives.
Between 1996 and 2018, Saïd acted as ambassador and head of delegation for St Vincent and the Grenadines to UNESCO, while also serving as ambassador to the Holy See.
In March 2016, Barclays Bank informed long-standing client Saïd that it would cease providing banking services due to concerns related to accounts associated with "high-risk countries." Saïd responded by initiating legal proceedings against Barclays; this dispute was resolved by June 2016.
Relationship with Syria
In 1992, Saïd assisted future Syrian president Bashar al-Assad in gaining admission to study ophthalmology in Britain and maintained connections with the Anglo-Syrian family of Assad’s wife, Asma al-Assad (née Akhras). During a 2012 interview, Saïd characterized Bashar as ‘civilised, nice, polished’ and described Asma as ‘a caring person.’ He welcomed Bashar’s succession after Hafez al-Assad’s death, viewing it as Syria’s ‘only salvation.’ Saïd commended Bashar’s inaugural speech in 2000 which pledged legal reforms, revocation of emergency laws, and anti-corruption efforts. Acting as a bridge between Western politicians, business leaders, and Syria, he advocated for political change. While visiting Syria amidst the Arab Spring uprisings in 2011, Saïd encouraged Asma to persuade Bashar to commit to free elections and endorse reform.
Distressed by the outbreak of the Syrian Civil War, Saïd met with Bashar in June 2011 to relay Western viewpoints on the conflict. He urged Assad to pursue reforms and engage with opposition factions. Supporting the broader Arab Spring movement, Saïd expressed hope for Egypt to adopt a secular government modelled after Turkey’s system.
Saïd Foundation
Established in 1982 by Wafic and Rosemary Saïd to honor their son, the Karim Rida Saïd Foundation was renamed the Saïd Foundation in 2008. This English charitable organization primarily focuses on advancing education and development initiatives.
Since 1984, the Foundation's Scholarships Programme has awarded close to 900 scholarships to gifted individuals from Syria, Jordan, Lebanon, and Palestine. These scholarships predominantly support studies in the UK, aiming to cultivate skills that benefit their countries of origin.
In 1993, the Foundation initiated the Child Development Programme (CDP) to assist community groups across Jordan, Lebanon, and Palestine that provide care for disabled children and educational services in underserved regions. To date, the CDP has granted over 250 awards, positively affecting tens of thousands of young beneficiaries.
The Foundation pioneered Syria’s inaugural Disability Programme in 1996 and opened a dedicated office in 2001. This office became a registered local charity by 2012. The program enhances the expertise of disability professionals, promotes awareness, delivers training, and backs services for disabled children and their families, particularly within marginalized populations.
Following the onset of conflict in Syria in late 2011, the Saïd Foundation extended support to non-political organizations offering urgent humanitarian relief—such as shelter, healthcare, and education—to refugees in Lebanon and Jordan as well as displaced Syrians within their own country. It committed over US$1.8 million to the UN Refugee Agency (UNHCR) specifically for university scholarships targeting Syrian refugees.
Additionally, the Foundation contributes support to the Saïd Business School at the University of Oxford.
Business career
During the 1960s, Saïd forged relationships with Saudi princes Bandar and Khalid—sons of Prince Sultan, brother to King Fahd and future defence minister of Saudi Arabia. Bandar later served as Saudi ambassador to the United States while Khalid became co-commander of Allied forces during the Gulf War.
Through his connection with Syrian financier Akram Ojjeh, founder of TAG Group, Saïd established TAG Systems Constructions SA, a company specializing in civil engineering and telecommunications, where he held the position of chairman.
In 1992, Saïd successfully pursued a libel lawsuit in the British High Court, receiving £400,000 in damages for defamatory letters that questioned his integrity—claims he described as "humiliating and untrue," which inflicted "tremendous damage" on his reputation.
He owned nearly half of British Mediterranean Airways and provided an £8 million loan before its sale to BMI in 2007.
According to the Sunday Times Rich List in 2014, Saïd's fortune was valued at approximately £1.5 billion. In 1995, he co-founded Sagitta Asset Management to oversee his family’s wealth alongside other ultra-high-net-worth clients; this firm was sold to Fleming Family & Partners in 2005. His investments also included stakes in merchant bank Aitken Hume and a £5 million contribution to the short-lived Sunday Correspondent newspaper. In the United States, his portfolio encompassed the National Bank of Washington and Garfinckel's department stores.
Al-Yamamah contract
Saïd played a significant role in facilitating the al-Yamamah agreement between Britain and Saudi Arabia during the 1980s. This contract remains the largest export deal in UK history, generating £43 billion for BAE Systems. The Daily Telegraph referred to Saïd as a 'key fixer' instrumental in brokering the arrangement, while The Guardian described him as the 'fixer at the heart' of this transaction.
Reports from The Guardian indicated that corrupt commissions exceeding £6 billion might have been distributed through intermediaries involved with the deal. In 2007, BBC's Panorama alleged that BAE Systems paid Prince Bandar "hundreds of millions of pounds" connected to this contract. Additionally, funds were reportedly directed to Turki bin Nasser by BAE.
The British Serious Fraud Office (SFO) initiated an investigation but subsequently halted it due to national security concerns after Saudi Arabia threatened to withdraw cooperation on counter-terrorism efforts.
In a statement issued in 2007, Saïd denied acting as a 'business manager' or distributing commissions to any members of the Saudi Royal Family. Although some labeled him an arms dealer, he rejected this characterization, emphasizing his role was focused on promoting British industry and job creation without receiving direct payment for advising British Aerospace.
Saïd's association with Margaret Thatcher's son, Mark Thatcher, was perceived as influential in securing the contract; both parties denied receiving any Saudi commissions. Properties linked to Saïd were reported as having been used by Thatcher and Dick Evans, who became BAE's CEO following the deal.
Jonathan Aitken’s 2013 publication Margaret Thatcher: Power and Personality minimizes Mark Thatcher's involvement while highlighting Margaret’s husband, Denis Thatcher, as an intermediary between her and Prince Bandar with assistance from Dick Evans. Aitken recounts an occasion where Saïd met Defence Secretary Michael Heseltine, who expressed optimism about Britain winning a BAE Hawk aircraft contract with Saudi Arabia. Saïd remained skeptical but was later approached by James Blyth from the Ministry of Defence regarding progress on the deal. When Prince Bandar indicated Saudi Arabia’s intention to sign with France instead, Saïd informed Thatcher who reminded him of longstanding UK-Saudi relations—a message that influenced Prince Bandar and secured Saïd’s backing for Britain’s bid.
Saïd Business School
In July 1996, Saïd contributed £20 million to the University of Oxford to establish a business school, following the university's 1990 decision to create such an institution and its target of raising £40 million. Early resistance emerged due to concerns over the proposed location and doubts about the academic validity of management studies, which led Saïd to reconsider his donation after a suggested site was dismissed. The school’s facility, designed by Edward Jones and Jeremy Dixon, officially opened in August 2001 amid demonstrations linked to Saïd's association with the Al-Yamamah arms deal. In 2013, The Prince of Wales officially opened the Thatcher Business Education Centre, which was named by Prime Minister David Cameron in 2014 with Saïd and his wife in attendance. Nelson Mandela visited in 2002 to inaugurate a lecture theatre bearing his name.
By 2014, Saïd had contributed more than £70 million to the institution and holds a place on Oxford's Chancellor's Court of Benefactors, a group comprising the university’s top donors who convene yearly with senior leadership. His philanthropic efforts earned him the Sheldon Medal, Oxford’s most prestigious award for benefactors recognizing strategic contributions to university life. A bust of Saïd sculpted by Michael Rizzello—one of the artist’s last pieces before his passing in 2004—is displayed at the school's entrance.
Relationship with Margaret Thatcher
Saïd was a fervent admirer of British Conservative Prime Minister Margaret Thatcher, commending her leadership during the Winter of Discontent and the Falklands War, describing her as "this lioness" who upheld England’s dignity and overcame formidable unions. He considered her friendship as his "biggest medal."
Throughout the 1980s, Saïd donated no less than £350,000 to Thatcher’s Conservative Party. Due to his status as a foreign national, he is no longer permitted to contribute directly to UK political parties. Nevertheless, his wife Rosemary donated £580,000 to the Conservatives between 2012 and 2014. In 2008, Saïd's daughter Rasha was listed as having given £47,000; however, these contributions were later clarified to have come from her mother following a reporting correction.
Saïd maintains close connections with Charles Powell, Thatcher’s former chief foreign affairs adviser. Powell became chairman of Saïd’s Sagitta Asset Management in 2001 and currently chairs the Saïd Business School Foundation.
Other interests
Saïd served as an executive producer for the 1987 film The Fourth Protocol, adapted from Frederick Forsyth's novel. He financed half of its £3.5 million production budget out of admiration for Forsyth’s work.
Other donations
Saïd has generously supported St Mary's Hospital, The Prince of Wales's Charitable Foundation, Eton College, and the Royal Shakespeare Company. He donated £250,000 to assist victims of the 7 July 2005 London bombings and is recognized as the founding benefactor of the Wafic Saïd Molecular Cardiology Research Laboratories at the Texas Heart Institute.
Art collecting
Renowned for his passion for Impressionist masterpieces, Saïd's collection has included notable works by Pierre Auguste Renoir, Claude Monet, and Paul Cézanne. In the year 2000, he auctioned eleven paintings at Phillips in New York, featuring Renoir's Women in the Garden (1873) and Cézanne's Hill of Galet, Pontoise (1879–80).
Back in 1982, Saïd set a record by acquiring a 15th-century Quran commissioned for Sultan Qaitbay for £80,000; this rare artifact was subsequently exhibited at London's Regent's Park Mosque.
In 1987, he purchased twenty items from Wallis Simpson's jewelry collection, including Cartier’s iconic panther bracelet, cross bracelet, and flamingo brooch; these pieces were later auctioned in 2010.
Horse racing
Saïd was a distinguished owner of Thoroughbred racehorses, with several horses trained by Henry Cecil such as Bosra Sham and Lady Carla. The latter was named in honor of Carla Powell, spouse of Charles Powell. Under Saïd’s ownership, Bosra Sham secured victories in the 1996 1,000 Guineas and Champion Stakes. His firm Sagitta Asset Management sponsored the 1,000 and 2,000 Guineas Stakes until 2003, when Saïd ceased sponsorship and withdrew from horse racing due to his non-resident status in England.
Property
The Saïd family trusts possess two prominent properties within the UK: a £10 million apartment located in Eaton Square, Belgravia—once the most expensive apartment in the country in 1992—and Tusmore Park, a sprawling 3,000-acre estate near Bicester in Oxfordshire. Tusmore Park is adjacent to Prince Bandar’s Glympton Park estate, which spans 2,000 acres. In celebration of Queen Elizabeth II’s Diamond Jubilee in 2012, Saïd erected a 92-foot limestone obelisk topped with gold on the Tusmore grounds—the largest monument of its kind constructed in Britain since the 18th century. During her later years, Margaret Thatcher was a regular visitor to Tusmore Park. The main residence at Tusmore was reconstructed in 2000 in the English Palladian architectural style by Sir William Whitfield; this project received the Georgian Group’s award for best new classical building in 2004.
Beyond the UK, Saïd owns homes in Marbella (Spain), France, Saudi Arabia, and Syria. His official residence is registered in Monaco, recognized as a tax haven.
Awards
He has been honored with the Sheldon Medal from the University of Oxford; Lebanon’s Grand Commandeur Ordre de Mérite du Cèdre; and Morocco’s Ordre de Mérite.