HAZEM F. ASWAD Owner of the Aswad Group

Hazem F. Aswad, the owner of Aswad Group, ascribes his success to his decision to switch from contracting to supermarkets at the end of the first oil boom in the 70s. “When you have a vision, you have to act accordingly: vision, decision!” he says. The group’s retail food suppliers, Farm Superstores, have stood out and stood up to competition from outsiders such as Carrefour and Géant because of the loyalty of their customers.

Having started out as a civil contractor to the oil companies, Aswad is now focusing its efforts on providing engineering solutions and technical support. The group has nevertheless kept a stake in the mechanical and electromechanical contract sector as the sole provider of specialized services to leading crude oil producer Saudi Aramco. In addition to its core supermarket business, the group also owns a commercial center in Jubail and a jewelry company.

With the opening up of the international market already under way, Mr. Aswad has decided the best next step for his company is to go public. He estimates that it will take him around 18 months to sell around 60% of the company’s shares, allowing him to maintain continuity within the firm. Mr. Aswad is now pursuing new investments in other areas such as electronics and the food industry.

Once again, the lack of qualified personnel comes to the fore. In its bid to curb unemployment, the government has set up centers to train Saudis, after which it subsidizes their wages until they are fully trained and qualified. While Mr. Aswad’s top priority is to find the right person for the job, he welcomes the Saudization process. When it comes to seeking active partners, he prefers U.S. firms. “We have a long history of successful business wth American companies,” he concludes.