Dallah Al-Baraka

Last updated
Dallah Albaraka
مجموعة دلة البركة
Founded1969;55 years ago (1969)
Founder Saleh Abdullah Kamel
Headquarters Jeddah, Saudi Arabia
Key people
Abeddallah Saleh Kamel, CEO
Website http://www.dallah.com

Dallah Al-Baraka Holding Company (DBHC), is a private multinational corporation based in Jeddah, Saudi Arabia. The company has holdings throughout the Middle East, North Africa, the Far East and Europe. The company is best classed as a conglomerate with investments including the financial, banking, healthcare, real estate, manufacturing, transportation, and operations and maintenance sectors. [1]

Contents

Overview

Dallah Albaraka Holding Company (DBHC) is a multinational private corporation based in Jeddah, Saudi Arabia. DBHC has a broad-based investment portfolio with holdings throughout the Middle East, North Africa, Far East and Europe. It invests across many industries including financial and banking services, health care, manufacturing, real estate, transportation and operations and maintenance. [2]

History

The company began in 1969 as a courier service with the name Dallah Establishment by Saleh Abdullah Kamal in Riyadh. [3] By 1979 was one of the largest contractors for the Saudi government. DBHC was formed as a holding company in 1984 when Dallah Establishment expanded its activities to include financial and banking services, health care, manufacturing, real estate and tourism, trading, agriculture, operations and maintenance and transportation. As DBHC continued to grow, major subsidiaries were established to manage the investments in key sectors which includes an international network of banks, in addition to investment and insurance vehicles; and general business, which range from hospital operations to cleaning and maintenance to food manufacture and restaurants. [4] Today, DBHC is one of the largest conglomerates in the region, with diversified investments totaling billions of dollars spanning 40 countries. [5]

In 1969, DBHC expanded its investments to create Dallah Works and Maintenance Company in Riyadh. That company, benefiting from contracts with the Saudi government, including the cleaning and maintenance of the Mecca and Medina holy sites, provided the financial launch for increasingly diverse investments. In the mid-1970s, Dallah expanded its investments to include Dallah Avco Trans Arabia Company, which specialized in airport construction, operation, and maintenance. Dallah Avco Arabia attained a large number of airport and related operations in Saudi, such as the 1988 contract to maintain and run the Saudi’s air traffic control system. [4]

In 2012 DBHC, the Islamic Development Bank, and the Qatari government signed a memorandum of understanding to establish an Islamic Bank with $1 billion in capital. [6] The huge Islamic Bank shall provide “liquidity-management solutions in an effort to create an Islamic inter-bank market,” said Ahmad Mohamed Ali Al-Madani, chairman of Jeddah-based IDB. [6] The Doha-based bank had a subscribed capital of $500 million and finances infrastructure projects. [6]

Philanthropy

As part of an effort to build inter-religious harmony and bridge the West and the Islamic worldIn 2015, DHBC CEO Kamel donated $10 million to Yale Law School to establish “Abdallah S. Kamel Center for the Study of Islamic Law and Civilization ” in what has become the country’s top center for the study of Islamic law. [7] The center hosts distinguished scholars in the field of Islamic law and civilization who will spend a semester at the Law School to teach courses in their area of expertise. Visiting professors will also offer public lectures and engage with students and faculty at the Law School and Yale University. [8] DBHC is active in publicizing its social engagement activities, to include support for the Islamic economic centers at King Abdulaziz University, King Saud University, Azhar University, Al-Faisal University and Yale University. [9] [10]

Allegations

In 2005 both Kamel and Al Baraka were cleared of allegations that sections of the holding company were involved in illicit financing . [11] Despite controversy surrounding his philanthropic work, Kamel was never charged with knowingly abetting any extremist groups and has consistently stated that his company and philanthropic work remain committed to fostering dialogue and inter-religious understanding. [12] The ruling by Judge Casey of the United States District Court, Southern District New York "dismissed in their entirety" all claims against Al Baraka and Mr. Kamel. [13]

Major subsidiaries and business units

Dallah Group

Established in 1997, Dallah Group was organized to perform contracts related to the operation and maintenance of airports and mosques, road construction, driving training schools, traffic control and business solutions, among other business lines.[ citation needed ]

Dallah Real Estate and Tourism Company

Dallah Real Estate and Tourism Company is a regional real-estate holding company that specializes in real estate advisory, management and development.[ citation needed ]

Al-Samaha Trade Holding Company

Al-Samaha Trade Holding Company specializes in trade within local and global markets. Its activities include importation of consumer goods, hoist platforms and servicing contracts to operate e-government services.

Al-Jazira Transport Company

The Al-Jazira Transport Company focuses on providing transportation services for Pilgrims and Omra visitors. Its activities also include refrigerated transport (a primary hauler for most of the dairy and juice producers in Saudi Arabia) while its fleet comprises more than 400 trucks and trailers in addition to 100 plus towing trucks and trailers for the transportation of dry and liquid materials, over 2,000 vehicles in total. [14]

Dallah Telecom Company

Dallah Telecom was established in 1990 to modernize telecommunications and information technology in Saudi Arabia and other countries in the region. Since its establishment, Dallah Telecom has implemented high-tech projects for wired and wireless telecommunications on regional and international levels. Dallah Telecom provides digital learning systems to Saudi universities and helps implement long-term education-development strategies. It also cooperates with local and international companies to develop new business opportunities and manage commercial telecommunications projects.

TeleInvest Limited

TeleInvest Ltd, based on Cayman Islands, focuses and invests in telecommunications companies worldwide.

Other investments

Dallah Albaraka Holding Company holds direct and indirect investments in many private and publicly traded/listed companies including:

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References

  1. ↑ "Dallah albaraka website". Dallah AlBarakah. Retrieved 2016-04-27.
  2. ↑ "Dallah Albaraka Holding Co". www.dallah.com. Archived from the original on 2016-05-22. Retrieved 2016-05-08.
  3. ↑ Simpson, Glenn R.; Wartzman, Rick (2001-11-02). "U.S. Probes Saudi Conglomerate For Links to Islamic Militants". Wall Street Journal. ISSN   0099-9660 . Retrieved 2016-03-18.
  4. 1 2 "History of Dallah Albaraka Group – FundingUniverse". www.fundinguniverse.com. Retrieved 2016-03-18.
  5. ↑ "Saudi Arabia's Biggest Companies - Arabian Business at ArabCin.net". www.arabcin.net. Retrieved 2016-05-08.
  6. 1 2 3 Wardany, Salma El (2013-04-03). "IDB, Qatar and Dallah Albaraka to Set Up $1 Billion Islamic Bank". Bloomberg.com. Retrieved 2016-03-18.
  7. ↑ "Abdallah S. Kamel, Saudi Businessman, Donates $10M for Islamic Law Center at Yale". NBC News. Retrieved 2016-04-27.
  8. ↑ "Abdallah S. Kamel Center for the Study of Islamic Law and Civilization - Yale Law School". www.law.yale.edu. Retrieved 2016-05-08.
  9. ↑ "Dallah Albaraka Holding Co". www.dallah.com. Archived from the original on 2016-04-17. Retrieved 2016-05-08.
  10. ↑ "Dallah Albaraka Holding Co". www.dallah.com. Archived from the original on 2016-04-17. Retrieved 2016-05-08.
  11. ↑ "Saudis Cleared in 9/11 Cases". Arab News. 2005-01-20. Retrieved 2016-05-08.
  12. ↑ Simpson, Glenn R.; Journal, Rick Wartzman Staff Reporters of The Wall Street (2001-11-03). "U.S. Probes Saudi Conglomerate For Links to Islamic Militants". Wall Street Journal. ISSN   0099-9660 . Retrieved 2016-05-08.
  13. ↑ "Burnett v. Al Baraka Inv. & Dev. Corp". uniset.ca. Retrieved 2016-06-07.
  14. ↑ "Al Jazirah geared up to serve Haj pilgrims". Arab News. 29 November 2008.
  15. ↑ "Dallah Albaraka". Archived from the original on October 20, 2010. Retrieved October 20, 2010.
  16. ↑ "قناة اقرأ الفضائية". Iqraa. 24 June 2012. Retrieved 9 December 2013.
  17. ↑ "Dallah Albaraka". Archived from the original on October 20, 2010. Retrieved October 20, 2010.
  18. ↑ Archived December 23, 2010, at the Wayback Machine
  19. ↑ "Dallah Albaraka". Archived from the original on October 20, 2010. Retrieved October 20, 2010.
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