Construction magnate fifth richest Arab
Saudi engineer builds $8 billion dollar fortune
Nasser Al Rashid, a construction magnate, has been named as the world’s fifth richest Arab in the Arabian Business Rich List for 2009.
Al Rashid has an estimated net worth of US $8 billion (AED 29 billion) and is the highest placed construction industry figure on the list. His principal construction interest is Rashid Engineering, a Riyadh-based consulting engineering firm.
His own website, nasseralrashid.com, describes him as ‘a professional engineer, businessman, and entrepreneur who achieved outstanding success through hard work and perseverance’.
Rashid Engineering has worked on a number of major government construction projects for Saudi Arabia. The first of these projects was the Al-Khalidiah building at Khazzan Street in Riyadh, which belongs to the sons of the late King Khalid. The company’s first government project was the Al-Massara Hotel at Taif.
Al Rashid has garnered a reputation for philanthropic work, financing a mix of hospitals, orphanages and infrastructure projects, as well as supporting a number of medical research causes.
He also owns one of the largest private yachts in the world, the Lady Moura, which is 108m in length.