JEDDAH – Starting a business is considered an enormous risk and entrepreneurs need to be able to make many more risky decisions in the process as well as learn to cope with the consequences of their business resolve. An entrepreneur who is somewhat comfortable with taking on risks and challenges is more likely to make the right decision that will result in larger payoffs. These decisions can result in not only a successful company, but an ever expanding enterprise.  For Waleed Al-Saghyir, Vice-Chairman of  Abdul Aziz Al-Saghyir Holding Company (AAHC) – established in 2009 during the middle of the global financial crisis which occurred between 2007-2011 – putting the company on a pedestal is a no mean feat.



Through his astute leadership, passion, persistence, and pragmatism, Waleed Al-Saghyir turned the company, which started from a humble beginning, into a conglomerate that it s now.    



In an interview with the Saudi Gazette, the unassuming vice-chairman of AAHC said, in retrospect, that the nucleus of AAHC took shape about 40 years ago in the form of a small construction and real estate firm owned by Al-Saghyir and two of his brothers.



As the business grew further, Abdul Aziz Al-Saghyir Commercial Investment Company was formed in 2001 with an eye on construction schemes and building materials. It works closely with sister company Minwal Electromechanical, which provides electromechanical products and services throughout the Kingdom. Its many projects include hospitals, schools and technical colleges and housing.



While persistent in his approach but also very patient and tolerant in taking decisions, he outlined how    through a network of partners and subsidiary companies, AAHC carried out projects for both the public and private sectors, and has helped launch some of the most prominent businesses in the Kingdom.



With the fast-growing Saudi population and expanding middle class, the need for more housing units is all the more compelling, he noted.



“We have established a real estate developer to build villas in the north of Riyadh. I think there is a good opportunity for this line of business because the government is now focusing on building new affordable houses. This is something we will be focusing on in the next few years,” Al-Saghyir said.



Moreover, he said “AAHC is also eager to widen its foothold in some of the existing sectors in which it operates. A key area of focus in the near future will be the construction and financing of affordable homes, as the company sees this as a high-growth opportunity.”



Stressing its commitment to be at the forefront of providing houses for the Saudi citizens in line with the government thrust, he explained that in 2008, Abdulaziz Alsaghyir Holding invested in the Saudi residential real estate sector through one of its real estate companies – Maskan Arabia Co. founded in the same year – in which it owns about 70 percent. The company was originally founded for the purpose of providing high quality housing solutions and crafting the most prestigious housing standards through launching a number of villa projects that enjoy elegance of design and uniqueness of execution. The company investment portfolio comprises a broad range of residential projects, and throughout the past three years, Maskan Arabia managed to deliver three projects comprising 114 residential units. The most prominent among the company residential projects are Maskan Villa (1), Maskan Villa (2) and Al Dar Project in the Al Ma’athe district in Riyadh. Currently Maskan Arabia plans to complete its latest and hugest residential project – “Ritaj” which the company has started to develop in Northern Riyadh and comprises 292 residential units.



The vice-chairman of AAHC further said the “real estate sector represents major importance to Abdulaziz Al-Saghyir Holding. It is one of the most crucial components of investment in the Saudi market and is among those sectors that maintained increasing growth rates throughout the last 10 years. We believe that the real estate significance shall even upsurge especially given the increase in population and the customers’ desire for innovative real estate solutions – ones that suit the different income rates.”



Maskan Arabia Co. focuses on providing high quality housing solutions and crafting the most prestigious housing standards through launching a number of villa projects that enjoy the elegance of design and uniqueness of execution. The second company under the group, Bussma Real Estate Management Company Ltd, was formed to invest in property management and provide subordinate real estate services such as real estate marketing and real estate valuation besides real estate investment and real estate feasibility studies.  



Looking over the horizon, Waleed Al-Saghyir said AAHC intends to build on a strong track record of partnering with local companies in a variety of sectors and expanding and developing their operations.



“The firm is continually looking to broaden its business portfolio and is keen to expand into new sectors, with plans to enter the frozen food distribution market. It is in the process of acquiring a branded food processing company and is looking to expand within the sector either by growing organically or acquiring other firms,” he noted.



The conglomerate owns shares in several firms in the real estate, retail, construction, petrochemicals and insurance sectors. Among other key investments, AAHC became a founding partner in Etihad-Etisalat (Mobily), Saudi Arabia’s second mobile operator, in 2005. Al-Saghyir is also the chairman of Mobily.

AAHC’s other key investments include United Electronics Company (Extra).



Al-Saghyir also has direct investments in Bussma Real Estate Management and Zonic, which is a retailer and distributor of telecoms, mobile and consumer electronics equipment. Other investments are in banks and financial firms such as Qatar’s Al-Rayan Bank, Bahrain’s Al-Salam Bank and Arcapita, Bank of Lebanon, the local Rana Investment Company, and Abu Dhabi’s Gulf Capital. 



Through his insightful leadership skills, Waleed Al-Saghyir did not only bring fame to the small construction and real estate firm founded by Abdul Aziz Al-Saghyir and two of his brothers, but certainly earned the holding group a place in the sun. — SG/QJM