Alghanim Industries

About the Founder and Founding Story

Yusuf Ahmed Alghanim was born in 1900 in Kuwait.^[8] His father, Ahmed Mohammed Alghanim, was a trader and sea captain who owned a dhow. He traded dates from Iraq to Bombay, then bought goods from the Malabar coast before returning to Kuwait, which then served as a key hub for dhow trade and shipbuilding in the Gulf.^[9] In 1925, a devastating storm hit and destroyed the dhow Ahmed’s brother-in-law was sailing to Basra, prompting Ahmed to shift his focus to trade in timber and building materials.^[10]

During the time of British rule in India, Ahmed sent his son, Yusuf, to the University of Karachi, where he learned English.^[11] Meanwhile, Ahmed’s business continued to grow, laying down the roots of what would soon become a massive family business. After World War I, Ahmed secured the agency for the Anglo-Persian Oil Company, but was not interested in kerosene sales and delegated the task to an employee. Upon finishing his studies in Karachi, Yusuf took over the kerosene sales job himself in Kuwait.^[12] Yusuf eventually had seven sons: Bassam, Kutayba, Dhirar, Abdullah, Omaya, Salem, and Ghassan.^[13]

Growth Phase

The modern era of the family business began in 1932, when Yusuf Alghanim assumed control.^[14] This pivotal development marked the inception of Yusuf A. Alghanim & Sons W.L.L.^[15] Yusuf expanded the family’s business into many areas and was employing over 4,000 people by the end of the decade.^[16]

After World War II, in 1945, Yusuf signed a landmark deal with General Motors.^[17] In the following years, he ventured into contracting and shipping, securing several new agency accounts, including one with the Dutch electronics company Philips. In the 1950s, as Kuwait experienced a development boom following the discovery of oil, wealth permeated all levels of society, transforming Kuwaitis into enthusiastic car buyers, leading Yusuf’s business to expand across multiple sectors.^[18]

In the early 1960s, Yusuf delegated primary responsibilities for his company to his eldest son, Abdullah; however, disagreements arose between them over the firm’s management, resulting in a split in 1965. Abdullah and his brother Diraar were allocated various assets and established their own enterprises, while Yusuf reassumed control of the company.^[19]

The 1970s saw the second generation more deeply involved. After graduating from the University of California, Berkeley, Yusuf’s third son, Kutayba, returned to Kuwait in 1970 and joined the family business as a junior executive. Within a few months, Kutayba persuaded his father that he should take over the ownership and management completely.^[20] In 1971, Yusuf appointed Kutayba as managing director of Yusuf A. Alghanim & Sons W.L.L.^[21] Upon assuming leadership, Kutayba renamed the company to Alghanim Industries. Under his leadership, the business introduced new divisions and expanded into new geographic areas through deals with leading international brands.^[22] In 1976, it established Kirby Building Systems as a wholly owned subsidiary, focusing on manufacturing and specializing in pre-engineered building and steel structures.^[23] Alghanim Industries also ventured into the insulation business, founding Kuwait Insulating Material Manufacturing Co (Kimmco), which offers eco-friendly insulation solutions across the Middle East, Far East, and Africa.^[24]

During the 1990s, the company continued to grow, expanding its presence within the GCC and increasing its global operations.^[25] In 1992, Yusuf passed away at the age of 92.^[26] He was succeeded by Kutayba Alghanim.^[27] The early 2000s saw the third generation become actively involved in the family business leadership, as Omar, Kutayba’s eldest son, joined the firm’s management ranks in 2002.^[28]

Today

Today, under the leadership of Kutayba Alghanim as executive chairman, Alghanim Industries has operations in over 40 countries, encompassing 30 diversified businesses.^[29] Headquartered in Kuwait City, the company employs more than 15,000 workers, serving customers across sectors including advertising, automotive sales, engineering, finance, industrial manufacturing, retail, food, and transport.^[30]