Y. K. Almoayyed & Sons

About the Founder and Founding Story

Yousuf Khalil Almoayyed was born in 1918 in the Al Fadel neighborhood of Manama, Bahrain.^[9] His mother passed away when he was two years old, and he was raised by his stepmother, Aisha Buhazad.^[10] Showing an early interest in trade, at age six he began buying sweets and peanuts, selling them to friends, family, and neighbors. He attended an all-boys school until he turned 13 and was subsequently homeschooled by a private teacher, with a focus on improving his English-language skills.^[11] His father, Khalil Ibrahim Almoayyed, traded in pearls and wood.^[12] During his formative years, Yousuf frequently traveled to Bombay (now Mumbai) on his father’s behalf to acquire the requisite skills for the pearl trading business.^[13]

In 1930, Yousuf Khalil Almoayyed opened his first shop on Al-Tijjar road in the heart of Manama.^[14] It sold everyday essentials such as imported electrical goods, tea, sugar, coffee, and sandalwood beams.^[15]

Ten years later, Yousuf took a bold step into the electronics trade, leaving behind his family’s long-standing pearl business. Despite his father’s initial attempts to dissuade him, Yousuf had become increasingly doubtful about the long-term viability of the trade due to the decline in pearl prices spurred by the introduction of cultured pearls. With 2,500 rupees from his father, along with his own personal savings, he founded Y.K. Almoayyed & Sons in 1940.^[16]

At the age of 22, Yousuf married his cousin Aisha Ahmed Almoayyed, with whom he would have seven children: Farouk, Layla, Salwa, Mona, Fareed, Mohammed, and Amal.^[17]

Growth Phase 

During the 1940s, in the early years of his new career, Yousuf achieved notable success, becoming a provision supplier to BAPCO, the British Navy, and the Royal Air Force in a period when Bahrain was a British protectorate.^[18]In 1946, he became one of the first entrepreneurs to import refrigerators into Bahrain, establishing partnerships with international brands during a trip to London.^[19] In 1952, he relocated his office to a prime location in the historic Bab Al Bahrain trade building, a milestone in the company’s development.^[20]

The business enjoyed sustained growth during the following decade, as it ventured into new industries. In 1965, Almoayyed started selling cars and was again a trailblazer in the region as among the first to secure a Ford Motor Company dealership.^[21] He purchased three buildings in Adliya the next year, soon added a 20,000-square-meter plantation near Sanabis, Bahrain, to his holdings, and then opened his first villa complex, Farouk Garden, one of Bahrain’s pioneering residential communities for the expatriate market.^[22] Farouk Almoayyed, Yousuf’s eldest son, came back from the UK, where he had been studying engineering, and in 1966 joined the family business, first working as a salesman in the Bab Al Bahrain store.^[23]

In 1982, Almoayyed Contracting Group was established as an autonomous subsidiary of Y. K. Almoayyed & Sons, engaging in diverse business activities including civil contracting, electro-mechanical contracting, interiors, scaffolding, landscaping, cleaning, transportation, security, and real estate.^[24]

Y. K. Almoayyed & Sons continued to grow and diversify throughout the following decade and, in 1994, acquired Ashrafs, one of Bahrain’s oldest and most prestigious retailers and wholesale distributors.^[25] Yousuf passed away two years later at the age of 77.^[26] Farouk succeeded his father, and became the new chairman.^[27] In 2006, a new division, Y. K. Almoayyed Properties, was founded, specializing in real estate ventures and the development of landmarks.^[28]

Today

Today, Y. K. Al Moayyeed & Sons, with a workforce of over 8000 employees, engages in a broad spectrum of business activities across Bahrain and other GCC countries, operating in sectors such as automobiles, electronics, home appliances, heavy equipment, interiors, building materials, industrial and building systems, and properties.^[29]The company represents and deals with more than 300 internationally acclaimed brands in Bahrain alone, including Nissan, Ford, Lincoln, Renault, Sony, Bose, Jaguar, Casio, Toshiba, and Nikon.^[30] Members of the family’s second generation fill the top leadership roles, with Farouk as chairman, Fareed Yousuf Almoayyed as deputy chairman, and Mona Almoayyed as managing director. The founder’s other three daughters are directors. The third generation actively contributes to the family business as well, with Hala Farouk Almoayyed, Mohammed Farouk Almoayyed, Abeer T. Almoayed, and Aysha Fareed Almoayyed all serving on the board of directors.^[31]