Prepared by Dr. Waddah Al-Said
Today, in the World of Adults, we shine a spotlight on one of the most famous families in the United Arab Emirates: the Gargash family, which traces its roots back to the Emirates, and owns the largest conglomerate in the UAE, the Gargash Group, which was founded by the late Ali Gargash, may God have mercy on him, in 1957. Although its operations began on a very small scale—starting with the import of just two cars in 1936—it is now considered one of the largest conglomerates in the UAE, it is the sole distributor for more than one international company and the Al Qarqash family is best known for its association with Mercedes-Benz.
The origins and history of the Al-Gargash Group date back to the 1950s, and it began in 1957 when Ali Al-Qarqash founded it. The group has earned a good reputation, which stems from its ability to carve out a distinguished place among the elite of commercial institutions. The group’s activities have expanded; today it is a comprehensive group, having Bedford trucks, spare parts, and cranes, and now encompasses numerous activities.
What most distinguishes the group is its ownership of several world-renowned companies, such as Gargash Motors. In addition, the group serves as the general distributor for Mercedes-Benz, Alfa Romeo, and Saab in Dubai, Sharjah, and the Northern Emirates. Furthermore, the Gargash Group operates on a very large scale, with investment companies in the following sectors: real estate, construction, electronics, insurance, and industrial development.
Today, the group is considered one of the most important brands internationally and has a bright future, especially since it has owned "Motors” from its inception to the present day ” and has expanded its operations to become the sole distributor of Geely vehicles as well. It is worth noting that the Gargash Group is the sole dealer for ”DaimlerChrysler” in Dubai, Sharjah, and the Northern Emirates.
Perhaps the most prominent figure in the Gargash family today is Shihab Gargash, who was born in 1966 and completed his university studies in the United States earning a master’s degree in international business administration and marketing from George Washington University. Before founding Daman Securities in 1998, he had close ties with the banking sector in the United Arab Emirates, including major multinational companies and giant local banking institutions.
He has held various positions, including in marketing, distribution, trade finance, and investment banking, and is currently the managing director of the Daman Group.
He restructured Daman Securities and Daman Investment in late 2007, a private joint-stock company established under the laws of the United Arab Emirates with a capital of 200 million dirhams and assets under management that now total more than 5 billion dirhams.
