Omar Aggad facts for kids

Omar A. Aggad (Arabic: عمر العقاد; born April 20, 1927 – died February 1, 2018) was an important businessman from Saudi Arabia and Palestine. He started two big companies: Aggad Investment Company (AICO) and the Arab Palestinian Investment Company (APIC).

Early Life and Education

Omar Aggad was born in 1927 in Jaffa, a city in what was then called Mandatory Palestine. He went to Alrashidieh College in Jerusalem. Later, he won a scholarship to study in the UK. He attended the University of Manchester and earned degrees in electrical and mechanical engineering. This means he learned how to design and build things that use electricity and machines.

Building a Business Empire

After finishing his studies, Omar Aggad worked in the UK for a few years. In 1950, he moved to Saudi Arabia. There, he joined a large company called the Juffali Group as a senior manager. In 1975, he decided to start his own business. He created the Aggad Investment Company (AICO). This company grew to become one of the most important investment groups in Saudi Arabia. He started more than 40 different businesses in Saudi Arabia, many of which are still active today.

Key Investments and Leadership

Omar Aggad was known for being a very smart and professional manager. He was described as "bold and impulsive" but also very good with details. He helped lead a group of investors to buy a part of a big financial company called Smith Barney in 1982. He also served on its board of directors. He was a founding shareholder and director of InvestCorp Bank. For 20 years, he was also a founding director on the board of the Saudi British Bank.

Supporting Palestine

Omar Aggad always cared deeply about Palestine, his homeland. After the Oslo peace process began, he wanted to help create jobs and invest in the region. So, he founded the Arab Palestinian Investment Company (APIC). His goal was to support the economy and people in Palestine. APIC has grown to be one of the largest companies operating in Palestine. It employs over 2,000 people. APIC's businesses offer many different products and services. They work with well-known international companies. These include brands like Philip Morris, Procter & Gamble, Kellogg's, Hyundai, and many others. APIC's shares are traded on the Palestine Exchange (PEX: APIC).

Giving Back: Philanthropy

Omar Aggad was also a generous person who supported many good causes. This is called philanthropy. The engineering school at Birzeit University in Palestine is named after him. He was also an honorary trustee of the university. He supported other non-profit organizations in Saudi Arabia and other Arab countries.

Awards and Recognition

In 2018, after his death, Omar Aggad received a special award. He was given the "Great Star of Merit" of the "Order of Jerusalem." This award was presented by President Mahmoud Abbas of Palestine. It recognized Omar Aggad's kindness, his important role as a pioneer, and his strong dedication to his country. The award honored his lifelong efforts to support Palestine and its people. His son, Tarek Aggad, and his wife received the award on his behalf.

Family Life

Omar Aggad was married to Malak Aggad. They had three children: Talal, Lama, and Tarek. His son, Talal Aggad, now manages the family's main company, AICO. His other son, Tarek Aggad, is the CEO of APIC.

Death

Omar Aggad passed away on February 1, 2018, at the age of 90.