Lubna Suliman al-Olayan (; born 4 August 1955) is a Saudi businesswoman and former

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

and deputy chairman of Olayan Financing Company.

Early life

Lubna Al-Olayan was born in

Khobar Khobar () is a city and List of governorates of Saudi Arabia, governorate in the Eastern Province, Saudi Arabia, Eastern Province of the Saudi Arabia, Kingdom of Saudi Arabia, situated on the coast of the Persian Gulf. With a population of 409,549 ...

, in the Eastern Province, and is the youngest child of Sheikh Sulaiman Al-Olayan, who is also the founder of the

Olayan Group The Olayan Group is a multinational enterprise established in 1947 by Saudi Arabian businessmen Suliman S. Olayan (5 November 1918 – 4 July 2002), with an actively managed portfolio of global investments. The group's primary parent company, ...

. Lubna serves as the CEO of Olayan Financing Group. She also worked at Morgan Guaranty Trust Bank in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

from 1979 to 1981, before returning to

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...

to work again with the Olayan Company. She obtained a Bachelor of Science in Agriculture from

Cornell University Cornell University is a Private university, private Ivy League research university based in Ithaca, New York, United States. The university was co-founded by American philanthropist Ezra Cornell and historian and educator Andrew Dickson W ...

in the United States and a Master's degree in Business Administration from

Indiana University Indiana University (IU) is a state university system, system of Public university, public universities in the U.S. state of Indiana. The system has two core campuses, five regional campuses, and two regional centers under the administration o ...

Career

She has been on the boards of WPP and

Saudi Hollandi Bank The Alawwal Bank (), previously known as Saudi Hollandi Bank, was a Saudi Arabian bank based in Riyadh, Saudi Arabia. It was the first operating bank in the Kingdom of Saudi Arabia and was founded in 1926 as a branch of the Netherlands Trading ...

(now Alawwal Bank), as well as the International Advisory Boards of

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and

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

. Olayan was the Chief Executive Officer of Olayan Financing Company, and (OFC), the holding entity for The

's operations in the Kingdom of Saudi Arabia and the

Middle East The Middle East (term originally coined in English language) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq. The term came into widespread usage by the United Kingdom and western Eur ...

until May 1st 2019, when she was replaced by Jonathan Franklin. She is on the board of the group along with her brother Khaled and sisters Hayat and Hutham. It is thought that the private family has accumulated a fortune that tops $10 billion. The group was founded in 1947 by her father, the late entrepreneur Sulaiman S. Olayan, The Olayan Group is a private multinational enterprise engaged in distribution, manufacturing, services and investments. OFC operates or actively participates in more than 40 companies, often in partnership with leading multinationals. OFC is also one of the largest investors in the Saudi and regional

stock market A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange a ...

s. In April 2019, Olayan announced her retirement as CEO of Olayan Financing Company. On 16 June 2019, Olayan was named Chairwoman of the

Saudi British Bank Saudi Awwal Bank (SAB; ) is a Riyadh-based Saudi joint stock company in which global banking group HSBC owns a minority stake. The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response ...

(SABB), making her the first Saudi woman to head a bank. She was reappointed in January 2020 to serve a three year term, and assumed to hold to the position after the merger between SABB and

Alawwal Bank The Alawwal Bank (), previously known as Saudi Hollandi Bank, was a Saudi Arabian bank based in Riyadh, Saudi Arabia. It was the first operating bank in the Kingdom of Saudi Arabia and was founded in 1926 as a branch of the Netherlands Trading ...

. In January 2023, she was again re-elected as the Chair of the Board of Directors (BOD) for another three-year term.

Other activities

Olayan joined the Board of Directors of

INSEAD INSEAD ( ; French: ''Institut européen d'administration des affaires'') is a non-profit business school with locations in Europe (Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE) and North America (San Francisco, USA ...

in December 2005, and has been a member of its International Council since March 1997. In April 2007, she was elected as a member of the Board of Trustees for

. Olayan also joined the Advisory Board of

Effat College Effat University () is a private non-profit institution of higher education for men and women in Jeddah, Saudi Arabia, operating under the umbrella of King Fa ...

, a private and non-profit girls college in Jeddah, Saudi Arabia, in April 2006. She is also a board member at Alfanar. She has been on the Board of Trustees of the "Arab Thought Foundation" since January 2002. Olayan was elected to the Board of the Down Syndrome Charitable Association in June 2005, a not-for-profit organization based in Riyadh. She was also appointed to the Board of Trustees of King Abdullah University for Science and Technology (KAUST). In June 2018, she was elected as a member of the

MIT Corporation The Massachusetts Institute of Technology (MIT) is a private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of modern technology and sci ...

. In 2010, she was awarded the

Cornell Cornell University is a private Ivy League research university based in Ithaca, New York, United States. The university was co-founded by American philanthropist Ezra Cornell and historian and educator Andrew Dickson White in 1865. Since ...

Entrepreneur of the Year. As of 2014, she is listed as the 86th most powerful woman in the world by ''Forbes''. Olayan serves on the Board of Trustees of the

World Economic Forum The World Economic Forum (WEF) is an international non-governmental organization, international advocacy non-governmental organization and think tank, based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German ...

Personal life

She is married to John Xefos, an international attorney from the United States, and they have three daughters all residing in

Riyadh Riyadh is the capital and largest city of Saudi Arabia. It is also the capital of the Riyadh Province and the centre of the Riyadh Governorate. Located on the eastern bank of Wadi Hanifa, the current form of the metropolis largely emerged in th ...

, Saudi Arabia. She is the daughter of Saudi billionaire businessman Sulaiman Olayan.

References

External links

Lubna Olayan
Bio, Arab Bankers Association of North America
Mrs. Lubna S. Olayan
Bios, Board of Trustees, King Abdullah University of Science and Technology

The first venture philanthropy organization focussing on the Arab Region *Interview in the Arab New

* "A Saudi Vision for Growth" - 2004 speech at the Jeddah Economic Foru

{{DEFAULTSORT:Olayan Lubna 20th-century Saudi Arabian businesspeople, Lubna Lubna Lubna 1955 births Lubna Indiana University Bloomington alumni Kelley School of Business alumni Living people Lubna Lubna Lubna Lubna Lubna Lubna Lubna