Dallah Al-Baraka Holding Company (DBHC), is a private multinational corporation based in Jeddah, Saudi Arabia. The company has holdings throughout the Middle East, North Africa, the Far East and Europe. The company is best classed as a conglomerate with investments including the financial, banking, healthcare, real estate, manufacturing, transportation, and operations and maintenance sectors.
Overview
Dallah Albaraka Holding Company (DBHC) is a multinational private corporation based in Jeddah, Saudi Arabia. DBHC has a broad-based investment portfolio with holdings throughout the Middle East, North Africa, Far East and Europe. It invests across many industries including financial and banking services, health care, manufacturing, real estate, transportation and operations and maintenance.
History
The company began in 1969 as a courier service with the name Dallah Establishment by Saleh Abdullah Kamal in Riyadh. By 1979 was one of the largest contractors for the Saudi government. DBHC was formed as a holding company in 1984 when Dallah Establishment expanded its activities to include financial and banking services, health care, manufacturing, real estate and tourism, trading, agriculture, operations and maintenance and transportation. As DBHC continued to grow, major subsidiaries were established to manage the investments in key sectors which includes an international network of banks, in addition to investment and insurance vehicles; and general business, which range from hospital operations to cleaning and maintenance to food manufacture and restaurants. Today, DBHC is one of the largest conglomerates in the region, with diversified investments totaling billions of dollars spanning 40 countries.
In 1969, DHBC expanded its investments to create Dallah Works and Maintenance Company in Riyadh. That company, benefiting from contracts with the Saudi government, including the cleaning and maintenance of the Mecca and Medina holy sites, provided the financial launch for increasingly diverse investments. In the mid-1970s, Dallah expanded its investments to include Dallah Avco Trans Arabia Company, which specialized in airport construction, operation, and maintenance. Dallah Avco Arabia attained a large number of airport and related operations in Saudi, such as the 1988 contract to maintain and run the Saudi’s air traffic control system.
In 2012 DHBC, the Islamic Development Bank, and the Qatari government signed a memorandum of understanding to establish an Islamic Bank with $1 billion in capital. The huge Islamic Bank shall provide “liquidity-management solutions in an effort to create an Islamic inter-bank market,” said Ahmad Mohamed Ali Al-Madani, chairman of Jeddah-based IDB. The Doha-based bank had a subscribed capital of $500 million and finances infrastructure projects.
Philanthropy
As part of an effort to build inter-religious harmony and bridge the West and the Islamic worldIn 2015, DHBC CEO Kamel donated $10 million to Yale Law School to establish “Abdallah S. Kamel Center for the Study of Islamic Law and Civilization ” in what has become the country’s top center for the study of Islamic law. The center hosts distinguished scholars in the field of Islamic law and civilization who will spend a semester at the Law School to teach courses in their area of expertise. Visiting professors will also offer public lectures and engage with students and faculty at the Law School and Yale University. DBHC is active in publicizing its social engagement activities, to include support for the Islamic economic centers at King Abdulaziz University, King Saud University, Azhar University, Al-Faisal University and Yale University.
Allegations
In 2005 both Kamel and Al Baraka were cleared of allegations that sections of the holding company were involved in illicit financing . Despite controversy surrounding his philanthropic work, Kamel was never charged with knowingly abetting any extremist groups and has consistently stated that his company and philanthropic work remain committed to fostering dialogue and inter-religious understanding. The ruling by Judge Casey of the United States District Court, Southern District New York "dismissed in their entirety" all claims against Al Baraka and Mr. Kamel.
Major subsidiaries and business units
Dallah Group
Established in 1997, Dallah Group was organized to perform contracts related to the operation and maintenance of airports and mosques, road construction, driving training schools, traffic control and business solutions, among other business lines.