Family-owned conglomerate Al-Dabbagh Group has launched a 2020 strategy focusing on achieving a 20X20 target across the three core principles of giving, earning and sustaining.
The firm works in more than 60 countries, employing more than 13,000 people across 57 companies. It aims to be ranked amongst the top 20 wholly-owned global family businesses by 2020.
Founded by the former Saudi Minister of Agriculture, Sheikh Abdullah Al-Dabbagh in 1962, the Saudi Arabian group is currently under the leadership of second-gen, Amr Abdullah Al-Dabbagh.
Al-Dabbagh established the Stars Foundation in 2001, their global philanthropic arm and their route for their ‘giving' principle.
The independent UK charity aims to support the lives of 20 million children and their communities by 2020 through its initiatives.
Founding chairman Amr Abdullah Al-Dabbagh said: “Along with financial success comes social obligation and Al-Dabbagh Group has initiated the Stars Foundation with a long-term vision in mind: to help alleviate the suffering of the most vulnerable members of our society. By making better lives for today’s children, we ensure a brighter future for all tomorrow."
Stars supports disadvantaged children, with a particular emphasis on the 100 countries with the highest under five-mortality rate.
Initiatives include: the Impact Awards which awards the stars of local NGOs with a combination of unrestricted funding, capacity building and brand equity enhancement; awarding in the areas of health, protection, education and WASH (water, sanitation and hygiene) in 80 countries; and investing in new solutions to tackle urgent developmental needs.
The principle of ‘earning' is represented by Al-Dabbagh’s corporate platform. The group’s five business portfolios include food, petroleum & auto services, housing, packaging and an incubation portfolio. For every dollar allocated as a dividend in the earning activities, a corresponding dollar is devoted to philanthropy.
Al-Dabbagh Group said the 20X20 corporate goal will be achieved by concentrating efforts on identifying and developing globally known businesses in the four strategic business portfolios through joint ventures, M&A activities and organically aggressive expansion. Al-Dabbagh Group is 100% family-owned and does not publicly disclose its annual revenues.
The principle of ‘sustaining' is carried out through the Club 32 Initiative, a programme to engage the 32 third-generation Al-Dabbagh family members.
Club 32 ensures that future generations of the family are responsible stakeholders of the three principles, said Al-Dabbagh Group’s website. Theinitiative aims to create at least 20 success stories by 2020.