Building on success
Farouk, the eldest of seven children, joined his father in 1966 at the age of 22. A university graduate with a degree in mechanical engineering, he was given the chance to learn the ropes at the Bab Al Bahrain store as a salesman for everything they stocked, mostly tools and electrical appliances.

In 1965, the group secured the German and American agency for Ford Motor Company. However, a year later, a boycott was imposed on the Ford brand as it had recently opened a plant in Israel. The Ford agency along with Philco air conditioners together accounted for the company’s biggest business in the late 1960s. It was left to young Farouk to look for alternatives.

In 1968, the company managed to gain dealership of Nissan, Pontiac and GMC and was back in the automotive business. York air-conditioners were brought in to replaced Philco, while brands like Ignis and Clem refrigerators and gas coolers added to the company’s rapidly expanding portfolio.

“My father had the perception to allow me some freedom whilst maintaining a watchful eye on the company’s financial activities and expansion. Our partnership worked well. He was the backbone and strength of our business but he also had a restraining influence in the over-exuberance of my youth and enthusiasm,” Farouk notes.

Beginning 1974, the company expanded in tandem with Bahrain’s growing economy, entering a phase of active diversification. It ventured into the market for Nissan diesel vehicles, Komatsu trucks and heavy construction equipment.

While Farouk was increasingly in control of the general business interests, his father focused on real estate investments and property development.

In 1994, Farouk acquired Ashrafs department store and two years later, he ventured into the ready mix and concrete and sand business. During the late 1990s, a building construction and contracting arm evolved out of the company’s air conditioning business and is now the largest division within the company. By 2010, this arm had flourished to incorporate 10 separate divisions from piling and landscaping to security, swimming pools and interior design. It is now actively scouting for emerging projects in Qatar, Dubai and the UAE.

Giving back
Yousuf Khalil Almoayyed passed away in 1996, but the group has kept his memory alive through various philanthropic activities. As in business, Y. K. Almoayyed & Sons has been on the forefront of charitable initiatives which are part of the group’s mission to contribute towards the development of Bahraini society.

The Mohammed Yousuf Almoayyed Drug and Alcohol Rehabilitation Centre, which was founded by late Yousuf Khalil Almoayyed, plays a key role in the rehabilitation and treatment of drug addicts.

As part of the company’s 70th anniversary celebrations, chairman Farouk Almoayyed donated BD1 million to the Health Ministry to support the expansion of the nephrology department at Salmaniya Medical Complex (SMC). The donation will be directed to expand SMC’s Almoayyed Nephrology and Kidney Transplant Centre, also set up by the late Yousuf Khalil Almoayyed.

It aims to reduce the pressure on staff and the waiting list of patients for organ transplants. Two operating theatres to conduct organ transplants, three beds at the ICU and a special suite of four rooms for recipients and organ donors will be set up in gradual phases by next year.

Farouk believes that Bahrain is blessed to have free health care for all its citizens.
“I strongly feel that private sector could play a key role in boosting the health services in Bahrain. The cost of health care is rising continually and any contribution from the private sector is always welcomed. Moreover, it was my father’s vision to contribute to the society and we, as his children, are trying to follow in his footsteps,” he maintains.