Originating as a one-man trading shop in Manama Souk in 1940, the growth of Y. K. Almoayyed & Sons (YKA) into one of the largest and most diversified business in Bahrain is an inspiring success story.

Today, the group employs 5,000 people and its divisions comprise YKA, Ashrafs, Almoayyed Contracting Group and Almoayyed Properties. Representing over 300 leading brands from across the world, the group operates in sectors as varied as automobiles, construction equipment, contracting, real estate, interiors, electronics, cosmetics, medical technologies, facility management, building materials, furnishings and luxury goods.

Released to coincide with the company’s anniversary, the book 70 Years of Success traces the history of Y. K. Almoayyed & Sons from its inception in 1940 and provides a glimpse of the company’s early endeavours, its rapid diversification and significant milestones in an evolving economy.

A modest beginning
The man behind the company, Yousuf Khalil Almoayyed was born in 1918, the sixth child in a large family. The son of a pearl merchant, Yousuf could foresee that the natural pearl industry was in peril and decided to tap into general trading.

In 1940, at the start of the Second World War, he established his own trading company with a BD200 gift he received from his father.

He bought his first consignment of paints, tools, wires, light bulbs, coffee, tea and sandalwood from India and opened his first shop on Tijjar Road. Before long, he became the provisions supplier for the Bahrain Petroleum Company (Bapco) as well as the British Navy and Royal Air Force.

In 1946, Yousuf ventured abroad along with a group of Bahrain businessmen and friends, looking to secure exclusive sales rights for recognised international brand names.

During this trip he secured his first agencies, including General Electric Company (GEC). He was later to bring the first refrigerators to Bahrain.

Looking to expand the market, Yousuf started sales trips to Saudi Arabia travelling alone on an exhaustive schedule.

The business flourished as he developed the export of his goods from Bahrain. In 1952 he moved his shop to new premises incorporating three floors for trading and administration at Bab Al Bahrain. The sign outside announced ‘Distributors of 41 famous companies’ and the store became renowned for supplying the sought-after GEC electric fans.

“My father remained closely linked to all aspects of his business from the early days of establishing his trade in the 1940s until his death in 1996. He inspired and managed our group’s steady progress through good and bad times with equal flair,” observes Farouk Almoayyed, present day chairman of the group.

But business was not all smooth sailing. In 1962, his entire stock was destroyed in a warehouse blaze while he was on a sales tour in Saudi Arabia. Yousuf fought back and despite suffering huge losses, regained his former position in the Manama marketplace.
One of Yousuf’s earliest passions was the purchase of real estate. Along with his brother Abdulrahman, he decided to develop the site of their former family home on the coastline of Manama, the area now known as Government Road.

An eight-storey building was designed and it was to become the tallest building in Bahrain. In 1966, the company moved there from Bab Al Bahrain; YKA’s head office still operates from this building.