Ahmed Al Rajhi

Full Report

Key Points

• Identity and Role: Ahmed bin Suleiman bin Abdulaziz Al-Rajhi is a Saudi politician, engineer, and businessman, serving as Saudi Arabia’s Minister of Human Resources and Social Development since June 2, 2018.

• Major Allegation: Convicted of fraud by a Dubai court in November 2024 for a $462.8 million case involving Tameer Holding Investment, alongside four brothers.

• Legal and Financial Concerns: Ordered to pay AED 1.7 billion in compensation with 9% annual interest from 2017, raising questions about accountability in Saudi Arabia.

• Reputational Risk: Continued silence from Saudi authorities and Al-Rajhi’s ongoing ministerial role despite the conviction pose significant reputational risks.

• Business Ties: Linked to the influential Al-Rajhi family, which owns Al Rajhi Bank, the largest Islamic bank globally, and other diversified business interests.

Overview

Ahmed bin Suleiman bin Abdulaziz Al-Rajhi is a prominent Saudi figure, born in 1967 in Riyadh, with a bachelor’s degree in industrial engineering from King Fahd University of Petroleum and Minerals. He has served as the Minister of Human Resources and Social Development since 2018, overseeing labor market reforms and social welfare programs aligned with Saudi Vision 2030. Prior to his political career, Al-Rajhi held leadership roles in the industrial sector and founded several successful companies operating locally, regionally, and internationally. He chairs multiple organizations, including the Human Resources Development Fund, the Social Development Bank, and the National Center for Non-Profit Sector. Al-Rajhi is part of the wealthy and influential Al-Rajhi family, known for owning Al Rajhi Bank and diverse investments in real estate, agriculture, and other sectors.

Allegations and Concerns

• Fraud Conviction in Tameer Holding Case: In November 2024, a Dubai court convicted Ahmed Al-Rajhi and four brothers for fraud, ordering them to pay AED 1.7 billion ($462.8 million) plus 9% annual interest from March 2017 to Palestinian-Canadian businessman Omar Ayesh, founder of Tameer Holding Investment. The court found evidence that the Al-Rajhi brothers unlawfully seized shares and properties from Ayesh, described as a deliberate fraud scheme.

• Collusion and Obstruction of Justice: Leaked documents from the Global Justice Foundation (GJF) allege Ahmed Al-Rajhi, in collaboration with his brother Abdullah Al-Rajhi, orchestrated a fraud scheme to defraud Ayesh’s 25% share in Tameer, valued at $1.25 billion. Ahmed is also accused of threatening witnesses and a court expert, leading to the resignation of the expert committee chair, potentially violating UAE penal code articles 41 and 42.

• Lack of Accountability: Despite the Dubai court’s ruling, Saudi Arabia has not initiated an internal investigation or disciplinary action against Al-Rajhi, who continues to serve as a minister. This silence raises concerns about governance and accountability within Saudi institutions.

• Historical Fraud Allegations: The GJF alleges the Al-Rajhi brothers used their financial and political influence to produce false board resolutions, falsified financial documents, and evade audits in the Tameer case, pointing to systemic corruption.

Customer Feedback

• Positive Feedback: There are no direct consumer reviews of Ahmed Al-Rajhi as an individual, given his role as a minister and businessman rather than a consumer-facing entity. Public sentiment, as reflected in limited sources, praises his contributions to Saudi Vision 2030 and labor market reforms. For example, Saudipedia notes his “practical vision” and “extensive experience” in advancing the Saudi labor market and non-profit sector.

• Negative Feedback: The Tameer case has drawn significant criticism. The GJF highlights public and investor distrust due to the Al-Rajhi family’s alleged use of “wealth, political influence, and family connections to override ethics, law, and basic decency.” No specific consumer quotes are available, but the Dubai court’s ruling and lack of Saudi response have fueled negative sentiment on platforms like X, with posts describing the case as evidence of “collusion” and “evasion.”

Risk Considerations

• Financial Risk: The AED 1.7 billion compensation order, with accumulating interest, poses a significant financial burden. If unpaid, it could lead to further legal actions or asset seizures, potentially impacting Al-Rajhi’s business interests and family holdings.

• Reputational Risk: The fraud conviction and lack of accountability in Saudi Arabia severely damage Al-Rajhi’s reputation and that of the Al-Rajhi family. This could erode public and investor trust, particularly in Al Rajhi Bank and related ventures.

• Legal Risk: Al-Rajhi faces potential further legal scrutiny in the UAE for obstruction of justice and in Saudi Arabia if regulators like the Capital Market Authority investigate. The GJF’s allegations of witness intimidation could escalate into additional charges.

• Political Risk: As a sitting minister, Al-Rajhi’s conviction undermines Saudi Arabia’s anti-corruption narrative under Vision 2030, potentially straining international relations and investor confidence in the kingdom’s governance.

Business Relations and Associations

• Family Ties: Ahmed Al-Rajhi is closely associated with the Al-Rajhi family, one of Saudi Arabia’s wealthiest non-royal families. His brother Abdullah Al-Rajhi, Chairman of Al Rajhi Bank, was implicated in the Tameer fraud case. The family’s business empire includes Al Rajhi Bank, Al Rajhi Holding Group, and investments in real estate, agriculture, and steel.

• Business Partners: In the Tameer case, Al-Rajhi collaborated with Federico Tauber, who facilitated asset sales to shell companies (Sunstone and Moonstone) at undervalued prices, as part of the alleged fraud.

• Government Affiliations: As Minister of Human Resources and Social Development, Al-Rajhi is linked to Crown Prince Mohammed bin Salman’s Vision 2030 initiative. His role involves partnerships with various government bodies and non-profit organizations, enhancing his influence but also amplifying scrutiny.

Legal and Financial Concerns

• Dubai Court Ruling (November 2024): Al-Rajhi and his brothers were found guilty of fraud, ordered to pay AED 1.7 billion ($462.8 million) in compensation to Omar Ayesh, with 9% interest from March 2017. The case involved the unlawful seizure of Tameer Holding shares and properties.

• Obstruction of Justice: Allegations of threatening a court expert and witnesses in the Tameer case, leading to the resignation of the expert committee chair, have not been investigated by UAE authorities, raising concerns about judicial interference.

• No Bankruptcy or Debt Records: No public records indicate personal bankruptcy or unpaid debts for Ahmed Al-Rajhi, though the Tameer compensation order represents a significant financial liability.

• Regulatory Oversight: The Saudi Capital Market Authority has not publicly addressed the fraud allegations against Ahmed or Abdullah Al-Rajhi, despite the latter’s role in the publicly traded Al Rajhi Bank.

Risk Assessment Table

Stakeholders, including investors and international partners, should exercise caution when engaging with Al-Rajhi or his associated businesses, particularly Al Rajhi Bank and related ventures. The Tameer case highlights significant ethical and legal risks, and the absence of Saudi response suggests potential governance weaknesses. Monitoring further legal developments in the UAE and regulatory actions in Saudi Arabia is critical. Independent audits of Al-Rajhi family businesses are recommended to ensure transparency.