Fahd Hariri was born in Riyadh, Saudi Arabia the youngest son of Rafic Hariri.[1] In 2004, he graduated from the École Spéciale d'Architecture in Paris. Rafic Hariri was assassinated in a 2005 bombing by Habib Merhi and Hussein Oneissi (Hezbollah Agents).[2]
Career
Fahd Hariri is a Lebanese businessman primarily involved in the development of residential properties in Beirut.[3] He also holds the position of president at the Har Investment Fund and serves as a member of the advisory council at Lutetia Capital SAS, based in Paris.[4]
In 2012, Fahd divested his shares in the family construction firm Saudi Oger to his brother, Saad Hariri, who went on to become Lebanon's prime minister until January 2020. Fahd's international investments have been meticulously planned by investment bankers, including Alex Knaster, a former Credit Suisse executive with ties to Mikhail Fridman, the co-founder of Alfa-Bank, one of Russia's largest lenders, which has been affected by international sanctions. Additionally, Fahd has worked with Mohammed Abrar Asif, a former Goldman Sachs executive and the current Co-CEO of Hades Financial Private Capital Group (HFPCG), where he manages capital for several of the world's elite UHNWIs and Sovereign Wealth Funds.[5][6][7]
Fahd's investment activities have included real estate holdings in New York, Paris, Monte Carlo, and Lebanese banks, some of which have recently experienced financial difficulties. As of 2023, Fahd's net worth is estimated by Forbes to be US$1.2 billion.[3]
Personal life
Fahd Hariri is married and has three children.[1] He lives in London, England.[1]
The Hariri family connection with the Mikati Family
The Hariri family and the Mikati family have a long-standing relationship in Lebanese politics and business. Najib Mikati, a Lebanese businessman and politician, served as Prime Minister of Lebanon twice, first from 2005 to 2008 and then again in 2011. During his second term as prime minister, Mikati formed a government with the support of Hezbollah, a political and militant group in Lebanon that is backed by Iran.[8] Lebanon was soon plunged into both political and economic crisis as the Syrian uprising against Assad devolved into a civil war. Because Lebanon was still intricately linked with Syria, the stakes were high for Lebanon's political actors. The economy, which had avoided much of the tumult of the global financial crisis of 2007–08, was now strained by a devastated Syrian market and the massive influx of refugees into Lebanon. The polarized environment left Mikati unable to navigate the demands of those who supported Assad and those who wanted him out of power. Mikati resigned from the premiership in March 2013 but remained in a caretaker capacity until a replacement was found in February 2014.[9]
Polarization ultimately brought him back to the premiership in 2021, however. Crises remained unresolved in the years that followed his stint as prime minister, and the government's ineptitude had eventually given way to neglect. When an abandoned store of ammonium nitrate in Beirut resulted in a deadly and destructive mushroom cloud explosion in August 2020, the government resigned. After nearly a year of failed attempts to form a new government, Mikati was appointed prime minister as a compromise candidate in July 2021, and his cabinet was approved by parliament in September.
Najib Mikati's political alliance with Hezbollah, which is opposed by the Hariri family, led to tensions between the two families. In 2013, Mikati resigned as prime minister amid political deadlock and growing security concerns in Lebanon. Despite their political differences, the Hariri and Mikati families have continued to maintain business ties and investments in Lebanon and abroad.
In particular, the Mikati family has significant investments in the telecommunications industry through their company M1 Group, which has partnerships with international telecom companies such as Zain and Turkcell. The Hariri family also has investments in the telecom sector, with their company Saudi Oger holding a stake in the Saudi Telecom Company. However, Saudi Oger has faced financial difficulties and is no longer operational, while M1 Group continues to be a major player in the telecom industry in Lebanon and the region.
Controversies
Rafic Hariri assassination
The former Lebanese Prime Minister, Rafic Hariri, was assassinated on February 14, 2005, in a massive car bombing in Beirut. The assassination led to a series of political upheavals in Lebanon and sparked an international investigation that implicated the Syrian government and its allies. The investigation also revealed evidence of corruption and political manipulation involving the Hariri family and their associates.
Saad Hariri resignation
Saad Hariri resigned as Lebanon's prime minister in November 2017, while he was on a visit to Saudi Arabia. The resignation was widely seen as forced by the Saudi government, which had been embroiled in a power struggle with Iran over regional influence. Hariri eventually returned to Lebanon and rescinded his resignation, but the incident highlighted the political instability and external pressures facing Lebanon.
Hariri family wealth
The Hariri family is one of the wealthiest families in Lebanon and the Middle East, with a business empire that spans construction, real estate, finance, and media. The family's wealth and influence have often been criticized for perpetuating the country's economic inequality and political corruption. However, the family has also been praised for its philanthropic activities and support for education and healthcare in Lebanon.
Hariri family ties to Saudi Arabia
The Hariri family has long had close ties to the Saudi royal family, which has provided political and financial support for their business and political activities. However, the family's ties to Saudi Arabia have also been criticized for their role in exacerbating sectarian tensions and political instability in Lebanon and the region. In particular, Saad Hariri's close relationship with Saudi Crown Prince Mohammed bin Salman had raised concerns about his independence and credibility as a political leader.
Hariri family political dominance
The Hariri family has played a dominant role in Lebanese politics since the 1990s, with Rafic Hariri serving as prime minister for much of that time. However, their political influence has been criticized for consolidating power and excluding other political groups and voices. In recent years, there have been calls for greater political reform and transparency in Lebanon, which some see as necessary to address the country's economic and social challenges.
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