Jassim Mohammad al Bahar, one of the most high-profile businessmen of Kuwait, has died in Portugal at the age of 66. Mr Bahar held billion-dollar investments in Europe, the Arab world and elsewhere, notably South Africa. His death on Wednesday was reported by local media over the weekend, although no cause was given. Mr Bahar was a board member of Kingdom Hotel Investments, which is controlled by Prince Al Waleed bin Talal of Saudi Arabia, and he owned shares in Nakheel's Palm Jumeirah project.
Since 2002, Mr Bahar worked as chairman of International Financial Advisors (IFA), an investment company with interests across several sectors. He chaired affiliates of IFA Hotels and Resorts in Lebanon and South Africa, and also served as chairman of United Investments Portugal. The group has many subsidiaries, most of which are listed on the Kuwait Stock Exchange and have an estimated market value of US$4 billion (Dh14.68bn).
His company recently expanded into South Africa and this year IFA invested approximately $500 million in the Zimbali Coastal Resort in KwaZulu-Natal, a development comprising residential space, a five-star hotel and a golf course. IFA also acquired 19.25 per cent in the Boschendal Estate in 2006, a winery with tourist facilities. In August last year, IFA acquired a 50 per cent stake in the Legend Golf and Safari Resort in the Entabeni Game Reserve.
Mr Bahar is survived by his wife and four children. His father, Mohammad Abdul Rahman al Bahar, is worth $1.4bn, according to last year's Forbes billionaires list. His father also chairs the National Bank of Kuwait, the emirate's largest bank, and Al Bahar Group of Companies, a conglomerate. * With Agence France-Presse @Email:abakr@thenational.ae
