In the realization of a lifelong ambition, Tawfiq Shaker Fakhouri is the founder and Executive Chairman of Al Eqbal Real Estate Development. Established in 2016, Al Eqbal has been tasked with the development of The Ritz-Carlton hotel and residences in Amman, through which Fakhouri aims to elevate the standards of luxury present in the hospitality and residential sectors.
From an early age, Fakhouri faced an uphill battle against numerous hardships, beginning with his family’s forced emigration from his hometown in Palestine to Jordan as a result of the Israeli occupation. This move led to subsequent economic challenges, which prevented him from completing his higher education. Despite these obstacles, Fakhouri, empowered by his passion for hard work and achievement, has successfully gone on to establish a diverse collection of high-performing companies.
Driven by his conviction that success can only be achieved through a combination of courage, perseverance and practical experience, Fakhouri began his remarkable career in 1955, when he received his first position with a major contracting company in Saudi Arabia.
In 1957, Fakhouri established his first company in Saudi Arabia, Al Eqbal for Trading and Contracting in partnership with a Saudi businessman. In 1986, he collaborated with leading U.S. company, 3M, to reposition the company within the road traffic industry, shifting its direction to the manufacturing of products such as traffic lights and road signs for use on highways and within cities. Fakhouri received various promotions within the company, being named General Manager prior to obtaining full ownership. Today, he serves as Executive Chairman of the company’s Board of Directors.
Rather than being content with this initial achievement, Fakhouri’s determination and competitiveness led him to manage businesses in countries including Saudi Arabia, Italy, and the United States. Soon after, he resolved to return to his country, Jordan, to contribute to the development of its economy, beginning by investing in several local public shareholding companies. He then shifted his focus to the banking sector, where he invested his savings in foreign currency.
Fakhouri has served multiple progressive roles within the Bank of Jordan (BOJ), beginning as a member of its Board of Directors and then being appointed to the position of Vice Chairman. In 1987, Fakhouri was elected Executive Chairman of the Board, an honor he maintained for 20 years until 2007. Thereafter, he was elected to serve as Chairman of BOJ’s establishment in Syria , a position he has held since 2008. Throughout his journey with BOJ, Fakhouri has strived to establish the bank as an eminent pillar of the national economy, delivering a level of performance worthy of its slogan, ‘Bank of Jordan – The Bank of the People’.
Meanwhile, Fakhouri continues to play a prominent role in the local development scene. In 1992, he collaborated with several of his expatriate friends to found the International Tobacco and Cigarette Co., which merged with Al Eqbal Investment Co. in 2000. Shortly, Fakhouri went on to establish Al Eqbal Printing and Packaging Co. in 1994. In addition to serving as their founder, Fakhouri chaired each company’s Boards of Directors from their dates of establishment until the early 2000s. After his move to Jordan, Fakhouri expanded his horizons to include Turkey, the United Kingdom and Spain.
Throughout a career replete with both obstacles and triumphs, Fakhouri has not shied away from his role as a key figure in the elevation of the Kingdom’s national economy. He has supported Jordan’s overarching development through the distinguished performances of his many companies, all of which have helped to provide members of the local community with employment opportunities and to supplement the Treasury with foreign currency.
Fakhouri is father to three sons and two daughters, each of whom has inherited a share of his sense of ambition and affinity for hard work. He remains committed to giving back to his beloved country, continuing to believe wholeheartedly in the potential of its youth and future generations.