The billionaire who rose from humble roots in Syria to conquer the business world in France

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Syrian-born French billionaire Mohed Altrad stood for the office of mayor in Montpellier. (Suppplied)
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Updated 01 July 2020
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The billionaire who rose from humble roots in Syria to conquer the business world in France

  • Mohed Altrad, the founder and owner of the Altrad Group, was named World Entrepreneur in 2015 by Ernst and Young
  • Altrad was born in 1948 into a Bedouin tribe in the desert area of Raqqa in Syria and his story is literally one of rags to riches

PARIS: Syrian-born French billionaire Mohed Altrad was in the news recently for having stood for the office of mayor in Montpellier, a southern French city popular with artists and tourists. Though he lost the election, his story is literally one of rags to riches. He emerged from the most humble, and distressing, of origins to achieve levels of success most people only dream of.

He made the bulk of his fortune while living in Montpellier. The tale of how a former Syrian became involved in the local politics of Montpellier is a genuine success story.

Despite his wealth and success in business, this 72-year-old self-made man — the founder and owner of the Altrad Group, who was named World Entrepreneur in 2015 by Ernst and Young — continues to walk among the citizens of the city with no bodyguards.

Altrad was born in 1948 into a Bedouin tribe in the desert area of Raqqa in Syria. His mother was very young, only about 14 years old. He describes the tragic circumstances of his birth in a matter-of-fact way.

“My mother, who was about 13, was raped twice by my father, who was much older and the chief of the tribe,” he said. “The first rape resulted in my brother, Mayouf, who died very young because of mistreatment by my father. I was the result of the second rape.

“My father was the chief of a bedouin tribe and he had all the power. The tribe used to move from place to place with its herds of goats and camels so I was unable to go to school.”

Fortune nonetheless smiled on the youngster when a distant cousin of his father’s, who lived a less nomadic lifestyle in a village but had no children of his own, offered to take him in and send him to elementary school.

“My father did not want me to go to school but I went anyway, without the means to buy pencils, books or clothes,” said Altrad. “I loved school and was a good student.”

The fates were once again in his favor and he was able to remain in education through high school, from which he graduated with a baccalaureate, with the help of another man of limited means.

“I stayed in his house for three years and passed all my exams,” he said. “That year the Syrian government decided to give a scholarship to the best student in each region to study abroad and I was first in Raqqa.

“That is how I arrived in Montpellier in France in 1970, where I studied French at university. Then I earned a degree at the Scientific University of Montpellier, and from there I went on to Paris where I obtained a Ph.D. in Information Technology.”

While studying for his doctorate in 1975, Altrad worked at Thompson-CSF which specialized in military electronics. Then he joined the telecoms company Alcatel, before moving to the UAE where he spent four years working for the Abu Dhabi National Oil Company.

“I left (Abu Dhabi) because my wife, who is French, wanted our son to be educated in France so we came back in 1980,” said Altrad. “I founded a company which made one of the first portable computers. I sold that business very quickly because it was growing rapidly and I wanted money."

At that time, he owned a country house in a village called Florensac, between Montpellier and Beziers, and while staying there, one of his neighbors asked if he would be interested in buying his scaffolding company.

“That was the first time I had heard of scaffolding but I bought the company and liked the work very much,” said Altrad. “It was very different from IT, and I enjoyed the construction business and public works.

“The company was in deficit but I managed to correct that and began making profits, which enabled me to buy other companies. At present I have 200 subsidiaries all over the world, with 42,000 employees and a turnover of 400 million euros.

“Only a quarter of the companies are in France because I wanted to build an international group and I have plenty of business in Abu Dhabi and Saudi Arabia in the oil and gas construction sector.”

He has written three books on management and three novels. His first novel, “Badawi,” published in 1994, was well received and chosen by the French Ministry of Education to be studied in schools. It is largely based on his life story, with a hero named Mayouf after the brother he lost. There are many messages and life lessons in the pages of the book, but perhaps the main one is the notion that time passes all-too quickly and so it is important to do good for other people and one’s country.

Altrad is immensely grateful to France, and Montpellier in particular, for enabling him “to achieve all that I, regretfully, could not have achieved in my country.”

As for how he feels about the current situation in Syria, he said he has only distant memories of the country and no longer feels connected to it. His mother died at a young age and he no longer has any family or other links to the land of his birth. Instead, he focuses on showing his gratitude to his adopted country by donating to a number of charitable and medical associations in France.


How many hostages are left in Gaza?

Updated 22 June 2025
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How many hostages are left in Gaza?

  • 50 hostages remain in captivity
  • PM Netanyahu said Israel is committed to returning the remaining hostages even as it wages a new military campaign against Iran

Israel said Sunday that it has recovered the bodies of three more hostages taken in Hamas’ Oct. 7 attack that ignited the ongoing 20-month war in the Gaza Strip.
The Israeli military identified them as Yonatan Samerano, 21; Ofra Keidar, 70; and Shay Levinson, 19. All three were killed during the initial attack and their bodies were taken into Gaza. Kobi Samerano said in a Facebook post that his son’s remains were returned on what would have been Yonatan’s 23rd birthday.
The military did not provide details about the operation. Prime Minister Benjamin Netanyahu said Israel is committed to returning the remaining hostages even as it wages a new military campaign against Iran.
Hamas-led militants killed some 1,200 people, mostly civilians, and took 251 hostages in the Oct. 7 attack. More than 55,000 Palestinians in Gaza, mostly women and children, have been killed in the ensuing conflict, according to Gaza’s Health Ministry. The ministry doesn’t distinguish between civilians and combatants.
Here are details on the hostages:
Total hostages captured on Oct. 7, 2023: 251
Hostages taken before the Oct. 7 attack: 4, including 2 who entered Gaza in 2014 and 2015 and the bodies of 2 soldiers killed in the 2014 war
Hostages released in exchanges or other deals: 148, of whom 8 were dead
Bodies of hostages retrieved by Israeli forces: 49
Hostages rescued alive: 8
Hostages still in captivity: 50, of whom Israel believes 27 are dead. Netanyahu has said there are “doubts” about the fate of several more.
The hostages in captivity include four non-Israelis: 2 Thais and 1 Tanzanian who have been confirmed dead, and a Nepalese captive.


US, Israel crossed ‘big red line’, Iran FM says as heads to Moscow

Updated 22 June 2025
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US, Israel crossed ‘big red line’, Iran FM says as heads to Moscow

  • ‘Through this action, the United States has dealt a serious blow to international peace and security’
  • Iran’s top envoy says any demand to return to negotiations was ‘irrelevant’

ISTANBUL: The United States and Israel crossed a major red line in attacking Iran’s nuclear facilities, Iran’s top diplomat warned Sunday, saying he was heading to Russia for talks with President Vladimir Putin.

“They crossed a very big red line by attacking (Iran’s) nuclear facilities,” Foreign Minister Abbas Araghchi said on the sidelines of a meeting of the Organization of Islamic Cooperation (OIC) in Istanbul.

He was speaking just hours after President Donald Trump said US warplanes struck three Iranian nuclear sites, nine days into an Israeli bombing campaign targeting its nuclear facilities.

“The most dangerous one happened only last night,” Araghchi said, while acknowledging he did not know the full extent of the damage done in the strikes, including one at the underground uranium enrichment facility at Fordo.

“I still do not have exact information about the level of damages, but I don’t think it matters... Last night’s attack was a grave crime,” he said.

“Through this action, the United States has dealt a serious blow to international peace and security,” he said, vowing that Iran would defend itself “by all means necessary against... US military aggression.”

Araghchi said he would head to Moscow on Sunday and hold talks with Putin on Monday morning.

“I’m going to Moscow this afternoon” to hold “serious consultations with the Russian president tomorrow,” he said.

After the strikes, Trump said Iran “must now agree to end this war.”

But Araghchi said any demand to return to negotiations was “irrelevant.”

“The world must not forget that it was the United States which — in the midst of a process to forge a diplomatic outcome — betrayed diplomacy by supporting the genocidal Israeli regime’s launch of an illegal war of aggression on the Iranian nation,” he said.

“So we were in diplomacy, but we were attacked... They have proved that they are not men of diplomacy, and they only understand the language of threat and force.”

Turkiye, which was hosting the weekend OIC summit, warned that the strikes risked escalating the Iran-Israel conflict to a global level that could have “catastrophic” consequences.

“The ongoing developments could cause the regional conflict to escalate to a global level. We do not want this catastrophic scenario to come to life,” the foreign ministry said in a statement.


Iran missile barrage hits three areas in Israel, 23 hurt

Updated 22 June 2025
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Iran missile barrage hits three areas in Israel, 23 hurt

  • Public broadcaster KAN 11 showed images of a devastated building surrounded by mounds of rubble

JERUSALEM: Three areas of Israel including coastal hub Tel Aviv were hit Sunday morning during waves of Iranian missile attacks, with at least 23 people injured, according to rescue services and police.

Several buildings were heavily damaged in the Ramat Aviv area in Tel Aviv, with holes torn in the facades of apartment blocks.

“Houses here were hit very, very badly,” Tel Aviv mayor Ron Huldai told reporters at the scene. “Fortunately, one of them was slated for demolition and reconstruction, so there were no residents inside.

“Those who were in the shelter are all safe and well. The damage is very, very extensive, but in terms of human life, we are okay.”

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The Israeli police said in a statement that they had been deployed to at least two other impact sites, one in Haifa in the north and another in Ness Ziona, south of Tel Aviv.

A public square in a residential area of Haifa was left strewn with rubble and surrounding shops and homes have been heavily damaged, AFP photos showed.

Eli Bin, the head of Israeli rescue service Magen David Adom, told reporters that a total of 23 people had been wounded nationwide in the attacks, with “two in moderate condition and the rest lightly injured.”

Two waves of missiles were launched at Israel from around 7:30 am (0430 GMT), the Israeli military said.

Sirens rang across the country, with air defenses activated shortly afterwards, causing loud explosions heard in Tel Aviv and Jerusalem.

Israeli police reported “the fall of weapon fragments” in a northern area encompassing the port of Haifa, where local authorities said emergency services were heading to an “accident site.”

Reporting on missile strikes is subject to strict military censorship rules in Israel, but at least 50 impacts have been officially acknowledged nation-wide and 25 people have been killed since the war began with Iran on June 13, according to official figures.

Tel Aviv, the southern city of Beersheba and the northern port of Haifa have been the three areas most frequently targeted by Iran.

Israel’s sophisticated air defenses have intercepted more than 450 missiles along with around 1,000 drones, according to the latest figures from the Israeli military.


Additional US embassy staff left Iraq due to ‘regional tensions’: US official

Updated 22 June 2025
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Additional US embassy staff left Iraq due to ‘regional tensions’: US official

  • The departures were a continuation of a process that started last week
  • The embassy and the consulate remain operational

BAGHDAD: More personnel from the United States diplomatic mission departed Iraq over the weekend as part of ongoing efforts to reduce embassy staffing amid “regional tensions,” a US official said Sunday after Washington attacked Iranian nuclear sites.
“As part of our ongoing effort to streamline operations, additional personnel departed Iraq on June 21 and 22,” the US official told AFP.
The departures were a continuation of a process that started last week “out of an abundance of caution and due to heightened regional tensions,” he added.
The embassy and the consulate remain operational.
Earlier on Sunday, Washington joined Israel’s war with Tehran as President Donald Trump announced US strikes on Iran’s main nuclear sites.
Iran had threatened to target US military bases in the region if conflict breaks out.
Fears are growing in Iraq over a possible intervention by Iran-backed armed factions, who have threatened Washington’s interests in the region if it were to join Israel in its war against Iran.
Iraq, which has for years been navigating a delicate balancing act between Tehran and Washington, has long been a fertile ground for proxy battles.


Airlines keep avoiding Middle East airspace after US operation in Iran

Updated 22 June 2025
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Airlines keep avoiding Middle East airspace after US operation in Iran

  • Choose other routings such as north via the Caspian Sea or south via Egypt and Saudi Arabia
  • New flight paths result in higher fuel and crew costs and longer flight times

Airlines continued to avoid large parts of the Middle East on Sunday after US strikes on Iranian nuclear sites, according to flight tracking website FlightRadar24, with traffic already skirting airspace in the region due to recent missile exchanges.

“Following US attacks on Iranian nuclear facilities, commercial traffic in the region is operating as it has since new airspace restrictions were put into place last week,” FlightRadar24 said on social media platform X.

Its website showed airlines were not flying in the airspace over Iran, Iraq, Syria and Israel. They have chosen other routings such as north via the Caspian Sea or south via Egypt and Saudi Arabia, even if it results in higher fuel and crew costs and longer flight times.

READ: Trump tells Iran ‘peace or tragedy’ in special address after main nuclear sites bombed

Missile and drone barrages in an expanding number of conflict zones globally represent a high risk to airline traffic.

Since Israel launched strikes on Iran on June 13, carriers have suspended flights to destinations in the affected countries, though there have been some evacuation flights from neighboring nations and some bringing stranded Israelis home.

Israel’s two largest carriers, El Al Israel Airlines and Arkia, said on Sunday they were suspending rescue flights that allowed people to return to Israel until further notice. El Al said it would also extend its cancelation of scheduled flights through June 27.

Israel’s airports authority said the country’s airspace was closed for all flights, but land crossings with Egypt and Jordan remained open.

Japan’s foreign ministry said on Sunday it had evacuated 21 people, including 16 Japanese nationals, from Iran overland to Azerbaijan. It said it was the second such evacuation since Thursday and that it would conduct further evacuations if necessary.

New Zealand’s government said on Sunday it would send a Hercules military transport plane to the Middle East on standby to evacuate New Zealanders from the region.

It said in a statement that government personnel and a C-130J Hercules aircraft would leave Auckland on Monday. The plane would take some days to reach the region, it said.

The government was also in talks with commercial airlines to assess how they may be able to assist, it added.