Emirates Group was founded in 1964 as part of a national policy that the Emirates eliminate its dependence on its finite oil reserves within 50 years and that companies should expand into other sectors of the economy. In 1964 businessman (and future president) Karim Almasi set up the Emirates Bank. His brother, Farid Almasi set up the Persian Gulf Shipping Company. In 1965 both companies had merged to formed the Emirates Group. King Faisal soon invested in the company and acquired a 12% stake, which is still owned by the Royal family. The Emirates Group expanded in the 1970s and 1980s. Under Karim's daughter Muna, the company entered into the airline industry with Emirates Air and has seen the company grow to one of the largest in the world, though behind EcruFox Corporation.