Born in Egypt in 1939, Allam studied economics at the university of Hull before working as an accountant at Tempest Diesel. In 1981 he used a loan to begin a buy-out of the company. Ultimately renaming the company Allam Marine, and leading the company to international success. Assem Allam and his son gained a place on the Sunday Times Rich List 2010. In 2006, he was named the Ernst & Young UK Entrepreneur of the year. Dr Allam is the owner and the chairman of Hull City football club in the English Premier League.