IRINA ZAPOROZHETS President and GM for Eli Lilly Suisse S.A. in META.
“IT’S NOT JUST ABOUT BEING PRESENT; IT’S ABOUT MAKING A MEANINGFUL IMPACT.”
By Claudine Coletti
10 I 5 Notable Healthcare M&As in MENA
Despite PwC reporting a 35.6% drop in deal volume in the Middle East’s healthcare sector last year, the region witnessed a wave of high-profile mergers and acquisitions in 2023, as companies consolidated their positions, expanded globally, and innovated within the industry. Here are the details on five of the top deals.
By Muhammad Addam
12 I Meet the World’s 5 Richest Healthcare Billionaires
The world’s five richest healthcare billionaires have pioneered hospital networks, pharmaceutical innovations, and medical device technology. All net worths are as of August 23, 2024.
By Jamila Gandhi
14 I Saudi Arabia Drives MENA Healthcare IPOs
Saudi Arabia has dominated MENA’s healthcare IPOs so far this year, with all four healthcare IPOs listed in the region being listed on the Saudi Exchange as of August 2024, totaling $920 million in proceeds. Here’s a closer look.
By Engy Abdal Monem
16 I MENA’s 5 Most Valuable Healthcare Companies 2024
The combined market cap of 57 healthcare companies listed on MENA’s stock exchanges hit $83.7 billion on August 13, 2024, with the top five companies accounting for about 62.4% of the total market cap. These are MENA’s five most valuable healthcare companies in 2024.
By Hagar Omran
20 I Big Breakthroughs
From gene therapy to nasal sprays, these were some of the most significant healthcare breakthroughs in the last year.
By Syed Saadain Gardazi
22 I The State of Mental Health in the Middle East
While mental health awareness is on the rise, the Middle East faces some challenges in providing care. Still, we’re seeing some progress.
By Ashraqat Osama THOUGHT LEADERS
27
I How Technology is Accelerating Digital Equality in Diverse Markets
By Khalifa Al Shamsi
24 I Rare Fortune
Money manager James Litinsky turned a bad junk bond bet into a $400 million fortune. His MP Materials operates a strategic mine and will begin manufacturing supermagnets for electric vehicles next year.
By Chris Helman
28 I Supercharging AI
Armed with a newly raised $640 million, Groq thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for AI from scratch.
By Richard Nieva
40
I Scouting for Opportunities
Ayman Cheikh-Lahlou, Chairman and CEO of the Moroccobased Cooper Pharma, took the helm of the family-owned pharmaceutical company in 2005 and has seen business boom over nearly 20 years. Now, he’s exploring expansion opportunities in new markets.
By Hagar Omran
72 I Thoughts On Health
THE MIDDLE EAST’S
TOP 100 HEALTHCARE LEADERS 2024
Naser Al Yammahi
Ayman Cheikh-Lahlou
Pelin Incesu
Tarek Youssef Hosni Ayman Tamer
Dimitri Livadas
Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region is driving expansion, focusing on innovation and patient-centric care. As she navigates regional challenges, her commitment to expanding access to medicine remains at the forefront.
By Jamila Gandhi
SIDELINES
Taking Care
It’s often said that health is the most important asset that we have, but it is also so often something that we take completely for granted until something happens to open our eyes. We know the basics that lie in our own hands to be healthy—eat well, exercise, keep a work/life balance and manage stress levels—but how often do we take full advantage of the other resources available to us? Regular check-ups, early screening for cancer and other diseases, and access to cutting-edge, trusted expertise are also vital tools in living long and living well. In the U.A.E., and across the Middle East, we are spoilt for choice in healthcare providers, and they are among the best in the world in terms of the research, care, and pioneering treatments that they offer. They could save your life, but how much do you know about them?
This month, we give you the chance to delve into the details of the leaders and organizations that are directing the decisions impacting your health care. This includes 51 leaders based in the U.A.E., such as Irina Zaporozhets, President and General Manager for global pharma giant Eli Lilly and Company in the Middle East and Türkiye, who speaks to us this month about where they are investing to face some of the region’s biggest health battles. We also feature 23 leaders based in Saudi Arabia, eight in Egypt, and four each in Qatar, Kuwait, and Morocco, such as Ayman Cheikh Lahlou, CEO of the Morocco-based Cooper Pharma, who speaks to us this month about how the family-owned pharma plans to expand and use public-private partnerships for the benefit of patients.
They are all riding a wave of growth and innovation in healthcare. Deloitte’s 2024 Healthcare Outlook highlighted several trends currently impacting the sector worldwide. These include the impact of AI in streamlining processes and efficiency, the adoption of eco-friendly practices that take into account cost-saving and environmental concerns, and the rise of remote technologies in the delivery of healthcare. Technology seems to be a key driver underscoring many of the advancements that we can expect to see in the future. And there are some global challenges that it may be able to help the industry face. Deloitte estimates that the healthcare sector could see a shortage of 10 million workers by 2030 due to factors like burnout and migration. Demand for workers could increase by 29% globally in the next 10 years. Some regions may see AI and remote technology called on to make up for the shortfall—but can they replace people?
We’ll be exploring all of these topics and many more at our Healthcare Summit in September, bringing together some of the most influential business leaders, government ministers, doctors, experts, and executives in the healthcare industry to share their knowledge and debate the challenges they’re facing and the solutions they’re hoping for. Check out all the latest insights and news across our digital platforms, and enjoy this month’s issue.
—Claudine Coletti, Managing Editor
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SEPTEMBER 2024 ISSUE 143
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5
Notable Healthcare M&As in MENA
Despite PwC reporting a 35.6% drop in deal volume in the Middle East’s healthcare sector last year, the region witnessed a wave of high-profile mergers and acquisitions in 2023, as companies consolidated their positions, expanded globally, and innovated within the industry. Here are the details on five of the top deals.
Amanat Holdings acquires a majority stake in Sukoon through a merger with CMRC
In April 2023, Dubai’s Amanat Holdings completed a majority stake acquisition in Saudi Arabia’s Sukoon International Holding Company through a strategic merger with the Cambridge Medical & Rehabilitation Center. This merger, executed through a non-cash share swap, forms the largest pan-GCC postacute care provider, with an operational capacity of 400 beds, and plans to expand to 1,000 beds within three years. Amanat Holdings owns nearly an 85% stake in the new entity. The company’s new healthcare platform, Amanat Healthcare, unifies the company’s portfolio of top-tier healthcare assets into one single entity.
G42 Healthcare merges with Mubadala Health to create M42
In April 2023, M42 was created through a merger of G42 Healthcare and Mubadala Health. M42 has over 450 facilities across 26 countries. In its debut month, M42 acquired Diaverum, the world’s thirdlargest dialysis provider, from Bridgepoint Group. Diaverum operates 450 clinics across 24 countries and employs over 13,000 people. It is particularly strong in tech-enabled care, including patient-focused apps and using AI to provide
data-driven clinical insights for chronic kidney disease patients. M42 plans to apply its expertise in AI, genomics, and technologydriven solutions to enhance Diaverum’s capability to deliver accurate renal care.
PureHealth acquires minority stake in Ardent Health Services for $490M
In May 2023, PureHealth completed the acquisition of a minority stake in Ardent Health Services, a flagship U.S. healthcare provider, for $490 million. This acquisition made PureHealth the first U.A.E.-based healthcare group to invest in the U.S. healthcare sector. In July 2024, PureHealth concluded
the IPO of Ardent Health Partners on the New York Stock Exchange for total gross proceeds of $192 million.
PureHealth enters the U.K. market with $1.2B Circle Health Group acquisition
In August 2023, PureHealth, an Abu Dhabi-based healthcare network, made its first foray into the U.K. market by signing an agreement to acquire the Circle Health Group, one of the U.K.’s largest independent hospital operators, for an enterprise value of $1.2 billion. The Circle Health Group manages 54 hospitals across the country. The deal
QIA’s $50M bet on India’s dental care sector
In November 2023, the Qatar Investment Authority (QIA) made an equity investment of $50 million in Global Dental Services, the parent company of Clove Dental, India’s largest tech-powered dental services platform. The move was aimed at diversifying QIA’s investment portfolio across the South Asian country and followed the sovereign wealth fund’s investments in India in the retail and real estate sectors, as well as in green energy. In May 2024, Clove Dental opened 12 new clinics in a single day, bringing its network to over 500 clinics.
was finalized in Q1 2024.
In July 2024, PureHealth concluded the IPO of Ardent Health Partners on the New York Stock Exchange for total gross proceeds of $192 million.
Meet the World’s 5 Richest Healthcare Billionaires
The world’s five richest healthcare billionaires have pioneered hospital networks, pharmaceutical innovations, and medical device technology. All net worths are as of August 23, 2024.
Thomas Frist Jr. and family
Net worth: $30.7 billion
Citizenship: U.S.
Frist Jr., originally an Air Force flight surgeon, cofounded the Hospital Corporation of America (HCA) in 1968 with his father and Jack Massey. After building HCA into a major healthcare provider, Frist Jr. took the company public for the third time in 2011, following two management buyouts. As of June 2024, HCA Healthcare operated 188 hospitals and 2,400 care sites across the U.S. and the U.K. In 2023, the company generated $65 billion in revenues. Although the 86-year-old billionaire is no longer involved in daily operations, his sons, Thomas Frist III and William Frist, are on the board where Frist III serves as chairman. The Frist family is also known for its philanthropy through the Frist Foundation, which established Nashville’s Frist Art Museum.
Dilip Shanghvi
Net worth: $29.3 billion
Citizenship: India
Shanghvi, a 68-year-old self-made entrepreneur, established Sun Pharmaceutical Industries in 1983 with $200 borrowed from his father, initially focusing on psychiatric drugs. Sun Pharma has since become India’s most valuable listed pharmaceutical company, with two-thirds of its $5.3 billion annual revenue coming from overseas
markets. Shanghvi expanded the company through strategic acquisitions, the biggest of which was the $4 billion purchase of Ranbaxy Laboratories in 2014. In 2023, Sun Pharma acquired U.S.-based Concert Pharmaceuticals for $576 million. In June 2024, the group completed its acquisition of Taro Pharmaceutical Industries for $347.7 million. Shanghvi is the chairman and managing director of Sun Pharmaceutical Industries and chairs the Sun Pharma Advanced Research Company, which focuses on innovative drug R&D.
Cyrus Poonawalla
Net worth: $24.5 billion
Citizenship: India
Poonawalla, 83, founded the Serum Institute of India
(SII) in 1966, inspired by a chance conversation about vaccines made from horse serum. SII quickly became the world’s largest vaccine manufacturer by doses. Under the leadership of Poonawalla’s son, Adar, SII invested $800 million in producing Covid-19 vaccines. Poonawalla also chairs the Poonawalla Group which privately owns SII, holds a majority stake in Poonawalla Fincorp and a stake in The Ritz-Carlton Pune, and has a passion for collecting luxury cars.
Li Xiting
Net worth: $13.1 billion
Citizenship: Singapore
Li, Singapore’s richest person, is the cofounder and chairman of Shenzhen Mindray Bio-Medical
Electronics, a supplier of medical devices that was established in 1991. Based in Shenzhen, the company was cofounded by Li and fellow billionaire Xu Hang, who has a net worth of $8.4 billion and also serves as a director. In 2023, Mindray reported total revenues of $4.9 billion, marking a 15% increase from the previous year. During the Covid19 pandemic, Mindray played a crucial role by donating $4.6 million worth of medical equipment to hospitals in severely affected areas like Wuhan and northern Italy.
Pankaj Patel
Net worth: $11.2 billion
Citizenship: India
Patel, a 71-year-old Indian pharma magnate, controls Zydus Lifesciences (formerly Cadila Healthcare), a company cofounded by his late father and Indravadan Modi in 1952 to produce vitamins. He took over leadership in 1995 after the two founding families went their separate ways. Headquartered in Ahmedabad, Zydus has grown into a prominent generics manufacturer with 37 manufacturing facilities. Patel’s son, Sharvil, has served as managing director since July 2017. Patel’s contributions to the field include over 100 research papers published in peerreviewed journals and more than 64 co-invented patents. The company’s Sugar-Free brand is the leading sugar substitute in India.
Thomas Frist Jr.
Saudi Arabia Drives MENA Healthcare IPOs
Saudi Arabia has dominated MENA’s healthcare IPOs so far this year, with all four healthcare IPOs listed in the region being listed on the Saudi Exchange as of August 2024, totaling $920 million in proceeds. Here’s a closer look.
1. Fakeeh Care Group
IPO proceeds: $764 million
Change in share price since IPO: 0.7%
The Fakeeh Care Group’s IPO in May 2024 is the biggest in the MENA so far this year, raising $764 million in proceeds. The IPO, which offered 21.47% of the company’s total issued shares, was oversubscribed 119 times from institutional investors and 14.5 times from retail investors, with total demand reaching $91 billion and $1.1 billion respectively. The group’s share price slightly increased by 0.7% in the three months after the IPO, reaching a market cap of $3.6 billion as of the end of August 2024. In the first six months of 2024, the company’s total assets reached $1.4 billion and its revenues increased by 24% to reach $355.8 million, driven by
a 12.2% increase in the number of billable patients totaling 829,377 during the period.
2. Avalon Pharma
IPO proceeds: $131.2 million
Change in share price since IPO: 65.4%
The Middle East Pharmaceutical Industries Company (Avalon Pharma) offered 30% of its issued share capital on the Saudi Exchange in January 2024. The retail offering was covered 54.3 times, while the institutional offering was covered 138.7 times, with total demand reaching $712.1 million and $18.2 billion respectively. In the first half of 2024, the company generated revenues of $47.2 million, representing a 19% increase compared to 2023, and its total assets were valued at $124.3 million. The company’s
share price increased by 65.4% since the IPO to hit a market cap of $723 million as of the end of August 2024.
Tabbaa National Holding Company is the major shareholder of the company with a stake of 42.2%.
3. Al-Modawat Specialized Medical Company
IPO proceeds: $14.1 million
Change in share price since IPO: 45%
The Al-Modawat Specialized Medical Company offered 475,000 shares, constituting 20% of its total issued share capital, on the Saudi Exchange’s Nomu – Parallel Market in January 2024. The offering was 135.75% subscribed. In the seven months after the IPO, the company’s share price rose
by 45% to hit a market cap of $102 million as of the end of August 2024. As of June 2024, the company had total assets of $31 million. In August 2024, the company, which mainly manages the hospital affiliated with the company, announced the approval of its board of directors to establish a new fully owned subsidiary in Egypt. In September 2024, the company signed a 25-year contract with the Ministry of Municipalities and Housing to establish and operate a medical complex in Mahayel Asir.
4. Qomel Company
IPO proceeds: $10.7 million Change in share price since IPO: 35%
The Qomel Company offered 14.29% of its issued share capital through an IPO at the Saudi Exchange’s Nomu–Parallel Market in April 2024, which was 274.52% covered. The company’s share price increased by 35% in the four months after the IPO offering price, hitting a market cap of $100.8 million as of the end of August 2024. In the first half of 2024, the company generated revenues of $15.6 million, a 33% rise compared to the same period in 2023, and its total assets were valued at $43.7 million. The company has distribution agreements with multinational companies for specialized medications and medical devices, including Clinigen, Nova Laboratories, Trulife, and Plus Pharma. It has also begun establishing a pharmaceuticals factory in Riyadh.
The Fakeeh Care Group’s IPO in May 2024 is the biggest in the MENA so far this year, raising $764 million in proceeds.
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MENA’s 5 Most Valuable Healthcare Companies 2024
The combined market cap of 57 healthcare companies listed on MENA’s stock exchanges hit $83.7 billion on August 13, 2024, with the top five companies accounting for about 62.4% of the total market cap. These are MENA’s five most valuable healthcare companies in 2024.
1. Dr. Sulaiman Al Habib Medical Services Group (HMG)
Market cap: $26.2 billion Headquarters: Saudi Arabia
Sulaiman Bin Abdulaziz Al Habib founded HMG in 1993. Today, he owns 40.03% or $10.5 billion of the group. The healthcare provider’s share price skyrocketed by 411% since it first traded on the Saudi Exchange in March 2020, to hit a market cap of $26.2 billion in August 2024. HMG’s net income in the first half of 2024 increased by 13.4% to $302.2 million, mainly driven by revenue growth due to an increase in the number of patients. As of December 2023, the group had 25 medical facilities and over 1,900 beds. It employs over 20,000 people and cared for more than six million patients in 2023.
2. PureHealth Holding
Market cap: $11.5 billion
Headquarters: U.A.E.
PureHealth Holding, the U.A.E.’s largest healthcare provider in terms of market cap and the second most valuable regional player, listed its shares on the Abu Dhabi Securities Exchange in December 2023 through an IPO, raising $985.4 million. Its revenues increased by 53.4% in the first half of 2024 to $3.4 billion, but net profit decreased by 25.7% due partly to finance costs associated with the $1.2 billion acquisition of Circle Health, and corporate income tax charge. In
February 2024, PureHealth Holding acquired the U.A.E.’s Sheikh Shakhbout Medical City for $600 million. The group divested its investments in YAS Clinic Group and the Abu Dhabi Stem Cells Centre in April.
3. Mouwasat Medical Services Company
Market cap: $5.7 billion
Headquarters: Saudi Arabia
Established in 1974, Mouwasat Medical Services started as an individual entity owned by Mohammed Sultan Al-Subaie. A year later, it launched the Mouwasat Dispensary in Dammam. By 1997, it transformed into a limited liability company. Listed on the Saudi Exchange in 2009, the company acquires, manages, operates, and maintains hospitals, medical centers, drug stores, and pharmacies, and
sells medical equipment and drugs wholesale. As of June 2024, the company operated about 13 branches in Saudi Arabia. In the first half of 2024, the company’s revenues increased by 9.4% to $377 million. Mohammed Sultan Al-Subaie, the company’s chairman, Nasser Sultan Al-Subaie, the company’s CEO and vice chairman, and Mohammad Suleiman Al-Saleem, the company’s managing director, each hold a 17.5% stake in the company.
4. Nahdi Medical Company
Market cap: $4.4 billion
Headquarters: Saudi Arabia Nahdi Medical Company went public on the Saudi Stock Exchange in March 2022, raising $1.4 billion in its IPO. As of Q2 2024, the company operated over
1,180 pharmacies across over 140 cities and villages in Saudi Arabia and the U.A.E. The company’s primary business involves the wholesale and retail trade of pharmaceuticals, specialized and health foods, medical equipment, and cosmetics. The Saudi’s SEDCO Holding owns 25% of Nahdi Medical Company, while Al Nahdi Holding Company holds a 35% stake. Nahdi Medical Company’s revenues surged 9.1% in the first half of 2024, reaching $1.3 billion. However, net profit declined by 5.6% due to the acceleration of strategic investments.
5. Dallah Healthcare Company
Market cap: $4.3 billion
Headquarters: Saudi Arabia
Established in 1994, the Dallah Healthcare Company specializes in hospitals, pharmaceuticals, and investments. The company was listed on the Saudi Stock Exchange in 2012. Its portfolio includes the Dallah Pharma Company, the Afyaa Al Nakheel for Supporting Services Company, the Dallah Namar Hospital Health Company, the Dallah Medical Care Company, and the Care Shield Holding Company. In 2023, the company initiated the construction of a new 250-bed hospital on a 45,000-square-meter land plot in Riyadh. In the first half of 2024, the company recorded $413.1 million in revenues and total assets worth $1.7 billion.
Dr. Sulaiman Al Habib Medical Services Group (HMG) share price skyrocketed by 411% since it first traded on the Saudi Exchange in March 2020, to hit a market cap of $26.2 billion in August 2024.
Qatar: Boosting MENA’s Media Landscape
Media City Qatar’s Chairman, His Excellency Sheikh Dr. Abdulla bin Ali Al Thani, explains how Qatar is helping to shape the future of media in the MENA region.
In the ever-evolving world of media, where content reigns supreme and geographical boundaries are increasingly blurred, the Middle East is experiencing record growth with
the media and entertainment market’s revenue expected to exceed $60 billion by 2028, according to Mordor Intelligence. The region is home to a young, diverse, tech-savvy, and
connected population that is undergoing an unprecedented socio-cultural renaissance, making it an ideal market for media companies to tap into. In this context, Media City Qatar is doing its part to drive the growth of MENA’s thriving media ecosystem.
Shaping the Regional Media Landscape
It is fitting for Qatar and the wider region to play a role in shaping the future of media. The Arab world has always been a cradle of captivating stories; from the epic journeys of ‘One Thousand and One Nights’ to some of the best film productions during our golden age of cinema, the rich tapestry of narratives has inspired audiences for centuries.
Today, the digital revolution is sweeping across the Middle East at an incredible pace and with it comes a whole new world of opportunity for Arab storytellers with powerful tools and a global audience. Meanwhile, MENA consumers are craving content that reflects their culture and values. This has fueled a surge in Arabic-language TV shows, movies, gaming, and music. This is the exciting reality emerging in the Arab world.
The MENA region has the fundamentals for a vibrant media sector with its distinct culture and heritage, government investments,
H.E. Sheikh Dr. Abdulla bin Ali Al Thani, Chairman, Media City Qatar
engaged population, and unmatched internet penetration. For the media sector to truly thrive now, we need to help the private sector take the lead. Our investments must adapt to maximize this opportunity by empowering the private sector and building the talent pool—this is where Media City Qatar steps in, with its commitment to nurturing this growth.
With its three-pillar mandate as a cluster regulator, developer, and investor, Media City Qatar will provide more than just real estate. It aspires to be an incubator for companies, entrepreneurs, innovators, and creative talent, accelerating the evolution of regional media, and nurturing a powerful and innovative ecosystem that can propel the Middle Eastern media landscape forward.
Attracting FDI and International Media Companies
A strong regional media scene creates a platform for diverse voices and stories to emerge from across the Middle East. This, in turn, will foster a more dynamic and competitive media environment and attract international attention and investment. International media companies are already recognizing the potential of the MENA market and are investing in local production and distribution.
On the consumer side, the MENA region boasts a young, connected population with rising disposable income. This translates to a massive audience that is hungry for high-quality media content that can cater to their local preferences while still receptive to international influence. This is an environment in which global companies can thrive by adapting their content for the region.
To capitalize on this trend, initiatives like Media City Qatar are crucial. We provide a supportive ecosystem for international media professionals and businesses seeking a strong ally to help them create the ideal conditions to thrive within the region.
Our commitment is to create the perfect conditions for success on the ground in Qatar. To do this, we strive to meet the full spectrum of content creator needs, including dynamic business incubation services, stunning locations, permits and licensing, recruiting worldclass talents, accessing production and post-production facilities, or even marketing and sales support services. Moreover, we cater to businesses across media sectors, including broadcasting, content aggregation, digital publishing, gaming, user-generated content, AI, and other cutting-edge innovations.
What truly sets us apart, however, is our comprehensive, start-to-finish support and guidance for media companies and content creators interested in the Arab world, whether they are already operating from Qatar or planning to expand into the Middle East region.
The Power of Content
Beyond economic benefits, media has the power to connect cultures. Our vision for Media City Qatar goes beyond creating content; it is about promoting cultural exchange across borders, bridging global perspectives, and dismantling stereotypes.
Media City Qatar recently sponsored the Qatar exhibition coinciding with the 60th International Art Exhibition at the Venice Biennale titled, ‘Your Ghosts Are Mine - Expanded Cinemas, Amplified Voices.’ The exhibition
brought the visions of dozens of filmmakers and video artists from the Middle East, Africa, and Southeast Asia to the art world’s most prestigious stage. Works were drawn from the collections of Mathaf: Arab Museum of Contemporary Art, the Doha Film Institute, and the forthcoming Art Mill Museum, scheduled to open in 2030. The exhibition perfectly captured the power of film to connect audiences and tell stories.
We also brought the same message to Venice, coinciding with the 81st Venice International Film Festival, through our activation ‘Global Stories, Local Lens.’ The activation saw Qatari artist, Fatma Al Shebani, and Italian artist, Nicolò Galasso, collaborate on a piece called ‘The Bridge’, designed to remind us that film is a universal language that connects hearts and minds across the world. The two artists created a fusion of the Venetian carnival mask and the Qatari ‘battoulah,’ symbolizing harmony and innovation.
Developed in collaboration with Doha Film Institute, the activation represents the importance of forging partnerships and creating opportunities for co-productions, bridging cultures through international collaborations. Most importantly, it reminds us that through art and film, we discover our shared humanity—a powerful message that even in a divided world, we are all part of the same story.
www.mediacity.qa/en/
Big Breakthroughs
From gene therapy to nasal sprays, these were some of the most significant healthcare breakthroughs in the last year.
Predicting pancreatic cancer using AI
According to a study published in Nature Medicine in May 2023, an AI tool was able to successfully identify pancreatic cancer in high-risk patients up to three years before diagnosis using only their medical records. In the study, an AI algorithm was trained on data sets containing nine million patient records from Denmark and the U.S., after which it was able to predict which patients were likely to develop pancreatic cancer. The study suggested that AI-based population screening could identify high-risk individuals early, improving outcomes for a disease often detected at advanced, less treatable stages. The disease remains the third-biggest cause of cancer-related deaths in the U.S., according to the National Cancer Institute.
First gene therapy approved for duchenne muscular dystrophy
In June 2023, the FDA approved Elevidys, the first gene therapy designed to treat duchenne muscular dystrophy in patients aged four and five years old. Duchenne muscular dystrophy is a rare and serious genetic condition that worsens over time, leading to weakness and the wasting away of the body’s muscles. Elevidys delivers a shortened dystrophin protein to muscle cells, potentially slowing
down the progression of the condition. In August 2024, the approval was expanded to broaden the spectrum of patients with the condition eligible for this therapy.
First-ever postpartum depression pill
Zurzuvae, the first-ever oral medication to treat postpartum depression, was approved by the FDA in August 2023. Before then, the only treatment for the condition was the injection drug brexanolone, marketed under the name Zulresso, which was approved by the FDA in March 2019. It was both costly and required intensive treatment and involved a 60-hour intravenous infusion in a hospital, with the treatment costing between $20,000 and $35,000. Zurzuvae demonstrated efficacy in two randomized, doubleblind, placebo-controlled, multicenter studies. Patients in the new drug groups showed significantly more improvement in their symptoms compared to those in the placebo groups. The treatment comes with a price tag of $15,900 for a full 14-day course of treatment.
Approval for CRISPR gene editing therapy to treat sickle cell disease
In December 2023, the FDA approved two cell-based gene therapies, Casgevy and Lyfgenia, for the treatment of sickle cell disease in patients aged 12 and above. Casgevy
became the first therapy to be approved by the FDA that uses CRISPR/Cas9 geneediting technology to treat sickle cell disease in patients who have recurrent vasoocclusive crises. CRISPR/ Cas9 technology enables the accurate editing of DNA, which is used to transplant modified blood stem cells into the patient to raise the production of fetal hemoglobin (HbF), which facilitates oxygen delivery. Increased levels of HbF in sickle cell disease patients prevent the sickling of red blood cells. Casgevy was greenlighted by the U.K.’s Medicines and Healthcare Products Regulatory Agency in November 2023.
First gene therapy for children with metachromatic leukodystrophy
The FDA approved Lenmeldy in March 2024, the first FDAapproved gene therapy for the treatment of children with pre-symptomatic late infantile, presymptomatic early juvenile, or early symptomatic early juvenile metachromatic leukodystrophy (MLD). MLD is a debilitating, rare genetic
disease that affects the brain and nervous system, caused by a deficiency of the arylsulfatase A (ARSA) enzyme, which leads to a buildup of fatty substances in the cells. The buildup damages the central and peripheral nervous system, causing loss of motor and cognitive function and early death. Treatment focuses on supportive care and symptom management due to the absence of a cure.
First nasal spray to treat anaphylaxis
In August 2024, the FDA greenlighted neffy, the first epinephrine product to be administered via a nasal spray instead of an injection. The drug will be used for the emergency treatment of Type I allergic reactions, including life-threatening anaphylaxis, in adult and pediatric patients weighing at least 30 kilograms. Anaphylaxis is an allergic reaction that is severe and life-threatening. It usually involves multiple body parts and is considered a medical emergency. Neffy is a single-dose nasal spray administered into one nostril, and its approval is based on four studies in 175 healthy adults.
In August 2024, the FDA greenlighted neffy, the first epinephrine product to be administered via a nasal spray instead of an injection.
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The State of Mental Health in the Middle East
While mental health awareness is on the rise, the Middle East faces some challenges in providing care. Still, we’re seeing some progress.
Amid ongoing geopolitical tensions, a 2024 analysis report by Knight Frank shows that a higher proportion of the population of the Middle East is suffering from posttraumatic stress disorder due to political unrest in various parts of the region. Meanwhile, GCC countries are showing notable progress, with the mental health market projected to grow at a CAGR of 4.2% from 2024 to 2032, according to the IMARC Group. This is driven by increased awareness, government policies and programs, healthcare reforms, and professional development and training. Despite progress, investment in mental health across the region remains insufficient. Egypt, Jordan, Kuwait, Oman, Saudi Arabia, and Qatar spend less than the Lancet Commission’s recommended proportion of their national healthcare budget on mental health according to the 2023 Economist Impact’s Mental Health in the Middle East report. Nevertheless, all GCC countries have a mental health policy or plan, though there is significant variance in how effectively these policies are implemented.
U.A.E.
In 2020, the U.A.E.’s National Programme for Happiness and Wellbeing launched an online national campaign to support the country’s residents amid the pandemic, while Abu Dhabi Public Health introduced its one-month
Mental Health Program. The U.A.E. faces a lower prevalence of depression at 3.4%, compared to 5% in the U.K., according to the 2024 Knight Frank report. It is also witnessing a rise in newly founded mental health platforms and startups. The country is home to several mental health-focused startups like MindTales, Ayadi, and Takalam. The U.A.E Government issued a Federal Law on mental health in December 2023.
Qatar
In Qatar, a wide-ranging policy framework has led to a scale-up of mental health services according to the 2023 Economist Impact report. In 2018, Qatar launched the country’s first mental health website “Your
In Numbers GCC Mental Health
4.2% GCC mental health market size is projected to grow at a CAGR of 4.2% by 2032.
3.4%
The U.A.E. faces a lower prevalence of depression at 3.4%, compared to 5% in the U.K.
Mind Matters,” followed by the “Are you OK?” awareness campaign that began in 2020. In 2022, Qatar’s Ministry of Public Health launched the “Ma’ak Educational Program” to enhance mental health and wellness. The National Mental Health Helpline, which was launched in April 2020 and is supported by the Ministry of Public Health, saw a 32% increase in total calls in 2023.
Jordan
Despite Jordan’s mental health policy calling for the delivery of services through primary care, fewer than 10% of facilities offer these services and access to essential psychiatric medications is limited. Yet, the rise in mental health awareness is spurring growth, with startups like Arab
$210.4 million
Saudi Arabia’s mental health market size reached $210.4 million in 2023.
11.9%
Saudi Arabia faces a high prevalence of separation anxiety, reaching 11.9% in 2023.
Therapy securing $1 million in April 2024, in a seed funding round led by Flat6Labs and Vision Health Pioneers.
Saudi Arabia
Saudi Arabia faces a high prevalence of separation anxiety (11.9%), attention deficit disorder (8%), and social phobia (5.6%) according to Knight Frank’s report, but its mental health market size is growing, reaching $210.4 million in 2023 and expected to reach $365.7 million by 2032 according to the IMARC Group. This is driven by developing comprehensive healthcare solutions. In 2019, Saudi Arabia established its National Center for Mental Health Promotion, which is proposing awareness programs in line with emerging social changes. The center has launched various initiatives, including publications, apps, a mental health call center, a first aid program for health professionals, and projects to educate religious leaders and businesses.
Egypt
Egypt has launched some national campaigns in recent years, including “Time to Know About Mental Health” and “Our Mental Health is a Priority,” the latter of which was launched in 2020 and focused on women. These efforts, though, have not gained media traction. In 2022, Egypt launched a free mental health and addiction treatment e-platform, though the website sometimes faces outages. BY
By Chris Helman
CONTRARIAN • STRATEGIES
Rare Fortune
Money manager JAMES LITINSKY turned a bad junk bond bet into a $400 million fortune. His MP Materials operates a strategic mine and will begin manufacturing supermagnets for electric vehicles next year.
JJames Litinsky first visited the Mountain Pass rare earths mine in 2015 because he was worried about the $40 million his hedge fund had sunk into distressed bonds issued
by mine owner Molycorp. He came away stunned by the enormousness of the site in the mountains above California’s Mojave Desert and its status as the only U.S. source for certain strategic metals, including the neodymium used in “supermagnets” needed for electric vehicles, MRI machines, computer hard drives and fighter jets. “I was hooked,” he says.
A few months later, Molycorp filed for bankruptcy and Litinsky went on to make a risky
James Litinsky at MP Materials’ Fort Worth, Texas, factory, which has attracted $60 million in federal subsidies and will begin making supermagnets in 2025.
Money Magnet
CEO
Photograph by Trevor Paul for Forbes
play to salvage both the mine and his investors’ money. So what if he knew nothing about mining or complex rare earths chemistry? So what if “rare” earths got their name because they are so difficult to extract and refine? So what if the mine, by the time he got it in 2017, had been mothballed and reduced to a 600-foot-deep pit filled with 30 million gallons of water? With his Yale degree in economics and a J.D. and MBA from Northwestern, he was cocky—and confident the numbers were compelling.
China mines and refines 80% of the world’s rare earths. Those numbers give Washington policymakers cold sweats given the industrial and military importance of the metals. From the start, Litinsky shrewdly calculated he could count on federal support if he went into the rare earths business—which indeed he has received, to the tune of $105 million from both the Trump and Biden administrations. Perhaps more surprising is the degree of assistance he has received from the Chinese, who have helped him finance and rebuild the Mountain Pass site—and have proven to be some of its most loyal customers.
It hasn’t all been smooth going, but the gamble has paid off, making the 46-year-old Litinsky worth at least $400 million, Forbes estimates. He has wound down JHL Capital Group, his Chicago-based hedge fund, which at its peak had $2 billion in assets under management, and spends his days as CEO of MP Materials, which operates the now-thriving Mountain Pass mine and is finishing a Fort Worth, Texas, facility that will refine rare earths into high-performance metals.
After going public in 2020 at $10 a share in a SPAC deal that raised $545 million, MP’s stock shot to $56 as the price of its most valuable output—neodymium-praseodymium powder— spiked at $150,000 per metric ton. China has since flooded the market, and prices are just a third of that now, driving MP’s shares down to $15. But MP still has a market cap of $2.4 billion, making Litinsky’s 11% stake worth $265 million—adding to the profits he reaped from his hedge fund.
When Litinsky finished distributions from JHL in 2023, much of it in MP stock, he crowed in a farewell letter that the fund’s gross annual compound return since 2006 came to 23.4%, compared to 9.5% for the S&P 500. According to SEC filings, JHL had attracted a roster of billionaire-linked investors, including Seth Klarman’s Baupost Group, Leon Cooperman’s Omega Associates and Barry Sternlicht’s Jaws Capital.
HOW TO PLAY IT
By John Dobosz
Mining rare earth minerals from the ground requires a significant investment in equipment to extract, transport and process the prized materials. The world’s largest mining equipment maker is heavy equipment giant Caterpillar. The Irving, Texas–based company generated 20% of its $67 billion 2023 total revenue from its resource industries division, which manufactures machinery used in mine and quarry operations. Wall Street sees earnings in 2024 growing 2.3% to $21.69 per share. At 15 times earnings, CAT trades well below the 21.5 price-earnings ratio of the S&P 500 Index. It also makes excellent use of capital, boasting a 59.8% return on equity and 13.2% return on assets.
Dividends have grown 7.3% annually over the past decade, and the stock yields 1.7%.
John Dobosz is editor of Forbes Dividend Investor, Forbes Billionaire Investor and Forbes Premium Income Report.
Litinsky is moving to make MP less vulnerable to swings in commodity prices by integrating vertically. MP is spending some $200 million to build the nation’s first new supermagnet plant in decades in a 200,000-square-foot space at billionaire Ross Perot Jr.’s Alliance Texas complex north of Fort Worth. Starting late next year, U.S.-, German- and Italian-made equipment will transform rare earth oxides into 1,000 tons per year of the strongest magnets on earth. MP already has a contract to sell magnets to General Motors for use in electric vehicles.
The mine takeover wasn’t the first time Litinsky made a gutsy bet. In 2006, with just a few years of experience in finance, he launched his own hedge fund—eponymously named JHL Capital Group—with $11 million in backing from Chicago real estate investor and former Forbes 400 member Judd Malkin. “If you really believe you can do something and are naive enough to take on the challenge, start as early as you can,” says Litinsky, who began trading stocks (and reading Forbes) as a teen.
JHL did well in the financial crisis, gaining 18% in 2008 and 30% in 2009 by shorting REITs and “some of the regional banks that became zeroes,” Litinsky says. “That allowed me to hit escape velocity. I earned the right to stay and grow.”
He started “looking for babies thrown out with the bathwater.” In 2014, he thought he’d found one in Molycorp, an industrial metals company that was burning through cash amid low rare earths prices and operational problems at Mountain Pass. Oaktree Capital Management had just given Molycorp an emergency loan of $400 million at 12%, and he figured he could piggyback on that action by buying some of Molycorp’s deeply discounted older debt, secured by the Mountain Pass site.
During the bankruptcy restructuring, however, it became clear that Oaktree and JHL had very different interests. Oaktree, with its $170 billion in assets, took over Molycorp’s profitable high-end metallurgy business but was happy to abandon Mountain Pass, which it wanted to turn over to the government for environmental cleanup as a Superfund site. That would have voided the mine’s permits to operate and made the bonds JHL held worthless.
But Litinsky had a legal ace up his sleeve: Bankruptcy law allows a secured creditor to make a “credit bid” in which it uses the face value of its claim as currency to acquire assets securing the claim. JHL’s Molycorp bonds had a face value of $300 million. So Litinsky made a credit bid for Mountain Pass’ mineral rights. It was a first step
toward saving the mine, but he still needed cash to buy and restart the mine itself.
Enter the Chinese. Litinsky convinced rare earths giant Shenghe Resources, based in Chengdu, to help finance his bid for the rest of the Mountain Pass operations, which Litinsky and JHL won in a June 2017 bankruptcy auction for just $20.5 million. He presold output to Shenghe for $50 million, enough to restart operations. In some quarters, the ploy raised eyebrows. Shenghe is partially owned by the Chinese government, and wasn’t part of the point here to bolster America’s position in rare earths minerals? Litinsky shrugs off such criticism. “If there’s some issue where we need to put the country first, of course we will, but right now, in a global economy we will sell to the customers that pay the highest price.” He’s still selling some of his mine output to Shenghe, which currently owns 8% of MP.
Little Big Picture
BAR
TAB
The best things in life definitely aren’t free. MP Materials’ customers spend north of $23 per pound for some of James Litinsky’s rare earths. For comparison, here’s how much a standard 16-ounce pint glass of a few common— and exotic—liquids would set you back.
New York City tap water: $0.0008
Nascar fuel: $3.25
Blood plasma: $70
Chanel No. 5 perfume: $10,000
Macallan 1926 Valerio Adami Scotch: $1.7 million
Rattlesnake antivenom: $32,000
Hemgenix hemophilia treatment: $10 million
It took 18 months, and technical help from the Chinese, but the MP team restarted the mine and overhauled the site’s process of milling, concentrating and refining rare earths. Among the updates: Where human eyes used to watch over bubbling cauldrons, cameras connected to AI systems now continually measure the size of surface bubbles to optimize the chemical processes. Since restarting the mine in 2018, MP has trip-led output. The mine’s headcount, just eight when Litinsky took over, is up to 740 now. In 2022, with high rare metal prices on its side, MP netted $290 million. Last year, with prices down, net income was just $24 million. Litinsky plans to boost output by 50% over the next four years and figures the site has 30 years of production left—or more if MP can find additional rare earths hotspots on the 15,000 acres it controls nearby. This kind of deposit, pushed out of the earth by magma, often stretches dozens of miles, he says hopefully.
The financing was arguably the easiest part of restarting Mountain Pass. The mine was a wreck, little more than a half-mile-wide flooded mud hole. One of JHL’s investors, retired Valero Energy CEO Bill Klesse, says he scoped out the site with some fellow engineers and warned Litinsky, “This is going to be very difficult.” Flooding be damned, Litinsky was excited about how cheaply he was getting the property: Molycorp had invested $2 billion into the mine after acquiring it in 2008. “If you can buy a worldclass asset at a discount to replacement cost at the bottom of a cycle, luck finds you,” he says.
Since MP Materials restarted the Mountain Pass mine in 2018, it has excavated 42 million tons of rock, refined into 207,000 tons of rare earth oxides.
Plus, he has an out-of-the-money option on MP’s “overburden hill”—that’s 62 million tons of excavated hard rock with ore content under 2.5%, which is too low to be economically processed now, particularly with Mountain Pass rock averaging a rich 6% ore content. Someday, if the price is right and technology allows, MP could process the pile, Litinsky says. How soon? That will depend, he says, on the trajectory of demand. Self-assembling artificially intelligent robots might need a lot of supermagnets.
FINAL THOUGHT “ROCKS AND MINERALS: THE OLDEST STORYTELLERS.”
—A.D. Posey
High Desert Haul
• THOUGHT LEADERS •
By Khalifa Al Shamsi, CEO of e& life and Acting CEO of e& international Acting
How Technology is Accelerating Digital Equality in Diverse Markets
The rise of smartphones and digital technologies has transformed our daily lives, contributing to the evolution of connected consumers. With a few taps, we can manage our finances and access education and entertainment; everything is seamlessly integrated and available roundthe-clock.
But digital transformation has also revealed a complex reality. While many in developed markets are deeply and seamlessly immersed in a sophisticated, connected way of life, there are still populations in emerging economies who are only just beginning to adopt these technologies, leapfrogging the desktop era entirely.
for convenience and innovation in developed markets.
As innovation thrives in developed markets, it sparks a ripple effect, creating pathways for similar, yet more accessible, advancements to take root in emerging markets. Early adopters in developed economies pave the way, demonstrating the potential. Tech companies then adapt these services, focusing on affordability, data efficiency, and localization, ultimately bringing the benefits of digital tools to a wider population in emerging economies. This fosters financial inclusion and economic growth, bridging the digital divide.
This digital divide risks heightening existing inequalities, as those who lack access miss out on the opportunities afforded by digital services. Yet, it also presents an opportunity to create a more equitable future. Global companies have a shared responsibility to empower underserved communities by giving them the tools to enable the shift from a cash-based economy to a digital economy. The role of fintech is crucial in that endeavor, as cash remains the leading offline payment method in the Middle East and Africa (MEA). However, it is declining fast from 70% in 2019 to 58% in 2023, and an estimated 26% by 2027, according to Worldpay’s Global Payment Report 2024.
The specific role of digital wallets in enabling digitization is crucial. While already the fastest growing payment method globally, they are expected to expand at unprecedented rates specifically in MEA from 23% of ecommerce value today to 35% by 2027 and MEA by 2027, enabling crucial needs such as online and offline, remittances, and increasingly now financial services traditionally affiliated to banking, such as interest on deposits, investment, or insurances options.
This highlights the differing value propositions for digital services: prioritizing accessibility and financial inclusion and building the groundwork for digital life in emerging markets while leveraging existing infrastructure
When applied thoughtfully, fintech is a powerful tool for social good. By creating accessible and affordable financial tools, it has the power to level the economic playing field. This could involve micro-loans for small businesses, budgeting apps designed for low-income families, or even AI-powered credit scoring that goes beyond traditional methods. By democratizing access to these essential services and empowering individuals to manage their money effectively, fintech can bridge the financial gap and create a more equitable society.
No matter how fast and amazing technology is it must always serve a human purpose. By ensuring everyone has the chance to participate in the digital economy, technology can be a powerful force for positive change and create a more fair exchange of value. Democratizing access to digital services, where tools and resources are accessible to all, is a crucial step toward achieving inclusivity and equity.
The path forward is not without its challenges, but with a clear-eyed understanding of the nuances, we can work to ensure that the advantages of the digital age are shared equitably across all segments of society. The stakes are high, but the potential rewards are immense. By leveraging these innovations, we can empower connected consumers to become active participants in the digital economy, harnessing the transformative power of the digital revolution to uplift and empower all.
By Richard Nieva
CONTRARIAN • TECHNOLOGY/INNOVATION
by Cody Pickens for Forbes
Supercharging AI
Armed with a newly raised $640 million, GROQ thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for AI from scratch.
JJonathan Ross’s first inkling that something was wrong came back in February while he was speaking to a host of Norwegian Parliament members and tech execs in Oslo. Ross, the 42-year-old CEO of AI chip startup Groq, was in the middle of a demo he hoped would vitalize the languishing company: an AI chatbot that could answer questions almost instantaneously, faster than a human can read. But, for some reason, it was lagging slightly. It unnerved Ross, who was pitching a Groq-powered European data center that would showcase the specialized chips responsible for those super-fast answers. “I just kept checking the numbers,” he recalls. “People didn't know why I was so distracted.”
The culprit was an influx of new users. A day before Ross’s Oslo meeting, a viral tweet from an enthusiastic developer raving about “a lightning-fast AI answer engine” sent tons of new traffic to the online demo, buckling the company’s servers. It was a problem, but a good one to have.
Stranger Thing Ross named his company after the Martian word meaning “to understand with empathy,” from the sci-fi classic Stranger in a Strange Land. Elon Musk liked the word too, dubbing his AI chatbot Grok. “We call dibs,” Ross says.
Photograph
When he founded Groq eight years ago, Ross’s idea was to design AI chips explicitly for what’s known in the industry as “inference”: the part of artificial intelligence that mimics human reasoning by applying what it’s learned to new situations. It’s what enables your smartphone to identify your dog as a Corgi in a photo it’s never seen before, or an image generator to imagine Pope Francis in a Balenciaga coat. It’s quite different than AI’s other computational suck: training the massive models to begin with.
But until OpenAI released ChatGPT in late 2022, touching off a global AI frenzy, the demand for superfast inference was limited, and the company was limping along. “Groq nearly died many times,” Ross says from inside the startup’s semiconductor lab in San Jose, California, recalling one low point in 2019 where the startup was a month away from running out of money. “We started Groq maybe a little bit early.”
But now, with the demand for computational power to build and run AI models so intense that it’s contributing to a global electricity shortage, Groq’s time has seemingly come—either as a potential noisemaker or acquisition target for the legacy chip giants. On Monday, the company exclusively told Forbes it raised a monster Series D round of $640 million, vaulting it to a $2.8 billion valuation, up from $1.1 billion in 2021. The round, led by BlackRock Private Equity Partners, also includes Cisco Investments and the Samsung Catalyst Fund, a venture arm of the electronics giant that focuses on infrastructure and AI.
The need for compute power is so insatiable that it has spiked Nvidia’s market cap to $3 trillion on 2023 revenue of $60.9 billion. Groq is still tiny by comparison, with 2023 sales as low as $3.4 million and a net loss of $88.3 million, according to financial documents viewed by Forbes. But as interest spikes in its chips, the company has forecasted a perhaps optimistic $100 million in sales this year, sources say, though they were doubtful the company would be able to hit that target. Groq declined to comment on those figures.
With the AI chip market expected to hit $1.1 trillion by 2027, Ross sees an opportunity to snag a slice of Nvidia’s staggering 80% share by focusing on inference. That market should be worth about $39 billion this year, estimated to balloon to $60.7 billion in the next four years, according to research firm IDC. “Compute is the new oil,” Ross says.
Challengers like Groq are bullish because Nvidia’s chips weren’t even originally built for AI. When CEO Jensen Huang debuted its graphics processing units (GPUs) in 1999, they
THE CLOUD 100
With the tech IPO market stuck in the doldrums, familiar faces rule the top of our ninth annual list of the world’s top private cloud computing companies, which we create in collaboration with Bessemer Venture Partners and Salesforce Ventures. Unsurprisingly, AI firms like Anthropic (No. 5, up from No. 73) and Scale AI (No. 7, up 26 slots) are among the biggest movers this year, while AI challengers such as Mistral (No. 92), Runway (No. 94) and Cohere (No. 99) debut. Also new: Ramp (No. 37) and Brex (No. 42) duke it out among buzzy fintech startups. The top 50 are below. For the full list, company profiles and methodology, please visit FORBES.COM/LISTS/CLOUD100.
Edited by ALEX KONRAD and KENRICK CAI
Editorial Operations: ELISABETH BRIER • Reporting: RICHARD NIEVA, KIRK OGUNRINDE, RASHI SHRIVASTAVA and JACOB WENDLER
1. OpenAI
CEO: SAM ALTMAN
VALUATION: $86 BILLION* AI RESEARCH AND PRODUCTS
2. Databricks
CEO: ALI GHODSI
VALUATION: $43 BILLION DATA AND AI PLATFORM
3. Stripe
CEO: PATRICK COLLISON VALUATION: $65 BILLION FINANCIAL INFRASTRUCTURE
4. Canva
CEO: MELANIE PERKINS
VALUATION: $26 BILLION DESIGN SOFTWARE
5. Anthropic
CEO: DARIO AMODEI
VALUATION: $18.2 BILLION AI RESEARCH AND PRODUCTS
6. ServiceTitan CEO: ARA MAHDESSIAN VALUATION: $7.4 BILLION* TRADE INDUSTRY SOFTWARE
7. Scale AI CEO: ALEXANDR WANG
VALUATION: $13.8 BILLION DATA INFRASTRUCTURE
8. Deel
CEO: ALEX BOUAZIZ VALUATION: $12 BILLION PAYROLL, COMPLIANCE AND HR
VALUATION: $9.2 BILLION TRAVEL AND EXPENSE MANAGEMENT
KEY: UP DOWN
11. Miro
CEO: ANDREY KHUSID
VALUATION: $17.5 BILLION
DIGITAL COLLABORATION
12. Figma
CEO: DYLAN FIELD
VALUATION: $12.5 BILLION
PRODUCT DESIGN AND DEVELOPMENT
13. Celonis
CEOS: ALEXANDER RINKE, BASTIAN NOMINACHER
VALUATION: $13 BILLION
PROCESS AUTOMATION
14. Grammarly
CEO: RAHUL ROY-CHOWDHURY
VALUATION: $13 BILLION
WRITING ASSISTANT
15. Netskope
CEO: SANJAY BERI
VALUATION: $7.5 BILLION
NETWORK SECURITY
16. TalkDesk
CEO: TIAGO PAIVA
VALUATION: $10 BILLION
CLOUD CONTACT CENTER
17. Gusto
CEO: JOSHUA REEVES
VALUATION: $9.5 BILLION
PAYROLL, BENEFITS AND HR
18. Arctic Wolf
CEO: NICK SCHNEIDER
VALUATION: $4.3 BILLION
SECURITY OPERATIONS
19. Notion
CEO: IVAN ZHAO
VALUATION: $10 BILLION
DIGITAL COLLABORATION
20. Tanium
CEO: DAN STREETMAN
VALUATION: $9 BILLION
DATABASE OBSERVABILITY
UNCHANGED NEW RETURNEE
were designed to run graphic-intensive video games. It was serendipitous that they’ve been the best-suited chips to train AI. But Groq and a new wave of next-gen chip startups, including Cerebras ($4 billion valuation) and SambaNova ($5.1 billion valuation), see an opening. “Nobody who started with a clean sheet of paper chose to make a GPU for this kind of work,” says Andrew Feldman, CEO of Cerebras.
It’s not just startups looking to dethrone Nvidia. Both Amazon and Microsoft are building their own AI chips. But Groq’s chips, called Language Processing Units (LPUs), are so speedy that the company thinks it has a fighting chance. In a pitch deck to investors, the company touts them as four times faster, five times cheaper, and three times more energy efficient than Nvidia’s GPUs when they’re used for inference. Nvidia declined to comment on the claim.
“Their inference speeds are clearly demonstratively better than anything else on the market,” says Aemish Shah, cofounder of General Global Capital, which invested in multiple Groq funding rounds.
Groq started selling its chips two years ago, and has since added customers like Argonne National Labs, a federal research facility with origins in the Manhattan Project, which has used Groq chips to study nuclear fusion, the type of energy that powers the sun. Aramco Digital, the technology arm of the Saudi oil company, also inked a partnership to use Groq chips.
In March, Groq launched GroqCloud, where developers can rent access to its chips without buying them outright. To lure developers, Groq offered free access: in its first month, 70,000 signed up. Now there are 350,000 and counting. On June 30, the company turned on payments, and it just hired Stuart Pann, a former Intel exec and now Groq COO, to quickly scale up revenue and operations. Pann is optimistic about growth: More than a quarter of GroqCloud customer tickets are requests to pay for more compute power.
“The Groq chip really goes for the jugular,” says Meta chief scientist Yann LeCun, Ross’s former computer science professor at NYU who recently joined Groq as a technical advisor. Late last month, CEO Mark Zuckerberg announced that Groq would be one company providing chips to run inference for Meta’s new model Llama 3.1, calling the startup “innovators.”
Ross cut his teeth at Google, where he worked on the team that created the company’s “tensor processing units” semiconductors, which are optimized for machine learning. He left in 2016
FAUX-BOTS
AI can outperform most humans at select tasks, like drawing cats in spacesuits or taking the SAT. But debate rages about whether these large language models are truly intelligent or regurgitating stuff they previously heard. A brief look at seemingly intelligent machines throughout history:
CIRCA 75 A.D.: greek mathematician heron of Alexandria designs statues that automatically pour wine in temples, deceiving believers that it’s a divine act.
1769: In Austria, Wolfgang von Kempelen debuts a chess-playing automaton called “The Turk,” a boxshaped machine that actually had a (presumably short) chess master hidden inside. It is said to have beaten both Ben Franklin and Napoleon.
1939: elektro, a talking robot who smokes cigarettes, hits New york’s World’s Fair. But the words are prerecorded, and he needs a human to clean the tar from his “lungs” after taking a drag.
1965: Joseph Weizenbaum’s elIZA pops onto the scene as an early computer “therapist.” While some find the chatbot convincing, she really gives only canned answers like “would you say that you have psychological problems?” and “tell me more.”
to start Groq, along with fellow Google engineer Doug Wightman, who served as the company’s first CEO. That year, Groq raised a $10 million round led by VC fund Social Capital. But from there, finding new investors was difficult. Groq cofounder Wightman left a few years later, and did not respond to interview requests.
There’s still plenty of naysayers. One venture capitalist who passed on the company’s Series D round characterized Groq’s approach as “novel,” but didn’t think its intellectual property was defensible in the long term. Mitesh Agrawal, head of cloud for the $1.5 billion AI infrastructure startup Lambda, says his company doesn’t have any plans to offer Groq or any other specialized chips in its cloud. “It's very hard to right now think beyond Nvidia,” he says. Others question the costefficiency of Groq’s chips at scale.
Ross knows it’s an uphill climb. “It's sort of like we're Rookie of the Year,” he says. “We're nowhere near Nvidia yet. So all eyes are on us. And it's like, what are you going to do next?”
Additional reporting by Rashi Shrivastava, Alex Konrad and Kenrick Cai.
FINAL THOUGHT
“THE QUESTION OF WHETHER A COMPUTER CAN THINK IS NO MORE INTERESTING THAN THE QUESTION OF WHETHER A SUBMARINE CAN SWIM.”
—Edsger W. Djikstra
Déjà View
Bespoke Solutions For Global Indians
Standard Chartered Private Bank provides seamless coverage to support affluent global Indians with their domestic and cross-border financial needs.
India’s economic surge in recent years has reshaped the global wealth landscape, producing an ever-increasing number of billionaires and ultra-high net worth individuals. According to Forbes’ 2024 World’s Billionaires list, India boasts 200 billionaires, up from 169 the previous year, with their combined wealth soaring by 41% to $954 billion. This remarkable growth underscores India’s burgeoning economic prowess and the expanding influence of its affluent citizens globally.
A significant portion of this wealth is represented by the Indian diaspora, particularly in the Middle East. Non-resident Indians (NRIs) have established themselves as a formidable economic force in the region, contributing extensively to its financial and business sectors. In the U.A.E., Dubai and Abu Dhabi have become hubs for Indian entrepreneurs and professionals, fostering a robust community of wealthy individuals who require sophisticated financial services to manage their wealth portfolios.
“Over the past decade, we have witnessed an extraordinary rise in the wealth of global Indians in the Middle East, driven by their entrepreneurial spirit and strategic investments,” says Vinay Gandhi, Standard Chartered Private Bank’s Global Head of South Asia Community and Regional Head for Europe, Middle East, and Africa.
The financial needs of NRIs in the Middle East are multifaceted. Internationally connected NRIs often require comprehensive solutions that meet both their local and international financial needs. Such needs include cross-border wealth management to optimize their investments and assets across different jurisdictions, while ensuring compliance. Furthermore, they are on the lookout for opportunities in diverse asset classes, ranging from real estate investments in the U.A.E. to equities in India and fixed income in Europe or Hong Kong, aiming for high returns and portfolio diversification.
Succession and legacy planning is another critical need, as global Indians aim to ensure a smooth transfer of wealth to the next generation, who are often spread across different countries. NRIs
are also increasingly interested in philanthropic advisory services, structuring their charitable endeavors to align with their values.
“Standard Chartered Private Bank has long been attuned to the unique needs of NRIs, leveraging our extensive global presence and deep understanding of the Indian market to offer bespoke solutions,” explains Gandhi.
Indeed, with a history dating back to 1858 in India and a strong retail footprint of over 100 branches across 43 cities, the bank has positioned itself as a trusted partner for global Indians at home and abroad. Meanwhile, Standard Chartered Private Bank’s strategic wealth hubs in key financial centers like Dubai, Hong Kong, Singapore, and London, enable it to provide seamless cross-border services.
“Standard Chartered has been supporting global Indian clients for many decades,” says Gandhi. “As NRIs continue to scale new heights in the Middle East, we are ready to help them achieve their financial aspirations, seamlessly connecting their wealth across borders and generations.”
Vinay Gandhi, Global Head of South Asian Community and Regional Head, Europe, Middle East, and Africa, Standard Chartered Private Bank
TURNING THE TIDE
Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region is driving expansion, focusing on innovation and patient-centric care. As she navigates regional challenges, her commitment to expanding access to medicine remains at the forefront.
BY JAMILA GANDHI
Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region.
IIn recent years, if you’re following trends in healthcare news, it would have been hard to miss the growing popularity of a new range of weight loss-inducing drugs for chronic conditions such as type 2 diabetes and obesity hitting headlines globally, including Novo Nordisk’s Ozempic and Wegovy. In the Middle East in particular, regional healthcare challenges such as high rates of diabetes and obesity and an aging population are driving growth for medications that can help treat these conditions. American pharmaceutical giant Eli Lilly and Company released its own new medication for type 2 diabetes, Mounjaro, in the U.S. following approval from the FDA in 2022. The U.A.E. and Saudi Arabia were among the first countries globally where Lilly launched the drug, in 2022 and 2023, respectively. Last year, it also got FDA approval for Zepbound for weight loss.
Lilly’s focus lies in four key areas: diabetes and obesity, oncology, neuroscience, and others. “These are not just strategic choices; they are areas where the company sees an urgent need for breakthrough treatments. We are revolutionizing the treatment of different disease areas because we believe that’s where the world needs help,” explains Irina Zaporozhets, President and General Manager of Eli Lilly’s META hub. The company launched eight new products and 19 new indications in META in 2023, with even more ambitious targets for the coming year.
With a market cap of $909.1 billion as of September 3, 2024, Lilly is one of the largest and most
valuable healthcare companies in the world. The giant employs over 45,000 people worldwide and markets its products in 105 countries, reaching 80% of the world’s population. And while business has been booming globally, in the first half of 2024, the META region—covering the GCC, Türkiye, and frontier markets expanding to parts of Central and South Asia—emerged amongst Lilly’s fastest-growing markets worldwide and one of its top five regional hubs in terms of revenues and profits.
In Q2 2024, Lilly’s global revenue climbed by 36% to $11.3 billion, prompting it to raise its 2024 full-year revenue expectations by $3 billion. In 2023, Lilly touched $34 billion in revenues worldwide. It helped to treat 1.7 million patients in the META region alone, and it aims to reach 2.3 million patients this year. “We’re not just growing; we’re accelerating,” says Zaporozhets. “It’s not just about being present; it’s about making a meaningful impact.”
Recent data from the World Obesity Federation shows that increasing obesity rates are diverting nearly $12 billion annually from the U.A.E.’s economy. Research by Imperial’s School of Public Health, published earlier this year in The Lancet, revealed that one in eight people in the world are now living with obesity. “Obesity is not just a health issue; it’s a social and economic one as well,” says Zaporozhets. The combined prevalence of people living underweight and with obesity is among the highest in countries in MENA. According to the World Obesity Atlas 2024, Kuwait, Qatar, and Saudi Arabia ranked among the top countries globally for high obesity rates in adult men in 2020. In contrast, the countries with the highest obesity rates in adult women included Kuwait, Jordan, Saudi Arabia, Qatar, Libya, Lebanon, Oman, the U.A.E., Egypt, Iraq, Algeria, Tunisia, and Bahrain.
“ Obesity is not just a health issue; it’s a social and economic one as well. ”
“Patient care demands in the MENA region significantly shape drug development and manufacturing, especially given the high prevalence of noncommunicable diseases, such as obesity, cardiovascular diseases, diabetes, and cancer, alongside infectious diseases like hepatitis and tuberculosis,” adds Ravi Raj Dande, Director of Healthcare and Life Sciences, MEA at JLL. “With
a rising aging population, addressing these health challenges will require drugs and treatments that cater to the region’s specific disease profiles.”
Alzheimer’s disease is another critical focus, with the FDA approving Eli Lilly’s breakthrough treatment, Kisunla, in July 2024. This medication, which can moderately slow the progression of the disease, provides patients with a new option during the early stages of this incurable, memory-eroding condition. Kisunla is reportedly only the second drug to have convincingly demonstrated an ability to delay cognitive decline, following last year’s approval of a similar treatment from the Japanese pharmaceutical company Eisai. Lilly’s drug is estimated to delay the progression by about seven months and requires monthly infusions, unlike Eisai’s Leqembi, which is administered twice a month.
According to the 2022 Global Burden of Disease study, by 2050, 153 million people are expected to be living with dementia worldwide, up from 57 million in 2019, largely due to population growth and aging. Alzheimer’s Disease International revealed that MENA had over 2.9 million cases of dementia in 2019, with particularly large increases in Qatar (1,926%), the U.A.E. (1,795%), and Bahrain (1,084%). Total cases in MENA are expected to surge to over 13.8 million by 2050.
While Zaporozhets is fairly new to the region, having only assumed her current role in January 2024, she has a longstanding history with Lilly. She joined the company over 23 years ago as a summer graduate intern in Central Eastern Europe in 2001. Since then, the Canadian-Russian has held several roles across marketing, sales, HR, Six Sigma, ethics, and compliance and has worked in Hungary, Austria, Russia, the U.S., and the U.A.E. “I’ve grown with the company, and the company has grown with me,” she reflects.
understand what culturally drives her team. This approach wasn’t limited to internal connections; she also spent significant time engaging externally with key stakeholders across the region. “I made sure that I was able to spend significant time externally to engage with people outside of the company walls to gain experience firsthand of what it takes to succeed in the Middle East,” Zaporozhets explains.
However, this process of learning and connecting was just the beginning. The speed of growth in the region presented a business challenge. “The growth here has been extraordinary,” she notes. One of her most significant hurdles was managing a supply issue with one of Lilly’s recently launched products. This challenge tested her ability to navigate complex logistical problems while ensuring that patients continued to receive the treatments they needed.
When Zaporozhets relocated to the Middle East in 2023 to lead Lilly’s META hub, she faced the dual challenge of stepping into a rapidly expanding region while immersing herself in a completely new cultural landscape. The first year was all about building real connections. To achieve this, the executive immersed herself in the history and traditions of the Middle East, taking the time to
Zaporozhets is now committed to transforming Lilly’s approach to growth in the META region. “For us, growth means accelerating access to our medicines,” she explains. This focus on speeding up the path from innovation to market access is crucial for ensuring that new medicines reach patients effectively. “It’s not just about registering new products. We’re focused on accelerating our regional scale, which means making sure that our products are available to patients in the shortest time possible,” she says.
This commitment is reflected in Lilly’s broader strategy. Zaporozhets highlights the shift towards a more patient-centric approach, emphasizing the increasing role patients play in managing
With a market cap of $909.1 billion as of September 3, 2024, Lilly is one of the largest and most valuable healthcare companies in the world.
their conditions. “We see that patients are taking a more proactive role in how their condition is managed,” she adds. To support this, Lilly is investing in AI infrastructure and digital health solutions, building internal capabilities to provide a personalized healthcare experience and empower patients with greater decision-making power. Locally, the company is exploring AI-driven solutions for disease screening, early detection, patient identification, risk stratification, and clinical decision enhancements, all of which are currently in the scoping phase.
In addition to focusing on regulatory acceleration and market access, the company’s approach to these challenges has been multifaceted, involving close collaboration with the medical community and healthcare authorities.
For Shantanu Gaur, cofounder and CEO of Allurion, public health awareness campaigns in MENA are making progress, but their long-term impact relies on sustained efforts and cultural relevance. “To effectively shift mindsets and drive lasting behavioral change across the region, these initiatives must be complemented by community engagement and education,” he explains. “Amplifying their effectiveness through targeted messaging and leveraging digital platforms to reach broader audiences can significantly enhance their impact.”
Zaporozhets shares the importance of working alongside healthcare providers to ensure that conditions like obesity are recognized and treated appropriately. This commitment to patient-centric care is further supported by Lilly’s investment in digital health solutions, which aim to empower patients by providing them with the information they need to take an active role in managing their conditions. “We are building capabilities that support the shift from sick care to healthcare,” she emphasizes. “It’s about embracing patient centricity and supporting public awareness campaigns through digital solutions.”
The veteran also acknowledges the importance of data in driving innovation
In Numbers: Obesity
By 2035, over half the world’s population will be above a healthy weight.
The global economic impact of overweight and obesity was estimated to be 2.4% of GDP in 2020, and is estimated to increase to $4.32 trillion by 2035.
80% of children living with obesity were living in low and middle income countries in 2020. By 2035, this is estimated to increase to 88%.
In adults, obesity rates nearly tripled among women (6.6% to 18.5%) and quadrupled in men (3% to 14.0%) between 1975 and 2022.
Of the 41 million adult deaths each year due to non-communicable diseases, 5 million are driven by high body mass index (BMI) (≥ 25 kg/m2 ).
The estimates for global levels of high BMI suggest that nearly 3.3 billion adults may be affected by 2035, compared with 2.2 billion in 2020.
Source: World Obesity Atlas 2024
and improving patient outcomes. Realworld evidence studies across therapy areas such as cardiometabolic health, immunology, oncology, and neuroscience help assess the effectiveness and value of Lilly’s treatments in real-world settings, gathering data on treatment outcomes and usage patterns to gain insights into their impact compared to clinical trials. “The data we gather from these studies helps us understand the benefits of our medicines in real-world settings,” she explains. This data is then fed back to scientists, enabling continuous improvement and the development of better solutions.
Dande believes local drug manufacturing is vital in improving access, reducing costs, and maintaining a steady supply of essential medications. “This approach is particularly important in MENA, where logistical and infrastructural challenges can affect the availability and prices of essential drugs,” he explains. “By prioritizing local manufacturing, pharmaceutical companies can better serve the region’s healthcare systems and meet patient needs more effectively.”
For Lilly, the mission is clear: to ensure that every patient has access to the medicine they need while empowering them to take an active role in managing their health. For Zaporozhets, this mission translates into expanding Lilly’s impact in the Middle East, by significantly growing the business and doubling the number of patients served in the coming years. Yet, her journey with Lilly is not just a professional endeavor but a deeply personal one.
“My kids ask me why I’ve stayed with one company for so long,” she shares with a smile. “For them, it’s unusual. But for me, every day at Lilly brings new challenges and opportunities. It’s this constant push out of my comfort zone that keeps me engaged and growing. We are in this business to help people live longer. To me, it’s a gift to be able to touch people’s lives.”
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An Icon of Hospitality
Jumeirah Emirates Towers offers understated luxury and outstanding service in one of Dubai’s most
In the heart of Dubai’s most influential square mile stands a symbol of elegance and sophistication—Jumeirah Emirates Towers. As an icon of Dubai’s ambition and progress, this architectural masterpiece offers discerning travelers a haven of tranquility amidst the dynamic energy of the city.
Arrive in Style
Begin your journey with the unparalleled convenience of complimentary access to the Jumeirah Arrivals Lounge at Dubai International Airport’s Terminal 3. From the moment you step off the plane, experience the legendary hospitality of Jumeirah even before you arrive at the hotel.
Seamless Integration
Conveniently located within reach of Dubai’s key business hubs, Jumeirah Emirates Towers offers seamless connectivity. Just a stone’s throw away from both Dubai International Financial Centre (DIFC) and the Dubai World Trade Centre (DWTC), the hotel is directly connected to the Museum of the Future and Dubai Metro, ensuring effortless exploration. Complimentary
shuttle services to DIFC further enhance the convenience of your stay.
Effortless Check-In
Experience a hassle-free arrival with seamless mobile check-in options. Simply download the Jumeirah mobile app and breeze through the check-in process with just a few taps on your smartphone.
A Sanctuary of Serenity
Step into a world of serenity and sophistication with the thoughtfully appointed rooms and suites, each offering panoramic views of the iconic Dubai skyline. From plush furnishings to soothing color palettes, every detail has been meticulously curated to create a tranquil oasis.
Tailored Experiences, Genuine Hospitality
At Jumeirah Emirates Towers, the belief is that true luxury lies in the art of genuine hospitality. From personalized service that anticipates every need to curated experiences that cater to individual preferences, the commitment to excellence ensures that every moment of the stay is marked by a sense of warmth and authenticity that is unmistakably Jumeirah.
Exclusive Perks
Indulge in the culinary delights of Mi Amie, the signature restaurant that combines culinary mastery with live theater for a truly unforgettable dining experience. For added luxury, guests can enjoy access to the Club Lounge, where daily breakfast, afternoon tea, and evening drinks await amidst an atmosphere of sophistication.
Discover Dubai’s Hidden Gems
As esteemed guests, visitors will enjoy privileged access to some of Dubai’s best attractions. Enjoy guaranteed access to the Museum of the Future via a dedicated entrance and exclusive rates for Wild Wadi Waterpark. Additionally, the Dubai Metro provides access to the rest of the city, making it easy to explore Dubai’s vibrant culture and heritage.
World-Class Meetings and Events
Jumeirah Emirates Towers is not just a luxury hotel but also a premier destination for business meetings and events. With state-of-the-art conference facilities, versatile meeting rooms, and a dedicated events team, the hotel ensures that every event, from intimate gatherings to large corporate functions, is executed flawlessly. From corporate events to intimate getaways, experience the epitome of understated luxury at Jumeirah Emirates Towers amidst the dynamic energy of Dubai’s financial district.
https://www.jumeirah.com/JET
Looking Back, Striding Forward
As QNB marks its 60th anniversary, Group CEO Abdulla Mubarak Al-Khalifa, talks vision, sustainability, and the human side of banking in a digital world.
Sixty years ago, QNB opened its doors for the very first time, becoming the first fully Qatariowned bank. Over the decades that have since followed, it has evolved across every metric and expanded into 15 countries, executing major acquisitions in Egypt and Türkiye along the way. Today, QNB stands as the largest bank in the Middle East and Africa (MEA) as well as the region’s most valuable banking brand–and Group CEO, Abdulla Mubarak Al-Khalifa, intends to keep it that way.
“QNB’s vision is to be one of the leading Middle East, Africa, and Southeast Asia banks while maintaining our number one position in the MEA region,” asserts the group chief executive. To bring the vision to life and keep QNB the forefront of banking, Al-Khalifa has devised a robust strategy that focuses on the bank’s core international wholesale banking business, whilst leveraging innovation as a strategic enabler and embracing sustainability.
For the Group CEO, focusing on core business means further uplifting QNB’s wholesale banking capabilities across its network and enhancing its analytics-enabled global transaction banking proposition. As for innovation, the bank’s approach aims to achieve meaningful bottom-line impact and new revenue-generating opportunities. “By capitalizing on developments in areas such as open banking, big data and analytics, and AI, as well as
digitization and automation, our innovation strategy will benefit the bank and all our stakeholders,” explains Al-Khalifa.
Rounding out the comprehensive strategy, the CEO explains that QNB is embedding sustainable practices right across its business and operating model, recognizing the importance of sustainability to delivering positive impact across ESG-related issues. “Corporate sustainability is the
Abdulla Mubarak Al-Khalifa, Group CEO, QNB
delivery of long-term value in financial, environmental, social, and ethical terms,” explains the banking veteran. “Banks play an important role in contributing to financial stability and economic growth, and as the largest financial institution in the Middle East and Africa, QNB’s purpose is to promote prosperity and sustainable growth across the markets we serve.”
Such is its significance, AlKhalifa highlights the shift towards
“I am a true believer in the value of the relationship and the human side of banking.”
client.
“As the largest financial institution in the Middle East and Africa, QNB’s purpose is to promote prosperity and sustainable growth across the markets we serve.”
sustainability as one of the major changes to have occurred in QNB’s six decades in business–a force that is driving the transition to green technologies and clean energy, and compelling governments, businesses, and consumers to jump onboard. “Climate change presents risks and opportunities to the global economy, making the transition to a sustainable, low-carbon economy crucial for long-term resilience,” says the Group CEO. “We at QNB not only support our purpose as a bank to create prosperity and growth in our society but also contribute to the goals of the Qatar National Vision 2030,” he insists.
In terms of disrupting the status quo, the drive for sustainability is matched only by the rise of digital technologies. From the advent of internet, mobile, and now open banking to the introduction of cloud computing and AI, the digital age
has transformed not just the world of banking but the ecosystem that surrounds it, including the regulatory landscape, customer behavior, and the raft of non-bank competitors entering the market.
In response, QNB is taking a proactive approach, embracing digital transformation right across the organization. “Our QNB digital 3.0 program focuses on investing in our IT capabilities to enable digitization through the adoption of new technologies, and uplifting of our IT architecture and infrastructure,” explains Al-Khalifa. According to the chief executive, the group is also leveraging digitization to drive efficiency and automation through Robotics, AI, and machine learning, while continuously adapting and adjusting to evolving customer behaviors and expectations.
Yet while QNB has welcomed advanced technology with open
arms, digital transformation has not come at the expense of the human element. “I am a true believer in the value of the relationship and the human side of banking,” says the Group CEO. The way Al-Khalifa sees it, QNB’s value proposition is supported by cutting-edge digital technology and innovation, but it is delivered with a human touch.
“By digitizing and transforming our products and processes, we are automating or providing selfservice for low-value tasks, which in turn enables our relationship managers and frontline staff to have more, and higher value-added, face-to-face interactions with our customers,” he explains.
Amid unprecedented technological advancement and climate change, the human side of banking has remained an unshakable priority at QNB since its inception, but it is not the only element to stand the test of time. While the bank is planning for a future filled with innovation and advancement, its Group CEO points to two pillars that stand firmly in place, just as they did back in 1960s’ Doha: the country and its people.
“Despite our international growth, we remain faithful to our Qatari roots and heritage, serving the Qatari people and supporting the growth trajectory of our country,” assures Al-Khalifa. “Since our inception, our strength is that we act as one team…and our commitment to develop national talent ensures that we have the best people to take the bank forward.”
SCOUTING FOR OPPORTUNITIES
Ayman Cheikh-Lahlou, Chairman and CEO of the Morocco-based Cooper Pharma, took the helm of the family-owned pharmaceutical company in 2005 and has seen business boom over nearly 20 years. Now, he’s exploring expansion opportunities in new markets.
BY HAGAR OMRAN
Ayman Cheikh-Lahlou, Chairman and CEO of Cooper Pharma.
MMENA’s pharmaceutical market is expected to be worth $52.4 billion by the end of 2024 and could grow to $59.9 billion by 2028, according to Fitch Solutions. This growth potential is being supported by the efforts of several countries to expand their universal healthcare coverage, including Morocco, which has been implementing major health system reforms since 2020 and aims to have 100% health coverage by 2025, according to the World Bank. Having been in the market for over 90 years, Moroccan pharmaceutical company, Cooper Pharma, is playing a role in these big plans. “We’re always looking for opportunities. We plan to reinforce our presence and further grow in our home country and beyond,” says Ayman Cheikh-Lahlou, Chairman and CEO of Cooper Pharma.
Cooper Pharma’s business covers both manufacturing and commercial activities, with a network of nine fully-owned pharmaceutical manufacturing sites in the U.A.E., Saudi Arabia, Spain, the Czech Republic, Cote d’Ivoire, Rwanda, and Morocco. The company manufactured around 70 million packets of tablets and vials of medication in 2023, but this is still much less than it can do. Its total capacity stands at 120 million packs, and the CEO is determined to hit the maximum soon. As of 2023, Cooper Pharma had a market share of 11% by units in Morocco, explains Cheikh-Lahlou, as he emphasizes that the company intends to either establish new manufacturing capacities or acquire existing facilities in the near future.
Morocco allocated about $3.1 billion to its health and
social protection sector for 2024, marking a significant 55% increase from the 2021 budget. The government is also linking IT systems and hospitals under the Ministry of Health and Social Protection through a national database as part of a new integrated vision for upgrading the health system, in line with the commitments of its 2021-2026 government program. To achieve its healthcare coverage goals, collaborative efforts have become crucial for Morocco, not only between the country’s government and private sector but also with international institutions. In 2023, the World Bank approved a $450 million program to support the government of Morocco in implementing its ambitious reforms and help strengthen the health system in underserved areas. Last year also saw the launch of the Morocco-WHO cooperation strategy 2023-2027.
“The enhanced access to healthcare services presents a significant opportunity for pharmaceutical companies to extend their market reach, boost sales, and contribute to the overall improvement of public health,” says Guglielmo Bruni Roccia, Senior Pharmaceutical Industry Analyst at BMI, a Fitch Solutions company. “MENA-based companies are already establishing distribution channels to export medicines to emerging markets in Africa, which are seeing increasing demand for pharmaceutical products due to rising populations and improving healthcare infrastructures.”
Morocco is not alone in its transformation efforts. Markets across MENA, in particular in the GCC, have demonstrated a strong commitment to developing their healthcare sectors, focusing not only on increasing domestic manufacturing output but also on elevating regulatory and pricing procedures to international standards.
“Our goal is to maintain the lead in Morocco and other markets like the U.A.E. and Saudi Arabia in the next five years.”
In 2023, the U.A.E. established the Emirates Drug Establishment, an independent federal regulator body that is expected to streamline the approval process for pharmaceutical products in the Gulf country. More recently, in July 2024, Saudi Arabia introduced healthcare Economics Evaluation Studies for drug registration and pricing procedures, moving towards international pricing standards
and the adoption of more value-based pricing. “These initiatives will enhance foreign investment appeal and enable a more transparent and predictable market access procedure, for both domestic and international players,” says Roccia.
Cooper Pharma recognized potential in Saudi Arabia and the U.A.E. at an early stage in line with the country’s visions. The company inaugurated its Dubai international hub, Cooper Pharma International, in 2013, and in 2015 it launched a joint venture with the Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) to open a manufacturing plant, Damam Pharma, in the kingdom in addition to its commercial operations. In 2023, it acquired 100% of French pharma and healthcare company Sanofi’s Jeddahbased pharmaceuticals manufacturing site for an undisclosed amount.
Healthcare is an essential priority sector in Saudi Arabia, with its Vision 2030 including a Healthcare Sector Transformation Program. “Our goal is to maintain the lead in Morocco and other markets like the U.A.E. and Saudi Arabia in the next five years,” says Cheikh-Lahlou. “Saudi people are doers, and we can all witness the ongoing transformation taking place there each day. It presents a highly opportune moment for investment.” Saudi Arabia and Morocco’s collaboration expands beyond the private sector to the governmental level. In August 2024, the two countries signed an MoU to bolster cooperation in health and social protection, with a focus on pandemic preparedness and health crisis management.
Amidst the many opportunities for the pharmaceutical industry, several challenges are also arising, such as balancing the development of expensive, innovative biologics with the production of affordable generic medications. While biologics offer groundbreaking treatments for diseases like cancer and autoimmune disorders, their high cost poses a burden for patients and pharma companies, who must provide essential, cost-effective medications to meet the needs of the region. This dual focus requires the careful
management of products with varying technologies and price points, according to CheikhLahlou. “70% of Cooper Pharma products are comprised of affordable generics. However, it is crucial to balance this with the development of innovative treatments. Managing products of varying technologies and price points presents a significant challenge that must be addressed,” explains the CEO. Cooper Pharma sells and promotes a variety of products through licensing agreements with multinational companies like Pfizer, Sanofi, Johnson & Johnson, and Glaxo. In February 2024, it secured exclusive rights to register and distribute Singapore’s Hyphens Pharma Ceradan® range of products in Saudi Arabia, the U.A.E., Kuwait, Qatar, and Bahrain. While the company already has nine distribution centers in Morocco, the CEO plans to open new centers in Africa and the Middle East. International business represented between 20% to 25% of Cooper Pharma’s total sales in 2023 worth $320 million, according to Cheikh-Lahlou, and he has plans to boost this further in 2024, depending on market conditions and future acquisitions.
The CEO is focused on finding the right equilibrium between maintaining Cooper Pharma’s current position and exploring new avenues for expansion. The company started out in 1933 as Cooper Morocco, a subsidiary of a French laboratory called Cooper Melun France at the time. In the 1990s, Jaouad Cheikh-Lahlou, Ayman’s father, took the helm and transformed the company into a privately owned family business through an acquisition.
Cheikh-Lahlou was initially reluctant to join the family business, instead launching three companies of his own in the 1990s: one specializing in skincare products, one in financial services and internet, and one in packaging. While he enjoyed some success as an entrepreneur, he eventually joined Cooper Pharma in 2000 as the executive director of communications. “I was more comfortable to have done something successful on my own before joining the family company,” he remembers. In 2002, he obtained his MBA at Stanford University, and a year later
he became head of strategy at Cooper Pharma. In 2005, he was appointed as CEO of the group, while his father, Jaouad Cheikh-Lahlou, became chairman and president. In July 2024, Jaouad retired and Ayman became chairman and CEO.
Cheikh-Lahlou has played a crucial role in transitioning the family business from a basic local importation and distribution model to a comprehensive setup involving distribution, medical and pharmaceutical detailing, manufacturing, and R&D activities. “This is made out of people. It’s not AI that is doing our job so far,” he emphasizes.
Today, the company employs more than 1,600 people, with almost a third of them engaged in commercial activities through medical or pharmacy promotion and representation and the rest are in manufacturing and support functions. Despite being a private family business, the company upholds modern governance practices with independent board members and high-level reporting standards. In terms of international recognition, the company has been approved by the European Medicines Agency and the French Public Health Agency since 2008, in addition to being licensed by Spain’s La Asociación para el Autocuidado de la Salud and regulatory bodies in Saudi Arabia, and the U.A.E., among other countries.
Looking ahead, the CEO’s eyes are on three main pillars: a continuation of investment in Morocco, the consolidation of the GCC and African businesses through partnerships, and expansion into new geographic areas. However, he says that for private sector companies like Cooper Pharma, the key challenges and opportunities lie in positioning themselves as genuine, longterm partners to healthcare professionals and
governmental authorities. Collaboration with the public sector is key for significant progress in the healthcare sector, ensuring a balanced approach to preventing issues like excessive pricing and obscured costs linked to the private sector seeking to maximize gains. “The sooner the public and private sectors come together to collaborate in the healthcare sector for the benefit of our people, the better. I remain optimistic that these partnerships will materialize,” explains Cheikh-Lahlou.
“Morocco’s pharmaceutical sector faces several challenges, including complex regulatory barriers that can impede growth, a lengthy registration process that slows the introduction of new products to the market, and a heavy reliance on imported active pharmaceutical ingredients, which raises costs,” says Moustafa H. Moharram, Advisory Board Member at Egypt-based Elevate Healthcare and chairman of Moharram & Partners. “Our strategy involves forming strategic partnerships with local pharmaceutical firms and investing in advanced manufacturing capabilities and pharma retailers.” He asserts that the Moroccan government’s supportive policies could also enhance the investment climate.
Cheikh-Lahlou emphasizes that he believes that countries need to boost their investments in the healthcare space, leading to improved health outcomes, increased productivity, and ultimately, stronger economic growth, while also representing a growth opportunity for the pharmaceutical sector. But despite any potential challenges that lay ahead, he believes that the glass remains half full. “By setting aside our egos and becoming more receptive to our surroundings and others’ perspectives, we can open ourselves up to a world of opportunities,” he says optimistically.
: Bourse de Casablanca. Data as of August 29,
As Saudi Arabia continues its journey of profound transformation, workforce dynamics are changing and the human capital needs of businesses across sectors are evolving rapidly. Against this backdrop, Tharwah is gaining recognition as one of the leading consulting and training firms in K.S.A. and the wider region. Founded in 2012, the company has grown more than 96% in the past three years and its newly launched IPO promises to fuel further growth and expansion.
According to the company founder and CEO, Abdullah AlZahrani, Tharwah has executed contracts worth more than $45 million between 2021 and 2024 and currently has a contract backlog of almost $27 million in Saudi Arabia alone. Now, after more than a decade of organic growth, AlZahrani believes the time is ripe to take the business to a new level. “With
The Business of Human Capital
Abdullah AlZahrani, Founder and CEO of Tharwah, shares the company’s journey to success and explains how its recent IPO will fuel growth and expansion on multiple fronts.
different initiatives taking place in the Kingdom, now is the time for us to bring more investors onboard, grow inorganically, and benefit from this economic cycle,” he explains.
After obtaining approval from the Capital Market Authority, Tharwah listed 705,735 ordinary shares earlier this month, representing 15% of the company’s capital after the offering. With the proceeds, AlZahrani intends to enhance four main areas of the business: geographical reach, technological solutions and digital transformation, working capital for operational activities, and specialized consultancy and training.
Focusing on the latter, the founder and CEO underscores the importance of specialization: “As a human capital advisory firm, having more specialized consultants is crucial and our spend on R&D is also vital to ensure that we continue to expand into the different areas of specialization that we bring to our clients.”
As for markets, Tharwah has its sights firmly set on geographical expansion. In particular, with offices already established in K.S.A., Egypt, and the U.A.E., the company plans to expand its footprint across the
GCC over the next two to three years. Meanwhile, Tharwah intends to plow investment into AI and other advanced technologies and develop related products and solutions that cater to the needs of its clients.
AlZahrani’s plans mark a continuation of an ambitious growth story that has evolved in step with Saudi Arabia’s pursuit of Vision 2030. “The transformation that is taking place in the Kingdom, both in the public and private sector, has really required a firm like Tharwah to grow and increase its scale over the years,” says the business leader.
Now, as the company looks to expand its services and geographical reach, new growth lays ahead, with the CEO confident that Tharwah will continue to achieve year-over-year sales growth of 20% over the next three years. Yet, the ambitions of Tharwah’s founder extend far beyond the three-year horizon: “Becoming the center of expertise in human capital advisory services in the region remains our vision, and we continue to focus on that going forward.”
Abdullah AlZahrani, Founder and CEO of Tharwah
Unlocking the Power of Placemaking
Omar El Hamamsy, Group CEO of Orascom Development, shares how the company is redefining what it means to build towns where all aspects of life–from residential to commercial and beyond–are thoughtfully integrated.
Orascom Development is redefining the concept of community.
In a world increasingly marked by urbanization and isolation, Orascom Development is carving a niche for itself by creating thriving communities that seamlessly blend residential, hospitality, business, and experiential elements. Under the leadership of Group CEO, Omar El Hamamsy, the company’s philosophy is straightforward: build communities that foster connection, well-being, and a high quality of life.
Since its founding in 1989 with the Egyptian coastal town El Gouna by the Red Sea, Orascom Development has developed over 40% of its 101 million square meter land bank–roughly the size of Paris–into vibrant communities. Its portfolio of 10 integrated towns across Europe, the Middle East, and North Africa ranges from Hawana Salalah on the southeastern coast of Oman to Andermatt Swiss Alps, a breathtaking, year-round mountain destination. Each location reflects the company’s belief in the power of placemaking.
“Over our 35-year journey, Orascom Development has pioneered placemaking by creating integrated towns and thriving communities that prioritize an aspirational lifestyle of belonging and purpose for our towns’ residents, hotel guests, and visitors,” says El Hamamsy.
“Through market research and analyses, we are enhancing our approach to exceed customer expectations at every turn”
Unlocking the Essence of Life as It Should Be
Orascom Development leads the way in creating vibrant, integrated communities that epitomize life as it should be.
As part of this effort, the company recently launched the Orascom Development Keys of Life, a thought leadership initiative aimed at sparking global understanding and dialogue around people’s
needs and aspirations for modern community living.
The initiative engages community residents, industry leaders, experts, prospective homeowners, and the public across diverse demographics, deepening the understanding of what makes communities flourish. Core to Orascom Development Keys of Life is research conducted by YouGov with over 3,600 respondents in the Middle East and North Africa, Europe, the U.K., and the U.S. to explore global living preferences and trends.
“Our new Orascom Development Keys of Life 2024 research confirms that 76% of people feel their best in environments where they can live, play, and work, underscoring the importance of placemaking,” explains El Hamamsy.
Wellness Leads the Way
The quest for longevity and a healthy lifestyle is encapsulated in wellness-focused living, a trend where people of all ages seek physical and emotional health benefits. Orascom Development Keys of Life research highlights this shift, revealing that 78% of people find that wellness-focused living offers the most appealing lifestyle.
“People are yearning for places where they can seamlessly integrate living and working without
Omar El Hamamsy, Group CEO of Orascom Development
compromising their well-being,” says the Group CEO. “Our research highlights that health and wellness are no longer considered luxuries but essential components of everyday life.”
The research also exposes a significant gap between what people want and what many traditional cities and towns provide today. While 87% of respondents expect their community to provide a sense of health and well-being, only 74% think their own communities meet these expectations. This disconnect stresses the need for communities that prioritize health and wellness as a key pillar of future integrated, sustainable living.
Orascom Development is already leading the charge by incorporating health and wellness elements into all its destinations. From seven world-class marinas with capacity for more than 1,200 yachts to five golf courses and state-of-the-art fitness facilities and spas, Orascom Development offers a wide range of amenities. Coupled with the natural beauty surrounding its stunning towns, it is easy to see what attracts Orascom Development’s partners such as GMH Hotels, Marriott International, Mövenpick, Rotana, and Steigenberger.
Community at the Heart Orascom Development’s vision extends far beyond creating physical infrastructure for its destinations. The company is equally committed to fostering a robust sense of community rooted in local culture while attracting an international clientele. “A thriving community is more than just a collection of buildings,” emphasizes El Hamamsy. “It’s about cultivating a shared sense of purpose and belonging.” According to the Group CEO, while Orascom Development’s homes and hotels
generally attract premium customers, the company’s success also lies in its ability to create jobs, housing, and public spaces for a broad swath of society, while providing access to facilities and educational institutions. For Hamamsy, it is “placemaking at its best.”
El Gouna illustrates the tangible impact of Orascom Development’s approach to placemaking. The coastal town has become a prime example of a world-class destination development renowned for its beautiful lagoons, vibrant marinas, and thriving arts scene. A year-round calendar with events like El Gouna Film Festival ensures the town has something for everyone. Beyond tourism, El Gouna has become a hub for commercial entities and entrepreneurs, with a growing community of local and international brands seamlessly blending together.
More broadly, across all of its destinations, Orascom Development is engaging with its communities through various sporting and cultural events, such as the Ironman 70.3 Salalah in Hawana Salalah, Oman, or hosting the Swiss Orchestra at the Andermatt Concert Hall in Andermatt Swiss Alps. The Orascom Development Keys of Life research reinforces this approach; 75% of
people define community as a mix of diverse cultures, backgrounds, and experiences.
Connecting Threads
Looking to the future, placemaking emerges as a guiding light in the quest for community, sustainable living, and cultural connectedness.
By understanding the nuances of consumer behavior, Orascom Development can create communities that resonate with the aspirations of its residents and set new standards for the industry.
“Understanding customer needs often relies heavily on intuition. While this instinct is still valuable, we have significantly augmented it with data-driven insights,” says El Hamamsy. “Through market research and analyses, we are enhancing our approach to exceed customer expectations at every turn. Our goal is to create experiences so compelling that our customers become lifelong advocates, returning to our destinations time and again.”
TOP 100 HEALTHCARE LEADERS 2024 THE MIDDLE EAST’S
MENA’s healthcare landscape is evolving towards integration, marked by the rise of fully comprehensive ecosystems. Industry giants are setting future trends, driven by systems that thrive on data abundance, accessibility, and intersectoral collaboration. MENA’s healthcare services market stood at $226.97 billion in 2023 and is projected to grow to $241.13 billion this year, reaching $412.25 billion by 2032, according to Fortune Business Insights.
Meanwhile, the GCC has been experiencing a significant surge in healthcare investments. According to an HSBC Kuwait report citing Alpen Capital, as of March 2023, the region was home to 161 ongoing healthcare projects valued at $53.2 billion. Saudi Arabia led the way, with 19.2% of these projects under construction in the kingdom at the time.
Other key developments have resulted in new entries to this year’s Top 100 Healthcare Leaders list. Notable among them is Saudi Arabia’s Health Holding Company, the state-owned entity led by Nasser Al Huqbani, which is set to absorb the Ministry of Health’s assets and manage healthcare clusters across the kingdom, and Mazen Fakeeh who led the listing of the Fakeeh Care Group on the Saudi Exchange in June 2024. The sector also saw Hasan Jasem Al Nowais leading the launch of M42 in the U.A.E. in April 2023, following the merger of Mubadala Health and G42 Healthcare.
This year’s list features 51 leaders based in the U.A.E., 23 in Saudi Arabia, eight in Egypt, four each in Qatar, Kuwait, and Morocco, three in Jordan, two in Tunisia, and one each in Algeria and Lebanon.
Representing a comprehensive health ecosystem across the region, the list includes 33 pharmaceutical companies, 31 leaders of groups operating hospital facilities, 13 leaders of diversified businesses, five heads each in medical devices and technology, and three leaders of major pharmacy chains.
To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com
Marina Hall, ADNEC Centre Abu Dhabi, U.A.E.
• October 17th & 18th, 2024 • For more information and registration details Stay Connected!
1 Shaista Asif
• Cofounder & Group CEO
Company: PureHealth Holding
Nationality: Pakistani
Residence: U.A.E.
Category: Diversified
Asif cofounded PureHealth in 2006 and was the group COO from 2010 until she assumed her current role in December 2023. In the first half of 2024, the group recorded revenues of $3.4 billion and assets worth $13 billion. As of July 2024, its portfolio included over 100 hospitals, 300 clinics, and more than 143 labs. It owns SEHA, Daman, Ambulatory Healthcare Services, Rafed, The Life Corner, Tamouh Healthcare, The Medical Office, Pure Lab, and ONE Health. In January 2024, the group acquired the U.K.’s Circle Health Group for $1.2 billion. In July 2024, it concluded the IPO of its subsidiary, Ardent Health Partners, on the New York Stock Exchange for total gross proceeds of $192 million.
2 Said Darwazah
• Executive Chairman
Company: Hikma Pharmaceuticals
Nationality: Jordanian
Residence: Jordan
Category: Pharmaceuticals
Darwazah first joined Hikma Pharmaceuticals in 1981 and was appointed executive chairman in 2014. In 2023, Hikma generated $2.9 billion in revenues and had net assets of $2.2 billion. It has 29 plants in 10 countries and sells its products across North America, Europe, and MENA. In May 2024, Hikma established Hikma Spain, and in June 2024, it opened a commercial office in the U.K. Darwazah was Jordan’s Minister of Health from 2003 to 2006. He served as Hikma’s CEO from June 2022 to August 2023 and from 2007 to 2018. He is also chairman of Royal Jordanian Airlines, and Dead Sea Touristic & Real Estate Investments, vice chairman of Capital Bank in Jordan, and a board member at INSEAD and DASH Ventures.
3 Sulaiman Al Habib
• Founder & Chairman
Company: Dr. Sulaiman Al Habib Medical Services Group (HMG)
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
Al Habib founded HMG in 1995 as the Olaya Medical Complex. As of December 2023, HMG had 25 medical facilities in Saudi Arabia, Bahrain, and the U.A.E., covering over 60 sub-specialties with over 1,900 beds. In March 2024, HMG signed cooperation agreements with the University of Birmingham, King’s College London, and Imperial College London. In 2024, HMG announced the opening of Al Fayhaa Hospital in Jeddah, the Medical Center in King Abdullah Economic City, and Shamal Hospital in Riyadh. HMG recorded total assets of $4.6 billion and $1.4 billion in revenues in the first half of 2024.
4 Nasser Al Huqbani
• CEO
Company: The Health Holding Company
Nationality: Saudi
Residence: Saudi Arabia
Category: Diversified
Al Huqbani joined HHC as CEO in January 2023, following the Saudi Cabinet’s decision in 2022 to transfer healthcare assets from the Ministry of Health to HHC and its subsidiaries. The state-owned company has 20 health clusters and aims to deliver an innovative sustainable model of care. Al Huqbani was previously the group CEO of the Dr. Sulaiman Al Habib Medical Services Group.
5 Hasan Jasem Al Nowais
• Managing Director & Group CEO
Company: M42
Nationality: Emirati
Residence: U.A.E.
Category: Diversified
M42 was created in April 2023 through a merger of G42 Healthcare and Mubadala Health. M42 has over 450 facilities across 26 countries. In its debut month, M42 acquired global renal care company, Diaverum. In October 2023, M42 launched Med42, an openaccess generative AI clinical large
language model. Al Nowais is also the chairman of Rosewood Abu Dhabi, the Four Seasons Hotel Abu Dhabi, Yas Holdings Healthcare Committee, and Cleveland Clinic Abu Dhabi, one of M42’s subsidiaries. He was previously the CEO of Mubadala Health.
6 Shamsheer Vayalil
• Founder & Chairman
Company: Burjeel Holdings
Nationality: Indian
Residence: U.A.E.
Category: Diversified
Vayalil founded Burjeel Holdings in 2007. Today, its network spans 89 assets across the U.A.E., Oman, and Saudi Arabia, including 19 hospitals, 47 medical centers, 15 pharmacies, and other allied services. In the first half of 2024, the group had $1.5 billion in assets and made $650 million in revenues. Vayalil is also the chairman of Amanat Holdings and a board member at Response Plus Holding. He had a net worth of $3.1 billion as of August 2024.
Hasan Jasem Al Nowais
7 Saeed Jaber Al Kuwaiti
• Group CEO
Company: SEHA
Nationality: Emirati Residence: U.A.E.
Category: Hospitals
Al Kuwaiti joined SEHA in 2004 and assumed his current role in April 2022. SEHA is fully owned by PureHealth Holding. Its portfolio includes 16 hospitals and medical cities in Abu Dhabi and four in the northern Emirates, 30 multispecialty healthcare centers, three dental specialty centers, 18 disease prevention and screening centers, and five mobile clinic solutions. It also covers Abu Dhabi with home services and provides health services across 200 schools. In January 2024, SEHA acquired Mayo Clinic’s shares in Sheikh Shakhbout Medical City for $150 million. Al Kuwaiti was previously CEO of Mafraq Hospital and Tawam Hospital.
8 Mazen Fakeeh
• President
Company: Fakeeh Care Group (FCG)
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
FCG was founded in 1978 and was listed on the Saudi Exchange in June 2024. Its IPO raised $764 million and was oversubscribed 119 times by institutional investors, with an order book of $91 billion. FCG operates hospitals, outpatient clinics, medical colleges, home healthcare, and healthcare IT companies in Saudi Arabia and the U.A.E. with 835 beds across four hospitals, including NEOM Hospital. Fakeeh College for Medical Sciences had 1,800 students enrolled as of September 2023. Brothers Mazen and Ammar Fakeeh own 30.9% of the company each, while third sister Manal owns 15.4%. In the first half of 2024, the group recorded $355.8 million in revenues and had assets of $1.4 billion.
9 Ayman Tamer
• Group Chairman
Company: Tamer Group
Nationality: Saudi
Residence: Saudi Arabia
Category: Pharmaceuticals
The Tamer Group was established as a pharmacy in 1922. Today, Tamer oversees
the group’s operations in diverse divisions of healthcare supply, manufacturing, logistics, e-commerce, IT solutions, and consumer care. In July 2023, the Arab Company for Pharmaceutical Products (Arabio), majorityowned by the Tamer Group, signed an MoU with Lifera and Sanofi to manufacture and supply vaccines in Saudi Arabia. Tamer is also an honorary advisory board member of Effat University and a member of the board of governance for the Pearl Initiative.
10 Makarem Sobhi Batterjee
• President & Vice Chairman
Company: Saudi German Health (SGH)
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
Batterjee assumed his current role in 2017. Saudi German Health is owned by Bait Al Batterjee Holding, which is also the majority shareholder in MEAHCO, which fully owns the hospitals, Batterjee Medical College, and other businesses. Saudi German Health has 22 branches across MENA. In
the first half of 2024, it generated $373.8 million in revenues and had $1.4 billion in assets. Batterjee is also the president and vice chairman of Bait Al Batterjee Holding, the founder of Humania Capital, and the chairman of Make-AWish Saudi Arabia.
11 Nasser Sultan Al-Subaie
• CEO & Vice Chairman
Company: Mouwasat Medical Services Company
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
Mouwasat Medical Services was founded in 1975 by Mohammed Sultan Subaie. Al-Subaie oversees seven hospitals across Saudi Arabia and 580 clinics, as well as specialized centers, pharmacies, and pharmaceutical services. He owns 17.5% of the Mouwasat’s total shares. In the first half of 2024, the company had $1.4 billion in total assets and generated $377 million in revenues. In June 2024, it established Modawa and the Rieaya Medical Company in partnership with Aldawaa Medical Services.
Ayman Tamer
12 Majid Al Fayyadh
• CEO
Company: King Faisal Specialist Hospital and Research Centre (KFSH&RC)
Nationality: Saudi
Residence: Saudi Arabia
Category: Diversified
Al Fayyadh assumed his current role in 2017. In 2023, KFSH&RC welcomed over 42,000 new patients across its three branches in Riyadh, Jeddah, and Madinah—9% more than in 2022—while outpatients totaled 1.9 million. In July 2024, KFSH&RC and the King Abdullah University of Science and Technology announced that they developed a new gene sequencing system, NanoRanger, for genetic diseases of an unknown mutation. Al Fayyadh was previously the deputy executive director of medical and clinical affairs.
13 Sherine Helmy
• CEO
Company: Pharco Pharmaceuticals
Nationality: Egyptian
Residence: Egypt
Category: Pharmaceuticals
Pharco was founded in 1983 by Helmy’s father. In May 2023, the company signed a two-year partnership with UNFPA Egypt, to enhance family planning services in Egypt. Helmy is also a member of the American Chamber of Commerce in Egypt, and a member of the German-Arab Chamber of Industry and Commerce, as well as the Swiss and the French.
14 Sherif Beshara
• Group CEO
Company: American Hospital Dubai
Nationality: Egyptian
Residence: U.A.E. Category: Hospitals
Beshara started his career in the legal industry. He is also the group CEO of the Mohamed & Obaid Almulla Group and American Hospital Dubai, which is part of the group. He oversees the group’s portfolio in healthcare, hospitality, and real estate. In March 2024, American Hospital Dubai opened a new Hernia Center using robotic technology. In August 2024, it opened the first Emirati medical tourism office abroad in Lagos, Nigeria.
15 Yasser Joharji
• CEO
Company: Nahdi Medical Company
Nationality: Saudi
Residence: Saudi Arabia
Category: Pharmacy Chains
Joharji assumed his current role in 2014.
The Nahdi Medical Company has more than 1,180 retail pharmacies across Saudi Arabia and the U.A.E. covering 140 cities and villages, reaching 97% of the Saudi population and serving more than 100 million people annually. In the first half of 2024, the company’s revenues recorded a 9.1% growth in amounted to $1.3 billion. Joharji previously held several leadership positions at Unilever Saudi Arabia and the Savola Group.
16 Khaled Ateeq Aldhaheri
• CEO
Company: The National Health Insurance Company - Daman
Nationality: Emirati
Residence: U.A.E.
Category: Health Insurance
Aldhaheri joined Daman as its CEO in
2023. Daman is a subsidiary of PureHealth Holding. It covers major accounts in the U.A.E. such as ADNOC, SEHA, ESE, AWQAF, EDGE Group, UAE University, and TAQA. In March 2024, Daman and Axa–Global Healthcare entered a partnership to offer a new international private medical insurance. Aldhaheri previously held roles at SEHA, including CCO and CFO.
17 Thumbay Moideen
• Founder President
Company: Thumbay Group
Nationality: Indian
Residence: U.A.E.
Category: Hospitals
Moideen established the Thumbay Group in 1997. Today it is a diversified business group with operations across multiple sectors, including education, healthcare, medical research, diagnostics, retail pharmacy, health communications, retail optical, and wellness, among others. In July 2024, Moideen unveiled Gulf Medical University’s plans to launch the Thumbay College of Management and AI in Healthcare, offering undergraduate and postgraduate programs across Dubai, Saudi Arabia, London, and Singapore.
Sherif Beshara
18 Pelin Incesu
• Area Vice President—Middle East & Africa
Company: AstraZeneca
Nationality: Turkish
Residence: U.A.E.
Category: Pharmaceuticals
Incesu assumed her current role in 2020 after serving as vice president of commercial strategy, international since 2017. AstraZeneca employs 2,300 people in the Middle East and Africa (MEA). In 2023, AstraZeneca MEA achieved revenue growth of 25.7% and secured 97 approvals for its medicines across all its treatment areas, including cardiovascular and chronic kidney diseases, metabolic and respiratory diseases, oncology, and rare diseases. Incesu is also the international leader sponsor for the group’s Global Inclusion & Diversity Council.
19 Zaid S. Al Khayyat
• Managing Director
Company: Al Khayyat Investments
Nationality: Emirati
Residence: U.A.E.
Category: Investments
Al Khayyat’s father founded AKI in the U.A.E. in 1982. Today, it has diversified interests, including pharmaceuticals, medical and laboratory equipment, retail, consumer goods, fitness, and automotive, among others. Al Khayyat assumed his current role in January 2016 and has overseen the company’s expansion in Saudi Arabia, Egypt, Iraq, Oman, and Jordan. The company is currently making the final touches to its fulfillment center in the U.A.E., which will triple AKI’s fulfillment capacity and support the company’s next phase of expansion in the U.A.E. and the wider region.
20 László Svinger
• Vice President—Global Commercial Operations
Company: Solventum
Nationality: Hungarian
Residence: U.A.E.
Category: Technology
Svinger was appointed vice president of global commercial operations for 3M
Healthcare in June 2023, which became Solventum in April 2024. Solventum is a standalone company of 22,000 people, over 20 manufacturing plants, and $8.2 billion in sales in 2023. Svinger was previously director of the board at the American Chamber of Commerce in Dubai from June 2021 to September 2023 and chair of its sustainability committee leading the U.S. companies for COP27 and COP28.
21 David Hadley
• Group CEO
Company: NMC Healthcare Group
Nationality: American Residence: U.A.E.
Category: Hospitals
Hadley has over 30 years of experience in the healthcare industry. The NMC Healthcare Group has 85 hospitals, specialty clinics, and medical facilities under the NMC, ProVita International Medical Centre, CosmeSurge, and Fakih IVF Fertility Centre brands. It employs 12,000 people, serving over 5.5 million patients annually. Hadley was previously
the CEO of Mediclinic Middle East for 13 years. He also serves as a non-executive director at the Magrabi Hospitals & Centers Group. In June 2024, NMC appointed Rothschild & Co. as a joint financial advisor to help it consider strategic alternatives for its shareholders to exit, including a potential initial public offering and a business sale.
22 Elie Chaillot
• President & CEO—International Company: GE HealthCare
Nationality: French Residence: U.A.E.
Category: Medical Devices
Chaillot leads GE Healthcare’s $7 billion international business unit, which employs over 25,000 people. In June 2024, the company announced a partnership with the Dar Al Ber Society to launch a mobile cardiac catheterization center in the U.A.E., affiliated with the Emirates Heart Center. Chaillot began his career with GE HealthCare in 2001 and relocated to Dubai in 2007.
David Hadley
23 Mohsen Mahgoub
• Vice Chairman & Managing Director
Company: Ibnsina Pharma
Nationality: Egyptian
Residence: Egypt
Category: Pharmaceuticals
Mahgoub assumed his current role in 2021. Ibnsina Pharma distributes pharmaceutical products from over 350 Egyptian and multinational pharmaceutical companies to more than 50,000 customers, including pharmacies, hospitals, retail outlets, and wholesalers, with a fleet of around 850 vehicles. It recorded $465 million in revenues in the first half of 2024 with its market share reaching 29.2%. Mahgoub is also the chairman of the Arab International Investment Group and a board member of Faisal Islamic Bank of Egypt and Dar El Eyoun Hospital.
24 Mutasim Alireza
• CEO Company: Magrabi Hospitals & Centers Group
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
Alireza assumed his current role in 1997. Magrabi Hospitals & Centers Group has since expanded to 34 hospitals, integrating dentistry and other services. It provides eye care to over two million patients and performs more than 200,000 sight-preserving surgeries annually. Alireza is also the chairman of AMI Saudi Arabia, the cofounder of the Ebsar Charity Organization, a founding board member of Imdad Medical Supplies, and a member of the National Healthcare Committee of the Saudi Chamber of Commerce.
25 Irina Zaporozhets
• President & General Manager—META
Company: Eli Lilly and Company
Nationality: Canadian-Russian
Residence: U.A.E.
Category: Pharmaceuticals
Zaporozhets assumed her current position in January 2024, having joined the company in 2002. The Middle East, Türkiye, and Africa region is Eli Lily and Company’s most rapidly growing hub
worldwide and one of the company’s top five regional hubs in terms of revenues and profit. In May 2024, Eli Lilly Suisse signed an MoU during Abu Dhabi Global Healthcare Week to establish a center of excellence in neurodegenerative disease care in the emirate.
26 Yendry Ventura
• CEO
Company: Abu Dhabi Stem Cells Center (ADSCC)
Nationality: Emirati
Residence: U.A.E.
Category: Stem Cell Services
Ventura cofounded ADSCC in 2018 and was the general manager before becoming CEO in 2022. In May 2024, ADSCC received accreditation from the Foundation for the Accreditation of Cellular Therapy (FACT) for its cellular therapy program. ADSCC is one of two centers in the Middle East to meet FACT’s
standards. In January 2024, ADSCC announced a joint research agreement with Kyoto University’s Center for iPS Cell Research and Application and Rege Nephro, a Japan-based biotech company. Ventura is also an adjunct professor at the United Arab Emirates University.
27 Mohammad Mustafa Saeed
• CEO
Company: Rafed Healthcare Supplies
Nationality: Pakistani
Residence: U.A.E.
Category: Healthcare Procurement
Saeed joined Rafed in 2021 and assumed his role as CEO in February 2022. Rafed Healthcare Supplies is PureHealth’s procurement arm. In March 2024, the company spearheaded the integration of Sheikh Shakhbout Medical City under PureHealth Holding. Saeed was previously the CEO of Almana & Partners in Qatar.
Irina Zaporozhets
28 Tarek Youssef Hosni
• CEO
Company: Jamjoom Pharma
Nationality: Canadian Residence: Saudi Arabia
Category: Pharmaceuticals
Hosni assumed his current role in 2021. Jamjoom Pharma has manufacturing facilities in Saudi Arabia and Egypt as well as sales operations in key markets such as the U.A.E., Bahrain, Kuwait, Oman, Iraq, Egypt, Morocco, and Algeria with a workforce of 1,300 people. The company recorded revenues of $102.8 million and net profits of $27.4 million in Q1 2024. Hosni was previously the regional president for Africa and the Middle East at Pfizer, and the commercial director for Egypt and Sudan at GSK.
29 Majid Bin Faisal Al Qassimi
• Managing Director
Company: Gulf Medical Projects Company (GMPC)
Nationality: Emirati
Residence: U.A.E.
Category: Pharmaceuticals
Al Qassimi joined GMPC in 1998. In Q1 2024, the company recorded a revenue growth of 22.8% to $45.5 million and total assets of $357.8 million. Al Qassimi has more than 27 years of experience in the healthcare industry. He is also the founder and chairman of Al Majid Investments Group and the first vice chairman of the Sharjah Chamber of Commerce & Industry. He is also the managing director of Al Zahra Hospital Dubai.
30 Dimitri Livadas
• CEO, Pharma Sector
Company: Saudi Chemical Company
Holding
Nationality: Greek-Belgian
Residence: Saudi Arabia
Category: Pharmaceuticals
Livadas assumed his current role in September 2023 to lead the four legal entities under the company’s pharma sector umbrella: SITCO Pharma, AJA Pharma, Chemical Company for
Commercial Investment, and Care Supply Chain for Logistics Services. In Q4 2023, AJA Pharma launched the locally packaged medicine “Panadol Extra” in Saudi Arabia. It also signed an agreement with Dr. Reddy’s Laboratories to acquire the registration and marketing rights for three injectable products in Saudi Arabia and the GCC. Before joining the company, Livadas spent 15 years with Eli Lilly and Company.
31 Basel Ziyadeh
• CEO
Company: Gulf Pharmaceutical Industries – Julphar
Nationality: Jordanian Residence: U.A.E.
Category: Pharmaceuticals
Ziyadeh joined Julphar as CEO in February 2023, overseeing 2,000 people. In May 2023, Julphar signed a strategic licensing partnership with China-based Sunshine Lake Pharma, to localize modern insulin analogue manufacturing in MENA.
The company reported $240.5 million in revenues for the first half of 2024. Ziyadeh was previously CEO of Tabuk Pharmaceuticals and held leadership positions at Hikma Pharmaceuticals.
32 Ismail Shehada
• CEO
Company: Tabuk Pharmaceuticals
Manufacturing Company
Nationality: Palestinian Residence: Saudi Arabia
Category: Pharmaceuticals
Shehada assumed his current role in August 2023. Shehada is also the vice chairman of Research-Based Pharmaceutical Companies and he leads the private sector sub-committee at the National Committee for Pharmaceutical Industries. He was previously country president for the GCC and Pakistan cluster at AstraZeneca, country manager for Saudi Arabia at GSK, and CEO of the pharma sector at Saudi Chemical Company Holding.
Dimitri Livadas
33 Naser Al Yammahi
• Deputy CEO
Company: Hayat Biotech
Nationality: Emirati Residence: U.A.E.
Category: Diversified
In 2021, Al Yammahi led the establishment of Hayat Biotech, the development of the Hayat Biotech Life Sciences Park in Abu Dhabi and a manufacturing plant in Serbia. In March 2024, the company formed a partnership with the Kenya BioVax Institute to advance vaccine research and development in Kenya. Al Yammahi was part of the team that oversaw the launch of the 4Humanity campaign. He also oversaw the rollout of Hayat Vax, the first Covid-19 vaccine produced in the Arab world. He was previously the acting executive director and director of projects and strategic studies at the U.A.E. Office of the Minister of State.
34 Hend El-Sherbini
• CEO
Company: Integrated Diagnostics Holdings (IDH)
Nationality: Egyptian
Residence: Egypt
Category: Laboratories
El-Sherbini assumed her current role in 2012, before which she had been CEO of Al Mokhtabar since 2004. In Q1 2024, IDH recorded revenues of over $24 million, showcasing a growth of 28% YoY, and a net profit growth of 139% YoY at $8.3 million. The company officially expanded to Saudi Arabia in January 2024 through a partnership with its Jordanian subsidiary Biolab, and Izhoor Medical. El-Sherbini is also a professor of clinical pathology at Cairo University’s Faculty of Medicine.
35 Arindam Haldar
• CEO
Company: PureLab
Nationality: Indian Residence: U.A.E.
Category: Laboratories
Haldar joined PureLab as CEO in August 2021, which is one of the largest network lab providers in the U.A.E. and the key laboratory testing for government health departments. In December 2023, PureLab started operations for Sheikh
Khalifa General Hospital in Fujairah. In April 2024, it integrated SSMC Lab into its operations. Between 2023 and 2024, it signed 54 new lab testing contracts with hospitals, medical centers, and clinics, including three with international clients. Haldar’s previous roles include CEO at Thyrocare Technologies Limited and SRL Diagnostics and CMO at Sterlite Technologies Limited.
36 Lamia Tazi
• Chairwoman & CEO
Company: Sothema
Nationality: Moroccan
Residence: Morocco
Category: Pharmaceuticals
Tazi joined Sothema in 1997 and assumed her current role in 2019. In 2023, the company launched more than 20 new products, including medicines and medical devices. It also signed an agreement with the King Mohamed VI Foundation for Sciences and Health to foster innovation and R&D in the health and pharma sectors. It generated $254 million in revenues
in 2023. Tazi is also a board member of the Higher Institute of Commerce and Business Administration and the General Confederation of Moroccan Enterprises.
37 John Ireland
• CEO
Company: Amanat Holdings
Nationality: British Residence: U.A.E.
Category: Diversified
Ireland joined Amanat Holdings in 2021 as CFO, became acting CEO in March 2023, and became CEO in March 2024. Amanat Holdings establishes, acquires, operates, and integrates companies in the healthcare and education sectors across MENA. In H1 of 2024, the group made $118 million in revenues and had $1 billion in total assets. The group is currently expanding its presence in long-term care with 200 beds and ultimately targeting 700 beds. Ireland previously held CFO roles at Qiddiya, DXB Entertainments, and Rotana Media Group, and 21st Century Fox.
Naser Al Yammahi
38 Jérôme Cabannes
• CEO
Company: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO)
Nationality: French
Residence: Saudi Arabia
Category: Pharmaceuticals
Cabannes joined SPIMACO in 2022 as COO and has been acting CEO since October 2023. He officially assumed the role of CEO in February 2024. SPIMACO manufactures pharmaceuticals and operates in 16 countries. The company produces generics in 60 therapeutic categories, including oral solids, liquids, creams, injectables, active pharmaceutical ingredients, and high-potency medications & biosimilars. In 2023, the company’s production volume increased by 35%. It also launched eight new products in specialized therapeutic areas, including the first locally manufactured biosimilar Endosa. In the first half of 2024, the company reported revenues of $226.4 million and net profits of $19.73 million.
39 Kinjal Zaveri
• CEO Company: One Health
Nationality: Indian Residence: U.A.E.
Category: Healthcare Solutions
Zaveri joined PureHealth in 2020 and assumed his current role in February 2022. One Health is a fully-owned subsidiary of PureHealth Holding. One Health’s portfolio includes over 350 customers and over 50 business partners in diagnostic, diabetes care, genomics, medical devices, medical consumables, pharmaceutical and medical maintenance, and service business segments. In 2024, One Health established its diabetes business unit in collaboration with Abbott Diabetes Care U.S.A. Zaveri was previously the regional director for Abbott Point of Care for Africa, the Middle East, Türkiye, and India.
40 Ayman Cheikh-Lahlou
• Chairman & CEO
Company: Cooper Pharma
Nationality: Moroccan
Residence: Morocco
Category: Pharmaceuticals
Cheikh-Lahlou joined the company in 2000, became CEO in 2005, and became chairman as well in July 2024. In February 2024, the company signed an exclusive distribution agreement with Hyphens Pharma for its Ceradan products to be distributed in Saudi Arabia, the U.A.E, Kuwait, Qatar, and Bahrain. In 2023, the company acquired Sanofi’s manufacturing site in Saudi Arabia. It also established Cooper Pharma Arabia, to ensure local manufacturing for GCC countries. Cheikh-Lahlou is the first vice president of the Moroccan Pharma Federation. He is also a member of industry groups YPO and CGEM.
41 Mohammed Al-Farraj
• Founder & CEO
Company: Al-Dawaa Medical Services Company (DMSCO)
Nationality: Saudi
Residence: Saudi Arabia
Category: Pharmacy Chains
DMSCO was established in 1991, and its first pharmacy branch opened in 1993 in Al-Khobar, Saudi Arabia. In the first half of 2024, the company generated revenues of $827.4 million and recorded assets of $1.3 billion. In June 2024, DMSCO signed
a strategic manufacturing agreement with Avalon Pharma to localize essential medication production in Saudi Arabia. Al-Farraj also serves as chairman of the Eastern Cement Company and the Kanaf Charity Organization.
42 Abdelouahed Kerrar
• CEO
Company: Biopharm
Nationality: Algerian
Residence: Algeria
Category: Pharmaceuticals
Kerrar joined Biopharm in 1995 and assumed his current role in 2015. Biopharm operates across various pharmaceutical categories including development, production, wholesale and retail distribution, medical information, and logistics services. As of March 2024, the company manufactures over 150 products. Its subsidiary, Biopharm Distribution, supplies more than 500 medicines to wholesalers, while its Biopure and IMPSA subsidiaries distribute to nearly 4,000 pharmacies. In 2023, it recorded $617 million in sales and $63.3 million in net profit. Kerrar is also the vice president of the Algerian Economic Renewal Council.
Jérôme Cabannes
43 Ayman Mokhtar
• Regional President—MENA & Eurasia
Company: Viatris
Nationality: Egyptian
Residence: U.A.E.
Category: Pharmaceuticals
Mokhtar assumed his current role in 2022. In 2023, Viatris reported emerging market net sales of $2.6 billion. It also lent support for the ongoing U.A.E. Healthy Future Study, in partnership with New York University in Abu Dhabi to enhance real-world data on non-communicable diseases. Mokhtar is also chair of the Harvard Club’s healthcare committee for the GCC. He is a founding member of the U.S.-U.A.E. Business Council, and he was elected a board member of the American Chamber of Commerce in Abu Dhabi for the 2024-2026 term.
44 Mana Bin Mansour Almana
• Group CEO
Company: Almana Group of Hospitals
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
Almana was appointed to his current role in 2018, having first joined the Almana Group of Hospitals in 2007. The group inaugurated its new outpatient clinic building in Jubail in February 2024. In the same month, it signed a collaborative agreement with Fujifilm Middle East for AI-driven diagnostic services, and in January 2024, it signed an MoU with United Imaging Healthcare for medical imaging and radiotherapy equipment.
45 Vincenzo Ventricelli
• CEO
Company: Philips Middle East, Türkiye & Africa
Nationality: Italian
Residence: U.A.E. / Saudi Arabia
Category: Medical Devices
Ventricelli assumed his position as CEO of the Middle East and Türkiye for Philips in 2020, which was expanded to include Africa in January 2021. In February 2024, the company extended its 2022 collaboration to recognize Malaffi as
the official reference site for radiology imaging services in Abu Dhabi for Philips’ Image Exchange Solution. Ventricelli joined Philips in Italy in 1996 and held leadership roles across Central & Eastern Europe before moving to Philips Middle East operations in 2008.
46 Mohamed Bin Badr Al-Sadah
• Group CEO
Company: Estithmar Holding
Nationality: Qatari
Residence: Qatar
Category: Diversified
Al-Sadah assumed his current position in September 2023. Estithmar Holding has operations in Qatar, Iraq, Algeria, and Kazakhstan, employs 28,000 people, and has seven medical facilities with a 2,044bed capacity. In the first half of 2024, the group recorded $452.4 million in revenues and total assets of $2.7 billion. In April 2024, the group expanded its healthcare sector operation in Iraq by signing an agreement to manage and operate a 492-bed Al Hasan Al Mujtaba Teaching Hospital in Karbala. In June 2024, it opened the Korean Medical
Center in Lusail City. Al-Sadah was previously the COO and chief of business development at Vodafone Qatar and the CEO of the Hassad Food Company.
47 Riad Armanious
• CEO Company: EVA Pharma
Nationality: Egyptian
Residence: Egypt
Category: Pharmaceuticals
Armanious assumed his current role in 2009. He oversees over 5,000 people. EVA Pharma has a presence in more than 70 countries across the world, including four facilities in Egypt and one in Saudi Arabia. In December 2023, EVA Pharma announced the groundbreaking of its Research & Manufacturing Complex in Sudair, Saudi Arabia, with an investment exceeding $120 million. In July 2024, the company opened a supplement facility “Limitless Naturals” in Egypt to produce supplements for both the domestic market and exports to over 13 countries worldwide. Armanious is also the vice-chairman of the Egyptian Pharmaceutical Industrial Chamber and a board member of the American Chamber of Commerce in Egypt.
Ayman Mokhtar
48 Walid Fitaihi
• Founder, Chairman, and CEO
Company: International Medical Center (IMC)
Nationality: Saudi-American
Residence: Saudi Arabia
Category: Hospitals
Fitaihi inaugurated the IMC in 2006, which he had been developing since 1997. In February 2024, he announced the launch of the hospital complex project in Obhur North in Jeddah. Fitaihi is an American Board-certified physician with a specialization in internal medicine and endocrinology. He was previously an instructor of medicine at Harvard Medical School.
49 Majid Kaddoumi
• Senior Vice President & President—Eurasia
Company: Medtronic
Nationality: Jordanian
Residence: U.A.E.
Category: Technology
Kaddoumi joined Medtronic in 2012 as VP and managing director for the Middle East and Africa and assumed his current role in July 2024, leading over 10,000 people. In 2023, Medtronic trained over 38,000 healthcare professionals and key opinion leaders in the region and treated 500,000 additional patients. Kaddoumi sits on the boards of Kcrew, Xwell, THB Global, and Kidzonet. Before joining Medtronic, Kaddoumi was the country general manager for Saudi Arabia at GE Healthcare.
50 Alice Yammine Boueiz
• CEO
Company: Arab Hospitals Federation (AHF)
Nationality: Lebanese
Residence: U.A.E.
Category: Services
Boueiz joined AHF in 1999 and assumed her current role in 2016. In April 2024, AHF collaborated with the Geneva Sustainability Center and the WHO to improve environmental sustainability and advocate for the development of resilient healthcare systems. As of July 2024,
had a network of 22 Arab countries with 1,640 members to exchange ideas, policies, and services in healthcare management. Its institutional members include private and public sector hospitals, medical centers, healthcare systems, other institutions, and some individual members.
51 Ahmed Ezzeldin
• Group CEO
Company: Cleopatra Hospitals Group (CHG )
Nationality: Egyptian
Residence: Egypt
Category: Hospitals
Ezzeldin assumed his current position at CHG in 2015. The company today holds majority stakes in and operates seven hospitals in Cairo, two polyclinics, and a majority stake in Bedaya for Medical Services, Egypt’s IVF and Fertility Centre. As of March 2024, CHG had around 800 beds, with plans to introduce 300 more in 2025, and serves around 1.2 million cases annually. In April 2024,
the group partnered with the Mumtada Medical Company to launch a 200-bed rehabilitation facility in Riyadh, Saudi Arabia. In Q1 2024, CHG generated $24 million in revenues, an increase of 52% compared to Q1 2023. Ezzeldin previously oversaw government affairs and policy for MENA and Pakistan at Johnson & Johnson.
52 Sara Masmoudi
• CEO
Company: Kilani Groupe
Nationality: Tunisian
Residence: Tunisia
Category: Pharmaceuticals
Masmoudi assumed her current role as CEO of Kilani Groupe in 2019. The group operates in the pharmaceutical industry through TERIAK and ADWYA laboratories and provides medical services through MEDICIS. In 2022, ADWYA generated $37.2 million in revenues. Masmoudi is also the CEO of Cinpharm in Cameroon and Cipharm in Côte d’Ivoire, where the group holds major stakes in both companies.
AHF
Alice Yammine Boueiz
53 Olfat Sami Berro
• Area Head—Middle East
Company: Roche
Nationality: Lebanese
Residence: Lebanon
Category: Pharmaceuticals
Berro joined Roche in 2003 and assumed her current role in 2019. In May 2024, Roche signed an MoU with Abu Dhabi’s Department of Health to enhance innovation, health services, and treatment. Berro is a member of the executive committee of PhRMA Middle East & Africa and a member of the Middle East Inclusion & Diversity Council of the Healthcare Businesswomen’s Association in the region.
54 Abdulaziz Saleh Alobaid
• CEO Company: National Medical Care Company (Care)
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
Alobaid assumed his current role in 2019, after serving as the chief medical officer at National Medical Care. In June 2024, the company entered into a share purchase agreement with the Saudi Medical Care Group (SMG) to fully acquire Al Salam Health Medical Hospital for a consideration of $11.7 million. As of August 2024, SMG was the major shareholder of National Medical Care with a 49.2% stake. SMG is owned by the General Organization for Social Insurance. In the first half of 2024, National Medical Care generated $158.8 million in revenues and $40.2 million in profits. It had assets of $584.4 million as of June 2024.
55 Fouziyah Al-Jarallah
• Owner & Group CEO
Company: Hayat National Hospitals Group
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
Al-Jarallah is CEO of the Al-Inma Medical Services Company, which owns and operates the Hayat National Hospitals Group. The group records more than 1.5 million visits and more than 40,000
surgical operations annually across its five branches. It aims to expand its total bed capacity from 1,200 to 2,000 in 2024. Al-Jarallah also heads the allergy and immunology department at Hayat National Hospitals and has been the vice chairperson of the National Committee of Private Hospitals since 2017.
56 Iyabo Tinubu-Karch
• CEO
Company: Sidra Medicine
Nationality: American
Residence: Qatar
Category: Hospitals
Tinubu-Karch joined Sidra Medicine, an entity of the Qatar Foundation, in November 2022. In July 2024, the company signed an MoU with the Children’s National Hospital in Washington D.C. to establish a nursing partnership and engagement program. In May 2024, Sidra Medicine announced the upcoming establishment of Qatar’s first pediatric hematopoietic stem cell
transplant program in partnership with the Children’s Hospital of Philadelphia. Tinubu-Karch is also the founder and CEO of 6M Geriatrics and Hospital Medicine. She was previously the clinical instructor at the University of Washington, School of Public Health.
57 Ashraf Mallak
• Associate Vice President & Managing Director—GCC
Company: Merck Sharp & Dohme (MSD)
Nationality: Jordanian
Residence: U.A.E.
Category: Pharmaceuticals
Mallak joined MSD in 2002 and assumed his current role in 2021. In June 2024, the company signed an MoU with Abu Dhabi’s Department of Health to support clinical research into lung cancer. In 2024, Mallak was named Diversity, Equity & Inclusion Council Lead for EEMEA at MSD. He is also a member of the executive committee of PHARMAG and a board member of the American Chamber of Dubai.
Olfat Sami Berro
58 Khalid Al-Emadi
• CEO
Company: Medicare Group (MCGS)
Nationality: Qatari
Residence: Qatar
Category: Hospitals
Al-Emadi has been at the helm of MCGS since 2013. MCGS, formerly known as Al-Ahli Specialized Hospital, establishes special hospitals and outpatient clinics and provides medical services through Al-Ahli Hospital. MCGS had total assets of $376.7 million as of June 2024. In January 2024, Al-Ahli Hospital signed an MoU with the University of Doha for Science and Technology to enhance healthcare education and research in Qatar.
59 Mohamed Mazen Batterjee
• Managing Director
Company: Batterjee Pharma
Nationality: Saudi
Residence: Saudi Arabia
Category: Pharmaceuticals
Batterjee has been in his current role since 2014. Batterjee Pharma supplies the PIF-owned Badael with nicotine replacements, with the goal of getting a million smokers to quit. In January 2024, the company localized the manufacturing of six products from the U.S. to Saudi Arabia. In February 2024, it launched two patented products developed in Saudi universities. Batterjee is also the cofounder of AUMET, a healthtech platform.
60 Fahad Khater
• Chairman
Company: Alameda Healthcare Group
Nationality: Egyptian
Residence: Egypt
Category: Hospitals
Khater has been at the helm of the Alameda Healthcare Group since his father founded the group in 1999. Today, the group operates the Dar Al Fouad and As-Salam International hospital brands, with four hospitals offering 1,023 beds and 128 outpatient clinics, serving a million patients annually. He oversees 7,000
people. The group’s portfolio includes the Elixir Gastro and Liver Care Center, the German Center for Rehabilitation, and the TABIBI Clinics and Home Visits. In March 2024, the group signed a strategic partnership with Medbury Healthcare and Leadway Health to operate and manage SPDC IA Specialist Hospital in Port Harcourt, Nigeria.
61 Ahmad Nasrallah
• CEO
Company: Dar Al Shifa Hospital (DASH)
Nationality: Lebanese
Residence: Kuwait
Category: Hospitals
Nasrallah joined DASH as COO in 2004 and assumed his current role as CEO in December 2013. In 2006, DASH was the first hospital in Kuwait to collaborate with Accreditation Canada International. This partnership is ongoing. In 2023, DASH signed an MoU with the Quironsalud Barcelona Hospital and
Georg Schroeckenfuchs
Bumrungrad International Hospital. In 2024, the hospital signed an MoU with Acibadem Healthcare Group.
62 Georg Schroeckenfuchs
• Head Gulf & Saudi Country Group
Company: Novartis
Nationality: Austrian
Residence: U.A.E.
Category: Pharmaceuticals
Schroeckenfuchs assumed his current role in 2022, having joined Novartis in 2001. In June 2024, the company signed an MoU with Abu Dhabi’s Department of Health to advance clinical genomics research and explore radioligand therapy for cancer patients. Schroeckenfuchs is also an executive member of the MEA PhRMA Group, and a member of the Academic Marketing Society, and the Pharma Marketing Club Austria.
63 Fawzi Al-Hammouri
• Chairman & General Manager
Company: The Specialty Hospital
Nationality: Jordanian Residence: Jordan
Category: Hospitals
Al-Hammouri has been the chairman and general manager at the Specialty Hospital in Jordan since 1999. In March 2024, the hospital signed an agreement with Algerian Social Security to treat patients at its premises. In 2023, it signed an agreement to design an expansion project for Specialty Hospital that includes two new towers connected with the current hospital by a bridge: the main tower is a hospital with over 300 beds, while the other tower is for outpatient services and specialized centers. Al-Hammouri was the chairman of the Private Hospitals Association in Jordan for 18 years.
64 Boyd Chongphaisal
• Vice President & General Manager - Gulf
Company: GSK
Nationality: Thai Residence: U.A.E.
Category: Pharmaceuticals Chongphaisal joined GSK in September
2018 and assumed his current role in 2022. In February 2024, GSK and the Department of Health – Abu Dhabi (DoH) signed an MoU to collaborate on accelerating innovative healthcare in Abu Dhabi by integrating advanced treatments and personalized care. In May 2024, GSK signed an MoU with DoH to establish a regional vaccine distribution hub in Abu Dhabi. Chongphaisal was previously vice president of the Pharmaceuticals Research and Manufacturing Association in Thailand.
65 Ghassan Mamlouk
• CEO
Company: Advanced Technology Company (ATC)
Nationality: Lebanese Residence: Kuwait
Category: Technology
Mamlouk assumed his current role in 2003, having joined ATC as commercial director in 1989. The company is engaged in constructing, managing, and owning hospitals, medical centers, clinics, and specialized labs alongside other activities. It is 45.69% owned directly and indirectly by KIPCO. In February 2024, ATC provided 79 ambulances to the Ministry of Health in Kuwait, in partnership with Demers
Ambulances. In the first half of 2024, the company generated $285 million in revenues and had total assets of over $1 billion.
66 Raza Siddiqui
• CEO; Executive Director
Company: Arabian Healthcare Group; RAK Hospital
Nationality: Indian Residence: U.A.E.
Category: Hospitals
Siddiqui joined the Arabian Healthcare Group in 2006. In 2023, Dignity Health International, the international arm of CommonSpirit Health, acquired a minority equity stake in RAK Hospital, the flagship multispecialty hospital of AHG, The hospital is undergoing an expansion plan to reach 200 beds by the end of 2024. Siddiqui also sits on the board of the RAK Chamber of Commerce and Industry, the advisory board of the CEO Club International in Dubai, and a founding board member of the UN Office for Disaster Risk Reduction.
67 Jean-Baptiste Boulay
• President—North Africa & Managing Director, Bayer SA Morocco
Company: Bayer Nationality: French Residence: Morocco
Category: Pharmaceuticals
Boulay joined Bayer in 1999 and assumed his current position in 2017 to oversee the company’s operations with a workforce of over 300 people. In May 2024, Bayer and Huma Therapeutics Limited launched their heart health screening tool in Saudi Arabia.
68 Zanubia Shams; Taher Shams
• Co-Chairperson; Managing Director Company: Zulekha Healthcare Group
Nationality: Indian; Indian
Residence: U.A.E.
Category: Hospitals
Zanubia and Taher Shams both joined the Zulekha Healthcare Group in 1992 and assumed their current roles in 2014. The group was founded when Zanubia’s mother, Zulekha Daud moved to Dubai in 1964. Today it operates two multidisciplinary hospitals in Dubai and Sharjah, two medical centers, a fitness center, and six pharmacies.
Jean-Baptiste Boulay
69 Akram Sami Dhaini
• Vice President & Managing Director— Middle East & Africa
Company: Oracle Health
Nationality: Lebanese
Residence: U.A.E.
Category: Technology
Dhaini assumed his current role in 2022. In 2024, U.A.E. healthcare facilities were among the first worldwide to go live with Oracle Cloud Infrastructure services on behalf of King’s College Hospital London in Dubai. In September 2023, Oracle Health was awarded a $34 million contract from Burjeel Holdings to implement its Electronic Medical Record Ecosystem. Dhaini first joined Oracle Health in 2011 as a senior strategic client executive, then moved to SAP as a public sector lead for public services, defense, and healthcare. He re-joined the company in 2016 as a senior client-accountable executive.
70 Khalid Yassin
• CEO Company: United Pharmaceutical Company
Nationality: Saudi
Residence: Saudi Arabia
Category: Pharmacy Chains
Yassin joined United Pharmacy in 2012 and assumed his current role in January 2024. The pharmacy chain has over 400 stores in all 13 Saudi provinces and more than 70 governorates. It also provides prescriptions to the Saudi government sector through the Wasfaty program. Between September 2023 and July 2024, it opened over 100 pharmacies across Saudi Arabia. Before taking his current role, Yassin was the VP and CFO at the company.
71 Vivek Kanade
• Managing Director - Middle East & Africa
Company: Siemens Healthineers
Nationality: Indian
Residence: U.A.E.
Category: Medical Devices
Kanade joined Siemens Healthineers in 1993 and assumed his current role in November 2023. Siemens Healthineers EMEA generated overall revenues of $7.7
billion in the 2023 fiscal year. Kanade previously held various roles for Siemens Healthineers in India, Germany, and Singapore.
72 Akram Bouchenaki
• CEO
Company: Jameel Health
Nationality: Algerian
Residence: U.A.E.
Category: Diversified
Founded in 2020, Jameel Health is part of Abdul Latif Jameel. In January 2024, it acquired a majority stake in Genpharm. In June 2024, Jameel Health partnered with LPIXEL to distribute EIRL, an AI medical imaging diagnostic support technology, across selected MENAT and Global South markets. Bouchenaki was previously the executive director for Africa at Gilead Sciences and has held other roles at GSK and Bristol Myers Squibb.
73 Hazem Zagzoug
• Deputy Chairman & CEO
Company: Andalusia Health Group
Nationality: Saudi
Residence: Saudi Arabia
Category: Hospitals
The healthcare services management group, the Andalusia Health Group, was established in 1984. Zagzoug has been in his role since 2004. In 2023, the group established Andalusia Hospital Jeddah and launched the Andalusia Maadi Clinic in Cairo and a Satellite Clinic in Zambia. It also launched the Andalusia Rushdi Clinics in Alexandria in January 2024 and other clinics in Kenya, Uganda, and Tanzania in July 2024. Zagzoug was previously president of the Private Hospitals Committee in the Jeddah Chamber of Commerce and vice president of the National Committee for the Hospitals in the Council of Saudi Chambers in Riyadh.
Khalid Yassin
74 Michael Walsh
• CEO
Company: Johns Hopkins Aramco Healthcare (JHAH)
Nationality: Australian
Residence: Saudi Arabia
Category: Hospitals
Walsh assumed his current position in 2020, before which he spent 11 years as CEO of Cabrini Health Australia. JHAH was formed in 2013 by Saudi Aramco and Johns Hopkins Medicine. JHAH signed an MoU with the Royal Commission for Jubail and Yanbu in January 2024, to foster future healthcare collaboration opportunities. In June 2024, it signed an agreement with the Canadian Medical Center Co. to operate nine healthcare clinics for JHAH. Walsh is also a medical doctor with a specialty in medical administration.
75 Mohammed Miandad VP
• Chairman & Managing Director
Company: 33 Holdings
Nationality: Indian Residence: Qatar
Category: Diversified
Miandad has been in his current role since 2012. 33 Holdings’s subsidiaries include Naseem Healthcare, where Miandad is also the managing director. It has five medical centers, two dental centers, and a premium medical center, among others. Naseem Healthcare plans to launch an advanced medical center project in Qatar in September 2024. In October 2023, 33 Holdings expanded to Africa with the Medinova Healthcare brand.
76 Ahmed Kelani
• Chairman & Managing Director
Company: Egyptian International Pharmaceutical Industries Company (EIPICO)
Nationality: Egyptian
Residence: Egypt
Category: Pharmaceuticals
Kelani assumed his current role in 2019. In 2023, EIPICO recorded total sales of $107 million, a 32% growth compared to 2022. The company also announced it would be concluding the implementation
of the $100 million EIPICO 3 factory on the 10th of Ramadan City, and establishing a multi-purpose factory to produce raw pharmaceutical materials in Ain Sokhna with the $101 million investments for the first phase. Kelani was previously the chairman and CEO of Medical Union Pharmaceuticals.
77 Farah Hamdan
• General Manager—CEEMA
Company: Zimmer Biomet
Nationality: Jordanian Residence: U.A.E.
Category: Medical Devices
Hamdan has been with Zimmer Biomet since 2022 and in her current role since 2024. In 2024, the company expanded its flagship ROSA Robotics portfolio and expanded its operations to cover Central Eastern Europe, the Middle East, and Africa. In July 2024, it partnered with the AMICO Group to distribute trauma products in Saudi Arabia. Hamdan previously served in senior roles in Becton Dickinson, Medtronic, Abbott,
and Novartis Pharma, across emerging markets.
78 Barakat Bin Saud Al-Arifi
• Managing Director & CEO
Company: Scientific & Medical Equipment House Co. (SMEH)
Nationality: Saudi
Residence: Saudi Arabia
Category: Pharmaceuticals
Al-Arifi was appointed to his current role in 2015. In May 2024, the company revealed that it had signed an exclusive distribution agreement for intravenous pumps with China-based Medcaptain Medical Technology. In the first half of 2024, SMEH generated $116 million in revenues, an increase of 22% compared to 2023. Al-Arifi is also the chairman of the German Metal Surface Treatment Chemicals Company and vice chairman of Protecta Vision and the Girgas Pharmaceutical Warehouse Company.
Mohammed Miandad VP
79 Jamil Ahmed
• Founder & Managing Director
Company: PRIME Healthcare Group
Nationality: Indian Residence: U.A.E.
Category: Hospitals
An orthopedic surgeon, Ahmed founded PRIME Healthcare Group in 1999. Today, the group’s facilities and services include Prime Hospital, Prime Medical Centers, Prime Pharmacies Diagnostic Center Corporate Medical Services, and Prime Home Care. In July 2024, the group inaugurated its new PRIME Medical Center in Terminal 3 at Dubai International.
80 Kimberley Ann Pierce
• CEO
Company: King’s College Hospital
London- Dubai
Nationality: Australian
Residence: U.A.E. Category: Hospitals
Pierce assumed her current position upon joining King’s College Hospital London, in Dubai in 2022. In Q2 2023, the hospital obtained a liver transplant license from the Dubai Health Authority. In December 2023, the hospital conducted the first liver transplant in Dubai. Pierce began her career as a registered nurse in the U.K. and was previously director of nursing and chief nurse in Australia.
81 Joseph Saba
• Cofounder & CEO
Company: Axios International
Nationality: Lebanese–French
Residence: U.A.E., Ireland, and France.
Category: Pharmaceuticals
Saba cofounded Axios International and has been its CEO for over 25 years. He is also an infectious disease physician. In July 2023, Axios International signed an MoU with the Dubai Health Authority to enhance early disease detection and health awareness in Dubai.
Mostafa joined PDC-CRO as CEO in 2020. PDC-CRO provides the full range of Phase I to IV clinical development services. They serve pharmaceutical, biotechnology, medical device industries, other CROs, and academic organizations. The company is headquartered in the U.A.E. and operates across 34 countries in the Middle East and Africa. Mostafa previously held roles at Novartis and Roche.
83 Ruchi Dana
• Partner; President, and COO
Company: DANA Group; Duluth Medical Technologies
Nationality: Indian
Residence: U.A.E.
Category: Technology
Dana joined DANA Group in 2008, and assumed her current role at Duluth Medical Technologies in 2019. The company is part of the DANA Group and provides robotic surgical solutions and devices. It is based in San Francisco, with a presence in the U.A.E. Dana is also
a medical practitioner and sits on the boards of the DANA Group, which is her family business, as well as the Advisory Board of Ajman University College of Medicine. She also chairs AEIC’s Core Committee at American University Dubai - Entrepreneurship and Innovation Center.
84 Ali Ibrahim AlSaffar
• CEO
Company: Capital Health Screening Centre
Nationality: Emirati
Residence: U.A.E.
Category: Screening Services
AlSaffar joined CHSC in 2019 as head of finance and assumed his current role in September 2023. CHSC is a visa medical screening provider in Abu Dhabi. In May 2024, CHSC and M42 unveiled that they had carried out tests in more than a million scans of AIRIS-TB over two years. AlSaffar previously worked at e&, TECOM Investments, SENAAT, and twofour54.
Kimberley Ann Pierce
85 Husnia Gargash
• Founder & Chairperson
Company: Gargash Hospital
Nationality: Emirati Residence: U.A.E.
Category: Hospitals
Gargash founded Gargash Hospital in 2019. With a subspecialty in reproductive medicine, she was recognized as the first female Emirati gynecologist and IVF specialist in the U.A.E. In December 2023, Gargash Hospital was among 24 private hospitals to be included in the Dubai Health Authority’s educational system to provide training to new doctors. Before founding the hospital, she was an associate professor at Dubai Medical College.
86 Driss Chaoui
• General Manager
Company: AFRIC-PHAR
Nationality: Moroccan Residence: Morocco
Category: Pharmaceuticals
Chaoui first joined AFRIC-PHAR in 2001, having previously served as an anesthesiologist in general hospitals and private clinics. Chaoui is also the general secretary of the Moroccan Association of Generic Medicines.
87 Ronald Boueri
• Regional Managing Director
Company: Olympus MEA
Nationality: Lebanese Residence: U.A.E.
Category: Pharmaceuticals
Boueri joined Olympus MEA in January 2022 and assumed his current role in November 2022. As of April 2024, the company reported a 50% growth in the region over 2022 and 2023, making it the fastestgrowing division in Olympus EMEA. Before Olympus MEA, Boueri was the Middle East’s general manager for Zimmer Biomet.
88 Ali Hashemi; Ihsan Almarzooqi
• Cofounder & Chairman; Cofounder & Managing Director
Company: GluCare.Health
Nationality: American; Emirati
Residence: U.A.E.
Category: Hospitals
Hashemi and Almarzooqi cofounded GluCare.Health in 2020, which specializes in comprehensive diabetes management and metabolic syndrome. In January 2023, they launched meta[bolic], a platform that consolidates the technology behind GluCare.Health and Zone.Health. In January 2024, meta[bolic] partnered with ŌURA, to enhance chronic cardiometabolic disease management.
Hashemi is also the managing director of Dubai-based Polymath Ventures and the chairman of ekar. Almarzooqi is also the chairman and partner of Berkshire Hathaway HomeServices Gulf Properties.
89 Sunny Kurian
• Founder & Chairman
Company: Sunny Healthcare Group
Nationality: Indian
Residence: U.A.E.
Category: Hospitals
Kurian founded the Sunny Healthcare Group in 1990 and became the chairman in 2000. In July 2024, the group opened a Sunny Health and Wellness Center in Sharjah Healthcare City. In April 2024, the group signed an agreement with the Sharjah Healthcare City to establish a multi-specialty medical complex in
several phases. The group also provides homecare services. Kurian is also the founder and chairman of Health2Home, Sunny Wellness, Therapeo Health Care Consultancy, and the Sunny Management Group.
90 Mohamed Roushdy
• President & CEO
Company: Amoun Pharmaceutical Company
Nationality: Egyptian
Residence: Egypt
Category: Pharmaceuticals
Roushdy has been at the helm of Amoun Pharmaceutical Company since 2012. In 2021, Abu Dhabi’s ADQ acquired Amoun. In April 2024, ADQ’s shareholdings in Acino International, Birgi Mefar Group, and Amoun Pharmaceutical were consolidated under a new Abu Dhabi-headquartered holding company, Arcera. Arcera aims to offer solutions that foster longer and healthier lives, offering 2,000 branded medicines. Roushdy was previously the chairman and CEO of Pfizer Egypt & the Middle East region for 11 years covering 14 countries. He also led the pharmaceutical and health committee in the American Chamber of Commerce in Egypt.
Ronald Boueri
91 Abdalla Bashir
• Chairman & General Director
Company: Jordan Hospital
Nationality: Jordanian
Residence: Jordan
Category: Hospitals
Bashir helped establish Jordan Hospital in 1996 and has been chairman of the board of directors since then. The hospital is a multispecialty healthcare facility that integrates clinical and hospital care with research and education. Bashir is also a Fellow of the Royal College of Surgeons of Edinburgh and a Fellow of the American College of Surgeons.
92 Olfa Gam
• General Manager
Company: Cytopharma
Nationality: Tunisian-Belgian Residence: Tunisia
Category: Pharmaceuticals
Gam assumed her current role in 2018. She is also the president of the Tunisia Health Alliance, which is the first Tunisian healthcare cluster. Gam has been on the board of Julphar as a non-executive board member since August 2021. She was the head of operational excellence at GSK.
93 Maha Jubara
• General Manager
Company: Gulf Healthcare International (GHI)
Nationality: American Residence: Kuwait
Category: Diversified
Jubara joined GHI in 2011 and assumed her current position in 2022. GHI was established as a joint venture between Global Capital Management and the Varkey Group. In 2023, it launched a community health outreach program aimed at improving access to healthcare
services for low-income expat families in Kuwait. Jubara was previously the director of the Alia International Hospital.
94 Alexander Jankuloski
• CEO Company: Kuwait Hospital
Nationality: German Residence: Kuwait
Category: Hospitals
Jankuloski assumed his current role in July 2020. He was previously the CEO of Oasis Hospital, which is currently known as Kanad Hospital. In February 2024, the hospital expanded its services through a medical center renamed the Kuwait Hospital Clinic. In April 2024, Kuwait Hospital received full accreditation by the American Association of Continuing Medical Education.
95 Joe Naoum
• General Manager—MENA Company: Stryker
Nationality: Lebanese Residence: U.A.E.
Category: Medical Devices
Naoum joined Stryker in 2018 and assumed his current role in January 2022. The company sells its products across MENA. In March 2024, it opened its regional headquarters in Saudi Arabia. Naoum previously held leadership roles at Wolters Kluwer Health and Carestream.
96 Sukhdeep Sachdev
• Global CEO
Company: Leader Healthcare
Nationality: Indian
Residence: U.A.E.
Category: Hospitals
Sachdev has been leading Leader Healthcare since its inception in 2009. The company has a presence in the U.A.E., Saudi Arabia, Qatar, Kuwait, Bahrain, Egypt, Oman, India, North America, and Australia. The company’s subsidiaries include Leader Life Sciences, Leader Edutech, and Leader Biotech Pharma, which was launched in June 2024. In July 2024, the company announced its strategic alliance with Zomedica to bring its innovative veterinary products to the GCC countries, along with Egypt and India.
Joe Naoum
97 Majd Abu Zant
• Founder & CEO
Company: Global Fertility Partners (GFP)
Nationality: Canadian
Residence: U.A.E.
Category: Diversified
Abu Zant assumed his current role in 2022 when he founded GFP. In January 2024, Dubai Investments acquired a 34.3% stake in GFP, investing $60 million to expand GFP’s network across the Middle East. In 2024, GFP acquired and invested in assisted reproductive technology centers in Saudi Arabia, the U.A.E., and Kuwait, for a total of over $60 million. Its flagship Center of Excellence in Assisted Reproduction & Genetics in Riyadh is scheduled to open in early 2025. Abu Zant is also cofounder and CEO of OvaSave, a U.A.E.-based “femtech” startup. He was previously CEO of UEMedical.
98 Mohd Kenanah
• CEO
Company: Emitac Healthcare Solutions
Nationality: Jordanian
Residence: U.A.E.
Category: Diversified
Kenanah assumed his current role in September 2019. Since then, he has overseen partnerships with healthcare companies like Philips Healthcare, Samsung Medison, 3M Dental, Mitaka, B.Braun AESCULAP, Honeywell, and Cair LGL. In the first half of 2024, these companies accounted for 23% of EHS’s total business. In July 2024, Emitac unveiled an eight-year partnership with Reem Hospital, alongside Philips to provide the hospital with advanced diagnostic tools. Kenanah was previously the general manager for Türkiye and the Middle East at GE Healthcare.
Sarah Al-Hajali
99 Sarah Al-Hajali
• CEO Company: CellSave Arabia
Nationality: Swedish
Residence: U.A.E.
Category: Stem Cell Services
Al-Hajali cofounded CellSave Arabia in 2006. CellSave Arabia offers stem cell storage and therapy services, revolutionizing treatments for conditions such as autoimmune disorders, heart disease, neurological ailments, and regenerative medicine, among others. In September 2023, it launched CryoInfinite, a service that offers unlimited access to stem cells from cord tissue and cord vessels, and solutions for issues ranging from hair loss to body enhancement and beyond.
• Founder & Chairman
Company: New Country Healthcare (NCH)
Nationality: Canadian Residence: U.A.E.
Category: Pharmaceuticals
Koudsi founded NCH in 1978 and has been leading the company ever since. In 2023, NCH built a new warehouse facility powered by renewable energy. NCH has three warehouses across the U.A.E. and a portfolio of over 1,500 products manufactured in the U.S., Canada, Europe, Asia, and the Middle East. Koudsi is also a board-certified pharmacist and a member of councils and government agencies, including the Dubai Economic Department.
Methodology: When compiling this list, we considered the following:
• The size of the company including revenues, assets, facilities, etc.
• The impact that both the leader and company have had on the region’s healthcare sector.
• Innovative initiatives and achievements from the past year.
• The experience of the leader in the sector, including current designation and role.
• Diversity of operations.
• Ownership of assets.
• Level of transparency and research accessibility.
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100 Ghazi Koudsi
Celebrating Emirati Businesswomen and Entrepreneurs on Emirati Women’s Day
As part of the U.A.E.’s annual Emirati Women’s Day celebrations, the Abu Dhabi Business Women Council and the Abu Dhabi Chamber hosted an event on August 28, 2024, under the theme “We Collaborate for Tomorrow,” celebrating the role and achievements of Emirati women.
The Emirati Women’s Day event featured a variety of activities, including a live demonstration of traditional Emirati weaving techniques, celebrating the beauty and richness of the culture through traditional handicrafts. Additionally, the Mubdi’ah Pop-Up Market showcased women’s unique creations and services.
Attendees on the day included prominent Emirati and Arab women, including Asma Al Fahim, Chairwoman of the Abu Dhabi Businesswomen Council, and Board Member Noor Al Tamimi. Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East,
moderated a panel bringing together a group of inspiring women who shared their diverse insights and experiences.
Al Omian extended her congratulations to Emirati women and expressed her deep appreciation and gratitude to Her Highness Sheikha Fatima bint Mubarak, the “Mother of the Nation,” for her visionary leadership and tireless efforts in empowering Emirati women through initiatives established in key institutions, including the General Women’s Union, the Supreme Council for Motherhood and Childhood, and the Family Development Foundation.
“Today’s celebration of Emirati Women’s Day is an opportunity to recognize the remarkable achievements and ambitious aspirations of Emirati women,” added Al Omian. “It is a day to take pride in their accomplishments and to encourage them to continue being key participants in the nation’s
development and progress.”
Dr. Raja Al Mazrouei, CEO of Etihad Credit Insurance, emphasized the importance of digital transformation and fintech in empowering Emirati women to achieve their goals. She highlighted the crucial role of science and knowledge in accelerating personal and professional success, noting that online education today is opening new doors to learning and accessibility. The CEO also underscored the significance of career guidance programs for women in the corporate sector, stressing the need to clearly define goals, use the right tools to achieve them, and measure continuous progress.
Sindiya Ibrahim, Head of Entrepreneurship Support at the Khalifa Fund for Enterprise Development, discussed the role of women in entrepreneurship and the development of startups. She emphasized the importance
Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East, joined by Asma Al Fahim, Chairwoman of the Abu Dhabi Businesswomen Council, Board Member Noor Al Tamimi, and Dr. Raja Al Mazrouei, CEO of Etihad Credit Insurance, along with prominent businesswomen and entrepreneurs participating in the ‹We Collaborate for Tomorrow› panel.
of having a realistic vision when launching a new project and forming a strong team to ensure success. She also highlighted the role of the Abu Dhabi Businesswomen Council in promoting knowledge exchange among women in the business sector, and how the Khalifa Fund has supported startups through financial assistance and legal advice.
Student, Salama Al-Tunaiji, the official spokesperson for the Supreme Council for Motherhood & Childhood Bullying Prevention in Schools Award, shared her remarkable journey, which began when she joined the Sharjah
Children Shura Council at the age of ten. She spoke about the role of youth in empowering society, and how she was inspired by HH Sheikha Fatima bint Mubarak, who influenced and motivated her throughout her journey.
Dr. Salama Al Hosani, Director of Medical Affairs at SEHA Ambulatory Healthcare Services Co., a subsidiary of PureHealth, discussed the impact of women in healthcare. She highlighted that women make up a large percentage of the workforce in the U.A.E.’s medical sector, attributing this significant empowerment to strong government support and substantial
investments in medical education.
As the day concluded, the speakers emphasized the importance of setting goals and pursuing them courageously, encouraging women not to shy away from challenges. They also underscored the significance of financial literacy in our lives, explaining how broadening its scope enhances its value and contributes to the journey of Emirati women. This, in turn, strengthens their role in every field they enter, reaffirming that this celebration marks a new beginning for a future full of potential and opportunities.
Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East, moderated a panel bringing together a group of inspiring women.
Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East, and Dr. Raja Al Mazrouei, CEO of Etihad Credit Insurance.
Dr. Salama Al Hosani, Director of Medical Affairs at SEHA Ambulatory Healthcare Services Co., a subsidiary of PureHealth.
Sindiya Ibrahim, Head of Entrepreneurship Support at the Khalifa Fund for Enterprise Development.
Salama Al-Tunaiji, the official spokesperson for the Supreme Council for Motherhood & Childhood Bullying Prevention in Schools Award.
The Emirati Women’s Day brought together prominent Emirati and Arab women under the theme «We Collaborate for Tomorrow.»
“It is health that is real wealth and not pieces of gold and silver.”
—Mahatma Gandhi
“Healing is a matter of time, but it is sometimes also a matter of opportunity.”
—Hippocrates
“Healthy people live with their world.”
—Anne Wilson Schaef
“The healthy man does not torture others - generally, it is the tortured who turn into torturers.”
—Carl Jung
“Your body hears everything your mind says.”
—Naomi Judd
“Health care is not a privilege. It’s a right. It’s a right as fundamental as civil rights. It’s a right as fundamental as giving every child a chance to get a public education.”
—Rod Blagojevich
“My body is like breakfast, lunch, and dinner. I don’t think about it, I just have it.”
—Arnold Schwarzenegger
“Happiness is good health and a bad memory.”
—Ingrid Bergman
• THOUGHTS
Health
“You know, all that really matters is that the people you love are happy and healthy. Everything else is just sprinkles on the sundae.”
—Paul Walker
“The only way to keep your health is to eat what you don’t want, drink what you don’t like, and do what you’d rather not.”
—Mark Twain
“I’m opposed to any policy that would deny in our country any human being from access to public safety, public education, or public health, period.”
—Kamala Harris
“The key to the future in an aging society is not found in increasing just our life span; we need to increase our health span at the same time.”
—Chuck Norris
“Money doesn’t mean anything to me. I’ve made a lot of money, but I want to enjoy life and not stress myself building my bank account. I give lots away and live simply, mostly out of a suitcase in hotels. We all know that good health is much more important.”
—Keanu Reeves
“Personal health is related to self-control and to the worship of life in all its natural beauty - selfcontrol bringing with it happiness, renewed youth, and long life.”
—Maria Montessori
“When wealth is lost, nothing is lost; when health is lost, something is lost; when character is lost, all is lost.”
—Billy Graham
“The greatest of follies is to sacrifice health for any other kind of happiness.”
—Arthur Schopenhauer
“Being in control of your life and having realistic expectations about your dayto-day challenges are the keys to stress management, which is perhaps the most important ingredient to living a happy, healthy, and rewarding life.”
