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6 I Sidelines Cream of the Crop
By Claudine Coletti FRONTRUNNER
10 I BROOKE’S NEW ACT After decades of serving as the face of other people’s brands, Brooke Shields is embracing a new role: entrepreneur.
1 CONTENTS
By Maggie McGrath LEADERBOARD
LEADERSHIP
14 I 10 CEOs Leading the Biggest Arab Companies
in the World
Forbes’ Global 2000 2024 features 41 companies from Arab countries, with Saudi Arabia and the U.A.E. taking the lead with 16 and 12 companies each, respectively. Meet the executives behind the largest 10 listed Arab companies in the world.
By Mariam Moursi
16 I Meet the Women at the Helm of Forbes’
Global 2000 Firms
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In the male-dominated realm of C-suite leadership, these five trailblazing women are leading top-performing firms on Forbes’ Global 2000 2024.
By Jamila Gandhi
18 I Fresh Faces on the Global Meets Local
2024 List
Meet the leaders of the companies new to our flagship Global Meets Local list for 2024. Of the 14 new companies, 12 are headquartered in the U.S.
By Jamila Gandhi
19 I Paris Olympics 2024: Key Facts, Figures,
and Historic Firsts
The Paris Olympics has included many firsts, such as the first time in modern Olympic history that the opening ceremony was held outside a stadium, the first time it was encouraged to swim in the Seine in over a hundred years, the first time breakdancing was included in the categories, and the first time the Olympics achieved full gender parity on the field of play. Here are some key facts and figures.
By Joyce Abaño ECONOMY
20 I NVIDIA vs Aramco: Global and Regional Titans In June 2024, NVIDIA became the world's largest corporation by market cap for the first time in its history. Meanwhile, Saudi Aramco, MENA’s biggest company raised $11.23 billion through a secondary public offering. Here’s how the titans measure up.
By Hagar Omran
22 I Millionaires Seek New Shores: UAE 2024’s
Top Destination for Wealth
The tides of wealth are shifting, and in 2024, one destination has emerged as the top magnet for high-net-worth individuals for the third year in a row: the U.A.E.
By Julian Nabil
F O R B E S M I D D L E E A S T.C O M
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24 I Grandmaster of Risk At Prudential Financial, ex-NASA engineer GEORGE PATTERSON runs through a few trillion calculations to make a client happy.
By William Baldwin TOP CEOS 2024
62 I Money Matters Talal Al Ajmi, Founder and CEO of Kuwait-based online broker VI Markets, believes education is key to helping clients understand financial markets before they begin trading. Having found ways to target women and the youth, he’s now looking at new ways to increase awareness and access to markets.
By Jason Lasrado FEATURES
92 I New Age Mahmoud Ghrghar, CEO of the Ghrghar Group, is steering the family business with a democratic approach that prioritizes people. By blending tradition with innovation, he aims to futureproof the company and prepare it for a public offering by 2028.
By Jamila Gandhi
96 I Thoughts On leadership AUGUST 2024
GLOBAL MEETS LOCAL 2024
THE MIDDLE EAST’S
TOP CEOs 2024 CONTENTS
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32 I New Old Guard Obaid Alrasheed, Managing Director and CEO of Saudi’s arab national bank, has been with the organization for his entire 35-year career, yet only took the helm three years ago. As he sees profits soar, he’s looking forward to the future.
By Jason Lasrado
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AUGUST 2024
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COVER STORY
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Speaking For Business Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry, has helped secure over 103 global and local partnerships since assuming office in August 2023, advocating for Abu Dhabi’s private sector. Now, he’s planning to further boost the chamber’s activity, global network, reach, and influence. By Hagar Omran
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AUGUST 2024
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F O R B E S M I D D L E E A S T.C O M
www.mrcresidencesjumeirah.com AUGUST 2024
SIDELINES
FORBES MIDDLE EAST
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Cream of the Crop This month we celebrate the best of business leadership across the Arab world, revealing the Middle East heads of the regional offices of the world’s biggest companies, and celebrating 100 of MENA’s most successful and impactful CEOs at the top of homegrown organizations. These are the executives driving growth across the Middle East’s economies and deciding on the investments and innovations that will shape the future of enterprise, commerce, and life in the region. And they are achieving this among continuing subduedness in MENA’s economies. In April 2024, the International Monetary Fund projected that overall GDP growth for the Middle East and Central Asia will be 2.4% in 2024, up from 2% in 2023, and 4.2% in 2025. However, new regional challenges are predicted to create more vulnerabilities and uncertainty in the coming year. Despite this, the leaders heading the most influential companies in MENA are pushing forward with future-focused agendas. Publishing these lists together gives us a whole view of business leadership, both from the viewpoint of managing and growing an international brand in the Middle East, and that of creating and maintaining a thriving homegrown business model. Many of these leaders are competitors, yet they have all succeeded in finding their niche and grabbing their market share. They are aligned in their commitment to resilience, ability to weather rocky roads, and determinedness to spot opportunities, but if we look at the data, we can see how different some trends are across these two lists. This is the twelfth consecutive year that we’ve compiled our Global Meets Local list, which originates from Forbes’ annual Global 2000 list of the world’s biggest listed companies. Every year, we look at which companies from that list have substantial headquarters in MENA and rank the most senior local heads of those offices. This year, we feature 104 executives across 100 companies. Of those 104, Lebanon leads with 12 executives, followed by India with eight, and the U.K. and France with seven executives each. Meanwhile, of the 100 executives on our Top CEOs list, Emiratis dominate with 27 entries, followed by Egyptians with 21 and Saudis with 14. They also differ in terms of the sectors represented. Of the 100 companies on the Global Meets Local list, the technology sector dominates with 19 entries, followed by nine pharmaceutical companies and seven firms operating in the automotive industry. Whereas with Top CEOs the banking sector has the most entries, again with 19, followed by real estate with 10. This is an interesting insight into the sectors in the Arab world that are offering the most stability and the sectors where international companies are seeing the most growth potential. Delve into this bumper issue to find out more about the trends, challenges, and opportunities being seized by the Middle East’s top business leaders. Enjoy.
—Claudine Coletti, Managing Editor
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AUGUST 2024
FORBES MIDDLE EAST
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INNOVATING SINCE 2010 AUGUST 2024 ISSUE 142
Dr. Nasser Bin Aqeel Al Tayyar President & Publisher nasser@forbesmiddleeast.com
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Khuloud Al Omian
FORBES MIDDLE EAST
Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House
khuloud@forbesmiddleeast.com
Editorial
Business Development
Claudine Coletti Managing Editor claudine@forbesmiddleeast.com
Ruth Pulkury Senior Vice President - Business Development
Laurice Constantine Digital Managing Editor laurice@forbesmiddleeast.com
ruth@forbesmiddleeast.com
Fouzia Azzab Deputy Managing Editor fouzia@forbesmiddleeast.com
Fiona Pereira fiona@forbesmiddleeast.com
Amany Zaher Senior Quality Editor amany@forbesmiddleeast.com
Karl Noujaim karl@forbesmiddleeast.com
Jamila Gandhi Senior Editor jamila@forbesmiddleeast.com
Sarah Gadallah Hassan sarah.g@forbesmiddleeast.com
Rawan Hassan Senior Translator rawan@forbesmiddleeast.com
Maher El Zein maher@forbesmiddleeast.com
Samar Khouri Reporter samar@forbesmiddleeast.com
Upeksha Udayangani Senior Client Relations Executive upeksha@forbesmiddleeast.com
Cherry Aisne Trinidad Senior Online Editor aisne@forbesmiddleeast.com
Tayyab Riaz Mohammed Financial Controller riaz@forbesmiddleeast.com
Research
Jason Lasrado Head of Research jason@forbesmiddleeast.com Nermeen Abbas Senior Researcher nermeen@forbesmiddleeast.com Elena Hayek Researcher elena@forbesmiddleeast.com Layan Abo Shkier Research Reporter layan@forbesmiddleeast.com
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FORBES US Chairman and Editor-In-Chief Steve Forbes CEO and President Michael Federle
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WHAT ’ S NEW
BY MAGGIE MCGRATH. BROOKE SHIELDS BY MARY BETH KOETH FOR FORBES
FRONTRUNNER
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FRONTRUNNER
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WHO’S NEXT
50 Over 50
BROOKE’S NEW ACT
After decades of serving as the face of other people’s brands, Brooke Shields is embracing a new role: entrepreneur.
F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
FRONTRUNNER
INVESTMENT
F O R B E S M I D D L E E A S T.C O M
LIFESTYLE
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’ve sold stuff for other people my entire life. I never thought I’d be a CEO.” But at 59, Brooke Shields is suddenly both a founder and a chief executive. In June, the longtime actor and model launched Commence, a New York–based hair care company for women over 40 that she dreamed up during the pandemic. It’s still early days—Shields raised $3.5 million from outside investors to help fund Commence’s first three products, which were released in June. But it’s already, she says, the most “challenging and exciting” stage of her career. New chapters are the name of the game on our fourth annual 50 Over 50 list, which highlights 200 women making professional waves—whether starting a company, reshaping philanthropy or making fresh scientific discoveries—after age 50. The list, which we produce in partnership with MSNBC host Mika Brzezinski and her Know Your Value initiative, is divided into four categories with 50 women each: Investment, Impact, Innovation and Lifestyle. The class of 2024 can be seen in its entirety at forbes. com/50over50. Of course, like most of the women on our list, Shields’ “under 50” résumé is none too shabby, either: Her first modeling gig came when she was 11 months old (for Ivory soap); a decade later, she played the child of a prostitute in Pretty Baby, which was released in 1978 and brought both controversy and critical acclaim. At 15, Shields became the face of Calvin Klein jeans (“You want to know what comes between me and my Calvins? Nothing” was the famous line). “She’s genuine,” Calvin Klein, now 81, says of Shields’ appeal. “You can’t count on too many people, but you can count on what she
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AVA DUVERNAY 51 DIRECTOR, WRITER, PRODUCER
Oscar-nominated director DuVernay didn’t pick up a camera until she was 32. She has since become the first Black woman to direct a $100 million–grossing film (2018’s A Wrinkle in Time) and, to make 2023’s Origin, she developed a moviemaking model that taps into philanthropists such as Melinda French Gates. “There are stories all around us, and they just ignite my imagination all the time,” she says.
MIRIAM RIVERA 60 COFOUNDER, CEO, ULU VENTURES
The daughter of migrant farmworkers, Rivera grew up speaking Spanish and learned English by watching Sesame Street. Today she sits on Sesame’s board— and that’s her side gig. Her day job is with Ulu Ventures, the Palo Alto, California–based early-stage venture firm (AUM: $400 million) that she cofounded in 2008. The portfolio includes or has exited 10 unicorns, including SoFi ($18 billion 2021 IPO) and Guild Education ($4.4 billion 2022 funding round).
AUGUST 2024
IMPACT
FRONTRUNNER
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DAWN STALEY 54 HEAD COACH, UNIVERSITY OF SOUTH CAROLINA WOMEN’S BASKETBALL In 2021, Staley became one of the highest-paid coaches in women’s college basketball when she negotiated a $22.4 million contract extension. Since then, she led the Gamecocks to NCAA titles in 2022 and 2024. An Olympic gold medalist and Hall of Fame player in her own right, Staley is building a legacy as one of the country’s foremost basketball coaches—ever.
PEGGY JOHNSON 62 CEO, AGILITY ROBOTICS Johnson has forged a unique “over 50” career: She was Satya Nadella’s first hire when he took over Microsoft in 2014, and from 2020 to 2023, she ran augmented reality company Magic Leap. Now, she helms Agility Robotics (total funding: $180 million), which makes humanlike robots to work in U.S. warehouses. “In the logistics area, there are over a million jobs unfilled,” she says. “It makes sense to put a humanoid robot into these spots.”
PHOTOS BY MARY BETH KOETH FOR FORBES
INNOVATION
says—that she really means it and believes it and wants to do something good for people.” That changemaker drive is part of what inspired Shields to build Commence in the first place. During the pandemic, she had started a blog and online community for women over 40 and constantly heard that her audience felt invisible to the beauty industry. “There was this feeling that once you hit a certain age, all of a sudden you lose all your value,” she says. There were also a lot of specific questions about hair care—how to manage the new textures of graying hair, increased scalp dryness and slower hair growth that can occur in middle age. They weren’t complaining; they “wanted problems solved,” Shields says. To come up with a solution, she recruited a team of veteran retail and beauty execs— including Karla De Bernardo, who built marketing strategies for Macy’s, and Mark Knitowski, the former product and fragrance guru for Victoria’s Secret. Together, they zeroed in on what Shields calls “hero” products: an instant (dry) shampoo (selling for $21), a leave-in conditioner ($26) and a thickening root serum ($30). This trio launched on June 3, online only at shopcommence.com. It’s too early to estimate revenue, but Shields is hopeful: “The products have to speak for themselves. It’s not called ‘The Brooke’ or ‘The Brooke Look Brand’ or whatever,” she says. “This brand has to live in perpetuity.” What will, ideally, not live in perpetuity: the condescending attitudes of certain (unnamed) venture capitalists. When Shields realized Commence would require more capital than she could provide from her own coffers, she did what most entrepreneurs do: turn to angel investors and venture capitalists for seed funding. And though she has spent the better part of the last five decades taking direction as a model and actor, Shields put her foot down when one too many male VCs accompanied their investment decision with a lecture on what she was doing wrong as an entrepreneur. “I remember one day saying, ‘I understand your need to tell me what I’m doing wrong. But in this particular case, I haven’t asked for your advice,’ ” she recalls. “ ‘I’ve just asked for your money.’
FOR THE FULL LIST OF 200, PLEASE VISIT:
Forbes.com/50over50 F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
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Leadership
10 CEOs Leading the Biggest Arab Companies in the World Forbes’ Global 2000 2024 features 41 companies from Arab countries, with Saudi Arabia and the U.A.E. taking the lead with 16 and 12 companies each, respectively. Meet the executives behind the largest 10 listed Arab companies in the world.
Amin H. Nasser
billion in revenues and $1.3 billion in profits.
Company: Saudi Aramco Designation: President & CEO
Hana Al Rostamani
Country: Saudi Arabia
Company: First Abu Dhabi Bank (FAB) Designation: Group CEO Country: U.A.E. Global 2000 rank: 242
Global 2000 rank: 3 Nasser has been at the helm of the world’s largest provider of crude oil since 2015. He also sits on the International Advisory Board of the King Fahd University of Petroleum & Minerals, the board of directors of BlackRock, and the board of trustees of King Abdullah University of Science and Technology. In the first quarter of 2024, the company recorded $107.2 billion and $27.3 billion in revenues and profits respectively. It had assets of $661.6 billion as of March 2024.
Abdulla Mubarak Al-Khalifa Company: QNB Group Designation: Group CEO Country: Qatar Global 2000 rank: 214 Al-Khalifa took the helm of MENA’s largest bank in 2018, after first joining the group in 1996. In Q1 2024, the group recorded $8.8 billion and $1.2 billion in revenues and profits, respectively. It had assets worth $339.7 billion as of March 2024. Al-Khalifa also serves as the chairman of the group’s wholly-owned subsidiary QNB Capital, and sits on the boards of Ooredoo, and the Union of Arab Banks, acting as the representative of Qatari banks. F O R B E S M I D D L E E A S T.C O M
Hana Al Rostamani
Syed Basar Shueb Company: International Holding Company (IHC) Designation: CEO & Managing Director Country: U.A.E. Global 2000 rank: 215 Shueb assumed his current role in 2019. He also serves as the chairman of Chimera Investment and sits on the boards of Alpha Dhabi Holding, the Abu Dhabi Chamber of Commerce and Industry, and FABMISR, among others. In the first three months of 2024, Abu Dhabi-based IHC recorded $5.3 billion in revenues and $2.2 billion in profits.
Tareq Al Sadhan Company: Saudi National Bank (SNB) Designation: CEO Country: Saudi Arabia Global 2000 rank: 231 Al Sadhan has been at the helm of Saudi Arabia’s largest bank since May 2024. He also sits on the board of The Financial Academy in Saudi Arabia. He oversees SNB’s 474 branches, 19 retail service centers, and 96 QuickPay remittance centers in Saudi Arabia, as well as four overseas branches in Bahrain, the U.A.E., Qatar, and Singapore, as of March 2024. In Q1 2024, SNB recorded $4.2
Al Rostamani became the first female CEO of a bank in the U.A.E. in 2021 when she assumed her current role at the U.A.E.’s largest bank, which had $336.3 billion in assets as of March 2024. Al Rostamani also serves as the vice chair at FABMISR, vice co-chairman of the executive board of the U.S.-U.A.E. Business Council, and sits on the boards of the Institute of International Finance, and Buna, among other positions. In the first three months of 2024, the bank recorded $5.3 billion in revenues and $1.1 billion in profits.
Waleed Abdullah Al-Mogbel Company: alrajhi bank Designation: Managing Director & CEO Country: Saudi Arabia Global 2000 rank: 252 Al-Mogbel assumed his role as managing director and board member in November 2022, having been the CEO since early 2020. He previously served as the deputy CEO and COO at the bank. Al-Mogbel is also the chairman of Emkan, the bank’s omnichannel fintech AUGUST 2024
BY MARIAM MOURSI; IMAGE FROM SOURCE
LEADERBOARD
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brand, which issued sukuk of more than $586.7 million in February 2024. In Q1 2024, the bank recorded revenues of $3.7 billion and profits worth $1.2 billion.
$5.1 billion in the first three months of 2024 and $888.2 million in profits.
Jasim Husain Thabet
Company: Emirates NBD Designation: Group CEO Country: U.A.E. Global 2000 rank: 260 Nelson has been at the helm of Emirates NBD since 2013. The Australian group CEO oversees international operations across the U.A.E., Egypt, India, Türkiye, Saudi Arabia, Singapore, the U.K., Austria, Germany, Russia, and Bahrain, and the representative offices in China and Indonesia. He also serves as the vice chairman of Emirates NBD Egypt and sits on the board of Emirates Islamic. In Q1 2024, the bank recorded almost $6 billion in revenues and $1.8 billion in profits. It had assets of $245.7 billion as of March 2024.
Thabet assumed his current role in July 2020, having initially joined TAQA’s board in 2019. He also sits on the board of AD Ports Group and the Abu Dhabi Chamber of Commerce and Industry and serves as deputy chairman of Masdar. In June 2024, TAQA, along with Vision Invest and Gulf Investment Corporation (GIC), announced a financial closing of $408.4 million for the Juranah Independent Strategic Water Reservoir Project in Makkah, Saudi Arabia.
Olayan Mohammed Alwetaid
Khaled AlGnoon Company: Saudi Electricity Company (SEC) Designation: CEO Country: Saudi Arabia Global 2000 rank: 460
Olayan Mohammed Alwetaid
IMAGES FROM SOURCE
Company: stc Group Designation: Group CEO Country: Saudi Arabia Global 2000 rank: 370 Alwetaid assumed his current role in March 2021. He also serves as the chairman of the SAMENA Telecommunications Council and sits on the board of the King Abdulaziz City for Science and Technology and GSMA. In April 2024, Saudi PIF signed a definitive agreement with stc Group to acquire 51% of stc’s TAWAL, merging it with GLIC to create a $5.85 billion company, 43.1% owned by stc. The new entity will operate around 30,000 mobile tower sites across five countries. The group recorded revenues of F O R B E S M I D D L E E A S T.C O M
Jasim Husain Thabet
AlGnoon assumed his current role in 2022, having held several positions in the company for over 35 years, including the executive vice president of distribution and customer services. He also sits on the board of the Saudi Energy Efficiency Center. During the first three months of 2024, SEC recorded $4.2 billion in operating revenues and $239.2 million in profits. In October 2023, SEC announced the launch of the Electric Vehicle Infrastructure Company owned 75% by Saudi PIF, and 25% by SEC, to deliver electric vehicle fast-charging infrastructure and install over 5,000 fast chargers in over 1,000 locations by 2030 across Saudi Arabia. AUGUST 2024
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Company: TAQA Group Designation: Group CEO & Managing Director Country: U.A.E. Global 2000 rank: 395
Shayne Nelson
Leadership
Meet the Women at the Helm of Forbes’ Global 2000 Firms Jane Fraser
billion in revenues, $2.95 billion in profits, and assets totaling $276.6 billion. The 62-yearold joined GM in 1980 as a General Motors Institute co-op student and has held various executive positions including EVP of Global Product Development, Purchasing and Supply Chain, VP of Global Human Resources, and Global Manufacturing Engineering. Barra also serves on the boards of the Walt Disney Company and the Business Roundtable. Barra also ranked ninth on Forbes’ World’s Most Powerful Women list in 2023.
CEO, Citigroup Global 2000 rank: 28 Industry: Banking and Financial Services Headquarters: U.S. Fraser assumed her role in March 2021, making her the global bank’s first female CEO and the first woman to run a major Wall Street bank. With a 20-year tenure at Citi, Fraser previously led the Citi Global Consumer Bank and held key roles in strategy and Latin America. Before joining Citi, she was a Partner at McKinsey & Company. In the first half of 2024, Citigroup reported $41.2 billion in revenues, $2.4 trillion in assets, and net profits of $6.6 billion. The 56-year-old also serves on boards, including the Business Roundtable and the Council on Foreign Relations. Fraser also ranked seventh on Forbes’ World’s Most Powerful Women list in 2023.
Karen Lynch President and CEO, CVS Health Global 2000 rank: 64 Industry: Healthcare Headquarters: U.S. Lynch assumed leadership of CVS Health in February 2021, having previously served as executive vice president after CVS’s $70 billion acquisition of Aetna in 2018. In Q1 2024, the company’s total revenues increased by 3.7% year on year, reaching $88.4 billion, with assets totaling $249.7 billion and net profit of $1.1 billion. The 60-year-old brings over three decades of healthcare industry F O R B E S M I D D L E E A S T.C O M
Safra Catz Jane Fraser assumed her role in March 2021, making her the global bank’s first female CEO and the first woman to run a major Wall Street bank.
experience, previously holding executive roles at Aetna, Cigna, and Magellan Health. She began her career at Ernst & Young and serves on boards including America’s Health Insurance Plans and the John F. Kennedy Library Foundation. Lynch also was ranked sixth on Forbes 2023 World’s Most Powerful Women list.
Magda Chambriard CEO, Petrobras Global 2000 rank: 54 Industry: Oil and gas Headquarters: Brazil Chambriard became CEO of Brazilian state-run oil company Petrobras in May 2024, replacing former CEO Jean-Paul Prates. She is reportedly only the second woman to run the firm after Graça Foster’s tenure from
2012 to 2015. In Q1 2024, Petrobras recorded $23.8 billion in revenues and $4.8 billion in profits. Chambriard began her career in the industry as an engineer at Petrobras in 1980 and later served as the head of the Brazilian oil and gas regulator ANP’s Directory in 2008, and as head of the Director General Office in 2012.
Mary Barra Chair and CEO, General Motors (GM) Global 2000 rank: 71 Industry: Automobiles Headquarters: U.S. Barra has led GM as CEO since 2014 and assumed the role of chair in 2016. She was the first woman to lead one of the big three automakers in the U.S. In Q1 2024, GM reported $43
CEO, Oracle Global 2000 rank: 77 Industry: IT Software and Services Headquarters: U.S. Catz assumed the role of CEO at Oracle in 2014, succeeding company founder Larry Ellison. She has been with Oracle since 1999, joining its board of directors in 2001. Catz is widely recognized for driving Oracle’s ambitious acquisition strategy, overseeing more than 130 successful acquisitions, according to Forbes. In the fiscal year ended May 2024, Oracle reported revenues of $53 billion with total assets amounting to $141 billion. Forbes estimated Catz’s net worth at $2 billion as of July 22, 2024. The self-made billionaire has 14 years of experience on Wall Street, specializing in the software industry. The 62-year-old also ranked twentieth on Forbes 2024 America’s Self-Made Women list. AUGUST 2024
BY JAMILA GANDHI ; IMAGE FROM CITIGROUP.COM
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In the male-dominated realm of C-suite leadership, these five trailblazing women are leading top-performing firms on Forbes’ Global 2000 2024.
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F O R B E S M I D D L E E A S T.C O M
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Leadership
Fresh Faces on the Global Meets Local 2024 List Meet the leaders of the companies new to our flagship Global Meets Local list for 2024. Of the 14 new companies, 12 are headquartered in the U.S. 18
Niels Zilkens
Head Wealth Management— Middle East, UBS Global headquarters: Switzerland Nationality: Swiss
Viswanathan assumed her current role in June 2022, having joined FedEx in 2021. Viswanathan also cofounded Lumina Datamatics, a content service company, in 2006.
Zielkins assumed his current role in October 2023, having joined the company in 2012. He also oversees the Global Non-Resident Indian segment. He started his career as an economist at the Swiss National Bank.
Guy Hutchinson
President—Middle East & Africa, Hilton Global headquarters: U.S. Nationality: British
Guy Hutchinson
Hutchinson assumed his current role in early 2024, having served as president and CEO of Rotana since 2020. He previously held senior leadership roles at Hilton in Japan, China, Australia, and India.
McGowan assumed her current position in 2023. She is also a board member of INJAZ U.A.E., chair of the 30% Club in MENA, and a Global Steering Committee member.
Asgar Rangoonwala
Senior Vice President, EMEA Emerging Markets, Johnson & Johnson Global headquarters: U.S. Nationality: German Rangoonwala has been with Johnson & Johnson since 1996 and assumed his current role in 2021, leading a team of 1,800 people. He was previously president of Xian Janssen and chairman of the R&D-based Pharmaceutical Association Committee’s Executive Committee in China.
Mary (Meline) Gukasyan Managing Director—MEA, Kraft Heinz Global headquarters: U.S. Nationality: Russian Gukasyan joined Kraft Heinz as the general manager of F O R B E S M I D D L E E A S T.C O M
Renee McGowan
CEO—India, Middle East and Africa, Marsh McLennan Global headquarters: U.S. Nationality: Australian
Naji Skaf
President—MEIAA, Xylem Global headquarters: U.S. Nationality: Lebanese
Haitham Mattar
CEE based in Moscow in 2016 and assumed her current position in June 2023. She previously worked with Nestlé in Russia and is also a board member of NovaBev Group.
Haitham Mattar Managing Director—Middle East, Africa and South West Asia, IHG Hotels & Resorts Global headquarters: U.K. Nationality: American
Mattar was appointed to his current position in 2021 to oversee the operations and performance of IHG’s more than 190 hotels and its pipeline of over 130 hotels. In 2020, Mattar was appointed as a special advisor to the secretary general of the UNWTO for sustainable tourism development. He is also an advisory board member of the Arabian Travel Market.
Skaf assumed his current role upon joining Xylem in 2021. He previously served as president of the Middle East and Türkiye at Air Products, CEO of Gulf Cryo, and held senior management positions at Air Liquide in Houston, Paris, and Cairo.
James Allan
CEO—MEA, JLL Global headquarters: U.S. Nationality: British Allan joined JLL in 2008 and took on his current role in 2023. He also serves on the JLL EMEA Work Dynamics Board.
BY JAMILA GANDHI
LEADERBOARD
Kami Viswanathan
President—Middle East, Indian Subcontinent and Africa, FedEx Global headquarters: U.S. Nationality: Indian
AUGUST 2024
Sports
Ravi Ravichandran
President, Ford Middle East Global headquarters: U.S. Nationality: Indian
Angelo Maura
The Paris Olympics has included many firsts, such as the first time in modern Olympic history that the opening ceremony was held outside a stadium, the first time it was encouraged to swim in the Seine in over a hundred years, the first time breakdancing was included in the categories, and the first time the Olympics achieved full gender parity on the field of play. Here are some key facts and figures.
General Manager—Middle East, Align Technology Global headquarters: U.S. Nationality: Italian
329 The total number of medal events held during the 17-day event. Medals feature the Eiffel Tower, with the heart of each medal carrying a piece of iron from the tower.
Maura joined Align Technology in 2011 and assumed his current position in 2020. He previously worked at Stryker and Johnson & Johnson.
Louay Dahmash
Senior Director and Head of Middle East, Autodesk Global headquarters: U.S. Nationality: Jordanian Dahmash joined Autodesk in 2011 and assumed his current role in 2020. He was previously vice president of AVEVA Middle East.
Hussein Freijeh
Vice President—MENA, Snap Inc. Global headquarters: U.S. Nationality: Lebanese
BY JOYCE ABAÑO; IMAGE FROM OLYMPICS.COM
Freijeh joined Snap in 2016 and assumed his current position in 2024, overseeing more than 130 people. He is also a member of the advisory council of the Dubai Chamber of Digital Economy.
3 The number of times Paris has hosted the Olympic Games. The games first came to the French capital in 1900, where it saw the inclusion of female athletes for the first time. The second time was in 1924, which was the first time three flags were raised: the Olympic flag, and the flags of the current and future host nations. Exactly 100 years later, it was back on French soil with roughly 10,500 Olympic athletes and 4,350 Paralympic athletes, from 206 and 182 delegations respectively.
68 The number of days it took the traditional Olympic Torch Relay to reach Paris. The torch traveled through the Lascaux caves, the Alésia archaeological site, the medieval city of
The number of tickets on sale during the Olympic Games (nearly 10 million) and Paralympic Games (3.4 million).
Paris 2024 aimed to cut carbon emissions by 50% compared to London 2012 and Rio 2016, using 100% renewable energy during the games. It considered the environmental impact of building temporary venues, with 95% of the infrastructure required for the Olympic Games already in place or temporary.
35
Managing Director for METAP, Zoom Video Communications Global headquarters: U.S. Nationality: Saudi AlKalash assumed his current role in April 2024. He is also the founder of CyberX, a multinational cybersecurity awareness platform.
The revised multi-annual budget of the Olympic Games at the end of the
F O R B E S M I D D L E E A S T.C O M
Nearly 13.4 million
Sustainability
Carcassonne, and the Palace of Versailles. Other highlights included Mont Saint-Michel, the châteaux of the Loire Valley, and a plethora of lighthouses, bridges, viaducts, and arenas.
Mohannad Alkalash
fourth budget review in December last year.
The number of venues used for the events, in three main areas: the Paris area, the Île-de-France area, and the rest of France. There were 13 venues in the Paris area, 12 in the greater Île-deFrance area, and 10 venues throughout the rest of France, including Teahupo‘o in Tahiti for the surfing events.
$4.73 billion
AUGUST 2024
19 LEADERBOARD
Ravichandran was appointed to his current position in 2023, after three years as executive director of Middle East operations for the Ford International Markets Group. He joined Ford Motor Company in 1997 and has held various positions in India, China, the Middle East, and Africa.
Paris Olympics 2024: Key Facts, Figures, and Historic Firsts
Economy
NVIDIA
Global and Regional Titans
In June 2024, NVIDIA became the world's largest corporation by market cap for the first time in its history. Meanwhile, Saudi Aramco, MENA’s biggest company raised $11.23 billion through a secondary public offering. Here’s how the titans measure up.
Jensen Huang
President and CEO
Huang has been serving as the semiconductor’s president, CEO, and a member of the directors’ board since the company’s inception. He debuted on the Forbes World’s Billionaires list in 2017 with a $2.7 billion net worth. He was worth $113.2 billion as of July 15, 2024. According to Forbes, Huang owns approximately 3% of NVIDIA, which went public in 1999. Huang was previously employed at semiconductors LSI Logic Corporation, and AMD.
1988
On April 5, 1993, Jensen Huang cofounded NVIDIA with Chris Malachowsky, and Curtis Priem, aiming to bring 3D graphics to the gaming and multimedia markets. In 1999, NVIDIA invented the GPU, revolutionizing the computing industry.
Saudi Aramco was officially established in 1988, but its origins can be traced back to 1933 when Saudi Arabia signed a Concession Agreement with the Standard Oil Company of California.
$3.2 trillion
Market cap
NVIDIA began the year with a $1.2 trillion market cap, less than half of Microsoft and Apple’s market cap at the time. Following months of strong stock gains, NVIDIA's market cap hit $3.012 trillion compared to Apple’s $3.003 trillion, making it the second most valuable company in the world on June 5, 2024. Shortly after executing a ten-for-one stock split of its common stock on June 7, 2024, NVIDIA's market cap skyrocketed, making it the world's most valuable company for the first time on June 18, with a market cap of $3.33 trillion, surpassing Microsoft's $3.32 trillion. However, NVIDIA did not maintain its top rank. Its market cap had declined to $3.2 trillion by July 12, 2024.
$14.9 billion
F O R B E S M I D D L E E A S T.C O M
Nasser has been serving as the president and CEO of Aramco since 2015 and is also a director on the board of BlackRock. Having held various leadership positions at Aramco, he served as the senior vice president for Upstream.
Year of establishment
1993
NVIDIA’s net income in the first quarter of the 2025 financial year, which ended in late April, soared by 628.4% year-on-year, reaching $14.9 billion, supported by a 262.1% increase in quarterly revenue to over $26 billion. NVIDIA's revenue for the fiscal year ending in late January 2024 soared to $60.9 billion, up nearly 126% year-on-year.
Amin H. Nasser
Q1 net income
$1.8 trillion As of July 12, 2024, Aramco was the world's sixth-largest company, boasting a market cap of $1.8 trillion, behind Apple, Microsoft, NVIDIA, Alphabet, and Amazon. In June, the oil giant implemented a secondary public offering on the Saudi Exchange, consisting of 1.545 billion shares, and representing about 0.64% of the company's 242 billion total shares issued with total proceeds of $11.23 billion. Aramco had previously raised a record $29.4 billion from its 2019 IPO, after an overallotment option that was exercised in January 2020.
$27.3 billion In Q1 2024, Aramco’s net profit declined by 14.4% YOY, hitting $27.3 billion, in line with a 3.7% decline in its quarterly revenues, amounting to $107.2 billion. This decrease was primarily attributed to a reduction in the volume of crude oil sold. However, the decline was partially mitigated by an upswing in crude oil prices during the same period. In 2023, Aramco’s annual profits hit $121.3 billion, a 24.7% YoY decline, while revenues and other income related to sales were 18% down to $495 billion, due to lower oil prices, reduced volumes sold, and lower refining and chemicals product prices.
AUGUST 2024
BY HAGAR OMRAN, JEN-HSUN HUANG BY ETHAN PINES FOR FORBES, NVIDIA.COM
LEADERBOARD
20
Aramco
LEADERBOARD
21
F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
Economy
Millionaires Seek New Shores: UAE 2024’s Top Destination for Wealth The tides of wealth are shifting, and in 2024, one destination has emerged as the top magnet for high-net-worth individuals for the third year in a row: the U.A.E. Buoyed by its strategic location, attractive tax environment, and luxurious lifestyle offerings, the U.A.E. is projected to welcome a record-breaking 6,700 new millionaires by the end of 2024, according to a report by Henley & Partners. Several factors are contributing to the U.A.E.’s surge in popularity, including its favorable tax regime, golden visa programs, strategic location, lifestyle appeal, and political stability. The influx of millionaires isn’t just good news for the U.A.E.’s luxury sector. Wealth migration brings a range of benefits to the host country, such as increased foreign exchange revenue, stock market growth, and job creation. Dubai, ranked 21st globally in wealth in 2024, reigns supreme as the Middle East’s wealthiest city, thanks to a 78% surge in its F O R B E S M I D D L E E A S T.C O M
millionaire population over the past decade. Meanwhile, Abu Dhabi, the U.A.E.’s capital, boasts a millionaire population of 22,700, which grew by over 75% between 2013 and 2023. Fueled by a steady stream of millionaires from India, the wider Middle East, Russia, and Africa, as well as an expected growing number of Brits and Europeans, the U.A.E. is poised to attract nearly double the number of millionaires compared to its closest competitor. The U.S., which comes in second for attracting foreign high-networth individuals (HNWIs), is expected to see an inflow of 3,800 millionaires in 2024. Beyond that, some other destinations are also gaining ground. Singapore continues to be a magnet for wealth due to its political stability, strong economy, and business-friendly environment, retaining its
the country, with a projected loss of 1,200 millionaires this year, compared to 2023’s figure of 800. Meanwhile, the exodus of millionaires from Russia triggered by its war in Ukraine seems to be slowing down. Only 1,000 are expected to relocate in 2024, compared to the actual outflows of 8,500 in 2022 and 2,800 in 2023. While the U.A.E. has become an undisputed favorite for HNWIs, the wealth migration landscape is constantly changing, with economic and political factors bound to shape new trends, potentially creating opportunities for unexpected destinations to emerge in the years to come.
In Numbers Millionaires
128,000 millionaires worldwide are estimated to relocate this year.
15,200 millionaires are poised for departure from China in 2024.
8% drop in the number of millionaires in the U.K. over the last decade.
6,700 millionaires are expected to flee to the U.A.E. in 2024.
116,500 millionaires resided in the U.A.E. in 2023, a 77% increase over the last decade. Source: Henley & Partners Data as of June 2024
AUGUST 2024
BY JULIAN NABIL ; RASTO SK/ SHUTTERSTOCK.COM
LEADERBOARD
22
third-place position with a projected 3,500 new millionaires. Canada and Australia are traditional favorites in fourth and fifth places and are expected to welcome 3,200 millionaires and 2,500 millionaires, respectively, thanks to their high quality of life, strong economies, and skilled workforces. Several European destinations remain popular with millionaires inflows including established favorites such as Italy (+2,200), Switzerland (+1,500), Greece (+1,200), and Portugal (+800). Japan is also among the top 10 with an expected influx of 400 new millionaires, boosted in part by the trend of an inflow of Chinese HNWIs relocating to Tokyo post-pandemic, according to the report. However, other destinations are facing challenges. China is expected to see the biggest millionaire exodus, with 15,200 HNWIs set to exit the country by year-end compared to 13,800 in 2023. The U.K., previously one of the top destinations for the wealthy globally, comes in second, with a projected net loss of 9,500, with the country’s exit from the European Union and ongoing economic uncertainty contributing to the big outflow of millionaires. India is expected to lose 4,300 millionaires this year, dropping from second to third place. Motivated by a desire for a higher quality of life, Indian millionaires are choosing to relocate abroad, seeking cleaner and safer environments and access to better healthcare and educational opportunities. South Korea, in fourth place, is also expected to see a rise in HNWIs leaving
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www.hsbc.ae/worldtrader AUGUST 2024
By William Baldwin
CONTRARIAN • MONEY & INVESTING
24
CONTRARIAN • MONEY & INVESTING
Photograph by Victor Llorente for Forbes
Grandmaster of Risk At Prudential Financial, ex-NASA engineer GEORGE PATTERSON runs through a few trillion calculations to make a client happy.
T
The beauty of theoretical physics intersects with the messy business of stock picking at the Newark, New Jersey, office of PGIM Quantitative Solutions. There, George N. Patterson, a physics Ph.D. who left a career at the National Aeronautics & Space Administration to work on investing, presides over a research team that includes 13 other doctorates. A physicist on Wall Street? If you’re into partial differential equations, you won’t find this such an odd fit. The equation that describes the drift of stock prices is almost identical to the one that defines the movement of heat. There is a big difference, though, between the disciplines of natural science and finance. Planets follow predic table trajectories, while securities markets are sometimes just nutty. Patterson makes the point: “Gravity never has a bad year.” As PGIM Quant’s chief investment officer, Patterson has the task of adapting abstract theories found in finance textbooks to the practical assignment of assembling stock, bond and commodity portfolios for mostly institutional clients. Tools: arcane objects like copulas, directed graphs and hidden Markov models. Input: 61 terabytes of data. Output: 400,000 trades a year. “We’re like a baleen whale filtering tiny shrimp,” Patterson says. A whale in F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
JEFFERSON HOTEL BY STEVE HELBER/AP
F O R B E S M I D D L E E A S T.C O M
The Vault
CALCULATING RETURNS
By 2015, the “fastestgrowing big hedge fund on the planet” was Two Sigma Investments, which “math genius” John Overdeck and “computer nerd” David Siegel had built into a $28 billion (AUM) giant by going full-bore quantitative: “The human mind has not become any better than it was 100 years ago, and it’s very hard for someone using traditional methods to juggle all the information of the global economy in their head,” Siegel said at an investor conference earlier this year. In fact, Two Sigma’s data scientists and systems analyze more than 10,000 data sources, using 75,000 CPUs with 750 terabytes of memory. . . . “Eventually the time will come that no human investment manager will be able to beat the computer.” —Forbes, October 19, 2015 Two Sigma has more than $60 billion in assets today, but Siegel and Overdeck (billionaires both) are locked in a brawl over how to run the business, proving that the human element is alive and well.
All very elegant in a finance textbook, Patterson says, but hazardous in the real world. You measure a covariance by looking at the past several years of stock prices. This input has a lot of what Patterson, borrowing a term from electrical engineering, calls “noise.” Set a computer to work on past prices and it might seize on a fluke, a low covariance between some car company and some fishmeal company. The computer would tell you that a portfolio consisting of Tesla and the fishmeal stock would be especially stable. But this is nonsense. Another problem with classic portfolio theory is that it assumes a covariance is a single, fixed number. In the real world, the codependency of two assets might be low in placid markets but shoot up during turbulence. This is the essence of what went wrong in the global financial crisis: Everything crashed at once. Taking wisdom from that experience, quantitative analysts now measure relationships between securities with “copulas,” which explicitly allow for rising codependency during bear markets. The PGIM analysis embodies those, plus other refinements. Patterson’s team has concocted a graph that uses securities filings to measure the linkages between corporations. (Example: Door manufacturer Jeld-Wen reveals that it gets 15% of revenue from Home Depot.) They are playing around with a Markov model (named for a Russian mathematician) to describe the stock market. This analysis assumes that a genie, hidden in a dark room, plucks up and down moves from one of two urns, one containing random balls with a bullish average, the other with a bearish tilt. Seeing only the balls that come out, you try to divine his rule for choosing the urn. Patterson doesn’t want his mathematicians to get carried away with any of this. Quantitative work is “a loaded weapon,” he says. If the computer turns up a “statistical anomaly that seems to work but we don’t know why,” he won’t use it. Echoing an aphorism often attributed to Albert Einstein, he defines his goal this way: “Use enough complexity to model the real world, but not any more than that.” FI N AL TH OU GH T
“PHYSICS IS NOTHING MORE THAN A SEARCH FOR ULTIMATE SIMPLICITY, BUT SO FAR ALL WE HAVE IS A KIND OF ELEGANT MESSINESS.” —Bill Bryson AUGUST 2024
25 CONTRARIAN • MONEY & INVESTING
a big pod: PGIM Quant accounts for $102 billion of the $1.3 trillion in global investment management at Prudential Financial, the 149-year-old insurer. Patterson, 58, remembers from his childhood a visit to the New York Mercantile Exchange with his father, a commodities trader. So perhaps it was not a surprise that, early in his career doing computer simulations at NASA’s Pasadena, California, lab, Barclays Global Investors was able to lure him away. He joined PGIM in 2017. Can you beat the market with a room full of computers? Not easily. PGIM doesn’t disclose performance of its separately managed accounts, which go back 49 years, but it does have some smallish and more recent mutual funds with observable records. PGIM Quant runs largecompany, small-company and international funds with performances over the past five years (per Morningstar) exceeding relevant indexes before expenses but falling behind after. The institutional customers, paying lower fees (posted rates are 0.3% to 0.65% of assets annually), presumably do better. PGIM’s computer whizzes can earn their keep even if all they do is track the benchmarks. The reason is that endowment and pension clients have different and exacting constraints. One may want to keep up with the S&P 500 while holding no fossil-fuel stocks, another may purge weapons or tobacco, while yet another might want to underweight a sector that is overrepresented in its accounts elsewhere. The objective is to maximize a score that rewards expected return while penalizing risk. Risk counts, or else you veer off into a portfolio consisting entirely of aggressive growth stocks like Nvidia and Netflix. As it happens, a portfolio consisting of stocks like those would have done very well recently, but it’s not what the client wants and it would be out of place at a prudent institution that was known, in its earliest days, as the Widows & Orphans Friendly Society. At PGIM Quant, a risk-aware computer gropes toward a high point inside a space with thousands of dimensions, each representing a security that could be owned. Thank goodness for fast chips. This maximizing work is undertaken daily for each client, and each client’s solution grinds through 3 trillion calculations. The late Harry Markowitz laid out the relation of risk to reward 72 years ago. He calculated the payoff from diversification in terms of the covariance between any two stocks, a measure of their tendency to march to the same beat. The game is to get securities with low (or better, negative) covariances.
• COVER STORY •
AHMED KHALIFA AL QUBAISI
26
SPEAKING FOR BUSINESS
Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry, has helped secure over 103 global and local partnerships since assuming office in August 2023, advocating for Abu Dhabi’s private sector. Now, he’s planning to further boost the chamber’s activity, global network, reach, and influence.
BY HAGAR OMRAN F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry.
PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
27
F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
AHMED KHALIFA AL QUBAISI
28
The oil-rich U.A.E., famous for its glistening skyscrapers and comfortable tax-free living, has become much more than a haven for expats, tourists, and the mega-wealthy over the last decade. Today, the country is a regional and global hub for business—and that reaches way beyond oil. From 2019 to 2023, an estimated $111.9 billion flowed into the U.A.E., making it MENA’s top country for inbound investment, followed by Saudi Arabia with $68.2 billion, and Egypt with $41.2 billion, according to UNCTAD’s World Investment Report 2024. Driven by the performance of the private sector, Abu Dhabi’s non-oil sector thrived in 2023, witnessing a 9.1% annual growth to hit $166.1 billion and contributing 53.4% to real GDP, according to the Abu Dhabi Department of Economic Development (ADDED). Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry (ADC), says this would not have been possible without the collaborative efforts of the government and the private sector. “The chamber has become a powerful advocate for Abu Dhabi’s private sector thanks to the government and the leadership’s strong support for businesses,” he adds. In the last four years alone, the U.A.E. government has made some big moves to attract business to the country. In 2020, the government began allowing foreigners to fully own commercial companies. In 2023, it introduced a 9% corporate tax but maintained exemptions for the crucial free zones that are vital to supporting non-hydrocarbon income. In February 2024, ADC launched the Advocacy Hub initiative, a digital platform designed to expand the chamber’s outreach and enhance engagement with the private sector. Most recently, in June 2024, ADDED launched a Unified Economic License in collaboration with the Abu Dhabi Free Zones Council in a move to streamline business setup and further enhance the investment climate. “Strategic planning, innovation, and economic diversification continue to fuel Abu Dhabi’s
economic success,” says Al Qubaisi. “We are working on attracting investment opportunities from both local and international businesses with the ultimate goal of boosting economic growth.” Mohammad Al Rasheed, U.A.E. Managing Partner at Baker McKenzie, agrees with Al Qubaisi on the effectiveness of the Gulf country’s exerted efforts, saying, “Over the past few years, the U.A.E. has implemented a series of reforms aimed at enhancing the ease of doing business in the country and attracting foreign investors and talent. The country has also modernized and updated key legislation and streamlined procedures, making it more business-friendly.” As part of ongoing modernization, the U.A.E. is a leader in recognizing that digital transformation is crucial for diversifying its economy, so promoting digital adoption among Abu Dhabi’s businesses is a key part of ADC’s mandate. “We are pioneering the use of AI in our region’s chambers of commerce. The majority of our operations are now driven by AI technology,” says the CEO of the 55-year-old chamber. In October 2023, ADC introduced ChamberGPT, the region’s first AI assistant specifically designed to navigate business-related queries. As of July 2024, it had recorded over 7,000 interactions across 85 countries. In June 2024, the chamber partnered with e& to offer SMEs customized packages for cloud and AI services, helping them harness the power of these technologies to drive their growth and competitiveness. Additionally, the Abu Dhabi Chamber has been eager to raise awareness among its members about AI, cloud computing, and cybersecurity, ensuring that local businesses possess the necessary knowledge and tools to thrive in the digital landscape.
“Our country deserves the best, and we will continue doing our utmost.”
F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
PREDRAG MILOSEVIC/ SHUTTERSTOCK.COM
F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
29 AHMED KHALIFA AL QUBAISI
“The U.A.E. has made remarkable progress business in the emirate, and supporting the in digital transformation thanks to ambitious sustainable growth of the economy. “Our initiatives like Vision 2021 and Vision 2030, the continuous engagement with the private sector Smart Dubai project, and the U.A.E. National has enabled us to build a robust understanding Innovation Strategy,” highlights Roland Abi of industry needs, allowing us to provide Najem, Founder and CEO of Revotips. “These the government with insightful, data-driven efforts are supported by a strong digital recommendations,” asserts Al Qubaisi. infrastructure, including the rollout of 5G, and The chamber had established 54 working a regulatory environment promoting innovation groups by April 2024, within the Advocacy Hub and compliance.” initiative. “We follow up with the working groups ADC’s digital support extends to the small and carefully listen to their challenges,” says the companies that are often the most vulnerable CEO. The chamber has already communicated to challenges. “We established a working group with the government about approximately 126 for SMEs and startups in March to position the challenges faced by the private sector. emirate at the forefront of supporting SMEs,” These are far from the CEO’s only achievements says the CEO. According to ADDED, more than in the last year. The chamber has secured over 103 46% of Abu Dhabi’s workforce is employed by SMEs. The CEO himself has an impressive working background in large enterprises. He previously spent 19 years at ADNOC in finance and investment, while also spending a year at bp in London and two years as a partner at EY. He has also sat on the boards of several companies, giving him a comprehensive understanding of the private sector. This includes board memberships at ADNOC Refining and ADNOC Distribution from 2016 to 2018, as well as the Abu Dhabi Water From 2019 to 2023, an estimated $111.9 billion flowed into the U.A.E., making it and Electricity Authority from MENA’s top country for inbound investment. 2013 to 2018. The CEO holds a Global Executive MBA from INSEAD, a Senior key partnerships globally and locally since August Executive Leadership Program certificate from 2023. “We have embraced a new approach that Harvard Business School, and executive leadership ensures a shift in our behavior, transforming our certificates from the University of Oxford and engagement MoUs into true partners, creating IMD Business School. He is currently pursuing mutual and real advantages,” says Al Qubaisi. his doctorate from Durham University Business This includes helping SMEs to embrace School. sustainable practices. In October 2023, the Al Qubaisi took the helm of ADC in August Abu Dhabi Chamber, in collaboration with the 2023. Believing that positive change starts COP28 Presidency, First Abu Dhabi Bank, and internally, the CEO has undertaken a central role Masdar, launched the SME Climate Hub to in executing the chamber’s strategic objectives support MENA’s SMEs in committing to global approved by the board, aimed at strengthening climate pledges. In May 2024, ADC also signed a public-private sector partnerships and the cooperation agreement with U.K.-based Hertech alignment of economic and investment initiatives. Ltd to enhance environmental sustainability and By July 2024, the chamber had launched over support private sector companies in reducing 150 initiatives aimed at achieving Abu Dhabi’s their digital carbon footprint and achieving Economic Vision, improving the ease of doing climate neutrality.
AHMED KHALIFA AL QUBAISI
30
Internationally, in June 2024, ADC made an agreement with the Korea International Trade Association (KITA) to enhance trade and investment opportunities and support startups as part of the chamber’s participation in NextRise 2024 in Seoul. The CEO even invited KITA to co-organize an Abu Dhabi version of NextRise. Locally, in July 2024, ADC signed a cooperation agreement with the Abu Dhabi Exports Office, the export financing arm of the Abu Dhabi Fund for Development, to help investors export and compete globally, with the ultimate goal of solidifying the U.A.E.’s position on the global trade map. It has also entered a strategic collaboration with the U.A.E. International Investors Council and, in February 2024, the ADC launched arbitrateAD, a specialized international arbitration center based in Abu Dhabi, as the initial steps towards the objective of becoming the premier arbitration site in the MENA region. It administers regional and global arbitration cases for parties who have chosen arbitration as their preferred dispute resolution method. Despite the magnitude of the chamber’s ambitious plans and initiatives, the landscape is not without its challenges. “Population growth will remain both a key challenge and an opportunity for the U.A.E. economy,” says Cedric Berry, Director of Middle East and Africa Sovereign Ratings at Fitch Ratings. “It benefited tremendously from the influx of population during the pandemic and at the start of the war in Ukraine, which enabled a loosening of visa requirements and complementary measures that have made the U.A.E. a more attractive city globally.” With geopolitical risks weighing on oil prices, Berry believes that the U.A.E.’s outlook remains positive, saying “Our base case scenario is that the impact of geopolitical risk will not materialize, and oil prices will remain at a level comfortable for Abu Dhabi.” In June 2024, Fitch Ratings affirmed the U.A.E.’s long-term foreign-currency rating at AA- with a stable outlook. ADC’s CEO believes that the U.A.E.’s inherent ability
F O R B E S M I D D L E E A S T.C O M
Evolution of
FDIs inflows to the U.A.E. in the past five years Year: 2019 FDIs Inflows
$17.9 billion
2020
$19.9 billion
2021
$20.7 billion
2022
$22.7 billion
2023
$30.7 billion
Total
$111.9 billion
Source: UNCTAD’s World Investment Report 2024. Stay connected with our latest business news.
to transform challenges into opportunities has been instrumental in maintaining its position as a highly competitive and advanced economy. Key macroeconomic indicators demonstrate the stability of the U.A.E.’s economy. The U.A.E.’s non-oil GDP growth is forecast to decline to 5.4% in 2024 after it hit 6.2% last year. Overall, the Central Bank of the U.A.E. expects 2024 real GDP to grow by 3.9%, driven by a strong non-oil sector, particularly tourism, transport, and finance, with oil production cuts slightly dampening overall growth, compared to 3.6% last year. Beyond being a fast-growing economy, Abu Dhabi’s strategic location makes it a magnet for investors, serving as a key gateway between Asia and Africa, according to Al Qubaisi. The CEO is ensuring that ADC’s strategy is meticulously aligned with the U.A.E.’s national economic growth plans, while also addressing Abu Dhabi’s business community’s specific needs. Looking ahead, the chamber is positioning itself to increase its activity, with a focus on diversification next year. In the first half of 2024, the ADC hosted 26 inbound delegations and participated in six international events in Switzerland, Latin America, Poland, Russia, and South Korea. In July, it launched its “Gateway to the World” initiative aimed at expanding its global network, creating new opportunities for local businesses to expand globally, attracting more foreign direct investment, and bolstering the chamber’s Abu Dhabi Business Connect platform by granting Abu Dhabi-based businesses access to over three million member companies worldwide. The chamber plans to boost its efforts with international partners to expand its global network, reach, and influence in 2025. The CEO attributes his success to constantly challenging the status quo and building a strong and capable team, believing in his team’s potential to always achieve more. “I consistently strive for excellence and relentlessly pursue the maximum potential in all endeavors” he stresses. “Our country deserves the best, and we will continue doing our utmost.”
AUGUST 2024
PRO M OTI O N Scan this QR code to open the website
Celebrating Four Decades of Sweet Success As Patchi marks 40 years of business in the U.A.E., the luxury chocolatier is building a future shaped by rich heritage, innovation, and exquisite taste.
A
s the world of premium chocolates evolves, few brands stand as timeless and innovative as Patchi. Celebrating 40 remarkable years in the U.A.E. and marking half a century globally, Patchi’s journey is a testament to the quality, elegance, and forward-thinking vision that continue to set the standard in the world of fine chocolates. Founded in Lebanon in 1974 by Nizar Choucair, Patchi quickly distinguished itself with its exquisite blend of rich flavors, superior craftsmanship, and unique packaging. Over the past 50 years, the brand has expanded its footprint across the globe, embedding itself into the culture of numerous countries. In the U.A.E., Patchi is more than a chocolate brand; it is a symbol of celebration and a staple at weddings and special occasions. Patchi’s success story is not merely rooted in tradition but in its pursuit of innovation. This year, the brand is embarking on a rebranding journey designed to captivate a new generation of chocolate enthusiasts while staying true to its luxurious heritage. More than a cosmetic update; the move reflects Patchi’s commitment to evolving with modern tastes and consumer preferences. The rebranding initiative will incorporate contemporary design elements and digital engagement strategies to enhance customer experience in its boutiques. It will
Ousama Choucair, CEO Of Patchi U.A.E
also see the introduction of new packaging and a broader variety of products, fortifying Patchi as a destination for gifting while also catering to personal indulgence. Patchi’s new offerings will include exclusive flavors and collections tailored specifically to the U.A.E. market, reflecting local tastes and preferences. By combining traditional favorites with innovative new creations, the brand aims to delight both long-time fans and newcomers, making each visit to a Patchi store an exciting journey of discovery. While Patchi adapts to the everchanging market, its commitment to quality remains unwavering. Every piece of chocolate is crafted with the finest ingredients and attention to detail, ensuring an unparalleled
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
taste experience. Moreover, Patchi is committed to sustainable practices, sourcing ethically and striving to minimize its environmental impact, reflecting a broader global consciousness that resonates with today’s consumers. A cornerstone of this forwardlooking approach is the introduction of the Patchi Experience Center, set to open in the U.A.E. in 2025. This state-of-the-art facility will be the first of its kind in the region, offering a multi-sensory journey through the art of chocolate making. Visitors will be invited to engage in interactive experiences, from witnessing the meticulous process of crafting chocolates to indulging in exclusive tastings and workshops. The center is poised to become a landmark, drawing chocolate lovers and tourists alike to explore Patchi’s rich legacy and innovative future. As Patchi celebrates its 40th anniversary in the U.A.E., it looks back on decades filled with milestones and cherished moments, shared with its loyal customers. As it continues to evolve, the brand remains dedicated to delivering special chocolate experiences, ensuring its place in the hearts and homes of chocolate lovers worldwide.
www.patchi.com AUGUST 2024
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• TOP CEOS 2024 •
OBAID ALRASHEED
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NEW OLD GUARD
Obaid Alrasheed, Managing Director and CEO of Saudi’s arab national bank, has been with the organization for his entire 35-year career, yet only took the helm three years ago. As he sees profits soar, he’s looking forward to the future.
BY JASON LASRADO F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
Obaid Alrasheed, Managing Director and CEO of Saudi’s arab national bank.
IMAGE FROM SOURCE
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F O R B E S M I D D L E E A S T.C O M
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OBAID ALRASHEED
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While the Middle East’s stock markets have been facing increasing uncertainty, and the region’s top 100 listed companies saw a 5.1% decrease in sales from $1.1 trillion in 2022 to $1 trillion in 2023, the banking sector has proved to be resilient to challenges, supported by higher interest rates and oil prices. The aggregate market cap of the 30 most valuable banks in the Middle East grew by 14% in the year leading up to February 2024, hitting $581.1 billion. Saudi’s arab national bank (anb) has been among the top performers, seeing its profits grow by 20.1% to $658 million in H1 2024, compared to the same period in 2023. In 2023, anb recorded profits of $1.1 billion, the highest in its history. Obaid Alrasheed, Managing Director and CEO of anb, has been at the helm of the bank since 2021, focusing on improving operations, resource management, competitiveness, and digitization. “Our performance is a natural result of our strategic efforts to enhance our presence and role in Saudi’s banking sector,” says the Saudi national. anb was formed in 1979 when the Saudi government took over the operations of Jordan’s biggest bank, the Arab Bank, in Saudi Arabia by royal decree. Arab Bank is still the biggest shareholder in anb, with a 40% stake in the company. When anb was formed it had just six branches; today it has over 124 serving over two million customers. The bank was listed on Saudi’s stock exchange (Tadawul) in 1979 and had a market value of about $11.4 billion as of July 2024. Around 48% of its operating income comes from retail banking, with corporate banking contributing 37% and Treasury operations contributing 7%. According to Alrasheed, anb’s “historic and exceptional” growth in profits is largely due to a 24.8% increase in total operating income, reaching $2.3 billion in 2023 compared to $1.8 billion in 2022. The biggest contributor to this growth has been the bank’s core business. Last year, its net loans and advances portfolio grew by 5.8%, its net investments portfolio grew by 13.8%, its net
fee and commission income increased by 16.6%, and other operating income saw an increase of 42.3%. Since becoming CEO, Alrasheed has been tasked with creating a future-focused transformation and growth strategy for the 45-year-old bank. He was well suited to the role having spent his entire 35-year career with anb working his way through the ranks. Starting in branches, he went on to establish and manage the private banking department, after which he served as deputy CEO for ten years before accepting the top role three years ago. Last year saw the CEO hone in on accelerating transformation and performance on two levels: internal processes and digital transformation. “Despite the enthusiasm, determination, and sense of pride that accompanied me when leading a prestigious banking institution like the arab national bank, that confidence placed me before a real challenge in transitioning the bank into a new era,” says Alrasheed. “This new era is based on strategic thinking and prioritizing customers by creating a smooth and attractive banking experience while paving the way for the bank to enter the future of the banking industry efficiently and competently. It also enhances our ability to innovate competitive products and services based on modern and digital technologies and artificial intelligence.” Looking at internal processes, Alrasheed initially focused on transforming the internal work environment and making the process of decision-making more participatory. This involved investing in human capital by attracting local talent, promoting innovation and training for the employees, and making the work environment more attractive. By July 2024, more than 96%
“Employees are the primary drivers of any targeted and sustainable growth process.”
F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
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35 OBAID ALRASHEED
of anb’s people were Saudi nationals, with market share of fintech companies licensed women making up 22.6%. “Employees are the by the Saudi Central Bank and the Capital primary drivers of any targeted and sustainable Market Authority. “Recognizing the future growth process,” says Alrasheed. “We are not potential of this sector early on, we established a only striving to be the preferred banking choice dedicated department to study the needs of these for our customers but also to be the preferred companies, design suitable solutions for them, career destination in the Saudi private sector and make necessary technical adjustments to our for inspiring and talented individuals and core system,” he adds. outstanding professionals seeking to build a While striving to improve its own performance, brilliant career.” anb—as with every major institution in Saudi anb’s digital transformation journey has been Arabia—is committed to contributing to the ongoing since the CEO took the helm. In 2021, kingdom’s Vision 2030 plans. Alrasheed has the bank set up its digital office—a center for ensured that initiatives and partnerships with innovation and digital progress. By 2023, the government programs remain high on anb’s digital office was able to expand anb’s digital strategic agenda. “There are many opportunities product portfolio to offer its full range of products that are being created along with the ambitious across retail, wholesale, global transaction banking, trading platforms, and payments, with a focus on developing omnichannel customer experiences. Last year also saw the bank launch its new app, resulting in more than 80% of new retail accounts being opened through digital channels, as well as its new open banking channel, “anb connect,” which facilitates partnerships with financial companies and fintechs through API banking. This allows developers to create anb has been embracing its digital banking, launching an app and a digital a more open architecture office focused on innovation and progress. within financial institutions, so interactions between one bank’s core services and a third-party developer Vision 2030 plans in direct or indirect ways. or other banks can be more modular and flexible. For example, investing in digital transformation This setup decouples different banking functions infrastructure, entertainment projects, events, such as payments, identity verification, and sports, and hospitality,” says fintech expert and data sharing. anb has partnered with leading SME consultant, Fadi Al Awami, about the fintech companies to develop new interfaces direction of investment in Saudi’s economy. and customer experiences through anb connect, For anb, this includes supporting Saudi’s from digital account opening to savings and Financial Sector Development Program, which investment options, digitized financing solutions, was launched in 2018. The program aims to and online payment channels. The bank has strengthen Saudi Arabia’s financial industry, quarterly meetings with its fintech partners to focusing on banking, insurance, stock, and debt discuss trends, share insights, and strengthen markets. “Saudi Arabia is witnessing significant relationships. transformations in the fields of investment and According to Alrasheed, by the end of 2023, savings, thanks to substantial efforts by the there were 216 active fintech companies in Saudi government and financial institutions to enhance Arabia and anb had captured over 50% of the financial literacy among citizens. The Financial
OBAID ALRASHEED
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Sector Development Program aims to stimulate savings and investment and enhance financial planning through multiple channels,” says Alrasheed. Looking at other vision-focused milestones, in 2017, anb began supporting Saudi’s Real Estate Development Fund, helping to disburse concessional loans to individuals for private investment purposes. In October 2022, anb was the joint bookrunner for the PIF inaugural green bond, raising $3 billion to finance or refinance PIF’s green investments, in accordance with its Green Finance Framework. In one of anb’s largest joint financing operations, in December 2023, it led a $1.16 billion syndicate of local and regional banks and Saudi’s Tourism Development Fund to finance “The Avenues – Al Khobar” project, a $2 billion 820,000 sqm mall in the eastern project of Saudi Arabia that is scheduled to open by Q1 2027. The bank has also provided ongoing support for small and medium-sized enterprises (SMEs), which Alrasheed considers a key driver of economic growth.
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According to the CEO, over the past three years, anb has consistently boosted its support for SMEs, increasing financing by 24% in 2023 and launching 13 specialized centers in nine cities across the kingdom to offer them banking services, financial solutions, and credit products. In 2021, it also launched its “U” account targeting Saudi youth and the “Kashi” platform for financial literacy tailored for children and young people, in addition to other initiatives to support savings among citizens. Despite all these achievements, Alrasheed feels that there’s much more to be done. “Without a doubt, I am very proud of what I have achieved or contributed to achieving. However, I still feel that there is a lot of work and accomplishments that need to be realized, and many goals remain on my list of ambitions,” he says. “I look forward to the bank becoming a model and leading banking institution, capable of effectively contributing to driving digital transformation and financial technology, and strengthening its position among the most profitable, advanced banks.”
Top 10 Listed Saudi Banks Company name
Market value as of April 2024
2023 Sales
2023 Profits
2023 Assets
1
Saudi National Bank
$59.1 billion
$15.7 billion
$5.4 billion
$276.6 billion
2
alrajhi bank
$82.7 billion
$13.4 billion
$4.4 billion
$215.5 billion
3
Riyad Bank
$22.2 billion
$6.8 billion
$2.1 billion
$103.2 billion
4
Saudi Awwal Bank
$21.9 billion
$5.8 billion
$1.9 billion
$95.1 billion
5
Alinma Bank
$21.7 billion
$4.3 billion
$1.3 billion
$63.1 billion
6
Banque Saudi Fransi
$11.6 billion
$4.1 billion
$1.1 billion
$67.6 billion
7
arab national bank
$11.4 billion
$4 billion
$1.1 billion
$58.8 billion
8
Bank Albilad
$11.6 billion
$2.5 billion
$632 million
$38.2 billion
9
Saudi Investment Bank
$4.5 billion
$2.2 billion
$470 million
$34.7 billion
10
Bank AlJazira
$4.4 billion
$2 billion
$272 million
$34.5 billion
F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
PRO M OTI O N Scan this QR code to open the website
Transforming Patient Care Prof. Dr. Ghassan Elgeadi Saleh, CEO of AlSaif Corp. and Tiryaq Medical Group, is transforming patient care through pioneering research, treatment innovation, and people-centric business.
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rof. Dr. Ghassan Elgeadi Saleh is a prominent figure in the healthcare and business sectors. As the CEO of AlSaif Corp. and the man behind pioneering Madrid-based medical clinic, Clínica Elgeadi, and its parent company, Tiryaq Medical Group (TMG), he has been making an impact as an entrepreneur and medical practitioner for almost two decades. Now, he is on a bold mission to transform the lives of patients across continents. “My overarching vision is to revolutionize patient care in both Europe and the Middle East by integrating cutting-edge medical research with personalized treatment plans, ensuring rapid recovery and long-term health,” explains Prof. Dr. Elgeadi Saleh. Medically, the accomplished doctor strives to pioneer ultraminimally invasive techniques and holistic rehabilitation programs that set new benchmarks in patient outcomes through his company, TMG. Meanwhile, from a business perspective, he has set a goal to create patient-centred healthcare models that can be scaled globally, leveraging technology and collaboration. “This dual approach ensures that we not only advance medical practices but also make them accessible and efficient,” explains the spinal injury expert. Born in Madrid, Prof. Dr. Elgeadi Saleh built a reputation for medical excellence in traumatology and internal and sports medicine across Spain and wider Europe, but over
Prof. Dr. Ghassan Elgeadi Saleh, CEO, AlSaif Corp
time, the pull of the Middle East proved hard to ignore. According to the entrepreneurial medic, the region’s growing demand for advanced medical services and its commitment to healthcare innovation were key factors in his decision to expand in the region– along with his own family roots. “My Arabic heritage provides a deeper connection and understanding of the region’s needs,” he says. Now established in the region through TMG, Prof. Dr. Elgeadi Saleh plans to create state-of-the-art clinics that offer specialized spinal and sports medicine treatments tailored to the unique needs of the local population. Taking a holistic approach, he also intends to help nurture the Middle East’s wider healthcare ecosystem by collaborating with regional medical institutions, contributing to local medical education, and fostering research initiatives to enhance the standard of care.
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His plans are ambitious, but his track record suggests they are achievable. Highlighting his milestones to date, Prof. Dr. Elgeadi Saleh points to the medical institutions he has founded that have set new benchmarks in traumatology and sports medicine, and to his innovative treatment protocols that have improved patient outcomes globally. “I have also ensured the integration of cutting-edge IT solutions across all my companies…and my work in training and mentoring the next generation of medical professionals ensures a lasting impact on the industry,” he adds. Beyond healthcare, Prof. Dr. Elgeadi Saleh has business interests in the IT, trading, travel, business consultancy, and marketing sectors, with his firm, AlSaif Corp., matching his passion for medicine with strategic thinking and sound management skills. For Prof. Dr. Ghassan Elgeadi Saleh, the initial draw to medicine was a profound desire to help people regain their health and improve their quality of life. Today, though a powerful combination of business skills and medical excellence, he is achieving exactly that.
www.tiryaq.com www.clinicaelgeadi.com AUGUST 2024
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TOP CEOs 2024
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TOP THE MIDDLE EAST’S
CEOs 2024
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ur fourth annual list of the top 100 CEOs in the Middle East features many leaders whose influence extends far beyond normal business parameters. In this region, the government is often one of the biggest shareholders in the largest organizations, so while the business heads are committed to creating value for shareholders and other financial metrics, they also align with national interests and goals. Many of the CEOs on our list also hold influential roles in government institutions. Out of the top 10 leaders, nine are from companies where the majority stake is owned directly or indirectly by the government. Some of those companies, including Aramco, ADNOC, and QatarEnergy, are among the biggest sources of revenue for their respective countries. Two entries in the top 10 are also government ministers and another two are members of royal families. Our list of MENA’s most prominent CEOs in 2024 recognizes their achievements and the success of the companies they lead. It includes leaders from diverse sectors, including oil and gas, banking, telecommunications, and real estate. Many of these CEOs have steered their companies through challenging times, leveraging technology and sustainability to enhance efficiency and competitiveness. They have also played a key role in diversifying the region’s economies and positioning MENA as a global business hub. This year’s list features the CEO of the world’s largest oil company, the CEO of the world’s largest LNG producer, and the CEO of the largest international airline among others. The top 100 CEOs include leaders from 19 nationalities. Emiratis dominate with 27 entries, followed by Egyptians with 21 and Saudis with 14. This is a positive sign for localization, with most large companies now headed by local executives. The banking sector has the most entries, with 19, followed by real estate with 10, reflecting the boom in the sector over the last two years.
To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
TOP CEOs 2024
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F O R B E S M I D D L E E A S T.C O M
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THE MIDDLE EAST’S
TOP CEOs 2024 1
Amin H. Nasser
• President & CEO Company: Saudi Aramco Residence: Saudi Arabia Nationality: Saudi Sector: Energy Nasser assumed his current role in 2015. In Q1 2024, Saudi Aramco reported $107.2 billion in revenues and $27.3 billion in net profits. In June 2024, the company completed a secondary public offering of 0.64% of its total issued shares at $11 billion. In the same month, Aramco awarded contracts of more than $25 billion to fuel its strategic gas expansion. Nasser is also a member of the international advisory board of KFUPM, the board of trustees of KAUST, the board of BlackRock, the World Economic Forum’s International Business Council, and the JP Morgan International Council.
2
Sultan Al Jaber
Ahmed bin Saeed Al Maktoum
• Group CEO & Managing Director Company: ADNOC Group Residence: U.A.E. Nationality: Emirati Sector: Energy Al Jaber has been at the helm of ADNOC since 2016. In December 2023, he became the first CEO to serve as COP President. COP28 delivered the UAE Consensus, setting out actions needed to keep 1.5°C within reach. In July 2024, ADNOC signed a $3 billion green financing facility agreement with the Japan Bank for International Cooperation. In the same month, ADNOC and e& announced a strategic project to build the energy industry’s largest private 5G wireless network, spanning 11,000 square kilometers. This will be completed in 2025 and is expected to generate $1.5 billion in value during its first five years of operation. Al Jaber is also the U.A.E.’s Minister of Industry and Advanced Technology, the U.A.E. Climate Change Special Envoy, and chairman of Masdar. F O R B E S M I D D L E E A S T.C O M
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Ahmed bin Saeed Al Maktoum
Saad Sherida Al-Kaabi
• Chairman & Chief Executive
• Deputy Chairman, President & CEO
Company: Emirates Airline & Group
Company: QatarEnergy
Residence: U.A.E. Nationality: Emirati
Residence: Qatar Nationality: Qatari
Sector: Aviation
Sector: Energy
Al Maktoum became president of the Dubai Department of Civil Aviation in 1985. In the same year, he became chairman of the newly founded Emirates. By March 2024, it had 260 aircraft in service and flew between 151 destinations. The Emirates Group today also includes dnata, which recorded a 29% increase in revenues to hit $5.2 billion in the financial year ended March 2024. Emirates Airline made $33 billion in revenues and carried 51.9 million passengers in the same period. The group also invested $2.4 billion in new aircraft, facilities, equipment, and companies in the 2024 financial year. Al Maktoum is the chairman of Dubai Airports and Dubai Integrated Economic Zones Authority.
Al-Kaabi was appointed as President and CEO of QatarEnergy in 2014. In 2018, he also became the Minister of State for Energy Affairs, Cabinet member of Qatar, and Deputy Chairman of QatarEnergy. In May 2024, QatarEnergy inked a $6 billion deal with China State Shipbuilding Corporation (CSSC) to construct 18 ultra-modern QC-Max size LNG vessels. In February 2024, QatarEnergy announced a new LNG expansion project, the “North Field West”, to raise the State of Qatar’s LNG production capacity to 142 million tons per annum by 2030, an 85% increase from current production levels.
4
AUGUST 2024
IMAGE FROM SOURCE
TOP CEOs 2024
40
5
Syed Basar Shueb
• CEO & Managing Director Company: International Holding Company (IHC) Residence: U.A.E. Nationality: Emirati Sector: Investments
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TOP CEOs 2024
Shueb has been at the helm of IHC since 2019. IHC’s business segments include agriculture, healthcare, industrial, energy, real estate, and construction. In Q1 2024, the group recorded revenues of $5.3 billion, an increase of 22.5%. In January 2024, IHC formed 2PointZero, a next-generation holding company with assets expected to exceed $27.2 billion. Shueb was previously the group CEO of the Pal Group of Companies. He also holds a leadership role in Reem Finance. He is the chairman of Chimera Investment, and a member of the Abu Dhabi Chamber of Commerce and Industry and Alpha Dhabi Holding, among others.
Nawaf S. Al-Sabah
• Deputy Chairman & CEO Company: Kuwait Petroleum Corporation (KPC) Syed Basar Shueb
Residence: Kuwait Nationality: Kuwaiti Sector: Energy Al-Sabah joined KPC in 1999 and was appointed to his current role in 2022. KPC produces, refines, transports, and markets Kuwait’s hydrocarbon recourses globally through eight operating subsidiaries. In July 2024, the company announced a giant oil discovery in the Al-Nokhatha field, with oil reserves estimated at 3.2 billion barrels. The company’s net profits reached $4.75 billion for the financial year ended 31 March 2024. Al-Sabah was previously the president and CEO of Kuwait Petroleum International, CEO of the Kuwait Foreign Petroleum Exploration Company, and head of KPC’s General Counsel.
assets of $44.7 billion, and 95 million TEUs in its global capacity. As of July 2024, it had 430 business units in over 75 countries. DP World completed an expansion project at the Port of Callao in Peru for $400 million in June 2024, to boost container handling capacity by 80%. Bin Sulayem has also been chairman of the Ports, Customs & Free Zone Corporation since 2001. He was the founding chairman of the Jebel Ali Free Zone in 1985 and he also helped establish the developer Nakheel.
8
Isam Jassim Al Sager
• Vice Chairman & Group CEO
Sultan Ahmed Bin Sulayem 7
• Group Chairman & CEO IMAGE FROM SOURCE
Company: DP World Residence: U.A.E. Nationality: Emirati Sector: Logistics Bin Sulayem has been in his current role with DP World for over 42 years. In 2023, DP World recorded $18.3 billion in revenues, F O R B E S M I D D L E E A S T.C O M
Company: National Bank of Kuwait (NBK) Residence: Kuwait Nationality: Kuwaiti Sector: Banking Al Sager joined NBK in 1978 and assumed his current role in 2014. NBK was established in 1952 and was the first shareholding company in Kuwait. Today it has 72 branches in Kuwait, 54 in Egypt, and 18 worldwide. It employs over 8,000 people. In 2023, the bank had $122.4 billion in total assets and made net profits of $1.9 billion.
In June 2024, the bank successfully priced its first $500 million green bonds under its Global Medium Term Note program.
9
Hatem Dowidar
• Group CEO Company: e& Residence: U.A.E. Nationality: Egyptian Sector: Telecommunications Dowidar assumed his current role in 2020 and has since led the group’s transformation into a global technology and investment business, along with its expansion into 32 markets. In 2023, the group made $14.6 billion in revenues globally, of which $8.6 billion came from the U.A.E. It also became the largest shareholder in Vodafone with a 14% stake as of March 2024. In June 2024, the group’s subsidiary, e& enterprise, signed an agreement to fully acquire Türkiye-based cloud services provider, GlassHouse, for an enterprise value of $60 million. Dowidar was previously the CEO of Vodafone Egypt, and group chief of staff for Vodafone Group. AUGUST 2024
Ahmed Khalifa Al Qubaisi
Abdulla Mubarak Al-Khalifa 10
• Group CEO Company: QNB Group Residence: Qatar Nationality: Qatari Sector: Banking The QNB Group was established in 1964. Al-Khalifa joined the group in 1996 and assumed his current role in November 2018. QNB’s assets grew 4% in 2023 to $338.2 billion, while net profit grew by 8% to $4.3 billion. In May 2024, the group extended its partnership with Ooredoo Fintech to develop fintech services and digital innovation in Oman.
11
Hana Al Rostamani
• Group CEO Company: First Abu Dhabi Bank (FAB) Residence: U.A.E. Nationality: Emirati Sector: Banking Al Rostamani became the first woman to assume the role of group CEO of a U.A.E.-based bank in 2021. FAB is the U.A.E.’s largest bank by market value and assets. FAB made $4.5 billion in net profit in 2023 and had $336.3 billion in assets by March 2024. In April 2024, FAB signed a strategic business partnership with Microsoft to cooperate on the launch of an AI Innovation Hub for financial services. Al Rostamani is currently a board member of Buna, the Institute of International Finance, and the vice co-chairman of the U.S.-U.A.E. Business Council.
12
Olayan Alwetaid
13
Nadhmi Al-Nasr
14
Ahmed Khalifa Al Qubaisi
• CEO
• CEO
Company: NEOM Residence: Saudi Arabia
Company: Abu Dhabi Chamber of Commerce and Industry
Nationality: Saudi
Residence: U.A.E.
Sector: Telecommunications
Sector: Smart City
Nationality: Emirati
Alwetaid assumed his current role in March 2021. He was previously SVP for stc’s consumer sector and CEO of stc Bahrain. In Q1 2024, the group reported $42.6 billion in assets and $5.1 billion in revenues. In April 2024, stc Group signed a sale and purchase agreement with Saudi’s Public Investment Fund to acquire a 51% stake in TAWAL’s shares. Alwetaid is also the chairman of SAMENA and a board member at GSMA and KACST.
Al-Nasr assumed his current position in July 2018. In July 2024, Equinox Hotels announced plans to open Equinox Resort Treyam in NEOM. NEOM unveiled in April 2024 that it has secured a new revolving credit facility worth $2.7 billion. Al-Nasr was previously the interim president of the King Abdullah University of Science and Technology. He began his career at Saudi Aramco in 1978.
Sector: Services
• Group CEO Company: stc Group Residence: Saudi Arabia Nationality: Saudi
F O R B E S M I D D L E E A S T.C O M
Al Qubaisi assumed his current position in August 2023. In July 2024, the Abu Dhabi Chamber of Commerce and Industry signed a cooperation agreement with the Abu Dhabi Exports Office, the export financing arm of the Abu Dhabi Fund for Development, to support investors to increase national export rates and enter and compete in global markets. Al Qubaisi previously held executive leadership positions in finance and investment at the Abu Dhabi National Oil Company (ADNOC).
AUGUST 2024
PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
TOP CEOs 2024
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Waleed Abdullah Al-Mogbel 15
• Managing Director & CEO Company: alrajhi bank Residence: Saudi Arabia Nationality: Saudi Sector: Banking
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16
TOP CEOs 2024
Al-Mogbel assumed his role as CEO in 2020, and as managing director and board director in 2022. It made $4.4 billion in net income in 2023, and by the end of Q1 2024, it had $222.9 billion in assets. In June 2024, the bank announced it had exceeded $11.5 billion in foreign investment in its shares, making up 13.2% of its total shares. Before his current role, Al-Mogbel was COO at the bank followed by deputy CEO.
Hamad Salem Al Ameri
• Group CEO & Managing Director Company: Alpha Dhabi Holding Residence: U.A.E. Nationality: Emirati Sector: Diversified Al Ameri assumed his current position in 2021. He oversees more than 100 businesses spread across healthcare, renewable energy, and petrochemicals as well as real estate, construction, and hospitality. The group listed its shares on ADX in June 2021. In Q1 2024, Alpha Dhabi Holding recorded revenues of $3.8 billion and total assets of $40.1 billion. In June 2024, the group and ADNOC Drilling announced that their joint venture “Enersol RSC” acquired an additional 42.2% equity stake in Gordon Technologies valued at approximately $270 million. Al Ameri is also the vice chairman of the National Marine Dredging Company and is a board member of Aldar Properties, OCI Methanol Group, Mawarid Holding Investment, Nshmi Development, and PureHealth, among others.
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Yasser Zaghloul
2022 to $6.2 billion as of March 2024. In June 2024, NMDC Energy, Technip Energies, and JGC were awarded a contract worth $5.5 billion for ADNOC’s Ruwais LNG project in the U.A.E. Zaghloul is also a member of the General Board of the Control of Water UAE, a member of the Brussels-based World Organization of Marine Construction and Dredging, and a general supervisor and sponsor for the World Conference of CEDA in Brussels and Abu Dhabi, which covers more than 60 countries worldwide.
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Shaista Asif
• Cofounder & Group CEO Company: PureHealth Holding Residence: U.A.E. Nationality: Pakistani Sector: Healthcare
Company: NMDC Group
Asif cofounded PureHealth in 2006 and was group COO from 2010 until she assumed her current role in December 2023. In Q1 2024, the group recorded $1.7 billion in revenues and assets worth $12.9 billion. As of May 2024, the group’s portfolio included over 100 hospitals, 300 clinics, and more than 147 labs, as well as health insurance providers, pharmacies, health tech, procurement, and other investments. It owns SEHA, Daman, Ambulatory Healthcare Services, Rafed,
Sector: Real Estate & Construction Zaghloul has been with NMDC since 1998 and assumed his current position in 2009. In 2023, the group rebranded all its subsidiaries to align under one brand. The group achieved a 65% increase in net profit for FY2023, reaching $587 million, along with revenues of $4.5 billion. The group’s assets grew from $4.3 billion in F O R B E S M I D D L E E A S T.C O M
The Life Corner, Tamouh Healthcare, The Medical Office, Pure Lab, and ONE Health, among others. 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.
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Jasim Husain Thabet
• Group CEO & Managing Director
• Group CEO Residence: U.A.E. Nationality: Egyptian
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Shaista Asif
Company: TAQA Group Residence: U.A.E. Nationality: Emirati Sector: Utilities Thabet assumed his current role in 2020. Established in 2005, TAQA has power, water, and oil and gas assets in 23 countries worldwide. It made $14.1 billion in revenue during 2023 and had $58 billion in assets by the end of Q1 2024. In June 2024, TAQA, Vision Invest, and the GIC consortium announced the financial closing for the Juranah Independent Strategic Water Reservoir project in Makkah, which will cost over $408.4 million. Thabet is also the deputy chairman and a board member at Masdar. He was previously CEO and MD of Abu Dhabi Power Corporation and CEO of Tabreed. AUGUST 2024
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Shayne Nelson
• Group CEO Company: Emirates NBD Residence: U.A.E. Nationality: Australian Sector: Banking Nelson joined Emirates NBD in 2013 as group CEO. Emirates NBD made $5.9 billion in net profit in 2023 and had about $245.7 billion in assets by the end of Q1 2024. Nelson was previously the CEO of Standard Chartered Private Bank in Singapore, and the chairman of Standard Chartered Saadiq Islamic Advisory Board.
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Tareq Al Sadhan
• CEO Company: Saudi National Bank (SNB) Residence: Saudi Arabia Nationality: Saudi Sector: Banking Al Sadhan assumed his current position in May 2024. As of March 2024, Saudi National Bank operated 474 branches, 19 retail service centers, and 96 QuickPay remittance centers in Saudi Arabia, as well as four overseas branches in Bahrain, the U.A.E, Qatar, and Singapore. As of December 2023, it employed 16,084 people and had 14.2 million customers. In Q1 2024, the bank recorded total assets of $285.9 billion. In July 2024, SNB entered the Taiwanese Formosa market with a $500 million five-year senior unsecured FRN Bond. Al Sadhan was previously the CEO of Riyad Bank. He is also a member of the audit committee at Saudi’s Public Investment Fund and an advisory board at Mastercard.
Saeed Mohammed Al Tayer 22
Abdulrahman Al Hatmi
to absorb this amount of CO2 emissions. Al Tayer is also the chairman of the ENOC Group, Dubal Holding, Dragon Oil Company, vice chairman of Emirates Global Aluminium, and the Dubai Supreme Council of Energy.
Mohamed Juma Al Shamisi 23
the chairman of Aramex, ADNEC, the KEZAD Group, and the Arab Sea Ports Federation.
Abdulrahman Al Hatmi 24
• Group CEO Company: Asyad Group
• Group CEO & Managing Director
Residence: Oman Nationality: Omani
• Managing Director & CEO
Company: AD Ports Group
Sector: Logistics
Company: Dubai Electricity and Water Authority (DEWA)
Residence: U.A.E. Nationality: Emirati Sector: Logistics
Al Hatmi has been in his current role since 2016. In 2023, the Asyad Group began managing and operating the Muscat Airport Free Zone. In 2024, the group announced the establishment of Hafeet Rail, as well as inaugurated the Asyad Container Terminal in the Port of Duqm. The company has a diversified portfolio of assets valued at $4.1 billion and recorded a group revenue of more than $1.2 billion in 2023. Asyad Group also maintained a double-digit CAGR in its revenue and net profit and recorded a 79% growth in shareholder equity since its inception.
Residence: U.A.E. Nationality: Emirati Sector: Utilities Al Tayer has been leading DEWA since its inception in 1992. In June 2024, DEWA announced that it had achieved a 41.73% improvement in electricity and water production efficiency in 2023, compared to 2006. This is a cumulative reduction of 92.5 million tonnes of carbon dioxide emissions between 2006 and 2023, equivalent to planting 484 million trees F O R B E S M I D D L E E A S T.C O M
Al Shamisi assumed his current position in 2019 after joining the AD Ports Group in 2008. In June 2024, AD Ports signed an agreement with the Red Sea Ports Authority to develop, operate, and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh ports. The group also signed two concession agreements with the General Authority of the Suez Canal Economic Zone for a Ro-Ro terminal and a cruise terminal in Sokhna Port. Al Shamisi is
AUGUST 2024
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Abdulnasser Bin Kalban
• CEO Company: Emirates Global Aluminium (EGA) Residence: U.A.E. Nationality: Emirati Sector: Industrials
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TOP CEOs 2024
Bin Kalban has been in his current role since 2020. In 2023 EGA had record sales of cast metal at 2.75 million tons and record production of alumina at 2.48 million tons. By July 2024, EGA and RECAPP, a digital recycling solution by Veolia, had completed more than 14,000 collections from schools and homes since the beginning of 2023 to promote aluminum recycling amongst the U.A.E.’s youth. Bin Kalban is a board member of the International Aluminium Institute, the Gulf Aluminium Council, and the Emirates Research and Development Council.
Hisham Okasha
• Executive Chairman Company: National Bank of Egypt (NBE) Residence: Egypt Nationality: Egyptian Sector: Banking Okasha has been with the National Bank of Egypt since 2008 and has been in his current role since 2013. In February 2023, the bank’s market share in loans was 43.1%. As of June 2023, NBE had more than 640 branches, offices, and banking units nationwide, serving nearly 19 million customers. Its deposits stood at $70.8 billion, while its loans grew to $41.6 billion. Okasha is also deputy chairman of the Federation of Egyptian Banks and a board member of The Sovereign Fund of Egypt.
Abdulnasser Bin Kalban
Park. Al Dhiyebi also serves on the boards of the Abu Dhabi Transport Company, and the Abu Dhabi Chamber of Commerce and Industry, amongst others.
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PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
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Talal Al Dhiyebi
Jerry Inzerillo
• Group CEO
• Group CEO
Company: Diriyah Company
Company: Aldar Properties
Residence: Saudi Arabia
Residence: U.A.E. Nationality: Emirati
Nationality: American
Sector: Real Estate & Construction
Sector: Travel & Tourism
Al Dhiyebi has been Group CEO at Aldar Properties since January 2021. In May 2024, Aldar Investment Properties, a subsidiary of Aldar Properties, issued a $500 million green sukuk as part of its $2 billion Trust Certificate Issue Programme established in 2023. In July 2024, Aldar Properties signed a strategic agreement with DP World to fund and develop a 1.55 million square feet logistics park in Dubai’s National Industries
Inzerillo has been in his current role since June 2018. In July 2024, the Diriyah Company announced a $2 billion joint venture with El Seif Engineering Contracting and China State Construction Engineering Corporation Limited to develop a major mixed-use district with educational institutions, cultural venues, modern offices, and a luxury hotel in the north of Diriyah. He
F O R B E S M I D D L E E A S T.C O M
also serves as vice chairman of the Forbes Travel Guide after previously being its CEO from 2014 to 2018.
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Ahmed Abdelaal
• Group CEO Company: Mashreq Residence: U.A.E. Nationality: Egyptian Sector: Banking Abdelaal became Group CEO of Mashreq in October 2019, having joined the bank in 2017. In Q1 2024, Mashreq recorded net profits of $555.8 million, showcasing a year-on-year growth of 25%. In 2023, it introduced the “Notice Nature” wildlife mapping initiative, in partnership with Emirates Nature-WWF, and transitioned to 100% recycled plastic for credit and debit cards. Abdelaal previously held leadership positions at American Express, ABN AMRO Bank N.V., and HSBC Middle East. AUGUST 2024
Humaid Matar Al Dhaheri 30
• Managing Director & Group CEO Company: ADNEC Group Residence: U.A.E. Nationality: Emirati Sector: Diversified Al Dhaheri has been in his current position since 2014, having first joined ADNEC Group as head of the finance department in 2005. In December 2023, ADNEC Group acquired Karavel, a French tourism group, from Equistone Partners Europe. In January 2024, the group and ADQ signed definitive agreements to acquire a 40.5% stake in Talaat Moustafa Holding Group’s hospitality business, ICON Group. Al Dhaheri also sits on the boards of Abu Dhabi Airports and twofour54.
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Ahmed Galal Ismail
• CEO Company: Majid Al Futtaim – Holding Residence: U.A.E. Nationality: Egyptian Sector: Diversified Ismail has been at the helm of the company since January 2023. The group recorded total assets of $19 billion and revenues of $9.4 billion in 2023. In June 2024, the company announced a partnership with digital payments provider “Checkout.com” to provide the company’s 15 million monthly online customers with a one-click checkout experience across its payment platforms. Ismail serves on the board of the Arab Investment Bank. He is a member of the World Economic Forum’s CEO Alliance for Climate Change and is a trustee of the American University in Cairo. He was previously the CEO of Majid Al Futtaim Properties.
Humaid Matar Al Dhaheri
it expanded its retail station network by commissioning 14 additional sites. Al Falasi is also a board member of the Supreme Council of Energy, the Green Energy Council, the Centre of Excellence for Applied Research and Training Committee, the Fuel Price Committee in Abu Dhabi, and the Dubai Future Council of Energy.
Hisham Talaat Moustafa 33
• CEO & Managing Director 32
Saif Humaid Al Falasi
• Group CEO Company: ENOC Group Residence: U.A.E. Nationality: Emirati Sector: Energy Al Falasi joined the ENOC Group in 2008. He leads the implementation of its business growth strategy and operations locally and internationally, with 12,500 people. In the 2023 financial year, the group’s terminal capacity utilization reached a five-year high of 98%, and F O R B E S M I D D L E E A S T.C O M
Company: Talaat Moustafa Group Holding (TMG Holding) Residence: Egypt Nationality: Egyptian Sector: Real Estate & Hospitality Moustafa has been with TMG Holding for more than 40 years. TMG Holding develops large-scale integrated communities and tourism investment projects. In July 2024, TMG launched its mega development “SouthMED,” spanning over 23 million sqm along the Egyptian North Coast shoreline. According to the company, SouthMED saw over $5.2 billion
in sales in less than a month, bringing TMG’s total reported annual sales to over $8.1 billion by July 2024. Also in July 2024, TMG started construction on Banan City, a new smart residential city in Saudi Arabia. The project is offering 27,750 residential units across 10 million square meters and has generated sales north of $1 billion in less than three months since its launch.
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Adnan Chilwan
• Group CEO Company: Dubai Islamic Bank (DIB) Residence: U.A.E. Nationality: Indian Sector: Banking Chilwan joined DIB in 2008 and assumed his current position in July 2013. In the first half of 2024, DIB reported assets exceeding $87.9 billion, a net profit of $920 million, and a workforce of more than 9,000 people. In July 2024, DIB led a landmark $3.25 billion financing transaction for GEMS Education. Chilwan is also the chairman of DIB Bank Kenya Ltd, and sits on the boards of Deyaar Development, and the Liquidity Management Centre in Bahrain. AUGUST 2024
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PRO M OTI O N Scan this QR code to open the website
Fanadir Marina: Egypt’s Newest Maritime Paradise
A visionary new yachting marina and neighborhood opens in El Gouna on the Red Sea.
E
l Gouna, the year-round coastal destination situated on the Red Sea by Orascom Development, has announced the opening of the highly-anticipated Fanadir Marina with signature residences. This distinctive new project offers picturesque views of the Red Sea and upscale waterfront apartment living featuring a unique blend of social, shopping, and dining experiences. Developed by Orascom Development Holding—an international developer specializing in vibrant, integrated communities in Europe and MENA—El Gouna epitomizes an aspirational, multicultural lifestyle, known for its relaxed resort-like sophistication. The town encompasses 9,200 residences, 18 hotels with 2,800 rooms, schools offering various international curricula including Swiss and British certifications, an international hospital, a startup workspace facility, four marinas, two world-class golf courses, an Egyptian Premier League football club, a culture and conference center, and an array of services.
Growing steadily for over 35 years, El Gouna is now home to a dynamic population of more than 25,000 residents of over 50 nationalities. The new Fanadir Marina embraces this way of living and has been designed to offer flexibility, convenience, and a vibrant sense of community. From the promenade, the architecture flows between retail spaces and the luxurious signature residences with panoramic views, where all apartments share a prime location. Homeowners can enjoy reserving their berthing spots when purchasing their apartments, admiring their yachts from the luxury of their new homes. The new marina offers easy access to the Red Sea for yachts, and a wealth of exclusive social experiences, offering vibrant cosmopolitan living with limitless opportunities for life redefined. The neighborhood’s residents can look forward to an upbeat lifestyle filled with upscale experiences and enriching social opportunities. “Fanadir Marina project brings our vision of redefining waterfront
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
living to life. Located on the pristine shores of the Red Sea in Egypt, this exclusive development offers unparalleled access to worldclass amenities and the stunning natural beauty that has made El Gouna a premier destination,” says Mohamed Amer, CEO of El Gouna. “We are proud to welcome this latest addition to our vibrant town, making El Gouna Egypt’s biggest private marina operator with four marinas now fully operational with a capacity of over 680 yachts.” Fanadir Marina spans 30,600 square meters and provides berthing for approximately 80 boats. The new yachting marina surrounded by an array of premium amenities in its vibrant commercial district offers direct access to El Gouna’s social scene, set amidst the joys of coastal living, with a stunning promenade spanning 6,000 square meters for lease and featuring a selection of 38 unique dining and shopping experiences.
www.elgouna.com AUGUST 2024
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Mohamed Abdalla Al Zaabi
Mohamed Abdalla Al Zaabi 35
• Group CEO Company: Miral Residence: U.A.E. Nationality: Emirati Sector: Travel & Tourism Al Zaabi joined the company as group CEO in 2015. In 2023, Yas Island recorded 34 million visitors, an increase of 38% compared to 2022, whereas Saadiyat Island saw a 44% growth in visitors from 2022. Yas Waterworld is undergoing an expansion set to open in 2025. Al Zaabi is currently chairman of Miral Destinations and a board member of Miral Experiences. He previously held senior management positions at Aldar Properties from 2008 to 2015.
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Aziz Aluthman Fakhroo
• Group CEO & Managing Director Company: Ooredoo Group Residence: Qatar Nationality: Qatari Sector: Telecommunications Fakhroo has been at the helm of Ooredoo Group since November 2020. The group has operations spanning 10 countries in MENA and Southeast Asia. In June 2024, Ooredoo announced a collaboration with NVIDIA to capitalize on market demand for generative AI, accelerated computing, and hyperconnectivity. In Q1 2024, the group reported revenues of $1.6 billion and total assets of $15.6 billion. Fakhroo previously served as Deputy Under Secretary for Budget, Treasury, and Financial Affairs at the Ministry of Finance. He is a member of the board of trustees of Qatar Museums, and deputy president commissioner at Indosat Ooredoo Hutchison.
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Hamad Al Marar
• Managing Director & CEO Company: EDGE Group Residence: U.A.E. Nationality: Emirati Sector: Defense Al Marar was appointed to his current role in February 2024, where he leads the strategic, commercial, and operational management of EDGE Group, covering over 35 companies across five businesses including platforms and systems, missiles and weapons, space and cyber technologies, trading and mission support, F O R B E S M I D D L E E A S T.C O M
and homeland security. In June 2024, EDGE signed a cooperation agreement with Adani Defence & Aerospace to establish a global platform leveraging defense and aerospace capabilities. In March 2024, the group signed a joint venture agreement with Spain’s Indra Sistemas to develop and manufacture next-generation radars in the U.A.E.
Bader Nasser Al-Kharafi 38
• Vice Chairman & Group CEO Company: Zain Group Residence: Kuwait Nationality: Kuwaiti Sector: Telecommunications Al-Kharafi joined Zain’s board of directors in 2011. He was appointed vice chairman in 2014 and became group CEO in 2017. As of March 2024, Zain Group has operations in eight Middle Eastern and African countries with a workforce of over 8,200 people, and 42.4 million customers. In Q1 2024, the group reported revenues of $1.5 billion and had total assets of $16 billion. Al-Kharafi is also the vice chairman of Kuwait-based
Gulf Cables & Electrical Industries Group Co. and National Investments Company and founder of BNK Holding. In March 2024, he was appointed as chairman of Gulf Bank Kuwait.
Saeed Ghumran Al Remeithi 39
• Group CEO Company: Emirates Steel Arkan Residence: U.A.E. Nationality: Emirati Sector: Industrials Al Remeithi was appointed to his current role in November 2021, after joining Emirates Steel Arkan as production manager in 2002. The company has 60% of its shares in the U.A.E.’s steel market and 16% in the cement industry. In Q1 2024, Emirates Steel Arkan reported revenues of $582.7 million. Al Remeithi started his career as a project manager at SENAAT General Holding Corporation. He is also chairman of Al Gharbia Pipe Company, deputy treasurer of the Abu Dhabi Chamber of Commerce and Industry, and chairman of the U.A.E.’s Steel Producers Committee. AUGUST 2024
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Ala’a Eraiqat
• Group CEO Company: ADCB Group Residence: U.A.E. Nationality: Emirati Sector: Banking Eraiqat joined ADCB in 2004 and held various senior positions before assuming his current position in 2009. By the end of Q1 2024, ADCB recorded total assets of $161.9 billion, a 19% increase yearon-year, and operating income of $1.2 billion. In January 2024, ADCB obtained the approval of the Saudi Council of Ministers for a license to operate a banking business in Saudi Arabia. Eraiqat is the chairman of Al Hilal Bank and chairs several subsidiaries and committees of ADCB, including Abu Dhabi Commercial Properties, Abu Dhabi Commercial Engineering Services, the ADCB Management Executive Committee, and the ADCB Management Credit Committee.
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TOP CEOs 2024
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Fahad Al Hassawi
• CEO Company: du Residence: U.A.E. Nationality: Emirati Sector: Telecommunications Al Hassawi joined du in 2006, was appointed as acting CEO in September 2020, and became CEO in June 2021. In June 2024, du announced the deployment of Oracle Alloy to offer hyper-scale cloud and sovereign AI services for the government and public sector entities in the U.A.E. By the end of the first half of 2024, du reported total assets of $4.4 billion and revenues of $1.1 billion. In April 2024, Al Hassawi was appointed chairman of du Pay.
the chairman of Jeel Innovation Digital Company and 1957 Ventures, a board member at Riyad Capital, and a member of Mastercard Middle East & Africa’s advisory board.
teamed up with U.S.-based Baylor College of Medicine to establish a medical college in Dubai.
Mohamed Jameel Al Ramahi 44
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Sherif Beshara
• Group CEO
• CEO
Company: Mohamed & Obaid Almulla Group and American Hospital Dubai
Company: Abu Dhabi Future Energy Company (Masdar)
• CEO
Residence: U.A.E. Nationality: Egyptian
Residence: U.A.E. Nationality: Emirati
Company: Riyad Bank
Sector: Diversified
Sector: Energy
Residence: Saudi Arabia
Beshara assumed his current role in 2018. The Mohamad & Obaid Almulla Group’s portfolio covers the healthcare, hospitality, and real estate sectors, including American Hospital Dubai and Ishraq Hospitality, which operates eight hotels in Dubai. In January 2024, the American Hospital Dubai announced the opening of its three medical tourism representative offices in Nigeria as part of its expansion plan of 30 offices across Africa and Eastern Europe. In the same month, it
Al Ramahi was appointed CEO in 2016, having first joined Masdar in 2008. In July 2024, it was announced that Emerge Limited, a joint venture between Masdar and EDF Group, and the Sharjah National Oil Corporation broke ground on the largest solar PV plant in Sharjah. The 60-megawatt peak installation is set to offset 66,000 tons of CO2 per year. Al Ramahi is also chairman of Masdar’s executive committee and vicechair of the Global Council on Sustainable Development Goals.
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Nadir Sami Al-Koraya
Nationality: Saudi Sector: Banking
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Fahad Al Hassawi
Al-Koraya was appointed to his current position in February 2024. By the end of Q1 2024, the bank recorded total assets of $108 billion and operating income of $1.1 billion. Al-Koraya spent 20 years of his career with Samba Financial Group. He was previously the Riyad Bank’s chief treasury and investment officer. Al-Koraya is also F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
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Ali Al Baqali
• CEO Company: Aluminium Bahrain (Alba) Residence: Bahrain Nationality: Bahraini Sector: Industrials Al Baqali became CEO of Alba in February 2020, having joined the company in 1998 as a purchasing officer. In May 2024, Alba delivered a robotic unit for educational and training purposes at the Nasser Vocational Training Center in Bahrain. In the same month, the company launched EternAl, a low-carbon aluminum line with 30% and 15% recycled products. Al Baqali is also the board chair of the International Aluminium Institute. He was previously deputy CEO and chief supply chain officer for the company.
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Firoz Tarapore
• CEO Company: Dubai Aerospace Enterprise (DAE) Residence: U.A.E. Nationality: Indian Sector: Aerospace Tarapore assumed his current role in 2013. In Q1 2024, DAE generated $343.6 million in revenues and $12.1 billion in total assets. In January 2024, it signed an agreement with Turkish Airlines for the lease of 10 new Boeing 737-8 aircraft to be delivered in 2025. In April 2024, DAE secured a five-year $750 million unsecured loan with Emirates NBD for financing its business. The company owned, committed, and managed almost 500 aircraft as of March 2024.
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Mohamed El-Etreby
• Chairman Company: Banque Misr Residence: Egypt Nationality: Egyptian Sector: Banking El-Etreby was appointed chairman of Banque Misr in January 2015. He is also the chairman of the Union of Arab Banks, and the Federation of Egyptian Banks. In February 2024, Banque Misr and the Islamic Corporation for the Development of the Private Sector signed a letter of intent to provide a $30 million financing line dedicated to supporting small and medium enterprises in Egypt. El-Etreby started his career in 1977 when he joined the Arab African International Bank. F O R B E S M I D D L E E A S T.C O M
Mohamed El-Etreby
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Talal Said Al Mamari
• CEO Company: Omantel Residence: Oman Nationality: Omani Sector: Telecommunications Al Mamari has been in his current position since June 2014, having first joined Omantel as vice president in 2009. In March 2024, Omantel announced a collaboration with Amazon Web Services to build a Cloud Center of Excellence to support Omani organizations migrating to the cloud. In Q1 2024, the company recorded $1.9 billion in revenues and $105.6 million in net profit. Al Mameri is also a board member of the Zain Group and the Oman Center for Governance and Sustainability.
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Arif Amiri
• CEO Company: Dubai International Financial Centre (DIFC) Residence: U.A.E. Nationality: Emirati Sector: Free Zone Amiri has over 20 years of experience and
assumed his current position in 2014. In the first half of 2024, 820 new companies joined DIFC. As of July 2024, the number of active registered companies in DIFC exceeded 6,000, representing a 24% growth compared to 2023, and it had assets under management worth $700 billion, an increase of 58%. Amiri is also a member of Dubai’s Higher Committee for Future Technology and Digital Economy and the chairman of the Board of Art Dubai as well as a member of the Institute of International Finance’s Emerging Markets Advisory Council.
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Marco Arcelli
• CEO Company: ACWA Power Residence: Saudi Arabia Nationality: Italian Sector: Utilities Arcelli joined ACWA Power as CEO in March 2023. In 2023, the company signed 16 offtake agreements, including 13 power purchase agreements with a total capacity of 10.7 gigawatts, over 66% of which is renewable. Arcelli was previously the manager of gas pipelines at GE and headed the upstream gas division at Enel. AUGUST 2024
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Ahmed Elsewedy
• President & CEO Company: Elsewedy Electric Residence: Egypt Nationality: Egyptian Sector: Industrials Elsewedy runs his listed family business and has played a key role in expanding its operations, with over 31 production facilities in 19 countries, and a workforce of 19,000 people as of May 2024. The company exports products to over 110 countries worldwide. In July 2024, Electra Investment Holding acquired a 20% stake in Elsewedy Electric valued at $449 million. In Q1 2024, the company recorded a revenue growth of 35.7% to $943 million.
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TOP CEOs 2024
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Randa Sadik
• CEO Company: Arab Bank Residence: Jordan Nationality: Jordanian Sector: Banking Sadik has been the CEO of Arab Bank since 2022, having been deputy CEO since 2010. Arab Bank Group reported a 17% increase in net income, reaching $252.8 million in Q1 2024 compared to $216.3 million in Q1 2023; while its total assets stood at $68.7 billion. The bank had 68 branches in Jordan and 126 branches abroad as of March 2024.
Tariq Chauhan
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PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
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Tariq Chauhan
Mohamed Nasr Eldin
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Fahad bin Mushayt
• Managing Director & CEO
• CEO
• Group CEO & Cofounder
Company: Telecom Egypt
Company: The Saudi Tourism Investment
Company: EFS Facilities Services Group
Residence: Egypt
Company (ASFAR)
Residence: U.A.E.
Nationality: Egyptian
Residence: Saudi Arabia Nationality: Saudi
Nationality: Indian
Sector: Telecommunications
Sector: Travel & Tourism
Sector: Facilities Management
Nasr Eldin was appointed to his current position in March 2023, having joined Telecom Egypt in 2004. In July 2024, Telecom Egypt signed an MoU with 4iG Group on a $600 million joint venture to develop a high-speed fiber network across Egypt. It also unveiled a partnership with Huawei Cloud in May 2024, to launch Huawei’s public cloud platform in Egypt and North Africa. Nasr Eldin served as Deputy ICT Minister for Global Information Infrastructure at Egypt’s Ministry of Communications and Information Technology from May 2020 to March 2023.
Mushayt joined ASFAR as its CEO in May 2022. ASFAR is wholly owned by Saudi’s Public Investment Fund and was officially launched in July 2023. In April 2024, Baheej, a joint venture between ASFAR and the Tamimi-AWN, partnered with the Royal Commission for Yanbu to develop four key projects in the city. Baheej also signed a strategic agreement with Kerten Hospitality to manage its hotel in Yanbu under the Cloud 7 brand. Mushayt was previously the CEO of the Diplomatic Quarter General Authority and the deputy governor for investments and business development for the State Properties General Authority in Riyadh.
Chauhan has been leading the EFS Group since 2009. The group provides facilities management services across the Middle East, Africa, Türkiye, and South Asia. In Q1 2024, EFS secured over $100 million worth of facilities management contract wins, adding to the $400 million contract wins secured in 2023. Chauhan holds roles on the boards of the U.A.E. chapter of the U.A.E.-India Business Council, and Emerge, a European Edtech specialist fund. F O R B E S M I D D L E E A S T.C O M
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Osama Bishai
• CEO Company: Orascom Construction Residence: Egypt Nationality: Egyptian Sector: Constructions Bishai has been CEO of Orascom Construction since 2015, having joined Orascom in 1985. In November 2023, the company signed two contracts with Egypt’s National Authority for Tunnels, to develop two major railway projects in Egypt. By January 2024, it had handed over 21 wind turbine foundations for its 500-megawatt Build-Own-Operate Wind Farm in Ras Ghareb, Egypt. Bishai is also a board member of BESIX Group, and a member of the Egypt-U.S. Business Council.
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Sultan Sobhi Batterjee
• CEO Company: IHCC Residence: Saudi Arabia Nationality: Saudi
Dana Nasser Al Sabah
Sector: Real Estate & Construction Batterjee has been at the helm of IHCC for 20 years, where he oversees IHCC operations with a workforce of 15,000 people. Between 2023- 2024, IHCC partnered with Red Sea Global to develop five major hospitality projects in Saudi Arabia including Four Seasons, Edition, Mari, and Intercontinental, as well as signing with Marriott International to bring in the first Autograph collection in Jeddah. IHCC also announced a joint venture with ASFAR to establish wellness and hospitality destinations in Saudi Arabia. Batterjee is also the founder and vice president of Lifestyle Developers, as well as the chairman of Sultan Batterjee Holding, and a board member of Saudi German Hospitals Group, Batterjee Medical Colleges, and the Batterjee Foundation.
58
Abdullah Albader
• CEO Company: Almarai
budget of $4.8 billion to be financed from the company’s operating cash flows. Almarai’s main operating sectors are dairy, juices, poultry, and baked goods, with up-and-coming sectors in frozen food products, red meat, seafood, and ice cream.
59
Bassel Gamal
• Group CEO Company: Qatar Islamic Bank (QIB) Residence: Qatar Nationality: Egyptian
Abdullah Ali Al Khalifa
Sector: Banking
61
Gamal has been in his current role at QIB since 2013. In 2023, QIB reported total assets of $52 billion, revenues of $3.1 billion, and net profits of $1.2 billion, a 6.6% increase from 2022. In November 2023, QIB issued a $500 million USDdenominated five-year sukuk. Gamal is also the chairman of QIB-UK and a board member of Qinvest.
• CEO
Residence: Saudi Arabia
Dana Nasser Al Sabah
Nationality: Saudi
60
Sector: Foods & Beverages
• Group CEO
Albader has been with Almarai since 2000 and was appointed CEO of the company in March 2021. In March 2024, Almarai announced its five-year 2024 to 2028 investment strategy, with an investment
Company: Kuwait Projects Company (Holding) - KIPCO
F O R B E S M I D D L E E A S T.C O M
Al Sabah has been the group CEO of KIPCO since January 2022. The group reported a net profit of $73.7 million for Q1 2024, an 80.4% increase compared to the same period in 2023, and revenues of $1.2 billion. Al Sabah is also the cofounder and chair of the board of trustees at the American University of Kuwait, chairperson of the United Education Company, and the Jordan Kuwait Bank. She sits on the boards of OSN and Kamco Invest.
Residence: Kuwait Nationality: Kuwaiti Sector: Diversified
Company: Alinma Bank Residence: Saudi Arabia Nationality: Saudi Sector: Banking Al Khalifa has been in his current role at Alinma Bank since January 2021. In Q1 2024, Alinma Bank reported a net profit of $350.6 million, a 35.6% increase compared to Q1 2023. In February 2024, the bank purchased over 4.59 million shares of the Arabian Shield Cooperative Insurance Co., representing 5.75% of the insurance company’s capital, valued at $21.6 million. Al Khalifa was previously CFO at Banque Saudi Fransi and Alrajhi Bank. AUGUST 2024
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TOP CEOs 2024
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Hurghada Pickalbatros White Beach Resort Pickalbatros Dana Beach Resort Pickalbatros Palace Resort Beach Albatros Resort
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Morocco
Pickalbatros Royal Grand Resort Albatros Sharm Resort
Makadi Bay Albatros Makadi Bay (Opening 2024)
Marrakech
Agadir
Savoy Le Grand Hotel Marrakech Aqua Fun Club Resort Marrakech Hotel Club Sangho Marrakech (Opening 2024)
White Beach Resort Taghazout Palais Des Roses Hotel (Opening 2024)
Hotline Number
15787
F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
www.pickalbatros.com
53 TOP CEOs 2024
Egypt
Obaid Alrasheed
62
Obaid Alrasheed
• CEO & Managing Director Company: arab national bank (anb) Residence: Saudi Arabia Nationality: Saudi Sector: Banking Alrasheed assumed his current role in February 2021. anb has 125 branches and 57 remittance centers throughout Saudi Arabia, and a branch in London. In Q1 2024, the bank reported $61.9 billion in assets and $329.6 million in net income. Alrasheed is also vice chairman of the Saudi Chemical Company and the SHL Finance Company, and he is a board member of the Dr. Sulaiman Al Habib Medical Group.
63
Ali Al Hashemi
• Group CEO Company: Al Yah Satellite Communications Company (Yahsat) Residence: U.A.E. Nationality: Emirati Sector: Telecommunications Al Hashemi assumed his current role in 2021. In June 2024, Yahsat awarded a $1.1 billion contract to Airbus Defence and Space SAS to construct Al Yah 4 and Al Yah 5 satellites. This decision followed a $5.1 billion mandate from the U.A.E. government in Q3 2023 for the provision of satellite communications capacity and managed services for 17 years. The group’s revenues reached $456.7 million in 2023. He also serves as the chairman of GAL-AMMROC, an aerospace and military aircraft MRO services provider owned by ADQ. He previously served as general manager at Yahsat Government Solutions and as CEO of Thuraya.
Abdulrahman Bin Fahad Al-Thani 64
half of 2024, it recorded $118.8 million in net profits and $29.1 billion in assets. In May 2024, the bank launched its new mobile banking app, where nearly 89% of transactions now take place. Al-Thani previously held senior positions at Dukhan Bank and Barwa Bank.
65
Ahmad Bin Shafar
Residence: Saudi Arabia
Company: Emirates Central Cooling Systems Corporation (Empower)
Ibrahim assumed his current position in 2008. Rawabi Holding operates across the oil and gas, marine, contracting, industrial services, industrial safety, oilfield services, and real estate sectors. In July 2023, the group’s subsidiary, Rawabi Energy, closed a syndicated multi-currency senior secured term worth $1.9 billion to facilitate the growth plans of Rawabi Energy and its subsidiaries. Ibrahim is also the executive vice chairman of Rawabi Holding, chairman of its Investment Committee, and vice chairman of the Rawabi Energy Company. He is a board director of the U.S.-based Wildcat Oil Tools and Kalaam Telecom Group in Bahrain.
Residence: U.A.E. Nationality: Emirati Bin Shafar assumed his current role in 2004. As of March 2024, Empower served more than 136,000 corporate and individual customers in more than 1,540 buildings, with a connected capacity of more than 1.52 million refrigeration tons and a contracted capacity of more than 1.7 million. In Q1 2024, Empower signed 37 new contracts to provide over 34,000 refrigeration tons to various projects and buildings in Dubai. Bin Shafar also serves as the chairman of the board of ELIPS, as a board member
F O R B E S M I D D L E E A S T.C O M
Company: Rawabi Holding Nationality: Egyptian Sector: Diversified
Sector: Utilities
Al-Thani assumed his current role in October 2023. As of June 2024, the bank had 17 branches in Qatar, four overseas branches in the U.A.E., Kuwait, and India, and representative offices in the U.K., Singapore, Türkiye, China, Japan, South Korea, Germany, Australia, Bangladesh, South Africa, and Nepal. In the first
Othman A. Ibrahim
• CEO
Company: Doha Bank Sector: Banking
66
• Group CEO
• Group CEO Residence: Qatar Nationality: Qatari
emeritus of the International District Energy Association, and as chairman of the District Cooling Operators Association in Dubai.
AUGUST 2024
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TOP CEOs 2024
54
Karim Awad
67
Thamer AlMuhid
• Group CEO & Managing Director Company: Saudi Chemical Company Holding (SCCH) Residence: Saudi Arabia Nationality: Saudi Sector: Diversified
55
68
Raki Phillips
• CEO Company: Ras Al Khaimah Tourism Development Authority (RAKTDA) Residence: U.A.E. Nationality: Lebanese-American Sector: Travel & Tourism Phillips joined RAKTDA in 2019. In 2023, Ras Al Khaimah reported overnight arrivals of 1.22 million passengers, an 8% increase from the previous year. In November 2023, RAKTDA signed an MoU with the Oman Tourism Development Company to pursue cross-destination tourism. Its upcoming hotel projects include the 257-key Westin Resort, the 441-key Rove Al Marjan Island, and the 258-key Rotana Mangrove, among others set to open in 2024 and 2025. Phillips is also a member of the executive board of RAK International Airport, and the World Travel & Tourism Council board in the U.K.
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TOP CEOs 2024
AlMuhid has been at the helm of SCCH since 2020. The group’s subsidiaries include SITCO Pharma, AJA Pharma, the Suez International Nitrate Company, the Saudi Chemical Company Limited, and the Chemical Commercial Investment Company. SCCH recorded assets of $1.5 billion and revenues of $438.6 million, as of March 2024. AJA Pharma completed recently the certification process of its newest sterile line with the Saudi FDA to manufacture biosimilars. The Saudi Chemical Company Limited established a new production facility dedicated to the production of ammonium nitrate and nitric acid in Ras Al Khair. AlMuhid previously held roles at Almarai, the Ministry of Commerce and Industry, and SABIC.
Karim Awad
• Group CEO & Chairman of the Executive Committee Company: EFG Holding Residence: Egypt Nationality: Egyptian Sector: Banking & Financial services Awad joined the group in 1998 and F O R B E S M I D D L E E A S T.C O M
assumed his current role in 2013. EFG Holding had regional AUMs of over $5.2 billion in 2023, with its investment bank division, EFG Hermes, concluding 28 transactions worth a total of $7.6 billion. In June 2024, EFG Hermes completed advisory on the $11 billion fully marketed secondary public offering of Saudi Aramco on the Saudi Exchange. A month later, it concluded advisory for U.A.E.based Electra Investment Holding on its $449 million acquisition of a stake in Elsewedy Electric. Awad is also the chairman of EFG Holding’s executive committee.
70
Abdullah Al-Sulaiti
• CEO Company: Nakilat Residence: Qatar Nationality: Qatari Sector: Logistics Al-Sulaiti joined Nakilat in 2011 and assumed his current role in 2013. Nakilat has one of the world’s largest Liquefied Natural Gas (LNG) shipping fleets, comprising 69 LNG carriers, four very large LPG carriers, a floating storage and regasification unit, and an order book of 27 new LNG carriers, nine QC-MAX carriers, and four new LPG/Ammonia carriers. In
March 2024, Nakilat signed a long-term charter party agreement with QatarEnergy for 25 Conventional LNG Vessels. Al-Sulaiti also serves as chairman of Qatar Shipyard Technology Solutions and the Qatar Fabrication Company and as a board member of Gulf Drilling International.
71
Tarek Youssef Hosni
• CEO Company: Jamjoom Pharma Residence: Saudi Arabia Nationality: Canadian Sector: Pharmaceuticals Hosni assumed his current role in 2021. He led the Jamjoom Pharma listing on the Saudi Exchange (Tadawul) in June 2023. The company 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. The company had a market cap of $2.7 billion, as of July 18, 2024. Hosni was previously the regional president for Africa and the Middle East at Pfizer, and commercial director for Egypt and Sudan at GSK. AUGUST 2024
Abdel Wahab Alrowwad 72
• CEO Company: Jordan Phosphate Mines Company (JPMC) Residence: Jordan Nationality: Jordanian Sector: Industrials Alrowwad has been leading JPMC since 2019. In 2023, the company produced 11.5 million tons of ready dry phosphate, an increase of 1.74% compared to 2022, the highest number in its history. JPMC is working on establishing a diversified fertilizer company with the Arab Potash Company for a cost of $600 million, a production capacity of more than 400,000 tons of fertilizer and phosphoric acid, and estimated sales of $400 million annually.
73
Donna Sultan
• President & CEO Company: KEO International Consultants (KEO) Residence: Kuwait Nationality: Kuwaiti Sector: Architecture Sultan became CEO of KEO in 1991 and assumed her current role in 2016. KEO has 10 offices and around 40 field offices across the Middle East as well as a new office in Lisbon, Portugal. It employs a total of over 2,600 people. In 2023, KEO launched a new line of digital advisory services. In May 2024, KEO signed a strategic partnership agreement with Johnson Controls Middle East and Africa to drive the NetZero Future jointly.
74
Khalid Al Marzooqi
• CEO Company: National Central Cooling Company (Tabreed) Residence: U.A.E. Nationality: Emirati Sector: Utilities Al Marzooqi became CEO of Tabreed in 2021. In July 2024, Tabreed announced its plans to expand into Southeast Asia, where its district cooling solutions can be used as an essential part of sustainable infrastructure for new smart cities. In Q1 2024, the company reported F O R B E S M I D D L E E A S T.C O M
Talal Moafaq Al Gaddah
net profits of $32.5 million and revenues of $127.5 million.
75
Khaled Abbas
• Chairman & Managing Director
for National Projects. He is also a board member of the Egyptian Federation of Construction and Building Contractors, and the Social Housing and Mortgage Finance Fund.
Company: Administrative Capital for Urban Development
Talal Moafaq Al Gaddah 76
Residence: Egypt Nationality: Egyptian
• Founder & CEO
Sector: Real Estate & Construction
Company: Keturah
Abbas assumed his current role in September 2022. ACUD is the owner and developer of Egypt’s new administrative capital. In March 2024, ACUD signed an agreement with Atos to establish a joint venture company to provide IT infrastructure and services for the New Administrative Capital, aiming to create a smart city. In June 2024, ACUD signed a protocol with Egypt Gas to deliver natural gas to the residents of the first phase of the New Administrative Capital. Abbas was previously Egypt’s Deputy Minister of Housing, Utilities, and Urban Communities
Residence: U.A.E. Nationality: Syrian Sector: Real Estate & Construction Al Gaddah launched Keturah in 2022, introducing The Ritz-Carlton Residences within the Keturah Resort. Keturah falls under the portfolio of the MAG Group, of which Al Gaddah is senior executive vice chairman. In September 2023, MAG signed a strategic partnership with the A++ Group, to develop projects in Switzerland and Italy. In 2023, MAG’s real estate portfolio was worth $5 billion, with 14 completed projects and seven under development. AUGUST 2024
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77
Ibrahim Al Haddad
• CEO Company: Salik Company Residence: U.A.E. Nationality: Emirati Sector: Utilities Al Haddad assumed his current position in May 2022 and led Salik’s IPO on the Dubai Financial Market, which was more than 49 times oversubscribed across all tranches. In January 2024, Salik introduced two new toll gates in Dubai, which will increase the company’s total toll gates to ten. In Q1 2024, Salik recorded total revenues of $153 million, an increase of 8.1% compared to 2023. The company also witnessed a 16.5% increase in registered active accounts to approximately 2.5 million.
TOP CEOs 2024
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Yousuf Mohamed Al-Jaida 78
• CEO Company: Qatar Financial Centre (QFC) Residence: Qatar Nationality: Qatari Sector: Financial Services Al-Jaida assumed his current role in June 2015. In June 2024, QFC Authority signed an MoU with Masraf Al Rayan to advance the QFC Digital Assets Lab and fintech initiatives. In May 2024, QFC partnered with The Hashgraph Association to launch a $50 million digital asset venture studio. Al-Jaida was previously the head of indirect investment at the Qatar General Retirement and Social Insurance Authority and has worked for QatarEnergy and Dolphin Energy. Al-Jaida serves as a board member at the World Alliance of International Financial Centers, the Qatar Finance and Business Academy, the Qatar Free Zones Authority, the Qatar Stock Exchange, and Sidra Medicine.
Teddy Zebitz
an agreement with Jan de Rijk Co. to expand its transportation and logistics services to Europe. Zebitz is also chair of the SkyTeam Cargo Executive Board. He was previously a member of the Danish Transport Ministry’s think tank on transportation, and an external lecturer and advisory board member of Copenhagen Business School.
Teddy Zebitz
• CEO Company: Saudia Cargo Residence: Saudi Arabia
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Nationality: Danish Sector: Logistics Zebitz has been CEO of Saudia Cargo since June 2021, before which he was the chief air cargo officer for four years. In 2023, the company announced new permanent destinations, including Beijing, Gatwick, Birmingham, Johannesburg, and Toronto. In July 2023, it also unveiled F O R B E S M I D D L E E A S T.C O M
81
Hisham Alrayes
• Group CEO Company: GFH Financial Group
80 79
& Resorts to rebrand its hotel in Times Square, New York, to Crowne Plaza. El Sayed was previously group CFO for the Al Faisal Holding Company.
Tarek El Sayed
Residence: Bahrain Nationality: Bahraini
• CEO & Managing Director
Sector: Investments
Company: Al Rayyan Tourism
Alrayes has been at the helm of GFH Financial Group since 2012. The group had total assets and assets under management of $21.3 billion as of March 2024. In July 2024, GFH Partners, the DIFC-based global asset management arm of the group, announced the launch and closing of its seventh logistics and industrial fund in the U.S. with a total transaction value of $300 million. The fund’s portfolio includes 25 industrial and transportation logistics assets across the U.S. Alrayes also holds directorships at Esterad Investment Company, Khaleeji Bank, GFH Capital, GB Corp, and Infracorp.
Investment Company (ARTIC) Residence: Qatar Nationality: Egyptian Sector: Travel & Tourism El Sayed has been CEO and managing director of ARTIC, a wholly-owned subsidiary of Al Faisal Holding, since 2017. ARTIC’s current portfolio includes over 35 hotels and projects in the Middle East and Africa, Europe, and North America. In November 2023, ARTIC signed a franchisee agreement with IHG Hotels
AUGUST 2024
Dalia Khorshid
82
Salem Al Mannai
• Group CEO Company: Qatar Insurance Group (QIC Group) Residence: Qatar Nationality: Qatari Sector: Insurance Al Mannai joined QIC Group in 2001 and assumed his current role as group CEO in 2020. With operations in 11 countries, the group’s revenues amounted to $2 billion in 2023. It reported a net profit of $169 million in 2023, after recording a net loss of $325 million in 2022. Al Mannai also serves as the chairman of the MENA Insurtech Association, and he helped to launch Qatar’s Third Financial Sector Strategy with the Qatar Central Bank in 2023, which aims to transform Qatar into an innovative hub and an international center for financial services.
83
Mohamed Abdelbary
• Acting Group CEO Company: Abu Dhabi Islamic Bank (ADIB) Residence: U.A.E. Nationality: Egyptian Sector: Banking Abdelbary assumed his current position in March 2024, having previously been ADIB’s Group CFO since 2020. As of March 2024, ADIB served over 1.3 million customers. In the first half of 2024, the group recorded $1.5 billion in revenues, up 25% compared to the same period in 2023, with total assets of $58 billion. In April 2024, ADIB signed an agreement with Astra Tech to become the first bank to provide integrated financial services via the Botim app. Abdelbary previously worked at Standard Chartered, Barclays Bank, and Citibank.
84
Mutasim Alireza
sight-preserving surgeries annually. Alireza is also the chairman of AMI Saudi Arabia, a founding board member of the Imdad Medical Supplies Company, and the cofounder of the Ebsar Charity Organization. He is also a member of the National Healthcare Committee of the Saudi Chambers of Commerce.
Omar El Hamamsy
• Group CEO
• CEO Company: Magrabi Hospitals & Centers Group
Sector: Real Estate & Construction
Nationality: Saudi Sector: Healthcare Alireza has been at the helm of the Magrabi Hospitals & Centers Group since 1997. The company 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 F O R B E S M I D D L E E A S T.C O M
86
Dalia Khorshid
• Group CEO Company: Beltone Holding Residence: Egypt Nationality: Egyptian
85
Company: Orascom Development Egypt (ODE)
Residence: Saudi Arabia
El Hamamsy previously spent 18 years at McKinsey & Company.
Residence: Egypt Nationality: Egyptian El Hamamsy has led ODE and its parent company, Orascom Development Holding since 2020. In Q1 2024, ODH's new real estate sales increased by 143% to $290 million and revenues by 16% to $173 million. As of May 2024, ODH had a land bank of over 100 million square meters in Europe, the Middle East, and North Africa, with a hospitality portfolio including 33 hotels with over 7,000 rooms.
Sector: Banking & Financial services Khorshid assumed her current position in 2022. In 2023, Beltone Holding expanded its operations across new business lines and investments, including Beltone Capital's agribusiness platform and Beltone Venture Capital’s investments. In Q1 2024, the company reported an increase of 812% in operating revenues to $27.7 million and assets under management rose by 56% to $612.5 million. Khorshid was previously Egypt’s Minister of Investment and founded and chaired MASAR Financial Advisory and Eagle Capital for Financial Investment. She is also a former chairwoman of the General Authority for Investment and Free Zones. AUGUST 2024
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87
Carlos Wakim
• CEO Company: Bloom Holding Residence: U.A.E. Nationality: Lebanese- Brazilian Sector: Real Estate & Construction
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TOP CEOs 2024
Wakim joined Bloom Holding in September 2021. In May 2024, Bloom Holding and LEAD Development announced a joint venture agreement with the Spanish residential developer Mabel Real Estate to develop a luxury residential project in Spain. Wakim was previously the Chief Development Officer of AMAALA, a Public Investment Fund initiative in Saudi Arabia. He has also held senior leadership roles at TDIC, Emaar, and Zabeel Properties.
Meshaal Bin Omairah
• Group CEO Company: Al Othaim Investment Residence: Saudi Arabia Nationality: Saudi Sector: Real Estate & Construction Bin Omairah joined Al Othaim Investment in 2021. The company’s portfolio of projects includes Al Othaim Park, Konoz, Al Othaim City Center, and Al Othaim Hills. In April 2024, the company announced its new Othaim Cruise project, which includes a commercial mall, a five-star international hotel, 42 residential towers, over 2,000 apartments, 240 villas including 85 palaces, and entertainment spaces. As of 2023, the company had completed 12 mixed-use malls worth $1.6 billion and was developing 21 new projects across Saudi Arabia.
89
Hossam Ahmed Heiba
PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
• CEO Company: General Authority for Investment and Free Zones (GAFI) Residence: Egypt Nationality: Egyptian
Suresh Vaidhyanathan
golden licenses for investments worth a total of $116.7 million. Heiba is also a board member of the General Authority for the Suez Canal Economic Zone.
90
Salmeen Alameri
• CEO Company: Silal Residence: U.A.E. Nationality: Emirati Sector: Agri-food Alameri has been in his current position since January 2022. In May 2024, Silal inaugurated its automated packhouse in Al Ain, spanning 12,000 square meters. Silal acquired a majority stake in SAFCO in October 2023. Alameri is also the vice chairman of Agthia Group and a board member of SWS Holding.
Sector: Free Zone Heiba assumed his current role at GAFI in 2023. GAFI serves as a one-stop shop for investors, providing guidance and assistance with investment processes and regulatory requirements. In January 2024, GAFI signed a contract with the Maxim Investment Group to launch Egypt’s first 168,000-square-meter medical tourism resort at an investment cost of $31.2 million. In March 2024, GAFI issued six F O R B E S M I D D L E E A S T.C O M
new machines to produce face and hand towels in Egypt, with production expected to increase by 22,000 tons annually. Lafferty was previously CEO of Procter & Gamble and British American Tobacco in the Philippines and CocaCola in Nigeria.
91
James Michael Lafferty
• CEO Company: Fine Hygienic Holding (FHH) Residence: U.A.E. Nationality: American Sector: Consumer Goods Lafferty has been at the helm of FHH since 2018. In May 2024, FHH added
92
Suresh Vaidhyanathan
• CEO Special Projects Company: Ghassan Aboud Group Residence: U.A.E. Nationality: Indian Sector: Diversified Vaidhyanathan has over 25 years of experience spanning across multiple business sectors and countries in the Middle East, Asia, and Africa. He oversees the Ghassan Aboud Group’s portfolio, which includes automotive, retail, food, hospitality, logistics, healthcare, and eB2B digital platforms. In January 2024, the Abu Dhabi Food Hub – KEZAD, a public-private partnership between GAG and AD Ports Group, signed a tri-party MoU with Etihad Cargo and Abu Dhabi Airports to jointly establish Fresh Corridor 2.0 to aid in food trade. Vaidhyanathan also runs the digital distribution platforms BuyGro and BuyParts24. AUGUST 2024
95
Said Zater
• Group CEO & Managing Director Company: Contact Financial Holding Residence: Egypt Nationality: Egyptian Sector: Financial Services With over 40 years of experience, Zater has been at the helm of Contact Financial Holding since 2020. It has three main digital platforms: Contactcars.com, with over one million monthly users; the ContactNow app, with 643,000 registered users; and the Wasla super app, which had been downloaded two million times as of March 2024. In January 2024, the company launched a new financing program aimed at financing electric vehicles. In Q1 2024, the company recorded a total portfolio of more than $444.3 million. Zater is also the chairman of the Egyptian Federation of Consumer Finance.
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96
Irfan Tansel
• CEO Company: Al Masaood Automobiles Residence: U.A.E. Nationality: Turkish Sector: Automotives
93
Hassan Alnaqbi
94
Talal Al Ajmi
• CEO
• Founder and CEO
Company: Khazna Data Centers
Company: VI Markets
Residence: U.A.E.
Residence: Kuwait
Nationality: Emirati
Nationality: Kuwaiti
Sector: Technology
Sector: Financial Services
Alnaqbi assumed his current role in 2014. In February 2024, Khazna launched the AUH6 data center, a 31.8-megawatt hyperscale AI-ready facility in Abu Dhabi’s Masdar City, aligning with the company’s Future First Strategy. In May 2024, Khazna announced the construction of an advanced data center in Mafraq in collaboration with the Abu Dhabi Investment Office, which is set to open in 2026. Since joining Khazna, Alnaqbi has overseen its expansion from two data centers to over 23 operational data centers, with an additional seven currently under development.
Al Ajmi founded VI Markets in 2010. The company has opened offices in London, Dubai, Cairo, and Muscat, with over 130,000 clients trading monthly. In November 2023, VI Markets partnered with Axi to provide investors in the Middle East with tailored online trading, including forex and CFDs on indices, commodities, energies, equities, cryptocurrencies, and futures. Al Ajmi is also the founder and CEO of Development Holding, with businesses including Canteen, 20 Grams Cafe, and The Fragrance Kitchen.
F O R B E S M I D D L E E A S T.C O M
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Aloki Batra
• CEO Company: FIVE Hospitality; The Pacha Group Residence: U.A.E. Nationality: Indian Sector: Hospitality Batra has been at the helm of FIVE Hospitality—the hospitality arm of FIVE Holdings—since 2017. In 2023, FIVE Holdings acquired The Pacha Group in a deal worth $331.1 million. In Q1 2024, FIVE Hospitality recorded revenue growth of 9% worth $71.1 million, and FIVE Palm Jumeirah and FIVE Jumeirah Village recorded occupancy rates of 90% and 94%, respectively. FIVE Holding’s hospitality segment recorded revenue growth of 349% between 2019 and 2023.
AUGUST 2024
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Talal Al Ajmi
Tansel assumed his current role in 2017. Al Masaood is the primary distributor of Nissan, INFINITI, and Renault in Abu Dhabi, Al Ain, and the U.A.E.’s western region. It employs more than 1,200 people. In the 2023/2024 financial year, the company sold the highest number of cars since its inception, with a total market share of more than 40% in Abu Dhabi.
99
Geoffrey Alphonso
• CEO Company: Alef Education Residence: U.A.E. Nationality: Canadian Alphonso assumed his current role in 2018 and is a founding member of the Alef Platform. In June 2024, Alef Education was listed on the Abu Dhabi Securities Exchange, following the IPO of 1.4 billion shares, or 20% of its issued share capital. It raised $514.6 million, valuing the company at the time of listing at $2.6 billion. Alphonso is also a board member of Thaki. He was previously general manager and head of Pearson Education’s digital business practice in the Middle East and Africa.
100
Salem Al Hendi
• CEO Company: Rotana Music Group Residence: Saudi Arabia Nationality: Kuwaiti Sector: Entertainment Geoffrey Alphonso
98
Hussain Al Lawati
• CEO Company: Utico Residence: U.A.E. Nationality: Omani Sector: Utilities
Al Lawati assumed his current role in 2020. Utico is the U.A.E.’s only private service utility, water, and power company. In November 2023, the company partnered with Yellow Door Energy to develop a solar plant in Umm Al Quwain. Al Lawati was previously the investment director of private equity at the Oman Investment Fund.
Al Hendi joined Rotana Media Group in 1995 and is also the CEO of Rotana Music Group. The group has 400 music releases and holds over 100 music concerts and festivals across MENA annually, including the Al-Jenadriyah Festival, Saudi Founding Day, and the Al Ula Festival. In March 2024, the group announced the expansion of its strategic partnership with Anghami to include various content and concert collaborations over the next three years.
Methodology: To create this ranking, we sent out questionnaires and collected information from stock market disclosures, industry reports, annual reports, financial statements, and other primary sources. Only CEOs of companies headquartered in MENA were considered.
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We ranked the CEOs based on: • The impact that they have had on the region, their country, and the markets that they serve. • The CEO’s overall experience and time in their current role.
F O R B E S M I D D L E E A S T.C O M
• The size of the company in terms of revenues, assets, and market cap.
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• The achievements and performance of the CEO in the last year. • The innovations and initiatives that the CEO has implemented.
AUGUST 2024
TOP CEOs 2024
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Sector: Education
• TOP CEOS 2024 •
MONEY MATTERS
Talal Al Ajmi, Founder and CEO of Kuwait-based online broker VI Markets, believes education is key to helping clients understand financial markets before they begin trading. Having found ways to target women and the youth, he’s now looking at new ways to increase awareness and access to markets.
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BY JASON LASRADO F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
city, complete with vehicles, pavements, buildings, and workplaces that allow children to role-play real-life activities. The VI Markets Financial Trading Hub was inaugurated in KidZania City, Kuwait, in June 2023. “At KidZania, it is our constant endeavor to partner with brands that provide opportunities for children to learn through unique, real-life-like role-plays, to positively impact society and the environment they live in,” said Steven Putzeys, KidZania City Business Director, in a statement at the time. Financial literacy is more than just a route to higher levels of financial inclusion. Not having an understanding of the compounding effects of interest rates while having increased access to borrowing can lead to decision-making that leaves individuals overburdened with debt. According to a report by the Kuwait Institute of Banking Studies, financial literacy in the GCC is better than the BRIC (Brazil, Russia, India, China) countries, but it is still lagging behind major economies such as Canada, France, Japan, the U.K., and the U.S. Kuwait performs well relative to other GCC nations and the world, with large financial institutions contributing towards financial literacy, including through the National Bank of Kuwait’s Bankee program and Kuwait Finance House’s “Diraya” campaign. “Financial literacy is the cornerstone of a secure financial future, encompassing essential skills like budgeting, investing, understanding credit, and retirement planning,” says Alok Kumar, Cofounder and CEO of fintech platform Zywa. “In the Middle East, rising household debt is a critical issue, particularly in the UAE, where many young adults are caught in debt traps. By equipping young people with financial education, we can empower them to make informed decisions and avoid these pitfalls.” Al Ajmi himself first learned about online trading in 2003, while at university in Jordan studying IT. After graduating, he returned home to Kuwait and began his career managing a couple of small family businesses with his cousins and brothers. Eventually, he joined a brokerage company and became a branch manager. It was there he realized that there was a financial education gap and started offering free seminars for
“Every day we’re doing seminars for a minimum of 200 and 250 people, and all the courses that we do are free.”
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t’s a bright summer’s evening in the U.K. in June, and Talal Al Ajmi, Founder and CEO of online broker VI Markets, is sitting under a tree in a park, taking a break from planning for his graduation ceremony. Having just completed his master’s degree in financial services management from the University of Salford, the CEO is discussing his thoughts on the importance of educating investors. “Education is the most important input for a successful trader,” says the Kuwait-based entrepreneur. As he speaks, he says that VI Markets is simultaneously conducting seminars to teach people about financial markets in its Kuwait and Dubai offices, with training scheduled in Egypt and AlAin the next day. “Before we established VI Markets, the reputation of FX and assets trading was very bad in the region, but now we increase awareness and teach everyone about the market,” Al Ajmi explains. “Every day we’re doing seminars for a minimum of 200 and 250 people, and all the courses that we do are free.” Founded more than 14 years ago, VI Markets is an online brokerage that enables its clients to trade financial assets and derivatives, including forex and CFDs on indices, commodities, energy, equities, futures, and cryptocurrencies. The company today has offices in London, Dubai, Kuwait City, Cairo, and Muscat. With an eye on future growth, the CEO believes that education is key to individuals making money from financial markets, which in turn helps him grow his business. Before VI Markets’ clients start funding their accounts, they undergo a 10-day seminar to teach them the basics. They are then taught strategies like fundamental and technical analysis and risk management, tested, and given scores on various aspects of their trading skills. Once they’ve learned the right tools and skills, they begin to trade with real money. But an introduction to financial education starts much younger. Last year, VI Markets partnered with KidZania in Kuwait to introduce investment and trading to kids through play. KidZania City in Kuwait City is a 7,000-square-meter scaled-down
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clients in the office. However, he came up against some challenges. “To be honest, it was very hard to tell the owners and the board members in the brokerage that I wanted to invest in education and seminars. They had another marketing channel they focused on and that was it,” he remembers. Al Ajmi established VI Markets in 2010 in Kuwait City by partnering with online trading broker One Financial Markets. In 2019, One Financial Markets was acquired by Axi Financial Services (UK) Ltd, and in 2023, Al Ajmi signed an exclusive partnership with Axi to represent them in MENA, providing investors in the Middle East with a tailored online trading service. Axi Financial Services (UK) Ltd is registered in England and regulated by the U.K.’s Financial Conduct Authority. As an international broker, Axi has a presence in over 100 countries and is used by traders, trading businesses, banks, and financial organizations to execute transactions on the world’s financial markets. As an “introducer” to AxiTrader Ltd, which trades under the name One Financial Markets, VI Markets is able to use Axi’s technology to enable its investors to trade forex and CFDs on indices, commodities, energies, equities, cryptocurrencies, and futures. Combining his passion for education with technology, Al Ajmi has leveraged social media to attract clients in the Middle East by sharing his daily trades and educating followers on how to manage their portfolios. Today, he has over 120,000 followers on Instagram. He says the company had over 130,000 clients as of June 2024, with GCC-based clients contributing over 70% of revenues, while the other 30% comes from Egypt, Lebanon, Morocco, and Türkiye. Foreign exchange (Forex) trading contributes the most towards revenues followed by equities and cryptocurrencies. The global Forex market is the largest financial market in the world by trading volume. While under light regulatory oversight in most countries, the structure and operation of the market have been driven by commercial interests and the market participants’ needs. Forex trading for financial motives—such as investments in foreign-denominated securities—far exceeds the transaction volume related to international trade. In the Middle East, the financial brokerage sector is a competitive space, with several international and regional brokers, as well as
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large financial institutions, competing for market share. Several banks in the region have broking divisions, such as Emirates NBD Securities in the U.A.E. and SNB Capital in Saudi Arabia, and standalone brokers like Equiti, CFI Financial Markets, and Sarwa are also growing. The Middle East’s online trading industry is expected to reach $1 trillion in value by 2025, according to the Dubai Financial Services Authority. As VI Markets has grown, it’s also expanded its services. For example, In 2016, the company also established the Yasmeen forum, which is exclusively for women wanting to get into trading. Knowing that women were equally keen to begin trading but noticing they were much shyer to open up during workshops, Al Ajmi designed the forum to offer tailored educational services and personal support. According to the CEO, VI Markets now has over 15,000 female traders thanks to this training program. In 2021, it introduced “copy trading,” which, as the name suggests, allows followers—known as “copiers”—to replicate trades placed by other, often more experienced, traders—known as “signals”—in real-time. To do this, traders first sign up with VI Markets and link their accounts to the copy trading app. As the signals trade and build a track record, their performance data, including monthly returns and profitability, can be monitored through the app. Copiers can then select which signals to follow. Once a copier connects to a signal, every transaction executed by the signal is automatically replicated in the accounts of their copiers, proportionally adjusting for factors like available funds and risk preference. More recently, in May 2023, VI Markets and Axi Financial Services launched the Axi Select program, which provides advanced trading tools and educational content and offers funding to traders based on their “edge score,” which evaluates their skill, risk management, consistency, and experience. Looking ahead to the next couple of years, while he continues to focus on delivering education, Al Ajmi says he also has plans to invest in advanced trading technologies and platforms to be able to offer solutions that enhance trading efficiency, security, and accessibility for clients. “I aspire to expand VI Markets to become one of the leading global companies in online trading and to inspire new investors as well,” he concludes.
AUGUST 2024
PRO M OTI O N Scan this QR code to open the website
A New Way to Experience the Majesty of Elephants
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With the launch of its new Jungle Bubble Lodge, Anantara Golden Triangle Elephant Camp Resort is taking the majestic bucket list experience to a whole new level for families and small groups.
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n 2019, Anantara Golden Triangle Elephant Camp & Resort in Northern Thailand introduced a once-in-a-lifetime opportunity for travelers to spend the night observing majestic elephants in their natural habitat while staying in unique transparent Jungle Bubbles. Now, the luxury resort is giving families and small groups of friends the opportunity to revel in this bucket list experience together, from the comfort of a brand-new Jungle Bubble Lodge. Located in a lush jungle on the banks of the Ruak River, the new Jungle Bubble Lodge is perched on a raised wooden deck offering uninterrupted views of rescued elephants and the breathtaking starlit sky. Accommodating up to four guests in 150 square-meters of indoor and outdoor living space, the fully climate-controlled Jungle Bubble Lodge consists of two
bedrooms and a living room, all with transparent roofs. The lodge’s bedrooms come with king-sized beds and an enclosed nontransparent ensuite shower and vanity, while the living room is equipped with comfortable lounge furnishings, a minibar, and tea and coffee making facilities. Adding to the experience, intimate touches including bathrobes and slippers, crisp bed linen, regular and feather pillows, and exquisite bathroom amenities offer all the comforts of home. Meanwhile, an 80 squaremeter wooden deck offers ample outdoor space for quality family and elephant viewing time with separate al fresco lounging and dining areas and plunge pool. Guests spending the night in the Jungle Bubble Lodge can participate in unique optional elephant experiences, including waking up in the early morning mist and joining the elephants on their morning walk through the jungle to the banks of the Ruak River. Other options include sipping cocktails prepared by a personal butler while learning all about Thailand’s elephants from the resort’s resident elephant expert, or enjoying a morning yoga session on the deck while the cast of gentle giants look on.
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
For guests staying at the Anantara Golden Triangle hotel, it is possible to purchase the Jungle Bubble Lodge experience as an optional activity and spend the night from dusk till dawn, returning to the hotel in the morning. However visitors to Anantara Golden Triangle Elephant Camp & Resort choose to savor the magical experience, they are in for an unforgettable stay, safe in the knowledge that the elephants are exactly where they should be, living happily in safe and serene surroundings. The world-famous elephant camp and the Golden Triangle Asian Elephant Foundation (GTAEF) were both set up in 2003 primarily to help street begging elephants and others that could not help themselves. More than 20 elephants now live in the jungle environment of the resort along with their entire mahout (carer) families.
AUGUST 2024
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GLOBAL
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nternational companies play a crucial role in MENA, significantly impacting its economic, technological, and social landscapes. These companies bring substantial investments, create jobs, and stimulate local economies, aiding in the diversification from traditional oil and gas sectors to technology, tourism, healthcare, and renewable energy. These companies have also been pushing digital transformation in the region with several investments and initiatives. For example, in March 2024, IBM announced plans to invest over $200 million in talent and infrastructure in a new IBM software lab in Riyadh. In April 2024, Microsoft announced a $1.5 billion investment into Abu Dhabi’s G42, with plans to establish a $1 billion fund for developers to boost AI skills in the region. In May 2024, Google introduced new AI Gemini models and other features, making the Arabic version of Gemini Advanced available. We’ve been compiling and revealing our Global Meets Local ranking for 12 consecutive years, recognizing the regional heads of the world’s largest international companies who are based in MENA. This year’s list features 104 executives from 100 companies. Of the 100 companies, 55% are based in the U.S., with the rest based in 15 other countries. They represent 30 sectors, demonstrating the role that these multinational corporations are playing in diversifying the region’s economies. The technology sector tops the list with 19 entries, followed by nine pharmaceutical companies and seven firms operating in the automotive industry. The 104 executives represent 40 nationalities. Lebanon leads with 12 executives, followed by eight Indians, then the U.K. and France with seven executives each.
To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
When ar t meets architecture, a masterpiece unfolds
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We create timeless masterpieces where every detail is a testament of our commitment to excellence, innovation, and our clients' aspirations. Discover a life of elegance, where luxury knows no boundaries. #EleganceRedefined
F O R B E S M I D D L E E A S T.C O M
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Andrew Torre
• Regional President, Central and Eastern Europe, Middle East and Africa Company: Visa Nationality: American Global Headquarters: U.S. Sector: Technology Torre joined Visa as a product manager in 2002, before rejoining as senior vice president of strategy in 2007 and assuming his current role in 2017. In April 2024, Visa installment solutions were officially implemented at Abu Dhabi Islamic Bank, making the U.A.E. the first market to launch the plan with industry-wide features. Torre sits on the company’s global operating committee and the U.S. Department of Commerce’s President’s Advisory Council on Doing Business in Africa. He was previously general manager for Visa in Russia and subSaharan Africa.
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Dimitrios Dosis
• President—Eastern Europe, Middle East & Africa (EEMEA) Company: Mastercard Nationality: German Global Headquarters: U.S.
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Samer Abu-Ltaif
• Corporate Vice President & President—Central & Eastern Europe, Middle East & Africa Company: Microsoft Nationality: Lebanese Global Headquarters: U.S. Sector: Technology Samer Abu-Ltaif assumed his current role in 2023. In April 2024, Microsoft announced that it would invest $1.5 billion in U.A.E.-based G42 for a minority stake. The companies will work together to support the establishment of a $1 billion fund for developers to boost AI skills in the U.A.E. Abu-Ltaif also serves on the board of Abdulla Al Ghurair Hub for Digital Teaching and Learning.
Nationality
Lebanese 12
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Indian 8
British 7
Dosis assumed his current role in 2021, having joined Mastercard in 2005. In March 2024, Mastercard collaborated with the Central Bank of Jordan to develop a payment ecosystem digitization blueprint for the kingdom. In the same month, Mastercard formed a long-term global partnership with First Abu Dhabi Bank to enhance customer service solutions through Mastercard’s U.A.E.-based Global Center for Advanced AI and Cyber Technology. The center was inaugurated in August 2023, in collaboration with the U.A.E. Artificial Intelligence Office. Dosis is also an independent director on the board of the Athens Stock Exchange. He was previously president of Mastercard Advisors.
French 7
Egyptian 6
American 6 AUGUST 2024
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Sector: Technology
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Kuljit Ghata-Aura
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Yasser Abdul Malak
• President—Middle East, Türkiye, Africa and Central Asia
• Chairman and CEO—MENA
Company: Boeing
Nationality: Lebanese
Company: Lockheed Martin
Nationality: British
Global Headquarters: Switzerland
Nationality: Americans
Global Headquarters: U.S.
Sector: Food and Beverages
Global Headquarters: U.S.
Sector: Aerospace
Sector: Aerospace
Ghata-Aura joined Boeing in 2010, before being appointed to his current role in September 2021. The company signed an MoU with Invest Qatar in May 2024 to establish Boeing Aerospace Doha, a new Qatar-based Boeing hub. In November 2023, Boeing revealed a record number of orders during the Dubai Airshow, which included 90 new aircraft for Emirates, 30 for flydubai, six for Royal Jordanian, two for Royal Air Maroc, and one for Oman Air. GhataAura is also an advisory board member for the Dubai Airshow.
Abdul Malak assumed his current position in January 2022, having joined Nestlé in 1999. Today, Nestlé Middle East employs more than 13,000 people across 19 countries and operates 24 factories. In 2023, it achieved annual sales of nearly $2.7 billion and launched the Nestlé Academy as part of a $1.9 billion investment plan to provide opportunities for Saudi talent in line with Saudi’s Vision 2030. Nestlé is planning a $2 million project to install 2.1-megawatt peak solar power plants on top of its food manufacturing facilities starting Q1 2025. In July 2023, Abdul Malak joined the board of directors at Dubai International Chamber.
• Nicholson: CEO—Middle East Rank: CEO—Saudi Arabia & Africa
Nicholson and Rank joined Lockheed Martin and assumed their current positions in 2021 and 2018, respectively. Lockheed Martin participated in the Dubai Airshow in November 2023 and the World Defense Show in Riyadh in February 2024. The Lockheed Martin Center for Innovation and Security Solutions in Masdar City, Abu Dhabi, trains Emirati students on the U.A.E.’s national security. In February 2024, Lockheed Martin awarded two subcontracts to industry in Saudi Arabia for a second source for certain components in the Terminal High Altitude Area Defense (THAAD) Weapon System. Nicholson also sits on the board of trustees of Khalifa University and was a mentor at the U.S. National Defense University and NATO Senior Mentor Program. Rank is a member of the board of trustees for Mohammed bin Salman College and a non-resident faculty member of the U.S. Army War College.
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Company: Nestlé Middle East
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Kami Viswanathan
• President – Middle East, Indian Subcontinent and Africa Company: FedEx Nationality: Indian Global Headquarters: U.S.
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Sector: Logistics Viswanathan assumed her current role in June 2022, having joined FedEx in 2021. In May 2024, FedEx Logistics, a subsidiary of FedEx, signed an MoU with the Qatar Free Zones Authority to establish a regional logistics facility in Qatar’s free zones. FedEx inaugurated its newest $350 million cargo hub in February 2024 at Dubai World Central Airport in Dubai South. Viswanathan also cofounded Lumina Datamatics, a content service company, in 2006.
Nationality
German 5
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Yasser Abdul Malak
Jordanian 5
Italian 4
Australian 3
Austrian 3
Saudi 3 AUGUST 2024
GLOBAL MEETS LOCAL 2024
John (Mick) Nicholson; Joseph Rank 4
Anthony Nakache
in Africa, which allows the company to buy renewable energy from independent producers. In February 2024, Vodafone and Edgnex Data Centres by DAMAC announced the establishment of a data center in Türkiye with an estimated investment of $100 million. Hummer has also been the regional head for the Middle East and Africa since mid-2023. He is currently a visiting professor at Central European University.
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Anthony Nakache
• Managing Director—MENA Company: Google Nationality: French Global Headquarters: U.S. Sector: Technology Nakache assumed his current role in February 2022, having joined Google in 2008. In May 2024, Google introduced its plans for a new generation of AI Gemini models, among other features such as “Ask Photos.” The Arabic version of Gemini Advanced was made available in the same month. Nakache started his career at Altran in France in 2001 and was based in Ireland before settling in Dubai in 2022.
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Ronaldo Mouchawar
• Vice President—MENA Company: Amazon MENA
Guy Hutchinson
• President—Middle East & Africa Company: Hilton
East & Africa executive committee. He previously held senior leadership roles at Hilton in Japan, China, Australia, and India.
Nationality: British
Johannes Hummer
Global Headquarters: U.S.
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Sector: Hotels and Hospitality
• Regional Head of Middle East, Africa, Caucasus & Central Asia
Hutchinson assumed his current role in early 2024, having served as president and CEO of Rotana since 2020. Hilton has over 300 hotels trading and under development in the Middle East and Africa. In March 2024, Hilton announced plans to develop Waldorf Astoria Residences Dubai Downtown, the first Waldorf Astoria residential address outside of the U.S., set to be completed in 2028. Hutchinson is also a member of Hilton’s Europe, Middle
Nationality
Spanish 3
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Company: Vodafone Nationality: Austrian Global Headquarters: U.K. Sector: Telecommunications Hummer joined Vodafone in 2011 before assuming his current position in April 2024. In May 2024, Vodafone revealed its “virtual wheeling” agreement with Eskom
Bahraini 2
Canadian 2
Nationality: Syrian-American Global Headquarters: U.S. Sector: Technology Mouchawar assumed his current position in 2017 after Amazon acquired Souq.com, which he co-founded in 2005. In October 2023, Amazon Saudi Arabia launched a “Saudi Made” storefront, showcasing local products certified by the Saudi Exports Development Authority’s “Made in Saudi” program. In the same month, RAKEZ and Amazon U.A.E. signed an MoU to promote local SMEs’ products. Mouchawar also sits on the board of the Dubai Future Council on Artificial Intelligence, is a member of the Dubai Future Academy Board of Trustees, and is a member of the International Advisory Council’s executive council.
Emirati 2
Pakistani 2
Turkish 2 AUGUST 2024
PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
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Shazia Syed
• General Manager for Personal Care Middle East and TUI Business Unit Company: Unilever
countries. Syed also sits on the advisory council of the British Asian Trust and Champions of Change Pakistan.
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Nationality: Pakistani Global Headquarters: U.K. Sector: Consumer Goods Syed’s current position was expanded to include the Middle East and Türkiye in May 2024, having been the general manager of North Africa, Levant, and Iraq since July 2021. At COP28 in November 2023, Unilever launched the COP28 Action Agenda on Regenerative Landscapes in partnership with the U.A.E., World Business Council for Sustainable Development, and the UN Climate Change HighLevel Climate Champions to increase regenerative agriculture projects in 110
In May 2024, the company signed an MoU with Msheireb Properties to explore enhancing the smart city capabilities of Msheireb Downtown Doha. Sheta was previously president of the North East Africa and Levant cluster and led the creation of Schneider’s first regional distribution center in Jebel Ali in 2001.
Walid Sheta
• President—MEA Company: Schneider Electric
Thierry Sabbagh
Nationality: French
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Global Headquarters: France
• Divisional Vice President, President Saudi Arabia, Middle East, CIS – Nissan, INFINITI
Sector: Capital Goods Sheta assumed his current position in November 2021, having joined Schneider Electric in 1994. In November 2023, Schneider Electric announced the acquisition of a license from Saudi Arabia’s Ministry of Investment and the Ministry of Commerce to establish its regional headquarters in the country.
Company: Nissan Motor Corporation Nationality: Italian-Lebanese Global Headquarters: Japan Sector: Automotive
Walid Sheta
Sabbagh was appointed to his current role in April 2024, having joined Nissan in 2018. In April 2024, the company announced Al Sour as its official distributor in Iraq and Manahil International as INFINITI’s authorized distributor in Saudi Arabia in March 2024. Sabbagh is a member of the Young Presidents’ Organization, having previously been president, of Nissan Saudi Arabia, INFINITI Middle East, and managing director of Nissan Middle East.
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Elie Chaillot
• President & CEO—International Company: GE HealthCare Nationality: French Global Headquarters: U.S.
IMAGE FROM SOURCE
Sector: Medical Devices Chaillot started his career with GE HealthCare as an account manager in 2001 and assumed his current position in January 2024. Chaillot leads a $7 billion business unit covering over 150 countries with a workforce of 25,000 people. He was previously the president and CEO of GE HealthCare’s Intercontinental Region, a $3 billion business unit covering over 60 countries. In February 2024, GE HealthCare collaborated with Dr. Sulaiman Al-Habib Medical Services Group to advance digital healthcare tech solutions, including equipping 30 hospitals and eight medical centers. Chaillot is also a board member of the Wipro GE Healthcare in India.
Nationality
Brazilian 1
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Dutch 1
Argentinian 1
Belgian 1
Canadian-Egyptian 1 AUGUST 2024
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László Svinger
• Vice President—Global Commercial Operations Company: Solventum Nationality: Hungarian
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Global Headquarters: U.S. Svinger was officially appointed to his current role in June 2023 at 3M Healthcare, which became Solventum in April 2024. Solventum represents over 20 manufacturing plants. He is also a member of the American Chamber of Commerce in Dubai. He joined 3M Hungary in 2008 as a business development manager and relocated to the Middle East from Russia in 2016.
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Sandeep Walia
• COO—Middle East, Egypt, and Türkiye Company: Marriott International Nationality: Indian
Sandeep Walia
Global Headquarters: U.S. Sector: Hotels and Hospitality Walia assumed his current role in 2021, having joined Marriott International in 2005. In May 2024, Nujuma, a Ritz-Carlton Reserve was unveiled on Ummahat Island in Saudi Arabia, the first RitzCarlton Reserve in the Middle East. Two months later, the company signed an agreement with Eagle Hills to bring RitzCarlton Reserve to the U.A.E. Marriott International revealed it had made over 30 signings across the region, with the U.A.E., Saudi Arabia, and Türkiye its largest growth markets. Walia sits on the advisory board for Arabian Travel Market and is a member of the Young Presidents’ Organization.
February 2023, having joined The CocaCola Company in 1999. Buckingham also sits on the boards of the Multinational Companies Business Group’s regional presidents forum, the Circular Packaging Association, the EMEA Business Group, The Coca-Cola Company’s bottler in the U.A.E., Qatar, and Bahrain. He was previously the general manager at the company for Russia and Belarus.
Andrew Buckingham
• Vice President and General Manager— Middle East Company: The Coca-Cola Company Nationality: British Global Headquarters: U.S. Sector: Food and Beverages Buckingham assumed his current role in
Nationality F O R B E S M I D D L E E A S T.C O M
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Nour Suliman
• CEO Company: DHL Express MENA
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Rola Abu Manneh
• CEO—U.A.E., Middle East & Pakistan Company: Standard Chartered Nationality: Emirati Global Headquarters: U.K.
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the G20 Empower, a director on the board of Make-A-Wish Foundation U.A.E., and an advisory board member for the Global Summit of Women and the Fortune Global Forum, among others.
Sector: Banking and Financial Services Abu Manneh joined the boards of Standard Chartered Pakistan and Standard Chartered Uganda as a director in January and May 2023, respectively, and assumed her current role in April 2024. In 2023, the bank recorded net income of $233.8 million in the U.A.E, a 38.6% increase compared to 2022. Abu Manneh is also a member of the Global Council for Sustainable Development Goal 5, a U.A.E. delegate in
Egyptian-American 1
Finnish 1
Nationality: Bahraini Global Headquarters: Germany Sector: Logistics Suliman assumed his current position in 2012, having first joined DHL Express in 1978. The company opened a new $48.3 million logistics center at Abu Dhabi’s Zayed International Airport in May 2024. In June 2024, DHL Express MENA inaugurated its new main office at Bahrain International Airport, along with the $234 million expansion of its regional hub. Suliman also sits on the board of Advanced Supply Management Operations in Saudi Arabia. He was previously country manager for DHL Express Saudi Arabia and DHL International Bahrain.
French-Lebanese 1
German-Canadian 1 AUGUST 2024
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GLOBAL MEETS LOCAL 2024
Sector: Healthcare
Management Services in DIFC, and advisory board member of the Dubai Chamber of Commerce & Industry. He previously held senior management positions at AXA Group.
Jack Uppal
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• President & Managing Director— Africa & Middle East Company: General Motors Africa and Middle East Nationality: Canadian Global Headquarters: U.S. Sector: Automotive
Joseph Anis
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Joseph Anis
• President & CEO—Europe, Middle East, and Africa, Gas Power Company: GE Vernova Nationality: Egyptian-American Global Headquarters: U.S.
IMAGE FROM SOURCE
Sector: Energy Anis assumed his current position in January 2021, having joined the company in 1997. In April 2024, GE Vernova signed agreements with the Iraqi Ministry of Electricity to add a further three gigawatts of energy into the grid, as well as offering five years of services and upgrades to enhance the availability of up to 7.5 gigawatts of capacity across the country. An MoU was also signed with the Iraqi Ministry of Oil to increase the use of flared gas to boost power generation. Anis is also the co-chair and executive sponsor of GE Vernova’s
Nationality
Hungarian 1
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global Gas Power Women’s Network.
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Jerome Droesch
Uppal assumed his current role in November 2022, having joined GM in 2001 in Canada. In December 2023, the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, took the Chevrolet Bolt-based Cruise autonomous vehicle on a test drive as part of Dubai’s Smart Self-Driving Transport Strategy to launch self-driving ride-hail services in 2024. GM Middle East saw a significant rise in sales in 2023 across Chevrolet, GMC, and Cadillac. Chevrolet Traverse and Chevrolet Tahoe sales rose by 67% and 28% year-on-year, respectively. Uppal has previously held leadership roles in GM branches across China, India, Singapore, Egypt, and the Middle East.
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Mazin Khoury
• CEO—International Organizations, Domestic Health and Health Services, International Health
• CEO—Middle East & North Africa
Company: Cigna Healthcare MEA
Global Headquarters: U.S.
Nationality: French
Sector: Technology
Global Headquarters: U.S. Sector: Insurance Droesch assumed his current position in June 2024, having joined Cigna as CEO of MEA in 2019. In October 2023, Cigna Healthcare announced a strategic partnership with Alkhaleej Takaful Insurance in Qatar to provide health insurance solutions. Droesch is also a board member for India, Türkiye, and Honeysuckle Health Australia, chairman of Cigna Healthcare Insurance
Irish 1
Italian-Lebanese 1
Company: AMEX—Middle East Nationality: Bahraini
Khoury assumed his current role in 2012, having joined American Express Middle East in 1989. The company’s “Shop Small” campaign was established in Bahrain in 2021 and introduced in Qatar in January 2024, encouraging card members to buy from and support local businesses. Khoury is a member of the Young Presidents Organization and the Premier Chief Executive Leadership Organization. He sits on the board of directors of the Bahrain International Circuit. He was previously CEO of American Express Saudi Arabia.
Japanese 1
Lebanese-Canadian 1 AUGUST 2024
GLOBAL MEETS LOCAL 2024
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across the MERA region Since January 2023, van der Loo has been the executive chair for PhRMA Middle East & Africa and is a board member of the U.S.-Africa Business Council, and U.S.-Russia Business Council. He is also a member of the Presidential Advisory on Doing Business in Africa.
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Amine Bel Hadj Soulami
GLOBAL MEETS LOCAL 2024
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• CEO & Head of Middle East & Africa for Corporate and Institutional Banking (CIB) Company: BNP Paribas Nationality: French Global Headquarters: France Sector: Banking and Financial Services Soulami has been with Paribas for 36 years, having started with the company as an IT and organization analyst in France in 1987. He assumed his current role in 2021. Before assuming his current role, Soulami was a senior advisor to BNP Paribas Global Markets. Other previous roles within the bank include global head of sustainable finance in global markets and global head of research and sustainable investments. Patrick van der Loo
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Patrick van der Loo
• CEO—Middle East
• General Manager & Technology Leader—Middle East and Africa
• Regional President—Middle East, Russia and Africa
Company: Siemens
Company: IBM
Company: Pfizer
Global Headquarters: Germany
Nationality: British
Nationality: Dutch
Sector: Industrials
Global Headquarters: U.S.
Global Headquarters: U.S.
Sector: Technology
Sector: Pharmaceuticals
Toma was appointed general manager in July 2021, having been at IBM for over 30 years. The company inaugurated a new regional headquarters in Riyadh in January 2024. Two months later, it announced plans to invest over $200 million in talent and infrastructure in a new IBM software lab in Riyadh. Toma is also a member of AmCham and the International Petroleum Technology Conference. He also sits on the board of the American Turkish Society.
Having joined Pfizer in 1997, van der Loo began overseeing the Middle East and Africa in December 2020 and was promoted to his current role in September 2022. In 2023, the company expanded its distribution portfolio to include the Egyptian market and launched eight products, four of which were for cancer treatment. In 2023, Pfizer reached more than 45 million patients and completed 32 successful launches
Von Struve was appointed to his current position in May 2020, having joined Siemens in 2000. In April 2024, Aldar Properties announced a partnership with Siemens to develop Saadiyat Grove in Abu Dhabi, incorporating Siemens’ cloud-based smart district management system. In November 2023, Siemens was also selected to provide the technology for an advanced automation system for Ceer, Saudi Arabia’s first EV brand. Von Struve has held senior management roles in Europe, Africa, and the Middle East. He was previously the CEO of Siemens in Libya.
Nationality
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Russian 1
Nationality: Austrian
South African 1
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Saad Toma
Helmut von Struve
worked in Finland, Germany, China, Türkiye, the U.A.E., and Silicon Valley.
Leopoldo Boado Lama; Nick Redshaw 31
Company: Oracle Nationality: Lama: Spanish; Redshaw:British Global Headquarters: U.S. Sector: Technology
Mikko Lavanti
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Pelin Incesu
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Mikko Lavanti
• Area Vice President—Middle East & Africa
• Senior Vice President, Mobile Networks—Middle East and Africa
Company: AstraZeneca
Company: Nokia
Nationality: Turkish
Nationality: Finnish
Global Headquarters: U.K.
Global Headquarters: Finland
Sector: Pharmaceuticals
Sector: Telecommunications
Incesu, who assumed her role in 2020, first joined AstraZeneca in 2000. In 2023, AstraZeneca MEA recorded a revenue growth of 25.7% and received 97 medicine approvals, 35 of which were accelerated. Incesu is the international leader sponsor on AstraZeneca’s Global Inclusion & Diversity Council. She leads five MEA units and oversees a team of over 2,300 people.
Lavanti assumed his current role in 2021, having joined Nokia in 1997. In July 2024, Nokia signed a deal with Telecom Egypt to bring 5G technology to Egypt for the first time. He has also overseen the establishment of Nokia’s regional headquarters in Saudi Arabia. Lavanti sits on the board of directors of the Nokia Saudi Arabia joint venture. He has over 25 years of experience and has previously
Nationality
Swiss 1
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Redshaw joined Oracle and assumed his current role in February 2022. Lama joined Oracle in 2006 and assumed his role in 2020. In May 2023, e& selected Oracle to scale its cloud footprint, and in January 2024, they expanded this collaboration. In the same month, Oracle and the Dubai Business Women Council launched the ‘sAIdaty’ initiative to develop AI skills amongst women. In July 2024, du deployed “Oracle Alloy” to offer cloud and sovereign AI services in the U.A.E. Redshaw previously worked at IBM for over 36 years. Lama was previously the country leader for Oracle in Spain.
Ashraf ElAfifi
• President—IMEA Company: Henkel Nationality: Egyptian Global Headquarters: Germany Sector: Consumer Goods
Thai 1
ElAfifi was appointed to his position in 2011, having joined the company in 1992. In July 2024, it was revealed that Henkel’s eight manufacturing sites in the Middle East and Africa operate on 100% renewable energy. This is done through on-site PV solar and hydroelectricity plants in Türkiye and Kenya, wind energy in South Africa, and solar energy in Saudi Arabia and the U.A.E. In the same month, the company opened its beauty care production facility in Riyadh. ElAfifi also leads the Henkel laundry and home care businesses in Latin America and Asia Pacific. AUGUST 2024
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• Lama: Senior Vice President— Business Applications, ECEMEA Redshaw: Senior Vice President— Cloud Tech, Middle East & Africa, U.A.E. Country Leader
Dietmar Siersdorfer 33
• Managing Director—Middle East and Africa Company: Siemens Energy
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Nationality: German Sector: Energy Siersdorfer joined Siemens in 1987 and assumed his current role at Siemens Energy in 2020 following the company’s spinoff from Siemens. In April 2024, he was appointed managing director for Africa. Siemens Energy and Qatar Free Zones Authority signed an MoU in May 2024 to establish a maintenance and repair center for rotating equipment in the Qatari free zone. Siersdorfer is chairman of the board of Siemens Electrical and Electronic Services in Kuwait, and Siemens Energy Egypt.
Asgar Rangoonwala 34
• Senior Vice President, EMEA Emerging Markets Company: Johnson & Johnson Nationality: German
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Global Headquarters: U.S. Sector: Healthcare Rangoonwala has been with Johnson & Johnson since 1996 and assumed his current role in 2021, leading a team of 1,800 people. In 2023, the company pledged $1 million for disaster relief, supporting NGOs such as the International Medical Corps and the International Rescue Committee. Rangoonwala is a member of the EMEA Leadership Team for Johnson & Johnson Innovative Medicine and represents the company at the European Federation of Pharmaceutical Industries and Associations. He also serves on the executive committee of PhRMA’s Middle East & Africa. He was previously president of Xian Janssen and chairman of the R&Dbased Pharmaceutical Association Committee’s Executive Committee in China.
Global Headquarters F O R B E S M I D D L E E A S T.C O M
Asgar Rangoonwala
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Robert Chanmugam
• Managing Director—Middle East, North Africa, Türkiye and Sub-Saharan Africa (MENAT & SSA) Company: Kellanova
senior management roles at Mondelēz International, Kraft Foods, Cadbury, and Procter & Gamble.
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Irina Zaporozhet
Nationality: Australian
• President—META
Global Headquarters: U.S.
Company: Eli Lilly and Company
Sector: Food and Beverages
Nationality: Canadian
Chanmugam joined Kellanova—formerly known as the Kellogg Company—in 2013 and assumed his current role in 2022. Between 2023 and 2024, the MENAT and sub-Saharan Africa units have showcased business growth in double digits. Chanmugam is also a member of the American Chamber of Commerce in Dubai, and he sits on the boards of Multipro, Singapore, and Tolaram Africa Food. He was previously chief financial officer for the Asia Pacific, Middle East, and Africa at Kellanova and has held
Global Headquarters: U.S.
Germany 8
U.K. 8
Sector: Pharmaceuticals Zaporozhet assumed her current role in January 2024. In 2024, Eli Lilly and Company’s regional division became one of the company’s top five regional hubs in terms of revenues and profit. Zaporozhet first joined Eli Lilly and Company’s Hungary division in 2002. She has held roles in Hungary, Austria, and the U.S. She was previously the general manager for Russia and CIS from 2017 to 2022.
Switzerland 7
Japan 6
France 4 AUGUST 2024
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Global Headquarters: Germany
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Arshad Ghafur
• President—MENA Company: Bank of America Nationality: British Global Headquarters: U.S.
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Sector: Banking and Financial Services
Mary (Meline) Gukasyan 38
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Ghafur joined Bank of America as president for the MENA region in 2012. The bank advised Oman’s OQ Gas Networks on its nearly $800 million gas pipeline IPO in 2023, and it advised Spinneys on its listing on the Dubai Financial Market this year, which was oversubscribed in aggregate by 64 times. Ghafur sits on the DIFC Higher Board and the Board of the U.S.-U.A.E. Business Council. Ghafur previously spent 15 years at Lehman Brothers/Nomura Holdings, where he was head of investment banking for MEA and CEO for Qatar.
Mary (Meline) Gukasyan
• Managing Director—MEA Company: Kraft Heinz Nationality: Russian Global Headquarters: U.S. Sector: Food and Beverages Gukasyan joined Kraft Heinz as the general manager of CEE based in Moscow in 2016 and assumed her current position in June 2023. The company recently opened a new office in Jeddah and expanded its factory and investments in Cairo to make it an export hub. Gukasyan previously worked with Nestlé in Russia and is also a board member of NovaBev Group.
In May 2024, Honeywell signed multiple MoUs with the Iraqi government and private sector to support local energy infrastructure, including the cessation of gas flaring and the provision of development. Hashem is also chairperson of the energy committee at the American Chamber of Commerce in Egypt and a board member of the Egyptian Export Council of Engineering Industries.
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Samir Cherfan
• President—Middle East and Africa Company: Honeywell Nationality: Egyptian Global Headquarters: U.S.
IMAGE FROM SOURCE
Sector: Diversified Hashem was appointed to his current role in January 2024, having joined Honeywell as president for Egypt and Libya in 2016.
Global Headquarters F O R B E S M I D D L E E A S T.C O M
Ireland 2
Haitham Mattar
• Managing Director—Middle East, Africa and South West Asia Company: IHG Hotels & Resorts Global Headquarters: U.K.
• COO—Middle East and Africa
Sector: Hotels and Hospitality
Company: Stellantis
Mattar was appointed to his current position in 2021 to oversee the operations and performance of IHG’s more than 190 hotels and its pipeline of over 130 hotels. The company has a presence in Saudi Arabia, the U.A.E., Egypt, Kuwait, Lebanon, India, Bhutan, Pakistan, Qatar, and Oman, as well as some markets in Africa. In 2023, IHG signed the Kimpton Riyadh Hotel, which is being built in the heart of the King Abdullah Financial District. In 2020, Mattar was appointed as a special advisor to the secretary general of the UNWTO for sustainable tourism development. He is also an advisory board member of the Arabian Travel Market.
Nationality: French-Lebanese Sector: Automotive
Khaled Hashem
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Nationality: American
Global Headquarters: Netherlands 39
Mobility departments of Stellantis MEA, and he is the vice chairman of Tofaş Türk Otomobil Fabrikası.
Cherfan has been in his current role since January 2021, following the merger of Groupe PSA and Fiat Chrysler Automobiles to form Stellantis. In July 2024, Stellantis revealed a two-phase acquisition of Moroccan Sopriam, a subsidiary of the Al Mada Group. Initially, Stellantis will gain its majority control, followed by full ownership by early 2025. Cherfan concurrently heads the Industrial and Commercial Complexity and Electro Micro
Netherlands 2
Denmark 1
Finland 1
Hong Kong 1 AUGUST 2024
current positions at ENGIE in 2023. In February 2024, ENGIE Group launched ENGIE Factory, its venture-building arm, to build and invest in early-stage startups in the Middle East. In the same month, Al Dur Power & Water Company, owned by ENGIE among other entities, secured a $1.2 billion refinancing facility from a syndicate of 17 local, regional, and international banks. Guadagnin also serves as board member in ENGIE STOMO, and Barka Desalination Company. Al Hajjaj is on the board of the UN Global Compact.
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Omar Boulos
• Market Unit Lead—Middle East Company: Accenture Nationality: American Global Headquarters: Ireland Sector: Technology Boulos assumed his current role in September 2023, having first joined Accenture in 1997. In December 2023, the company signed a three-year strategic agreement with Riyadh Air to provide cloud and cybersecurity infrastructure. Boulos was previously the client group lead for U.S. South Resources and the resources industry group lead for North America. He has held leadership positions for Accenture across the Middle East, North Africa, and Türkiye.
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manager for GE Healthcare in Saudi Arabia.
Majid Kaddoumi
• Senior Vice President & President— Eurasia Company: Medtronic Nationality: Jordanian Global Headquarters: Ireland Sector: Healthcare Kaddoumi assumed his current role in 2024, leading a team of 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. He first joined the company in 2012 and was relocated to the regional headquarters in Dubai in 2013. He was previously the country general
Global Headquarters F O R B E S M I D D L E E A S T.C O M
Italy 1
Tomaz Guadagnin; Mohammed Al Hajjaj 43
• Guadagnin: Managing Director, Flexible Generation & Retail, Country Manager—GCC Al Hajjaj: CEO Saudi Arabia Company: ENGIE Nationality: Guadagnin: Brazilian Al Hajjaj: Saudi Global Headquarters: France Sector: Utilities Both Guadagnin and Al Hajjaj have 19 years of experience and assumed their
Luxemburg 1
South Africa 1
Karim-Christian Haririan 45
• Managing Director Company: BMW Group Middle East Nationality: German Global Headquarters: Germany Sector: Automotive Haririan assumed his current role in April 2024, having first joined BMW in 1991. In February 2024, BMW Group Middle East announced a strategic partnership with Emaar to install EV charging points in the U.A.E., with 50 installations planned across 25 EMAAR projects in the first phase. Haririan was previously CEO and managing director of the BMW Group in Poland and Greece.
South Korea 1
Spain AUGUST 2024
IMAGE FROM SOURCE
Omar Boulos
PRO M OTI O N Scan this QR code to open the website
O
n the sandy shores of Bangsak Beach on Thailand’s Phang Nga coastline sits the Avani+ Khao Lak Resort. The 100,000-square-meter resort combines modern design with blissful pools, family-friendly amenities, and chic dining venues boasting stunning Andaman Sea views. With 309 rooms, the oceanfront property is the brand’s largest resort in Thailand by number of keys and offers room categories to suit all tastes and requirements. The resort also serves as a launchpad for AvaniFit—a new lifestyle concept designed to add fun and variety into hotel fitness. In addition to a wide range of fitness training programs, guests can sign up for boxing or tennis classes and try their hand at activities including hanging yoga, climbing walls, beach assault courses, PADI lessons, and more. Other wellness amenities at the Avani+ Khao Lak Resort include AvaniSpa, which comprises six treatment rooms and lush gardens, so guests can indulge in soothing treatments, before refueling with healthy menus or multi-day nutrition and wellness packages.
Opened in 2022, Avani+ Khao Lak Resort adds a new dimension to luxury Thai hospitality with incredible dining, exciting activities, and great family fun–all set against stunning surroundings. The activities don’t stop there. At Avani+ Khao Lak, guests can enjoy cooking classes, sunrise yoga, and cycle trips to check out nearby Bang Niang market or the lush terrain surrounding Khao Lak. Excursions to Similan Islands, Phang Nga Bay, or Koh Phi Phi are also on offer, as are day trips to the Takuapa Old Town or rafting through the bamboo forest. Meanwhile, for event planners, Avani+ Khao Lak Resort offers comprehensive facilities and dedicated spaces for meetings and weddings. For young guests, the AvaniKids club includes dedicated zones for specific age groups with age-appropriate playgrounds and boardgames. For teens, the AvaniArcade is an electrifying space packed with arcade games, billiards, table tennis, and more. There is also a splash park, beach activities, and a private skatepark. Alongside an array of activities for all ages, the Avani+ Khao Lak Resort is home to a mix of bars and restaurants. The Beach Bar is the preferred spot for sundowner cocktails while the Beach House offers incredible views and tantalizing menus including fresh salads, grilled seafood, spicy Thai
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
favorites, burgers, and Wagyu sliders. Adding to the culinary lineup, the lobby restaurant, Elements, serves hearty buffet breakfasts and all-day dining, the Mojito Factory offers an innovative collection of cocktails, and the poolside Italian eatery, Mi Scusi serves up pizzas, pastas, specialty salads, and fun and creative desserts. For guests who wish to eat on the go, The Pantry offers wholesome salads and sandwiches, as well as cold pressed juices and fresh pastries. Last but not least, no beachside retreat would be complete without ice cream and Scoop It is happy to oblige, offering homemade ice cream throughout the day. Located 90 kilometers north of Phuket International Airport, the Avani+ Khao Lak Resort can be reached by car in approximately one hour. From there, guests can switch off, relax, and unwind in the stunning surroundings of Thailand’s Phang Nga coastline.
www.avanihotels.com/ khao-lak-phang-nga AUGUST 2024
79 GLOBAL MEETS LOCAL 2024
A New Destination Along Thailand’s Phang Nga Coast
Renee McGowan
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Richard Morgan
• Senior Vice President & Managing Director—Indian Subcontinent, Middle East and Africa Company: A.P. Moller – Maersk
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Nationality: Irish Sector: Logistics Morgan joined Maersk as director of solution sales in Dublin in 2003, and held several leadership positions based in England, Hong Kong, and the Netherlands, before relocating to Dubai as a regional managing director for West and Central Asia in 2019. He assumed his current role in 2023. In March 2024, the company signed a three-year agreement with Saudi Arabia Railways to increase containers transported on SAR’s trains from Dammam to Riyadh. Morgan started his career in Ireland in 1994 as a sales executive for Sealand.
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Tarek Rizk
• President—MENA Company: SLB Nationality: Canadian-Egyptian Global Headquarters: U.S. Sector: Technology Rizk assumed his current role in July 2020, having joined the company in 2000. In June 2024, SLB signed a strategic partnership with the Waha Oil Company in Libya to enhance local technical skills in the oil and gas sector. Rizk was previously president of the Drilling & Measurements department, based in the U.K.
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from 2012 to 2017. In June 2023, Riyadh Air signed an order for 90 GEnx-1B engines to power its new fleet of Boeing 787-9 Dreamliners. In November 2023, Emirates confirmed a deal of 202 GE9X engines at the Dubai Airshow, taking its total number of GE9X engines to 460 units. Koleilat established and serves as an executive sponsor for GE Aerospace’s regional employee resource groups, including Women’s Network, GE Aerospace Volunteers, and HealthAhead.
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Aziz Koleilat
• Vice President, Sales & Marketing and General Manager—Middle East, Türkiye, Eastern Europe & Russia/CIS
Niels Zilkens
Sector: Insurance
Company: UBS
McGowan assumed her current position in 2023. Marsh McLennan’s four businesses in the Middle East—Marsh, Mercer, Guy Carpenter, and Oliver Wyman—recorded a growth of 15% in 2023 compared to 2022. In 2023, the company introduced new retirement schemes to support governments and private enterprises. McGowan is also a board member of INJAZ U.A.E., chair of the 30% Club in MENA, and a Global Steering Committee member.
Nationality: Swiss Sector: Investment banking
Global Headquarters: U.S.
Zielkins assumed his current role in October 2023, having joined the company in 2012. Since closing the acquisition of Credit Suisse in June 2023, UBS recorded $77 billion of net new assets in Global Wealth Management (GWM) and $77
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F O R B E S M I D D L E E A S T.C O M
Company: Marsh McLennan Global Headquarters: U.S.
Global Headquarters: Switzerland
Sectors
Renee McGowan
• CEO—India, Middle East and Africa
• Head Wealth Management—Middle East
Nationality: Lebanese-Canadian
Koleilat assumed his current role in April 2017, before which he had been President and CEO of GE in Iraq and the Levant
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Nationality: Australian
Company: GE Aerospace
Sector: Aerospace
billion of net new deposits across GWM and Personal & Corporate banking. Zielkins also oversees the Global NonResident Indian segment. He started his career as an economist at the Swiss National Bank.
Pharmaceuticals
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Automotive
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Food and Beverages
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Manufacturing
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Global Headquarters: Denmark
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Naji Skaf
• President – MEIAA Company: Xylem Nationality: Lebanese Global Headquarters: U.S.
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Sector: Manufacturing
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GLOBAL MEETS LOCAL 2024
Skaf assumed his current role upon joining Xylem in September 2021. In September 2023, Xylem announced its collaboration with iot squared in Saudi Arabia to promote water sustainability through smart metering. Skaf previously served as president of the Middle East and Türkiye at Air Products, CEO of Gulf Cryo, and held senior management positions at Air Liquide in Houston, Paris, and Cairo.
Ismail Mapara
• Managing Director—Middle East Company: 3M Nationality: Pakistani Global Headquarters: U.S. Sector: Diversified
Fares Akkad
Mapara assumed his current position in September 2023, having first joined 3M in 1997. In April 2024, 3M completed the regional spin-off of its healthcare business, formally introducing Solventum Corporation as an independent global company. Mapara is also a member of the American Chamber of Commerce in Dubai and regional business director of the Safety & Industrial Business Group in emerging markets regions. He started his career as a production engineer at Unilever.
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Sergio Maccotta
• Senior Vice President—Middle East & Africa, South Company: SAP Global Headquarters: Germany Sector: Technology
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Maccotta assumed his current position in February 2020, and his regional leadership was expanded to include sub-Saharan African countries in 2023. Also in 2023, SAP partnered with the
Healthcare 4
• Managing Director—Middle East & Africa Company: Meta Nationality: American Global Headquarters: U.S.
F O R B E S M I D D L E E A S T.C O M
Akkad assumed his current position at Meta in 2022, having joined the company in 2017. In April 2024, the company launched its first MEA advisory board. Akkad sits on the boards of the Young Presidents’ Organization, Binghatti, CAFU, Enhance Fitness, Aliph Capital, Ard Dyar, the TAKREEM Foundation, and EMIR. He
Hotels and Hospitality 4
previously served as director for media partnerships at Meta, and he worked on Shahid, MBC Group’s Arabic VOD service, before joining Meta.
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Ayman Khattab
• Vice President—Middle East & Africa Company: Baker Hughes
Fares Akkad
Sector: Technology
Nationality: Italian
Sectors
Museum of the Future in Dubai to launch an installation showcasing sustainable solutions. Maccotta has been overseeing the development of the SAP Public Cloud Offering and SAP Business AI, with Moro Hub, a subsidiary of Digital DEWA, in line with the U.A.E.’s Net Zero 2050 strategy.
Nationality: Egyptian Global Headquarters: U.S. Sector: Energy Khattab was appointed vice president for the region in November 2023, having been at Baker Hughes since 2008. In February 2024, the company inaugurated the previously announced Saudi Petrolite Chemicals facility in Jubail as a joint venture with Dussur, which is owned by the PIF, Saudi Aramco, and SABIC. In May 2024, Baker Hughes inaugurated the expansion of its Industrial & Energy Technology Damman Center, which is expected to create over 60 new jobs. Khattab previously held senior leadership roles at GE and SLB.
Banking and Financial Services 4
Medical Devices 4 AUGUST 2024
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Jobin Joejoe
• Managing Director Company: Sony Middle East and Africa Nationality: Indian Global Headquarters: Japan Sector: Electronics Joejoe joined Sony MEA in 2007, was promoted to deputy managing director in 2022, and assumed his current position in April 2024. In the same month, Sony MEA unveiled its new lineup BRAVIA series. In March 2024, Sony and the Esports World Cup Foundation signed a multi-year partnership agreement to collaborate on initiatives for the Esports World Cup. The inaugural Esports World Cup 2024 is scheduled to take place in Riyadh in 2024.
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James Allan
• CEO—MEA Company: JLL Nationality: British James Allan
Global Headquarters: U.S. Sector: Real Estate Allan joined JLL in 2008 and took on his current role in 2023. He manages over 1,900 people across offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca, Johannesburg, and Nairobi. In 2023, the company advised on over 375 hospitality assets, with a development potential of $65 billion, and completed $200 million in hotel transactions. It also managed around 813,000 sqm of assets under management and transacts over 100,000 sqm of offices, industrial, and business space on behalf of corporates and landlords. Allan also serves on the JLL EMEA Work Dynamics Board.
opened a $60 million industrial complex in Abu Dhabi to cater to ADNOC. In May 2024, TenarisGPC inaugurated its latest investment in its Longitudinal Submerged Arc-Welding Pipe Mill, which will double the company’s production capacity in Saudi Arabia.
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Gabriel Podskubka
Company: Publicis Groupe Middle East & Türkiye
• COO Company: Tenaris Nationality: Argentinian Global Headquarters: Luxemburg Sector: Industrials Podskubka began his career with Tenaris in 1995 and assumed his current role in April 2023. In February 2024, Tenaris
Sectors
Aerospace
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Sector: Media Kakish assumed his current role in April 2021, having joined the Publicis Groupe in 2002. In March 2024, the company signed an MoU with the Saudi Company for Artificial Intelligence to aid in AI applications across Saudi Arabia. It also partnered with Tamkeen Technologies to accelerate the innovative digital experiences of the government and private sector in Saudi Arabia. Kakish has previously been CFO, CIO, and
Electronics
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Energy 3
Javier Águila
• Group President—Europe, Africa and Middle East (EAME) Nationality: Spanish
• CEO
Global Headquarters: France 58
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Company: Hyatt
Bassel Kakish
Nationality: Jordanian
co-managing director of Publicis Sapient in the Middle East.
Global Headquarters: U.S. Sector: Hotels and Hospitality Águila assumed his current role in 2022. Hyatt’s EAME regional portfolio includes more than 70 properties. In the Middle East, Hyatt’s properties are in the U.A.E., Saudi Arabia, Kuwait, Qatar, Oman, and Jordan. In May 2024, Hyatt entered management agreements with Knowledge Economic City in Saudi Arabia for two new Hyatt hotels. The group’s EAME division recorded an EBITDA of $61 million in 2023, a growth of 30.4% compared to 2022. Águila began his career in private equity and management consulting and previously founded Alua Hotels and Resorts in 2014. In 2019, it was acquired by ALG, which became part of Hyatt in 2021.
Insurance
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Telecommunications
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AUGUST 2024
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PRO M OTI O N Scan this QR code to open the website
Introducing Park St. Edition, a Mixed-Use Project in New Cairo
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n a significant advancement for the Egyptian real estate market, Sky Real Estate and Innovo Group have joined forces to launch Park St. Edition in New Cairo. The exciting mixed-use development is poised to transform the market by offering sustainable residential commercial and administrative projects designed to enhance both physical and mental well-being while prioritizing sustainability. The new entity leverages the combined expertise of two highly respected companies. Sky Real Estate is a leading developer and subsidiary of Sky Investments, while Innovo Group is acclaimed for its engineering consultancy, design, and sustainability systems. Not only does the strategic partnership align with Egypt’s Vision 2030, but it also sets new benchmarks in real estate. Park St. Edition involves investments approaching EGP 10 billion which is equivalent to $209.6 million and occupies a 20,000 square-meter plot with 65,000 square meters of building
space. At the helm of the project is Chairman Khaled Abdel Aziz, who is dedicated to delivering highquality, innovative developments. Committed to sustainable building practices and innovative design, the mixed-use development is envisioned as a harmonious environment, with a design that maximizes natural light and utilizes efficient ventilation systems to improve air quality. The emphasis on sustainability also extends to the use of environmentally friendly materials, renewable energy sources, highefficiency lighting, energy-saving appliances, and effective waste management systems. Alongside Park St. Edition’s commitment to sustainability, its focus on well-being will be manifested in state-of-the-art fitness facilities, meditation and yoga areas, as well as walking and jogging paths, ensuring a holistic living experience for all. At every touchpoint, Park St. Edition aims to cater to clients seeking a lifestyle that seamlessly blends luxury, well-being, and sustainability,
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
providing an exceptional living and working experience that meets both professional and personal needs. Sky Real Estate, owned by Sky Investments and led by Chairman Eng. Ayman Hussein, brings extensive investment experience to the table. Established in 1997 by the Hussein family, Sky Investments has a deep understanding of the local market and a robust business network across sectors including energy, logistics, real estate, and hospitality. For its part, Innovo Group, under the leadership of CEO Bishoy Azmy, boasts a global footprint with a proven track record in urban design, engineering, and construction projects spanning four continents. With headquarters in London and offices in Dubai, Abu Dhabi, Toronto, Cairo, Senegal, Angola, and Riyadh, Innovo Group is well-positioned to drive the success of Park St. Edition. Through this strategic partnership, Park St. Edition is set to introduce a series of innovative and sustainable projects that will meet diverse client needs. Park St. Edition marks the beginning of this journey, setting new standards in the real estate industry and paving the way for future developments that prioritize sustainability and well-being.
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83 GLOBAL MEETS LOCAL 2024
Sky Real Estate and Innovo Group are combining their wealth of experience and expertise to deliver a pioneering mixed-use project shaped by sustainability and holistic well-being.
chair of the healthcare committee of the Harvard Club of the GCC.
Ahmad Alkhallafi; Mohammad Alrehaili 63
• Alkhallafi: Managing Director— U.A.E. & Africa • Alrehaili: Managing Director—Middle East
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Company: Hewlett Packard Enterprise (HPE) Nationality: Alkhallafi: Emirati Alrehaili: Saudi Global Headquarters: U.S. Sector: Information Technology (IT)
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for the 2023 fiscal year, ending March 2024.
Tuna Gulenc
• Regional Vice President Company: Daikin Middle East & Africa Nationality: Turkish Global Headquarters: Japan Sector: Manufacturing Gulenc assumed his current position in 2016, having joined Daikin in 2006. Since 2023, Daikin Middle East & Africa has set up four training centers and centers of excellence across Africa, in partnership with Nigeria’s Etiwa Tech, Field of Skills and Dream, Morocco’s Office of Vocational Training and Employment Promotion, and DMDC in Côte d’Ivoire. Daikin also appointed Almoayyed Contracting Group as its official distributor in Bahrain, in April 2024. The company recorded its strongest sales yet at $30 billion globally
Sectors
Logistics
F O R B E S M I D D L E E A S T.C O M
3
62
Ayman Mokhtar
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Hiroyuki Shibutani
• CEO Company: Panasonic Marketing Middle East and Africa (PMMAF)
• Regional President—MENA & Eurasia
Nationality: Japanese
Company: Viatris
Global Headquarters: Japan
Nationality: Egyptian
Sector: Manufacturing - Electronics
Global Headquarters: U.S.
Shibutani joined Panasonic in 1991 before being appointed managing director in 2019 and assuming his current role in 2024. At the start of the fiscal year 2024, Panasonic launched SMARTCARE World, its new customer service application, which was introduced to Kuwait in June 2024. In 2023, the company recorded global net sales of $55 billion. Shibutani previously headed Panasonic offices in the U.S., Singapore, and India, before joining the Africa division in the U.A.E. in 2016. He is also chairman of the Japanese School in Dubai.
Sector: Pharmaceuticals Mokhtar assumed his current role in 2022, having first joined Viatris in 2020. In November 2023, Viatris signed an MoU with Abu Dhabi’s Department of Health to provide medical education resources to primary care physicians for identifying mental health concerns. Mokhtar is among the founding members of the U.S.-U.A.E. Business Council and is a board member of the American Chamber of Commerce in Abu Dhabi. He is also
Information Technology (IT)
2
Consumer Goods
2
Diversified
2
Industrials
2
AUGUST 2024
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Tuna Gulenc
Alkhallafi joined HPE in April 2020 as managing director for the U.A.E. before his region was expanded to cover Africa in November 2022. In June 2022, Alrehaili joined as managing director for Saudi Arabia and Gulf, before his region expanded to the Middle East in November 2022. In May 2024, HPE and Redington partnered to offer high-performance Saudi-made HPE servers to boost Saudi’s economic independence. Before his current position, Alkhallafi was among the founding members of du, while Alrehaili previously worked at Cisco Systems and Mobily.
65
Farah Hamdan
• General Manager—CEEMA Company: Zimmer Biomet Nationality: Jordanian Global Headquarters: U.S.
85
Sector: Healthcare
66
GLOBAL MEETS LOCAL 2024
Hamdan assumed her current position in 2024. In July 2024, Zimmer Biomet partnered with the AMICO Group to distribute trauma products in Saudi Arabia. She previously held roles at Becton Dickinson, Medtronic, Abbott, and Novartis Pharma across emerging markets. She is also a board member at Mecomed, among other roles.
Mostafa AlGuezeri
• Managing Director—Gulf & Maghreb Company: Hitachi Energy Nationality: Egyptian Global Headquarters: Switzerland Sector: Technology and Utilities AlGuezeri has been leading Hitachi Energy since 2020. In March 2023, Hitachi Energy signed a contract with the Gulf Cooperation Council Interconnection Authority to upgrade the Al-Fadhili high-voltage direct current converter station under the GCCIA authority in Saudi Arabia. In February 2024, the company, in collaboration with Larsen & Toubro, announced the installation of a 380-kilovolt Gas-Insulated Switchgear in Northern Saudi Arabia, which is expected to be operational this year. AlGuezeri previously spent nearly 23 years at ABB.
Farah Hamdan
and group life claims between 2020 and 2023. In August 2023, it launched its YourLife and YourCare insurance services in Bahrain. Kajiji was previously head of Mashreq Gold and executive vice president and global head of wealth management and affluent banking at First Gulf Bank.
68 67
Mufazzal Kajiji
Company: Zurich International Life (Middle East) Nationality: Indian Global Headquarters: Switzerland
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Sector: Insurance Kajiji joined Zurich International Life (Middle East) as CEO in June 2022. In May 2024, Zurich reported that it had paid out over $210 million in customer benefits in the Middle East across individual
Sectors
Media
F O R B E S M I D D L E E A S T.C O M
2
Nationality: Moldovan Global Headquarters: U.S. Sector: Electronics Oganesean’s role was expanded to include East Africa in 2024. In April 2024, HP held its first gaming showcase in Dubai, unveiling new OMEN and HyperX gaming devices and accessories. Oganesean joined HP in 2009 and since then, has held senior management positions across
2
Chemicals
1
Auto Parts
Vincenzo Ventricelli
• CEO Company: Philips Middle East, Türkiye & Africa Global Headquarters: Netherlands
Company: HP Inc.
Real Estate
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Nationality: Italian
Peter Oganesean
• Managing Director—Middle East and East Africa
• CEO
Türkiye, the Middle East, and East Africa.
1
Sector: Medical Devices Ventricelli joined Philips in Italy in 1996 and was appointed CEO for the Middle East and Türkiye in 2020. His role was expanded to include Africa in January 2021. During Arab Health 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 also participated in the World Economic Forum special meeting in Saudi Arabia in April 2024 to discuss the future of AI and healthcare.
Capital Goods
1
Financial Services
1
AUGUST 2024
70
Michael Young
• Managing Director—MENA Company: CBRE Nationality: Australian Global Headquarters: U.S. Sector: Real Estate Young assumed his current role in July 2024. In Q2 2024, leasing revenue fell by 3% in EMEA, and sales revenue was up by 3%. In October 2023, CBRE supported New Balance in securing a location at the Dubai Hills Mall. Young previously led advisory and transaction services for CBRE across the region.
71
Frans Hiemstra
• Regional General Manager—Middle East and Africa Company: Uber Nationality: South African Global Headquarters: U.S. Sector: Technology Hiemstra joined Uber in September 2015 and assumed his current position in 2022. In June 2024, Uber announced a partnership with the Al-Futtaim Electric Mobility Company in the U.A.E. to offer Uber drivers electric and plug-in hybrid vehicles. In June 2023, the company signed an agreement with Saudi Arabia Railways to launch reservation services, allowing passengers to pre-book Uber Reserve rides to and from railway stations across six cities. Hiemstra was previously general manager for Uber in sub-Saharan Africa.
Elda Choucair
Skills for Innovation, in the Middle East. Khalifa is also on the advisory board for the Khalifa University in Abu Dhabi, on the industrial advisory board at the Rochester Institute of Technology at Heriot-Watt University, and he’s a board member at SATR Charity in Egypt.
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Taha Khalifa
• CEO- MENA
• Country Manager—Gulf Region Company: Intel Corp. Nationality: Egyptian Global Headquarters: U.S. Sector: Technology Khalifa joined Intel Corp. in 1995 as a senior software engineer in California and assumed his current role in 2018. He has also been the GCC enterprise and government sales director since January 2023. In December 2023, the company launched its digital literacy initiative, Intel
Sectors
Investment
F O R B E S M I D D L E E A S T.C O M
Elda Choucair
1
member of the Unstereotype Alliance and Convened by UN Women, and is an advisory council member of the Middle East Inclusion and Diversity Council.
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Nadim Najjar
• Managing Director—Central & Eastern Europe, Middle East & Africa
Company: Omnicom Media Group
Company: London Stock Exchange Group (LSEG)
Nationality: Lebanese
Nationality: Lebanese
Global Headquarters: U.S.
Global Headquarters: U.K.
Sector: Media
Sector: Financial Services
Choucair assumed her current role in 2021, having joined Omnicom Media Group in 2006. In February 2023, Omnicom launched TRKKN—its Google agency focused on marketing and cloud services— in the Middle East. Choucair is vice chair of the Advertising Business Group, and she sits on the boards of Endeavor and IAB MENA. She is also a founding board
Carrying 30 years of experience, Najjar has been with LSEG since 2021. He led the $27 billion acquisition of Refinitiv, implementing strategies across 91 nations. He is an advisory board member of Reach for LSEG as well. Najjar previously held senior management positions at Thomson Reuters and Refinitiv. He oversees over 1,000 people.
Investment banking
1
Technology and Utilities
1
Utilities
1
Infrastructure
1
AUGUST 2024
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GLOBAL MEETS LOCAL 2024
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75
Olfat Sami Berro
• Area Head—Middle East Company: Roche Nationality: Lebanese Global Headquarters: Switzerland
87
Sector: Pharmaceuticals
76
GLOBAL MEETS LOCAL 2024
Berro assumed her current role in 2019, having joined the company in 2003. In June 2023, Roche signed an MoU with the American University of Beirut and its medical center, to serve as a center for healthcare research. The company has also been working with the Iraqi Ministry of Health to raise awareness regarding early detection of diseases. In May 2024, the company signed an MoU with Abu Dhabi’s Department of Health to advance research, clinical trials, and real-world data in the emirate. She is a member of the executive committee of PhRMA Middle East & Africa and the Middle East Inclusion & Diversity Council of the Healthcare Businesswomen’s Association in the region.
Manfred Bräunl
• CEO
Olfat Sami Berro
Company: Porsche Middle East & Africa Nationality: German-Canadian Global Headquarters: Germany Sector: Automotive Bräunl joined Porsche in 2014 in China as vice president of marketing and assumed his current role in Dubai in 2019. In 2023, the company achieved a 41% growth in cars delivered in the Middle East, Africa, and India compared to 2018. He was previously the global head of marketing at Maserati and held senior roles at BMW Group. He has been a guest professor at Tongji University in Shanghai, China, since 2017.
77
Khaled El Dabag
• CEO—MENA Region, Managing Director, Investment Banking Company: Barclays
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Nationality: Lebanese Global Headquarters: U.K. Sector: Banking and Financial Services El Dabag joined Barclays in 2014 and assumed his current role in 2021. Barclays has been in the Middle East for more F O R B E S M I D D L E E A S T.C O M
than 150 years. Since 2022, Barclays has grown its business across all divisions, serving sovereign wealth fund clients, government-related entities, banks, large corporates, and family offices. Before Barclays, he held roles at Goldman Sachs in Dubai, and at Stephens Inc. and Merrill Lynch in New York.
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Ashraf Mallak
• Associate Vice President & Managing Director—GCC Company: Merck Sharp & Dohme (MSD) Nationality: Jordanian Global Headquarters: U.S. Sector: Pharmaceuticals Mallak was appointed to his position in 2021, after joining the company in 2002. MSD signed an MoU with Abu Dhabi’s Department of Health to support clinical research into lung cancer in June 2024. It also signed an agreement in November 2023 with Dammam Pharma in Saudi Arabia, to manufacture diabetes medicine locally. Mallak is also a member of the executive committee of PhRMA Gulf and a
board member of the American Chamber of Dubai.
Georg Schroeckenfuchs 79
• Head Gulf & Saudi Country Group Company: Novartis Nationality: Austrian Global Headquarters: Switzerland Sector: Pharmaceuticals Schroeckenfuchs has been in his current role since 2022, before which he had been the president for the Middle East and Head of Novartis’ MENA Cluster since 2018. In June 2024, at the BIO 2024 International Convention, the company signed an MoU with the Department of Health – Abu Dhabi to advance clinical genomics research to support the understanding of radioligand therapy for cancer patients. Schroeckenfuchs is a member of the American Podiatric Medical Association leadership team. He started his career with Novartis in 2001 as head of general medicine in Austria. AUGUST 2024
80
Boyd Chongphaisal
• Vice President and General Manager—Gulf Company: GSK Nationality: Thai
88
Global Headquarters: U.K. Chongphaisal assumed his current role in 2022. Today, he oversees GSK’s operations in the U.A.E., Kuwait, Qatar, Bahrain, and Oman. In February 2024, the company signed an MoU with Abu Dhabi’s Department of Health to accelerate innovative healthcare and integrate treatments and personalized care. In March 2024, it collaborated with the University of Sharjah to advance cancer research. Chongphaisal was previously the general manager of GSK within emerging markets for over 14 years.
81
Moosa Al-Moosa
• President—Middle East & Türkiye Company: Dow Chemical Nationality: Omani Global Headquarters: U.S. Sector: Chemicals Al-Moosa assumed his current role in April 2023, having joined Dow’s Michigan office in 2005. Al-Moosa is also a board member of Sadara, Dow’s joint venture with Aramco, and he sits on the boards of Samco and the U.S.-Saudi Business Council. He was previously country president for Dow Saudi Arabia.
Angelo Maura
In Q1 2024, the company recorded a sales growth of 29% in the Middle East compared to Q1 2023 with the models Ford Territory, Everest, and Taurus driving sales in the GCC. It is laying the groundwork to launch its first EV in the Middle East in 2025.
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Jaeho Kim
• CEO & Managing Director 82
Ravi Ravichandran
• President Company: Ford Middle East Nationality: Indian Global Headquarters: U.S. Sector: Automotive Ravichandran was appointed to his current position in 2023, after three years as executive director of Middle East operations for the Ford International Markets Group. Ravichandran joined Ford Motor Company in 1997 and has held various positions in marketing and sales, strategy and finance, and manufacturing operations in India, China, the Middle East, and Africa. F O R B E S M I D D L E E A S T.C O M
Global Headquarters: U.S. Sector: Medical Devices Maura joined Align Technology in 2011 and assumed his current position in 2020. In January 2023, the company collaborated with the Saudi Dental Society to drive innovation in the oral care segment. Between May and July 2023, the company expanded to Oman and opened a new office in Dubai. He previously worked at Stryker and Johnson & Johnson.
Company: Mobis Parts Middle East Nationality: South Korean Global Headquarters: South Korea Sector: Auto Parts Kim joined Hyundai Mobis in 2000 and assumed his current position in 2024. Kim played pivotal roles in various overseas subsidiaries of Hyundai Mobis, including Mobis India and Mobis America. In 2023, the company began rolling out counterfeit parts detection mobile apps in the region.
84
Angelo Maura
• General Manager—Middle East Company: Align Technology Nationality: Italian
85
Ahmad Nasser
• General Manager—MEA Company: The Hershey Company Nationality: Lebanese Global Headquarters: U.S. Sector: Foods Nasser assumed his current role in 2023, having joined the Hershey Company in 2014. In 2023, the Hershey Company recorded $11.16 billion in net sales worldwide, an increase of 7.8% compared to 2022. It also held a campaign where e-waste was donated to Enviroserve.org in Dubai. Nasser previously started his career at General Mills and held senior management roles at Unilever. AUGUST 2024
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GLOBAL MEETS LOCAL 2024
Sector: Pharmaceuticals
86
Jean Baptiste Boulay
• President- North Africa & Managing Director, Bayer SA Morocco Company: Bayer Nationality: French Global Headquarters: Germany
89
Sector: Pharmaceuticals
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GLOBAL MEETS LOCAL 2024
Boulay joined Bayer in 1999 and assumed his current position in 2017 to oversee the company’s operations with a workforce of over 300 employees. In May 2024, Bayer and Huma Therapeutics Limited launched its heart health screening tool in Saudi Arabia. Boulay has over 25 years of experience in the agricultural and crop science sectors.
Shashank Sharma
• Vice President & General Manager— META Company: Lenovo Nationality: Indian Jean Baptiste Boulay
Global Headquarters: Hong Kong Sector: Manufacturing - Electronics Sharma assumed his current position in 2018, having joined Lenovo in 2011. In April 2024, Lenovo’s $500 million syndicated revolving credit facility was successfully arranged by Emirates NBD Capital. This marked its first entry into the Middle East Syndicate Loan Market. Sharma was previously the executive director and Asia Pacific Lead of Lenovo Mobile Business Group and Motorola. He has held senior management roles at Lenovo’s Chicago, Singapore, and Hong Kong offices.
Julio de la Rosa Jurado 88
• Business Development Director for the Water Business—Middle East Company: ACCIONA Nationality: Spanish Global Headquarters: Spain
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Sector: Infrastructure Jurado assumed his current role when he joined ACCIONA in July 2016. In December 2023, ACCIONA completed the construction of the Jubail 3B and Shuqaiq 4 desalination plants in Saudi Arabia, which will help provide new sources of F O R B E S M I D D L E E A S T.C O M
potable water in Riyadh and Qassim once commercially operational. Jurado was previously the business development director of Abeinsa Business Development.
89
Louay Dahmash
• Senior Director – EMEA Emerging Company: Autodesk Nationality: Jordanian Global Headquarters: U.S.
Freijeh joined Snap in 2016 and assumed his current position in 2024, overseeing more than 130 people. In October 2023, Snap collaborated with Saudi’s Ministry of Culture and the Saudi Fashion Commission to launch TASAWAR, an avant-garde augmented reality that aims to redefine Saudi’s fashion scene. Freijeh was previously the managing director of Yahoo Middle East, Africa, and Türkiye. He is also a member of the advisory council of the Dubai Chamber of Digital Economy.
Sector: Technology Dahmash joined Autodesk in 2011 and assumed his current role in 2019. In May 2024, Autodesk revealed Project Bernini, an experimental generative AI model that rapidly generates superior 3D shapes from diverse inputs like 2D images, multiple views, point clouds, voxels, and text. Dahmash was previously vice president for the Middle East at AVEVA.
90
Hussein Freijeh
• Vice President—MENA Company: Snap Inc. Nationality: Lebanese Global Headquarters: U.S. Sector: Technology
91
Ronald Boueri
• Regional Managing Director Company: Olympus MEA Nationality: Lebanese Global Headquarters: Japan Sector: Manufacturing Boueri joined Olympus MEA in January 2022 and was appointed to his current role in 2022. In the same year, he secured a tender for the Egyptian UPA, the governmental purchasing arm of the Ministry of Health & Population in Egypt. Boueri previously served as general manager for the Middle East at Zimmer Biomet. AUGUST 2024
Joe Naoum
94
Giorgio Turri
• Managing Director Company: Ferrari Middle East Nationality: Italian Global Headquarters: Italy
90
Sector: Automotive
GLOBAL MEETS LOCAL 2024
Turri assumed his current role in 2018, having joined the company in 2012. Ferrari Middle East launched its “Ferrari Tours” in the U.A.E. and Oman in February 2024, with Saudi Arabia set to join in October. Also n February 2024, the company unveiled an ME30 Special Project dedicated to the GCC. Turri oversees the Gulf, Lebanon, and India. He has introduced regional projects such as the Passione Ferrari Club Challenge Middle East, the Ferrari Festival in Saudi Arabia, and Casa Ferrari Abu Dhabi.
95
Joe Naoum
• General Manager—MENA Company: Stryker Nationality: Lebanese Global Headquarters: U.S. Sector: Medical Devices Naoum joined Stryker in 2018 and assumed his current role in January 2022. In March 2024, the company opened its regional headquarters in Saudi Arabia. Naoum previously held leadership roles at Carestream, Wolters Kluwer, and Kodak.
• Managing Director for Middle East, Türkiye, Africa and Pakistan (METAP) Company: Zoom Video Communications Nationality: Saudi
Venkatasubramanian (Subbu) Hariharan 93
• Managing Director Company: Canon Middle East and Türkiye Nationality: Indian Global Headquarters: Japan
Global Headquarters: U.S.
Sector: Electronics
Sector: Technology
Hariharan joined Canon Middle East and Türkiye in 2006 and assumed his current role in 2021. Canon Middle East and Türkiye account for nearly a third of EMEA sales. This makes it the largest market among its developing regions in terms of business unit sales under EMEA operations. Hariharan previously worked at Sony Electronics and Unilever and was a B2C business unit director for Middle Eat. He also serves on the boards for Canon direct operations, including Canon Emirates, Canon Saudi Arabia, and Canon Qatar.
AlKalash assumed his current role in April 2024. He is also the founder of CyberX, a multinational cybersecurity awareness platform. He sits on the advisory board of communications and network engineers at Princess Nourah bint Abdulrahman University, and the advisory board of communications, network engineers, and electrical engineering programs at Prince Sultan University.
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Dirk Karl
• Group Procurement Executive Company: MTN Group – Global Sourcing and Supply Chain Nationality: German Global Headquarters: South Africa Sector: Telecommunications Karl assumed his current role in 2017. He has helped to transform procurement from a cost center into a revenue-generating center, achieving more than $300 million in cost savings in 2023. He also launched the Px360 Procurement Platform, an agile, data-driven neural engine that offers proactive realtime insights, risk identification, and optimal recommendations. Karl was previously regional chief information officer for Europe and Latin America for the General Motors Acceptance Corporation and chief procurement officer at ING Group N.V. He also serves as a board member for Global Sourcing Company and the Joint Audit Cooperation. AUGUST 2024
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Mohannad Alkalash 92
Mayank Patel
Emmanuel Laurina 97
• Managing Director and Head— Middle East and Africa Company: State Street Global Advisors
91
Nationality: Belgian GLOBAL MEETS LOCAL 2024
Global Headquarters: U.S. Sector: Investment Laurina has been working with State Street Global Advisors since 2005 and assumed his current role in 2013. In May 2024, the company announced the opening of its new office in the Dubai International Financial Centre. The company’s regional asset management activities were previously managed from Abu Dhabi but are now consolidated in Dubai and Riyadh.
98
Mohamed Zouari
• General Manager—Middle East, Türkiye, and Africa
Rawad Sarieddine
Company: Snowflake
99
Nationality: French
• Vice President—META
Global Headquarters: U.S.
Company: CrowdStrike
Sector: Technology
Nationality: Lebanese
Zouari assumed his current role in 2021. He has since led Snowflake’s expansion into the U.A.E., establishing Snowflake Middle East and opening an office in Dubai Internet City. In January 2024, the company announced its plans to establish a presence in Saudi Arabia and Zurich. In March 2024, the company also obtained a Dubai Electronic Security Centre certification to extend its services across Dubai. Zouari previously held positions at AXA, Logica, and Hewlett Packard Enterprise.
Global Headquarters: U.S.
100
Mayank Patel
• Country Head—Middle East & Vice President Sales—Eastern Europe Middle East & North Africa Company: Adecco
Sector: Information Technology (IT) Sarieddine joined CrowdStrike in Dubai in 2017 as senior director of META and assumed his current role in 2020. CrowdStrike is a Nasdaq-listed company that provides security to protect areas of enterprise risk, such as endpoints, cloud workloads, identity, and data. It targets up to 10,000 monthly incidents through 3,500 endpoints. Sarieddine previously held regional sales roles at various companies, including Attivo Networks and FireEye.
Nationality: Indian Global Headquarters: Switzerland Sector: Technology Patel joined Adecco in 2007 and became the country head for Adecco Middle East in 2018. He assumed his current role in 2023, overseeing around 140 people across 11 countries. Patel serves as the vice chairman of the Staffing Business Group at the Dubai Chamber of Commerce and is a member of the Swiss Business Council in the U.A.E.
Methodology: To compile our Global Meets Local 2024 ranking, we first looked at this year’s Forbes Global 2000 list and identified those companies with significant operations in MENA. We then identified the top-ranking executive at the company’s regional headquarters and analyzed their impact and achievements. Executives had to be living in MENA to be considered.
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We ranked the executives based on the following criteria: • The impact that the executive has had on the region and the markets that they serve. • The achievements and performance of the executive in the last year.
F O R B E S M I D D L E E A S T.C O M
• The number and extensiveness of the sustainability and CSR initiatives led by the executive.
if given, project value, and product reach.
• Their designation and the geographical area that they oversee.
• The number of years of industry experience the executive has and the time served in their current role.
• The size of the business in terms of the number of employees, revenues
• The rank of the global organization on the Forbes Global 2000 list.
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AUGUST 2024
• FEATURES •
MAHMOUD GHRGHAR
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NEW AGE Mahmoud Ghrghar, CEO of the Ghrghar Group, is steering the family business with a democratic approach that prioritizes people. By blending tradition with innovation, he aims to future-proof the company and prepare it for a public offering by 2028.
BY JAMILA GANDHI F O R B E S M I D D L E E A S T.C O M
AUGUST 2024
Mahmoud Ghrghar, CEO of the Ghrghar Group.
PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
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AUGUST 2024
MAHMOUD GHRGHAR
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I
In 2023, the North African nation of Libya witnessed its GDP surge by 12.6%, attributed to sustained oil production made possible by the improved security situation. Its economy is heavily dependent on oil and gas, which constitute 97% of exports, more than 90% of fiscal revenues, and 68% of GDP, according to the Arab Development Bank Group. For the Libyan-owned Ghrghar Group, diversifying economic dependence and redefining urban living for the future of the country is critical to catering to a diverse population and setting new standards for development in North Africa. Ghrghar Construction is currently developing the Tajura Compound, one of the largest residential complexes in Libya, featuring 470 homes, estimated to be completed in Q4 2025. It is followed closely by Tripoli Hills, which features 90 villas and is currently in the selling phase. “Our projects are not just about construction; they are about creating spaces that foster community and drive economic development,” says Mahmoud Ghrghar, CEO of the Ghrghar Group. “These developments will significantly enhance the availability of high-quality, affordable housing, benefiting approximately 560 families and young professionals seeking to buy or rent.” Similarly, Ghrghar Construction’s commercial project in Egypt’s Nasr City will be one of the largest ultramodern commercial buildings in the region, featuring 14 floors, each encompassing 3,370 square meters. The project is estimated to cost $41.2 million with an expected completion date of Q3 2027. The structure will accommodate 244 offices alongside various amenities, including the first ultra-modern plug-and-work subscription workstations for nearly 500 freelancers, a gym, restaurants, and a sky lounge. While a key industry, construction is only one of several business interests for the Dubai-headquartered Ghrghar Group. The diversified multinational private conglomerate has over 16 businesses across three continents and operates in sectors such as real estate, F O R B E S M I D D L E E A S T.C O M
construction, hospitality, food and beverage, industrial goods, manufacturing, agriculture, and facilities management in Egypt, Libya, the U.A.E., and the U.K. Its origins can be traced back to its founder and chairman, Ismail Ghrghar, whose entrepreneurial spirit laid the foundation in 1993 for what is now a global enterprise. “Our family’s legacy is our greatest asset,” the CEO remarks. Ghrghar’s brothers—Omar, Malik, and Badr—are also involved in the business and serve as vice chairman, managing partner, and managing partner, respectively. “Each generation has brought its own strengths and ideas, ensuring that we remain relevant and forward-thinking,” adds the CEO, who leads manufacturing and engineering in the U.A.E. and global business development and acquisitions. Meanwhile, Omar steers global financial investments and asset management in Egypt, Malik spearheads real estate in Libya and trading in Asia, and Badr leads agriculture in North Africa and the U.K. and real estate in Europe and the U.A.E.
“Our goal is to become a listed company by 2028 and we are on track to achieve this target—this is our moonshot.” The CEO’s professional journey is a testament to the values and vision that drive the Ghrghar Group. After graduating from the University of Strathclyde in 2018, the mechanical engineer dived straight into the family business. Still, this wasn’t his first job. From working in a factory making bottled water to selling mobile phones, Ghrghar was involved in several different side hustles from the age of 11. “I’m proud of the fact that I started working at an early age and was encouraged to pursue entrepreneurial activities as a child by my father,” he recalls. Joining the Ghrghar Group in 2018 presented its own set of challenges. “Transitioning into the family business wasn’t easy. There were high expectations and the pressure to uphold our legacy,” he admits. However, he brought a fresh perspective and a keen eye for innovation, helping to steer the company towards new opportunities. “Before I joined, we had a good manufacturing plant, but it wasn’t that big; it only had five engineers,” shares Ghrghar. “My goal was to modernize our operations and integrate technology into our core processes.” Under his leadership, the R&D department for engineering innovation has since grown to 35 people working on different products. AUGUST 2024
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and the facilitation of regular discussion forums to understand and address employee grievances, emphasized by 50%. “Our survey reveals a powerful correlation between trust in leadership and employee allegiance,” explained Ola Haddad, General Manager at Bayt.com, in a statement. “As workplaces strive for excellence, it becomes increasingly clear that management’s transparency and recognition of their workforce’s contributions serve as the cornerstone of building a loyal and engaged team.” As a father of two young sons, Ghrghar is adamant about building a strong foundation of employee loyalty and succession for the
Since taking the helm in 2018, the CEO has focused on people and progress, embracing AI and bolstering the R&D department for engineering innovation.
third generation of the family business. “My father gave us real responsibility at work as well as the space to fail, learn, and go again,” he says. “Besides doing this with my children, I will ensure I will not be their boss. Engagement and accountability must exist with all members of the leadership and wider teams.” Looking ahead, the Ghrghar Group is committed to sustainability and long-term growth. The CEO envisions the company becoming a listed entity by 2028, a move that will further solidify its position in the global market. “Sustainability is at the core of our future plans,” the CEO emphasizes. “Our goal is to become a listed company by 2028 and we are on track to achieve this target—this is our moonshot.” AUGUST 2024
95 MAHMOUD GHRGHAR
Innovation has always been a cornerstone of Ghrghar Group’s strategy. The conglomerate has embraced artificial intelligence (AI) and other advanced technologies to enhance its manufacturing operations and product offerings. “From AI-driven manufacturing processes to smart products like robots and smart vehicles, we are at the forefront of technological integration,” says the CEO. He’s not alone in harnessing AI’s potential; 92% of entrepreneurs in the U.A.E. express confidence in navigating AI technologies to enhance their businesses, according to GoDaddy’s 2024 Global Entrepreneurship Survey. Similarly, 2024 research by KPMG found that 84% of Middle East CEOs in family businesses are investing in automation this year, and 66% plan to deploy advanced technology such as cloud tech and AI. The introduction of agile methodologies has revolutionized the company’s culture. “Agility allows us to respond quickly to market changes and fosters a collaborative environment,” Ghrghar notes, elaborating on the successes of implementing this model, such as vast buy-in initiatives from colleagues, improved efficiencies, competencies, and accountability to projects. “We adopted the agile model because we want people to be the focus of all our businesses. Without people we have no business, they must be represented.” Profitsharing schemes have also been instrumental in motivating employees and aligning their goals with the group’s success. “Transparency is our core value and helps us create a rewarding work environment,” he adds. “When our employees share in our success, it drives them to contribute even more.” According to a 2024 Employee Loyalty in the MENA survey by Bayt.com and YouGov, 60% of respondents cited a focus on increased recognition and rewards for employers to boost loyalty among their staff. This was followed by the creation of growth opportunities, pointed out by 52%,
• THOUGHTS ON •
Leadership “The most dangerous leadership myth is that leaders are born – that there is a genetic factor to leadership. That’s nonsense; in fact, the opposite is true. Leaders are made rather than born.”
“People buy into the leader before they buy into the vision.”
Bill Gates
—John Maxwell “Effective leadership is not about making speeches or being liked; leadership is defined by results, not attributes.”
—Warren Bennis
—Peter Drucker
“A leader takes people where they want to go. A great leader takes people where they don’t necessarily want to go, but ought to be.”
“A great person attracts great people and knows how to hold them together.” —Johann Wolfgang Von Goethe
—Rosalynn Carter
“Do what you feel in your heart to be right–for you’ll be criticized anyway.”
“To command is to serve, nothing more and nothing less.”
—Eleanor Roosevelt
—Andre Malraux
“Lead me, follow me, or get out of my way.”
“He who has never learned to obey cannot be a good commander.”
—General George Patton
—Aristotle “A leader takes people where they want to go. A great leader takes people where they don’t necessarily want to go, but ought to be.”
“As we look ahead into the next century, leaders will be those who empower others.”
“If one is lucky, a solitary fantasy can totally transform one million realities.”
—Rosalynn Carter
—Bill Gates
—Maya Angelou
“If your actions inspire others to dream more, learn more, do more, and become more, you are a leader. ”
“You don’t lead by pointing and telling people some place to go. You lead by going to that place and making a case.”
“I start with the premise that the function of leadership is to produce more leaders, not more followers.”
—John Quincy Adams
—Ken Kesey
—Ralph Nader
F O R B E S M I D D L E E A S T.C O M
FINAL THOUGHT “No one’s a leader if there are no followers.”
—Malcolm Forbes
AUGUST 2024
PHOTO BY BENNETT RAGLIN / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP
THOUGHTS
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