I The Highest-Paid Female Athletes Score A Record $167 Million

Sports

The Highest-Paid Female Athletes Score A Record $167 Million

The world’s ten highest-paid female athletes earned a combined $167 million before taxes in 2021, according to Forbes estimates, a 23% increase over 2020 and a 16% jump from the prior record of $143.3 million set in 2013.

1. Naomi Osaka

Tennis • Age: 24 • Japan Total Earnings: $57.3M On-The-Field Earnings: $2.3 million Off-The-Field Earnings: $55 million Nearly all of Naomi Osaka’s $57.3 million in pretax earnings comes from an endorsement portfolio that has added more than ten brand partners over the last year and a half, including Louis Vuitton, Sweetgreen and Tag Heuer. In recent months, the Japanese-born 24-year-old has picked up equity stakes in VR startup StatusPRO and plant-based-chicken maker Daring Foods, released a collection of NFTs on Tom Brady’s Autograph platform and launched a skincare line called Kinlò. The tennis ace had a bit of a tougher time on the court in 2021, falling to 13th in the women’s rankings and crashing out of the Tokyo Olympics in the third round, but she did capture her fourth Grand Slam title, at the Australian Open in February. She will defend her crown at this year’s tournament in Melbourne.

2. Serena Williams

Tennis • Age: 40 • U.S. Total Earnings: $45.9M On-The-Field Earnings: $0.9 million Off-The-Field Earnings: $45 million Were it not for Naomi Osaka, Serena Williams would claim the earnings record for a female athlete with her $45.9 million from 2021. The 40-year-old played in only six WTA Tour tournaments and plummeted to 41st in the women’s rankings—her worst mark since she returned to tennis in 2018 after the birth of her daughter—but she remains a big draw for advertisers, partnering with brands like Nike, Gatorade and, most recently, DirecTV. She was an executive producer on the 2021 film King Richard, which centered on her father, and she has investments in more than 60 startups through her firm Serena Ventures. Williams said that she would miss the Australian Open because “I am not where I need to be physically to compete.”

3. Venus Williams

Tennis • Age: 41 • U.S. Total Earnings: $11.3M On-The-Field Earnings: $0.3 million Off-The-Field Earnings: $11 million Venus Williams is a rare sight on the WTA Tour these days, playing only nine tournaments, and winning only three matches, in 2021. That would destroy most players’ earnings potential: In the tennis world, a drop in the rankings or a missed tournament typically triggers a reduction in deals with sponsors hoping to see their logos on television. But Williams’ partnerships in recent years have focused more on her celebrity than her tennis, and the 41-year-old has a lucrative side hustle making appearances and giving keynote speeches. She has her own apparel brand, EleVen, which has collaborated with K-Swiss, and like her sister Serena, she was an executive producer on the film King Richard. Also like her sister, she will skip this year’s Australian Open—the first time neither of them will appear at the Melbourne tournament since 1997.

4. Simone Biles

Gymnastics • Age: 24 • U.S. Total Earnings: $10.1M On-The-Field Earnings: $0.1 million Off-The-Field Earnings: $10 million The Tokyo Olympics did not go as Simone Biles planned: She withdrew from five events before returning to win bronze on the balance beam. Still, the 24-yearold had already secured her status as a gymnastics legend, and her story of resilience seemed to resonate with brands. She partnered with Autograph to release NFTs starting in August and joined mental-health startup Cerebral as “chief impact officer” in October. She was also the face of a cross-country post-Olympics gymnastics tour, the Gold Over America Tour, with its initials spelling GOAT—a nod to her reputation as the sport’s greatest of all-time.

5. Garbiñe Muguruza

Tennis • Age: 28 • Spain Total Earnings: $8.8M On-The-Field Earnings: $2.8 million Off-The-Field Earnings: $6 million Even counting her runner-up finish at the 2020 Australian Open, Garbiñe Muguruza’s last couple of seasons felt somewhat disappointing after a dominant run from 2015 to 2017. She rediscovered her form in 2021, however, winning three tournaments and climbing to No. 3 in the women’s tennis rankings to trigger significant sponsor bonuses. The 28-yearold Spaniard also added Jaguar and Nivea to her valuable set of endorsements with brands including Adidas and Babolat.

6. Jin Young Ko

Golf • Age: 26 • South Korea Total Earnings: $7.5M On-The-Field Earnings: $3.5 million Off-The-Field Earnings: $4 million After nearly two straight years at No. 1, Jin Young Ko lost the top spot in the women’s golf rankings to Nelly Korda, but she picked up a pretty good consolation prize with a win in the season-ending CME Group Tour Championship in November, claiming $1.5 million and LPGA Player of the Year honors. Although she plays without an equipment deal, favoring a mixed set of clubs of different brands, the 26-year-old can count on valuable sponsorships from companies from her native South Korea, a golf-crazy country. Her partners include LG Electronics, Korean Air, Jeju SamDaSoo mineral water and Rejuran skincare products.

7. P.V. Sindhu

Badminton • Age: 26 • India Total Earnings: $7.2M On-The-Field Earnings: $0.2 million Off-The-Field Earnings: $7 million P.V. Sindhu may be virtually unknown in the U.S., but the 26-year-old badminton champion is hugely popular in India and has appeared in this list’s top ten once before, in 2018. She followed her silver-medal-winning performance in Rio de Janeiro in 2016 with a bronze last year in Tokyo, becoming the first Indian woman with two Olympic medals. She has added four sponsors since returning home, including ed-tech giant Byju’s and used-car platform Spinny, on top of partners like Li-Ning sportswear and India’s Bank of Baroda.

8. Ashleigh Barty

Tennis • Age: 25 • Australia Total Earnings: $6.9M On-The-Field Earnings: $3.9 million Off-The-Field Earnings: $3 million No women’s tennis player made more on the court in 2021 than Ashleigh Barty, the world’s top-ranked player and the reigning Wimbledon champion, and she is the betting favorite to win the Australian Open on her home soil. But the 25-year-old, who recently signed a sponsorship deal with Marriott Bonvoy, served up a reminder of the pay disparities that still exist in some areas of the sport when she won the Western & Southern Open outside Cincinnati in August. She took home $255,220 for the victory, whereas the men’s champion at the same tournament, Alexander Zverev, collected $654,815.

9. Nelly Korda

Golf • Age: 23 • U.S. Total Earnings: $5.9M On-The-Field Earnings: $2.4 million Off-The-Field Earnings: $3.5 million Nelly Korda may have finished a spot behind Jin Young Ko on the LPGA prize-money list and in the Player of the Year race, but her year was perhaps even more impressive as she captured her first major title at the Women’s PGA Championship in June, won Olympic gold in August and ended 2021 as the top-ranked women’s golfer. The 23-yearold, recently named to Forbes’ 2022 30 Under 30 list in the sports category, has more than ten sponsors, including Hanwha Q Cells, a manufacturer of solar cells, and UKG, a tech company focused on workforce management.

10. Candace Parker

Basketball • Age: 35 • U.S. Total Earnings: $5.7M On-The-Field Earnings: $0.2 million Off-The-Field Earnings: $5.5 million Candace Parker is fresh off a WNBA championship run with the Chicago Sky, but with league salaries capped at around $200,000, she makes nearly all of her money from endorsements, partnering with brands like Adidas and, new for 2021, Band-Aid, Capital One and CarMax. In fact, her annual off-thecourt pay is more than double her total playing salary across her 14 years in the WNBA. The 35-year-old became the first woman to appear on the cover of an NBA 2K video game last year and was among the star athletes to invest in tradingcard exchange Alt in a funding round announced in November. Parker also has a lucrative contract as an NBA analyst for Turner Sports, extended last year.

• COVER STORY •

LEADING CHANGE

Sarah Al Suhaimi, Chairperson of the Saudi Tadawul Group, has helped restructure the region’s largest capital market, as well as list its own IPO. With a market cap of $2.7 trillion, Saudi’s stock exchange is increasing its international footing.

BY LAYAN ABO SHKIER

IMAGE FROM SOURCE FORBESMIDDLEEAST.COM Sarah Al Suhaimi, Chairperson of the Saudi Tadawul Group

SARAH AL SUHAIMI

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Last year, as Saudi Arabia continued on its path to economic diversification, 2021 proved to be a particularly busy year for the kingdom’s stock exchange, led by the Saudi Tadawul Group. In April, the Saudi Stock Exchange (Tadawul) announced that it was transforming from being a pure stock exchange to becoming a holding company with four subsidiaries, one of which would be the stock exchange. It then witnessed the major listings of 12 companies throughout the year—compared to four in 2020. And in December, the group finished 2021 by completing its own long-awaited IPO.

As of January 2022, the group’s listing appeared to be doing well after a little over a month. The shares first opened at $30.76 on December 8, 2021, and had reached a closing price of $43.45 by January 19, 2022. The group has been amongst the top five traded companies in Saudi Arabia since the listing, according to Sarah Al Suhaimi, Chairperson of the Saudi Tadawul Group. “We wanted our listing to be a standard,” she explains. “We wanted it to be swift, smooth, proper, in order for us to have the experience to guide companies during their own listings.”

By the end of 2021, the total number of listed companies on the Saudi stock exchange had reached 210. The exchange ended the year as the tenth largest market in the world, with a market capitalization of $2.7 trillion, as of December 2021. Tadawul’s own IPO had to happen at “the right time and for the right reason,” reveals Al Suhaimi. “Us being listed is a natural progression in Tadawul’s journey. It wasn’t a goal on its own.”

That “right time” ended up being the group’s restructure into a holding company, which was announced in April 2021. At that time, Tadawul became the Saudi Tadawul Group, with a holding group structure, becoming the umbrella company for four subsidiaries: the Saudi Exchange, the Securities Clearing Center Company (Muqassa), the Securities Depository Center (Edaa), and Wamid. All were alreadyestablished entities and fully owned by Tadawul before the transformation, except for Wamid. Tadawul originally spun off Edaa into a separate company in 2016, then created Muqassa in 2018. The Saudi Exchange became its own entity in 2021, and finally, Wamid was established in March 2021 to provide technology solutions to investors and allow the group to monetize data and perform independent activities outside of its regulated business. “The exchange, the depository, and the clearing businesses are all regulated. So, we needed to separate them to protect investors, and wanted somewhere where we can actually do things, either experiment with new products, or acquire, or develop, or do the services that the market needs that is not core business,” Al Suhaimi explains.

However, before changing the design of the group from the outside, work had to be done on the inside to reframe the structure and culture of Tadawul. In this, Al Suhaimi had experience. The accounting graduate began her career in asset and wealth management, holding positions at Samba Capital and the Jadwa Investment Company before serving as the CEO of Saudi National Bank Capital (SNB Capital) from 2014 to 2021. In that time, SNB Capital (which was then known as NCB Capital) increased its total assets under management more than threefold from $14.2 billion in 2014 to $50.4 billion in 2020. By the time she assumed the leadership of Tadawul in 2017 as the chairperson of the board,

“We wanted it to be swift, smooth, proper, in order for us to have the experience to guide companies during their own listings.”

alongside then-CEO Khalid Alhussan, Al Suhaimi was already an expert on the Saudi markets. She became the first Saudi woman to chair the kingdom’s stock exchange. “I was told that one of the main reasons for the selection is I was one of very few who understood the Saudi market. And at the same time, I understood international investors and what they are looking for,” says Al Suhaimi.

One of the new chair’s main tasks was to broaden the foreign investor base and attract regional listings. In 2017, Saudi had just launched its Vision 2030 and was making steps towards the transformation plan. Ambitions were high to open the kingdom’s market further to international investors, and diversifying the economy depended greatly on the stock market attracting more investments. To this end, in 2015,

Tadawul and the Capital Market Authority (CMA) had introduced a Qualified Foreign Investor (QFI) program to allow international investors to have direct and consistent access to Saudi’s capital market. But by 2017, only 50 QFIs were registered in the kingdom.

Al Suhaimi identified that the program had attracted few foreign investors because they were only able to come in through a swap framework. This meant that they would only receive economic benefits from the securities with no legal ownership of the underlying securities. “Also, they (foreign investors) did not know the Saudi market,” she adds. The solution was to better understand investors’ demands. Al Suhaimi, with teams from Tadawul and the CMA, spent the first half of 2017 traveling the world, meeting with investors, asset managers, operations, and compliance teams. When they returned to Saudi Arabia, they created a to-do list to make the Saudi Stock Exchange more appealing to foreign investors. This included an amendment that was introduced in June 2019 to make registration requirements easier and expand the array of qualified institutional investors. By October 2019, there were more than 1,500 international financial institutions registered on Tadawul as QFIs. Foreign investor ownership reached $22.9 billion in 2018, $55.4 billion in 2020, and jumped by more than 150% in the three years up to Q2 2021, according to the CMA.

Altogether, according to the chairperson, the development of the QFI program, the successful attraction of more international investors, and the complete restructuring of the group were the “building blocks” that led to Tadawul being ready to list itself as a standalone company that can focus on being commercial and profitable to attract investors. The Saudi Tadawul Group’s IPO witnessed strong demand from the registered QFIs, which were holding 4.93% on the first trading day and 13.04% by the end of December 30, 2021, the last trading day of the year. Saudi’s stock exchange has also witnessed an increased appetite for IPOs from familyowned businesses in the last two years, with companies including the Dr. Sulaiman Al Habib Medical Services Group, BinDawood Holding Co., and Alkhorayef Water and Power Technologies Co listing on the Saudi Exchange. “The decision to convert into a listed company is a normal extension of the company’s strategy that aims to enhance corporate governance and sustainability and set solid foundations for our future objectives,” explains Rami Moussilli, CEO of Alkhorayef Water and Power Technologies. “The listing is in line with the company’s growth drivers, and a major part of the continuous work on improving and upgrading our operational framework and control systems.”

Regarding family firms specifically, Al Suhaimi believes that having better governance is key for carrying the business to the second, third, and beyond generations, which can be achieved by going public. “Generally, when markets are deep—meaning that

“Tadawul today does not look like what it was, does not behave like what it was. We have successfully changed the culture of Tadawul.”

there are enough volumes and prices are healthy—that’s when the appetite for listing goes up because [issuers] can get good prices,” Al Suhaimi says. However, reaching this level of market maturity has not been easy. Over the years, Tadawul and CMA have worked on broadening the investor base, increasing the market’s level of transparency, and forming new regulations to fit a wider range of investors and companies.

According to experts, this work has directly impacted equity capital markets (ECMs) and IPO activity in Saudi. “There are several factors that have led to the recent uplift in the ECM activity in KSA. The increased liquidity and healthy valuations are definitely key to attracting more issuers looking to partially monetize or raise capital for growth,” says Mohamed Fahmi, Co-Head of Investment Banking at EFG Hermes. “But equally important, there has been a notable positive paradigm shift in the IPO process from a legal/regulatory and a pricing perspective where the CMA has streamlined the submission process and requirements, making it a far more transaction conducive regime without compromising on the quality of the issuances.”

Al Suhaimi agrees that things have certainly changed. “Tadawul today does not look like what it was, does not behave like what it was. We have successfully changed the culture of Tadawul,” she says. But her experience in preparing for and cultivating change is not limited to business. She has also witnessed a significant evolution get underway for women in the workplace. The challenges faced by women in Saudi Arabia when Al Suhaimi entered the financial sector in 2002 are very different to what they are today. At that time, accessing information and knowledge was not as easy for female workers. However, the digital revolution has seen this change, with knowledge much more accessible thanks to technology. Saudi’s Vision 2030 recognizes that for an economy to thrive, so must its female workforce.

The Saudi Tadawul Group’s workforce is already made up of around 30% women. In 2019, the group became the first Saudi company to sign the UN’s Women’s Empowerment Principles, which aim to ensure that women play a leading role in capital markets and publiclylisted companies. That same year, the group began hosting its annual “Ring the Bell for Gender Equality” event to mark International Women’s Day. For its chairperson, attitude remains key. While overseeing a growing company as it settles into its new group status, she explains that opportunity can get you so far, but perseverance gets you further. “If you do something once, you might be lucky,” says Al Suhaimi. “It’s just about persistence.”

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SAUDI’S 5 BIGGEST IPOS 2021

Here’s a look at the top IPOs raised in Saudi Arabia’s main market in 2021.

ACWA Power International

Sector: Utilities Listing date: October 10, 2021 Offered value: $1.2 billion

ACWA Power operates in the development and operation of power and water desalination plants in Saudi Arabia.

Saudi Tadawul Group Holding Co.

Sector: Diversified Financials Listing date: December 8, 2021 Offered value: $1 billion

Saudi Tadawul Group Holding was formed in 2021 and has four subsidiaries, including the Saudi Exchange, the tenth largest market in the world.

Arabian Internet and Communications Services Co

Sector: Software & Services Listing date: September 30, 2021 Offered value: $966.1 million

Arabian Internet (solutions by stc) is a subsidiary of Saudi telecoms firm stc Group. It is an IT services provider with 24,000 customers across the kingdom.

Arabian Contracting Services Co ( Al-Arabia)

Sector: Media & Entertainment Listing date: November 15, 2021 Offered value: $399.9 million

Al-Arabia is an outdoor media solutions and advertising products provider, with a presence in 28 cities across Saudi Arabia and the U.A.E.

Nayifat Finance Co.

Sector: Diversified Financials Listing date: November 11, 2021 Offered value: $317.2 million

Nayifat provides Sharia Compliant financing solutions to consumers and SMEs in Saudi Arabia. It was the first NBFI to be licensed by the Saudi Central Bank in 2014.

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Sheikha Hind bint Majid Al Qasimi, Chairperson of SBWC

Supporting Female Entrepreneurship

Sheikha Hind bint Majid Al Qasimi, Chairperson of Sharjah Business Women Council, explains how the organization is supporting a global pool of female entrepreneurs.

You have been leading Sharjah Business Women Council (SBWC) since 2016. What have been your main objectives thus far and what is your vision for the future? Since 2002, SBWC has been dedicating its efforts to driving full integration of businesswomen in the economy, promoting a culture of sustainable female entrepreneurship, and supporting more than 2,000 female business owners and entrepreneurs from across the U.A.E. and around the world. We have been fulfilling our objectives through a holistic approach of training, educating, upskilling, and offering end-to-end support to both established and aspiring businesswomen as they have set themselves up in Sharjah.

My objective since I assumed leadership of the council has been to bring women into the folds of our network. Last year, we unveiled a new global brand identity to reflect the organization’s bold vision and to make SBWC relatable to a global audience from different age groups and backgrounds.

We mark our 20th anniversary this year, and we are preparing to roll out a series of new workshops, initiatives, and partnerships to engage, upskill, and empower women in business on a global level. SBWC is organizing an event called Pearl Quest at Expo Dubai 2020 in February. What will the event involve? Pearl Quest will be one of our first pitching events where SBWC members will get a oncein-a-lifetime opportunity to pitch their unique ideas to a distinguished panel of judges. Three winners will be chosen, and ideas will be judged based on their originality, sustainable social and environmental impact, and functionality and ease of implementation. The event will be held at Expo Dubai 2020 on Tuesday February 8, from 11.00 am to 2.00 pm.

SBWC’s Women in Business Supporters – a team of sponsors and partners – will sponsor prizes for the winning ideas.

What are some of SBWC’s most prominent success stories? The value of our mentoring became prominent in the wake of the Covid-19 crisis, when members of SBWC were quick to respond to the unprecedented challenges.

One of our recent success stories is that of two SBWC members who showcased their stunning fashion designs at Torino Fashion week in November 2021. In collaboration with Dress for Success Belgrade, SBWC members, Wafa Balaswad and Mariam Al Hammadi, joined emerging and international designers and niche brands at the digital event that was live streamed globally. Balaswad showcased a versatile range of contemporary wear for the professional woman, while Mariam Al Hammadi presented a curated collection of abayas.

What advice would you give to young aspiring businesswomen? Dream big; take the unconventional route and define your own terms of ‘possible’ and ‘impossible’. I also encourage more women to explore targeted sectors such as food security, technology, and innovation, which are driving sustainable development.

SBWC has world-class resources for aspiring businesswomen to enhance their skillsets and develop an entrepreneurial mindset for a strong start and lasting success.

All SBWC services, including membership, can be accessed by downloading our app ‘SBWC’.

Mahmoud Akrin Founder & CEO of GoBazzar

• MOST POWERFUL BUSINESSWOMEN •

TRAILBLAZING JUSTICE TECH

Linda Fitz-Alan, Registrar and Chief Executive at ADGM Courts, helped build the financial center’s judicial system on a digital foundation long before the pandemic made it vital. Now she’s looking at new ways to innovate in handling disputes.

BY JASON LASRADO

IMAGE BY FORBES MIDDLE EAST FORBESMIDDLEEAST.COM

LINDA FITZ-ALAN

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In September 2020, during the height of the pandemic, NMC Healthcare—the U.A.E.headquartered hospital empire founded by former billionaire BR Shetty—was placed into administration after having been found to have more than $4 billion in hidden debt. The headline-hitting case was heard at Abu Dhabi Global Markets (ADGM) Courts, with the nine-hour hearing broadcast online and all documents and processes managed through a digital “eCourts” platform. The case was able to be heard, and a judgment made, despite COVID-19 restrictions, with interested parties watching from around the world. “This would not have been possible unless ADGM Courts had been digitized in every aspect of its operations,” says Linda Fitz-Alan, Registrar and Chief Executive at ADGM Courts.

The ADGM Courts system did not have to go through a process of digital transformation to achieve this feat. It was created digital-first, thanks largely to Fitz-Alan, who has been heading ADGM Courts since 2015. “We were pandemic ready before the pandemic arrived,” she points out.

As of Q1 2021, the ADGM international financial center had 3,448 registered companies managing a combined $75 billion in assets. The courts within the free zone resolve disputes for all ADGM-registered companies within their jurisdiction, which is limited to the 114 hectares of Al Maryah Island, where the ADGM is located. However, you do not need to be an entity established in ADGM to use its courts, thanks to an opt-in jurisdiction that means companies can select ADGM Courts to resolve their disputes without having any presence in ADGM. This happened in the case of NMC, which was registered on mainland Abu Dhabi.

In the six years it has been operating, ADGM Courts has seen its caseload rise year on year, but none so much as in pandemic times. The last two years have seen the number of cases held at ADGM Courts increase almost threefold. It filed 53 cases in 2020—its highest number since it commenced operations in 2015—and it saw this increase to 140 cases in 2021. “We’ve been building up our caseload, developing our judgment enforcement caseload and, in particular, really instilling confidence in the business and investor environment, both locally and globally for ADGM as a dispute resolution hub,” says Fitz-Alan.

ADGM Courts’ growing popularity could be largely attributed to its paperless eCourts platform, which enables parties and their lawyers to connect to the courts from anywhere in the world at any time of the day. Lawyers can file cases and documents with ADGM, have access to digital court files, view orders and judgments, and participate in hearings without moving from their offices or homes. The platform was launched in 2018, two years before the onslaught of COVID-19. When the pandemic hit, ADGM Courts was prepared.

“We are looking significantly at how we can assist global parties in disputes arising out of sustainability issues.”

However, in September 2015, when Fitz-Alan arrived in Abu Dhabi from Sydney—where she was the registrar of the New South Wales Supreme Court— there was no talk of planning for a global pandemic; ADGM simply wanted to do something different. At that time, the ADGM Courts had not yet been launched, and there was an opportunity to create something new. “When I arrived at ADGM Courts, we had no regulations yet, no rules in the courtroom. We had a chief justice and four judges and hardly any framework,” Fitz-Alan remembers. “But we did not want to do the same thing as every other court. We did not want to be traditional.”

The team first set about building a procedural framework based on existing U.K. systems, which enabled ADGM Courts to officially open in May 2016. Then it turned to creating what Fitz-Alan calls “our personality”—designing and developing its eCourts platform. As a new entity, ADGM Courts had the luxury of a blank slate. It didn’t have a past caseload or mountains of dusty paper from legacy cases to turn

digital. It could start digital almost straight away. “We did debate about whether or not that was going to be too dramatic a change for the legal profession and perhaps we needed to start with paper,” Fitz-Alan admits. “But we decided that there was no point doing that that if we were going to go into the brand new digital world and pioneer something.”

Consultation was vital to bring the legal community on board. The team spent 18 months speaking with lawyers, clients, and other courts to understand their users’ needs and build a digital platform focusing on fixing common pain points, such as the significant time and costs involved in being paper-based and having to courier documents around the world. In February 2018, the eCourts platform was officially launched.

According to the chief executive, the legal community has been largely supportive. “All of the traditional ways generally in relation to the way a court case runs, we upended all of that and sent it digital,” she remembers. “There were fewer challenges than I thought there would be, interestingly. We still get inquiries about sending hard copy documents, but they are fewer and farther between now.”

ADGM Courts makes its judgments based on English common law. As a court of the U.A.E., all judgments from ADGM Courts are enforceable globally. Arbitral awards issued by the ADGM can be enforced in other Abu Dhabi courts, and it has agreements with other common law jurisdictions regarding the enforcement of monetary judgments, including Australia, Singapore, Hong Kong, and the Commercial Court in London. “It’s a very vast, wide network,” says Fitz-Alan.

This network helps make the ADGM an attractive free zone with which to register for the U.A.E.’s businesses. “The decision to domicile our holding company in ADGM was straightforward. ADGM's common law, clear regulatory framework, affordable fees, and quick turnaround time have made it a clear choice of incorporating entities for venture capitalists and startups alike,” says Walid Daniel Dib, CEO of Hala Insurance.

ADGM Courts also offers a number of different options in terms of dispute resolution. The ADGM Arbitration Centre, MENA’s first digital facility for arbitration hearings, was established in 2018. Arbitration—where two parties in a dispute agree to let an impartial third party (the arbitrator) decide the outcome—is a popular choice across the U.A.E. and the Gulf. Parties can choose their own arbitrator, hearings can be confidential (unlike court cases, which are public), and decisions are not usually liable to appeal hence they are concluded quicker. The fifth representative office for the world’s largest global arbitral institution, the International Court of Arbitration of the International Chamber of Commerce, also began operations in ADGM in 2021. As it expands its capabilities, ADGM Courts is preparing for an ever-growing caseload. Looking ahead, the team is anticipating work from certain sectors in particular. For example, as environmental and climate issues hit the headlines, they also hit the courts, and FitzAlan is ready. “We are absolutely committed to the sustainable agenda of the U.A.E.,” she insists. “We are looking significantly at how we can assist global parties in disputes arising out of sustainability issues.” And as cases increase, the team is continuing to develop its eCourts platform, incorporating new technologies as they arise. “We are building it out to be even more efficient than expected. It’s been a really brilliant creative journey for us,” says the chief executive.

In the meantime, the NMC case continues to draw the eyes of the world to Abu Dhabi—and it won’t be the last high-profile case that we tune into at ADGM. “We have so much more to go. We are looking towards some very exciting times ahead,” Fitz-Alan reveals. “It’s been a tremendous time here for me personally. It’s been a privilege to have done this.”

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OPENING MARKETS

Maryam Al Suwaidi, CEO of the U.A.E.’s Securities and Commodities Authority, has spent two decades with the financial regulator as it has expanded its remit. As it applies new laws that make it easier for startups to go public, she’s helping to future-proof the financial markets as they become more digital.

BY JASON LASRADO

IMAGE FROM SOURCEIMAGE BY FORBES MIDDLE EAST FORBESMIDDLEEAST.COM

MARYAM AL SUWAIDI

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The new year started with some significant changes for the business landscape in the U.A.E. On January 4, 2022, legislation came into force—spurred by the country’s Ministry of Economy and the Securities and Commodities Authority (SCA)—that makes it possible to establish special purpose acquisition companies (SPACs) and special purpose vehicles (SPVs) in the emirates, among other sweeping reforms. The latest regulations aim to make it even easier for firms to raise capital from the stock markets, list IPOs, and simplify operations for companies already listed.

Maryam Al Suwaidi became CEO of the U.A.E.’s SCA just two months before the draft changes were unveiled in December. She believes that they will contribute greatly to the development of the financial markets. “These initiatives should help the growth of the market, increase opportunities for investors and increase the number of national and foreign companies and projects operating in the country,” she says.

The SCA was founded in 2000 to regulate the U.A.E.’s two exchanges: the Abu Dhabi Securities Exchange, which had a combined market cap of $443.7 billion as of January 2022, and the Dubai Financial Market, which had a market cap of $110 billion as of January. The Dubai Gold and Commodity Exchange, which had nearly $150 billion traded on it in 2021, has also been regulated by the SCA since it was established in 2005. The SCA’s authority extends to companies registered on the U.A.E. mainland, but its regulations may also apply to institutions registered in free zones like Dubai International Financial Centre (DIFC) or the Abu Dhabi Global Markets (ADGM) if there is a mutual agreement or MoU in place. The organization’s importance has been steadily increasing in recent years due to the maturing of the stock exchanges in the U.A.E., the advent of newer financial products, and the world of finance becoming more globalized and competitive.

With the new laws, the U.A.E. has become one of the first countries in the Middle East to allow for the establishment of SPACs, which are shell companies that facilitate the raising of money through an IPO by acquiring or merging with another company. “A SPAC provides an opportunity for private companies to transform into public shareholding companies with a more flexible regulatory framework and lower fees compared to the traditional IPO , which makes it faster and cheaper,” says Al Suwaidi. Two Middle Eastern startups—streaming service Anghami and ride-sharing app Swvl— both merged with SPACs to list on New York’s Nasdaq in 2021. The corporate vehicle has taken off in recent years, driven by a booming market in the U.S. SPACs globally raised $145 billion across 613 IPOs in 2021, the largest annual number of SPAC IPOs yet, according to PwC. Now, the U.A.E.’s stock exchanges are also opening up this opportunity for companies.

An SPV, meanwhile, is a subsidiary created by a parent company to isolate financial risk. Its legal status as a separate company makes its obligations secure even if the parent company goes bankrupt and vice versa. Typically, SPVs are used to undertake risky ventures while reducing any negative financial impact upon the parent company and its investors. They are also able to be used in Islamic financing through the issuing of Sukuk certificates that are sold to investors. “Companies have been waiting for these initiatives for a long time,” admits Al Suwaidi.

The CEO knows what she is talking about— she’s been with the SCA since 2002, just two years after it was established. With a PhD in law from the University of Leeds in the U.K. she focused on learning about the financial sector as she worked her way up, eventually becoming Deputy CEO and Acting CEO before she took the role permanently in October 2021. “I always made sure that I was ready and qualified to take responsibility anytime it was assigned to me,” she remembers. She is the first woman in the GCC to head their country’s capital markets authority.

In the two decades that Al Suwaidi has been with the SCA, it has risen in prominence in line with phenomenal growth in the markets. In 2001, there were just 27 companies listed on the U.A.E.’s stock exchanges, with a combined market cap of $13.6 billion. Online trading was approved in 2007. Currently, there are over 150 companies listed on the country’s stock exchanges, including more than 16 companies that are incorporated in other countries in the region. Among many innovations, the SCA has continuously worked to protect investors, including mandating in 2014 that all listed companies have an investor relations department. In 2021, it mandated that all listed companies have at least one woman on their boards.

The regulator has also taken steps when needed against wrongdoing. In 2014, it suspended the trading of Arabtec Holding shares, and in 2018 did the same with Drake and Scull. As of January 2022, Arabtec Holding was being liquidated, and Drake and Scull was recovering following changes in management and a reduction in capital that was also approved by the SCA in 2017. In 2020, the SCA looked at 373 cases of deficiencies in compliance with rules.

Another key reform that has passed since Al Suwaidi took the helm is regulation abolishing maximum and minimum percentages for founders’ contributions to a company’s capital at the time of a public offering. This is particularly important for startups. Earlier, founders could only own between 30% and 70% of their company’s shares before a public subscription, meaning that startup founders who had divested over 70% of their company to investors could not list. The relaxation of these rules broadens the scope of companies that can consider IPOs.

Companies are also now able to demerge or spinoff one part of their operations by creating legal rules governing the division of operations, and easily allocate certain assets, liabilities, rights and obligations, thereby facilitating such transactions. “Allowing companies to split helps the parent company and the subsidiary to be independent and achieve better overall performance as a separate entity,” Al Suwaidi explains. “Companies emerging from a split have greater productivity, increased level of operations, and financial efficiency, which helps find greater growth opportunities.” Overall, it seems the new legislation from the SCA has been well-received by the financial industry. “The SCA has been doing commendable work, with recent regulations centred around investor protection and improving transparency, which is a giant leap forward for U.A.E., taking it a step forward to be among the top regulated financial markets globally,” says Gaurav Shah, CEO at the Emirates Investment Bank. “The focus on Fintech and technological innovation through various initiatives last year shows the regulator is moving swiftly with the times as the industry globally goes through a phase of ‘re-architecting’ the way financial services are delivered.”

Looking ahead, the SCA is now preparing regulations for new tech-based startups and new asset classes. Fintech, in particular, is a focus as the region embraces emerging technology and new ways of making payments. However, regulating Fintechs brings challenges as the industry seeks to balance the need for tough regulation with the companies’ need for easy ways of doing business and low capital requirements. To overcome these difficulties, the SCA launched a Fintech regulatory sandbox in November 2018, whereby innovators can conduct live tests in a controlled environment under a regulator’s supervision. “This attracts innovators to test innovative products, services, solutions, and business models in a controlled space,” says Al Suwaidi.

The SCA has also been exploring crypto assets since October 2020, when Abdulla Bin Touq Al Marri—the Minister of Economy for the U.A.E. and former chairman of the SCA—approved the publication of the regulations for crypto-assets in the U.A.E. that included potential rules for their promotion, issuance, brokerage, safekeeping, and fundraising. At the time of writing, the SCA was further reviewing this regulation, but in September 2021 it published draft regulations that enable the functioning and ownership of “virtual assets for investment purposes,” which cover cryptocurrencies as well as other emerging digital assets like NFTs. These guidelines will regulate digital service providers and the offering, issuing, registering, listing, trading, settling, and clearing of digital

“I would like to see the SCA become a model of good regulatory practices for the region,” she says. “And get recognized as such globally.”

products. “We welcome the SCA's work to introduce a regulatory framework for virtual asset activity on the mainland U.A.E. and to consult with the industry on its development,” says Ola Doudin, CEO and cofounder of BitOasis. “We look forward, as the U.A.E.'s first Virtual Asset Service Provider, to being able to operate a fully regulated business on the U.A.E. mainland, under a framework that furthers the U.A.E.'s position as an emerging global hub for crypto activity." Also in September 2021, the SCA and the Dubai World Trade Centre Authority (DWTCA) entered into an agreement about the SCA’s role in the issuance, listing, and trading of crypto assets and related financial activities within DWTCA’s free zone.

The CEO is now working with the Central Bank of the U.A.E., the DIFC, and the ADGM, who have jointly issued guidelines for financial institutions adopting enabling technologies, such as application programming interfaces (APIs), Big Data analytics, artificial intelligence, biometrics, cloud computing, and distributed ledger technology. The rules set out best practices around data protection, ensuring institutions have effective audit, compliance, and risk management systems as well as the skills, knowledge and expertise to cope with the new technology. “The release of the guidelines for financial institutions adopting enabling technologies is of paramount importance given that they enhance the safe and proper adoption of these technologies by the financial institutions operating in the U.A.E.’s financial sector, especially that they are consistent with the best global standards and practices,” said Al Suwaidi in a press release at the time. “Serving as a guide for all financial institutions that fall under the supervision of the SCA or the other regulatory authorities taking part in this initiative, these guidelines will encourage enhanced proactive management of the risks of innovative activities.”

It’s a sign that the SCA is prepared to be proactive when it comes to regulation in the digital future of the financial system. For her part, Al Suwaidi intends to play a big role in raising the SCA’s profile and expanding its scope. “I would like to see the SCA become a model of good regulatory practices for the region,” she says. “And get recognized as such globally.”

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MENA’S 5 BIGGEST STOCK EXCHANGES

Here’s a look at five of the most influential stock exchanges in the region.

Tadawul

The Saudi Exchange is a fullyowned subsidiary of Saudi Tadawul Group, and the 10th largest stock market in the world.

Abu Dhabi Securities Exchange (ADX)

Established in 2000, ADX is the second largest market in the Arab region.

Qatar Stock Exchange (QSE)

QSE officially started operations in 1997 with 17 listed companies, under the name of Doha Securities Market. Since then the exchange has grown to become one of the leading stock markets in the GCC, with a market capitalization of $197.1 billion as of January 25, 2022.

Dubai Financial Market (DFM)

The first stock exchange established in the U.A.E. in 2000, DFM was the first financial market to offer its shares through an IPO in the Middle East. In 2010, DFM consolidated its operations with NASDAQ Dubai.

Boursa Kuwait

Established in 2014, Boursa Kuwait is the operator of the Kuwait Stock Exchange, the national stock market of Kuwait. In September 2020, Boursa Kuwait self-listed on the Premier Market, and is one of the government entities in Kuwait to successfully undergo privatization.

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Building The Future Bank Of SMEs

Through their company, HALA, Fintech entrepreneurs, Esam AlNahdi and Maher Loubieh, are on a mission to redefine banking for the region’s SME community.

Regional Fintech company, HALA, continued to prove its headline worthiness last year by crossing the half-billion Saudi riyal ($133.5 million) threshold monthly in terms of gross merchandise value (GMV) from its Saudi operations.

HALA’s 30,000+ local merchants were amongst the most active due to HALA’s customer-centric product design and value proposition, created and led by a mix of super-bright entrepreneurs and seasoned banking professionals.

Banks have historically disregarded the idea of serving SMEs, and entrepreneurs weren’t able to serve the financial needs of these SMEs until Saudi Vision 2030 transformed the Fintech ecosystem. Co-founded by Esam AlNahdi and Maher Loubieh, HALA was one of the first Fintechs to be licensed by the Saudi Central Bank and, in early 2020, it successfully undertook a bold strategic pivot, adopting a vision to become “The Future Bank of SMEs”.

Since then, the growth of HALA’s customer base has gone hand in hand with the innovation and services that the company’s different solutions offer to its merchants. HALA provides a POS machine that is connected to a digital wallet with a dynamic set of features including immediate settlement of POS payments, IBAN transfer, supplier payments, transactions log, and a MADA VISA card for payments and cash withdrawal.

Reflecting on a strong 2021, and with a new year now underway, AlNahdi and Loubieh point to key achievements including building a strong startup and a growing customer base. What they are most proud of, however, is building an entrepreneurial team. According to the co-founders, the HALA team constantly strives to understand the needs of their fellow entrepreneurs, freelancers, and SME merchants to create an outstanding personalized customer experience.Looking ahead, HALA is responding to demand by planning to expand its group of companies to include added value services such as lending, cashier and inventory management systems, and payment gateways,

to name a few. AlNahdi and Loubieh say the aim is for HALA to become the partner of SMEs, not just in Saudi Arabia, but also in the wider region. And as a local company with global ambitions, the growing Fintech is continuously on the lookout for bright minds, eager to be part of the journey of creating the future bank of SMEs by Maher Loubieh and Esam Alhnahdi, co-founders, HALA redefining what banking looks like. Backed by its strong base of shareholders, which combines regional VC funds, publicly listed financial institutions, and prominent businesspeople and entrepreneurs, HALA has previously raised more than $22 million and is currently looking to launch its Series B round in Q2 2022 with a Mahmoud Akrin Founder & CEO of GoBazzar minimum size of $50 million. The upcoming round aims to finance plans to grow HALA’s customer base in its home market, enable the company to expand into regional markets, and help it launch its lending business. Combined, these are the building blocks towards achieving its vision. www.hala.com

THE MIDDLE EAST’S 50 MOST POWERFUL BUSINESSWOMEN

This year’s list of MENA’s most influential and successful businesswomen features representatives of 19 different nationalities and 17 sectors. The U.A.E. and Egypt scored the most entries with seven each, followed by Saudi Arabia, Morocco, Kuwait, and Oman, with four entries each.

The banking and financial services sector is the most dominant with 16 entries, followed by diversified conglomerates and the retail sector with six entries each, and the technology sector with five.

Over 25% of the women on this year’s list are leaders of regional offices and divisions for multinational companies, such as Saeeda Jaffar of Visa, Derya Matras of Meta, Sophie Doireau of Cartier, and Rima Assi of McKinsey & Company. And there are 12 newcomers, eight of which are based in the U.A.E., two in Qatar, and two in Saudi Arabia.

Many of these businesswomen have led their companies to cross major milestones in 2021. Under Sarah Al Suhaimi’s leadership, Saudi Tadawul transformed into a holding group and executed a long-awaited IPO. Mona Ataya of Mumzworld sold a majority stake in the company to Saudi-based Tamer Group in what was one of MENA’s most significant exit deals in 2021. And Sophie Doireau of Cartier oversaw the jewelry giant’s collaboration with Expo 2020 Dubai to launch the Women’s Pavilion, the first standalone pavilion dedicated to women at a world exhibition.

Methodology When creating the ranking, we considered the following criteria, with each point assigned a weight: • Revenues, assets, AUM, market capitalization, and number of employees • Accomplishments achieved over the last year by the buisnesswomen • Designation • Overall work experience • CSR and other initiatives led by the buisnesswomen • Editorial points

To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com

THE MIDDLE EAST’S 50 MOST POWERFUL BUSINESSWOMEN

1. Raja Easa Al Gurg

Group Managing Director & Vice Chairperson Company: Easa Saleh Al Gurg Group Nationality: Emirati Sector: Diversified The U.A.E.-based Easa Saleh Al Gurg Group is a family-owned conglomerate consisting of 27 diverse companies that has been operating for more than 60 years. Al Gurg is also the Deputy Chairperson of the National Bank of Fujairah and serves on the advisory board of Coutts Bank, the wealth division of the Royal Bank of Scotland Group. She is also the President of Dubai Business Women Council (DBWC), and a member of the board of directors of Dubai Chambers.

2. Renuka Jagtiani

Chairwoman & CEO Company: Landmark Group Nationality: Indian Sector: Retail

The Landmark Group is a Dubai-based multinational consumer conglomerate that was founded in Bahrain in 1973 by Jagtiani’s husband, billionaire Micky Jagtiani. The group operates over 2,200 outlets, encompassing over 30 million square feet across 21 countries and has more than 50,000 employees. Jagtiani led the group’s expansion into new countries and launched its franchise division and e-commerce platform. In 2021, the group provided COVID-19 relief to 94 partner vendors and over 100,000 workers and their families across 13 cities in India and beyond.

3. Hana Al Rostamani

Group CEO Company: First Abu Dhabi Bank (FAB) Nationality: Emirati Sector: Banking and Financial Services

Al Rostamani is the first female CEO of FAB, which is the U.A.E.’s largest bank with total assets of $268 billion as of September 2021. Before she was made CEO in January 2021, she was Deputy CEO and Group Head of Personal Banking. Al Rostamani has more than 23 years of experience in banking and financial services. She is also a board member of her family business, the A.W Rostamani group, which is one of the largest familyowned businesses in the region.

4. Sarah Al Suhaimi

Chairperson Company: Saudi Tadawul Group Nationality: Saudi Sector: Banking and Financial Services The Saudi Tadawul Group runs the largest stock exchange in the Middle East. In April 2021, the Saudi stock exchange transformed into a holding company with four subsidiaries, including the stock exchange. The Saudi Tadawul Group listed on the Saudi stock exchange in December 2021. Al-Suhaimi is a also Board Member at the Saudi Telecom Company, the Saudi Arabian Airlines Public Agency, and the Cultural Development Fund, and she is a trustee of the International Financial Reporting Standards Foundation.

IMAGE FROM SOURCE, IMAGE BY FORBES MIDDLE EAST

5. Maryam Al Suwaidi

CEO Company: The Securities and Commodities Authority (SCA) Nationality: Emirati Sector: Banking and Financial Services

Al Suwaidi became the first female CEO of the U.A.E.’s SCA in October 2021. She is responsible for strengthening the legislative framework necessary for the development of capital markets in the U.A.E., including the Dubai Financial Market (DFM), the Abu Dhabi Stock Exchange (ADX), and the Dubai Gold & Commodities Exchange (DGCX) . She has a PhD in law from the University of Leeds. In September 2021, the Financial Action Task Force accredited Al Suwaidi as the first Emirati female assessor expert in combating money laundering and terrorism financing.

6. Hutham Olayan

Chairperson Company: Olayan Group Nationality: Saudi Sector: Diversified The family-run Olayan Group was founded by Suliman Olayan 75 years ago as a contracting and trading company in Saudi Arabia. Today it has a diverse commercial, industrial, and investment portfolio. The family owns 4.9% of Credit Suisse, which was worth $1.3 billion as of January 2022, and 20.3% of the Saudi British Bank (SABB), which was worth $4.1 billion. Real estate assets include 550 Madison Avenue in New York, Knightsbridge Estate in London, and the Hotel Ritz in Madrid. In Saudi Arabia, it bottles CocaCola, runs Burger King restaurants, and manufactures cans and paper. In January 2021, Olayan was appointed to the board of Brookfield Asset Management Inc.

7. Randa Muhammad Sadik

CEO Company: Arab Bank Nationality: Jordanian Sector: Banking and Financial Services Sadik assumed her role as the CEO in February 2022, prior to which she was the Deputy CEO for more than ten years. The Arab Bank has one of the largest global Arab banking networks with over 600 branches across five continents. It recorded $63.7 billion in assets and $1.6 billion in total income in the first nine months of 2021. Sadik previously worked with NBK for 24 years, where she was the group general manager of the International Banking Group. The Arab Bank Group owns a 49% stake in the Oman Arab Bank, which merged with Alizz Islamic Bank in 2020.

8. Hanadi bint Nasser Al Thani

Founder & Chairperson; Founder & CEO Company: Amwal; AL Wa`ab City Real Estate Nationality: Qatari Sector: Financial Services/Real Estate

Al Thani started her career at Qatar University as a lecturing assistant in the economics department. She founded Amwal, formerly known as Qatar Ladies Investment Company, in 1998, which was the first investment company to receive a license from the Qatar Central Bank to operate in the investment banking, asset management, and wealth management industries in the country. Al Thani also founded the AL Wa`ab City Real Estate development project in 2005 with a cost of $3.2 billion. She is the current CEO of the project, which spreads over 1.2 million square meters and will be home to over 8,000 people once complete. Hanadi is also a founding Chair at INJAZ Qatar, Vice Chairman of NBK Holdings, and serves on the boards of several other organizations and firms.

9. Nezha Hayat

Chairperson & CEO Company: Morocco’s Capital Market Authority Nationality: Moroccan Sector: Banking and Financial Services Hayat has been at the helm of Morocco’s Capital Market Authority since 2016, which is responsible for the country’s non-banking capital markets such as the stock exchange and brokerage firms. The Casablanca Stock Exchange had a market cap of more than $74.2 billion as of January 2022. As an advocate of women’s rights, she is one of the founding members and president of Club des Femmes Administrateurs d‘entreprises in Morocco (CFA Maroc), a non-profit organization that works to promote the participation of women on the boards of directors of public and private companies. Hayat is also president of the Africa/Middle East Regional Committee of the International Organization of Securities Commissions until the end of 2022.

10. Shaikha Khaled Al Bahar

Deputy Group CEO Company: National Bank of Kuwait Group Nationality: Kuwaiti Sector: Banking and Financial Services Al Bahar oversees NBK’s operations in 14 countries, with a total workforce of 8,250 people. During the pandemic, she worked on the digital transformation of the bank, establishing the NBK Group Digital Office. The bank recorded total assets of $107.8 billion and a profit of $881.7 million in the first nine months of 2021, which was 50% more than the profit it achieved in the same period of 2020. Al Bahar has more than 30 years of experience in the banking sector. Besides her role at NBK, she is also chairperson of Human Development and Urban Planning at Kuwait’s Supreme Council for Planning and Development.

11. Lubna Olayan

Chairperson Company: Saudi British Bank (SABB) Nationality: Saudi Sector: Banking and Financial Services

After serving as CEO for the Olayan Financing Company for over 33 years, Olayan announced her retirement in 2019. She became chairperson of SABB in June 2019, which made $1.5 billion in total operating income in the first nine months of 2021. She also served as the chairwoman of Alawwal Bank, which merged with SABB last March. Olayan was the first woman to join the board of a publicly-listed company in Saudi Arabia. She sits on the boards for the Olayan Financing Company, Schlumberger, and Ma’aden, and she sits on the international advisory boards of Akbank, Allianz SE, McKinsey & Co, and the Bank of America Merrill Lynch. She is also a trustee of KAUST, MIT, and the Asia Business Council.

12. Sima Ganwani Ved

Founder & Chairwoman Company: Apparel Group Nationality: Indian Sector: Retail

The Apparel Group is one of the largest retailers in the Middle East. It is based in the U.A.E. with operations in Kuwait, Bahrain, Oman, Saudi Arabia, India, South Africa, Singapore, Indonesia, Thailand and Malaysia. The company has more than 75 brands, 1,750 stores, and over 16,500 employees. Sima is also a member of the Young Presidents’ Organization.

13. Mona Yousuf Almoayyed

Managing Director Company: Y.K. Almoayyed & Sons Nationality: Bahraini Sector: Diversified

Almoayyed joined her family business, Y.K. Almoayyed & Sons, 20 years ago. It is a diversified group in Bahrain focused on automobiles, electronics and luxury goods. The group represents over 300 international brands including Infiniti, Nissan, Renault, Ford, Sony, Nikon, Westpoint, and Toshiba. In December 2018, Mona was appointed as a member of the Bahrain Shura Council by HRH King Hamad Bin Isa Al Khalifa. She is also a member of the Public Utilities & Environment Committee, which works towards a greener Bahrain.

14. Salwa Idrissi Akhannouch

Founder & CEO Company: AKSAL Group Nationality: Moroccan Sector: Retail

Akhannouch founded the AKSAL Group in 2004. The group, which has more than 1,000 employees, is the sole franchisee for 45 leading brands in Morocco, including Emporio Armani, Fendi, Gucci, Oysho, Ralph Lauren, Zara, Banana Republic, Massimo Dutti, Pull & Bear, and Gap. In 2008, Akhannouch launched the Morocco Mall, which opened in 2011. The mall covers 10 hectares with 70,000 square meters of commercial space. In 2011, Akhannouch also created the AKSAL Training Academy for careers in retail, and the AKSAL Social Initiative to support social, cultural, educational, and health projects.

15. Basmah Abdulaziz Al-Mayman

Regional Director for the Middle East Company: UN World Tourism Organization (UNWTO) Nationality: Saudi Sector: Travel and Tourism Al-Mayman assumed her current role in 2018, becoming the first GCC national to hold a leading position at the UNWTO, and the first woman to spreadhead the region in the history of the organization. The UNWTO opened its first regional office in the Middle East, Riyadh, Saudi Arabia in 2021. Al-Mayman also established the World Tourism Academy in Saudi Arabia in cooperation with the UNWTO. The World Bank recognized her as one of the youngest CEOs in MENA in 2020.

16. Miriem Bensalah Chaqroun

Vice President & CEO; Director Company: Les Eaux Minerales d’Oulmes; Holmarcom Group Nationality: Moroccan Sector: Consumer Goods Chaqroun joined her family business, the Holmarcom Group, in 1990. It was founded in 1978. She is also the vice president and CEO of Les Eaux Minerales d’Oulmes, which is listed on the Casablanca Stock Exchange and is one of the leading mineral water brands in Morocco, with distribution capacity of 800 million bottles supplying 90,000 points of sale. Chaqroun was appointed by the UN Secretary General as a member of the Global Investors Alliance for Sustainable Development, and she sits on several national and international boards, including Al Akhawayn University, the Suez Group, and the RenaultNissan Group.

17. Wadha Ahmed Al-Khateeb

Deputy CEO Mina Abdulla Refinery Company: Kuwait National Petroleum Company Nationality: Kuwaiti Sector: Oil and Gas Al-Khateeb has been with the Kuwait National Petroleum Company for more than 25 years and assumed her current position in 2019. In the same fiscal year, the company recorded $25 billion in revenues. Al-Khateeb was the first woman to head the Gas Processors Association GCC Chapter. She was a board member for the Kuwait Styrene Company in the fiscal year 2018/19, and she has been the chairperson for the Kuwait Paraxylene Production Company since May 2019. Kuwait’s Mina Abdullah Refinery can produce 270,000 barrels per day and was the second refinery in Kuwait to be registered on the UN’s Clean Development Mechanism.

18. Henadi Al-Saleh

Chairperson Company: Agility Nationality: Kuwaiti Sector: Logistics Al-Saleh joined Agility 15 years ago. In 2020, Agility recorded revenues of $5.2 billion, an increase of 2.7% compared to 2019. In January 2021, it invested $35 million in the special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital, to target businesses offering sustainable solutions in clean energy, healthcare, financial technology, industrials, mobility and emerging technology. In December 2021, Al-Saleh signed the UN Women’s Empowerment Principles, which aim to advance gender equality and women’s empowerment.

19. Huda Al Rostamani

Managing Director Company: AW Rostamani Group Nationality: Emirati Sector: Diversified

The AW Rostamani Group family business was founded in 1954. Today, it employs over 4,000 people, with operations in the automotive, real estate, logistics, and travel sectors, among others. The Arabian Automobiles Company, the group’s automotive flagship, is the exclusive distributor for Nissan, INFINITI and Renault vehicles in Dubai and the Northern Emirates. Huda oversees new business development and business turnaround functions.

20. Mona Zulficar

Founding Partner & Chair of Executive Committee; Chairperson Company: Zulficar & Partners; EFG Hermes Nationality: Egyptian Sector: Law; Investment Zulficar has handled key transactions at Zulficar & Partners including the first FiT Program for the Egyptian Electricity Transmission Company in 2017, which aimed to develop and finance the thenlargest solar park in the world in Benban. EFG Hermes recently became the first universal bank in Egypt. In November 2021, it completed its 51% acquisition of the Arab Investment Bank.

21. Pakinam Kafafi

CEO Company: TAQA Arabia Nationality: Egyptian Sector: Oil and Gas Kafafi started her career in investment banking, and entered the oil and gas industry in 2003 by joining the Gas & Energy Group, which was acquired by Qalaa Holdings in 2006. She became CEO of TAQA Arabia in 2013. Today, the company has 1.5 million clients, with around 150,000 new clients added to its portfolio over the past year alone. TAQA Arabia recorded a net income of $19.4 million as of Q3 2021 compared to $15.6 million in the same period in 2020. The company doubled its compressed natural gas stations to 32 in 2021, up from 16 in 2020.

22. Eaman Al Roudhan

CEO Company: Zain Kuwait Nationality: Kuwaiti Sector: Telecommunications

Al Roudhan started her career at Zain in 1998 and has been CEO of Zain Kuwait since 2015, when she became the first female CEO within Zain Group. Zain Kuwait, which has 2.3 million clients, recorded revenues of $779 million in the first nine months of 2021, making it the group’s most profitable company with a net income of $193 million. Al Roudhan is also a member of the GSMA Arab World regional interest group and the GSMA Chief Regulatory Officer Group. In December 2021, Zain Kuwait announced a collaboration with the Kuwait Clearing Company, to offer telecommunications services and digital transformation solutions.

23. Lujaina Mohsin Haider Darwish

Chairperson - ITICS Company: Mohsin Haider Darwish Nationality: Omani Sector: Diversified Lujaina Mohsin Haider Darwish leads the Infrastructure, Technology, Industrial & Consumer Solutions (ITICS) cluster at Mohsin Haider Darwish, one of Oman’s largest family-owned businesses. In 2021, she led an Omani delegation to Expo 2020 Dubai and inaugurated a postage stamp to celebrate Omani Women’s Day. She is also a member of the U.K.’s Royal Society for Arts and the Oman’s Upper House of the State Council.

23. Areej Mohsin Haider Darwish

Chairperson - ACERE Company: Mohsin Haider Darwish Nationality: Omani Sector: Diversified Areej Mohsin Haider Darwish oversees the Automotive, Construction Equipment & Renewable Energy (ACERE) cluster of Mohsin Haider Darwish, one of the region’s largest family conglomerates. She is also the chair at Areej Vegetable Oils & Derivatives SAOC and Duqm United Logistics, and she is a board member for Muscat University, the Unicef Leadership Circle, and Dar Al Atta.

25. Elissar Farah Antonios

MENA Cluster Head & CEO of U.A.E. Company: Citigroup Nationality: Lebanese Sector: Banking and Financial Services Antonios became the first woman appointed by Citigroup to run its MENA operations in December 2020. She oversees 12 countries and 2,100 employees. Last year, Antonios led the partnership with the U.S. pavilion at Dubai Expo 2020, where the bank is the Official Financial Sponsor. Citigroup launched a Global Technology Hub in Bahrain in 2021, in cooperation with Tamkeen and the Bahrain Economic Development Board, which aims to create 1,000 coding jobs over the next ten years. She is also the chairperson of Injaz Al-Arab UAE and a board member of the Dubai International Chamber.

26. Samia Bouazza

CEO & Managing Director Company: Multiply Group Nationality: Lebanese Sector: Technology Bouazza founded the Multiply Marketing Consultancy (MMC), which was acquired by Abu Dhabi-based International Holding Company (IHC) in 2020. After the acquisition, MMC was transformed into the tech-focused holding company, Multiply Group. The group listed its shared on the Abu Dhabi Stock Exchange (ADX) in December 2021. After the listing, the group signed a binding commitment to invest around $74.8 million in visual content creator and marketplace Getty Images. It had a market capitalization of $5.2 billion as of January 2022. The group executed six domestic and foreign investment deals in 2021.

27. Farida Khamis

Chair Company: The Orientals Group Nationality: Egyptian Sector: Retail The Khamis sisters lead one of the largest machine-made rug and carpet manufacturers in the world. In 2020, the company’s net profit increased by 30% compared to 2019 to hit $70.7 million. Its revenues in the first nine months of 2021 reached $534.2 million. Farida also chairs the British University in Egypt and the Egyptian Propylene and Polypropylene Company. She also co-founded and chairs the Khayrazad Organisation for Social Care.

27. Yasmine Khamis

Chair Company: Oriental Weavers Carpet Nationality: Egyptian Sector: Retail The Khamis sisters lead one of the largest machine-made rug and carpet manufacturers in the world. In 2020, the company’s net profit increased by 30% compared to 2019 to hit $70.7 million. Its revenues in the first nine months of 2021 reached $534.2 million. Yasmine became chairperson of the group after the passing of the founder, Farid Khamis.

29. Mona Ataya

CEO & Founder Company: Mumzworld Nationality: Palestinian Sector: E-commerce Ataya co-founded Mumzworld in 2011, a U.A.E.-based e-commerce platform for mother, baby, and children. Today, the platform sells over 250,000 products from 5,500 global brands across 20 countries. Mumzworld has raised over $50 million in total funding, making it MENA’s most funded e-commerce business led by women. In June 2021, Ataya and her co-founder sold a majority stake to Saudi-based Tamer Group, in an undisclosed deal, in what was one of MENA’s significant exit deals in 2021. Ataya is also an advocate for the United Nations Conference on Trade and Development (UNCTAD).

30. Saeeda Jaffar

Senior Vice President & Group Country Manager for the GCC Company: Visa Nationality: Emirati Sector: Banking and Financial Services

Jaffar was appointed to her current role in June 2021. In August, Jaffer signed an MoU with the Arab Monetary Fund to support the growth and efficiency of crossborder payments between the Arab region and global markets. Before joining Visa, Jaffar was the Managing Director of Alvarez & Marsal Middle East. She has also worked with Bain & Company and McKinsey & Company, working with private and public sector clients. She has a PhD in chemical engineering from MIT, which she gained through the HH Sheikh Mohammed bin Rashid Al Maktoum EDAAD Scholarship.

31. Derya Matras

Vice President—Middle East, Africa, and Turkey Company: Meta Nationality: Turkish Sector: Technology Matras was appointed to her current role in early 2020. In 2021, Meta developed and built technologies such as Instagram Lite, DINO, Expire-Span, Time Appliance, 2Africa Pearls, and Horizon Workrooms. Just before announcing that it was rebranding from Facebook to Meta in September 2021, Facebook announced that it was launching a two-year $50 million investment in programs and research alongside educational, wellness and safety entities, nonprofit organizations, and government and cultural institutions in Europe and the Middle East. Matras holds an MBA from Columbia Business School.

32. Reem Asaad

Vice President—Middle East and Africa Company: Cisco Nationality: Egyptian Sector: Technology Asaad joined Cisco in early 2020 and became the first woman to be appointed Vice President for the Middle East and Africa. In October 2021, Cisco and Expo 2020 Dubai announced a collaboration to launch a U.A.E. program to reduce food waste. The Cisco Networking Academy has trained over two million students across the Middle East and Africa. In January 2021, Cisco launched Future Class in cooperation with the United Arab Emirates University, which is a smart AI-based lecture room project. Cisco recorded $12.9 billion in revenues in Q1 of the 2022 financial year, ending October 2021.

33. Nadia Al Saeed

CEO Company: Bank al Etihad Nationality: Jordanian Sector: Banking and Financial Services Al Saeed has been leading Bank al Etihad since 2007, which employs over 1,260 people. She was previously the ICT minister for Jordan. The bank’s profits increased by 39% between January and September 2021. It sponsored the training of more than 500 employees through the King Hussein Cancer Foundation’s Education and Training Academy throughout 2021.

34. Elham Mahfouz

CEO Company: Commercial Bank of Kuwait (CBK) Nationality: Egyptian Sector: Banking and Financial Services Mahfouz was appointed CEO of CBK in 2014. In 2020, CBK contributed to Kuwait’s initiatives in fighting COVID-19 launched by the central bank, which aimed to raise $33 million. The bank also launched its Double Your Reward with Al-Tijari campaign in cooperation with charities, committing to match the charitable donations made by its customers. CBK recorded a net profit of $135 million for the first nine-months of 2021.

35. Rita Maria Zniber

Chairman & CEO Company: Diana Holding Nationality: Moroccan Sector: Food and Beverage Zniber has been the Chairman and CEO of Diana Holding since 2014, leading over 7,500 people. The Moroccan food and beverage company has ventures in agriculture, olive growing, poultry farming, trade, and distribution. In late 2021, Diana Holding and University Mohammed VI Polytechnic Signed a strategic partnership to strengthen research, development, and innovation in agriculture. Zniber is also the founding president of the non-profit public utility association the Rita Zniber Fondation, which is dedicated to helping abandoned children.

36. Hend El-Sherbini

Group CEO Company: Integrated Diagnostics Holdings (IDH) Nationality: Egyptian Sector: Healthcare El-Sherbini has been leading IDH for 17 years. The group has a presence in Nigeria, Sudan, Egypt, and Jordan. In December 2021, IDH acquired 50% of the Islamabad Diagnostic Centre in Pakistan from the Evercare Group for $72.3 million. The company recorded $239.9 million in revenues for the first nine months of 2021—it also served 7.5 million people and performed at least 25 million tests.

37. Sophie Doireau

CEO—Middle East, India and Africa (MEIA) Company: Cartier Nationality: French Sector: Retail Doireau assumed her current role in September 2021, becoming the first woman to lead the MEIA region for Cartier. Last year, Cartier expanded its operations to include Turkey, and launched its e-commerce platforms in the U.A.E. and Saudi Arabia. The company collaborated with Expo 2020 Dubai to launch the Women’s Pavilion, the first standalone pavilion dedicated to women at a world exhibition. Doireau also launched the Cartier Community Days initiative, which is a digital platform that connects employees with charities.

38. Hoda Mansour

Head of Business Process Intelligence—Southern Europe, Middle East and Africa Company: SAP Nationality: Egyptian/British Sector: Technology Mansour was promoted to her current role at the end of 2021, becoming the first woman from the Middle East to hold the position. The Southern Europe, Middle East and Africa region covers 75 countries. Mansour established the SAP Businesswomen’s Network in Egypt, which promotes open dialogue and equal opportunities for women. She also collaborated with the UN’s Goals for Production and Development in Egypt, which aims to promote sustainable ideas and initiatives by startups that touch upon inclusivity, diversity, and innovation.

39. Haifa Al Khaifi

Finance Director & Board Secretary; Interim CEO Company: Petroleum Development Oman LLC (PDO); Energy Development Oman (EDO) Nationality: Omani Sector: Oil and Gas Al Khaifi leads the Finance Directorate at Oman’s largest oil and gas producer. PDO delivers 70% of Oman’s oil and nearly all of its gas. Al Khaifi is a member of PDO’s Executive Committee and its Oil and Gas Boards, and she chairs its Tender Board and Pension Fund Board of Trustees. She is also the Interim CEO for the newlyformed EDO until the end of Q1 2022.

40. Jalila Mezni

Co-Founder & CEO Company: Societe d’Articles Hygieniques (SAH Group) Nationality: Tunisian Sector: Consumer Goods Jalila Mezni co-founded the SAH Group in 1994 and listed it on the Tunisian stock exchange in 2014. The company traditionally made hygiene products and diversified into detergents in 2018. The SAH Group operates in 20 counters across Africa and has manufacturing plants in Tunisia, Libya, Algeria, the Ivory Coast, and Senegal. Through her other company, JM Holdings, Mezni controls 62.7% of the company, valued at $162 million.

41. Hind Bahwan

Founder & Chairperson Company: Bahwan CyberTek Group (BCT Group) Nationality: Omani Sector: Technology Bahwan is the founder and chairperson of multiple companies. The BCT Group employs more than 3,400 people. In 2021, it received a patent for the company’s predictive analytics platform, RETINA, which aims to minimize operational risks. The company has trained more than 10,000 young people in Oman.

42. Najla Al Shirawi

CEO Company: SICO BSC Nationality: Bahraini Sector: Banking and Financial Services Al Shirawi was appointed CEO of SICO in 2014. In October 2021, SICO launched a Digital Ambassadors Programme in collaboration with the Bahrain Institute of Banking and Finance for students and graduates. SICO recorded a profit of $9.4 million for the first nine months of 2021, a 107% increase compared to 2020. Al Shirawi is also board member of the Bahrain Economic Board and chairs the board of directors for two SICO subsidiaries: the SICO Funds Services Company in Bahrain and the SICO Financial Brokerage in Abu Dhabi. She is also a vice-chairperson for SICO Capital.

43. Najla Ahmed Al Midfa

CEO Company: Sharjah Entrepreneurship Center (Sheraa) Nationality: Emirati Sector: Entrepreneurship Over the last five years, Sheraa has supported over 120 startups, which have created more than 1,300 jobs and generated $130 million in revenues. In 2021, the company launched the governmentbacked Sharjah Startup Studio, which focuses on creating solutions in fields such as femtech, sustainability and edtech. Al Midfa is also on the board of directors of Dana Gas and founded Khayarat in January 2014.

44. Rima Assi

Senior Partner and Managing Partner, Abu Dhabi Company: McKinsey & Company Nationality: Lebanese/French Sector: Consulting Assi joined the Middle East office of McKinsey & Company in 2006. She advises country leaders across the Middle East, Africa, and Eastern Europe. Before joining McKinsey, she worked as a banker in France. Assi has contributed to supporting female empowerment through quantifying the economic impact of women’s rights reforms. She has participated in CSR activities such as Qiyada Emerging leaders, which aims to help young Emiratis become better leaders.

45. Linda Fitz-Alan

Registrar and Chief Executive Company: ADGM Courts Nationality: Australian Sector: Law and Policy Coming from Australia to the U.A.E., Fitz-Alan has over 20 years of experience and assumed the leadership of ADGM Courts in 2015. Three years later, ADGM Courts launched its unique eCourts Platform, where parties and their lawyers have a completely digital experience including commencing cases and filing documents. Under her leadership, the Abu Dhabibased international financial center also opened the ADGM Arbitration Centre, MENA’s first state-of-theart digital hearing facility.

46. Rola Abu Manneh

CEO—U.A.E. Company: Standard Chartered Bank Nationality: Emirati Sector: Banking and Financial Services Abu Manneh became the first Emirati woman to head a bank in the U.A.E. when she assumed her current role at Standard Chartered Bank in 2018. The bank’s U.A.E. business has become one of the biggest five markets for the Standard Chartered Group. The bank launched a sustainable account for corporates in the U.A.E. in 2021, whereby deposits will be used to fund sustainable projects. In 2021, Abu Manneh became a member of the Board of Directors of the Dubai International Chamber.

47. Alanoud Bint Hamad Al-Thani

Deputy CEO & Chief Business Officer Company: Qatar Financial Centre (QFC) Nationality: Qatari Sector: Banking and Financial Services Al-Thani joined QFC in 2016. She was the Managing Director of Business Development before taking on her current role. She was honored by the World Economic Forum in 2021 as a Young Global Leader. In 2021, 282 new firms joined QFC from 60 countries, and QFC signed 20 MoUs, the latest of which was with the Qatar Research, Development, and Innovation Council.

48. Zainab Kufaishi

Head of Middle East and Africa and Senior Executive Officer Company: Invesco Asset Management Nationality: British/Iraqi Sector: Banking and Financial Services Kufaishi has been at Invesco Asset Management for 12 years. She is responsible for growing revenues and diversifying the company’s business by winning new clients. She is also a member of the EMEA-wide executive committee. Besides her role at Invesco, she is an active member and mentor of Ellevate, a professional women’s network committed to diversity and inclusion.

49. Leila Hoteit

Managing Director & Senior Partner Company: Boston Consulting Group Nationality: Lebanese Sector: Investments Hoteit is the global lead for the education, employment, and social welfare sectors at BCG. In 2020, these sectors grew by over 50% compared to 2019. Hoteit was BCG’s only female senior partner in the Middle East in 2021. She was also selected in late 2019 to be on the leadership team of BCG’s social impact practice, which expanded by more than 60% in 2020 and 2021. Hoteit also sits on the board of the Queen Rania Foundation, and she is a member of the jury for the Global Teacher Price.

50. Narjes Farookh Jamal

COO Company: Bahrain Bourse Nationality: Bahraini Sector: Banking and Financial Services

Jamal heads digital transformation at the Bahrain Bourse and is responsible for embedding ESG practices and building partnerships with GCC exchanges. In November 2021, the Bahrain Bourse signed a partnership with the Abu Dhabi Securities Exchange to facilitate and enhance investments between the two countries. Its market capitalization reached $28.8 billion in January 2022. As head of the company’s Gender Equality Committee, Jamal endorsed the Working From Home initiative in 2020.

DECADE AGO, Daniel Ek CONVINCED A LABELS AND ARTISTS TO STREAM THEIR SONGS ON SPOTIFY, REVIVING THE FLATLINING MUSIC INDUSTRY. NOW, AFTER AMASSING A $4.4 BILLION FORTUNE, HE’S MOVING PAST

POP STARS, OPENING HIS SUPERSTREAMER TO STORYTELLING, LIVE TALK AND A NEW

BREED OF AUDIO CREATORS IN A BID TO OWN THE WORLD’S DIGITAL EARDRUMS.

THE PROFILE • 3O UNDER 30

BEYOND S THE OUND BARRIER

BY STEVEN BERTONI

PHOTOGRAPHY BY GUERIN BLASK FOR FORBES

3O UNDER 30 • THE PROFILE It’s

lunchtime in late October, and 71 stories above Wall Street at 4 World Trade Center, Daniel Ek is strolling along the polished concrete floors of Spotify’s headquarters. He passes sleek sculptures of headphones crafted in neon-hued metal, couch-lined luxury lounges for VIP advertising clients and soundproof podcast studios custom-built for the medium’s biggest stars, then enters a large cafeteria rigged with stage lighting for pop-up concerts.

The room is being prepped for dinner with Spotify’s board, which will include a surprise performance by Brothers Osborne—a hip country-rock duo whose hit song “Stay a Little Longer” has been streamed 180 million times on Ek’s music service. Spotify just reported third-quarter earnings, and Ek, a 38-year-old self-described introverted engineer who seldom gives interviews, is having a rare day in the spotlight.

The soft-spoken Swede, who has a shaved head and a beard, has been on the move since 5 a.m., hosting calls with financial analysts, sitting for a parade of interviews and leading a 200-employee town hall. “It was crazy, because it was the first in-person meeting we’ve done here in two years,” says Ek, decked out in black jeans, a black suede coat and patent-leather sneakers. “It had a great, warm vibe. Everyone was hugging and applauding.”

There were billions of reasons to cheer. Earlier in the day, Spotify dropped blowout quarterly numbers, making a racket that reverberated across the worlds of Wall Street, music and media. Revenue hit $2.9 billion, a 27% jump from the same quarter last year. Ad sales climbed 75% to nearly $375 million. Active listeners grew just shy of 20% over the same time the previous year to more than 380 million. Ditto paid subscribers, who now top 170 million. Its stock, stuck on pause for most of 2021, popped 10%, adding $5 billion in value and pushing Spotify’s market cap above $50 billion for the first time since the summer.

The company has come a long way since Ek reluctantly threw on a suit and tie—and threw back a few whiskies— to pose for the cover of the first Forbes 30 Under 30 issue ten years ago. Back then, in January 2012, Spotify had just 500 employees, $300 million in sales and a valuation of $2 billion. The service had been available in America for only six months. Today, Ek’s superstreamer plays in 184 countries, has 7,400 employees and $9.7 billion in annual sales. Spotify went public in 2018, and Ek—who in 2012 had a paper fortune of $300 million— is now worth $4.4 billion.

“Spotify was the force that transitioned hundreds of millions of users from piracy to paying customers,” says Sean Parker, who, as cofounder of Napster, was considered the Blackbeard of the music business before becoming Facebook’s first president and a Spotify investor. “It’s no exaggeration to say that Daniel saved the music industry.”

Record labels are certainly cashing in. When Spotify arrived in the U.S. in 2011, streaming was a $600 million business, accounting for 4% of the recording industry’s annual global revenue. In 2020, streaming services delivered $13.4 billion in sales, representing 62% of industry revenue. Last year, Spotify paid out $5 billion to rights holders, mostly the big labels, which passed along an estimated $500 million of that to recording artists. “Let’s be real,” Ek says. “I had no idea Spotify’s cultural and monetary impact would ever be this big.”

Now he wants to go even bigger. Let other media behemoths battle for eyeballs; Spotify is going after the world’s eardrums. “Everyone underestimates audio. It should be a multi-hundred-billion-dollar industry,” Ek says. “Audio is ours to win.”

Much of the audio world remains fragmented and shockingly analog. Radio, a 135-year-old technology, has proven more resilient than Keith Richards. Each day the old-school medium reaches an estimated 3 billion people, and each year it pulls in ad revenue topping $30 billion, according to advertising research firm WARC. “In the U.S. alone, two thirds of all audio ad spending still goes to terrestrial radio,” Ek says. “That’s a massive amount of revenue that needs to shift online.”

“ IT’S NO EXAGGERATION TO SAY THAT DANIEL SAVED THE MUSIC INDUSTRY.”

He’s shaping Spotify into the go-to destination for all digital sound: not just music but news, storytelling, live talk, audiobooks and education. He wants to provide the tools to empower audio creators to dream up entirely new categories with fresh soundscapes. All of which will be run through Spotify’s AI-powered algorithms to deliver an audio stream personalized to each listener. What TikTok, YouTube and Instagram have done for photos and video, Ek wants to do for sound.

“Having easy-to-use cameras in our hands has taken video 108 production from esoteric to the mainstream. Audio should do the same,” says Mary Meeker, the founder of venture firm Bond and longtime author of the influential Internet Trends report. “The opportunity to evolve audio creation and interactivity for millions of people is significant.”

When the Swedish-born Spotify burst onto the American scene in 2011, the music industry was a mess. Late to transition to digital music and bled dry by piracy and file-sharing sites like Napster, the recording business had fallen hard from the glory

days of the late 1990s, when compact discs reigned supreme. In 2011, recorded music revenue was near $15 billion, 40% less than the $24 billion in sales it logged ten years before.reigned supreme. In 2011, recorded-music revenue for all digital sound: not just music but news, storytelling, live talk, audiobooks and education. He wants to provide the tools Enter Ek. Raised in Stockholm’s rough Ragsved was near $15 billion, 40% less than the $24 billion neighborhood, he had a natural talent for music and in sales it logged ten years before. to empower audio creators to dream up entirely new categories with fresh soundscapes. All of which will be run through Spotcoding. In high school he made websites for local Enter Ek. Raised in Stockholm’s rough Ragsved businesses, then dropped out of college during his first year to build a digital ad company he later sold to online neighborhood, he had a natural talent for music and coding. In high school he made websites for local businesses, then dropped out of college during ify’s AI-powered algorithms to deliver an audio stream personalized to each listener. What TikTok, YouTube and Instagram have done for photos and video, Ek wants to do for sound. marketer Tradedoubler for more than $1 million. Just his first year to build a digital ad company he later “Having easy-to-use cameras in our hands has taken video 22, Ek bought a Ferrari and bottle service in flashy clubs sold to online marketer Tradedoubler for more than production from esoteric to the mainstream. Audio should do before the rock-star life ultimately left him depressed. $1 million. Just 22, Ek bought a Ferrari and bottle the same,” says Mary Meeker, the founder of venture firm Bond and longtime author of the influential He retreated to a remote cabin to focus on fixing digital service in flashy clubs before the rock-star life ulti-Internet Trends report. music. In 2006, he teamed up with Tradedoubler’s cofounder, Martin Lorentzon—Spotify’s cofounder mately left him depressed. He retreated to a remote cabin to focus on fixing digital music. In 2006, he teamed up with Tradedoubler’s cofounder, Martin “The opportunity to evolve audio creation and interactivity for millions of people is significant.” and director, who’s worth $5.8 billion thanks to having Lorentzon—now Spotify’s chairman, who’s worth W bankrolled much of the streamer’s early days. The duo set out to build an ad-based music site with the ease of iTunes, the speed of Google, the sharing of Facebook and $5.8 billion thanks to having bankrolled much of the streamer’s early days. The duo set out to build an ad-based music site with the ease of iTunes, the hen the Swedish-born Spotify burst on the American scene in 2011, the music industry was a mess. Late to transition to digital muthe massive music library of Napster—but legal.speed of Google, the sharing of Facebook and the sic and bled dry by piracy and file-sharing sites The challenge was part technical, part contractual. Ek obsessed over a design that seamlessly worked on massive music library of Napster—but legal. The challenge was part technical, part contractual. like Napster, the recording business had fallen hard from the glory days of the late 1990s, when compact discs

$25B

$20B

$15B

$10B

$5B

$0B GLOBAL RECORDED MUSIC INDUSTRY REVENUE, 2001–2020

Total revenue (in billions) Total physical Total streaming Downloads and other digital Performing rights* Synchronization**

FULL F U L L

When Spotify first landed in America in 2011, music streaming was just a $600 million global business. Physical album sales and downloads totaled $12.4 billion. Fast-forward to 2020, and the music industry had its best performance in 18 years, jumping 47% to $21.6 billion. Streaming accounted for $13.4 billion of that, 62% of the take.

2001

$23.6

2002

$22.1

2003

$20.5

2004

$20.4

2005

$19.9

2006

$19.3

2007

$18.1

2008 2009 2010 2011 2012

$16.8 $15.7 $14.9 $14.7 $14.8

2013

$14.5

2014

$14.0

2015

$14.5

2016

$15.8

2017

$17.0

2018 2019 2020

$18.7 $20.2 $21.6

desktops and the exploding smartphone market. His engineers created a clever distribution system using a combination of physical servers, cloud computing and peer-to-peer file sharing that let millions of people access tens of millions of songs simultaneously.

The lawyers proved tougher. Years of rampant internet piracy had left record labels paranoid about giving up rights, especially to a free, ad-based service. After Spotify debuted in Europe, Ek negotiated for more than three years to get the rights he needed to launch in the U.S. “Daniel could have entered America much sooner by signing a bad deal that would have destroyed

the company,” Parker says. “He had the iron will to resist labels and artists trying to take advantage of the company.”

That iron will alchemized Spotify into a gold mine— for both its early investors and the music industry as a whole, whose companies now trade near historic highs. Warner Music Group is up 50% over the past 12 months, with a market cap of $20 billion. Universal, which recently spun off from media titan Vivendi, is worth nearly $50 billion.

Most shocking of all, Spotify has kept its lead even as a trio of trillion-dollar titans—Apple, Alphabet and Amazon—launched competitive products. “Apple’s big comeback [in the early 2000s] was centered around the iPod—they built their whole brand around music,” Parker says. “Few thought Spotify would survive with iTunes preinstalled on billions of iPhones and Macs.” Of

course, Apple remains a potent player in the space, with an estimated 70 million subscribers in 2020 (YouTube Music has around 50 million, Amazon Music 55 million). But the big three are far behind Spotify’s 170 million paying customers. And Apple and Amazon don’t offer a free, ad-based option. Spotify does, and it attracts an additional 220 million users. “Before, ad-supported music was just the on-ramp to subscriptions,” says Richard Greenfield, a partner at media research shop LightShed Partners. “Now it’s big business by itself, and Spotify has no competition.” The company got a head start thanks to its easyto-use, play-anywhere product, shareable playlists (there are now some 4 billion) and having been the first to offer a streaming model that customers preferred over either paid downloads or piracy. It proved sticky, too: Once listeners built libraries, they had few incentives to switch to a different service. Extreme focus and a clear mission also helped. “The best people in audio come to Spotify because we’re the best at it. Over at Apple, music is priority No. 27,” Ek says. “If you want to build a self-driving car, don’t come to us.” Although Spotify has become music’s new Mecca, its stock has sputtered. Over the last 12 months, shares are up 4%—vastly underperforming the S&P 500 and Nasdaq’s more than 30% gains. Investors hate its CD-thin margins and the leverage the major labels hold over it. Because Spotify doesn’t own the music it streams, as much as 70% of every revenue dollar Opening Act goes to rights holders (who then, depending Daniel Ek jams out at Lincoln Center in Manhattan on a frigid December night on contracts, pay the artists). Spotify has never during his cover shoot for the 2012 inaugural edition of the Forbes 30 Under 30. swung an annual profit. Last year its losses tripled to $713 million. “I focus on cash flow. It’s positive, and we’re not dependent on investors to fund us,” Ek says with a shrug. “We aren’t profitable yet because we keep investing. We want to keep growing because there is such a big prize at the end of the tunnel.” He’s betting big on podcasts to get to the light.

Afluke was the spark of Spotify’s podcast epiphany. In 2017, Ek noticed something odd out of Germany, one of the company’s top markets. Music labels, to maximize streams, had begun uploading audiobooks. Spotify was built for three-minute songs, not 30-minute chapters. The user experience was terrible. Fast-forwarding and rewinding were tricky. Chapters would be shuffled out of order. Nonetheless, some titles cracked the charts next to the latest pop hits. “It showed we had permission to go outside of music,” Ek says. Podcasts, long dominated by Apple, seemed ripe for a

shakeup. “It was still download-based. Advertising and discovery were clunky. You couldn’t play the podcast easily in your car or on your smart speakers,” Ek says. “We realized everything we built for music could be adapted to podcasts.”

That segment started small and was initially a flop. Most people saw Spotify strictly as a music company. Then Ek went big. “I told our team we were publicly committing $1 billion to podcasting. They told me the entire market isn’t worth a billion. I said, ‘Well, it will be,’” Ek says with a laugh. “The number was significant enough that it was scary for us, which is important. I wasn’t betting the entire company on it, but it was meaningful enough that everyone, including us, had to take it seriously.”

Spotify, a hardcore tech business, was now diving headfirst into content. Ek hired Dawn Ostroff, a TV veteran who had helmed the UPN and CW networks in the early 2000s and, later, Condé Nast Entertainment, to amass a sweeping array of shows and build an advertising machine to monetize it. In 2019, Spotify paid $194 million for prestige podcast network Gimlet Media, $55 million for true-crime studio Parcast and $190 million for Bill Simmons’ sports and culture network, the Ringer. For tools, Spotify dropped $154 million on Anchor, which makes software for recording shows, and another $236 million to buy Megaphone, a content distribution and ad network.

In 2021, Spotify generated buzz by signing a widely reported $60 million licensing deal for Alex Cooper’s Call Her Daddy and $100 million for The Joe Rogan Experience—the latter podcasting’s most popular, and polarizing, show. (Spotify declined to comment on the deal prices.) Next came partnerships with A-listers including Barack and Michelle Obama, Prince Harry and Meghan Markle, Kim Kardashian and filmmaker Ava DuVernay. “It was a multi-tiered strategy,” Ostroff says. “We had to build a catalog of as many podcasts as possible, attract established podcast stars and go after top talent who could lend their craft to the medium.”

In February, Spotify launched its advertising network, enabling brands to serve targeted ads to listeners of its exclusive shows, and other podcasters who opt in. While Apple has been notoriously stingy about sharing data, Spotify is going in the opposite direction, providing a bundle of analytic tools to help brands and creators measure the effectiveness of campaigns and offer clear info on audiences.

Podcasters love it. “To borrow an NCAA metaphor, [before Spotify] we were an independent university trying to compete with the big boys in the SEC,” Bill Simmons says. “We’re now doing twice as many shows as before, and the quality and diversity of our shows is incredible.”

Spotify’s trove of data is a powerful perk. “It gives us unbelievable insight and advantage,” Simmons says. “It shows us moves we should be making and things we’re not doing right.” When Simmons’ fantasy football podcast initially underperformed, data revealed that its competitors attracted strong followings by launching episodes well before the NFL season began. Simmons debuted the program earlier, and listener numbers soared. Lydia Polgreen, Gimlet Media’s boss, used Spotify’s metrics to develop true-crime programs that mixed the tabloid drama audiences craved with Gimlet’s brand of high-quality storytelling. (Video giants Netflix and Amazon Prime have long mined data to spot promising plots and stars for series and films.)

Next up? New revenue models for creators to better interact with—and make money off—their fans. Spotify’s “free” and “paid” tiers will remain, but Ek is adding more options that will let creators charge for exclusive content, early access and interactive experiences. The basic idea isn’t radically different from other membership sites like Patreon—or OnlyFans—but it’s tailored specifically to audio. A recent deal with Shopify will let artists sell tickets and merchandise on their Spotify pages. Whatever the model, Spotify will likely get a piece of each sale—a fresh revenue stream it won’t have to share with record labels and publishers.

With Spotify’s podcasts hitting all the right notes, Ek has turned to other formats. In November, he bought audiobook network Findaway to take on Audible, the Amazon-owned market leader. He’s also rolling out video podcasts.

This summer, Spotify launched its live-content product, Greenroom, as an answer to Clubhouse, a live talk app that became a surprise hit during the pandemic. Bill Simmons initially thought Ek was chasing a fad. “Daniel made a smart case. He said we’re the best at audio. This might be a thing—or it might not. But we must do it, make the best version of it and see if it works.”

Ek is a tinkerer, an improver of improvements, rather than a tech visionary with a fixed master plan. “I don’t have Steve Jobs’ crisp view of the future,” he says, standing in his mic-filled podcast studio. “But I have a direction. If we’re moving fast enough, I know we’ll eventually get there.”

“ LET’S BE REAL—I HAD NO IDEA SPOTIFY’S CULTURAL AND MONETARY IMPACT WOULD BE THIS BIG.”

By Rawan Hassan and Hagar Omran

• HOTEL REVIEW •

The Westin Maldives

If you’re looking for a healing retreat where you can take a breather outside of your everyday routine, the Maldives offer a peaceful home away from home.

A

As 2021 came to a close, and we prepared to start another year with busy schedules, we decided that a short retreat away with a friend would be a perfect buffer after months of running after deadlines in bustling Cairo. It’s said that traveling either strengthens the bond you have with your friends or brings out the worst in you. When we set out on our little adventure to the Maldives, we didn’t expect this journey to bring us even closer, but that’s exactly what it did.

The journey Our journey started at Cairo airport, three hours before we caught a connecting flight in Abu Dhabi to the Maldives and our home far away from home at The Westin Maldives Miriandhoo Resort.

The island resort is a 30-minute flight away from the capital of the Maldives, Malé. Overall, it was a long trip from Egypt, but the breathtaking view of the ocean and the welcoming staff who accompanied us the moment we hit Malé made it worth the distance.

In Malé, we were asked to stay in a lounge area for 30 minutes until our seaplane arrived, where we were offered coffee, assorted pastries, and free Wi-Fi. It was our first time on a seaplane, and it was an experience like no other. For almost 30 minutes, we were flying above the Maldivian islands, with resorts sprawled over pristine golden beaches, lush greeneries, and the gentle blue shades of the sea. If you suffer from seasickness, then it’s best to take an antivertigo medicine an hour before you board the plane to enjoy this straight-out-of-a-movie experience to the fullest.

Amidst the picturesque, almost surreal, view of the never-ending quartz blue water and the distinctive atolls, we landed on the Westin Maldives Miriandhoo Resort island, where a team from The Westin was awaiting our arrival with warm welcomes and waving hands. We were offered a heavenly welcoming tropical drink of fresh oranges and mangos, giving us an instant refreshing energy boost after the 12-hour journey.

Accommodation After our warm welcome, a member of the team showed us around the island. Everything was within walking distance, and you could walk around the whole island in almost 10 minutes. Through a sandy pathway lined up along both sides with lush greenery, we arrived at our beach villa,

nestled between palm-fringed shores with direct access to the shore.

It was spacious with a king-size bed and a bathroom with an outdoor shower stocked with natural White Tea Aloe products. Through a glass door we could reach a private moderately-sized swimming pool that was big enough for two, along with a cozy seating area overlooking the ocean that makes a perfect spot for afternoon reading. The sandy beach is a few steps away from the villa through a narrow path hidden by lush trees from both sides.

Built with a contemporary Japanese style in mind, the whole resort had a unique character, from the solid wooden furniture giving a warm homely feel to the intricate decor hinting to the rich Japanese culture—all inspired by the rich marine life of sharks and whales and the dynamic shape of the rolling waves.

With a focus on wellness and healthy lifestyles, the resort offers fresh oranges daily. You can make yourself a fresh glass of orange juice using the manual hand press juicer provided in the villa, along with an assortment of coffee, green teas, and freshly baked “Pandan” cakes.

The resort offers specially designed heavenly bedding with assorted soft pillows that you can choose from and lavender essential oils to guarantee that guests have as much deep and rejuvenating sleep as possible during the night. One of the best moments for us was waking up early in the morning surrounded by the softest plush pillows with the view of the ocean through the glass door. Activities The resort is famous for its focus on luxurious wellness, but it’s not all about resting. We got to indulge in various exciting activities.

The resort offers free snorkeling gear that you can use anytime you want to take a look at the underwater life surrounding the resort. The island itself is located in Baa Atoll, known for being a divers’ paradise with a plethora of ancient coral reefs boasting over 250 species, and it is home to one of the largest concentrations of manta rays and whale sharks. The water sports center is staffed with expert instructors, so even if you are not that good at swimming, there will be an instructor nearby that can guide you and make sure you are always safe. If you are lucky enough, you might even get a chance to see some baby reef sharks around the shallow waters early in the morning. One day we snorkeled around the coral reef of a nearby uninhabited island and saw sea turtles.

On another day, we went for a short kayaking trip but neither of us knew how to steer the boat well, so we went back to the island and enjoyed the sea view from the beach. At the end of our trip, we went on a dolphin cruise where we got to see families of dolphins in the middle of the Indian ocean racing along with the speedboat.

We also got to enjoy some relaxing wellness activities. Yoga on the beach in the early morning was a new experience where we got to feel at one with the ocean and the waves. An hour of calming yoga ended with a Shanti

prayer recited by the yoga instructor. We also visited the panoramic ocean view spa where we got to enjoy a full sensory and recharging experience.

At the Ocean Spa, built over water with a glass floor, we were asked to choose a positive affirmation stone (love, hope, or gratitude). The stone is placed on the transparent glass floor so when we faced down we got to focus on this one word. With the serene sound of the rolling waves and the calming scent of the essential oils, we were told we could manifest the positive energy of the stone while we enjoyed an hour of heavenly massage. We found out later that we both chose the same “hope” stone, which made this experience more special to us and strengthened our bond a little more.

The resort also offers a kids club and a beach movie experience, where you get to choose a movie from the resort’s library to be played on a projector screen on the beach.

Dining The island offers various cuisines from all over the world. The chefs can dish up any special requests or traditional meals to make you feel at home. You can also adjust any dish to your preferences or if you have any allergies or can’t handle spicy food.

We mostly had our breakfast and lunch at the Island Kitchen restaurant, which offers a wide range of dishes. The menu is more on the international side, and the chefs are very flexible to suit a guest’s preferences. The restaurant overlooking the resort’s main pool also offers a special “Eat Well” menu, including a variety of healthy dishes and drinks. Needless to say, everything we tried was heavenly.

On another day, we got to enjoy some fresh sushi that we made ourselves at the Pearl restaurant, courtesy of the restaurant’s chef, as he taught us the secret to making a perfect sushi roll with the freshest ingredients. The Japanese overwater jetty restaurant doesn’t have a fixed set menu; the chef prepares a new three-course meal each night for a finedining experience, which we got to enjoy under the fading sunset, overlooking the ocean.

There is also the outdoor Hawker restaurant, which has more of an easy-going street vibe, with a focus on the most delicious Asian Fusion spicy foods. We got to try some Pinoy, Thai and Indian dishes and the most famous Pandan Sago and Halo-Halo desserts. If I could go back just to try another colorful dish at Hawker I definitely would.

We also got to enjoy some alcohol-free drinks at the Sunset bar, which is more of a rooftop lounge overlooking the ocean, where you can enjoy the most beautiful sunset sceneries.

Final thoughts Throughout the trip, we were able to stop time and create wonderful memories. If you are feeling close to burnout and are searching for a spot to recharge your batteries and reset your senses, the Maldives has a lot to offer with its genuinely welcoming staff and unique experiences. We were more than lucky with our choice and returned home rested and ready for the year.

• THOUGHTS ON •

“Do your duty, and put yourself into the hands of the gods.” —Pierre Corneille

“You can, for you ought to.” —Goethe

“Duty is what no one else will do at the moment.” —Penelope Fitzgerald

“Our remedies oft in ourselves do lie / Which we ascribe to heaven.” —William Shakespeare

“What kills us isn’t one big thing, but thousands of tiny obligations we can’t turn down for fear of disappointing others.” —Alain de Botton

“Not for ourselves alone are we born.” —Cicero

“Bad men need nothing more to compass their ends, than that good men should look on and do nothing.” —John Stuart Mill

“Our job as artists is to always strive to be a punctuation mark in history.” —Takashi Murakami

Obligations

Patty McCord

Thomas Paine

“A company’s job isn’t to empower people; it’s to remind people that they walk in the door with power and to create the conditions for them to exercise it.” —Patty McCord

George Washington

“He felt a comfort in irretrievably committing himself, and exchanging the burden of indecision for the burden of responsibility.” —William Dean Howells

SOURCES: HORACE, BY PIERRE CORNEILLE; ALL’S WELL THAT ENDS WELL, BY WILLIAM SHAKESPEARE; THE SANDMAN: BOOK OF DREAMS, BY NEIL GAIMAN; A HAZARD OF NEW FORTUNES, BY WILLIAM DEAN HOWELLS; POWERFUL: BUILDING A CULTURE OF FREEDOM AND RESPONSIBILITY, BY PATTY MCCORD. “Those who expect to reap the blessing of freedom must undertake to support it.” —Thomas Paine

“Human happiness and moral duty are inseparably connected.” —George Washington

“I will do what I have to do. And I will do what I must.” —Neil Gaiman

“Train a child up on the way he should go, and even when he is old he will not depart from it.” —Proverbs 22:6

FINAL THOUGHT

“The world expects each man to do his duty. If he doesn’t, both suffer.” — B.C. Forbes