Forbes Middle East - February 2023 - English

GLOBAL HISTORY MAKERS TOP 5 COUNTRIES FOR RCBI

CRYPTO BANKRUPTCIES IN 2022

TIMELINE: TECH LAYOFFS IN Q4 2022

FEMALE CEO APPOINTMENTS IN 2022

SHAIKHA KHALED AL BAHAR

THE MIDDLE EAST’S

100

MOST POWERFUL BUSINESSWOMEN

MEET THE FEMALE LEADERS CHAMPIONING BUSINESS SUCCESS IN THIS REGION AND BEYOND.

Deputy Group CEO of the National Bank of Kuwait Group (NBK)

“WE LEARNED FROM EXPERIENCE THAT DISRUPTION IS BOUND TO HAPPEN, SO WE DECIDED TO LEAD THE CHANGE.”

6 I Sidelines Keep Striving

By Claudine Coletti

LEADERBOARDS

LEADERSHIP

8 I Female CEO Appointments In 2022

As women continue to gradually increase their presence in the world’s top jobs, here are some of last year’s most notable female CEO appointments globally.

By Rawan Hassan

CRYPTOCURRENCY

10 I Crypto Bankruptcies In 2022

The cryptocurrency market had a tough year in 2022. In April last year, the global cryptocurrency industry, excluding Bitcoin, had a market cap of $1 trillion, according to CoinMarketCap. By June 19, it was worth $464.7 billion. Here are some of the most notable crypto bankruptcies of 2022.

By Joyce Abaño

WOMEN LEADERS

12 I Global History Makers

From political game-changers to athletes, here’s a look at some trailblazing women who made history with their achievements last year.

By Jamila Gandhi

INVESTMENT

16 I Top 5 Countries For Residence And Citizenship By Investment

Residence and citizenship by investment (RCBI) companies advise HNWIs about investing in stable countries that provide competitive business opportunities. Here are the top five countries for RCBI, according to Swiss immigration consultancy Passport Legacy.

By Munawar Shariff

TECHNOLOGY

18 I Timeline: Tech Layoffs In Q4 2022

Rising inflation and interest rates drove many tech companies to announce layoffs and hiring freezes last year. These were some of the biggest announcements in Q4 2022.

By Hagar Omran

100 MOST POWERFUL BUSINESSWOMEN

26 I Powered By Data

Noor Al Sulaiti, CEO of Ooredoo Oman, is the youngest and first female chief in the telecom provider’s history. A transformation aficionado, since taking the role in 2021, she’s embarked on an ambitious vision towards being a digitally-led, data-powered, and customer-centric telecom company.

By Jamila Gandhi

32 I Thinking Big

Samia Bouazza, Group CEO and Managing Director of Multiply Group, started her leadership career in 2003 as the founder of Multiply Marketing Consultancy. Today, she heads a $14.6 billion holding company. She says an innovative mindset and good people are behind her success.

By Hagar Omran

THOUGHT LEADERS

41 I

Harnessing CEO Confidence In The Middle East To Accelerate Business Transformation

By Hani Ashkar

84 I Thoughts On Motivation

100 MOST POWERFUL BUSINESSWOMEN 2023 THE MIDDLE EAST’S

TAKING CHARGE OF THE FUTURE

Solar charging for electric vehicles and hybrid marine vessels

SHAMS+, operates off-grid with high power solar solution, offers easier installation in various urban and rural locations including marine ports and hubs with an extensive network of charging stations that can cater all your charging battery needs.

By Claudine Coletti

Shaikha Khaled Al Bahar, Deputy Group CEO of the National Bank of Kuwait Group, has spent her career rising through the ranks of Kuwait’s biggest banking group. Away from the bottom line, she’s focused on making her stamp on her country’s social growth.

Photographed by Badriyah Al Mudhaf

Keep Striving

It’s always great to start the year with our annual ranking of the region’s most powerful businesswomen. With this, we highlight the female leaders at the top of their game, gaining board seats, controlling wealth, and directing the visions of some of the biggest corporates in the Middle East. Why do we do this? Because, despite gaining ground and proving themselves time and again, women are still underrepresented in the top leadership positions—here and globally. Those that make it deserve to be celebrated, and those that strive to make it can learn a great deal from and hopefully be inspired by these pioneers.

According to PwC’s MENA Women in Work Survey 2022, 40% of working-age women in the GCC are in employment compared to 64% in the Organisation for Economic Co-operation and Development (OECD) countries, while less than 20% of senior management positions in Egypt, Saudi Arabia, and the U.A.E. are occupied by women. A Deloitte report from last year looking at women in the boardroom from a global perspective found that in 2021, 19.7% of board seats were held by women globally, compared to 10.2% in the Middle East. While this region generally doesn’t have gender quota legislation, in the U.A.E., all listed companies have been required to have at least one woman on the board since March 2021.

Why are women so underrepresented in leadership roles? Well, that’s a complex question with many potential answers, but McKinsey & Company’s Women in the Workplace 2022 survey, which looks at U.S. companies, explores the concept of a “broken rung” in the ladder to leadership roles. When it comes to taking the first step up to management roles, fewer women are promoted—for every 100 men that are given a management position, there are only 87 women. This means that when it comes to filling senior leadership positions, there are simply not enough experienced women in the mix. The same survey also found that more women leaders are leaving their companies due to being overworked and underrecognized, wanting to advance but facing stronger headwinds than men, and seeking a different working culture.

A number of the leaders we feature in this issue speak of women needing more support, guidance, and encouragement to progress in the workplace. Some are not just talking about it; they’re building it. For example, our cover this month, Shaikha Khaled Al Bahar, Deputy Group CEO at NBK, took a leading role in establishing NBK RISE last year—a network that offers mentoring and training to women in business, and that asks for a commitment from its members to hire more women into leadership roles.

When we speak to business leaders, most these days want to step aside from talking about the bottom line and discuss how they’re giving back. Among CSR, ESG, youth engagement, and sustainability, building initiatives that support more equality and female empowerment in the workplace is on the radar for many this year. Let’s hope it has an impact.

—Claudine Coletti, Managing Editor

INNOVATING SINCE 2010

FEBRUARY 2023 ISSUE 125

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Leadership

Female CEO Appointments In 2022

As women continue to gradually increase their presence in the world’s top jobs, here are some of last year’s most notable female CEO appointments globally.

Christel

Heydemann

CEO, Orange Group

Headquarters: France

Sector: Telecommunications

Heydemann was appointed CEO of the Orange Group in April 2022, becoming the first woman to lead France’s biggest telecom operator. The Ecole Polytechnique engineering graduate has been a member of the Board of Directors of Orange Group since 2017. She first started her career in 1997 at Boston Consulting Group before joining Alcatel in 1999, where she played a role in the merger of Alcatel and Lucent.

Dana Al Sabah

Group CEO, KIPCO

Headquarters: Kuwait

Sector: Investments

Al Sabah was appointed KIPCO’s Group CEO in early 2022, having been a board member since 2020. She became the first female CEO in the group’s history. Al Sabah also helped establish the American University of Kuwait and the United Education Company in 2003. She now sits on the boards of the Gulf Insurance Group, OSN, Kamco Invest, and KIPCO.

Güliz Öztürk

CEO, Pegasus Airlines

Headquarters: Türkiye

Sector: Aviation

The first woman to lead a Turkish airline, Öztürk, took the helm of Pegasus Airlines in May 2022, succeeding

Mehmet Nane, who was elected vice-chairperson of the board. Having started her career with Turkish Airlines in 1993, Öztürk has 30 years of experience. She joined Pegasus Airlines as head of scheduled flights in 2005. She was appointed Chief Commercial Officer in 2010, a role she held for 12 years.

Gwendoline Cazenave

CEO, Eurostar Group

Headquarters: Belgium

Sector: Transportation

Eurostar Group appointed Cazenave as CEO in October 2022. With over 20 years of experience, Cazenave previously held high-level roles in the French railway Group SNCF. Headquartered in Brussels, Eurostar Group holding was formed in May 2022 as an alliance between

Eurostar and Thalys. The holding company owns 100% of the shares of Eurostar and Thalys, which remain fullfledged railway companies and are headquartered in London and Brussels, respectively.

Helen Lofthouse

CEO and Managing Director, ASX

Headquarters: Australia

Sector: Financial Markets

Australian Securities Exchange operator ASX appointed Lofthouse as its first female CEO, replacing Dominic Stevens, in August 2022. Lofthouse joined ASX in September 2015, which operates Australia’s primary securities exchange. She previously led the ASX Markets division, which is the group’s largest individual business by revenue.

Randa Sadik

CEO, Arab Bank

Headquarters: Jordan

Sector: Banking & Financial Services

Sadik has been Arab Bank’s CEO since February 2022, before which she was Deputy CEO from 2010. Succeeding Nemeh Sabbagh, she became the 92-year-old company’s first female chief. She has over 36 years of industry experience, including 24 years at the National Bank of Kuwait. Sadik is also Chairman of the Arab Tunisian Bank and the Management Committee of Al-Arabi Investment Group, and Vice-Chairman of the Arab Bank Australia.

Wadha Ahmed

Al-Khateeb

CEO, Kuwait National Petroleum Company (KNPC)

Headquarters: Kuwait

Sector: Oil and gas

Al-Khateeb assumed her role as CEO of KNPC in November 2022, where she oversees 6,270 direct employees. Al-Khateeb has 28 years of oil sector experience. She is also a chairperson and board member for the Kuwait Paraxylene Production Company and a member of the Kuwait Women Cultural & Social Society, among other roles. Before her current position, she was Deputy CEO of the Mina Abdullah Refinery.

Christel Heydemann

Cryptocurrency

Crypto Bankruptcies In 2022

The cryptocurrency market had a tough year in 2022. In April last year, the global cryptocurrency industry, excluding Bitcoin, had a market cap of $1 trillion, according to CoinMarketCap. By June 19, it was worth $464.7 billion. Here are some of the most notable crypto bankruptcies of 2022.

following the crypto lender’s demise. On December 19, Binance agreed to acquire its assets for nearly $1 billion.

Celsius Network

Headquarters: U.S.

Founded in: 2017

Three Arrows Capital

Headquarters: Singapore

Founded in: 2012

On July 1, 2022, crypto hedge fund Three Arrows Capital sought protection from creditors in the U.S. under Chapter 15 of the U.S. Bankruptcy Code, which allows foreign debtors to shield U.S. assets. The firm was one of the most prominent crypto hedge funds, managing about $10 billion in assets in March 2022. News of the bankruptcy surfaced after the Singaporebased company defaulted on a $650 million loan provided by crypto broker Voyager Digital. Advisers in charge of liquidating the fund said in a July 8 filing that the company’s founders Su Zhu and Kyle Davies hadn’t cooperated with them and that the founders’ whereabouts were unknown.

The two allegedly refused to turn on their cameras and unmute their mics even when being addressed during a Zoom call. In a tweet on July 12, Zhu said that a “good faith” effort to work with the liquidators “was met with baiting.”

Voyager Digital Headquarters:

U.S.

Founded in: 2018

Digital asset brokerage Voyager Digital Ltd filed for Chapter 11 bankruptcy in the U.S. on July 6, 2022. On July 1, 2022, Voyager Digital LLC, the operating platform of Voyager Digital Ltd, said it was going to temporarily suspend trading, deposits, withdrawals, and loyalty awards. Voyager Digital LLC reached an agreement in September 2022 for FTX to acquire its assets for $1.4 billion, but it fell through

Crypto lender Celsius Network announced on July 13, 2022, that it had started the process of filing for Chapter 11 bankruptcy protection following a crash in digital currency prices and paused withdrawals, swaps, and transfers on its platform in June 2022. Following the bankruptcy filing, Celsius Network said it had filed a series of customary motions with the court to allow it to continue to operate normally, including requests to pay employees and continue their benefits. Reuters reported New Jersey, Texas, and Washington state securities regulators stepped in to investigate Celsius’ decision. On January 5, 2023, New York State sued the company’s founder and former CEO, Alex Mashinsky, for engaging “in a scheme to defraud hundreds of thousands of investors” by offering loan products promising yields of up to 17% with “minimal risk.”

FTX Headquarters:

in the U.S. after most of the FTX Group filed for Chapter 11 bankruptcy. In a filing with the U.S. Bankruptcy Court for the District of Delaware, newly appointed CEO and Chief Restructuring Officer John Ray said the Bahamasheadquartered FTX had suffered a “complete failure of corporate controls” and that the accuracy of the balance sheets of the firm was questionable.

Bankman-Fried was indicted by the U.S. Department of Justice on eight criminal charges, which include conspiracy to commit wire fraud, commodities fraud, securities fraud, money laundering, and, in parallel, actions the Commodity Futures Trading Commission and the Securities and Exchange Commission charges against him. The once billionaire was arrested in the Bahamas on December 12, 2022, and his trial will begin in October 2023. He has pleaded not guilty to the charges.

BlockFi Headquarters:

U.S.

Founded in: 2017

Bahamas

Founded in: 2019

FTX founder and former CEO Sam Bankman-Fried filed for Chapter 11 bankruptcy protection in the U.S. for FTX Group on November 11, 2022, as liquidity dried up, customers demanded withdrawals, and rival firm Binance backed out of its nonbinding agreement to buy the company. On November 15, FTX Digital Markets— the entity associated with Bankman-Fried’s global digital asset empire—filed for Chapter 15 bankruptcy

On November 14, 2022, digital asset lender BlockFi released a statement saying it “had significant exposure to FTX and associated corporate entities” that encompassed obligations owed to them by Alameda Research, assets held at FTX.com, and undrawn amounts from their credit line with FTX US. They asked clients not to submit any deposits to BlockFi wallet or interest accounts. BlockFi filed for Chapter 11 bankruptcy protection in a New Jersey court on November 28, 2022. The company revealed that $680 million of bad loans to the sister company of FTX, Alameda, were behind bankruptcy filing. The filing showed BlockFi has over 100,000 creditors.

Sam Bankman

Women Leaders

Global History Makers

From political game-changers to athletes, here’s a look at some trailblazing women who made history with their achievements last year.

Ayesha Malik Judge Nationality:

Pakistani

As Pakistan’s first female Supreme Court Judge, Malik sits alongside 16 male colleagues on the country’s highest court. The 56-year-old’s appointment in January 2022 made Pakistan the last country in South Asia to elect a woman to its highest court. Malik worked at two law firms before becoming a high court judge in the eastern city of Lahore in 2012.

Dina Boluarte Politician Nationality:

Peruvian

Boluarte became the first female President of Peru on December 7, 2022, after her predecessor, Pedro Castillo, was ousted in an impeachment trial. The 60-year-old lawyer shot to prominence alongside Castillo as the vice president and Minister of Development and Social Inclusion in a 2021 election victory for the far-left Peru Libre party. She has since reshuffled her cabinet and named a new prime minister.

Dunya Abutaleb

Taekwondo player

Nationality: Saudi

After winning bronze at the Asian Taekwondo Championships in Korea in June 2022, Abutaleb became the first female athlete from Saudi Arabia to medal at a World Taekwondo Championships. The 26-year-old trains with and against male athletes on her home turf, as there are no

Ons Jabeur

female sparring partners. At age 12, her brother’s coach identified her potential and began privately teaching her at home. Abutaleb entered her first competition, Jordan’s Al Hassan Cup, in 2016 and clinched gold.

Hana Goda

Table Tennis Player

Nationality: Egyptian

Egypt’s Goda struck gold at the ITTF-Africa Cup in May 2022, making her the youngest table tennis champion in Africa at 14 years and seven months. The ITTF-Africa Cup ranks as the second most important continental event in table tennis, behind only the African Senior Championships. Goda has been playing table tennis for a decade, having first picked up the sport aged four.

Hannah Green

Golfer

Nationality: Australian

Green became the first woman to ever win a mixedgender professional golf tournament after a fourstroke victory at the TPS Murray River in Australia in February 2022. Green, who ranks as World No. 19, was the 2019 Women’s PGA Championship winner.

Ireen Wüst

Skater

Nationality: Dutch

At the February 2022 Beijing Olympics, Dutch speed skater Wüst finished her 1,500 meters race in 1 minute 53.28 seconds, setting a new Olympic record and becoming the first athlete ever to win an individual gold medal at five consecutive Olympic Games. At 35, she is the oldest speed skater to win a gold medal. Since her first Olympics in

2006, aged 19, she has won 13 medals, including six gold. The most decorated Olympic speed skater of all time is also the Netherlands’ most successful Olympian.

Katalin Novák Politician Nationality: Hungarian

Novák assumed office in May 2022 as Hungary’s new president, making her the East European country’s first female president. She succeeded Janos Ader, who had held the post since 2012. Novák previously served as a minister for Families

and has been a member of the Hungarian National Assembly since 2018. The 45-year-old is the country’s youngest-ever head of state and will hold the role for five years.

Nayla Al Baloushi Climber Nationality: Emirati

In May 2022, Al Baloushi scaled Nepal’s Mount Everest, becoming the first Emirati woman to do so. She reportedly set herself the goal of reaching the world’s highest peak three months before the ascent.

Ons Jabeur Tennis Player Nationality: Tunisian

In May 2022, Jabeur won the biggest title of her career at the Mutua Madrid Open, defeating Jessica Pegula in the final. The 28-year-old became the world’s number two player in June 2022, becoming the first Arab and North African woman to appear in the world’s top five ranking. In July 2022, Jabeur became the first Arab and North African female tennis player to reach a Grand Slam final.

Stephanie Frappart Referee Nationality: French

After Costa Rica faced Germany on December 1, 2022, at the FIFA World Cup Qatar, Frappart made history as the first woman ever to referee a men’s World Cup match. The 38-year-old French referee led an all-women on-field team with assistants Neuza Back from Brazil and Mexico’s Karen Diaz. Frappart was also the first woman to referee a 2019 Ligue1 and 2020 UEFA Champions League game.

Xiomara Castro Politician Nationality: Honduran

Castro was sworn in as Honduras’ president in January 2022, becoming the first woman to hold the position. She was elected to the role with 1.7 million votes, the largest number of votes in Honduras’ history. The 64-year-old leftist leader, whose husband, Manuel Zelaya, ruled the country from 2006 to 2009, has reportedly campaigned to tackle gangs and expand women’s rights.

Katalin Novák

Ireen Wüst

Top 5 Countries For Residence And Citizenship By Investment

Residence and citizenship by investment (RCBI) companies advise HNWIs about investing in stable countries that provide competitive business opportunities. Here are the top five countries for RCBI, according to Swiss immigration consultancy Passport Legacy.

1. U.A.E.

The U.A.E.’s Golden Visa scheme, which was introduced in 2019, aims to attract investors and skilled overseas talent to the country. More than 151,666 golden visas had been issued by November 2022, according to a report by the General Directorate of Residency and Foreign Affairs. The U.A.E. acquired 31% of the total foreign investment that came into MENA in 2021, according to UNCTAD’s World Investment Report 2022. The total accumulative FDI flows to the country reached $171.6 billion by the end of 2021, achieving 14% growth compared to $151 billion in 2020.

over the same period in 2020-2021—according to a Statista report in October 2022. Canada’s 2022–2024 immigration plan aims to drive economic growth, reunite families, and protect democratic and human rights. Canada’s Express Entry System plays an important role in addressing the country’s labor shortages.

3. U.K.

The U.K. had an estimated 1.1 million long-term immigrants

enter the country in the year ending June 2022— an increase of 435,000 compared to 2021—driven by non-EU nationals, an increase in the number of international students, and immigrants arriving from Ukraine under the country’s visa support scheme. Net immigration stood at 504,000 more people arriving than leaving at the end of June 2022.

4. Portugal

buy property on Portugal’s autonomous islands of Madeira and Azores. Since October 2012, 11,384 investors and 18,617 family members have benefited from the Portugal Golden Visa Program, and over $7.2 billion in funds was invested for the country’s Golden Visa.

5. Türkiye

Climbing the highest on the RBCI index, Türkiye moved to number five from number 18 in 2021. This is largely due to the low minimum investment in real estate, which was $250,000 in 2021, and raised to $400,000 in June 2022. In 2021, Türkiye received roughly $13.84 billion in foreign direct investment, according to the World Bank. In 2021, 58,576 real estate units in Türkiye were sold to foreigners, accounting for 3.9% of total real estate sales.

In November 2022, the Portuguese Immigration and Borders Service granted 121 residence permits, 95 golden visas in the real estate investment category, and 26 permits for capital transfer investment.

2. Canada

Between July 2021 and June 2022, 492,984 people emigrated to Canada — more than double that

Portugal’s Golden Visa Program saw $70.7 million in investments in the same period. New regulations now deny investors from buying property in cities like Lisbon and Porto but allow them to

A Great Place To Work

Smita

one in Jordan, Lebanon, and Iraq and we’ve been certified as the Best Place to Work for millennials in Egypt, which I’m really proud of.

What would you say enabled AstraZeneca to top the ranking?

The Best Places to Work organization recently announced the top 23 places to work in Middle East for 2022, with AstraZeneca leading the ranking. What factors were considered and how did your company stand out?

I’m absolutely delighted that AstraZeneca has been chosen from over 250 organizations in the region, especially as there were only two pharma companies in the top 10. Businesses had to be recognized as outstanding employers by Best Places to Work in at least one of the countries across the region, and we were recognized in seven: Jordan, Lebanon, Iraq, Algeria, Tunisia, Morocco, and Egypt, which is an incredible result. Not only that, but AstraZeneca also ranked number

I think the key to our success has been our commitment to putting people first, prioritizing learning and development, and ensuring that diversity and inclusivity are at the heart of everything we do. For me, being a company that our people are proud of is essential, whether it be due to our life-changing medicines for patients, or commitment to driving healthcare equity, or the way we champion sustainability.

How do you attract young talent in the region?

The Middle East and Africa has the world’s youngest population, and our business reflects this, as 73% of our employees are millennials. I think one reason we are an attractive place to work for younger generations is our culture, which makes everyone feel empowered to speak their mind and offer ideas, no matter their age or level of seniority. One example is our Butterflies Panel, which serves as a discussion forum for staff. Another is our Reverse Mentoring Programme, which pairs senior leaders with those starting their careers and facilitates learning from each other.

How is the company encouraging diversity and gender equality? We are championing gender diversity by supporting the next generation of female leaders and addressing the barriers and challenges that may hinder their career progression. Already, 500 colleagues have enrolled in our AstraZeneca Women as Leaders program, which helps to build the capabilities of the next generation of leaders. Currently, 44% of AstraZeneca’s MEA leadership are women, and this number is growing steadily.

We strongly believe that leveraging the unique strengths and diversity of our people in MEA—both men and women—will empower us to achieve our bold ambition to transform healthcare and outcomes for millions of patients.

For you, what makes AstraZeneca a great place to work?

I have been with AstraZeneca for over a decade as I feel that in this organization everyone has the opportunity to unlock their potential. Moreover, our goal of transforming healthcare gives real purpose to our work and truly inspires me.

Saha, Area HR Director for AstraZeneca in the Middle East and Africa, explains why the global biopharmaceutical company recently topped the list of the best places to work in the Middle East.

Smita Saha, Area HR Director, AstraZeneca in the Middle East and Africa

Technology

Timeline: Tech Layoffs In Q4 2022

Rising inflation and interest rates drove many tech companies to announce layoffs and hiring freezes last year. These were some of the biggest announcements in Q4 2022.

October 6

Peloton Interactive announced four rounds of layoffs in 2022, cutting about 2,800 jobs in February, 600 in July, and 800 in August. In October, the fitness technology company announced it would be cutting 500 more jobs, reducing its workforce to around 3,825 people. The company about 3,000 people, or 8% of its global workforce, alongside other cost-saving measures.

November 2

Opendoor CEO and Co-Founder Eric Wu announced that the real estate technology company would be letting go of 550 people, or 18% of its workforce, due to the challenging real estate market.

60 workers in July, according to WSJ. Payments giant Stripe also announced that it had cut 14% of its staff, more than 1,000 workers, blaming global economic challenges.

November 4

Elon Musk laid off half of Twitter’s workforce, firing 3,700 people, a week after acquiring the social media platform for $44 billion. The world’s second richest billionaire, worth $144.4

is losing over $4M/day” in a tweet.

November 9

Meta laid off more than 11,000 people, cutting its workforce by 13% and extending its hiring freeze throughout Q1 2023.

November 15

The software company, Asana, announced plans to lay off 9% of its workforce as part of a restructuring

plan to improve operational efficiencies and operating costs.

November 16

Amazon announced in November 2022 that it would be cutting its workforce. On January 5, 2023, CEO Andy Jassy confirmed the company’s plan to lay off over 18,000 people.

company, BigCommerce Holdings, announced that it would reduce its total workforce by about 13% across employees and contractors as part of its restructuring plan.

December 21

U.S.-based memory chip maker Micron Technology announced its plan to reduce its workforce by nearly 10%, or nearly 4,800 of its 48,000 employees, in 2023.

Tech Layo s

Fostering Sustainable Solar Power

Manager Rasso Bartenschlager explains how Al

which is under the Al Masaood Group umbrella, have responded by taking the lead in offering sustainable technologies and innovations that will help reduce carbon emissions and fast-track the goals of the U.A.E. Net Zero 2050 strategic initiative.

The world, in the present, is collectively battling against the environmental issues created by climate change. In line with their commitment to the Paris Agreement, every nation has been making conscious efforts to reduce and mitigate the adverse effects of the environmental disaster that has been affecting the planet.

In the Middle East, the GCC countries are taking serious measures to diversify their energy sources by shifting from heavy dependence on oil to investing in sustainable energy, especially solar energy. And being a significant source of greenhouse gas emissions, the transportation sector is ripe for investments in electrification, backed by a large customer base and support from governments.

As a pioneer in the energy sector, we at Al Masaood Power Division,

One such innovation is SHAMS+, which is the first U.A.E.-built ultrafast and smart charging solution for maritime hybrid and electric vehicles (EVs). The solution is unique because it uses solar power instead of a conventional source of electricity. Therefore, it is an ideal solution for marine docks, deserts, agricultural fields, and interstate highways.

SHAMS+ is intended to offer sustainable charging through solar energy at the fastest charging pace—starting from 25 minutes— through a vast network of charging stations that can meet all the battery charging requirements of the automotive and maritime industries. Additionally, smart internet-based and mobile ventures could help accelerate the decarbonization of the global transportation and maritime communities, making them a distinct method that matches voltage fluctuation for stable charging.

SHAMS+ also provides software to gather, examine, and interpret consumption data. EV drivers would be able to remotely manage charging sessions and receive precise energy-usage information to help them perform better and

spend less money. Furthermore, the solution operates cordlessly for greater flexibility and easier installation in various urban and rural sites, including agricultural areas, as well as at marine ports and hubs, providing customers with the highest level of convenience and efficiency.

Energy is one of the essential requirements for the industrial and commercial sector growth of any nation. Due to the increased demand for energy and the rapid depletion of conventional energy sources like petroleum extracts, advances in energy efficiency and the incorporation of renewable energy sources present alternative possibilities to preserve energy reserves.

The reduction of conventional power generation based on coal and gas is a notable activity in global action plans to mitigate CO2 emissions and combat climate change. In the last five years, there has been a clear increase in the penetration of renewable energy sources into the electricity system, and this trend will continue.

General

Masaood Power Division is supporting the U.A.E. Net Zero 2050 strategic initiative through innovation and sustainable technologies.

Rasso Bartenschlager, General Manager, Al Masaood Power Division

PIONEERING PROGRESS

Shaikha Khaled Al Bahar, Deputy Group CEO of the National Bank of Kuwait Group, has spent her career rising through the ranks of Kuwait’s biggest banking group. Away from the bottom line, she’s focused on making her stamp on her country’s social growth.

BY CLAUDINE COLETTI

Shaikha Khaled Al Bahar, Deputy Group CEO of the National Bank of Kuwait Group.

In November 2022, when Shaikha Khaled Al Bahar, Deputy Group CEO of the National Bank of Kuwait Group (NBK), took to the stage at the Arab Bankers Association’s annual event to accept the “Distinguished Services to Arab Banking Award 2022,” she wanted to take a different approach in her acceptance speech. As the first woman to ever win the award, Al Bahar wanted to stress the realities of her journey rather than focusing on the highs alone. “These accounts make it seem like a career in our field is a smooth upward trajectory, but here I was at the pinnacle of my career. I built from the ground up with a unique opportunity to show what it takes,” she remembers. “I chose to have a different approach where I shared my personal experience. The truth is I had to double the work to prove myself.”

Al Bahar has been with NBK for over 35 years— more than half the time the bank has existed, having first been established in 1952. In that time, the bank has grown to become the biggest in Kuwait, recording profits of over $1.7 billion from a net operating income of $3.3 billion in 2022, up from over $1.2 billion profits from a net operating income of $2.9 billion in 2021. The bank offers alternative investments through its NBK Capital subsidiary, which it founded in 2005, and offers both traditional services and Shari’ah-compliant financial services through its major shareholding in Kuwait’s Islamic Boubyan Bank, which was established in 2004. As of November 2022, NBK Capital had executed over $91 billion worth of investment banking mandates since inception. The expansive banking group had $18.6 billion in funds under management as of December 31, 2022, and a market cap of nearly $27 billion as of January 23, 2023.

IToday, NBK is present in 13 countries, and while it’s open to new opportunities, it has no current plans to expand geographically, according to the deputy group CEO. “We are in Asia through Singapore and China. We are in Europe through Paris and London, and we are in New York and the GCC,” says Al Bahar. “Currently, the focus is on our existing markets, but we are open to any opportunity, and inorganic growth is still on the table if an opportunity that has synergy with our strategy arises.” However, NBK is expanding in a number of other ways, including through education and technology.

In November 2022, the bank launched its Bankee education program in collaboration with Creative Confidence and in cooperation with the Ministry of Education and the Kuwait Anticorruption Authority. The financial literacy course aims to introduce and teach school students about financial culture, including budgeting and saving and financial responsibilities. As of January 2023, over 2,433 students and 507 teachers had enrolled in Bankee, which means “my bank” in Arabic. “This will give them the culture of how to save rather than keep spending,” Al Bahar explains.

This initiative to help Kuwait’s children learn more about the world of finance came just a year after NBK launched its Weyey Bank app. NBK established Weyey Bank in November 2021, targeting the tech-savvy youth segment between the ages of 15 and 24. This accounts for a large part of Kuwait’s population. Around 40% of the country’s population is under 24 years old, and 25% are under 15, according to PwC. “We learned from experience that disruption is bound to happen, so we decided to lead the change,” says Al Bahar. “We started from scratch and built from the ground up. We delivered the digital bank in just 12

“I chose to have a different approach where I shared my personal experience. The truth is I had to double the work to prove myself.”

months. We will, of course, be eager to have this digital bank contributing to the bottom line.”

NBK will soon face competition in the digital banking market from its home turf. In February 2022, the Central Bank of Kuwait issued new guidelines around the establishment of digital banks and opened a six-month application process. By the end of June 2022, it had reportedly received applications from at least three alliances and was planning to grant two new licenses for independent digital banks by the end of 2022.

“Major banks in Kuwait are now trying to find strategic alliances to support the consumer and economic need for digitization, whilst creating added value through innovative business models and financial solutions for Kuwait’s tech-savvy population,” says Kareem Refaay, Managing Director at the London Institute of Banking & Finance MENA. “In the near future we will be seeing more banks and new banks launching in Kuwait to meet the consumer expectations thanks to the regulator push.”

According to other experts it’s already having an impact. “The Fintech ecosystem has already seen significant progress since the banking regulations were introduced in Kuwait in February 2022,” says Abhinav Agarwal, Risk Advisory partner at Deloitte Middle East. “Conventional banks have seriously undertaken digital transformation by launching digital channels within the existing operating model or by entering into strategic partnerships with Fintechs. While the Fintech ecosystem is still young in Kuwait, the competitive Fintech scene

across the GCC will lead Kuwait to catch up and move towards realizing its Vision 2035.”

For NBK, getting ahead of the curve has given it an opportunity to embed its mobile banking options with its investment arm, SmartWealth, which enables customers to also access investment services in-app, such as transferring funds and viewing their portfolios. “Most banks focus on pushing clients to spend, spend, spend, and banks keep lending, lending, lending, but SmartWealth is giving

clients the opportunity to start saving,” explains Al Bahar. “This is really a very ambitious plan for digital banking, and we are really happy with the outcomes.” NBK’s headquarters in Kuwait City already house a digital lab focused on conducting market research and scouting the global Fintech market for new ideas as well as developing its own product solutions, with the bank now using data analytics, robotic process automation, and machine learning in its operations.

“Middle Eastern banks continue to evolve their digital drive as clients opt for mobile banking apps in order to facilitate transactions,” says Dahlia

Shaikha Al-Bahar, Deputy Group CEO of the National Bank of Kuwait Group (NBK), took to the stage at the Arab Bankers Association’s annual event to accept the “Distinguished Services to Arab Banking Award 2022.”

Sabaayon, Senior Investment Analyst at investment management company Al Dhabi Capital. “Banks continue to reduce the number of physical branches as the region’s demographic adopts online banking applications.”

It’s a very different landscape compared to when Al Bahar first entered the industry, having first joined the company in the 80s as a fresh graduate. She started as a trainee at a local branch of the bank and has since gradually climbed the ranks, becoming deputy group CEO in 2014. “I was very curious and eager to learn. I wasn’t going to settle for a routine job. I continued to ask questions, learn, and grow, never accepting any limitations to what I could do, and this opened the sky for me,” she remembers. However, it was not an easy journey, with late nights and going the extra mile par for the course to differentiate herself from the crowd.

and urban planning, healthcare, human resources, education, and economic sectors, among others. “The focus was on Vision 2035, so the core of it is to have the government as regulator, policy-maker, and allow the private sector to handle operations,” she explains. “They are building bridges, establishing companies, creating jobs, but they have to go to the private sector to build more efficiency.” While her teams’ recommendations were not taken on during her tenure, Al Bahar is hopeful that the future will see some progressive steps forward.

Keen to proactively initiate positive change, in 2022, Al Bahar and NBK established NBK RISE—a women-led leadership initiative designed by women for women to bring together corporate entities and female executives to elevate women in the workforce. The program creates a community of female leaders from Kuwait and beyond to train and develop women to be more involved in strategy, improve their technical skills, and motivate others. Participant companies sign an NBK RISE Pledge to increase women’s representation in leadership positions.

Al Bahar recalls making site visits to ensure that projects NBK was financing ran on time and often working until the early hours of the morning to get contracts over the line. One night in 2002, while working on the Sulabiya Waste Water Treatment Plant project—one of Kuwait’s first build–operate–transfer (BOT) projects—she describes being in the office until 5 am to close the deal. “I went home, I got orange juice, I took a bath, and I went back to the office at 6:30 am. I love to put myself under pressure; I am a workaholic,” she admits.

As a testament to this, as well as throwing her all into her day job, Al Bahar has also sat on several in-house and external committees and groups over the years, including becoming a member of Kuwait’s Supreme Council for Planning and Development by Emiri decree in 2018. The fouryear tenure saw her actively working to make recommendations to the government to make improvements to Kuwait’s human development

According to a report by Deloitte and The 30% Club that looked across 72 countries, 19.7% of board seats were held by women globally in 2021, an increase of 2.8% compared to 2018. In MENA, 10.2% of board seats were found to be held by women in 2021, compared to 9.5% in 2018 and 11.3% in 2016. This is something NBK RISE is seeking to improve. “Female executives provide a greater degree of creative thinking, and companies with more female representation engage more with social causes,” explains Al Bahar. “Companies with a greater proportion of female executives and board members have been shown to score higher at social responsibility, corporate governance, and transparency.”

Experts agree, but there is work to be done. “Kuwaiti women represent 25% of the national workforce as per the latest data reported in 2021. This number has been increasing year over year with the majority of the female workforce focused on public sector entities,” says Tamer Charife, Risk Advisory Partner at Deloitte Middle East. “However, female representation at leadership roles remains on the lower side, and that calls for critical intervention at a national level through the development and introduction of targeted programs for empowering gender diversity in the Kuwaiti workforce in strategic and leadership roles.”

“Women in Kuwait have long been acknowledged as pioneers, it’s not just recently, but there is much progress to be made.”

NBK RISE is clearly a project that is very close to Al Bahar’s heart. “I always take things very passionately,” she admits. As of January 2023, five institutions had signed up to NBK RISE: the Alshaya Group, stc, Equate, Burgan Bank, and the Commercial Bank of Kuwait. “Women in Kuwait have long been acknowledged as pioneers, it’s not just recently, but there is much progress to be made,” she adds. “In my opinion, the two most glaring challenges are the proportion of women in leadership roles within the financial industry and closing the gender gap, mainly in wages.”

As she prepares for a potentially economically challenging year ahead, the deputy group CEO says that NBK is optimistic that the positive trend will continue in its financials, driven

by diversification and digitization, against the backdrop of strong credit ratings, an improving operational environment, higher oil prices, and a lower cost of risk. But outside of taking care of the bottom line, Al Bahar is focused on her personal impact. “Each success story has its own unique twists and turns, but there are thematic necessities to success. Cultivating a positive attitude, honoring my values, and playing to my strengths have propelled my career. Now I spend more time on strategy, building teams, succession planning, and investing in people,” she explains.

“My dream is to be part of a nonprofit organization to help the community, with a focus on education. This is really my dream. I want to be part of the change.”

Most Powerful Women In Finance

On Forbes’ list of the World’s 100 Most Powerful Women 2022, these were the five top-ranking female leaders in finance.

Longtime Citigroup executive Fraser was named as CEO Michael Corbat’s successor in 2020; she officially assumed the role in March 2021. As Citi’s first female CEO in history, she is also the first-ever woman to run a major Wall Street bank.

Botín became chair of Santander in 2014, after the sudden death of her father, Emilio. In the face of political unrest, she has championed fintech and focused on entrepreneurs, backing small enterprise and womenowned businesses.

Tan first joined the Chinese finance insurance giant in 2013 as group CIO; she became the group’s co-CEO in 2018. Based in Shenzhen, Ping An is Asia’s largest insurance groups. It sold $110 billion worth of insurance premiums in 2021.

Ho was the CEO of Singaporean sovereign wealth fund Temasek from 2004 to 2021, and helped its portfolio grow to more than $313 billion.

In 2021, Duckett was named the president and CEO of TIAA, a retirement and financial services company for academic, research, medical and governmental workers. She came to TIAA from JPMorgan Chase, where she had served as CEO of Chase Consumer Banking.

Stay connected with our latest business news.

• Jane Fraser CEO, Citigroup U.S.

• Ana Patricia Botín Group Executive Chair, Santander Spain

• Jessica Tan Executive Director, Ping An Group China

• Ho Ching Chair, Temasek Trust Singapore

• Thasunda Brown Duckett President & CEO, TIAA U.S.

SHAIKHA KHALED AL BAHAR

POWERED BY DATA

Noor Al Sulaiti, CEO of Ooredoo Oman, is the youngest and first female chief in the telecom provider’s history. A transformation aficionado, since taking the role in 2021, she’s embarked on an ambitious vision towards being a digitally-led, data-powered, and customer-centric telecom company.

BY JAMILA GANDHI

Noor Al Sulaiti, CEO of Ooredoo Oman

The emergence of the global pandemic in 2020 may have demonstrated the strength and resilience of telecom networks as they withstood the sudden surge in usage, but it was also a catalyst for diversification. Changing demands from users heavily affected MENA operators’ core businesses, with mobile roaming and equipment sales declining significantly. And three years later, while the demand for connectivity has retained momentum, customers expect better prices, and infrastructure rollout has become expensive. “How do you retain existing customers? How do you create more value from your customer base? And how do you get new customers? These are the challenges for any business, especially telecom,” says Noor Al Sulaiti, CEO of Ooredoo Oman. “The competitive advantage is harnessing the power of data and data analytics.”

In August 2022, Ooredoo broke ground on the construction of its three new data centers in Oman, in Barka, Salalah, and Sohar, to support local businesses and communities by offering cloud storage, data recovery, and cyber security options. The sites in Salalah and Barka are estimated to be operational by mid-2023, and will also provide cable landing facilities to “2Africa” (2AF), the longest subsea cable system ever deployed. With a submarine cable spanning 45,000 km, Ooredoo is among a global consortium of communication operators connecting 2AF’s 33 countries across Africa, Asia, and Europe. “This has generated huge interest from hyper-scalers,” says Al Sulaiti. “We’re working with the likes of Google, Amazon, Microsoft, and Facebook, which will give us an edge moving forward.”

Ooredoo Oman is part of the Ooredoo Group and has been registered in Oman since December 2004. The private Omani operator was originally operating under the name “Nawras,” and from

March 2014, as “Ooredoo.” An integrated services communications operator, the company was serving over three million customers across Oman as of January 2023.

Al Sulaiti was appointed CEO at a pivotal point in history. She joined Ooredoo Oman one year into the global pandemic in May 2021, at the same time becoming the company’s youngest and firstever female CEO. “The telecom market was facing challenging times with competition in the market,” explains the 39-year-old Qatari. “I came into this challenging market and my first task was stabilizing it.” As borders were closed due to the pandemic, the company leveraged its data analytic capabilities to boost customer value management and focus on local talent to navigate somewhat turbulent times in the industry. In 2021, Ooredoo Oman recorded revenues of $638.6 million.

Across the GCC, demand has surged for data center investments driven by smart cities, 5G and its applications, and the adoption of artificial intelligence and cloud-based services. In 2022, users in Oman spent over 97% of their time connected to either 3G, 4G, or 5G, according to data by Opensignal. While 5G remains at a nascent stage at the regional level, operators in the GCC are projected to be among the global leaders in 5G. GSMA estimates 49% 5G adoption by GCC states by 2025, eclipsing the global average of 25%.

Under Oman’s Vision 2040, digital transformation is expected to boost the country’s ICT market to $6.69 billion by 2026, as per GlobalData findings. Oman reportedly reduced the cost of land to facilitate investment into the country’s data centers in a bid to promote national investment. According to Arizton Advisory and Intelligence, Oman’s data center market is projected to grow at a CAGR of over 11.42% up to 2027.

For Al Sulaiti, aligning and developing this infrastructure is also key to staying ahead of the curve and meeting the evolving digital requirements of customers. In May 2022, Ooredoo partnered

NOOR AL SULAITI

“Today, it’s about creating leaders, empowering the youth, and enabling them to run.”

with Huawei to offer B2B customers smart, innovative solutions powered by Cloud Campus, focusing on retail, education, hospitality, and healthcare sectors in Oman. In September 2022, it signed an MoU with Dell Technologies to facilitate opportunities around cloudbased services, 5G, and edge computing solutions. “Over the last few years, Ooredoo has evolved significantly from a telecom provider to one of Oman’s leading ICT service providers, and we continue to enhance and transform our ICT capabilities in line with our customers’ increasingly sophisticated needs,” said Saied Al Lawati, Director of Business Marketing and ICT Solutions at Ooredoo in a statement.

Locally, Ooredoo Oman has long-faced competition from only one other mobile network operator; state-owned Omantel. The sovereign telecom provider leads as a major player in the country, holding a mobile market share of 47.5% and a fixed telephone market share of 70% as of September, 2022. The duopoly model was shaken with the emergence of Vodafone Oman in January 2021, when it received a license to become the country’s third mobile operator.

Enabling new revenue streams is now a priority for Ooredoo Oman to strengthen it against economic fluctuations or a further new entrant to the market. “Globally, we’ve seen mobile operators feel the crunch; the margins we used to enjoy a decade ago have shrunk dramatically,” says Al Sulaiti. “It’s critical to think: what are the key pillars to not just sustain our investments, but also to diversify and create new revenue streams?” Research by GSMA found that telecom consumer services represent the largest revenue contributor in MENA, but enterprise is the main growth driver as operators increasingly target the digital transformation of vertical industries. Ooredoo Oman is

also focusing on building more robust analytics engines to deliver the value that the business requires.

The telecom operator’s first female chief has a record of redefining the norm. She graduated from the University of Qatar with a computer science degree at just 19 years old, with 18 months of work experience. “While at university, I was poached by Qtel in Qatar—the former name of what is Ooredoo today—and was offered a technical-commercial job,” she recalls. “Despite not being the developer role that I thought would jumpstart my career, I took the leap to try experiencing product development.”

She has since spent 19 years in the industry, tasked with transforming different assets across the U.K., Singapore, Indonesia, Oman, Kuwait, and Qatar. “A transformation project is a challenge every time, and you need to be both crazy to accept it and trust your gut while doing it, which is my standard mode of operation,” shares Al Sulaiti. In her last stint as CEO of Starlink, one of the Ooredoo Group’s subsidiaries in Qatar, she rebranded and expanded the portfolio and capability of the company to compete in e-commerce, retail, and ICT. She previously held senior leadership positions in Phono and FASTtelco in Kuwait. Al Sulaiti

In August 2022, Ooredoo broke ground on the construction of its three new data centers in Oman, in Barka, Salalah, and Sohar.

also holds an MBA in Strategic Management from the University of Plymouth, U.K.

Given her age and gender, the CEO is hyper-aware of the traditional leadership mold she is breaking. “The old command and control style is long gone,” she says. “Today, it’s about creating leaders, empowering the youth, and enabling them to run. Today’s consumers are younger, tech-native, and need people closer to them in age.” This cognizant approach is echoed by Laila Al Hadhrami, Smart Cities Development Manager at Oman NEC (the National Energy Center). “Leaders play a crucial role in driving innovation and digital transformation in any organization,” notes Al Hadhrami. “But implementing a creative and empowering work culture must be the priority, as technology alone can be met with resistance.”

The CEO’s role of smashing the glass ceiling transcends her work. Al Sulaiti is a certified sailor, a sport she first picked up as a child from her grandfather. She enjoys teaching friends and giving them their first experience. “Like telecom, sailing is male-dominated,” she speaks candidly. “When I teach women the fundamentals of the wind, the sea, the boats, give them the helm, and they realize it is actually not that tough, it is a priceless moment of joy.”

Buoyed by her successful track record of transformation projects, the business leader seems well-positioned to navigate any murky waters of competition. “Our long-term strategy is still centered on Oman’s digital transformation; it’s never about ensuring stability at sea,” she says. “It’s about how quickly we can react and innovate; this is what is important to us.”

MENA’s Biggest Telecom Companies

Forbes Middle East’s ranking of the region’s top 100 listed companies ranks the biggest public companies based on their reported market value, sales, assets, and profits for 2021. These five telecom companies featured on the 2022 list. Financial data is as of April 21, 2022.

Saudi Telecom Company (stc)

Is There A Mental Health Stigma Among U.A.E. Top Executives?

Dean Pollard, General Manager at Bupa Global Middle East & Asia, explores the topic of mental health and the stigma that could be preventing top executives seeking help.

employers and organizations signpost support and coping strategies that can help ease this burden.

Muniversal issue. And just like lots of other diseases, it is nondiscriminatory, affecting anyone regardless of wealth or social status. The World Health Organization (WHO) estimates that one in eight people globally has a diagnosable mental health condition.

The COVID-19 pandemic created a global crisis for mental health, fuelling short- and longterm stresses and undermining the wellbeing of millions. Now, as we face the aftermath of this crisis, a question begs: is there still a stigma surrounding mental health?

A Call for Help

Admitting to a mental health condition is often more difficult than confessing to having financial or addiction problems. There are huge numbers of people living with symptoms of poor mental health who have not crossed the threshold of distress that would lead to diagnosis. It is essential, therefore, that

The Bupa Global 2022 Executive Wellbeing Index revealed that the U.A.E. had the third highest levels of mental distress globally, with 94% of top executives in the country having experienced symptoms of poor mental health, and a significantly lower number seeking professional help (17%). The latter is a significant reduction from last year’s Bupa Global data, which found that 68% had spoken to a doctor or professional about their mental health.

Campaign for Change

The reduction in the number of executives seeking help could be down to the mental health stigma, which extends beyond borders. In 2009, the U.K. launched the ‘Time to Change Campaign’—one of the most ambitious campaigns to tackle mental health stigma to date, reaching 30 million adults in a bid to increase public awareness. Yet, while deemed a success at the time, the campaign ended in 2012.

Meanwhile, the U.A.E. has led several initiatives to dispel any stigma associated with mental health. Abu Dhabi’s Istijaba helpline connecting callers seeking therapy with licensed specialists is just one of the successful schemes providing

confidential support to individuals. In Dubai, the government also set up the Dubai Digital Wellbeing Council which has enlisted the help of social media networks to offer in-app mental health portals.

Healthy Minds for a Healthy Economy

Solving this issue around mental health stigma is not only in the interest of improving the long-term health of individuals, but also of the wider economy, as these individuals are often key decision makers in society.

When it comes to mental health, early diagnosis and treatment can lead to much better outcomes, so it is crucial that U.A.E. business leaders work proactively now to address any issues affecting their personal or professional lives, rather than when a crisis hits.

There have been huge developments around mental health, but there is still a long way to go. Until mental illness is ‘normalized’ and treated like any other physical disease, the stigma will continue to exist.

Dean Pollard, General Manager, Bupa Global Middle East & Asia

THINKING BIG

Samia Bouazza, Group CEO and Managing Director of Multiply Group, started her leadership career in 2003 as the founder of Multiply Marketing Consultancy. Today, she heads a $14.6 billion holding company. She says an innovative mindset and good people are behind her success.

BY HAGAR OMRAN

SAMIA BOUAZZA

Samia Bouazza, Group CEO and Managing Director of Multiply Group

Samia Bouazza, Group CEO and Managing Director of Abu Dhabi-based holding company Multiply Group, credits a mindset to self-transform as being behind the company’s remarkable growth. The group started as a marketing consultancy in 2003, but today is one of the U.A.E.’s largest listed entities. “Multiply is a journey of a lifetime,” she says. “When you start an SME in your 20s, recruit the right people, and grow together—I always look back to this rich journey.” With a focus on the U.A.E., the U.S., and Türkiye, as of January 17, 2023, Multiply Group had a market cap of $14.6 billion, with net profits for 2022 hitting $5.1 billion.

Concentrating on investments in technologybased and transformative businesses, Multiply Group has invested $3.35 billion in new deals since it was listed on the Abu Dhabi Securities Exchange (ADX) in December 2021. In March 2022, it injected $100 million into the IPO of the Dubai Electricity & Water Authority, and in May, it invested $50 million into the IPO of polyolefin manufacturer Borouge, a joint venture between the Abu Dhabi National Oil Company and Borealis of Austria. In October 2022, the group acquired 80% of International Energy Holding, with the remaining 20% acquired by Alpha Dhabi Holding, a subsidiary of the Abu Dhabi-based International Holding Company (IHC). Last year also saw a number of smaller ticket investments in public equities. Multiply Group had five subsidiaries by the end of September 2022.

However, it was the group’s $2.72 billion investment into the Abu Dhabi National Energy Company (TAQA) in September 2022—acquiring a 7.3% stake—that the CEO believes has opened up new horizons for the company in the clean energy sector as well as having a sizable impact on its balance sheet.

Revealing future investment plans, Bouazza says that Multiply Group is now mulling more new investments into the clean energy sector to support the U.A.E.’s journey toward net zero emissions and renewable energy acceleration. The group is boosting its deals as part of a strategy to expand vertically into industries that offer strong growth potential. In August 2022—two months before Multiply Group became its majority shareholder— International Energy Holding acquired a 50% stake in Kalyon Enerji Yatrimlari A.Ş., a Türkiye-based energy company. Its assets include the PV power plant project, and when it is completed in 2023, it alone will meet the annual electrical energy needs of about two million people.

Commenting on the increasing approach toward clean energy investments, Mamdouh G. Salameh, an international oil economist, expects higher fossil fuel prices to provide strong incentives to accelerate the production of sustainable alternatives.

“Policy changes have accelerated the push for more renewable energy, but short-term energy security is also vital. Moreover, higher costs due to the energy crisis are contributing to inflation and rising interest rates, which could jeopardize the energy transition,” says Salameh. “The U.A.E. is leading the drive in the Middle East in general and the Arab Gulf region in particular for energy transition, control of climate change, and the achievement of net-zero emissions by 2050.”

In addition to energy and utilities, Multiply Group also operates in segments like mobility, wellness and beauty, media, and communications. “Our investment strategy is clear for the shareholders and the team, but we’re not in a hurry due to the macroeconomic conditions in the world now. So, we are looking for the best opportunities, in terms of deals that either fall within our verticals or those that are more opportunistic and would

SAMIA BOUAZZA

“We have to take our companies to a position where their business fundamentals and governance are strong. They already have the mindset of a public company.”

bring our shareholders good returns,” explains Bouazza. The CEO is now considering the listing of subsidiaries, but when and which company are yet to be decided. “We have to take our companies to a position where their business fundamentals and governance are strong. They already have the mindset of a public company,” she adds.

Mindset is, again, a theme behind Bouazza’s own rise. The Lebanese national first moved to Abu Dhabi in 2001, two months after her university graduation, and worked on research projects for a local holding company, now known as the Royal Group. In 2003, the Royal Group created Multiply Marketing Consultancy as its marketing arm, headed by Bouazza, before developing it into a commercial entity and communications firm. The company continued to grow over time before being acquired by IHC— which is itself a part of the Royal Group—in April 2020.

In 2021, Multiply Group invested in the U.S. vehiclefocused digital media platform Firefly and global visual content firm Getty Images. Other major investments included PAL Cooling Holding, Emirates Driving Company, Viola Communications, and Rihanna’s direct-to-consumer e-commerce fashion firm Savage X Fenty. Multiply Group listed its ordinary shares on ADX on December 5, 2021. Having operated and invested in media and communications industries for more than a decade, the group began an aggressive stream of acquisitions to build its portfolio. “The group had to diversify its businesses and create a balanced portfolio of both high-growth businesses and steady companies that

generate recurring income,” explains Bouazza.

Despite tech stocks declining sharply at the end of 2022, Multiply Group’s share price has jumped 139% since its first day of trading, reaching $1.3 per share on January 17, 2023. Commenting on the tech stocks fallout, Amro Zakaria, a financial services industry strategist, says the main reason for the recent drop in the technology sector is the rise in interest rates. “This always hurts growth stocks like tech companies, which have a much higher valuation than value stocks and also usually borrow much more in order to fuel growth, which becomes expensive to service with higher interest rates,” Zakaria adds. “Higher interest rates eat into future sales on which the company depends to close the valuation gap, and when that happens, investors abandon the sector (tech or any other growth sector), and the stocks decline as investors sell.”

Bouazza seems confident that Multiply Group will be able to weather any storms. “We focused on good investments for our first year of operations as a listed company, which reflected on the financial results of the first nine months,” says Bouazza. “You can see people want to buy

Multiply Group listed its shares on the the Abu Dhabi Securities Exchange in December 2021.

Multiply Group’s shares. We’ve been one of the highest-traded shares in terms of volume. We were included in MSCI Emerging Markets Index in November 2022 and the FTSE Global Equity Index Series in June 2022.”

As well as fostering a growth mindset, Bouazza says that her success is largely down to surrounding herself with the right team in many areas like investment, capital markets, and business transformation, which has brought direct added value to the profitability and productivity of the company. The CEO believes in a lean management style that allows executives to hire the right talent, but only the people they need. As of January 2023, Multiply Group employed over 3,000 people, including its subsidiaries. “I rely on a core team, but of course, we had to grow as per the needs. The size of the

team should be lean enough to be able to share the same philosophy and values,” she explains.

Looking ahead, and aside from growing its already bulging business, the team is also working with the Family Foundation and other organizations to create CSR plans and activities, with a recent focus on cleaning the oceans. But as one of the region’s most successful businesswomen, Bouazza is also launching women-led initiatives to support others in following her path. “This has value for me. I would love to dedicate more of my time to female empowerment to help girls learn and have access to information on how to build their character, their inner strength, and mental turns,” she reveals. “I will do my best to keep helping and giving back.”

Most Powerful Women In Technology

• Ruth Porat CFO, Alphabet and Google U.S.

• Safra Catz CEO, Oracle U.S.

• Susan Wojcicki CEO, YouTube U.S.

• Amy Hood Executive Vice President & CFO, Microsoft U.S.

• Gwynne Shotwell President & COO, SpaceX U.S.

Porat has been chief financial officer of Google’s parent company, Alphabet, since 2015. In June 2020, Porat joined the board of Wall Street investment firm Blackstone.

Catz has served as CEO of software firm Oracle since September 2014, when founder Larry Ellison stepped down from the role. She had a real-time net worth of $1.6 billion as of January 2023.

Wojcicki is CEO of Alphabet subsidiary YouTube, which has two billion monthly users. She was hired in 1999 as Google employee number 16, and worked on everything from AdSense and Google Analytics to Google Books and Google Images.

As CFO since 2013, Hood has seen Microsoft nip at Apple’s heels in the race to become the largest publicly traded company by stock market value. She’s helped engineer over 57 deals while at Microsoft, including the 2018 $7.5 billion acquisition of software development platform GitHub.

Shotwell was the 11th employee of SpaceX, and joined the company in 2002. Before that, she was at Microcosm, Inc. as space systems director. Shotwell owns an estimated stake in SpaceX of less than 1%.

On Forbes’ list of the World’s 100 Most Powerful Women 2022, these were the five top-ranking female leaders in technology.

SAMIA BOUAZZA

Intellectual Property Protection: A Cornerstone Of The Saudi Knowledge Economy

When His Highness Crown Prince Mohammed bin Salman launched Saudi Vision 2030 back in 2016, the main goal was to establish an integrated economic, political, and social plan aimed at bringing about national transformation at all levels. In the following years, it became clear that the shift towards a knowledgebased economy was at the forefront of that vision.

However, in building a knowledgebased economy, there are many issues to consider, with intellectual property (IP) prime among them. With this in mind, the Kingdom of Saudi Arabia has launched the National IP Strategy (NIPST) and the government intends to take other important steps to create a suitable environment for the protection of IP rights, attract investors, and accumulate valuable experience.

The history of IP legislation in Saudi Arabia dates back to 1939, when the first Saudi IP law on distinctive signs was issued. Decades later, in 1982, the kingdom joined the World Intellectual Property Organization and signed a number of international treaties. Since then, Saudi Arabia has agreed to join

other international agreements that support the IP process and encourage progress on related global indicators. Due to this proactive approach, the kingdom has advanced 20 places since 2021 to rank 24th on the Global Digital Competitiveness Index. It has also risen four ranks on the Global Competitiveness Report’s Intellectual Property Protection Index.

Further illustrating the kingdom’s commitment to the issue of IP, the Saudi Authority for Intellectual Property (SAIP) was established in 2018. As the sole authority concerned with IP in Saudi Arabia, SAIP organizes, supports, develops, sponsors, protects, and enforces intellectual property nationwide, in accordance with international best practices. SAIP also focuses on promoting innovation and improving the competitiveness of the national economy by supporting local companies in their strategic use of IP.

Within its remit, the authority covers eight strategic areas, including preparing NIPST and following up on its implementation, updating IP systems and their regulations, providing related products and services with efficiency

and high quality, and raising awareness of IP rights, among others. Furthermore, in cooperation with the Ministry of Education, SAIP recently announced the launch of a project to include IP in school curricula. The aim of the project is to promote innovation and creative thinking, and to develop the knowledge, values, and skills necessary to enable students to preserve the moral and material rights of creators. It is also designed to enhance awareness of IP laws and their importance in supporting the national economy in accordance with the Saudi Vision 2030.

Underpinning these efforts is a desire to develop Saudi Arabia into a pioneer in the field of IP in the MENA region, while revitalizing the economy and raising the level of respect for intellectual property rights across the kingdom.

For the Saudi Authority for Intellectual Property, IP is critical to the creation of a thriving knowledge economy.

Building On a Legacy of Business Growth and Community Support

Alhutheily Group is establishing promising partnerships with international companies in the oil, transport, automotive, and real estate sectors. Starting in Yemen, the group has since expanded into the United Arab Emirates and Egypt and will soon enter Sudan, while seeking out new opportunities to build on an already impressive portfolio of companies and services.

Alhutheily Group offers a wide range of services including land transport, crude oil transport, fuel products transport, fuel sea freight, oilfield services, automotive, lubricants, general and retail trade, and real estate investments. In addition, the group owns and operates a number of oil and gas stations. The Group’s business portfolio includes Alhutheily Corporation for Transport and Oil Services, ATICO Trading & Industry Co. Ltd, Alhutheily Motors and Heavy Equipment FZE, Alhutheily General Trading LLC, High Trust Transport LLC, High Trust Petroleum L.L.C, and HSS Shipping Company LLC.

Despite the major challenges in Yemen since 2011, Alhutheily Group, in partnership with other international companies, has managed to achieve continuous success by expanding into new commercial areas and entering into dealer agreements with leading global organizations. Unwavering commitment and transparency have also been key to the Group’s

While staying true to its Yemeni roots, Alhutheily Group continues to grow its regional footprint with ambitious plans for expansion and investment.

“The CEO sees it as his duty to preserve and contribute to promoting the values of tolerance and peaceful coexistence.”

Hussein Ahmed Alhutheily, CEO and Founder of Alhutheily Group

enduring success. Now, with a new year underway, Alhutheily Group continues to pursue promising opportunities and aspires to grow its business in neighboring countries.

In fact, Alhutheily Group’s journey of expansion has already begun. With the United Arab Emirates offering an attractive investment climate, the group holds investments in U.A.E. real estate and has developed its commercial and services business lines in the country. For example, it supplies fuel products and offers its maritime transportation to companies in Yemen and the region.

However, success has been hard fought. Faced with upheaval in Yemen and the wider Arab world over the past decade, Alhutheily Group has ramped up its efforts, not just to safeguard its own business, but to support its home country. Post-2011, the Group contributed to alleviating the burdens of economic crisis by harnessing its fleet of commercial vehicles and its facilities to transfer oil derivatives and ensure availability in all Yemeni cities where the business was active. The Group also maintained its obligations towards its employees and workers during the most difficult of times.

Recently, Alhutheily Motors & Heavy Equipment FZE signed a new agreement with Germany’s MAN Truck & Bus SE. Through the partnership, the Group will act as an agent and distributor for MAN vehicles in new territories soon to be announced, in addition to continuing its role as MAN’s exclusive agent in Yemen.

Inside Yemen, Alhutheily Motors has succeeded in making MAN trucks the most trusted trucks among businesses and clients, as well as the best in terms of operational efficiency, and the most suitable for Yemeni market conditions. These

achievements mirror the success enjoyed by MAN Truck & Bus SE in the Gulf and Africa in recent years.

In addition to MAN Truck & Bus SE, Alhutheily Group—through its subsidiaries—represents international companies in Yemen, such as Magna Tyres, Kubota, Ravenol, Spanish generator manufacturer HIMOINSA, German axles manufacturer BPW, and other American and European oil services companies. Via its subsidiary, Alhutheily Motors FZE, the Group also represents MAN Energy Solutions in Yemen and the Middle East.

opened. In addition to selling petrol, the station offered maintenance services and sold spare parts for trucks, as well as engine lubricants and tires – all of which added to the founder’s experience in the field.

As the Group developed, it excelled in transportation and oilfield services, and succeeded in forming commercial relations based on trust and transparency, which gave Alhutheily’s name credibility in the market. As a result, the Group became a main supplier of oil products to several petrol stations and later won a contract to provide

The Beginning

Hussein Ahmed Alhutheily is the CEO and founder of Alhutheily Group. He was born in Sana’a Governorate in 1965 into a well-known business family and has become a prominent entrepreneur in Yemen.

A father of nine, Hussein Alhutheily worked in his early days in the family’s commercial business, which at the time centered on simple businesses related to kerosene and diesel trade, and later a petrol station. This early period in his entrepreneurial career marked a significant turning point, opening the way for the young businessman to focus on the fuel products trade, which is the core business of the group today.

Hussein Alhutheily’s Spirit of Leadership

When Hussein Alhutheily founded Alhutheily Group, he continued to focus primarily on fuel products, but the Group also entered new markets, including trading in stationery and food supplies. Then, in the nineties, the Group’s first gas station was

crude oil transportation services to a company working in oil exploration and production.

Despite Alhutheily Group’s limited exposure to oilfield services and crude oil transport, efficiency in operations and maintaining high standards of safety contributed greatly to the Group’s ability to win contracts with international companies working in the exploration and production of oil in Yemen. These companies included France’s Total, Canadian companies Nexen and Calvalley, and OMV of Austria. Alhutheily also provided transport services to Yemen LNG liquefied gas company.

All of these companies were searching for a service provider with extensive experience and the ability to meet international safety, environmental, and operational requirements. Alhutheily was able to meet each of these requirements and the Group’s transportation business now holds international quality certificates in transport and oil services ISO 45001:2018, ISO 9001:2015, ISO 45001:2018.

“Efficiency in operations and maintaining high standards of safety contributed greatly to the group’s ability to win contracts with international companies.”

As he grew the business, Hussein Alhutheily sought the help of local and foreign experts who contributed to the group’s success. In particular, this support helped Alhutheily Corporation for Transport and Oil Services to become the qualified carrier and preferred choice for many international and national oil exploration and production companies—a status the Group enjoys to this day.

Adherence to International Standards

Alhutheily Group’s business in trading and transporting oil derivatives adheres to international standards in Yemen and the Group obtains permits from the United

several humanitarian and community initiatives including supporting and caring for students abroad, providing scholarships, and building and renovating schools. The Group also supports the families of deceased Alhutheily Group employees.

In addition, the Group contributes to the Cancer Control Foundation in Yemen and abroad, assists in the payment of debts of people in need, and provides direct and indirect sponsorship to a number of cultural and literary initiatives. The aim of such initiatives is to enhance and raise societal cultural awareness and promote literary and humanitarian activities, thus strengthening human relations.

for investors and residents are prominent. In an effort to highlight the positive investment climate and opportunities available to entrepreneurs in the U.A.E., the Group provides advice to those who are considering starting commercial and investment businesses in the U.A.E., within an ecosystem of tolerance and coexistence, regardless of background. In addition, the Group is looking forward to boosting its own investments in the U.A.E. over the months to come.

Nations office before unloading and distributing any shipment. In terms of the shipments themselves, Alhutheily’s fuel products are all purchased from reliable global suppliers such as Total, Al Ghurair, Trafigura, and Vitol.

Politics and Business

Represented by its namesake CEO, Alhutheily Group has maintained great success while distancing itself from politics in Yemen. Instead, the CEO sees it as his duty to preserve and contribute to promoting the values of tolerance and peaceful coexistence, and the Group strives to be an integral part of the social fabric. Furthermore, by concentrating on building a strong business, the Group is able to provide services that help to mitigate crises and support local communities.

Humanitarian Contributions

Alhutheily Group has launched

The Largest Literary Award in Yemen

Further demonstrating the Group’s commitment to culture and literature, Alhutheily Motors and Heavy Equipment FZE has signed a literary sponsorship deal with Anaween Books, the only Yemeni publishing house to participate in the Sharjah International Book Fair, which was held in November 2022. The sponsorship contract includes presenting prize money across nine categories, including pop poetry, classic poetry, and novels. More broadly, the initiative aims to encourage literature and culture, and is a call for peace, dialogue, and love.

Regional Expansion

Following an ambitious regional expansion plan, Alhutheily Group now operates in highly competitive markets, including the United Arab Emirates, where facilities

Beyond U.A.E. borders, Alhutheily Group has real estate investments in Egypt and looks forward to exploring more opportunities in the country, especially in light of recent advancements in Egypt including infrastructure development and the introduction of procedures and regulations that facilitate investment and commercial enterprises. As it continues its growth trajectory, Alhutheily Group also plans to expand into Sudan through investment projects relating to cars and trucks, and land transportation. The Group aims to grow its investment portfolio and embrace the resources and promising investment opportunities available in the country, especially since the recent signing of a peace agreement. Looking ahead, Hussein Alhutheily hopes this will be the beginning of a comprehensive and promising development in Sudan.

“Starting in Yemen, the group has since expanded into the United Arab Emirates and Egypt and will soon enter Sudan.”

By Hani Ashkar, Territory Senior Partner, PwC Middle East

Harnessing CEO Confidence In The Middle East To Accelerate Business Transformation

As 2023 gets underway, it’s no surprise to find that CEOs all over the world are far more pessimistic than they were a year ago about the state of the global economy and what it could mean for their own businesses. After all, the story of the past few months has been one of resurgent inflation, rising interest rates, geopolitical tensions, supply chain disruptions, and commodity shocks, including concerns about energy security.

This gloomy sentiment is not shared by the CEOs in the Middle East, where the 26th PwC CEO survey shows that 61% of business leaders expect growth in the region to improve in 2023, compared to just 21% in North America and 18% in Europe. Almost two-thirds of CEOs in the Middle East are extremely confident or very confident about prospects for revenue growth over the next 12 months, and 71% are confident about the outlook for the next three years. This bullish view is tempered by the need to control costs.

This GCC exceptionalism comes about in part because the macroeconomic picture in the region looks much better than in many other places. Inflation in the GCC countries is about half the rate or less than in Europe and the U.S.: it peaked just below 5% in 2022 and eased to 4% towards the end of the year. Among G-20 economies, Saudi Arabia recorded the strongest GDP growth in 2022 by a large margin, averaging 7.6%, according to the IMF, thanks to robust non-oil growth as well as gains from oil and gas exports. The Saudi growth rate is more than double the global average.

Taking note of this outlier status is encouraging—but what’s important is that CEOs in the Middle East now act on it and decisively. They need to use their relatively undiminished confidence in the prospects for business over the short to medium-term to act on strategic priorities that will make them stronger for the longer term—essentially future-proofing their companies and the region’s economy more broadly.

Top of the list of priorities is a pronounced focus on digital transformation and increased deployment

of advanced technologies, including AI, and automation. A second major priority is moving to improve the sustainability of their operations and the economy more broadly at a time of growing concern about climate risk. It is important for regional CEOs not to neglect the critical importance of hiring and retaining talent that can propel and accompany their operations into a new era.

Middle East CEOs understand the need for transformation. This is evident as more than half are already diversifying products and service offerings, and more than one-third of the remainder are considering doing so. Unlike their global peers, they are not delaying deals or slowing investments. Technology features prominently as they prepare for further and faster digital transformation. More than four in five regional business leaders are planning to invest in automation processes and systems, and two-thirds expect to deploy cloud technology, AI, and other advanced technology in operations.

Efforts to “green” operations are also now on the agenda. About half of CEOs in the region are either taking steps to mitigate climate risk or are in the process of doing so. The COP27 summit in Egypt in November 2022 helped focus attention, and COP28 in the U.A.E. will likely accelerate this focus. A study by the WEF and PwC shows that GCC countries could generate revenues of around 2.5% of GDP if they put in place an international carbon price floor.

Talent, too, is increasingly featured on business agendas, with three in four Middle East CEOs saying they expect to invest in reskilling their workforce, with the private sector looking to increase workforce participation by national citizens, especially in Saudi Arabia and the U.A.E.

These responses are grounds for optimism in the region. The main question is how quickly and significantly the intentions will be put into action. That the region seems to be largely escaping the global slowdown certainly helps build confidence. Now, CEOs need to use that confidence to build the future.

100 MOST POWERFUL BUSINESSWOMEN 2023

Women in the Middle East and North Africa today lead some of the largest companies in the region, with some also making their mark internationally.

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank and Raja Easa Al Gurg, Chairperson & Managing Director of Easa Saleh Al Gurg Group were both recognized on Forbes’ list of the World’s 100 Most Powerful Women 2022, taking their place among some of the most influential female leaders globally. Mona Ataya, Founder and CEO of Mumzworld and Randa Sadik, CEO of Arab Bank were also recognized on Forbes 50 Over 50: Europe, Middle East, and Africa for 2023.

This year’s list of the region’s most powerful businesswomen features 100 entries, with 104 women from 27 different sectors and 27 nationalities. The banking and financial services sector dominates the list with 23 entries, followed by 11 who are leading diversified businesses, eight from the investments sector, six from the retail sector, and five from healthcare. The U.A.E. and Egypt scored the most entries at 15 and 12, respectively, followed by 11 from Saudi Arabia, eight from Kuwait, and six each from Lebanon, Qatar and Oman.

Methodology

When creating the ranking, we considered the following criteria, with each point assigned a weight.

• The impact that the leader has had on the region and the markets that she serves.

• The achievements and performance of the leader in the last year.

• The number and extensiveness of the sustainability and CSR initiatives led by the leader.

• Designation.

• Size of the business in terms of revenues, assets, AUM, market capitalization, and the number of employees.

• The number of years of industry experience that the leader has and the time they have served in their current role.

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

WOMEN‘S SUMMIT

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The Platform For Women’s Voices

Riyadh City, increasingly viewed as the new business capital of the Middle East, will host, for the first time ever, an exclusive gathering of the world’s most accomplished, powerful, brilliant, and talented women from all walks of life to share their stories, learn from one another, and encourage and inspire future generations.

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100 MOST POWERFUL BUSINESSWOMEN 2023

1 Hana Al Rostamani

• Group CEO Company: First Abu Dhabi Bank (FAB)

Nationality: Emirati Sector: Banking and Financial Services

Al Rostamani became the first female CEO of FAB in 2021. The bank is the U.A.E.’s largest, with total assets of $312.4 billion as of September 2022. It recorded net profits of $2.98 billion in the first nine months of 2022, an increase of 19% compared to the same period in 2021. In June 2022, FAB completed a merger with Bank Audi Egypt under the umbrella of FABMISR, making it one of the largest foreign banks in Egypt, with assets worth $10 billion as of March 2022. In October 2021, FAB became the first U.A.E. and GCC bank to join the Net-Zero Banking Alliance. Al Rostamani is also chair of the Global Council on Sustainable Development Goals and a board member of MasterCard Advisory and the Institute of International Finance.

2 Raja Easa Al Gurg

• Chairperson & Managing Director

Company: Easa Saleh Al Gurg Group (ESAG)

Nationality: Emirati

Sector: Diversified

ESAG has been operating for more than 60 years, and Al Gurg has been with the company for more than 30 years. The group launched two new businesses in Q4 2022: Al Gurg Distribution and Al Gurg Joinery. It also invested in five new large-scale real estate projects. In 2022, Al Gurg was appointed as Honorary Pro-Chancellor of Heriot-Watt University Dubai. In 2023, the family business plans to enhance its contributions toward building the Hamdan Bin Rashid Cancer Charity Hospital, which will serve patients unable to afford quality care.

3 Lubna S. Olayan

• Chair; Chair of the Executive Committee and Deputy Chair

Company: Saudi British Bank (SABB); Olayan Financing Company (OFC)

Nationality: Saudi

Sector: Banking and Financial Services

Olayan became the first woman to join the board of a publicly-listed Saudi company in 2004. In February 2022, the Olayan Financing Company announced a new partnership with King Abdullah University of Science and Technology through the Suliman S. Olayan Foundation to establish the Suliman S. Olayan Institute for Innovation and Entrepreneurship. Olayan was appointed to join the World Economic Forum’s Board of Trustees in September 2022. She is also chairman of the Saudi Swedish Business Council.

4 Shaikha Khaled Al Bahar

• Deputy Group CEO Company: National Bank of Kuwait Group (NBK) Nationality: Kuwaiti Sector: Banking and Financial Services

Al Bahar is the Chairperson of NBK Egypt and NBK France, and serves on the boards of NBK (International) PLC and NBK Global Asset Management Limited. Al Bahar has been the Deputy Group CEO since March 2014. NBK operates across four continents and employs more than 8,500 people, with 140 branches in 13 countries. It had $113.4 billion in total assets as of the end of September 2022. In 2022, Al Bahar received an award for her Distinguished Services to Arab Banking from the Arab Bankers Association.

5 Renuka Jagtiani

• Chairwoman Company: Landmark Group Nationality: Indian Sector: Retail

Jagtiani has been at the helm of her family business for more than 26 years. The retail and hospitality conglomerate operates in the Middle East, Africa, and the Indian subcontinent. It employs 48,000 people and has a portfolio of 43 brands across 2,200 stores in 21 countries. The international brands under its umbrella include Steve Madden, Krispy Kreme, and Pablosky. The group founded the LIFE Trust in 2000 and is devoted to providing quality education to those who do not have access to it.

6 Wadha Ahmed Al-Khateeb

• CEO Company: Kuwait National Petroleum Company (KNPC) Nationality: Kuwaiti

Sector: Oil and Gas

Al-Khateeb assumed her role as CEO of KNPC in November 2022, where she oversees 6,270 employees. The company recorded total revenues of $33.8 billion for the fiscal year that ended in March 2022. Al-Khateeb has 28 years of experience in the oil sector. She previously established the Worker Woman Committee in the Oil and Petrochemical Industries Workers Confederation. She also led the registration of the Flare Gas Recovery Unit—the first Kuwaiti project to be listed in the United Nations Framework Convention on Climate Change. Al-Khateeb is also a chairperson and board member for the Kuwait Paraxylene Production Company and a member of the Kuwait Women Cultural & Social Society, among other roles. Before taking her current position, she was deputy CEO at the Mina Abdullah Refinery.

7 Sarah Al Suhaimi

• Chairperson Company: Saudi Tadawul Group Nationality: Saudi Sector: Banking and Financial Services

Al Suhaimi has 20 years of experience in the financial services industry. She was appointed chair of Lazard’s financial advisory business for MENA in September 2022. She also serves as chairperson of the Saudi Tadawul Group. In November 2022, FTSE Russell updated the Saudi Tadawul Group’s investability weightings on the FTSE All-World Index, the FTSE Global Mid Cap Index, and the FTSE Emerging Index. In December 2022, the group signed an MoU with Boursa Kuwait to explore collaboration opportunities in Fintech, products, and sustainability in ESG, among others. Before assuming her current position, Al-Suhaimi served as the CEO of Saudi National Bank Capital.

8 Hanan Mohamed Al Kuwari

• Managing Director Company: Hamad Medical Corporation (HMC)

Nationality: Qatari Sector: Healthcare

Al Kuwari assumed her current role in 2007. HMC is one of the main providers of secondary and tertiary healthcare in Qatar, managing 12 hospitals across Qatar, as well as the National Ambulance Service and multiple home and residential care services. Al Kuwari was also appointed Qatar’s Minister of Public Health in January 2016. She currently chairs, co-chairs, and takes part in several health, research, and advisory boards, including the Academic Health System International Advisory Board, the Hamad Healthcare Quality Institute International Advisory Board, and other committees at the Ministry of Public Health. She previously worked at the World Health Organization, Reuters, and as a freelance health reporter and writer.

9 Shaista Asif

• Co-Founder & Group COO

Company: PureHealth Group Nationality: Pakistani Sector: Healthcare

Asif has more than 22 years of experience, 16 of which she has spent in the healthcare industry. She cofounded the PureHealth Group in 2006 and assumed her current role in 2010. PureHealth is the U.A.E’s largest healthcare group, with over 25 hospitals, more than 100 clinics, and 160 labs across the country. It owns SEHA, Yas Clinic Group, Tamouh Healthcare, The Medical Office, Abu Dhabi Stem Cells Center, Rafed, Daman, Pure Lab, and ONE Health. Abu Dhabi’s Department of Health collaborated with PureHealth on organ and tissue donation in November 2022.

10 Randa Sadik

• CEO Company: Arab Bank Nationality: Jordanian Sector: Banking and Financial Services

Sadik has been at the helm of the Arab Bank since February 2022. The bank has over 600 branches across five continents. The bank had assets worth $64.7 billion as of September 2022. For the first nine months of 2022, the bank recorded $405.8 million in net income, a 49% increase compared to the same period in 2021. Net operating income increased by 13%, loans increased by 4% to reach $35.6 billion, and deposits reached $47.8 billion, up by 3%. In November 2022, the Arab Bank established a Sustainable Finance Framework.

11 Maryam Al Suwaidi

• CEO

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

Al Suwaidi was appointed CEO of SCA by a federal decree on October 10, 2021, becoming the first woman to occupy this position in the GCC. On September 19, 2021, the Financial Action Task Force accredited Al Suwaidi as an assessor expert in evaluating anti-money laundering and terrorism financing systems, which made her the first Emirati woman to receive this recognition. In 2021, SCA issued 13 new legislative decisions and reviewed and prepared 79 administrative decisions. In October 2022, SCA participated in GITEX Technology Week, where it presented four innovative electronic systems, including its “Tafaul” platform and “Mersal” system.

12 Dana Nasser Al Sabah

• Group CEO

Company: Kuwait Projects Company (Holding) - KIPCO

Nationality: Kuwaiti Sector: Investments

Having first joined KIPCO in 1997 as a general manager, Al Sabah assumed her current role in January 2022. In November 2022, KIPCO completed its merger with one of its portfolio companies, Qurain Petrochemical Industries, which created one of the largest public companies in the region with a market cap of $1.8 billion as of January 4, 2023. Al Sabah also helped establish the American University of Kuwait and the United Education Company in 2003. She now sits on the boards of the Gulf Insurance Group, OSN, Kamco Invest, and KIPCO, as well as chairing the board of trustees for AUK and the board of directors for UEC.

Flower Power

What is Flowers.ae and what is your vision?

Flowers.ae is a purpose-driven flower brand that stands for luxury, quality, and exceptional customer service. Flowers.ae has built a stellar reputation in the U.A.E. over the last decade. With a passion for extravagant flower arrangements, it quickly established itself as a leading flower delivery service, with a wide selection of arrangements for any occasion. Flowers.ae follows a customer-centric strategy that focuses on creating the best purchasing experience. A key aspect of our service is sending videos of our arrangements prior to delivery, and this has been hugely popular with customers.

My vision is to further elevate the brand positioning in the flower industry and strengthen our core brand values. We aim to be known as the go-to and most trustworthy flower delivery service in the U.A.E.

How would you describe the company’s performance to date?

Flowers.ae has achieved substantial growth, placing the company in a profitable and financially sound position. Over the past three years, our resilient marketing strategy has given us consistent 40% year-onyear growth, with over 100,000 loyal customers. In addition, Flowers.ae has established a prominent social

media presence with an average reach of 2.5 million and a 2.7% engagement rate. We also have 6,000+ five-star Trustpilot reviews in the U.A.E.

What defines your marketing strategy at Flowers.ae?

Content marketing is the essence of an effective marketing strategy that allows brands to connect directly with the consumer. Our marketing strategy reflects the popular saying “content is king” and is defined by content that delivers and provokes emotions. We adopt a customer-centric approach in everything that we do, and our content is highly tailored to trigger engagement and interaction.

We emphasize on creating high quality, well-researched content that is particularly relatable and relevant to the consumer. Effective storytelling is also key; we address social media content with a story-driven approach to attract the attention of our customers and increase engagement with our brand.

Our investment in high quality content reflects the standard of our flower arrangements and the value in the moments they represent. More broadly, Flowers. ae’s marketing strategy is designed to facilitate the brand’s growth and escalate its position as the region’s go-to luxury florist.

How are you embracing social media and digital technology? We utilize the power of data analytics to develop a better picture of our customer base and their behavior, allowing us to tailor our marketing initiatives more directly. Additionally, we adopt a data-driven strategy to create highly customized content and marketing campaigns. This enables us to deliver higher levels of engagement and elevate the customer experience whilst offering a seamless ecommerce service.

At Flowers.ae, we utilize the most popular digital platforms including Instagram, TikTok, Facebook, and YouTube. Simultaneously, we place high importance on other digital channels including our e-commerce store, SEO, email newsletters, and digital ads.

Dina Almalik, Marketing Manager at Flowers.ae, explains how the U.A.E.-based flower brand has flourished over the past decade, and why content marketing matters.

Dina Almalik, Marketing Manager, Flowers.ae

13 Dalia El Baz

• Executive Deputy Chairman Company: National Bank of Egypt (NBE)

Nationality: Egyptian

Sector: Banking and Financial Services

El Baz has over 28 years of risk and corporate banking experience. She joined NBE—the largest bank in Egypt in terms of assets—in 2008 as head of the operational risk management group. She became COO in December 2015 and took on her current role in September 2017, becoming the first woman to serve in this position. She oversees risk, banking operations, information technology, internal control, project management, business process optimization, debt recovery, and credit administration. She has been a member of the bank’s executive committee since 2016.

14 Ebru Pakcan

• Managing Director Head of EMEA Emerging Markets Cluster Citi

Company: Citigroup Nationality: British

Sector: Banking and Financial Services

Pakcan has been at Citibank for 25 years. She assumed her current position in 2021, having previously been head of global trade and head of treasury and trade solutions for Europe, the Middle East, and Africa. She serves clients across 59 markets and oversees more than 4,800 people. Pakcan is also actively engaged with the payments and trade industry. She served on the boards of CHAPS Clearing Company in the U.K. and the Board of the Clearing House Payments Company in the U.S. She currently sits on the board of Citigroup Saudi Arabia.

15 Sima Ganwani Ved

• Founder & Chairwoman

Company: Apparel Group

Nationality: Indian

Sector: Retail

Ved founded the Apparel Group in 1996. Today, the retail conglomerate has over 2,010 stores across 14 countries. In April 2022, the group launched 20 new brands in Place Vendôme in Qatar. In October, it gave $10,000 in grant money through TOMS to 10 mental health organizations each to commemorate World Mental Health Day. The group also announced the launch of the Apparel Digital Learning Academy in October to offer bilingual courses in the GCC. In December 2022, the Apparel Group’s TOMS Middle East launched an NFT collection, with proceeds going to TOMS’ Impact Partner, International Medical Corps.

16

Mona Yousuf Almoayyed

• Managing Director

Company: Y.K. Almoayyed & Sons

Nationality: Bahraini Sector: Diversified

Almoayyed assumed her current role at her family business in 2000. The diversified group focuses on automobiles, electronics, and luxury goods. It represents over 300 international brands, including Infiniti, Nissan, Renault, Ford, Sony, Nikon, Westpoint, and Toshiba. Almoayyed is also chairwoman and head of the Audit Committee for Ebdaa Bank, and she sits on the board of the Arab International Women’s Forum, which aims to support and enhance the role of women in the social and economic development of their countries across the Middle East.

17

Salwa Idrissi Akhannouch

• Founder & CEO

Company: AKSAL Group

Nationality: Moroccan Sector: Retail

Akhannouch founded AKSAL Group in 2004. The group employs more than 1,130 people and 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, Bershka, and Gap. In 2011, the group launched the Morocco Mall, which covers 10 hectares with 70,000 square meters of commercial space. In 2017, she launched her cosmetics and beauty brand Yan&One. The group also created the AKSAL Academy for careers in retail and the AKSAL Social Initiative to support social, cultural, educational, and health projects.

• Group CEO & Managing Director

Company: Multiply Group

Nationality: Lebanese Sector: Diversified Bouazza founded Multiply Group as the Multiply Marketing Consultancy (MMC) in 2003. In 2020, MMC was acquired by the International Holding Company and turned its focus to media and communications, energy and utilities, mobility, wellness and beauty, and the digital economy. The Multiply Group debuted on the Abu Dhabi Securities Exchange in December 2021. In May 2022, the company announced its intention to invest $50 million in Borouge’s IPO. In Q3 2022, the group acquired a 7.3% stake in the Abu Dhabi National Energy Company (TAQA) for $2.7 billion and acquired 80% of International Energy Holding.

18 Samia Bouazza

19 Miriem Bensalah Chaqroun

• Vice-Chairwoman & CEO; Director & Administrator

Company: Les Eaux Minérales d’Oulmes; Holmarcom Group

Nationality: Moroccan Sector: Consumer Goods

Chaqroun joined her family business, the Holmarcom Group, in 1989. She is also the vice-chairwomen and CEO of Les Eaux Minerales d’Oulmes, which is listed on the Casablanca Stock Exchange. In 2021, Les Eaux Minerales d’Oulmes recorded revenues of $178 million. In the same year, the Holmarcom Group recorded revenues of $1.3 billion. The group employs more than 6,400 employees, of which nearly 2,000 work at Les Eaux Minérales d’Oulmès. Chaqroun is a member of the Global Investors for Sustainable Development Alliance and sits on several national and international boards, including Al Akhawayn University and the Renault-Nissan Group.

21 Pakinam Kafafi

• CEO

Company: TAQA Arabia

Nationality: Egyptian Sector: Oil and Gas

Kafafi has more than 18 years of industry experience. She has been with TAQA Arabia since 2006 and was appointed to her current role in 2013. In May 2022, the company acquired Rosetta Energy’s LNG arm. In December 2022, it signed an MoU with the Egyptian government in cooperation with France’s Voltalia for a green hydrogen production facility in the Suez Canal zone. Kafafi is also a board member of the British Egyptian Business Association.

20 Henadi Al-Saleh

• Chairperson

Company: Agility Nationality: Kuwaiti

Sector: Logistics

Al-Saleh has been leading Agility since 2014. In 2021, the company recorded revenues of $1.6 billion. In August 2022, Agility acquired U.K.based John Menzies PLC for around $930 million in enterprise value. It will combine the business with its National Aviation Services business. In October 2022, the company signed an agreement with the Suez Canal Economic Zone to develop and operate a customs and logistics center in the Suez Canal Economic Zone with an investment of around $60 million. Al-Saleh also sits on the board of the Gulf Warehousing Company in Qatar. Before joining Agility, she was the head of debt/equity capital markets at NBK Capital in Kuwait.

Transforming Healthcare Through Advanced Manufacturing

Al Yammahi, Deputy

From being the director of the U.A.E. Ministry of State Office to the deputy CEO of Hayat Biotech, how has your experience impacted your current role?

My role allows me to leverage 15 years of experience as we propel forward on our quest to improve human lives. Throughout my career, I have focused on forming strategic partnerships between public and private entities and identifying synergies between local and international players. This experience is pertinent to my role at Hayat Biotech.

With the onset of the COVID-19 pandemic, the U.A.E.’s visionary leadership launched ‘#4Humanity’; the world’s largest clinical trial of COVID-19 inactivated vaccines. As part of the leadership team, I leaned on my experience as it required an intricate level of global strategic partnership expertise. I will never forget the significance of this milestone for the U.A.E. and the leadership lessons learnt along the way, such as the value of crossfunctional collaborations and the importance of moving away from working in silos.

Will Hayat Biotech continue to conduct clinical trials?

Certainly. Following the success of #4Humanity, we conducted eight clinical trials and confirmed plans to carry out new trials in the years ahead. Hayat Biotech is aligned with

Abu Dhabi’s mission of becoming a world-class clinical trial destination; one that drives progress in medical discoveries and is supported by the U.A.E.’s robust infrastructure and diverse population.

What type of technological advancements does Hayat Biotech have in the pipeline?

We are exploring AI technology integration when conducting future clinical trials. These include devices that obtain real time data and live recordings of patient vitals for more streamlined follow-ups and that give patients the opportunity to be more involved in clinical trials. We are also developing systems that support drug discoveries and development, and AI systems with predictive analytics that collect information and forecast the likelihood of certain diseases.

From an economic standpoint, how is Hayat Biotech contributing to the U.A.E.’s vision and growth?

We can now address supply chain concerns with our manufacturing plant, the Hayat Biotech Life Sciences Park, located in the Khalifa Economic Zone Abu Dhabi (KEZAD), which focuses on biotechnology R&D and pharmaceutical production. Boasting a production capacity of 200 million vials per year, the stateof-the-art facility also features a fully automated warehouse.

This facility, combined with our contract manufacturing organization (CMO) business model, helps attract pharmaceutical companies seeking localization of their operations. Additionally, our geographical location allows us to increase exports and create jobs.

This is supported by our partnerships with Abu Dhabi’s Department of Health and AD Ports Group, making Hayat Biotech a key player in international distribution networks. Moving forward, we are committed to delving into the U.A.E.’s limitless potential and making strides within its life sciences and R&D sector.

Naser

CEO of U.A.E.-based Hayat Biotech, explains the importance of innovation to elevating human health and his company’s approach to pushing scientific frontiers with clinical trials.

Naser Al Yammahi, Deputy CEO, Hayat Biotech

22 Eaman Al Roudhan

• CEO Company: Zain Kuwait Nationality: Kuwaiti Sector: Telecommunications

Al Roudhan has been with Zain Kuwait since 1998 and has been leading the company since December 2015, when she became its first female CEO. Zain Kuwait is the Zain Group’s largest company. Its revenues reached $844 million during the first nine months of 2022, and its customers reached 2.6 million as of September 2022. In 2021, it made over $1 billion in revenues in 2021 and invested in 5G rollouts. Al Roudhan is also a member of the GSMA Arab World regional interest group and the GSMA Chief Regulatory Officer Group.

23 Enji Ahmed Al-Ghazzawi & Haifa Othman Bin Ahmed

• Enji: COO; Haifa: Chief Experience Officer Company: Riyad Bank Nationality: Saudi Sector: Banking and Financial Services

Al-Ghazzawi and Bin Ahmed assumed their current positions in 2022. Al-Ghazzawi has over 28 years of industry experience and has been with Riyad Bank for 18 years. Her previous positions include EVP of operations, EVP of corporate banking, and head of corporate banking. Bin Ahmed has over 17 years of industry experience. She was previously senior vice president of customer champion. Riyad Bank has 340 branches in Saudi Arabia, one in the U.K., an agency in the U.S., and a representative office in Singapore. It employs over 6,620 people.

24 Raja Al Mazrouei

• Managing Director and Acting CEO Company: Etihad Credit Insurance (ECI)

Nationality: Emirati

Sector: Insurance

Al Mazrouei became a board member at ECI in January 2022 and became managing director in November 2022. In January 2023, she also assumed the acting CEO role. She has over 20 years of experience in the financial services and technology sectors. ECI, the U.A.E.’s federal export credit company, is currently in a transitional phase to support the U.A.E.'s national economic diversification goals. Al Mazrouei previously held the role of EVP of DIFC FinTech Hive.

25 Jomana R. Al-Rashid

• CEO

Company: Saudi Research and Media Group (SRMG)

Nationality: Saudi Sector: Media and Marketing

Al-Rashid assumed her current role in October 2020. In 2021, the Saudi-listed company rebranded from Saudi Research and Marketing Group to Saudi Research and Media Group (SRMG) and launched Manga Arabia. It also acquired a 51% stake in the Arabic podcast platform Thmanyah and expanded into publishing with the launch of Raff Publishing. SRMG saw its revenue grow by 27.6% during the first nine months of 2022 to reach $719 million, compared to $563.6 million in the same period in 2021. It is present in 11 countries, with 25 websites and 30 titles. Before joining SRMG, Al-Rashid served as a senior media advisor and was posted to the Saudi Embassy in London as communications director, heading the embassy’s media department. She also sits on the board of the Argaam Investment Company and serves as the chairman of the Red Sea Film Festival Foundation and chairman of Thmanyah Publishing and Distribution.

26 Amal Suhail Bahwan

• Vice-Chairperson; Chairperson

Company: Suhail Bahwan Group; National Bank of Oman (NBO)

Nationality: Omani Sector: Diversified

Bahwan has been the vice chairperson and a board member of her 58-yearold family business since 2016. Founded by her billionaire father, Suhail Bahwan, the group is one of the largest conglomerates in Oman, with a portfolio of over 100 brands and more than 40 companies across the Gulf, North Africa, and South Asia. It has interests in engineering and infrastructure, chemicals and fertilizers, energy, healthcare, and logistics, among other sectors, and owns the dealerships for Nissan, Renault, and Infiniti in Oman. Bahwan is also chairperson of the National Bank of Oman and a director and board remuneration committee member of Oman Oil Marketing Co. (SAOG).

27 Rawya Mansour

• Founder & Chairwoman

Company: RAMSCO

Nationality: Egyptian

Sector: Diversified

Mansour founded RAMSCO for Refined Architecture and Interior Design in 1999 and created RAMSCO for Trade and Distribution in 2007. She also established the Organic Agriculture for Social International Solidarity (OASIS) in Monaco in 2012. In November 2022, RAMSCO partnered with the National Council for Women to empower women in Africa through the organic farming project and the entrepreneurs’ initiative for zerowaste eco-villages. In December 2022, Mansour became a member of the Planetary Health Pledge Club in Monaco. She is also a member of the Egyptian National Council for Women for Foreign Affairs Committee and a member of the Clinton Global Initiative Foundation.

28 Lujaina & Areej Mohsin Haider Darwish

• Lujaina: Chairperson - ITICS;

Areej: Chairperson - ACERE

Company: Mohsin Haider Darwish

Nationality: Omani Sector: Diversified

The Darwish sisters head one of the largest family businesses in MENA, employing over 1,000 people. The group has partnerships with several global brands in automotive, commercial vehicles, computers, telecom, electronics, engineering products, and building materials, among others. Lujaina heads the Infrastructure, Technology, Industrial, and Consumer Solutions (ITICS) cluster of Mohsin Haider Darwish, while Areej heads the Automotive, Construction Equipment & Renewable Energy (ACERE) cluster.

29 Aisha Bin Bishr

• Vice Chairwoman

Company: Emaar Development

Nationality: Emirati Sector: Real Estate

Bin Bishr assumed her current role in December 2020. Before joining Emaar Development, she was a non-executive director at Emaar Properties and the founding general director at Smart Dubai, where she led the creation of the Smart City Index—the first benchmark for smart city implementation in cooperation with ITU and the UN. Bin Bishr is also a board member at Arab Financial Services and the University of Wollongong in Dubai.

30 Huda Kattan

• Founder & CEO

Company: Huda Beauty

Nationality: Iraqi-American Sector: Beauty

Kattan started her makeup brand, Huda Beauty, with her two sisters in 2013. She launched her brand with a collection of false lashes, then expanded into skincare and cosmetics, retailing direct-to-consumer and in stores like Sephora around the world. In 2021, She launched the GloWish line of makeup as a sub-brand of Huda Beauty. Today, Huda Beauty sells more than 140 products, bringing in about $200 million in annual sales. Kattan was recognized by Forbes as one of the most powerful influencers on the Internet and as one of America’s Self-Made Women in 2022, with an estimated net worth of $400 million as of June 2022.

A Journey of Innovation, Trust, and Community Development

Mohamed Amin El-Hout, Executive Director of GLC Paints and CEO of Dolato Gelatria, shares an Egyptian business adventure that spans decades and diverse sectors.

How did the journey begin for GLC Paints?

GLC’s journey began in 1994, when we used to export paints from Lebanon to Egypt. Then, in 1997, my father decided to inaugurate a factory in Cairo. He always believed that our ambitions would be achieved in Egypt, given its geographical location, which renders it a gateway to Africa.

After 25 years of hard work guided by my father’s plans and aspirations, our efforts ultimately led to success. My siblings and I were able to place GLC as the most important and largest construction paints factory in Egypt and the Arab countries.

What have been GLC’s biggest achievements in Egypt?

GLC has achieved huge success in Egypt, represented by four paint factories and two other factories

for complementary industries for paints. Having the largest market share in Egypt in construction paints, GLC launched the first alliance with designers adopting modern color trends. The company has also won many awards and plays an important role in society, making a positive impact through education, culture, and sport. Most recently, GLC collaborated with the Embassy of Portugal to launch the Arabic version of ColorADD, a sign code to assist people who are colorblind.

GLC Paints sponsors Al Ahly Football Club. What prompted this decision? It started when we sought to expand our customer base and reach wider segments through incorporating sports in our marketing plan. Al Ahly is a big and influential club with a huge following, so we became the first company exclusively from the paints industry to sponsor.

Alongside GLC Paints, you are also the owner of the Dolato ice cream chain. Where did the idea come from?

Dolato was the brainchild of my brother Youssef, and both of us share a love of food. It all started when we were attending a gelato exhibition in Italy in 2018, and at that time, we

decided to go through this most wonderful experience. Because we deeply understand the needs of the Egyptian market, we opened the first branch of Dolato in the country in January 2020 and we now have seven branches across Greater Cairo, offering new gelato tastes and trends that match each season.

How did you manage Dolato during the COVID-19 pandemic and what was your approach to marketing?

The pandemic hit only one month after we inaugurated the first branch of Dolato, and this was followed by a lockdown that hindered our plans to open five more branches in the same year. To overcome the challenges, we focused on delivery, facilitated by our effective insulated ice-cream packaging.

As for marketing, one of our entertaining ideas was a competition that Dolato organized with the Guinness Book of Records, where customers competed to identify different ice-cream flavors while blindfolded. One customer managed to break a record and identify 15 tastes within one minute.

Mohamed Amin El-Hout, Executive Director of GLC Paints and CEO of Dolato Gelatria

33 Rita Maria Zniber

• Chairman & CEO

Company: Diana Holding Nationality: Moroccan Sector: Food and Beverage

Zniber has over 40 years of experience. She first joined Diana Holding in 1988, which has a diverse business portfolio encompassing soft drinks, plastics, agriculture, olive growing, beverages, poultry, sea products, distribution, and retail. The company partnered with Mohammed VI Polytechnic University in November 2021 to support innovation, research, and development. In March 2022, Diana Holding and Morocco’s Ministry of Industry and Trade signed a $12.1 million investment agreement for Berkane Juice Processing, a subsidiary of Les Domaines Zniber. In November 2022, the company announced a partnership with the Equatorial Coca-Cola Bottling Company to acquire the Atlas Bottling Company.

31 Noor Al Sulaiti

• CEO

Company: Ooredoo Oman

Nationality: Qatari Sector: Telecommunications

Al Sulaiti was appointed CEO of Ooredoo Oman in May 2021. In the same year, Ooredoo recorded revenues of $638.6 million and joined a global consortium of communications operators to provide cable landing facilities to “2Africa” at Salalah and Barka. In August 2022, it launched eShop for business customers. Before assuming her current position, Al Sulaiti was the CEO of Starlink, a retail chain and IT service provider in Qatar. She was also the general manager of Phono and FASTtelco in Kuwait.

32 Mona Ataya

• Founder & CEO

Company: Mumzworld

Nationality: Palestinian Sector: E-commerce

Ataya cofounded Mumzworld in 2011. Saudi-based Tamer Group acquired Mumzworld in June 2021. After the acquisition, Ataya became Group CEO for all digital assets of the Tamer Group. Mumzworld has expanded across the Levant, mainly in Jordan and Lebanon, and launched a new healthcare e-commerce vertical in Saudi Arabia, with plans to expand into the U.A.E. by Q1 2023. Today, the platform serves 2.5 million customers with over 350,000 products from 6,500 global brands across the Middle East. In June 2022, Ataya was re-elected as an “eTrade for Women” advocate for the Arab states.

34 Jehad Al-Humaidhi

• CEO

Company: Ahli United Bank of Kuwait

Nationality: Kuwaiti

Sector: Banking and Financial Services

Al-Humaidhi was appointed to her current role in September 2021, having served as AUB’s acting CEO since December 2019. She has 38 years of experience in banking. She began her career with the Ahli United Bank of Kuwait in 1984. Al-Humaidhi is also a board member and vice chairman at K-NET, Ci Net, Al Hilal Takaful Insurance, and Al Hilal Life.

36 Suzanne Al Anani

• CEO

Company: Dubai Aviation Engineering Projects (DAEP)

Nationality: Emirati Sector: Aviation

Al Anani has been with DAEP for about 20 years. DAEP is in charge of designing, planning, and building Dubai’s aviation projects, including Al Maktoum International Airport and Dubai International Airport. Established in 1997 as a special “Engineering Projects Division” under Dubai Civil Aviation, the company was set up as an autonomous corporate entity attached to the Dubai Aviation City Corporation in 2012. In March 2022, DAEP awarded Thales, a French technology leader, a contract for an advanced Air Traffic Management system.

35 Nadia Bader Al-Hajji

• CEO

Company: Petrochemical Industries Company (PIC)

Nationality: Kuwaiti Sector: Petrochemicals

Al-Hajji has around 30 years of experience in the oil and gas industry. She joined PIC in 2020 as the deputy CEO for projects and business development and became CEO in November 2022. In 2021, Al-Hajji was part of the PIC team that successfully acquired a 49% stake in a key petrochemical company in South Korea with a successful launch of the new joint venture company. Al-Hajji is also the chairman of Kuwait Vietnam Petrochemicals Company and EQUATE petrochemicals company. In 2021, she was elected as the Vice Chairperson of the Gulf Petrochemical & Chemical Association GPCA Plastics Committee. Al-Hajji initiated the PIC’s young professionals council, Young Empowerment Leaders.

37 Sophie Doireau

• CEO - Middle East, India, Africa and Türkiye

Company: Cartier Nationality: French Sector: Retail

Doireau has over 20 years of experience. She assumed her current role in September 2021, becoming the first woman to lead the MEIA region for Cartier. In 2022, Cartier partnered with Saudi Arabia’s Diriyah Gate Development Authority to be the first brand to hold a high-end jewelry exhibition at the UNESCO World Heritage Site, At-Turaif. It also grew its team across the region to over 500 people. Doireau also leads Cartier’s efforts to support women’s empowerment in the region, through projects including the Cartier Women’s Initiative, which has supported 262 women from 62 countries and has awarded a total of $6.4 million in grant money to support their businesses. Before joining Cartier, Doireau worked for the luxury design agency Aesthete, the French Embassy in Djibouti, and Johnson & Johnson.

38 Melda Yasar Cebe

• Managing Director/General Manager—MEA and Türkiye Company: The Kraft Heinz Company Nationality: Turkish Sector: Food and Beverage

Cebe has more than 22 years of experience in the food and beverage sector. She assumed her current role in 2018 and now oversees more than 1,200 people. In October 2021, the company announced the completion of its acquisition of Assan Foods for a deal previously valued at $79 million. Cebe worked at Procter & Gamble before joining Kraft Heinz.

39 Reem Asaad

• Vice President—Middle East and Africa (MEA) Company: Cisco Nationality: Egyptian-American Sector: Technology

Cisco employs 3,000 people and contractors in 74 countries across the Middle East and Africa. In November 2022, Asaad participated in COP27 to share her insights on technology as part of a digital and green future. In March 2021, she was appointed by Egypt’s Minister of Communications and Information Technology to serve on the board of directors for the country’s Information Technology Industry Development Agency.

40 Saeeda Jaffar; Leila Serhan

• Saeeda: Senior Vice President & Group Country Manager—GCC; Leila: Senior Vice President & Group Country Manager—North Africa, Levant and Pakistan (NALP) Company: Visa Nationality: Emirati; Lebanese Sector: Banking and Financial Services

Jaffar and Serhan joined Visa in 2021. In August 2021, Visa signed an MoU with the Arab Monetary Fund to support the growth and efficiency of cross-border payments between the Arab region and global markets. The company launched its global initiative “She’s Next” for the first time in MENA in July 2022 to empower women entrepreneurs in the U.A.E, Saudi Arabia, Egypt, and Morocco. In the same year, Visa collaborated with Meeza in Egypt under the patronage of the Central Bank of Egypt, HPS Switch in Morocco, and Daraz in Pakistan to launch a “Stay Secure” campaign to educate consumers about payment security. Jaffar also serves as a member of the board of trustees at Kuwait University, and Serhan is also the founder and president of the Women in IT Association in Lebanon.

41 Dalya Al Muthanna

• President U.A.E. and Global Chief Strategy & Operations, GE International Markets

Company: General Electric (GE) Nationality: Emirati Sector: Diversified

Al Muthanna joined GE in 2008 as part of the company’s rotational Experienced Commercial Leadership Program. She assumed her current position in January 2021. GE technologies contribute to almost 50% of the power supplied in the U.A.E., with 16,000 healthcare technologies installed across the country. Al Muthanna also holds a global role leading the strategic direction of the GE International Markets organization. She has previously held multiple senior roles, including leading the growth strategy for the Middle East, North Africa, and Türkiye, and heading strategic marketing for GE’s Energy businesses.

43 Farida & Yasmine Khamis

• Farida: Chairwoman; Yasmine: Chairwoman

Company: The Orientals Group; Oriental Weavers Carpet

Nationality: Egyptian Sector: Retail

42 Hend El Sherbini

• Group CEO Company: Integrated Diagnostics Holdings (IDH)

Nationality: Egyptian

Sector: Healthcare

El Sherbini has been IDH Group’s CEO since 2012, and before that served as the CEO of Al Mokhtabar between 2004 and 2012. IDH had a network of 546 branch labs as of September 2022. The group recorded revenues of $281 million in 2021 and $143 million in the first nine months of 2022. In August 2022, El Sherbini increased her holdings in the group with 7.3 million additional shares through Hena Holdings to reach 26.71%. In October 2022, IDH and its subsidiary Biolab announced the signing of a joint venture agreement with Fawaz Alhokair’s Izhoor Holding Medical Company to launch Greenfield Diagnostic Venture in Saudi Arabia with investments totaling $19.7 million.

Oriental Weavers is one of the largest machine-made rug and carpet manufacturers in the world. It produces 114 million square meters of carpet annually, selling an average of 69,120 units daily. In December 2022, Farida and Yasmine transferred their combined 24.61% stake in Oriental Weavers Carpet to London-based FYK limited, which is fully owned by the two sisters. The company is also undergoing a restructuring process that aims to enhance financing transactions and create a unified investment platform. Farida heads the Orientals Group and chairs the British University in Egypt and the Egyptian Propylene and Polypropylene Company. She is also a board member of the Rameda Pharmaceutical Company and the cofounder of the Khayrazad Organisation for Social Care. In May 2022, Yasmine was appointed as a founding member of the Africa Business Leaders Coalition, a CEO-led initiative emanating from the UN Global Compact Africa Strategy 2021-2023.

44 Nadia Al Saeed

• CEO Company: Bank al Etihad

Nationality: Jordanian Sector: Banking and Financial Services

Al Saeed has been the CEO of Bank al Etihad since 2007, where she oversees nearly 1,300 people. The bank had $8.8 billion in total assets as of December 2021, an 18.7% increase compared to 2020. The bank adopted a number of policies in 2021 to support women in alignment with the United Nations Women Empowerment Principles. It partnered with Amam Ventures and Endeavor Jordan, which aims to support enterprises owned or led by women to expand into foreign markets, and it established “MONEYSMART-Wealth Management,” a training program that aims to enable women to take control of their finance and start investing. Al Saeed is the Chairperson of Endeavor Jordan and previously served as Minister of Information and Communications Technology and the Ministry’s Secretary General from 2003-2006.

45 Jalila Mezni

• Group CEO

Company: Societe d’Articles Hygieniques (SAH Group)

Nationality: Tunisian Sector: Consumer Goods

Mezni cofounded SAH Group in 1994 with Mounir El Jayez. The company was listed on the Tunis Stock Exchange in 2014. The group has a presence in more than 20 countries. In 2017, Mezni and El Jayez also cofounded Azur Detergents, which offers new products, including different types of liquid and powder for washing machines. The group has several subsidiaries under its umbrella, including SAH Algeria, SAH Libya, SAH Morocco, Azur Paper, SAH Ivory Coast, and SAH Senegal. The group reported $200 million in revenues for the first nine months of 2022.

46 Tayba Al Hashemi

• CEO

Company: ADNOC Sour Gas

Nationality: Emirati Sector: Oil and Gas

Al Hashemi is the CEO of ADNOC Sour Gas, one of the world’s largest sour gas processors and the world’s largest producer of granulated sulfur from a single facility, with a production capacity of 1.28 billion standard cubic feet of gas per day and 4.2 million tons of sulfur per year. Al Hashemi, who began her career in ADNOC in 2002, is the first of the original two female CEOs appointed to lead ADNOC’s operating companies. Before taking her current role, she held a number of senior positions, including serving as CEO of Al Yasat Petroleum Operations Company.

47 Rania Nashar

• Head of Compliance & Governance & Senior Advisor

Company: Public Investment Fund (PIF)

Nationality: Saudi Sector: Investments

Nashar was appointed to her current role in February 2021. She has more than 20 years of experience in the banking industry. She serves as a board member for stc, the Saudi Tadawul Group, the National Center for Performance Measurement, the Saudi Space Commission, and the Saudi Polo Federation. During Saudi Arabia’s G20 Presidency, Nashar chaired the B20 Women in Business Action Council and the G20 EMPOWER Alliance. She was previously the CEO of Samba Financial Group.

48 Mona Zulficar

• Founding Partner & Chair of Executive Committee; Non-Executive Chairperson Company: Zulficar & Partners; EFG

Hermes Holding

Nationality: Egyptian

Sector: Law; Investment

Zulficar is a practicing corporate, banking, and project finance attorney and human rights activist. She cofounded Zulficar & Partners in 2009. Zulficar has chaired EFG Hermes Holding since 2008 and the Egyptian Microfinance Federation since 2015. She also chairs several NGOs, including the Women’s Health Improvement Association, the EFG Foundation for Social Development, and the Al Tadamun Microfinance Foundation. She was also a member of the National Council for Human Rights in Egypt.

49 Mira Al-Attiyah

• CEO Company: QNB Capital

Nationality: Qatari

Sector: Banking and Financial Services

Al-Attiyah has been leading the investment banking arm of QNB Group since 2014, providing advisory and asset management services to corporate, government, and institutional clients in Qatar and globally. In 2021, it concluded more than ten transactions in the debt capital market space worth over $25 billion. Al-Attiyah was previously assistant undersecretary for trade affairs at the Ministry of Commerce and Industry and has occupied several senior positions within the Ministry and at the Supreme Council of Information and Communication.

50 Olfat Sami Berro

• Area Head Middle East Company: Roche Nationality: Lebanese Sector: Pharmaceuticals Berro joined Roche in 2003 and assumed her current position in 2019. In 2021, Roche signed an MoU with Microsoft. In 2022, Roche signed a strategic partnership with the King Faisal Specialist Hospital and Research Centre in Saudi Arabia. In September 2022, Berro helped to launch RISE, a talent development program. The company’s pharmaceuticals division reported global sales of $47 billion in 2021. Berro is also a member of the Executive Committee of the PhRMA Middle East & Africa, the regional arm of The Pharmaceutical Research & Manufacturers of America (PhRMA), and a member of Roche’s Diversity and Inclusion Council.

51 Hind Bahwan

• Founder & Chairperson Company: Bahwan CyberTek Group (BCT Group) Nationality: Omani Sector: Technology

The Bahwan CyberTek Group focuses on IT, logistics, and engineering projects. Bahwan is also the chairman of HBTI DMCC, a privately-owned commodity company trading crude oil and oil products, and is the founder and chairperson of Bahwan Lifestyle. In April 2022, Bahwan CyberTek signed an MoU with Heriot-Watt University in Dubai to provide internships and deep work immersions to students to tackle the growing demand for emerging technologies like AI, ML, and IoT.

52 Reem Osman

• Regional CEO Company: Saudi German Hospitals Group

Nationality: Saudi Sector: Healthcare

Osman has been leading the regional operations of the Saudi German Hospitals Group since 2021, overseeing the U.A.E., Pakistan, Oman, Qatar, Kuwait, Syria, Lebanon, Jordan, and Iraq. The group has 18 hospitals across MENA with 3,000 beds, serving 2.5 million patients annually. Its revenue grew by 11.7% in the first nine months of 2022 to hit $409 million.

54 Haifa Al Khaifi

• Finance Director & Oil and Gas Board Secretary

Company: Petroleum Development Oman LLC (PDO)

Nationality: Omani Sector: Oil and Gas

Al Khaifi has 27 years of industry experience. She Joined PDO in 1995 and assumed her current role in 2012. PDO has 230 operating units and has executed over 200 projects supporting sustainable oil and gas production. It employs 8,800 people. In 2021, the company produced 635,000 barrels of crude oil and 57 million cubic meters of gas per day. Al Khaifi served as the interim CEO of Energy Development Oman from November 2021 to March 2022. She is also the Board Director and Secretary General of the Omani Business Friendship Association.

53 Hoda Mansour

• SVP & Southern Europe, Middle East and Africa Regional Head of Business Process

Transformation

Company: SAP Nationality: Egyptian-British Sector: Technology

Mansour has over 25 years of experience. She leads 2,000 people in 75 countries. She was the first Middle Eastern woman to lead one of SAP’s lines of business across Southern Europe, the Middle East, and Africa. In June 2022, SAP partnered with the Middle East Paper Company to deploy sustainable solutions in line with Saudi’s Vision 2030. In September 2022, the company signed an agreement with the Egyptian National Postal Organization to establish a RISE with SAP Private Cloud Edition, with the goal of modernizing postal practices and software applications. Mansour is also a member of Egypt’s American Chamber of Commerce.

55 Rola Abu Manneh

• CEO—U.A.E.

Company: Standard Chartered Bank

Nationality: Emirati Sector: Banking and Financial Services

Abu Manneh assumed her current role in August 2018, becoming the first Emirati woman to head a bank in the U.A.E. As part of its Women in Tech program, Standard Chartered U.A.E. accelerated 12 startups, who had collectively raised over $5 million from venture capitalists, as of November 2021. Abu Manneh previously worked as a senior managing director and head of corporate and investment banking at First Abu Dhabi Bank. In November 2022, Standard Chartered U.A.E. launched an Islamic sustainable account in the U.A.E., which is used to fund sustainable projects.

56 Elham Mahfouz

• CEO

Company: The Commercial Bank of Kuwait (Al-Tijari)

Nationality: Egyptian Sector: Banking and Financial Services

Mahfouz has 37 years of industry experience and assumed her current role in 2014. Al-Tijari recorded $179 million in net profit and $14.1 billion worth of total assets in 2021. The bank provides a variety of contactless payment options, including Garmin Pay, which it introduced in 2020. In 2022, Al-Tijari introduced SwatchPAY to Kuwait. In December 2022, Al-Tijari announced the full launch of Apple Pay services. Mahfouz is a member of the supervisory board of the American University of Kuwait.

57 Gizem Akalin

• Vice President & Managing Director—Gulf Region

Company: GlaxoSmithKline (GSK)

Nationality: Turkish Sector: Pharmaceuticals

Akalin joined GSK in 2015 and assumed her current role in 2020. The company employs more than 250 people in the Gulf. Akalin has more than 23 years of experience in the pharmaceutical sector. She previously led GSK’s commercial operations teams in Russia, Brazil, India, Pakistan, Türkiye, GCC, Mexico, Argentina, and China. Before joining GSK, Akalin held roles at Merck.

58 Najla Al Midfa

• CEO

Company: Sharjah Entrepreneurship Center (Sheraa)

Nationality: Emirati Sector: Entrepreneurship

Al Midfa assumed her current role in 2018. Sheraa is a government entity with programs aimed at assisting entrepreneurs. It has supported over 150 startups, which have collectively raised around $128 million in investment and generated over $187 million in revenues. In December 2021, Sheraa signed an MoU with the Ministry of Culture and Youth in the U.A.E to support the growth of high-caliber startups. Al Midfa is also a vice chairperson for Young Arab Leaders, a member of the U.A.E.-UK Business Council Advisory Committee, and a member of the board of directors for Dana Gas, among others.

59 Rima Assi

• Senior Partner & Managing Partner, Abu Dhabi Company: McKinsey & Company

Nationality: Lebanese-French

Sector: Consulting

Assi has 19 years of industry experience. She has been working with McKinsey & Company for over 16 years and has co-authored several papers, including “Women at work in the Middle East.” In November 2021, McKinsey & Company announced the launch of its virtual learning platform “Forward” in the Middle East, Africa, and Türkiye and the third edition of the Qiyada Emerging Leaders program. Assi is also a member of the World Economic Forum’s Young Global Leaders. Before joining McKinsey & Company, she was a risk analyst at Société Générale.

60 Sheila Al-Rowaily

• CEO Company: Wisayah Global Investment Management

Nationality: Saudi Sector: Investments

Al-Rowaily led the creation of Wisayah which is a whollyowned subsidiary of Aramco, responsible for investing the company’s pension funds. She joined Aramco in 1998 and has held several roles in finance, trading, investment, risk management, planning, and energy economics. She has been in her current role since January 2019. She is also a board member at Aramco Ventures and a board investment committee member at NEOM. In June 2022, following a royal decree, Al-Rowaily became the first woman to join the board of the Saudi Central Bank.

61 Alanoud Bint Hamad Al-Thani

• Deputy CEO & Chief Business Officer

Company: Qatar Financial Centre (QFC) Authority

Nationality: Qatari

Sector: Banking and Financial Services

Al-Thani joined QFC in 2016 and assumed her current role in July 2021, having previously served as a managing director for business development at QFC. The company had $8.5 billion in assets under management, 1,400 registered firms, and employed 8,500 people, as of the end of 2021. In March 2021, Al-Thani was recognized by the World Economic Forum as a young global leader.

62 Hilda Louca

• Founder & CEO

Company: MITCHA

Nationality: Egyptian Sector: E-commerce

Louca founded her platform to support Egyptian designers and creatives in 2018. Today, the platform features 200 designers and brands. Before founding MITCHA, Louca worked in sales and marketing since the age of 18. In 2023, Shark Tank Egypt selected Louca as one of the Sharks for its first season.

63 Nadia Zaal

• Co-founder & CEO

Company: Zaya Nationality: Emirati

Sector: Real Estate

Zaal cofounded Zaya, a joint venture between Tasameem Real Estate and Assas, in 2008. Zaya’s projects include ZUHA island, Hameni Tower, Al Barari Residences, Zaya Hotel Living Al Barari, Zaya Early Learning Center, and FIVE Palm Jumeirah Hotel. Zaya’s Nurai Island Resort was sold to Aldar Properties in July 2022. Zaal is also CEO of the $2 billion family-owned Al Barari project and the director of FIVE Global Holdings.

64 Alison Grinnell

• CEO

Company: RAK Hospitality Holding

Nationality: British Sector: Hotels and Hospitality

Grinnell has 25 years of experience in the hospitality industry, during which she has worked in over 30 countries. Grinnell joined RAK Hospitality in 2016, before being appointed CEO of the company in 2019 to oversee the group’s portfolio of businesses covering hotel ownership, hospitality logistics, and asset management and advisory services, as well as the RAK Leisure subsidiary. In 2022, the company sold one of its hotel assets—the 715-key all-inclusive Rixos Bab Al Bahr in Ras Al Khaimah—for a total of $209 million to Aldar Properties. In the same year, Marjan, RAK Hospitality Holding, and Wynn Resorts announced a multibillion-dollar integrated resort development on Al Marjan Island.

66 Sahar Cooper

• CEO

Company: Aldar Education

Nationality: Turkish Cypriot (Palestinian Origins) Sector: Education

Cooper has been at the helm of Aldar Education since 2018. As of September 2022, the organization had 33,000 students across 28 operated and managed schools and a network of 3,000 educators. In February 2022, its parent company Aldar Properties said it would invest $272.5 million into Aldar Education over the following three years to increase the student capacity to over 40,000 by the 2024/25 academic year. Cooper’s previous roles include chief schools operations officer at GEMS Education and associate director of operations at the American University of Sharjah.

65 Lamia Tazi

• Chairwoman & CEO

Company: Sothema Nationality: Moroccan Sector: Pharmaceuticals

Tazi joined Sothema in 1997 and assumed her current role in 2019, where she now oversees 1,000 people. Sothema produces about 60 million pharmaceutical products annually across six production units and has 9% of market share. Tazi is also chairwoman of the Omar TAZI Foundation and a general board member at Azerys, among other roles.

67 Farah Hamdan

• General Manager—Middle East, North Africa, and Türkiye (MENAT)

Company: Zimmer Biomet

Nationality: Jordanian

Sector: Healthcare

Zimmer Biomet is a publicly-traded medical company. It provides digital and robotic technologies that leverage data analytics and AI. Hamdan joined and assumed her current role in the company in 2022. She oversees 150 people in the MENAT team and has 18 years of experience in the healthcare sector. She previously held roles at Becton Dickinson, Novartis, Abbott, and Medtronic.

68 Farah Foustok

• CEO - Middle East Company: Lazard Asset Management

Nationality: Lebanese Sector: Investments

Foustok began working in investment in 1994 and joined Lazard Gulf Limited in 2014. In 2020, Foustok launched the speed mentoring initiative TARA, and was appointed as a co-chair of the Women in Business Action Council for the B20. She has previously worked at NBD Investment Bank, EFG-Hermes Holding, Deutsche Bank in London, and Morgan Stanley.

69 Najla Al Shirawi

• CEO Company: SICO BSC

Nationality: Bahraini Sector: Banking and Financial Services

Al Shirawi has more than 25 years of experience in investment banking. She has been working with SICO since 1997 and was appointed CEO in 2014. She previously served with Geneva-based Dar Al-Maal Al-Islami Trust, where she established private banking operations for the group in the Gulf region. Al Shirawi is also a board member of the Bahrain Economic Development Board, a chairperson on the board of directors for the SICO Funds Services Company in Bahrain and SICO Financial Brokerage in Abu Dhabi, and a vice chairperson for SICO Capital. SICO nearly doubled its assets under management from $2.1 billion in 2019 to $4.1 billion in 2021.

70 Leila Hoteit

• Managing Director & Senior Partner

Company: Boston Consulting Group (BCG)

Nationality: Lebanese Sector: Investments

Hoteit specializes in human capital and is the global leader of the Education, Employment, and Welfare (EEW) practice at BCG. She has experience in social development and culture, and works with policymakers, regulatory authorities, and key public-sector entities on policy development. Hoteit led EEW practice at BCG ME during the pandemic and managed to grow the practice globally by 10%, largely due to a 58% growth within Europe, the Middle East, and South America. She is a member of the jury for the Global Teacher Price.

71 Aisha Bint Faleh Al Thani

• Founder & Chairperson

Company: Al Faleh Educational Holding

Nationality: Qatari Sector: Education

Al Faleh Educational Holding was the first Qatari educational institution to list on the venture market of the Qatar Stock Exchange in 2021. The group has three schools in its portfolio (Doha Academy-Salwa, Doha Academy-Al Waab, and Doha International Kindergarten) and one college (AFG College with the University of Aberdeen). Al Thani also serves as a founding member of the board of the Patrons of the World Congress of Muslim Philanthropists.

72 Selma Babbou

• Deputy General Manager Company: PGI-Holding Amen Group

Nationality: Tunisian Sector: Diversified

Babbou has more than 32 years of experience with PGI-Holding Amen Group in Tunisia. The Amen Group includes around 60 companies across six sectors, including agro-food, hotels, banking, insurance and healthcare, financial services, capital goods trading, and transportation equipment. It employs more than 4,000 people.

73 Hind bin Khirbash

• CEO Company: Emirates National Investment (ENI)

Nationality: Emirati Sector: Diversified

Under bin Khirbash’s leadership, ENI has completed several residential and commercial projects across Dubai, Abu Dhabi, and Ras Al Khaimah, including Burj Al Shams, ENI Coral Tower, and Churchill Towers Dubai. Bin Khirbash is also a member of the board for the Dubai Chamber of Commerce and a member of the board of trustees for the U.A.E.’s International Charity Organization. In 2022, she was appointed as a board members at xCub.

74 Elda Choucair

• CEO

Company: Omnicom Media Group (MENA)

Nationality: Lebanese Sector: Media and Marketing

Choucair became CEO of OMG MENA in June 2021, which provides strategic communication and media consultancy services to brands. Before taking on her current role, Choucair was COO at OMG MENA from June 2019. She is also vice chair at the Advertising Business Group, a founding board member at Unstereotype Alliance, and a board member at Endeavor and IAB GCC. And she’s an Advisory Council Member at the Middle East Action for Diversity Council, which addresses the region’s diversity and inclusion challenges.

76 Heike Harmgart

• Managing Director—Southern and Eastern Mediterranean Region

Company: EBRD Nationality: German

Sector: Banking and Financial Services

EBRD started operations in the southern and eastern Mediterranean region in 2012. As of November 2022, it had invested $10.9 billion in 160 projects across Egypt. In 2022, EBRD provided a financial package worth $50 million to the National Bank of Kuwait in Egypt and a package of $25 million to EBank in Egypt for SMEs. It also loaned $100 million to Banque Misr for green financing for SMEs. In the same year, EBRD, in cooperation with other entities, supported Morocco with a package of $27.2 million for investments into climate change mitigation and adaptation. Harmgart also serves as a member of the World Economic Forum’s Global Future Council on the New Agenda for Fragility and Resilience. Before joining EBRD, she worked for the Economist Intelligence Unit and the Institute for Fiscal Studies.

75 Linda Fitz-Alan

• Registrar & Chief Executive

Company: ADGM Courts

Nationality: Australian

Sector: Law and Policy

Fitz-Alan has been at ADGM for seven years. In November 2022, ADGM collaborated with ADIB, RAKBANK, and Wio Bank to support businesses in Abu Dhabi. In the same month, AUM Ventures, an ADGM-licensed and regulated venture capital firm, launched a maiden venture capital fund with a focus on Indian founders. In December 2022, ADGM Academy, the academic and knowledge arm of the financial center, launched the Abu Dhabi Entrepreneurship Initiative as part of its commitment to becoming a knowledge-based economy. Fitz-Alan previously served as the CEO and Principal Registrar of Australia’s Supreme Court.

77 Magali Mouquet

• Executive Director; CO-Chairperson Company: Emirates REIT; Equitativa Group

Nationality: French Sector: Banking and Financial Services

Mouquet co-founded Equitativa in 2005, which is today a group of companies focused on real estate investments in emerging markets. In 2014, she listed Emirates REIT on Nasdaq Dubai, the first listed REIT in the GCC with around $816.78 million worth of assets under management. In 2016, Mouquet also created the Residential REIT with $272.26 worth of assets under management. Mouquet is also cofounder of the U.A.E.-based Enata.

78 Noor Sweid

• Founder / Managing Partner Company: Global Ventures Nationality: American Sector: Investments

Sweid began her career as a biotechnology and pharmaceutical strategy consultant in the U.S. and assumed her current role in 2018. Global Ventures has funded many regional startups, including Paymob, Proximie, and Red Sea Farms, among others. Her previous roles include CIO at the Dubai Future Foundation and founder of ZenYoga, which was acquired by Cedarbridge. She is also chairperson of the Middle East Venture Capital Association, board member of MIT Sloan and TechWadi, and independent chairperson of the board for Clue Health.

79 Basmah 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 lead the GCC for the UNWTO. The World Bank recognized her as one of the youngest CEOs in MENA in 2020. In May 2021, the UNWTO opened its first regional office for the Middle East in Riyadh, Saudi Arabia. In the same year, Al-Mayman established the World Tourism Academy in Saudi Arabia in cooperation with the UNWTO. She was also a member of the Board of Directors of the UNWTO’s Sustainable Tourism-Eliminating Poverty (ST-EP) initiative and a founding member of the Program and Budget Committee of the Executive Council for the Middle East.

80 Saïda Karim Lamrani

• Executive Vice-President

Company: Holdings Safari -Sofipar

Nationality: Moroccan Sector: Retail

The Safari Group was established in Morocco in 1994. The group has multiple global brands under its umbrella, including CAT, Lacoste, and Longchamp, Jaguar, Land Rover, and BMW, among others. Saïda is the daughter of the late Mohammed Karim Lamrani, who served as Morocco’s Prime Minister from 1971 to 1994. The group recorded annual revenues of over $500 million and employs 3,600 people.

81 Muna Al Mehairi

• CEO Company: Fertil Nationality: Emirati Sector: Petrochemicals

Al Mehairi was appointed CEO of Fertil in January 2020. The company is a subsidiary of Fertiglobe, a strategic partnership between OCI N.V and the Abu Dhabi National Oil Company (ADNOC), and it has an annual production capacity of 2.1 million metric tons of urea and 0.1 million metric tons of diesel exhaust fuel. Al Mehairi previously worked for ADNOC Onshore, where she served as senior vice president strategy and business support and senior vice president terminals and pipeline operations.

82 Hanadi bint Nasser Al Thani

• Founder & Chairperson; Founder & CEO; Founding Chair

Company: Amwal; AL Wa`ab City Real Estate; INJAZ Qatar

Nationality: Qatari Sector: Diversified

Al Thani started her career as a lecturing assistant in the Economics Department of Qatar University before founding the investment firm Amwal in 1998. In 2005, she founded AL Wa`ab City, a development of over 1.2 million square meters at an initial cost of $1.8 billion.

Al Thani is the founding chairperson of INJAZ Qatar. She is also a founding chairperson of Q-Auto, the sole importer of Audi and Volkswagen vehicles in Qatar.

83 Dalal Al Qais

• Group CEO

Company: Bahrain Development Bank

Nationality: Bahraini

Sector: Banking and Financial Services

Al Qais was appointed to her current role in December 2021. Before joining BDB, she was the chief retail banking and wealth management officer at Bahrain Islamic Bank and held various leading roles at Standard Chartered Bank and United Bank. In July 2022, Export Bahrain and BDB signed an MoU to provide support in export financing services to Bahrain-based businesses.

84 Omnia Kelig

• Deputy CEO; Chairwoman and Managing Director

Company: NAEEM Holding for Investments ; NAEEM Financial Investments

Nationality: Egyptian

Sector: Banking and Financial Services

Kelig has over 20 years of industry experience. NAEEM Holding is a dual-listed company on the Egyptian Stock Exchange and the Dubai Financial Market. In the first nine months of 2022, it reported $8.2 million in total revenues and $273 million in assets. Before joining NAEEM, Kelig was a founder and managing director of Viveris Mashrek, a subsidiary of France’s Viveris Management. She was also a partner and director for Haykala Investment Management and a co-head of investment banking at Barclays Bank in Egypt.

85 Manal Jarrar

• CEO Company: National Insurance Company (Watania) Nationality: Jordanian Sector: Insurance

Jarrar joined National Insurance Company (Watania) in 2012 and was appointed general manager in 2014. Among the company’s major clients are Hikma, SGBL, Bank Audi, Middle East Telecommunications, and the University of Jordan, among others. Before taking her current role, she was deputy general manager at Watania and deputy general manager at Jordan International Insurance (Newton).

87 Abir Leheta

• CEO Company: Egytrans

Nationality: Egyptian Sector: Logistics

Leheta was appointed to her current role in 2015. She first joined the company in 1996 as head of software development and has held several leading roles, including chief strategy officer. She is also the chairman of Barwil Egytrans and ScanArabia, and she is a member of the Egyptian Businessmen’s Association and the British Egyptian Business Association. She is co-chair of the Transport Committee at the American Chamber of Commerce, the Global Compact Network Egypt, and the local chapter of the UN Global Compact, and she is a member of the Chartered Institute for Logistics & Transport. She also chairs the African Women’s Committee of the Egyptian African Businessmen’s Association.

86 Amal Dokhan

• General Partner Company: 500 Global MENA

Nationality: Saudi Sector: Investments

Dokhan joined 500 Global in MENA as an advisor in 2020. She was promoted to a general partner in June 2022 to lead the Riyadhbased Sanabil 500 MENA Seed Accelerator fund, which invests in pre-seed and seed-stage companies in MENA. Dokhan previously oversaw entrepreneurship programs, was an angel investor, and worked as a learning and design program manager at King Abdullah University of Science and Technology. She is also a member of the Cranfield University Saudi Advisory Board and the King Abdulaziz University Female Advisory Board.

88 Nadia Akil

• CEO & Vice Chairman Company: United Projects for Aviation Services Company (UPAC)

Nationality: Kuwaiti Sector: Real Estate

Kuwait-based UPAC specializes in Build Operate Transfer initiatives. Akil has been the CEO and vice chairman of the board of directors since July 2012. Listed on Boursa Kuwait, the company generated $24 million in revenues in the first nine months of 2022. Through its subsidiary, the Al Arfaj Real Estate Company, UPAC is part of a Kuwaitled consortium with Agility and the National Real Estate Company, developing the $1.2 billion Reem Mall on Abu Dhabi’s Reem Island.

89 Huda Al Lawati

• Founder & CEO

Company: Aliph Capital Nationality: Omani

Sector: Banking and Financial Services

Al Lawati has over 20 years of experience in the investment banking sector. Her prior roles include partner at Gateway Partners, Chief Investment Officer at Savola Group, and Partner and Chief Investment Officer for MENA at Abraaj Group. She has also served on multiple boards and committees across the region, including Tim Hortons, the Panda Retail Company, Herfy Food Services Company which is listed on the Saudi Exchange, AlKabeer, Savola Foods Company, SMG, the ENTERTAINER, and Kudu. Al Lawati founded Aliph Capital in 2021, which is a GCC-centric fund manager with a focus on mid-market companies. In November 2022, Aliph Fund I (LP) completed a 100% buyout of the Pet Shop in the U.A.E.

90 Narjes Farookh Jamal

• COO

Company: Bahrain Bourse

Nationality: Bahraini

Sector: Banking and Financial Services

Jamal joined the Bahrain Bourse in 1998. As COO, she heads digital transformation at the Bahrain Bourse and is responsible for embedding ESG practices and building partnerships with GCC exchanges. In October 2022, the Bahrain Bourse signed an MoU to enhance cooperation between the Bahrain Bourse and the Muscat Stock Exchange. The Bahrain Bourse’s market capitalization stood at $30.2 billion as of January 2023. Jamal is also a board member at Bahrain Clear, which is fully owned by the Bahrain Bourse. In August 2022, Bahrain Clear launched the Bahrain Private Market, a new comprehensive platform for closed shareholding companies.

91 Fazeela Gopalani

• Head of Middle East Company: ACCA Nationality: British Sector: Education

Gopalani joined ACCA in 2015 as the Head of Education Middle East before being promoted to Head of ACCA Middle East in April 2019. She leads operations in 11 countries and represents more than 20,000 students, affiliates, and members across the region. ACCA launched “The ACCA Middle East 2022 Student Financial Champion” initiative for students between the ages of 13 and 16. ACCA Middle East has also launched a Women in Finance program.

93 Donna Sultan

• President & CEO

Company: KEO International Consultants

Nationality: American Sector: Architecture

Sultan has been the CEO of KEO International Consultants since 1991 and assumed her current role as CEO and President in 2016. She has over 40 years of industry experience. KEO has worked on some major construction projects in the region, including four stadiums for the FIFA 2022 World Cup, the QSTP Solar Test Facility in Qatar, the Louvre in Abu Dhabi, Hamad Bin Khalifa Medical City in Qatar, the Capital Markets Authority and KIA headquarters in Kuwait, and Oman’s Institute of Public Administration. Sultan also oversees the development of allied projects by subsidiaries InSite, C-Quest, and F&M+.

92 Suzy Salman Kanoo

• CEO & President Company: Khalil bin Ebrahim Kanoo Company

Nationality: Bahraini Sector: Diversified

Kanoo leads Khalil bin Ebrahim Kanoo Company and IMTA, which is a distributor of Mazda, JAC Vehicles, Sailun tires, Elito Batteries, Veedol Lubricants, and other auto-related products. Kanoo is also a member of the YPO topCEO network. She published a book titled “Hear Us Speak: Letters from Arab Women” in 2021.

95 Adwa AlDakheel

• Founder & CEO

Company: Falak Investment Hub

Nationality: Saudi Sector: Entrepreneurship

AlDakheel founded the Falak Investment Hub in 2018 which is a hybrid business incubator, accelerator, academy, and angel investment company with a portfolio of multi-industrial startups, including Hospitalia, Qreeb, and JoeyCo. In July 2022, the Falak Investment Hub signed an MoU with Zoho, a global technology company, for an initiative by the “Zoho for Startups” program. In November 2022, it partnered with Standard Chartered to launch the “SC Women in Tech” program in Saudi Arabia. AlDakheel has also founded and co-founded multiple startups, including Ns3a Recruitment, and she is a board member for the Saudi Squash Federation.

94 Luma Fawaz

• CEO Company: Oasis500

Nationality: Jordanian Sector: Investments

Fawaz was appointed to her current role in 2018 after serving as head of investments since 2015. She has more than 20 years of experience in the finance and investments industry and previously worked as an investment and finance manager at a subsidiary of Nuqul Group. Oasis500 has a diversified portfolio of startups, including Abjjad, Amwalcom, and MadfooatCom, among others.

96 Amna Al Owais

• Chief Registrar Company: DIFC Courts Nationality: Emirati Sector: Law and Policy

Al Owais oversees operations and quality management, supervising the courts’ judicial officers and registry personnel. She led the establishment of the DIFC Courts’ Pro Bono Program in 2009. In 2021, the DIFC Courts established the Digital Economy Court Division and the Courts of Space project in cooperation with the Dubai Future Foundation. In the first half of 2022, DIFC Courts heard 447 claims cases with a total value of $517.7 million. Al Owais is also the chairperson of the DIFC Courts’ Users’ Committee and the DIFC Courts’ In-House Counsel Committee, and a member of the Consulting Council for the University of Sharjah College of Law.

97 Poonam Bhojani

• CEO

Company: Innoventures Education

Nationality: Indian Sector: Education

Bhojani has more than 18 years of experience in the education industry. At Innoventures Education, she is responsible for leading some of Dubai’s best-known educational institutions, including Dubai International Academy at Emirates Hills and Al Barsha, the Collegiate American School, Raffles International School, Raffles World Academy, Raffles Nurseries, and Raffles Starters. Innoventures Education provides world-class education to over 7,700 children from over 120 countries through about 1,100 teachers and administrative staff across the globe.

99 Abeer Helmy Saleh

• Board Member & Managing Director Company: Misr Life Insurance Takaful Nationality: Egyptian Sector: Insurance Saleh was appointed to her current role in 2022. Misr Life Insurance Takaful was established as a joint venture between Misr Insurance Holding Company, the National Bank of Egypt, and Banque Misr, with a capital of over $5 million. Saleh previously held a number of managerial positions, including managing director and board member at Wafa Life Insurance Company and managing director of Bupa Egypt Insurance.

98 May Nasrallah

• Founder & Executive Chairman

Company: deNovo Partners

Nationality: Emirati-Lebanese

Sector: Investment Banking

Nasrallah founded deNovo in 2010. She previously spent over 15 years with Morgan Stanley and was the youngest woman to be named managing director and the first Arab woman to hold this position at the company. She established, led, and grew Morgan Stanley’s first Middle East headquarters in Dubai in 2005. Nasrallah also serves as chairwoman of the Lebanese International Finance Executive. In 2020, BlackRock appointed Nasrallah as non-executive chairman and senior advisor for its Middle East Business.

100 Rita Huang Zhen

• Founder & CEO

Company: iMile Delivery Nationality: Chinese Sector: Logistics

Zhen cofounded iMile Delivery in 2017. As CEO, she oversees operations across the Middle East, Latin America, and Africa. iMile offers a wide range of services, including last-mile delivery, cash on delivery, real-time online tracking, the international transport of goods, and overseas warehousing. In 2023, iMile partnered with the Turkish e-commerce platform, PttAVM.com. Zhen also founded ePanda, a non-profit initiative that connects investors in China with MENA. Before founding iMile Delivery, Zhen previously worked for Alibaba and Huawei.

Explore A New Travel Destination

The Maldives is one of the most famous tourist destinations in the world. The islands are a dream location, with the fascinating turquoise ocean, blue sky, white sands, lush nature, and beautiful, refreshing weather. The Emerald Maldives Resort & Spa caters to different tastes and offers a unique and distinctive travel experience for all visitors.

The Journey

The journey to the resort begins aboard a Trans Maldivian Airways seaplane. The 40-minute journey from Malé airport over the mesmerizing Indian Ocean is breathtaking. Upon arrival, the resort’s team serves cold tropical beverages.

Accommodation

Located in Raa Atoll on Fasmendhoo Island—one of the largest islands in the Maldives—the Emerald Resort portrays scenic landscapes for guests, surrounded by the beauty of nature, diverse vegetation, and the soothing sounds of the ocean.

It features 120 villas designed to suit all visitors, whether they be couples, families, or friends. The beach villas have spacious bedrooms with a large dressing

room, a private garden, and an outdoor shower. The plants that border the villas at the oceanfront provide privacy for guests, allowing them to have their own little section of private beach.

Jacuzzi beach villas feature a private jacuzzi overlooking the sea, allowing guests to enjoy the sunset in a peaceful and relaxed atmosphere. The beach villas with pools are slightly larger and have a private indoor pool in front of the patio overlooking the beach. A family beach villa with a pool features two bedrooms, two bathrooms, and a private pool and is ideal for groups. It also has a spacious dressing room and a private garden, as well as an outdoor shower and a patio overlooking the sea.

For lovers of luxury, the royal beach villas are among the resort’s most luxurious, spread over two floors, including two bedrooms on the ground floor, each with a private bathroom and a spacious walk-in closet, as well as a living room, a modern kitchen, an outdoor garden with shower, and private indoor and outdoor pools. On the second floor are the master bedroom with a bathroom, a massage area, a lounge, and a wide furnished terrace with sea views.

Dining

Four restaurants offer a variety of à la carte international cuisines, bursts of local flavors, and dishes inspired from all over the world.

You can enjoy delicious meals in front of the ocean all day in the

indoor and outdoor areas of the Aqua Restaurant. It offers an international menu inspired by Italy, Japan, China, and India, in addition to vegetarian and gluten-free options.

For an extra special dining experience, the Amazònico Restaurant’s doors open in the evening for you to discover the finest cuisine from South America and the Amazon basin. Its open-plan kitchen also serves dishes on the stove.

Located in the central area of the resort, Le Asiatique is a relaxing oasis where oriental culinary dishes can be enjoyed in a stunning and charming atmosphere. The restaurant is open for dinner only and offers an à la carte menu featuring unique dishes such as Tom Yum Goong, Chinese Sui Mai, Japanese Uramaki, and Korean Bokkeumbap.

Overlooking the beach and facing the lagoon, the Beach Club Grill offers a healthy menu that includes fresh fish, seafood, meat, and vegetarian choices, with a wide range of Italian specialties, such as pasta, risotto, and pizza.

The resort has two lounges: the Sunrise Café and Sunset Pool Café, where you can sit and relax until late at night, watching musical performances and Maldivian dancing shows. The two lounges overlook two different sides of the beach and offer a wide selection of cocktails and mocktails.

Activities

The resort’s Dolphin Kids Club, one of the largest children’s clubs in the Maldives, has two playgrounds, indoors and outdoors, and a swimming pool. Children can enjoy playing on ropes, climbing walls and bridges, and slides. The club also features a variety of games and artistic activities, and cooking classes can also be organized, teaching children how to make cookies, pizza, and barbecue.

Set amidst a tropical garden, the Emerald Spa features eight panoramic treatment rooms, Ayurvedic massage rooms, a beauty salon, manicure and pedicure areas, water facilities, a sauna, a Turkish bath, and an open-air Jacuzzi. The spa also organizes yoga classes on the beach near Sunrise Café for individuals or groups, led by the resort’s instructors four times a week at sunrise and sunset.

The air-conditioned gym with state-of-the-art equipment is available 24hrs a day. The sports center has two tennis courts, one of which is multi-purpose and can be converted into a basketball or football field, along with two padel courts, with equipment provided by the resort. Personal coaching services and tennis or padel lessons can also be requested with professional coaches for an additional fee.

Bicycles are available in all villas, and the resort offers a variety of aquatic experiences and activities, such as snorkeling and swimming with manta fish and turtles, underwater photography classes, and the exploration of marine life and its biodiversity. You can also try kayaking, windsurfing and catamarans, jet skiing, flyboarding, and other motorized water sports, available at an extra charge. Or just delve deep into the Indian Ocean to discover its hidden secrets and treasures by enjoying a scuba-diving experience under the supervision of certified PADI professionals.

“When something is important enough, you do it even if the odds are not in your favor.”

—Elon Musk

“There is no passion to be found playing small—in settling for a life that is less than the one you are capable of living.”

—Nelson Mandela

“Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.”

—Helen Keller

“Setting goals is the first step in turning the invisible into the visible.”

—Tony Robbins

“We may encounter many defeats but we must not be defeated.”

—Maya Angelou

“Be kind whenever possible. It is always possible.”

—Dalai Lama

“Whatever you want in life, other people are going to want it too. Believe in yourself enough to accept the idea that you have an equal right to it.”

—Diane Sawyer

Motivation

“I know where I’m going and I know the truth, and I don’t have to be what you want me to be. I’m free to be what I want.”

—Muhammad Ali

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.”

—Thomas A. Edison

“Look up at the stars and not down at your feet. Try to make sense of what you see, and wonder about what makes the universe exist. Be curious.”

—Stephen

Hawking

“You can’t build a reputation on what you are going to do.”

—Henry

Ford

“You are not here merely to make a living. You are here in order to enable the world to live more amply, with greater vision, with a finer spirit of hope and achievement. You are here to enrich the world, and you impoverish yourself if you forget the errand.”

—Woodrow

Wilson

“Do the one thing you think you cannot do. Fail at it. Try again. Do better the second time. The only people who never tumble are those who never mount the high wire. This is your moment. Own it.”

—Oprah

Winfrey

“The way to get started is to quit talking and begin doing.”

—Walt Disney

Oprah Winfrey

Walt Disney

Henry Ford