Forbes Middle East - March 2023 - English

6 I Sidelines

Well-Being, Well Funded

By Claudine Coletti LEADERBOARDS

BILLIONAIRES

10

I The World’s 5 Richest Healthcare Billionaires

Here’s a glance at the richest five healthcare tycoons in the world according to the real-time Forbes World’s Billionaires list, with total net worths exceeding $90 billion. All net worths and global rank are as of February 13, 2023.

By Mohammad Addam

STARTUPS & ENTREPRENEURS

12 I Funding In Healthcare Startups In MENA

Despite growing fears of an economic downturn, inflation, and recession, healthtech startups in MENA have continued to attract significant funding.

By Rawan Hassan

INNOVATION / HEALTHCARE

14

I 4 Healthcare Breakthroughs Of 2022

Last year saw several developments in healthcare that have the potential to change our lives. Here are some of the most inspiring medical innovations of 2022.

By Julian Nabil

STARTUPS & ENTREPRENEURS

16

I Notable Mental Health Startups

Findings by PwC estimate that at least 37.5 million productive days are lost annually due to untreated mental illness in the GCC, equivalent to $3.5 billion. Here are some startups in the Middle East working to make mental health solutions more accessible in the region.

By Jamila Gandhi

HEALTHCARE

18

I Healthcare M&A Deals

The regional healthcare industry witnessed several high-value merger and acquisition deals in 2022, driven by changing expectations and demand for digital transformation.

By Munawar Shariff

WOMEN LEADERS

20

I Meet MENA’s 50 Over 50 Women 2023

Here are the trailblazers from MENA recognized in Forbes’s second annual 50 Over 50 : EMEA 2023 list, proving that age is no barrier to success.

By Maggie McGrath

CONTRARIAN

22

I Shareholders of the World, Unite

Most investors are passive bystanders in boardroom battles. TUMELO wants to get them involved—and take fund managers out of the ideological crossfire.

By William Baldwin

16

22

THOUGHT LEADERS

35 I Why Digital Technology Is Critical To ESG Success

By Oliver Sykes

43 I How Digital Technologies Can Improve Saudi Healthcare

By

Ali Ustun

72 I Thoughts On Tools

TOP 100 HEALTHCARE LEADERS 2023

30 Rethinking Healthcare

Surgeon-turned-entrepreneur Mohamed Amin, Cofounder and Group CEO of Elaj Group, is on a mission to build datafirst diagnostics and healthcare delivery in the Middle East. With plans for an IPO in 2024, he wants to construct a new narrative around healthcare.

By Jamila Gandhi

38 Medicine Man

For Sherine Hassan Helmy, CEO of Egypt’s Pharco Pharmaceuticals, success is about impacting humanity, as well as growing his family business. Having helped tackle an endemic hepatitis C outbreak in Egypt, he’s now looking to Africa and to biological products for future progress.

By Munawar Shariff

Shaista Asif, Cofounder and Group COO of PureHealth, heads MENA's largest healthcare conglomerate. Merging technology with an increasingly broad portfolio of healthcare providers, the company is expanding its reach to help elongate people’s lifespans.

By Layan Abo Shkier

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.

KNOW MORE CALL 02 3076600

Well-Being, Well Funded

The Middle East’s healthcare sector is one of the many industries that has boomed in recent years thanks to public and private investments and investments in technology changing the game for patients and providers. Two of its biggest markets are continuing to commit big funds to the sector. In the U.A.E., the government has allocated 7.6% of the general federal budget for 2023 to health and community protection, down from 8% in 2022 but up from 6.9% in 2021, with each year amounting to roughly $1.3 billion. Meanwhile, Saudi Arabia’s healthcare expenditures are estimated to have reached $20.7 billion, nearly 8% of its budget in 2022, and $21.5 billion, 7% of its budget in 2023, according to the Saudi Ministry of Health.

Globally, according to Fitch Solutions, this year will see several themes emerging in healthcare. As resources are directed away from managing Covid-19, developed countries will spend less on healthcare than in the previous two years, but major markets are expected to still raise health budgets, with priority placed on addressing workforce shortages, caring for aging populations, and boosting mental health care. Organizations, governments, and private players are expected to focus on pandemic preparedness, public surveillance, and access to medicine, whereas patients may be less willing to spend on discretionary healthcare and telemedicine due to economic and inflationary pressures. However, technology will keep transforming the sector, with pharmaceuticals and the provision of medical services, products, and devices featuring in national digital strategies.

The impact of digital transformation on the healthcare industry has been substantial. MENA’s healthtech startups raised $124 million through 53 deals in 2022, according to Wamda. Research by Statista suggests that revenue in the digital health market could hit $170.2 billion this year and grow to $256.3 billion by 2027. According to a report by Dealroom.co and EMERGE GHI, the healthtech startup ecosystem in MENA was valued at over $1.5 billion at the start of this year, a 22x increase since 2016. Frost & Sullivan predicts that the GCC will witness 30% of hospital investments going into digital health infrastructure over the next decade, with the U.A.E. and Saudi Arabia leading the way.

Our cover this month, Shaista Asif, Cofounder and Group COO of PureHealth, first cofounded her company in 2006 with a focus on merging tech solutions with healthcare to help modernize the industry. Today, she leads the U.A.E.’s largest healthcare group. We also feature Mohamed Amin, Cofounder and Group CEO of the Elaj Group, which is also investing in technology to transform traditional healthcare and plans to launch a $50 million VC fund focusing solely on life sciences.

With this vital sector playing such an important role in all our lives, I hope you enjoy finding out more about the key players and where they’re focusing their attention.

—Claudine Coletti, Managing Editor

INNOVATING SINCE 2010

MARCH 2023 ISSUE 126

Dr. Nasser Bin Aqeel Al Tayyar President & Publisher nasser@forbesmiddleeast.com

Khuloud Al Omian

Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House khuloud@forbesmiddleeast.com

Editorial

Claudine Coletti Managing Editor claudine@forbesmiddleeast.com

Laurice Constantine Digital Managing Editor laurice@forbesmiddleeast.com

Fouzia Azzab Deputy Managing Editor fouzia@forbesmiddleeast.com

Amany Zaher Senior Quality Editor amany@forbesmiddleeast.com

Jamila Gandhi Senior Reporter jamila@forbesmiddleeast.com

Rawan Hassan Senior Translator rawan@forbesmiddleeast.com

Samar Khouri Online Editor samar@forbesmiddleeast.com

Cherry Aisne Trinidad Online Editor aisne@forbesmiddleeast.com

Research

Jason Lasrado Head of Research jason@forbesmiddleeast.com

Nermeen Abbas Senior Researcher nermeen@forbesmiddleeast.com

Elena Hayek Researcher elena@forbesmiddleeast.com

Layan Abo Shkier Research Reporter layan@forbesmiddleeast.com

Business Development

Ruth Pulkury Senior Vice President - Business Development ruth@forbesmiddleeast.com

Joseph Chidiac joe@forbesmiddleeast.com

Fiona Pereira fiona@forbesmiddleeast.com

Karl Noujaim karl@forbesmiddleeast.com

Sarine Nemchehirlian sarine@forbesmiddleeast.com Sarah Gadallah Hassan sarah.g@forbesmiddleeast.com

Upeksha Udayangani Client Relations Executive upeksha@forbesmiddleeast.com

Tayyab Riaz Mohammed Financial Controller riaz@forbesmiddleeast.com

Soumer Al Daas Head of Creative soumer@forbesmiddleeast.com

Julie Gemini Marquez Brand & Creative Content Executive julie@forbesmiddleeast.com

Mohammed Ashkar Assistant IT Manager ashkar@forbesmiddleeast.com

Muhammad Saim Aziz Web Developer saim@forbesmiddleeast.com

Habibullah Qadir Senior Operations Manager habib@forbesmiddleeast.com

FORBES US

Chairman and Editor-In-Chief Steve Forbes CEO and President Michael Federle

Copyright© 2019 Arab Publisher House

Copyright @ 2019 Forbes IP (HK) Limited. All rights reserved. This title is protected through a trademark registered with the US Patent & Trademark Office Forbes Middle East is published by Arab Publisher House under a license agreement with Forbes IP (HK) Limited. 499 Washington Blvd, 10th floor, Jersey City, NJ, 07310

Founded in 1917

B.C. Forbes, Editor-in-Chief (1917-54); Malcolm S. Forbes, Editor-in-Chief (1954-90); James W. Michaels, Editor (1961-99) William Baldwin, Editor (1999-2010)

ABU Dhabi Office Office 602, Building 6, Park Rotana Office Complex, Khalifa Park, Abu Dhabi, U.A.E. - P.O. Box 502105, info@forbesmiddleeast.com Dubai Office Office 309, Building 4, Emaar Business Park, Dubai, U.A.E. - P.O. Box 502105, Tel: +9714 3995559, readers@forbesmiddleeast.com subscription@forbesmiddleeast.com

Queries: editorial@forbesmiddleeast.com For Production Queries: production@forbesmiddleeast.com

Billionaires

The World’s 5 Richest Healthcare Billionaires

Here’s a glance at the richest five healthcare tycoons in the world according to the real-time Forbes World’s Billionaires list, with total net worths exceeding $90 billion. All net worths and global rank are as of February 13, 2023.

independently produced multiparameter patient monitor. Li’s wealth stood at $11.6 billion when the pandemic first hit in 2020.

4 Dilip Shanghvi

Company: Sun Pharmaceutical Industries

Limited

Net worth: $16.1 billion

Citizenship: India

Global rank: 104

Thomas Frist Jr. & Family

Company: HCA Healthcare

Net worth: $20.9 billion

Citizenship: U.S.

Global rank: 76

Frist Jr., his father, cardiologist Thomas Frist Sr., and American businessman Jack Massey founded HCA Healthcare in 1968. Almost a decade later, Frist Jr. became president of the company, and in 1987 he also became its chairman and CEO. HCA Healthcare, which operates in the U.S. and the U.K., went public in 2011 and reported $60.2 billion in revenues for 2022. The 84-year-old Frist Jr. today owns 20% of the company, although he doesn’t hold an executive position. His sons, Thomas Frist III and William Frist serve on the company’s board. Frist Jr.’s wealth skyrocketed

during the pandemic, rising from $7.5 billion in 2020 to $20.9 billion in 2023.

Cyrus Poonawalla

Company: Cyrus Poonawalla Group

Net worth: $20.3 billion

Citizenship: India

Global rank: 78

Poonawalla is Chairman and Managing Director of Cyrus Poonawalla Group’s biotechnology behemoth Serum Institute of India, which he founded in 1966. Born into a horse-breeding family, the 81-year-old seeded his healthcare empire by producing vaccines from horse serum. The Serum Institute of India has produced and sold annually more than 1.5 billion vaccine doses globally, including vaccines for measles, flu, and polio, making it the world’s

largest vaccine manufacturer by the number of doses. Today the group is under the management of Poonawalla’s son, Adar. It invested $800 million in 2020 to establish a new factory to produce COVID-19 vaccines.

3 Li Xiting

Company: Mindray

Net worth: $17.3 billion

Citizenship: Singapore

Global rank: 93

At 72, Li serves as Chairman of China’s Shenzhen Mindray Bio-Medical Electronics, a supplier of medical devices he co-founded in 1991. The biomedical giant manufactures medical devices and systems such as anesthesia machines, ventilators, and defibrillators and has 52 overseas subsidiaries in nearly 40 countries. In 1993, the company made China’s first

Born in 1955 to a wholesale drug distributor, Shanghvi borrowed $200 from his father in 1983 to start Sun Pharmaceutical Industries Limited, which became India’s most valuable listed pharma company and the world’s fourth-largest generic pharma company. Today, the company operates in over 100 countries, and overseas markets accounted for two-thirds of the pharma giant’s $5.1 billion revenue in the FY 2022, ended March. The self-made billionaire’s wealth plunged to $6.1 billion in 2020.

5 Xu Hang

Company: Mindray

Net worth: $15.5 billion

Citizenship: Hong Kong SAR

Global rank: 110

Xu is the cofounder and non-executive director of Mindray. The 56-year-old is also chairman of Shenzhen Parkland Group, which specializes in real estate development. Xu’s wealth has declined since 2021 when it stood at $19.5 billion.

1

2

Xu Hang

Thomas Frist Jr.

Cyrus Poonawalla

Cairo - Egypt

Startups & Entrepreneurs Funding In Healthcare Startups In MENA

Despite growing fears of an economic downturn, inflation, and recession, healthtech startups in MENA have continued to attract significant funding.

Last year MENA witnessed an increase in funding for startups, with a total of $3.94 billion raised in 2022 across 795 deals, according to Wamda, and healthtech accounting for $124 million of that number through 53 deals.

The U.A.E. (ranked 31st in the Global Innovation Index 2022), Saudi Arabia (ranked 51st), and Egypt (ranked 89th) are among the countries that have seen significant growth in healthtech investments. The digital health market in the U.A.E and Saudi Arabia alone is expected to reach $4 billion by 2026, according to a McKinsey & Company report, with the two countries home to seven emerging digital health submarkets, including fitness apps, telehealth, and e-pharmacies.

In terms of revenues, the digital health market is set to reach $1.73 billion in 2023 in North Africa, with a projected market volume of $3.6 billion by 2027 and an annual growth rate (CAGR 2023-2027) of 19.86%, according to Statista. The market’s largest segment is expected to be digital fitness and well-being, with a total revenue value of $940 million in 2023.

Egypt’s digital health market alone is expected to generate $969.1 million in 2023, with eHealth, the market’s largest segment, reaching total revenues of $498.1 million. Meanwhile, in Saudi Arabia, the revenue is projected to reach $820 million this year thanks to the digital fitness and well-being segment, while the U.A.E.’s revenue in the sector is expected to reach $524.6 million, according to Statista. For comparison, digital health revenues in China are expected to reach around $55 billion in 2023.

Across MENA, various startups operating within healthtech have

Healthtech startups in MENA raised $124 million through 53 deals in 2022.

Egypt’s digital health market is expected to generate $969.1 million in revenues in 2023.

secured good funding over the last year. Two healthtech startups, the U.A.E.’s Okadoc and GluCare.Health, featured among Forbes Middle East’s list of MENA’s Top 50 Most-Funded Startups, raising a total of $45.6 million as of 2022. In March 2022, U.A.E.-headquartered healthtech company Altibbi secured $44 million in a Series B round, bringing total funding to $50 million since its inception in 2011, led by Hikma Ventures and Foundation Holdings, along with existing investors.

Saudi Arabia’s digital health market is expected to generate $820 million in revenues in 2023.

In October 2022, Egyptian digital healthcare platform Vezeeta closed a Series E funding round, bringing its total funds to nearly $90 million. In late November 2022, Cairo-based digital pharmacy platform Grinta raised $8 million in a seed round co-led by Raed Ventures and Nclude, with $9.5 million of funds raised in total. The momentum continues in 2023, with Egypt’s digital healthcare startup Yodawy raising $16 million in Series B funding in February 2023, bringing its total funding to $24.5 million.

The U.A.E.’s digital health market is expected to generate $524.6 million in revenues in 2023.

The U.A.E. ranked 31st

Saudi Arabia ranked 51 st Egypt ranked 89 th in the Global Innovation Index 2022.

The region has also witnessed multiple mergers and acquisitions in this area. Sehteq, which offers health insurance plans to individuals and SMEs in the U.A.E. and Oman, was acquired by Cloud Klair in 2022. The startup already had $25.5 million in funding prior to the acquisition. And more attention has been directed to mental health platforms, with Egypt’s O7 Therapy raising the largest mental health investment in a seed round in MENA, totaling $2.1 million. This investment was led by Hikma Ventures, the corporate venture capital arm of Hikma Pharmaceuticals, which has made 25 investments so far in healthcare startups, according to CB Insights.

Photographed

Photographed

Innovation / Healthcare

4 Healthcare Breakthroughs Of 2022

Last year saw several developments in healthcare that have the potential to change our lives. Here are some of the most inspiring medical innovations of 2022.

• Alzheimer’s slowdown

In November 2022, Japan’s Eisai Company and the U.S.’s Biogen revealed that an experimental drug called Lecanemab showed signs of slowing down the development of early Alzheimer’s, the most common cause of dementia. The drug was shown to reduce the amount of sticky protein called amyloid, which is considered a hallmark of the disease, in the brain. According to the study, the cognitive decline became less over an 18-month period for 898 people aged between 50 and 90 who took the drug, compared to 897 people who had a dummy drug. In January 2023, the U.S. Food and Drug Administration (FDA) granted accelerated approval of the new drug using the Accelerated Approval Pathway.

• Delaying type 1 diabetes

In November 2022, the FDA approved the drug, teplizumab, which can delay the onset of stage 3 type 1 diabetes in adults. It will be sold under the brand name TZIELD, to drugmakers

Provention Bio. In October 2022, Provention Bio had entered into a copromotion agreement with Sanofi U.S. for the launch of TZIELD.

People with type 1 diabetes don’t make insulin, a hormone that tells cells to use sugar from the bloodstream to

make energy. Without insulin, too much sugar can stay in the blood, which can lead to health problems. The new drug was approved for people ages eight and older who have stage 2 TID signs. It works by preventing the body’s immune system from mistakenly attacking cells in the pancreas that make insulin.

• New treatment for ALS

In September 2022, the FDA approved the use of Relyvrio to treat amyotrophic lateral sclerosis (ALS), which is a rare disease that attacks and kills the nerve cells that control voluntary muscles. Relyvrio combines two drugs, sodium phenylbutyrate and taurursodiol, and boosts cell energy and prevents

a process that can lead to cell death. Based on a sixmonth trial in 137 patients, half of whom received a placebo and half the active drug, preliminary data showed that Relyvrio could slow the rate of decline. Amylyx Pharmaceuticals announced in February 2023 the completion of patient recruiting for the trial of the global phase 3, called PHOENIX, which will test the oral therapy in 664 people at 65 sites across the U.S. and Europe. Top-line data is expected in 2024.

• Cancer Immunotherapy

In February 2022, researchers at Penn Medicine found that cells from two of the first blood cancer patients to be treated with Chimeric

Antigen Receptor (CAR) T-cell therapy are doing well 10 years on from treatment. The patients, who were suffering from Chronic Lymphocytic Leukemia in 2010, were in remission within months of treatment. T cells are taken from the patient’s blood and engineered in a lab to gain a gene for a receptor that will attach to cancer cells. These cells are then infused back into the patient. Such therapies have so far only worked for certain blood malignancies, but in November 2022, Penn Medicine researchers CAR T therapy could also work in lupus patients. The first CART therapy received FDA approval in 2017. There are currently six FDA-approved CAR T cell therapies in the U.S. for six different cancers.

In November 2022, Japan’s Eisai Company and the U.S.’s Biogen revealed that an experimental drug called Lecanemab showed signs of slowing down the development of early Alzheimer’s.

The Platform For Women’s Voices

For general enquiries: info@forbesmiddleeast.com

For sponsorships: advertising@forbesmiddleeast.com

Yusra Mardini Syrian Swimmer - IOC Refugee Olympic Team

Laura Whaley Content Creator & Business Owner

Evlin Abdullah-Khalifa Miss Universe Bahrain 2022

Moon Baz META Creator Partnerships Lead - Meta

Dima Kandalaft Syrian Actress & Singer

Dania Akeel Motorsport Athlete Sara Murad Senior Presenter

Adwa AlDakheel Founder & CEO Falak Investment Hub

Nour Al-Ghandour Egyptian TV Presenter & Actress

Hend El Sherbini CEO IDH

Razan Alazzouni Fashion Designer

Shaista Asif Group COO Pure Health

Lujaina Mohsin Darwish Chairperson - Mohsin Haider Darwish ITICS

Dr. Saeeda Jaffar Senior VP & Group Country Manager - Visa GCC

Mona Kattan Founder Kayali Fragrances

Maguy Bou Ghosn Lebanese Actress

Startups & Entrepreneurs

Notable Mental Health Startups

Findings by PwC estimate that at least 37.5 million productive days are lost annually due to untreated mental illness in the GCC, equivalent to $3.5 billion. Here are some startups in the Middle East working to make mental health solutions more accessible in the region.

• O7 Therapy

Headquarters: Egypt

2022 Funding value: $2.1 million

Research-based online platform O7 Therapy secured $2.1 million in its seed round in April 2022, led by Hikma Ventures, with the participation of C-Ventures, Lotus Ventures, alongside angel investors. At the time of the announcement, it was the largest seed financing round for a MENA-based mental health startup. The Cairoheadquartered company was founded in 2019 by Ashraf Bacheet, Ashraf Adel, and Nader Iskander. The tech-enabled and evidencebased platform offers accessible therapy to Arabic speakers globally and has built a network of leading bilingual psychiatrists and psychotherapists to support clients facing mental health challenges.

• MindTales

Headquarters: U.A.E.

2022 Funding Value: $1.23 million

In the first quarter of 2022, Abu Dhabi-headquartered MindTales closed its seed funding round of $1.23 million, raised by investors based in the U.A.E., Saudi Arabia, the U.S., and Israel. Established in 2020, the

digital wellness platform was founded by Ahmed Al Mosa and Viktorija Aksionova. The startup offers expert consultations, science-backed psychology exercises and personalized wellness advice, customized to the user’s personal journey and challenges. As of December 2022, the application had recorded over 120,000 downloads. The MindTales application consists of different freemium subscription plans, alongside services to meet corporate business

demands. Aiming to make mental health inclusive, MindTales is available in English, Arabic, Ukrainian and Russian.

• Takalam

Headquarters: U.A.E.

2022 Funding Value: $1 million

In January 2022, Abu Dhabibased online counseling platform Takalam raised $1 million in its pre-seed round, led by Emirates Angels, Nowaisi Investments,

Plug and Play, and a Jordan-headquartered fund. It was founded by Emirati entrepreneur Khawla Hammad in early 2020. Takalam— Arabic for “speak”— connects individuals and organizations directly with professional counselors through a confidential and personalized digital platform using video, audio, and instant messaging. The startup also received a grant of undisclosed value from the Abu Dhabi Investment Office in 2021.

Research-based online platform O7 Therapy secured $2.1 million in its seed round in April 2022.

and NAVDEX 2023, a 50% increase compared to the 2021 edition and a 285% increase on the flagship exhibition in 1993. The events also saw the signing of deals worth AED 23.34 billion ($6.36 billion) a more than 12% increase compared to the previous edition. Furthermore, the group expanded the exhibition area this year to 165,000 square meters to meet demand. In fact, the 2023 events were attended by around 132,507 visitors—a 114% increase on 2021.

Driving Defence, Boosting Economies

The International Defence Exhibition (IDEX) and the Naval Defence & Maritime Security Exhibition (NAVDEX) were launched to meet the increasing demand of the defence industry. In recent years, these exhibitions have grown to become the most significant and influential defence events in the world.

IDEX and NAVDEX provide a platform for global defence companies to take part in business deals, discuss pressing topics, and build partnerships. The events are major drivers for the development of the regional and global defence sectors and contribute to the advancement of the U.A.E.’s defence sector by introducing local companies to new technologies and supporting a wide range of industries.

IDEX and NAVDEX have experienced remarkable expansion over the years and 2023 marks an exceptional milestone as the exhibition celebrates its 30th anniversary with its largest edition ever. Under the patronage of HH Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, this year’s events took place from February 2024 and enjoyed unprecedented success, driven by the support of the U.A.E.’s leadership and its vision of fostering peace and stability. In total, the 2023 exhibition generated an estimated AED 900 million (almost $245 million) of direct and indirect economic impact to the local economy.

With its state-of-the-art infrastructure, the ADNEC Group attracted 1,353 companies to IDEX

IDEX and NAVDEX 2023 played a vital part in highlighting the role of technology in defence, with new features including IDEX and NAVDEX Talks, a series of interactive panel discussions with thought leaders and policymakers. The events also featured the IDEX Think Tank program with closed sessions for experts and industry professionals, and the IDEX NEXT GEN Award, which was launched in line with UAE Innovates 2023, to encourage entrepreneurship and innovation in defence startups.

Aside from this, the ADNEC Group is committed to measuring visitor and exhibitor satisfaction, and the group was successful in recording a 98% satisfaction rate in comparison with 96% for the previous edition of IDEX and NAVDEX. This new record represents the highest among industry events, and the events also achieved above-industry standard participation ROI.

Humaid Matar Al Dhaheri, Managing Director and Group CEO of ADNEC, explains how IDEX and NAVDEX are helping to drive growth in the global defence industry and boost the local economy.

Healthcare Healthcare M&A Deals

The regional healthcare industry witnessed several high-value merger and acquisition deals in 2022, driven by changing expectations and demand for digital transformation.

healthcare and education investment company Amanat Holdings purchased a 60% stake in Saudi’s HDC at the end of October 2022. The deal was valued at $58.7 million and carries a conditional remuneration of up to $12.6 million, payable based on earnings growth in the future. HDC provides special education and care services for people of determination in Saudi Arabia, serving Amanat’s healthcare and education portfolio.

Abu Dhabi-based International Holding Company (IHC) buys 15% stake in Burjeel Holdings

Stem Cells Center, Ambulatory Healthcare Services, Rafed, Yas Clinic Group, The Life Corner, Tamouh Healthcare, The Medical Office, Pure Lab, and ONE Health.

Ibnsina Pharma acquires El Shorouk Hospital, El Shorouk City, Egypt

Bahrain’s GFH Financial Group acquires U.S. medical clinics portfolio in $400 million deal

In October 2022, Bahrainbased GFH Financial Group purchased 11 medical offices and clinics in the U.S. with a total value of $400 million. These medical facilities are spread over four U.S. states—California, Texas, Maryland, and Louisiana—with a combined property size of more than a million square feet. GFH has assets valued at $1 billion in the U.S. medical office building category. In January 2023, GFH acquired Big Sky Asset Management in the U.S., which has $2 billion in cumulative transaction value and 130 medical facilities. GFH had a market capitalization of $927.5 million as of February 14, 2023.

Mubadala Health and G42 Healthcare merge to create a new healthcare company

In October 2022, Abu Dhabi’s sovereign investment firm, Mubadala, merged its healthcare segment with the healthcare business of Abu Dhabi-based cloud computing and AI technology company G42, to create a new, unified healthcare company. The new company will be vertically integrated as a result of the combined capital investments from both Mubadala and G42.

The U.A.E.’s Amanat Holdings acquires a 60% stake in Human Development Company (HDC)

Dubai-headquartered

In September 2022, Abu Dhabi-based investment firm IHC bought a 15% share in healthcare provider Burjeel Holdings for an undisclosed amount. Founded in 1998, IHC invests in a diversified portfolio of rapidly growing sectors such as real estate, agriculture, and healthcare. IHC had a market cap of $236.7 billion as of February 14, 2023. Burjeel Holdings began operations in 2007 and today operates 61 healthcare organizations across the U.A.E. and Oman. It runs hospitals, medical centers, and pharmacies under five brands: Burjeel Hospitals, Medeor Hospitals, LLH Hospitals, Lifecare Hospital, and Tajmeel.

The U.A.E.’s PureHealth acquires minority stake in U.S.-based Ardent

In September 2022, U.A.E.based healthcare solutions provider and Alpha Dhabi Holding subsidiary, PureHealth, acquired a minority equity investment valued at $500 million in U.S.-based Ardent Health Services. This deal entitles PureHealth to an interest in Ardent and board observer rights. However, PureHealth will not have a seat on Ardent’s board of directors. PureHealth owns SEHA, Daman, Abu Dhabi

Pharmaceutical distributor Ibnsina Pharma acquired El Shorouk Hospital in El Shorouk City, Egypt, for $23.5 million in May 2022. The acquisition value includes the hospital’s real estate, operational assets, and operating company. El Shorouk Hospital has a capacity of 105-beds. The acquisition comes in line with Ibnsina’s diversification strategy, which aims to add free-margin businesses through its investment arm, AIM. Ibnsina distributes a portfolio of pharmaceutical products from 350 multinational and Egyptian pharmaceutical companies to more than 49,000 customers, including pharmacies, hospitals, wholesalers, and healthcare institutions.

Gulf Islamic Investments (GII) buys 51% stake in Saudi Arabia’s Al Meswak Dental Clinics

In May 2022, Dubai-based GII purchased a majority stake worth $530 million in Saudi Arabia’s Al Meswak Dental Clinics. GII bought the stake from private equity firm Jadwa Investment, which had acquired it in 2017. Al Meswak operates 80 clinics in 20 cities across the kingdom. GII intends to list Al Meswak on the Saudi Stock Exchange in the next two to three years. In 2021, Saudi Arabia launched a national infrastructure fund valued at $53 billion to be disbursed to a number of industries, including healthcare. GII is a Shariahcompliant, global investment company with over $3 billion in assets under management in real estate, private equity, and venture capital.

BY MUNAWAR SHARIFF ; IMAGE FROM SOURCE

In October 2022, GFH Financial Group purchased 11 medical offices and clinics in the U.S. with a total value of $400 million.

Reshaping the Financial Ecosystem: From Bahrain Across the Gulf

of clients onboarded and number of transactions per day. We also issue virtual prepaid cards in less than two minutes and enable customers to top up in under 10 seconds. Meanwhile, our digital remittance services allow clients to send money abroad instantly.

Beyon Money financial super app was launched in 2021. What does the application offer, and how is it making your customers’ lives easier? Our super app is constantly evolving its offering, with almost one release every month. Today, Beyon Money offers prepaid cards, granting the best cashback offers as well as numerous privileges and discounts with hotels, cars rentals, and stores. The app also offers instant international transfers at a fraction of the cost of other providers to more than 40 countries world-wide. In addition, it connects eight top retail banks in Bahrain through open banking.

Beyon Money, which is part of the Beyon Group, has become the fastest growing prepaid card and digital remittance provider. What record are you eyeing next?

We launched in January 2022, and have grown in Bahrain at an incredible pace in terms of number

With the help of our team and the regulators, we intend to further expand our services in the fields of insurance, asset management, and lending with key partners. Continuing our concept of democratizing financial services, we also want to be the best provider of investor solutions for retail and affluent clients, not just high net worth individuals (HNWIs).

Your main operations are currently in Bahrain. What are your expansion plans for the application? We intend to approach the U.A.E. and Saudi Arabia in 2023, two markets with high competition and great potential for digital services. We are already preparing and working with regulators and partners, and we are adding new features to our super app to cater to the evolving needs and demands of the wider region.

How are you leveraging artificial intelligence?

AI is evolving fast and unexplored opportunities will be seized by first

movers. So far, only the surface has been scratched, and we intend to explore many use cases that speed up the release of new IT functionalities and that facilitate engagement and simplification of target setting for savings and investment within the app. We are also exploring technologies that allow clients to instantly compare financial services in the market based on aggregated, anonymized data.

What are the main strengths of Beyon Money?

The app’s key strengths are the team behind it and the robust governance and stakeholder relations in place. Other main strengths are Beyon Money’s speed of execution and a focus on innovation that allows the company to anticipate and create demand and offer products that do not exist in retail banking. Looking ahead, we aim to transition from open banking to open finance, and ultimately to an open ecosystem, and we are working endlessly towards this goal with passion, speed, and professionalism.

Roberto Mancone, CEO of Beyon Money, explains how the Bahraini super app is catering to a broad spectrum of financial needs and developing an open ecosystem accessible to all.

Roberto Mancone, CEO, Beyon Money

Women Leaders Meet MENA’s

50 Over 50

Women 2023

Here are the trailblazers from MENA recognized in Forbes’s second annual 50 Over 50 : EMEA 2023 list, proving that age is no barrier to success.

and Naomi Campbell. Most recently, her label collaborated with Balmain.

• Nezha

Hayat

CEO and Chair, AMMC

Age: 59 • Country: Morocco

• Mona Ataya

Cofounder and CEO, Mumzworld

Age: 53 • Country: U.A.E.

Founded in 2011 by CEO Ataya and CCO Leena Khalil, Mumzworld is the largest online marketplace for mothers in the Middle East. The platform counts 2.5 million users across the region, offering over 250,000 products for parents and children. The Dubai-based firm had raised a reported $50 million before Saudi Arabia’s Tamer Group acquired a majority stake in 2021. Before settling in the U.A.E., Ataya worked in brand management at Proctor & Gamble in Ohio and for Johnson & Johnson in Switzerland. With her brother, the Palestinian entrepreneur later cofounded job-search site Bayt.com, before leaving to start Mumzworld. Ataya is an eTrade for Women Advocate for the UN Trade Agency, UNCTAD.

restaurant in Dubai in 2017. The Palestinian-Jordanian chef serves authentic Levantine recipes from eastern Mediterranean countries passed on from her mother, after whom the restaurant was named. The former school owner and cooking teacher moved to Saudi Arabia as a young woman, where she started her family. Upon settling in the U.A.E., Dakkak acted on her dream of owning a restaurant. She was cited in the Bib Gourmand category in the 2022 Michelin Guide and named Middle East and North Africa’s Best Female Chef 2023 by the food and beverage World’s 50 Best group.

Hayat was appointed CEO and chair of AMMC, Morocco’s Capital Market Authority by King Mohammed VI in 2016. A graduate of ESSEC Business School Paris, she worked on capital markets for several banks in Spain before heading back to Morocco to join Société Générale Maroc and Société Générale Marocaine de Banques, among others, administer the Casablanca Stock Exchange and serve as the first woman on the board of director of a bank in her home country. She is fluent in Arabic, French, Spanish and English and vocal in all four about more decision making roles for women in her country’s economy.

• Azza Fahmy Founder, Azza Fahmy

Jewellery

Age: 78 • Country: Egypt

•

Najwa Karam

Forbes Middle East’s Arab Music Stars 2021 list of 50 of MENA’s most streamed and followed active musicians.

Randa Muhammad Sadik

CEO, Arab Bank

Age: 60 • Country: Jordan

Sadik, an experienced Jordanian businesswoman, has been CEO of Arab Bank since February 2022. Arab Bank is one of the largest global Arab banking networks, with over 600 branches spanning five continents. It recorded $63.8 billion in assets in 2021. Sadik has more than 36 years of experience in banking, including 24 years at the National Bank of Kuwait, where she held various roles, including general manager of the international banking group. She holds an M.B.A. from American University in Beirut.

Asmaa Rhlalou

Mayor, Rabat

Chef and Owner, Bait Maryam

Age: 59 • Country: U.A.E.

Dakkak opened Bait Maryam

Fahmy established her jewelry brand in 1969 after becoming the first woman in Egypt to study jewelry making with the master craftsmen at Khan El Khalili, Cairo’s famous artisan market. In 2002, at 57, she opened her first factory, and seven years later, she opened her brand’s first boutique at the Four Seasons Hotel in Jordan. Today, Azza Fahmy Jewellery is one of the most renowned luxury jewelry brands in the Middle East, and her work has been worn by stars like Rihanna, Kerry Washington

Singer

Age: 56 • Country: Lebanon

Karam is a Lebanese singer, songwriter and producer known for blending traditional and contemporary Arabic music. She has sold over 60 million records and is a regular judge on the TV show Arabs Got Talent. The Maloun Abou L Echeq singer boasts an impressive social media following; nearly 40 million followers across Facebook, Instagram and Twitter. She was named among

Age: 54 • Country: Morocco

The Moroccan Ph.D. in economics, journalist and politician was elected as the first-ever female mayor of Morocco’s capital city, Rabat, in September 2021. Last October, Rhlalou was elected treasurer of the United Cities and Local Governments organization. Prior to becoming Rabat’s mayor, she worked for the Moroccan Parliament, and before that, she worked as the economics bureau editor of the Moroccan daily newspaper l’Opinion.

• Salam Dakkak

•

Dream Machine

of

What was the inspiration behind the establishment of VIP MOTORS?

I have been passionate about luxury vehicles, sports cars, and the automotive industry for a long time, so I thought why not create something special and unique for car enthusiasts who want to purchase their dream vehicle?

That’s when the idea for a high-end showroom, tailored to individual needs and wishes, was born. So, combining my enthusiasm and knowledge with an entrepreneurial spirit, I introduced something new and exciting to the market.

Your showroom comprises both used and new vehicles. What are the rarest and most notable cars in your collection?

We have many exceptional cars including limited edition vehicles from Lamborghini, Bugatti, McLaren, Ferrari, and Pagani. For example, our collection includes a Lamborghini Veneno Roadster— one of just nine in the world—a Bugatti Divo, and a Pagani Huayra Roadster, to name a few.

Being a successful businessman, what is the driving force behind your success and what is your advice to new entrepreneurs? Having a clear vision and ambitious goals are really important, but it is just as essential to be flexible and willing to adapt

to challenges. I am passionate and hardworking in my pursuit of success, and I am not afraid to take calculated smart risks. I also highly value forming strong relationships with my clients, employees, and the market.

My advice for aspiring entrepreneurs is to never stop learning. It is important to stay informed and updated on industry trends and to always keep an eye out for new opportunities to improve. Surround yourself with talented and experienced people who can provide you with the support you need and don’t be afraid to take calculated risks when you see the right opportunity. Most importantly, remember to be honest and respectful. Success is not only about making money, it is also about gaining a positive reputation.

Besides automotive, do you plan on expanding into other business lines in the future?

I believe that real estate is an ideal addition to the luxurious lifestyle we offer as it will provide our valued clients with extra value. By broadening our horizons into this market, our primary mission will be to offer a superior luxury experience that meets our clients’ requirements and needs. We are going to be committed to upholding the highest standards in the real estate industry as we do in the automotive sector and ensure that our clients receive a smooth and remarkable experience.

What are your plans for VIP MOTORS in 2023?

In 2023, our plan is to continue establishing our position as the biggest luxury car showroom in U.A.E. by providing a wider selection of the newest, most exclusive, and limited-edition luxury and sports car models in the world. We also plan to expand our showroom and invest in leading edge technologies to improve the client service experience.

Ahmad Nabil, Founder

VIP MOTORS, offers a glimpse into his company’s impressive automotive collection and some valuable advice for aspiring entrepreneurs.

Ahmad

Nabil, Founder, VIP MOTORS

• MONEY & INVESTING

By William Baldwin

Photograph by Levon Biss for Forbes

Shareholders of the World, Unite

Most investors are passive bystanders in boardroom battles. TUMELO wants to get them involved—and take fund managers out of the ideological crossfire.

GGeorgia Stewart, in 2017 a final-year student at Cambridge University, campaigned to have the endowment sell off its fossil fuel stocks. That didn’t get far. “When I was there they divested from tar sands,” she says dismissively. Anyway, she goes on, “divestment is not necessarily the best outcome. You just end up with shareholders who don’t care.”

Out of those sour grapes came a business idea. Stewart, 27, is the chief executive of Tumelo, a five-year-old Bristol, England, firm that gives investors a platform through which to express their views in proxy contests. “We want more transparency and accountability,” she says.

With 57 employees and $22 million in venture capital, Tumelo is not yet in the black but is positioned to get there. It finds itself on a battlefield in which do-gooders promoting causes like carbon reduction and gender equity are at war with anti-wokers who say corporations should have no mission except making a profit.

In theory, the shareholders of Exxon Mobil control it and can vote to replace

Rebel with a Cause Chief executive Georgia Stewart, at Tumelo’s Bristol, England, headquarters, is already counting green wins: Four anticoal candidates were elected last year to the board of Australian utility AGL Energy

the oil wells with solar panels if that’s what they want. Two problems here. One is that you probably own your shares indirectly. If you have $100,000 in an S&P 500 index fund, you have 12 shares of Exxon, but you don’t get the proxy. The fund operator does.

And then, if you did get the voting rights, what would you do with them? Did you have an opinion on Proposal No. 6 at last year’s Exxon meeting, “Reduce company emissions and hydrocarbon sales”? Do you have time to read 500 proxy statements?

Tumelo steps in the middle, collecting fees from brokers and funds that want to offer a voting feature as a selling point. The retail client gives Tumelo read-only access to a brokerage account, then selects from a menu of nine policy choices. There’s one espousing an anticarbon stance, another promoting worker rights and so on. The fund gets a report collating all the preferences and share counts of its Tumeloactive investors. The fund manager can then, with the help of proxy advisory firms like Glass Lewis, translate a policy into a vote on each proposal.

So far Tumelo has some degree of buy-in from Legal & General, a $1.6 trillion asset manager in the U.K.; Cushon, a London investment firm promoting what it calls carbon-free pensions; and the international arm of Fidelity Investments. Tumelo hopes to announce its first U.S. partner soon.

At the moment these shareholder counts are wishes, not commands; in both the U.K. and the U.S., the voting power unmistakably resides with the fund manager. Indeed, in Tumelo’s early days flow-through voting was too radical an idea and the firm did no more than help investment firms inform their clients how various funds were behaving in proxy contests. “If our stewardship started out giving votes, [money managers] would have laughed us out of the room,” Stewart says. But now, she says, the world is moving powerfully in the direction of shareholder democracy.

Stewart concocted this business with the help of two risk-loving Cambridge classmates, Will Goodwin and Benjamin King. Goodwin is now head of U.S. operations. King wrote the first pieces of a software package that now runs to 1.6 million lines of code and just quit to take up paragliding.

It was a cheapskate operation. In the first year the threesome holed up in the basement of Goodwin’s parents’ house and got free advice from a business incubator attached to the University of Bath. Stewart took the bus to get to

HOW TO PLAY IT

By William Baldwin

Worried about the climate? Get your S&P index from the Engine No. 1 Transform 500 ETF, whose sponsor used its proxies and its powers of persuasion in 2021 to get three dissidents onto the Exxon Mobil board. Those in the opposing camp can buy Vivek Ramaswamy’s Strive 500 ETF, which vows to “focus on profits over politics/ESG.” Both charge 0.05% in annual expenses. Third option: Buy the slightly cheaper S&P funds (expenses, 0.03%) in the BlackRock iShares and Vanguard lineups, and contribute your savings to a cause you believe in. In corporate governance BlackRock leans leftward, while Vanguard is closer to neutral.

William Baldwin is Forbes’ Investment Strategies columnist.

the investment office of musician Peter Gabriel to land some venture capital.

Lacking the money for a brand search, the founders typed “belief” into Google Translate and scrolled through the languages, looking for a word whose URL was not taken and which did not mean something awful in one of the other 133 languages. Sesotho, a language spoken primarily in southern Africa, came through.

Tumelo’s timing is good. Money managers who just a few years ago might have bristled at the idea of letting customers vote seem to be welcoming the idea today. Consider the plight of Larry Fink, who oversees $9 trillion of other people’s money as the head of BlackRock. He has made pronouncements on how corporations must cut carbon emissions and pursue social justice. Now he has money man Vivek Ramaswamy plus a gang of state treasurers complaining that BlackRock has no right to inject left-wing politics into boardrooms.

Solution: Have the clients do the crusading. BlackRock has a system to let institutional clients make proxy choices. Vanguard Group says it’s going to experiment with giving small investors in its funds a say.

No problem if the giant brokers and fund managers create their own systems for tracking investor wishes; once they pave the way, smaller outfits wanting to offer a voting feature can turn to Tumelo for a ready-made solution—and get the portfolio manager out of the middle of ideological battles. “A fund manager invested in Walmart did not expect they would have to vote on abortion last year. That has nothing to do with the investment thesis,” Stewart says.

It’s easy to see where Stewart and her cofounders envision that democracy could take the corporate world between now and when they cash in their pension funds. “Retirement is not just the number in your bank account,” she says. “What about your family’s employment, the air you breathe, your health?”

But if savers want to hand their proxies to some raider promising fatter dividends, never mind the workers or the atmosphere, so be it.

“Does Greta [Thunberg] or Vivek [Ramaswamy] speak for you?” Stewart asks. “At the moment you can’t make that decision.”

FINAL THOUGHT

“WHAT PEOPLE HAVE THE CAPACITY TO CHOOSE, THEY HAVE THE ABILITY TO CHANGE.”

—Madeleine Albright

BUYING TIME

Shaista Asif, Cofounder and Group COO of PureHealth, heads MENA's largest healthcare conglomerate. Merging technology with an increasingly broad portfolio of healthcare providers, the company is expanding its reach to help elongate people’s lifespans.

BY LAYAN ABO SHKIER

Shaista Asif, Cofounder and Group COO of PureHealth.

Although they may not be aware of it, you would be hard-pressed today to find a U.A.E. resident that hasn’t visited or interacted with a healthcare entity owned by the PureHealth Group. The healthcare conglomerate is the largest in MENA, with over 25 hospitals, more than 100 clinics, and 160 labs, as well as a health insurance provider, pharmacies, healthtech companies, procurement, and investments. “Having all of these assets under one umbrella gives us the ability and the agility to provide holistic care to our patients with the maximum positive impact to them,” says Shaista Asif, Cofounder and Group COO of PureHealth, stressing that the group’s ultimate goal is to be able to achieve longevity for people, helping them live healthier for longer.

In January 2022, PureHealth shareholder, Alpha Dhabi Holding (ADH), announced that it had entered into an agreement with state fund ADQ to consolidate several companies within PureHealth, making it the largest healthcare provider in MENA. The entities under its umbrella include the Abu Dhabi Health Services Company (SEHA), the National Health Insurance Company PJSC (Daman), the Abu Dhabi Stem Cells Center, Ambulatory Healthcare Services, Rafed, Yas Clinic Group, The Life Corner, Tamouh Healthcare, The Medical Office, Pure Lab, and ONE Health.

The agreement saw ADQ become the largest shareholder in PureHealth, along with other stakeholders, including ADH, the International Holding Company (IHC), AH Capital, and Ataa Financial Investments. However, not content with having the largest healthcare network in the region, PureHealth also started looking overseas. “Our investment strategy is to grow into international markets, invest in companies that add value to our investment portfolio and our operational competencies as well,” explains Asif.

In September 2022, PureHealth announced that it had entered into a definitive purchase agreement to acquire a $500 million minority equity investment in Ardent Health Services (Ardent), the fourth largest privately-held acute care hospital operator in the U.S., with 30 hospitals, more than 200 sites of care across six states, and approximately 26,000 employees. “Ardent was a no-brainer for us because it is a highquality provider and a market leader across the six states that it operates in,” says Asif. Investing in the U.S. market was also a strategic move. “We are looking very closely to building relationships with leading U.S. healthcare companies because the U.S. market is well known for its level of medical research and delivery of outstanding healthcare services.”

According to the group COO, investing outside of the U.A.E. serves PureHealth’s ultimate goal. “We’re looking to leveraging these partnerships to advance even faster on the science of longevity and to bring the next level of care into the U.A.E., where we will undoubtedly benefit from the research and development,” she explains.

“Life expectancies all over the world are increasing and the number of centenarians is also on the rise, but while there is a huge amount to celebrate in increased longevity, we believe that it is equally important to discuss improved health span,” says Mona Hammami, leader in the Middle East for the McKinsey Health Institute. “We have added 20 years to life span since 1960, but we spend 10 of those additional years in mediocre or poor health. To close this gap, technology can play a critical role in prevention, early diagnosis of health challenges, and enabling people to live independently and engage socially for many more years.”

With a large and broad portfolio of healthcare providers under its belt, in October 2022, PureHealth announced that it plans to take people’s average lifespan in the U.A.E. from 78 to 101 by 2071, buoyed by acquisitions that enable it to become a 360-degree healthcare provider. The group intends to support an individual with all their healthcare needs, including pre-birth genetic testing, maternity and childcare, oncology, urgent care, long-term care, mental health,

“We intend to digitize our existing user journeys to offer more convenience and ease to our patients.”

and stem cell therapies. “We’re focused on adding years to your life and life to your years. We’re on a journey to unlock time,” says Asif.

Asif’s own journey in this space began over 20 years ago. She started her career in 2001 in her home country of Pakistan as a consultant before joining local telecom provider Mobilink in 2003 in engineering as head of project management and climbing the ranks to be its director of enterprise solutions. Three years later, while still working for Mobilink, she connected with Farhan Malik, who is today PureHealth’s CEO. The pair decided to go into business, choosing healthcare because of the opportunities it presented for modernization. They wanted to merge technology with healthcare operations to offer a competitive and effective service. “Healthcare and how it was delivered was not optimal, and we wanted to do something about that,” remembers Asif. In 2006, using personal savings, they established PureHealth Medical Supplies in the U.A.E., focusing on providing diagnostic services. The following year, Asif resigned from her job at Mobilink to focus on her new startup. She also co-founded UTrade in 2008, focused on digitizing traditional trading, but she exited in 2013 by selling her stake in the company.

By 2012, PureHealth Medical Supplies was offering data-driven solutions and starting to grow its reputation as a tech-enabler in healthcare. In early 2020, IHC acquired 31.5% of the company. A year later, in March 2021, ADQ signed an agreement to merge its healthcare support services entities, Rafed and Union71, with PureHealth Medical Supplies, transferring its ownership of the two entities to the group and receiving a stake in PureHealth in return. The merger was completed in October 2021, according to IHC. In early 2021, ADH—a subsidiary of IHC—also acquired 31.5% of PureHealth Medical Supplies. And a few months later, IHC transferred its 31.5% stake in PureHealth to ADH, increasing the equity of ADH to 63%. In January 2022, following the ADH and ADQ agreement that made ADQ the largest shareholder of PureHealth, the company officially changed its name to PureHealth Group.

Using technology, PureHealth is now planning to make healthcare more accessible as a way of achieving longevity. Asif explains that the healthcare

industry today is designed to be “reactive rather than proactive,” whereby people go to hospitals and doctors only when they feel unwell. Shifting the way the industry is practiced could yield benefits for individuals and economies. “A healthy individual costs less to themselves and to the ecosystem, and they contribute more to the economy. So financially, it makes more sense,” Asif says. “We intend to digitize our existing user journeys to offer more convenience and ease to our patients.”

In the U.A.E., the healthcare industry seems to be well-positioned to integrate technology into its operations and services. According to McKinsey & Company, the combined digital-health market in Saudi Arabia and the U.A.E. could be worth $4 billion by 2026, as smartphone penetration rates in the

two countries are among the world’s highest, at an estimated 93%, with citizens using the devices to access digitized public services. The U.A.E. government has also been ramping up its healthcare budget, with over $1.3 billion out of its $17.2 billion 2023 budget being allocated to healthcare and community protection.

“We believe digital healthcare tools can flip this model by offering a more holistic insight into a patient’s health over time,” says Khaldoon Bushnaq, Cofounder of Alma Health. “Providers focused on improving clinical outcomes should be leveraging every interaction with patients to collect the right data over time in a real-world setting and providing it to their clinicians to develop a complete picture of the patient’s health for predictive analyses.”

According to Asif, PureHealth Group is currently implementing a healthcare-centric cloud that will be a one-stop-shop for the whole ecosystem, including hospital, insurance, and lab information systems, IoT, telehealth, genomics, and third-party apps that the group is going to be hosting. “In this process, through

technology and active monitoring, we are going to shift the paradigm from reactive care to preventive care,” she explains. The group has already started implementing the cloud into its operations and across the U.A.E.

“The importance of technology for achieving a compelling longevity solution cannot be underestimated,” says Sven-Olaf Vathje, partner and head of the Health & Life Sciences practice at Oliver Wyman in India, the Middle East and Africa. “Wearables technology can enable continuous tracking of core vital data, both for measuring data that flows into a personal longevity baseline and for providing personalized feedback on both whether and how longevity interventions work. Biotechnology can help understand individual predispositions to diseases and help personalize healthy-living programs. In the future, gene-editing technology may reach a point of evolution where cellular interventions could directly impact longevity.”

PureHealth is also partnering with several U.A.E. entities and government bodies on a number of initiatives in the healthcare industry. In 2016, it was awarded a contract to manage

and operate all the medical laboratories under the U.A.E.’s Ministry of Health and Prevention. In March 2022, it established a joint venture with Abu Dhabi’s Department of Health and healthtech company G42 to manage and operate the Center for Digital Health Abu Dhabi, the largest big data healthcare project in the U.A.E. PureHealth is currently working with the U.A.E. government on a project called Riayati, which is a digital healthcare platform for the National Unified Medical Records program, unifying healthcare records for individuals and creating a single record across public and private healthcare facilities. And the group is working on introducing a personalized life coach for everyone connected to the PureHealth network to help guide patients on preventive, proactive, and immediate care.

“We’re working towards pushing healthcare to the edge as close as possible to the users as much as the technology allows, understanding every individual’s uniqueness by studying their genetic makeup and delivering care to them through personalized medicine,” says Asif. “Being able to do that; that is the future.”

Healthcare Heads

Our 2022 Global Meets Local list, featured 50 regional heads of the world’s biggest international companies. These five U.A.E.-based leaders represented the healthcare sector.

Leader Company Designation Global headquarters

Patrick van der Loo Pfizer Regional President—Middle East, Russia, and Africa

Georg Schroeckenfuchs

Novartis Pharma Services

Head of Gulf and Saudi Country Group, Innovative Medicines Switzerland

Jean-Paul Scheuer Sanofi MCO Lead, General Manager Specialty Care Greater Gulf France

Ayman Mokhtar Viatris Regional President—Middle East, Türkiye, and Levant

Gizem Akalin GlaxoSmithKline

Vice President and General Manager - Gulf Region

U.S.

Van der Loo joined Pfizer in 1997, became head for the Middle East and Africa region in December 2020, and in September 2022 also began covering Russia, Belarus, Caucasus, and Central Asia.

Schroeckenfuchs became President of the Middle East and Head of the MENA Cluster at Novartis in 2018 and appointed Head of GCC Innovative Medicines in 2022.

Scheuer joined Sanofi in 2008 as the general manager for Ukraine. Scheuer is currently overseeing 800 people at Sanofi Genzyme at Greater Gulf, a newly-formed Multi-Country Organization.

Mokhtar assumed his current role in 2020. Mokhtar was previously regional strategy lead for the Middle East and Africa at Pfizer and general manager for the GCC countries for Upjohn.

U.K.

Akalin joined GSK in 2015 and assumed her current role in 2020. The company employs more than 250 people in the Gulf, including the U.A.E., Kuwait, Bahrain, Oman, and Qatar.

Stay connected with our latest business news.

(GSK)

Time Stands Still For No One

&

introduces the new

though it switches five times more often than its source of inspiration.

Heralding the beginning of a new era in watchmaking, the second generation ZEITWERK from A. Lange & Söhne has arrived and, in doing so, breaks away from convention. First introduced in 2009, the ZEITWERK concept features large jumping numerals for the hours and minutes as well as a constant-force escapement as a beat controller. To this very date, the clear, avantgarde display of time is peerless and underscores the manufactory’s ambition to constantly redefine the limits of technical feasibility.

Company founder, Walter Lange, repeatedly urged the need “to never stand still”. Following this maxim, the watchmakers at A. Lange & Söhne regularly question conventional concepts and pursue new, innovative approaches to watchmaking.

Walter Lange himself was inspired by another prominent figure in the industry: his great grandfather, Ferdinand Adolph

Lange. The Dresden watchmaker laid the cornerstone of Saxony’s precision watchmaking industry when he established his manufactory in 1845. Today, weaving this age-old tradition into an innovative approach remains at the heart of the Maison.

For the ZEITWERK, the master watchmakers at A. Lange & Söhne took their inspiration from the famous five-minute clock at the Semper Opera House in Dresden. Court clockmaker, Johann Christian Friedrich Gutkaes, was commissioned to create it and was asked to develop a time display that would be legible from the rearmost seats.

For Gutkaes, it was a challenge that demanded a revolutionary solution: a clock that displayed the time digitally in five-minute steps. In 1841, Gutkaes completed the clock with Ferdinand Adolph Lange, and the unusual idea behind it was transposed to the ZEITWERK, even

The most prominent element of the ZEITWERK is the time bridge made of German silver. Traditionally used by A. Lange & Söhne for frame parts such as bridges and cocks, the material makes it clear that it is an integral component of the movement. In the new ZEITWERK, it was subtly reworked to make more room for the subsidiary seconds dial at six o’clock. In the scale of the powerreserve indicator on the opposite side, harmoniously positioned above the round of the time bridge, the last 12 hours are now marked in red to clearly indicate that the tension of the mainsprings is gradually waning.

The sapphire bearing jewel is a further refined detail that builds a bridge to the movement. In most cases, rubies are used for bearing jewels, but in this case, Lange’s watchmakers chose this colorless, transparent precious stone for aesthetic reasons.

The new ZEITWERK has a case diameter of 41.9 millimeters and a height of 12.2 millimeters. It is available in two versions: pink gold with a black dial and a time bridge made of untreated German silver; and the platinum edition which has a rhodié dial made of solid silver.

A. Lange

Söhne

ZEITWERK, a timepiece built on history, innovation, and watchmaking mastery.

RETHINKING HEALTHCARE

Surgeon-turned-entrepreneur Mohamed Amin, Cofounder and Group CEO of Elaj Group, is on a mission to build data-first diagnostics and healthcare delivery in the Middle East. With plans for an IPO in 2024, he wants to construct a new narrative around healthcare.

BY JAMILA GANDHI

Mohamed Amin, Cofounder and Group CEO of Elaj Group.

In March 2023, Saudi-headquartered Al Borg Diagnostics inaugurated one of its largest reference laboratories in the Middle East. The state-of-the-art facility will carry out tests and analysis in molecular genetics, analytical chemistry, newborn screening, electron microscope, and digital pathology, and host an academy that will train and qualify laboratory personnel. “This is one project I’m deeply proud of and has been in the making for over two years now,” says Mohamed Amin, Cofounder and Group CEO of Jeddah-based Elaj Group, which owns Al Borg Diagnostics. “Historically, we send many samples to the U.S. and Europe for testing outcomes. Now we’re betting on our own capabilities, with an investment north of $40 million.”

It’s the latest in a pipeline of consistent technological investments across the serial entrepreneur’s businesses. Amin cofounded Elaj Group in 1994. Today, it is the holding company for 10 subsidiary entities in Saudi Arabia, the Gulf, Italy, and the U.K., with the major revenue drivers being Al Borg Diagnostics, GNP Hospitals Group, and Delta Medical Labs.

Amin cofounded Al Borg Diagnostics in 1998 as Al Borg Medical Laboratories and, by 2004, had expanded it into all major cities in Saudi Arabia. By 2016, the company had also reached Bahrain, Kuwait, Oman, Qatar, and the U.A.E. The company rebranded to Al Borg Diagnostics in 2021. Today, it has 85 international accreditations and is the largest chain of privately-owned laboratories in the GCC, with a presence in Ethiopia and Sudan and plans to expand further into Africa. Over 16.5 million tests are performed annually at Al Borg Diagnostics branches, which serve around 15,000 visitors every day.

Meanwhile, Egyptian holding company Tawasol Holding, cofounded by Amin in 2012, today has

Iseven subsidiaries and primarily invests in and operates healthcare providers in Africa, having led a consortium with Limevest to acquire ANMC in 2022 for $50 million.

Amin is now focused on developing an Accountable Care Organization (ACO) in Saudi, initiated by the Elaj Group through its GNP Hospitals Group subsidiary, in partnership with international institutions. An ACO is a patientcentric integrated care network wherein doctors, hospitals, and other healthcare providers come together voluntarily to give coordinated quality care to patients, according to the U.S. Center for Medicare and Medicaid Services. The Affordable Care Act in the U.S.—also known as Obamacare—is one example of an ACO signed into law to provide affordable healthcare for all.

Amin reveals that the Elaj Group is currently looking to partner with ACOs in the U.S. to collaborate. “Our biggest project now is to build the first private ACO in the region,” he says. “We will start in Saudi Arabia and hope to expand regionally.” The ACO model is expected to launch across the Elaj Group’s businesses in Jeddah and Khamis Mushait by the end of March 2023. By the end of 2024, Amin hopes to apply the healthcare model to its Egypt operations too, executed by a different leadership team.

As well as looking into evolving care models, for the Elaj Group, investment in technology is fundamental to rethinking traditional healthcare. In a bid to activate the lack of regional innovation in life sciences, Amin is planning to launch a $50 million VC fund focusing solely on life sciences. “The pandemic opened a pandora’s box of the value of life sciences and showed us how our healthcare systems are not well-equipped,” he explains. “We don’t know enough about life sciences in this region, so we must build our own capabilities.”

The potential of the sector is indisputable. The global life science analytics market is expected to

“The pandemic opened a pandora’s box of the value of life sciences and showed us how our healthcare systems are not well-equipped.”

reach around $24.12 billion by 2032, up from $9.34 billion in 2022, according to data by Precedence Research. “Postpandemic, the Middle East has witnessed a dramatic shift in the life sciences landscape,” adds Burhaan Khan, Partner and Head of Healthcare at KPMG Saudi Arabia. “This is driven by government and private sector investment, innovative regulatory changes and the promotion of STEM studies to create a new generation with the skills and abilities to match their global ambitions.”

In 2022, Al Borg Diagnostics also announced that it will offer franchising rights from 2023, extending an opportunity to those interested in launching their own diagnostic laboratory by benefitting from the company’s extensive experience and market know-how. In the first few months since launching, over 12 entrepreneurs indicated their interest and requested to franchise.

Still, executing all these plans is not without obstacles. “Healthcare is one of the oldest legacy systems on the planet, operating in the same way for the past 350 years. The challenge is shifting from the old system of nonstandardized processes to a data-driven era,” Amin explains. “To disrupt it, you need to rely on technology, and the execution of technology is one of the biggest challenges. Since it’s incredibly data and algorithm-driven, it’s challenging to convince healthcare workers and doctors to digitalize and believe in the value of data.” The founder is also aware that competition is fierce. “Medicine is already commoditized,” he states. “As healthcare providers, we have to move to value-based healthcare and add value to people’s lives to keep them healthy.”

One initiative in the 2023 pipeline to increase value is a new physical and

digital integrated wellness platform called Al Borg360, driven by diagnostics and remote patient monitoring. Focusing on population health management, Al Borg360 will aggregate patient data, provide actionable data analysis, and contribute to clinical decision making, proactive care coordination, and health optimization. Al Borg will also introduce the Al Borg National Diagnostic Network, a strategic working group of diagnostic laboratories, each committed to unleashing and sharing local innovation to boost national access

to diagnostic science and services, aligned with the Vision 2030 to enhance national healthcare. Additionally, Al Borg is planning an IPO by Q1 2024. “We’re offloading almost 30% to the public,” Amin reveals while keeping tight-lipped on forecasted valuations.

With more than 35 years of healthcare industry experience, Amin has honed his skills in spotting gaps in the system and benefitting from a first-mover advantage. However, he first found his passion for the industry in medical practice. An Egypt national and graduate of Cairo University’s 1984 M.B.B.CH cohort, Amin undertook medical training in the U.S. During his stint with the American private healthcare system, he worked

Al Borg Diagnostics announced it will be offering franchising rights from 2023.

with chronic patients and gained a deeper understanding of the rising costs of treating chronic conditions and the absence of dedicated treatment options for chronic illnesses in the Middle East.

In 1994, Amin completed his master’s M.Sc. E.N.T., finished his training in E.N.T. Surgery, and relocated to Saudi Arabia to cofound Elaj Group in Jeddah with Mohammed Fawaz Al Bishri and two private Saudi investors. Amin had become acquainted with Saudi healthcare management graduate Al Bishri through a mutual friend in 1992. The Elaj Group began as a medical center with a focus on the chronic care model, prioritizing quality of life enhancement and andrology. Today, Al Bishri holds a strategic executive role as chairman of the Board in both Elaj Group and Al Borg Diagnostics.

Amin quit practicing medicine full-time in 1998 to devote his attention to leading the business.

“As clinicians, we had a strong reputation of having skills and talents for our performance in our region,” reflects Amin. “However, we saw healthcare simply as transactional. I wanted to bring data-driven solutions to help the undertreated and uncontrolled segment of chronic illnesses to the Gulf.”

Chronic conditions—or noncommunicable diseases (NCDs)— such as cancer, cardiovascular disease, chronic respiratory problems, and diabetes, kill 41 million people each year, equivalent to 74% of all deaths globally, according to the World Health Organization. The crisis is global, but its prevalence in the region demands attention and continuous problem-solving. In 2017, NCDs accounted for 74% of all deaths in MENA, according to the Population Reference Bureau. Research by Statista found that the

Healthy Listings

Our 2022 list of the Middle East’s Top 100 Listed Companies featured these two entries from the healthcare sector.

Company: Dr. Sulaiman Al Habib Medical Services Group

(HMG)

CFO and Acting Group

CEO: Faisal Al Nassar

Country: Saudi Arabia

HMG began operations in 1995. Today, it has over 22 medical facilities across the GCC, including 14 hospitals and seven medical centers across Saudi Arabia, the U.A.E. and Bahrain. HMG employs 13,500 people and provides several digital health solutions, including Tele-ICU and an electronic pharmacy. Sulaiman Al Habib owns 40% of the company’s shares.

Company: Nahdi Medical Co.

CEO: Yasser Joharji

Country: Saudi Arabia

Nahdi Medical Co. listed its shares on the Saudi Stock Exchange in March 2022 after raising $1.4 billion in an IPO, which was the largest listing on the Saudi bourse since Saudi Aramco’s $29.4 billion record listing in 2019. As of September 2022, the firm had more than 1,091 pharmacies in 133 cities, and towns across Saudi Arabia, with growing operations in the U.A.E.

Stay connected with our latest business news.

Western Pacific had the highest number of deaths from diabetes in 2021 worldwide, followed closely by MENA. The International Diabetes Federation estimates that 73 million adults were living with diabetes in MENA as of 2021. This figure is projected to climb to 95 million by 2030 and 136 million by 2045.

However, according to Amin, Saudi Arabia seems to be on the right path to addressing the needs of its population. “The government is pushing hard for localization and paving the way for implementing value-based healthcare,” he says. The launch of Al Borg Diagnostics’ reference labs and the potential introduction of an ACO delivery model aligns with the Saudi Vision 2030 and the kingdom’s Health Sector Transformation Program, which aims to position the kingdom as a leader in global health, including implementing value-based healthcare services.

For KPMG’s Khan, a ready landscape is one factor in implementing and improving valuebased healthcare. “This requires having an integrated informatics infrastructure to capture and analyze health outcomes combined with a regulatory environment that supports and encourages the integration of care across the health provision value chain,” he explains. One such initiative by the kingdom is the National Platform for Health and Insurance Exchange Services, a unified digital platform to better connect insurance companies and healthcare providers.

But as the region evolves, transformation in healthcare is still a work in progress. “We’re pushing healthcare professionals to be technology adopters; by continuously building capabilities and increasing capacity,” insists Amin. “This is the bottom line I strive for.”

By Oliver Sykes, Partner – Technology Consulting at PwC

Why Digital Technology Is Critical To ESG Success

On 28 July 2022, we reached Earth Overshoot Day—the day on which we have used all the biological resources that the Earth regenerates in a year. Our rapid industrial and now technological advancement is the culprit. But that same technology will, it is hoped, prove to be our salvation.

There are many examples of how digital technologies can be applied to support environmental issues, including the use of robotics, the Internet of Things, and drones to improve efficiency, reduce waste, and provide less carbon-intensive means of environmental management. The 2022 World Economic Forum in Davos highlighted the many ways in which digital technology is transforming environmental protection across the world, from the use of blockchain technology to tackle illegal fishing to the use of AI to help protect endangered species. The WEF believes that digital technologies have the potential to cut global emissions in the three highestemitting sectors by 20% by 2050.

It can be equally effective on an organizational level. Corporate use of digital technology—defined as the use of electronic tools, devices, systems, and resources that generate, store, or process data—has the potential to power an organization’s ESG strategy and execution. From the perspective of businesses, ESG, and digital technology can be seen as two sides of the same coin.

One of the biggest challenges for businesses is ESG reporting. Regulators worldwide are steadily ramping up reporting requirements, and while most of these requirements apply to financial institutions and large or listed companies, they can impact smaller organizations in their supply chains. As requirements evolve, SMEs will increasingly come into scope for ESG-related disclosures.

Further ESG reporting requirements are an inevitability. But this is not necessarily seen as an onerous task; many large companies in the Middle East would welcome increased ESG regulation, and many

see ESG as an opportunity to enhance their brand and reputation. Even so, some organizations see ESG reporting as a compliance burden rather than an opportunity.

Meeting ESG reporting requirements can be a significant challenge. Producing highly available, quality data is difficult and requires time, persistence, and investment. Source data required for ESG reporting—which includes human capital, cyber security, greenhouse gas emissions, and safety—will typically be produced and processed by multiple financial and transactional systems. Any gaps in data need to be identified and existing systems reconfigured. Data quality is also vital, requiring the appropriate governance and control environment to protect the consistency, integrity, and security of the organization’s ESG data. Robust data collection systems and powerful analytical tools are allowing organizations to gather reliable, consistent data and measure the progress of their ESG initiatives.

Digital technologies are already being used to improve efficiency, reduce waste and provide less carbon-intensive means of environmental management. ESG frameworks, in turn, can help organizations apply a broader approach to sustainability and highlight the potential risks in applying new digital technologies. For example, they have a social impact in the form of job displacement and reduced human-to-human contact.

Changing the way we use digital technology can significantly move the dial, such as by embedding ESG metrics as part of the technology sourcing processes and introducing electronic waste management. It can also play a central role in enabling an organization’s governance through systems that provide improved transparency, decision-making capabilities, and empowerment of compliance.

Digital technology is the key component of an ESG strategy, but it is also clear that an ESG-focused mindset can help organizations approach it in a sustainable, thoughtful way.

Qatar: Flying High

After a tumultuous period, 2022 was a breakthrough year for the aviation industry, with most global airports and airlines beginning to see optimistic figures due to pent up demand for travel and the easing of restrictions. Now, with 2023 well underway, there is optimisim for further recovery, despite ongoing issues such as inflation and labor strikes.

In Europe, full recovery of passenger traffic is expected in 2025, based on research from Airports Council International (ACI). More broadly, through stringent processes and protocols to safeguard travelers, we anticipate that travel will continue, particularly during peak periods in the year. The resumption of megaevents will also have a positive impact on the industry.

In the Middle East, the FIFA World Cup Qatar 2022 elevated development and tourism in the region, playing a crucial role that not only shaped 2022 but that promises to shape the future of the region for years to come. Thanks to strong relationships with neighboring countries, Qatar was able to welcome hundreds of thousands of fans during the event, via air, land, and sea. Through special partnerships, our airport provided shuttle services from airlines in Saudi Arabia, the United Arab Emirates, and Oman, providing even more options for residents of the region to access the FIFA World Cup.

Global events such as the FIFA World Cup Qatar 2022 have opened the door for more travel and introduced new routes and new airline partners, making countries more accessible than ever before. This has demonstrated the impact of sports tourism, not just on the host country, but on the region as a whole.

A True Sporting Destination

As the first Arab and Middle Eastern country to host a FIFA World Cup tournament, the State of Qatar has become the ultimate destination for sporting events, inviting millions of people to experience its world-class services, facilities, and attractions.

The growth and development of Qatar prior to and since the global football event have led to the progress of several of the country’s major entities, including its airports. According to official reports, the tournament attracted more than 1.4 million fans from across the globe, with an average of 53,000 spectators per match. During the tournament, we were able to utilize our major hub, Hamad International Airport (HIA), as well as our second facility, Doha International Airport (DIA).

In 2022, our facility witnessed a 101.9% year-on-year surge in passenger traffic, as we welcomed over 35.5 million passengers.

For Eng. Badr Mohammed Al Meer, Chief Operating Officer at Hamad International Airport, 2022 was an exceptional year for the aviation industry, the State of Qatar, and the entire region.

Eng. Badr Mohammed Al Meer, Chief Operating Officer, Hamad International Airport

Hamad International Airport also saw an increase in overall aircraft movements of over 200,000, representing a 28.2% increase compared to 2021. These numbers, along with promising insights for 2023, will help us to grow our airport and allow us to further enhance our facilities, introduce even more destinations, and increase the number of airline partners operating to and from our premises.

Hamad International Airport: A World-class Gateway To The World

Since Hamad International Airport’s inception in 2014, we have strived to showcase progress and innovation while maintaining operational excellence and exceptional customer service, creating memorable experiences for visitors and proudly representing the State of Qatar. Through our facility, Qatar has become the ultimate hub for travel, where passengers have access to over 170 global destinations.

In November 2022, in line with the FIFA World Cup 2022 and the necessity to expand our facility to meet our ambitions for 2023 and beyond, we introduced our airport expansion project. The newly expanded terminal was a key milestone in our highly ambitious journey, enhancing the airport’s position as the preferred gateway for travel and connecting even more global travelers. The expansion increased the overall capacity of our airport to more than 58 million passengers annually and allowed us to upgrade passenger comfort and increase lifestyle and wellness offerings. Overall, the expansion has strengthened our ambition of remaining one of the best airports in the world and has showcased our plans to innovate our operations.

One of the projects—and the main attraction of the expansion—is the

“The newly expanded terminal was a key milestone in our highly ambitious journey, enhancing the airport’s position as the preferred gateway for travel.”

indoor tropical garden known as the ORCHARD. It is a place of relaxation and tranquility, wrapped around multi-dimensional retail and F&B offerings curated for visitors of all ages and interests.

Innovation And Technological Advancements

Innovation and technology play vital roles in the development of operations and overall growth. At our facility, we utilize the latest technologies and innovative solutions to ensure a safe and enjoyable experience for our passengers, creating a sustainable, eco-friendly airport. New technologies introduced at Hamad International Airport expedite transfer times for passengers and deliver an unparalleled level of security, customer service, and stress-free experience. Our learnings during the COVID-19 pandemic made us aware of technological solutions that keep travelers safe and healthy, so we have introduced innovative tools such as contactless products and continuous sanitization.

At the transfer halls, we have installed 14 security lanes and the very latest scanning and image processing equipment for

centralized security inspection and analysis with a capacity of approximately 5,600 passengers per hour. Through our partnerships with leading technological entities and experts, we have also invested in the latest AI tools for a full digital transformation, including robotics, blockchain technology, and other cutting-edge digital tools that improve operational efficiency.

A Promising 2023 And Beyond

After a return to strength in 2022, the future of the industry is promising, with further growth predicted for 2023 as we look to surpass pre-pandemic levels. The introduction of new routes, outstanding customer service, and the continuity of investments in technological advancements take us a step further towards achieving our goals. We will continue to share our expertise and work with partners and peers to elevate the aviation industry for years to come.

www.dohahamadairport.com

LEADERS

MEDICINE MAN

For Sherine Hassan Helmy, CEO of Egypt’s Pharco Pharmaceuticals, success is about impacting humanity, as well as growing his family business. Having helped tackle an endemic hepatitis C outbreak in Egypt, he’s now looking to Africa and to biological products for future progress.

BY MUNAWAR SHARIFF

SHERINE HASSAN HELMY

Sherine Hassan Helmy, CEO of Egypt’s Pharco Pharmaceuticals.

A decade ago, Egypt had the highest number of Hepatitis C Virus (HCV) cases in the world, according to a September 2022 report by the World Economic Forum. A widespread campaign to treat schistosomiasis—a disease caused by parasitic worms—in the second half of the 20th century had unwittingly spread HCV, and by 2015, 10% of people in Egypt between the ages of 15 and 59 had the disease. Fast forward eight years, and today it is on track to be the first country in the world to completely eliminate HCV within its borders.

It has achieved this thanks to a national screening and treatment program launched by the Egyptian government in 2014, which saw government departments, non-profit providers, international organizations such as the WHO and the World Bank, and private players working together to test and treat the population. In particular, local drug manufacturer Pharco Pharmaceuticals played its part by creating and producing affordable and effective direct-acting antivirals. By 2020, Egypt had screened more than 60 million people for HCV and successfully treated over four million.

Pharco is currently working on an African project, “A Billion Lives Matter,” in line with the UN SDGs, which aims to test and treat 90% of Hepatitis B and C patients in Africa by 2030. “Approximately 8% of the African population is infected with Hepatitis B and 2% with Hepatitis C,” says Sherine Hassan Helmy, CEO of Pharco Pharmaceuticals. “To get a firm grip on your future, you need to rewrite the rules of the game. We want to help humankind by creating new, high-quality products and have them available to the consumer at affordable prices.”

The company is also embracing the rise of telemedicine in Africa. In January 2021, it built 10 Pharco live centers in Zambia. At the same time, it began working with clinics and labs in rural areas to provide solar panels. “Africa is going to be the

Ahighest-developing continent in the world in the next three decades,” says Helmy.

Founded in 1983 by Helmy’s father, Hassan Abbas Helmy, Pharco is today one of Egypt’s biggest drug manufacturers. It produces and markets 450 brands, generics, branded generics, and licensed products, with a 9% market share of the Egyptian market in units in 2022. With offices in Saudi Arabia, Yemen, the U.A.E., Bahrain, Lebanon, Libya, and Romania, it exports its medicines to more than 50 countries.

The company was already one of the country’s largest pharmaceutical companies when, in 2006, Egypt’s Ministry of Health and Population created the National Committee for the Control of Viral Hepatitis to help combat the country’s HCV epidemic. In May 2015, Egyptian President Abdel Fattah El-Sisi formally reached out to the pharmaceutical industry for assistance as part of the country’s “100 Million Healthy Lives” campaign. “President El-Sisi said, ‘I have a dream of curing one million Egyptians from hepatitis every year,’” remembers Helmy. However, at that time, there were millions of people carrying the disease, and the estimated lifetime price of direct and indirect medical costs per person associated with treating HCV was over $100,000.

Tasked with finding a cheaper alternative, Pharco began looking into how it could manufacture the WHO pre-qualified generic direct-acting antiviral (DAA), Sofosbuvir, which had been found to significantly improve prospects for HCV carriers. Egypt’s Patent Office had rejected a patent to produce the DAA, but one was pending for the active pharmaceutical ingredient (API). “We found that the product for curing HCV did not have a patent in Egypt, but the process of creating the API did, as well as its polymorph shape,” explains Helmy. According to the CEO, Pharco worked with an Italian expert to create a non-infringing method for the API patent and filed to register it in the U.S. The next step was to build a manufacturing facility. “We had to build a

“Perseverance, honesty, humanity. Producing safe, effective, and affordable medicine. This is our purpose in life.”

raw material factory. Once we did that, we got 20 Italian experts on board who would streamline the raw material manufacturing process,” Helmy adds.

In 2016, Pharco’s Pharco B International subsidiary opened its Pharco B Chemicals plant in Alexandria, Egypt, to manufacture APIs, the first of which was Sofosbuvir. Using technology to manufacture a new polymorph shape and method of production, Pharco quickly attained economies of scale due to the quantities of raw material required by Egypt. The company was able to bring down the price from $1 million per kilo of raw material to $1 million per ton and finally produce HCV treatment at the cost of $100 per person. “We gave this medicine to the Egyptian government for one Egyptian pound a pack,” says Helmy. Pharco also produced Ravidasvir for HCV and filed for a new chemical entity, registering in Malaysia, Thailand, and China.

Next came the testing. According to the CEO, another of Pharco’s emerging subsidiaries, Misr Applied Knowledge Enterprise for Research and Services (MAKERS), created a magnetic resonance device able to identify the presence of HCV using its fingerprints. If the virus is detected, the patient is called in for further tests and treatment. During the screening process, patients were also tested for other non-communicable diseases, such as diabetes, anemia, blood pressure, and obesity, with data collected to create a health map for the population. Between 2014 and 2020, Egypt screened more than 50 million and treated more than four million residents for HCV.

“Our aim in 2015 was to make Egypt free from HCV by 2020, and with the help of God, we succeeded in achieving it,” says Helmy. “We worked side by side with the Egyptian Ministry of Health and the Tahya Misr fund in mass screening for detecting HCV patients and curing them, screening 60 million Egyptians aged six years and up.”

Investing in healthcare has become a primary focus for the Egyptian government. In April 2021, President Abdel Fattah El-Sisi inaugurated Egypt’s Medicine City, Gypto Pharma in Khanka to boost public and private sector partnerships and make the country

a regional hub for the pharmaceutical industry. Healthcare in Egypt was also marked by a number of important developments in 2022, with the government investing in new medical facilities, equipment, and technology. “The Egyptian government has put forth several successful initiatives as part of its 2030 vision in an effort to uplift the healthcare sector in Egypt,” says Fahad Khater, Owner and Chairman of Egypt’s Alameda Healthcare. “The 100 Million Healthy Lives Campaign, as well as the application of the Universal Healthcare Insurance System, has been a testament to the government’s unwavering hard work in providing access to proper healthcare services to Egyptians across the country. The public-private-partnerships model in the healthcare sector plays a vital role in enhancing the range of medical services provided and developing the skillset of Egyptian doctors to ultimately revolutionize the Egyptian healthcare industry.” Egypt has almost 60% of North Africa’s active hospital projects, according to data from ABiQ. The Egyptian pharmaceutical market was valued at $3 billion in 2022 and is expected to grow at a compound annual growth rate of more than 7% until 2027, according to GlobalData.

The industry is booming today compared to 1953, when Pharco’s founder, Hassan Abbas Helmy, graduated in pharmacy. He established Pharco in 1983, which in 1987 began producing antibiotics under a license from Mead Johnson, now known as Bristol-Myers Squibb, as well as other dosage forms like tablets, capsules, syrups, creams, ointments, suppositories, ampoules, drops, and effervescent granules. In 1993, it established a business to import, market, and distribute its products in Romania— Pharco Impex—which today covers more than 4,000 pharmacies across the country. In the same year, Pharco partnered with RP Scherer Egypt to establish Safe Pharma in Alexandra, Egypt, which manufactures soft gelatin capsules for MENA.

In 2002, Pharco acquired two private Egyptian shareholding pharmaceutical companies based in Alexandria: European Egyptian Pharmaceutical Industries, which was founded in 1998, and Amriya

Pharmaceutical Industries, established in 1984. It also acquired Techno Pharma and its two manufacturing plants. In 2008, Pharco established Pharco B International to manufacture sterile oral Cephalosporins, which expanded in 2012 to produce sterile paranterals, WFI small-volume parenterals, and large-volume parenterals.

Helmy remembers as a child watching his father work, and years later, after he graduated from the same faculty as his father did, he went into the family business, starting out as a medical representative. As Pharco grew, Helmy became involved in all aspects of the work, from project management to writing documentation and paperwork, production management, and site management, eventually gaining an MBA in total quality management and a DBA in organizational behaviour from the Arab Academy for Science and Technology and Maritime Transport. Helmy became CEO in 2013, and three years later, Pharco B Chemicals was created to manufacture APIs,

starting with Sofosbovir.

Looking ahead, Helmy now has his eye on manufacturing biologicals and vaccines using herbs as raw materials. Pharco inaugurated a new factory—Biogenetic Pharma—in January 2023, which will be a platform for biological products, vaccines, and insulin. Among a number of other initiatives, it is currently focused on creating a new oncology product based on a single herb. “Chemotherapy and radiotherapy are very harmful to the cancer patient and have a lot of side effects,” explains Helmy. “So how can we get a new immunotherapy drug that can improve the patient’s quality of life?” Pharco has applied for a U.S. patent and plans to launch the product as an immune-boosting herb before 2025.

For the CEO, future success is not about the bottom line. “You have a mission and a purpose in life, not just in making money, but in leaving no patient behind,” he insists. “Perseverance, honesty, humanity. Producing safe, effective, and affordable medicine. This is our purpose in life.”

Egypt’s Family Empires

Mansour Group

ELARABY Group

Chairperson: Mohamed Mansour

Diversified 1952

Chairman: Ibrahim Elaraby Manufacturing 1964

Hassan Allam Holding

Memaar Al Morshedy

The Orientals Group

Mohamed Mahmoud Sons Group

Misr Italia Holding

Chairman: Kamal Allam Diversified 1936

Chairman: Mohamed Morshedy Real Estate 1983

Chairpersons: Yasmine and Farida Khamis

Diversified 1979

Chairman: Hany Mahmoud Diversified 1895

Founder and Owner: Hany & Khaled El Assal

Real Estate and Construction 1981

The Mansour Group’s network covers 100 countries, and it employs over 60,000 people.

The ELARABY Group is associated with large international companies, including Toshiba, Sharp, Hitachi, La Germania, Seiko, Alba, and Sony. The group has a workforce of over 40,000 people.

Hassan Allam Holding started as a limited partnership company for general contracting. Today it has operations across Engineering, Construction, Infrastructure, Investment, and Development.

Memaar Al Morshedy was established in 1983 by Mohamed Morshedy. It has developed more than 1,100 buildings, 156 complexes and 26 malls, among others.

The Orientals Group was founded as a single loom operation. Today, the group has over 240 looms, 259 stores, and three distribution offices in the U.S., the U.K., and the U.A.E.

MM Group has 15 companies and partnerships with Samsung, Huawei, and Bosch.

Misr Italia Holding operates in the real estate, tourism, facility management, furniture, and decoration sectors. Its real estate subsidiary, Misr Italia Properties, has 25 projects.

Our 2022 list of the Middle East’s Top 100 Arab Family Businesses featured seven entries from Egypt.

SHERINE HASSAN HELMY

Stay connected with our latest business news.

By Ali Ustun, Leader of the Healthcare Digital and Analytics practice in Central Asia, the Middle East, and Africa at McKinsey & Company

How Digital Technologies Can Improve Saudi Healthcare

There is no substitute for the skills and compassion of medical professionals, but there is a role for more technical capabilities. New and emerging digital technologies can improve patient outcomes in various ways. Saudi Arabia is well positioned to benefit. More than 90% of Saudis are connected to the internet, and they are accustomed to accessing public services through their phones.

By investing in digital health, the kingdom could unlock as much as $27 billion in efficiencies and better outcomes by 2030. Four solutions—virtual consultations, self-care clinical decision support, and workflow automation—constitute a significant share of the $27 billion at stake. And the good news is that none of this has to be invented from scratch: there are reallife examples. This will not happen automatically; it will take a coordinated effort from healthcare providers, payers, digital-health startups, e-commerce companies, retail conglomerates, pharma companies, investors, and even telecommunications companies, all of whom can play distinct and important roles.

Incentives require alignment to nudge practitioners in this direction. For example, in response to the Covid-19 pandemic, the U.S. Centers for Medicare & Medicaid Services allowed reimbursement for activities associated with remote patient monitoring. The idea was to encourage physicians to provide access to telehealth and remote monitoring services. The kingdom did something similar in 2018 when it established reimbursement protocols for telemedicine visits for private health insurance companies. This same principle could be extended to other technologies, such as digital therapeutics.

For those services to be effective, practitioners must know how to use them. That means scaling up digital education programs that can build

foundational skills. Finland’s University of Oulu has been working with medical education providers to school future doctors and dentists so that they can use digital tools. It also provides e-health training for current and future professionals.

Saudi providers could encourage greater uptake by giving no-cost access to telemedicine and other innovations. This reduces the barriers to access while also cutting costs. The kingdom already provides an array of free offerings, such as diabetes checks. The principle is to keep up with emerging practices.

None of this can happen without sustained and substantial government support. That means working with medical professionals to set goals for digital adoption, establishing policies that reward the use of these technologies, and evaluating how they benefit the healthcare system. It also means ensuring that everyone—hospitals, universities, agencies, pharmacies, and registries— is on the same page.

In a sense, expanding digitization in healthcare is pushing on an open door. Saudi Arabia has had electronic patient records for years, and the pandemic did much to accelerate consumer acceptance. Saudi institutions are participating in partnerships that are researching initiatives in applying AI to health and using data analytics in regard to preventable diseases. At the same time, though, many people are unaware of the digital-health technologies that are already available, and government agencies could move faster to replicate successful practices from other countries and to expand the use of well-established digital therapeutic solutions.

Digital health services are no replacement for the human touch, but used wisely they can help the kingdom’s medical professionals add more years to lives and lives to years.

THE MIDDLE EAST’S

TOP 100 HEALTHCARE LEADERS 2023

Recent years have witnessed an increasing growth of forward-looking innovations and transformations within the healthcare industry, including emerging biotech and healthtech startups and initiatives, AI, robotics, and digital integration and automation.

CB Insights reported a contraction of 57% in the digital health sector in 2022 compared to the previous year, recording $25.9 billion in funding deals, but MENA’s Healthtech startups raised $124 million through 53 deals in 2022, according to Wamda.

The GCC is continuing to build a comprehensive health ecosystem, with intensified activity in public-private partnerships. In 2022, Saudi Arabia’s healthcare expenditures were estimated to have reached $20.7 billion, nearly 8% of its budget in 2022, and $21.5 billion, 7% of its budget in 2023, according to the Saudi Ministry of Health. The U.A.E. dedicated 8.09% of its federal budget to healthcare and community protection in 2022.

In 2022, the Saudi Stock Exchange saw three listings of healthcare companies: Scientific and Medical Equipment House Co. in February 2022, and Nahdi Medical Company and Al-Dawaa Medical Services Company in March 2022. Abu Dhabi’s ADX also witnessed the listing of Burjeel Holdings in October 2022, which boosted Shamsheer Vayalil’s net worth to reach $2.3 billion in February 2023.

Our 2023 list of the Middle East’s Top 100 Healthcare Leaders features 101 of the region’s most influential healthcare heads across pharmaceuticals, medical facilities, technology, medical equipment, and healthcare investment, all playing an influential role within MENA’s healthcare ecosystem in 11 countries. The U.A.E. dominates with 44 entries, followed by Saudi Arabia with 26 and Egypt with eight.

Methodology

To create the ranking, we considered the following:

• The size of the company the leader is heading, including revenues, assets, facilities, etc.

• The impact that the leader has had on the region’s healthcare sector.

• Innovative initiatives and achievements in the past year.

• Experience of the leader in the sector and current designation and role within the company.

• Diversity of operations.

• Ownership of assets.

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

1 Shaista Asif

Cofounder and Group COO

• Company: PureHealth Group

• Country: U.A.E.

• Sector: Diversified

Asif has more than 22 years of work 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, 160 labs, health insurance providers, pharmacies, healthtech, procurement, investments, and more. It owns SEHA, Daman, Abu Dhabi Stem Cells Center, Ambulatory Healthcare Services, Rafed, Yas Clinic Group, The Life Corner, Tamouh Healthcare, the Medical Office, Pure Lab, and ONE Health. Abu Dhabi’s Department of Health collaborated with PureHealth on organ and tissue donation in November 2022.

2 Said Darwazah

Executive Chairman and CEO

• Company: Hikma Pharmaceuticals

• Country: Jordan

• Sector: Pharmaceuticals

Darwazah has been with Hikma Pharmaceuticals for 42 years. He has been the CEO since 2007 and was appointed executive chairman in 2014. The company is listed on the London Stock Exchange and is the third largest pharmaceutical company in MENA in terms of sales. It operates across North America, MENA, and Europe under three main business lines: injectables, branded, and generics. In 2022, Hikma reported $2.5 billion in revenues, of which 6% was invested in R&D. Darwazah also served as Jordan’s Minister of Health from 2003 to 2006.

3 Hanan Mohamed Al Kuwari

Managing Director

• Company: Hamad Medical Corporation (HMC)

• Country: Qatar

• Sector: Diversified

Al Kuwari joined HMC in 1996 and was appointed Managing Director in 2007. In January 2023, HMC cooperated with Qatar BioBank to launch phase one of the Tissue Biobank Service to collect, process, and distribute human tissue samples for research purposes. It also signed an MoU with the Qatar Red Crescent Society to fund and support HMC’s future projects. Al Kuwari

is also Qatar’s Minister of Public Health and sits on several boards, including for the Academic Health System International Advisory Board and Sidra Medicine. She previously worked at the World Health Organization.

4 Sulaiman Al Habib

Founder and Chairman

• Company: Dr.Sulaiman Al Habib Medical Services Group (HMG)

• Country: Saudi Arabia

• Sector: Hospitals

Al Habib founded HMG in 1995 as the Olaya Medical Complex. Today, the group owns 14 hospitals and has seven medical centers across Saudi Arabia, the U.A.E., and Bahrain. HMG made $2.2 billion in revenues for 2022 and recorded $3.4 billion in assets. Before joining HMG, Al Habib was head of the pediatrics department at the Security Forces Hospital in Riyadh. Al Habib is the largest shareholder in the company, owning 40.03% of its shares. Al Habib is a qualified pediatrician and was the chief medical officer at King Khalid University Hospital before founding his own company.

5 Nasser Sultan Al-Subaie

CEO and Vice Chairman

• Company: Mouwasat Medical Services Company

• Country: Saudi Arabia

• Sector: Hospitals

Al-Subaie oversees Mouwasat Medical Services’ hospitals, medical centers, drug stores, pharmacies, and wholesale medical equipment and drugs. He also owns 17.5% of the company’s shares, which were valued at $898 million as of February 13, 2023. The company had total assets worth $1.2 billion as of September 2022 and reported revenues of $446.4 million for the first nine months of the year. In 2022, Mouwasat and MediServ launched AI-based integrated OCT machines at Mouwasat Medical Services Hospital in Al Jubail. In October 2022, it announced it had completed the purchasing of 51% of Jeddah Doctors Company. In January 2023, Mouwasat partnered with Philips to implement its TeleICU solution across its critical care network in Saudi Arabia.

Shaista Asif

6 Hasan Jasem Al Nowais

CEO

• Company: Mubadala Health

• Country: U.A.E.

• Sector: Diversified

Al Nowais oversees Mubadala Health’s network of hospitals, laboratories, and health centers and more than 11,000 people. In October 2022, the company announced a merger with G42 Healthcare to create a new integrated healthcare company. In November 2022, it announced a partnership with Mumtalakat Holding Company to explore establishing a long-term care facility in Bahrain. And in December, it announced a partnership with the Abu Dhabi Pension Fund to launch a personal health program for pensioners registered with the fund. Al Nowais previously worked with Mubadala Investment Company.

7 Ayman Tamer

Group Chairman

• Company: Tamer Group

• Country: Saudi Arabia

• Sector: Pharmaceuticals

The Tamer Group was established as a pharmacy over 100 years ago. Today, the family business employs 4,000 people and has operations in healthcare supply and manufacturing, logistics, e-commerce, consumer care, and IT solutions. In 2023, the group partnered with the U.K.’s Open Medical to integrate digital transformation solutions in Saudi Arabia. Tamer is an honorary advisory board member of Effat University. He is also a board of governance member at Pearl Initiative and the Pharma Committee at the Jeddah Chamber of Commerce and Industry.

for Healthcare (NHC). Nearly 54.7% of the company is owned by Bait Al Batterjee Medical Company. Batterjee has 21 years of experience in healthcare. He is also the executive vice chairman and CEO of the family-owned Bait Al Batterjee Group and cofounder and president of Humania Capital.

9

CEO

Majid Al Fayyadh

U.S. KFSH&RC-Riyadh is the country’s representative member and contributor to the International Cancer Genome Consortium. Al Fayyadh was previously deputy executive director of medical and clinical affairs.

10 Shamsheer Vayalil

Founder and Chairman

• Company: Burjeel Holdings

• Country: U.A.E.

Makarem Sobhi Batterjee

8

President and Vice Chairman

• Company: Saudi German Health (SGH)

• Country: Saudi Arabia

• Sector: Hospitals

Batterjee assumed his current role in 2017. Saudi German Health has 18 facilities across Saudi Arabia, the U.A.E., Egypt, Yemen, Morocco, and Pakistan. In 2022, it opened a hospital in the Al Jamea District, Jeddah. In the first nine months of 2022, the group recorded $409 million in revenues and had assets worth $1.2 billion. The company owns 53.9% of the National Hail Company

• Company: King Faisal Specialist Hospital and Research Centre (KFSH&RC)

• Country: Saudi Arabia

• Sector: Diversified Al Fayyadh was appointed to his current role in October 2017.

KFSH&RC comprises advanced specialized centers across various disciplines, including heart, neuroscience, and genomic medicine, among others. In September 2022, KFSH&RC signed an MoU with Oracle Cerner to develop joint ideas and research on data and AI. In 2022, the KFSH&RC-Madinah mega project was awarded as one of the top projects in the world in the category of large and mega projects by Project Management Institute,

• Sector: Diversified Vayalil founded Burjeel Holdings in 2007. Today, it has 16 hospitals and 23 medical centers, as well as pharmacies and other services in MENA. In August 2022, the group signed an MoU with Saudi’s Ministry of Investment to invest up to $1 billion in the kingdom by 2030. VPS Healthcare Holdings owns 70% of the company, and Abu Dhabi’s IHC acquired a 15% stake in September 2022. In October 2022, Burjeel Holdings was listed on ADX, after raising nearly $300 million in its IPO. Vayalil had a net worth of $2.3 billion in February 2023. He is also a member of the U.A.E. Medical Council and the advisory committee of the University of Sharjah College of Medicine.

Hasan Jasem Al Nowais

11 Sherine Hassan Helmy

CEO

• Company: Pharco Pharmaceuticals

• Country: Egypt

• Sector: Pharmaceuticals

Pharco was founded in 1983 by Helmy’s father. The company today employs 8,000 people, exports to 50 countries, and holds 11 companies. Helmy has 41 years of pharmaceutical experience. He is also a member of the board of trustees of Egypt-Japan University of Science and Technology, a member of the American Chamber of Commerce in Egypt, the German-Arab Chamber of Industry and commerce, and the Swiss Egyptian Business Association, among others.

12 Ashish Koshy

CEO

• Company: G42 Healthcare

• Country: U.A.E.

• Sector: Technology

Koshy assumed his current role in 2020, before which he had been CTO of the company since 2017. He has overseen the building of Biogenix Labs, a U.A.E.based large-scale throughput laboratory, and led the facilitation of the 4Humanity clinical trials, a phase three trial for inactivated vaccines against Covid-19, with over 43,000 volunteers from over 125 nationalities across the pan-Arab region. In December 2022, G42 Healthcare entered a partnership agreement with AstraZeneca to locally manufacture innovative drugs in Abu Dhabi. Before joining G42 Healthcare, Koshy was deputy general manager of technology development and innovation at Reliance Jio and worked in technology planning at Ooredoo.

13 Sherif Beshara

CEO

• Company: American Hospital Dubai

• Country: U.A.E.

• Sector: Hospitals

Established in 1996, the American Hospital Dubai is a subsidiary of the Mohamed & Obaid Almulla Group and has been a Mayo Clinic Care Network member since 2016. The hospital has partnerships with Oracle Cerner, and Siemens Healthineers and has performed over 1,000 robot-assisted surgeries since 2000. In January 2023, it announced that it was acquiring an advanced system for radiation therapy and an advanced robotic guidance system for spinal surgeries, becoming the first private healthcare provider to introduce these in the U.A.E. and the Middle East, respectively. Beshara’s experience expands to different fields including finance,

aviation, and corporate. He is also group CEO of Mohammad & Obaid AlMulla Group of Companies.

14 Yasser Bin Gholam Joharji

CEO

• Company: Nahdi Medical Company

• Country: Saudi Arabia

• Sector: Pharmacy Chains

Joharji assumed his current role in 2014. Nahdi was established over 35 years ago. Its portfolio includes 1,091 pharmacies and a primary healthcare services business. It serves 97% of the Saudi population across 133 cities and villages and employs 5,394 people, including pharmacists. It accounts for 31% of the market share value in the kingdom’s private retail pharmacy sector. The company was listed on Saudi Stock Exchange in March 2022, and its market cap reached $6.4 billion as of February 19, 2023. Nahdi generated $1.7 billion in revenues in the

first nine months of 2022 and recorded $1.3 billion in assets. Joharji was previously managing director of Unilever Saudi Arabia.

15 Mohamed Amin

Cofounder and Group CEO

• Company: Elaj Group

• Country: Saudi Arabia

• Sector: Hospitals

Amin cofounded the Elaj Group in 1994 with Mohammed Fawaz Al Bishri. The group today has medical centers, hospitals, and labs across Saudi Arabia, Egypt, Oman, the U.A.E., and Qatar. The group also leads various healthcare businesses and initiatives in the U.K., Italy, and Ethiopia, among other countries. SHIC and Tawasul Holding are the group’s regional healthcare investment arms. In January 2023, the group, through Tawasul Holding, led a pre-Series A round for Qatari-based “At Home Doc,” which raised $1.9 million. Amin also cofounded Al-Borg Laboratories in 1998 and is chairman of Tawasul Holding.

Sherif Beshara

16

Thumbay Moideen

Founder President

• Company: Thumbay Group

• Country: U.A.E.

• Sector: Hospitals

Moideen founded Thumbay Group in 1998. The group operates across 20 sectors, including healthcare, medical research, and pharmacy. It operates the Thumbay University Hospital, Thumbay Hospital, Thumbay Medical & Dental Specialty Centre, Thumbay Hospital Day Care Chain, and the Thumbay Dental Hospital located in Thumbay Medicity. Moideen also founded educational establishments, including the Gulf Medical University. In December 2022, Thumbay Labs and Thumbay University Hospital launched 19 short-term online programs and the Centre of Excellence for Bones and Joints, respectively.

17

Pelin Incesu

Area Vice President, Middle East and Africa

• Company: AstraZeneca

• Country: U.A.E.

• Sector: Pharmaceuticals

Incesu has been with AstraZeneca since 2000 and assumed her current role in May 2020. In 2021, the Middle East and Africa division recorded revenues of $1.2 billion. In February 2023, AstraZeneca partnered with the Saudi’s Ministry of National Guard Health Affairs and the King Abdullah International Medical Research Center to uplift the local research and development capabilities and enhance its innovation ecosystem. In December 2022, the company entered a strategic partnership with G42 Healthcare to manufacture pharmaceutical products in Abu Dhabi. Incesu was previously vice president of commercial strategy and international and company president for Türkiye at AstraZeneca.

18 Ismail Shehada

CEO - Pharma Sector

• Company: Saudi Chemical Company

Holding

• Country: Saudi Arabia

• Sector: Pharmaceuticals

Shehada assumed his current role in June 2020. He oversees 600 people across three pharma companies: Saudi International Trading Company, AJA Pharma, and Chemical Commercial Investment Company Ltd. As of September 2022, the holding company had $1.3 billion in assets and generated $699 million in sales during the first nine months

of 2022. The company has signed CMO deals with GSK, Abbott, Servier, Lundbeck, and Aspen, among others. Shehada has 23 years of experience in the sector. He was previously country president of the GCC cluster at AstraZeneca and vice chairman of the Research-Based Pharmaceutical Companies Group.

19 Patrick van der Loo

Regional President Middle East, Russia and Africa (MERA)

• Company: Pfizer

• Country: U.A.E.

• Sector: Pharmaceuticals

Van der Loo has 28 years of industry experience. He joined Pfizer in 1997, began overseeing the Middle East and Africa in December 2020, and was promoted to his current role in September 2022 to also cover Russia, Belarus, Caucasus, and Central Asia. Pfizer employs 79,000 people and has 39 manufacturing sites worldwide. In 2022, it recorded global revenues of

$100.3 billion. In January 2023, Van der Loo was appointed chairman of the PhRMA Executive Board in the Middle East and Africa. In December 2022, he joined the board of the U.S. Africa Business Center at U.S. Chamber of Commerce.

20 David Hadley

Group CEO

• Company: NMC Healthcare Group

• Country: U.A.E.

• Sector: Hospitals

One of the largest healthcare providers in the U.A.E. and the third largest in Oman, NMC Healthcare employs over 13,000 people and has 11 hospitals and 56 community clinics and specialty care centers. Hadley was appointed as CEO of the company in February 2023. He previously worked at Mediclinic International for 30 years, including as CEO of Mediclinic Middle East for 13 years. On March 25, 2022, the core operations of NMC Healthcare Group exited administration in the U.A.E.

Pelin Incesu

21 Ahmed bin Saleh Babaeer

CEO

• Company: Dallah Healthcare Company

• Country: Saudi Arabia

• Sector: Diversified

Babaeer has been the CEO of Dallah Healthcare since 2008. The company employs 2,000 people, and its portfolio includes the 550-bed Dallah Hospital

Al Nakheel, the 300-bed Dallah Namar, Dallah Home Care, Dallah Pharma, and the limited liability company Afyaa Al Nakheel, which was established in 2014 . The company had $1.3 billion in assets as of Q3 2022. Babaeer previously served as CEO of the Al Madina Real Estate Company in Riyadh.

22 Mohsen Mahgoub

Vice Chairman and Managing Director

• Company: Ibnsina Pharma

• Country: Egypt

• Sector: Pharmaceuticals

Ibnsina Pharma made $806.6 million in revenues in the first nine months of 2022 and had $630.7 million in assets. In May 2022, Ibnsina Pharma signed a contract to acquire El Shorouk Hospital in El Shorouk City in Egypt. . Mahgoub has over 40 years of experience in the healthcare sector. He is also a member of the Strategies and Execution Committee at the Egyptian Foundation for Research & Community Development.

23 Majid Bin Faisal Al Qassimi

Managing Director

• Company: Gulf Medical Projects Company

• Country: U.A.E.

• Sector: Pharmaceuticals

The Gulf Medical Projects Company manages hospitals and clinics and oversees health and medical services through its subsidiaries. In 2022, the company made $137.3 million in revenues and had assets worth $352.8 million. It owns 68.38% of Al Zahra Hospital Dubai.

Al Qassimi has more than 26 years of experience in the healthcare industry and assumed his current role in 1998. He was previously the managing director of Al Zahra Hospital Sharjah. He is also

the founder and chairman of Al Majid Investments Group and the first vice chairman of the Sharjah Chamber of Commerce & Industry.

24 Zaid S. Al Khayyat

Managing Director

• Company: Al Khayyat Investments (AKI)

• Country: U.A.E.

• Sector: Investments

Al Khayyat has 13 years of industry experience. He leads his family business, which was founded in the U.A.E. in 1982 by Saad Al Khayyat, focusing on the sale and distribution of pharmaceutical and medical products. The group partners with patient support providers such as AXIOS and IQVIA. AKI has three healthcare subsidiaries: AKI MedLab, AKI Pharma, and BinSina Pharmacy. In 2022, AKI Pharma expanded its portfolio to cover more diverse therapy areas, including gene therapy, biosimilars, oncology, and specialty, as well as rare and ultrarare diseases. It also expanded BinSina

25 Amin Magrabi

Chairman

• Company: Magrabi Hospitals & Centers

• Country: Saudi Arabia

• Sector: Hospitals

Magrabi Hospitals & Centers has 32 hospitals in Saudi Arabia, the U.A.E., Qatar, Egypt, and Yemen, specializing in optic and dental care. It performed the first corneal transplant surgery in the Middle East in 1968 and introduced the principle of sub-specialization in ophthalmology. In July 2022, the group announced the construction of the new surgical tower in Jeddah, which is expected to begin operations in 2024. In January 2023, Magrabi became the Chairman of MAGRABi Retail Group and previously served as the CEO of MAGRABi Group.

Pharmacy in Oman and relaunched its mobile app.

Zaid S. Al Khayyat

26 Mohammed AlFarraj

Founder & CEO

• Company: Al-Dawaa Medical Services Company (DMSCO)

• Country: Saudi Arabia

• Sector: Pharmacy Chains

DMSCO was first established in 1991 as Mohammed Saad Al Faraj Establishment for Commercial Services, opened its first branch as a pharmacy in Al-Khobar in 1993, and in 2001 turned one of its branches into Al-Dawaa Medical Services. It was listed on the Saudi Stock Exchange in March 2022. Today, the company has more than 900 pharmacies in over 100 cities across Saudi Arabia. The company generated over $1 billion in revenues in the first nine months of 2022. AlFarraj is also chairman of the Eastern Cement Company and the Kanaf Charity Organisation and is a board member at the National Laboratory Company and the Saudi Cancer Society, among others.

27 Abdelouahed Kerrar

CEO

• Company: BioPharm

• Country: Algeria

• Sector: Pharmaceuticals

Biopharm is an industrial and commercial group that began investing in the pharmaceutical sector in the 90s. Today it has a production unit and a distribution network with wholesalers and pharmacies. In 2022, the group launched an oncology R&D laboratory and launched a high-tech full-process manufacturing facility for blood glucose strips. Kerrar has 29 years of experience in the healthcare industry and oversees more than 2,700 people. He is also the founder of the Human Health Information and BioPurchase subdivision units, which became part of the Group Biopharm, and the founding member of CREA, an organization for employers in Algeria.

28 Majid Kaddoumi

Senior Vice President & President, Central & Eastern Europe, Middle East, Africa, and Russia

• Company: Medtronic

• Country: U.A.E. • Sector: Technology

Kaddoumi joined Medtronic in 2012 as vice president and managing director for the Middle East and Africa and assumed his current role in October 2022. Medtronic employs 3,000 people across 102 countries in Central and Eastern Europe, the Middle East, Africa, and Russia. The company

reported $5.4 billion in revenues from emerging markets and $31.7 billion in revenues globally for the 2022 financial year. In 2022, Medtronic partnered with the Ministry of Health in Saudi Arabia to establish the Diabetes Clinic. Kaddoumi has 25 years of experience in operations, services, and medical technology. He was previously president for GE Healthcare for Saudi Arabia.

29 Lamia Tazi

Chairwoman and CEO

• Company: Sothema

• Country: Morocco

• Sector: Pharmaceuticals

Tazi assumed her current role at Sothema in 2019. The company employs 1,400 people and has 35 multinational laboratories and a plant production capacity of 60 million units per year. Sothema generated $217 million in revenues in 2022. It has a presence in Morocco, West Africa, Yemen, Oman, France, and Portugal. The company’s international partners include Lilly, Merck, Sanofi, GSK, Novartis, Biocon, GenPharm, Biopharm, and Aspen Holdings.

Tazi is also the head pharmacist and managing director of innovation and advanced scientific developments and a board member at West Afric Pharma, Azerys, Leiden Pharma, and Axess Pharma.

30 Khaled Alkhattaf

CEO

• Company: Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO Addwaeih)

• Country: Saudi Arabia

• Sector: Pharmaceuticals

SPIMACO Addwaeih is a Saudi joint-stock company that was established in 1986. Alkhattaf assumed his role in January 2021. The company’s main manufacturing facility in Al-Qassim is operated by 500 employees. The company recorded $282 million in revenues for the first nine months of 2022 and $1.1 billion in assets. Among the company’s fully-owned subsidiaries are ARAC Healthcare Company, and ARACOM Medical Company. Alkhattaf is also the chairman of ARAC Healthcare.

Majid Kaddoumi

31 Gizem Akalin

Vice President and General ManagerGulf Region

• Company: GlaxoSmithKline (GSK)

• Country: U.A.E.

• Sector: Pharmaceuticals

Akalin joined GSK in 2015 and assumed her current role in October 2020. The company develops and delivers medicines, vaccines, and consumer healthcare products. Globally, in 2022, the company generated $35.5 billion in sales and spent $6.6 billion on its R&D expenditures. In 2022, Akalin led manufacturing agreements in the U.A.E. with Bioventure Healthcare and Globalpharma. In February 2023, the company signed an MoU with Emirates Health Services. Akalin previously held

senior roles at Boehringer Ingelheim and Merck. She is also a member of the Pharmaceutical Research and Manufacturers Association Gulf.

32 Mohammed Al-Hammadi

Managing Director and CEO

• Company: Al Hammadi Holding Company

• Country: Saudi Arabia

• Sector: Hospitals

Al Hammadi assumed his current role in 1996. In August 2022, the company changed its name from Al Hammadi

Company For Development and Investment to Al Hammadi Holding Company. It has four companies under its umbrella, including the Support Medical Services Company and the Pharmaceutical Services Company Ltd. It has eight branches, including the 428-bed Al Hammadi Hospital Al Suwaidi and the 600-bed Al Hammadi Hospital Al Nuzha. Al Hammadi manages 202 outpatient clinics and 1,328 beds. The group made $253.8 million in revenues in 2021 and $208 million in the first nine months of 2022. It had assets worth $629.6 million as of September 2022.

33 Tarek Youssef Hosni

CEO

• Company: Jamjoom Pharma

• Country: Saudi Arabia

• Sector: Pharmaceuticals

Hosni has 35 years of experience in the healthcare sector and assumed his role at Jamjoom Pharma in February 2021. Jamjoom has a presence in 34 countries in the Middle East, Africa, and Central Asia. The company is setting up new manufacturing arrangements in Egypt and Algeria. Jamjoom Pharma has alliances with Senju Pharmaceuticals in Japan, Biothera in the U.S., Dr. Mann (B&L) in Germany, and Nutraceuticals. Hosni was previously the regional president for Africa and the Middle East at Pfizer.

34 Fatih Mehmet Gul

Vice President of Fakeeh Care Group Growth Office and CEO of Fakeeh University Hospital

• Company: Fakeeh Care Group; Fakeeh University Hospital

• Country: Saudi Arabia

• Sector: Hospitals

Fakeeh Care Group was first established as Soliman Fakeeh Hospital in 1978 by Soliman Fakeeh. Today, the group employs more than 1,100 people and has over 1,400 beds. The group’s operations include the Khadija Attar Center, Fakeeh College for Medical Sciences, and the $500 million, 350-bed Fakeeh University Hospital Dubai, which was its first investment outside Saudi Arabia. The group has partnerships with Siemens Healthineers, Dubai Silicon Oasis, Henkel, DP World, du, and the Emirates Red Crescent Society, as well as healthtech startups Okadoc, Nabta, Prognica, and the University of Sharjah. Gul is also the founder and executive director of the non-profit platform CSR Middle East.

Gizem Akalin

35 Lennaert Rijken

Regional Vice President Middle East, Africa & Russia

• Company: AbbVie

• Country: U.A.E.

• Sector: Pharmaceuticals

AbbVie is a publiclytraded biopharmaceutical company that was founded in 2013 as a separate entity from Abbott. Rijken oversees 1,200 people in the Middle East, Africa, and Russia. In October 2022, AbbVie signed a collaboration with the Department of Health in Abu Dhabi for manufacturing and clinical research. Globally, AbbVie recorded over $58 billion in revenues in 2022. Rijken has almost 20 years of experience at both Abbott and AbbVie, in which he has held commercial leadership roles in Chicago, Shanghai, Singapore, Sydney, Paris, Amsterdam, and Dubai.

36 Basel Ziyadeh

CEO

• Company: Julphar - Gulf

Pharmaceutical Industries

• Country: U.A.E.

• Sector: Pharmaceuticals

Ziyadeh was appointed CEO of Julphar in February 2023. It distributes products to 50 countries across five continents, employs 2,300 people, and has 12 facilities in the Middle East and Africa. It produces about a million boxes of medicine per day. The company reported $441.7 million in revenues in 2022 and had $649 million in assets as of December 2022. Ziyadeh has over 25 years of experience in leadership roles in pharmaceuticals. Before Julphar, he was the CEO of Tabuk Pharmaceuticals and has previously held senior roles at Hikma Pharmaceuticals.

37 Irina Zaporozhet

Associate VP- General Manager MEA

• Company: Eli Lilly and Company

• Country: U.A.E.

• Sector: Pharmaceuticals

Zaporozhet assumed her current role in January 2023. Eli Lilly is a U.S.-based pharmaceutical company that employs 38,780 people worldwide. Its products are marketed in 120 countries. In 2022, the company recorded revenues of $28.5 billion and spent $7.2 billion on research and development. Lilly MEA operates across 19 countries with more than 200 employees. Zaporozhet joined Eli Lilly and Company in 2001 where she held several roles across

marketing, sales, HR, six sigma, ethics and compliance in Hungary, Austria , and the U.S.

38 Hend El Sherbini

Group CEO

• Company: Integrated Diagnostics Holdings (IDH)

• Country: Egypt • Sector: Laboratories

El Sherbini has led Egypt’s largest lab company since 2012. IDH employed 5,000 people and had a network of 546 branch labs as of September 2022. Its brands include Al Borg Labs, Al Borg Scan, and Al Mokhtabar in Egypt, Biolab in Jordan, Ultralab and Al Mokhtabar in Sudan, and Echo-Lab in Nigeria. IDH generated $143 million in revenues in the first nine months of 2022 and had $254.4 million in assets. In August 2022, El Sherbini increased her holdings in the group with 7.3 million additional shares through Hena Holdings to reach 26.71%. El Sherbini is also a member of Egypt’s board of certification

for the American Society of Clinical Pathology in Egypt.

39 Mohammad Al Hagbani

CEO

• Company: Tabuk Pharmaceuticals

• Country: Saudi Arabia

• Sector: Pharmaceuticals

Tabuk Pharmaceuticals employs over 3,500 people. It has four manufacturing sites in Tabuk and Dammam in Saudi Arabia, Algeria, and Sudan, producing two billion base units annually, of which the Tabuk plant—its largest plant—produces 1.6 billion units. The company provides products for 17 countries across MENA. Tabuk was nominated as the sole private sector representative for the pharma industry at Saudi-FDA Board of Directors. Al Hagbani has also been the group president of the Astra Industries Group since 2014, and is the chairman of Aljazira Capital.

Irina Zaporozhet

40 Jean-Paul Scheuer

MCO Lead and General Manager

Specialty Care Greater Gulf

• Company: Sanofi

• Country: U.A.E.

• Sector: Pharmaceuticals

Scheuer joined Sanofi in 2008 as the general manager for Ukraine. He has over 27 years of experience working in the pharmaceutical industry. He leads 700 people in the region and recorded 37% growth in sales in 2022 compared to 2021. The Greater Gulf is among the top eight markets for Sanofi. The company serves over one million patients in the region through its diversified products for different diseases.

41 Walid Fitaihi

Chairman and CEO

• Company: International Medical Center (IMC)

• Country: Saudi Arabia

• Sector: Hospitals

Fitaihi founded IMC in 2006. Today it employs over 3,500 people. Its multispecialty hospital has more than 150 certified physicians in over 30 specialties. In 2022, the company began an expansion of the medical tower in Jeddah to add a women’s health tower and a pediatric tower. Fitaihi is an American Board certified physician specializing in internal medicine and endocrinology, with 22 years of experience.

He was previously an instructor of medicine at the Harvard Medical School.

42 Abdul Nazar

Founder and Chairman

• Company: Life Healthcare Group

• Country: U.A.E.

• Sector: Pharmacy chains

Nazar founded Life Pharmacy in 1996. It is the largest pharmacy network in the U.A.E., with 375 pharmacies, healthcare hypermarkets, and health and wellness stores across the country. It caters to an average of ten million customer walk-ins per year, as well as its online pharmacy in the U.A.E. It plans to increase its store count to 1,500 by the end of 2025.

43 Khalid Al Emadi

CEO

• Company: Medicare Group (MCGS)

• Country: Qatar

• Sector: Hospitals

Al Emadi has been at the helm of MCGS since 2013. MCGS, previously called Al-Ahli Hospital, establishes special hospitals and outpatient clinics, including nutrition specialist Hemya, home nursing company Re’aya, physical therapy company Enaya, and the Wakra branch of the Al-Ahli Hospital Clinic. MCGS recorded $15.4 million in net profit during the first nine months of 2022, compared to $14.7 million in the same period of 2021. Al Emadi previously worked at Qatar’s Ministry of Endowments and Islamic Affairs and has sat on the boards at Al Jazeera Finance and Qatar Finance House, among others.

44 Ahmad Nasrallah

CEO

• Company: Dar Al Shifa

Hospital (DASH)

• Country: Kuwait

• Sector: Hospitals

Nasrallah joined DASH in 2004 and became CEO in 2011, leading a team of over 2,000 people from over 40 nationalities. In 2022, DASH became the first hospital in Kuwait to collaborate with Accreditation Canada International. In the same year, DASH attained HIMSS level 7 certification. Nasrallah has 25 years of experience in the healthcare sector. He was previously COO at DASH.

Khalid Al Emadi

45 Ayman Mokhtar

Head of Middle East, Türkiye and Levant

• Company: Viatris

• Country: U.A.E.

• Sector: Pharmaceuticals

Viatris was formed in 2020 following a merger between Mylan and Pfizer’s Upjohn. Viatris’ portfolio comprises more than 1,400 approved molecules across a wide range of therapeutic areas, spanning both noncommunicable and infectious diseases. The company employs more than 500 people in the Middle East, Türkiye, and Levant. Mokhtar—who has more than 20 years of experience—started his pharmaceutical career as a medical representative. He previously held roles at Sanofi and Upjohn, a division of Pfizer. Mokhtar also co-chairs the healthcare committee AmCham Abu Dhabi.

46 Mohamad Hamade

CEO

• Company: Amanat Holdings

• Country: U.A.E.

• Sector: Hospitals

Amanat Holdings invests in healthcare and education. The group’s healthcare platform comprises five specialized hospitals with 450 beds across the U.A.E., Saudi Arabia, and Bahrain. Its healthcare platform generated $91 million in revenues in 2022. Hamade is also the chairman of the Royal Hospital for Women & Children W.L.L, a board member at CMRC, and a member of the YPO. He previously served as CIO of VPS Healthcare. Hamade joined Amanat in November 2017 as the CIO and became CEO in 2020.

47 Ole Per Maloy

Managing Director - Middle East and Southern and Eastern Africa

• Company: Siemens Healthineers

• Country: U.A.E.

• Sector: Medical Devices

Siemens Healthineers provides digital health solutions, medical imaging, electronic products, and healthcare

AI software. In the 2022 financial year, the company made $6 billion in revenues in the EMEA region, excluding Germany. Per Maloy assumed his current role in January 2018. He previously held several roles at the company, including general manager and SVP for Western Europe and Western Africa.

48 Olfat Sami Berro

Area Head Middle East

• Company: Roche

• Country: U.A.E.

• Sector: Pharmaceuticals

Berro joined Roche in 2003 and assumed her current position in 2019.

In 2021, Roche signed an MoU with Microsoft to leverage AI and cloud computing in diagnosis across the Middle East. The company’s pharmaceuticals division reported global sales of $47 billion in 2021. In September 2022, Berro helped to launch RISE, a talent development program. In 2022, she oversaw an agreement with the King Faisal Specialist Hospital and Research Centre in Riyadh. 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, and Roche’s Diversity and Inclusion Council.

Ayman Cheikh-Lahlou

CEO

• Company: Cooper Pharma

• Country: Morocco

• Sector: Pharmaceuticals

Cheikh-Lahlou joined Cooper Pharma in 2000 and has served as CEO since 2003. The company has nine distribution centers and ten manufacturing sites across Morocco, Rwanda, the Ivory Coast, Spain, the Czech Republic, and Saudi Arabia. It has manufacturing alliances with Merck, Pfizer, GSK, Abbott, and Cipla among others. Cooper Pharma owns two pharma companies in Europe—one in Spain and one in the Czech Republic. It has had a joint venture in manufacturing with SpimacoDammam Pharma in Saudi Arabia since 2013. Cheikh-Lahlou is also the vice president of the Moroccan Federation of Pharmaceuticals Industry and Innovation (FMIIP).

49

Ayman Mokhtar

50 Ahmed Kelani

Chairman and Managing Director

• Company: Egyptian International Pharmaceutical Industries Company (EIPICO)

• Country: Egypt

• Sector: Pharmaceuticals

Kelani assumed his current role in 2019. EIPICO, one of the largest pharmaceutical production companies in Egypt, was behind 25% of the total Egyptian pharmaceutical export market in 2022. Its product portfolio includes six factories producing more than 400 products. It launched 12 new products last year. The company recorded $161.5 million in sales in 2022. Kelani has over 44 years of pharmaceutical experience. He was previously the chairman of the board for Upper Egypt Pharmaceutical Industries. He also served as the chairman and CEO of Medical Union Pharmaceuticals, and he

52 Ahmed Ezzeldin

Group CEO and Managing Director

• Company: Cleopatra Hospitals Group

• Country: Egypt

• Sector: Hospitals

Ezzeldin has been overseeing CHG since 2015. The group had $161 million in assets as of the end of September 2022 and made $97 million in revenues in the first nine months of the year. In July 2022, the group launched its first specialized center for advanced robotic surgery. In January 2023, it signed a protocol with the Ministry of Health and Population to provide more than 2,500 consultants and foreign experts to offer free medical services. Ezzeldin previously oversaw government affairs and policy for MENA and Pakistan at Johnson & Johnson.

53 Georg Schroeckenfuchs

Head Gulf and Saudi Country Group, Innovative Medicines

• Company: Novartis Pharma Services

• Country: U.A.E.

• Sector: Pharmaceuticals

Schroeckenfuchs has nearly 35 years of experience. He joined Novartis in 2001 and today oversees 500 people. Novartis GCC achieved annual growth of 57.5% by the end of June 2022. In 2022, Novartis signed an MoU with the Ministry of Investment to improve healthcare in Saudi Arabia through cell and gene therapy, population health models, and clinical trials. Schroeckenfuchs is also an executive member of the MEA PhRMA Group and a member of the Academic Marketing Society and the Pharmaceutical Marketing Club Austria.

51 Mana Bin Mansour Almana

Group CEO

• Company: Almana Group of Hospitals

• Country: Saudi Arabia

• Sector: Hospitals

Almana assumed his current role in 2018. The Almana Group of Hospitals was established in 1949. The group employs 6,600 people and comprises eight medical facilities, accounting for 1,100 beds. In October 2022, the group signed an agreement with Ratq Organization to purchase a special treatment service for cleft lip and palate patients. Almana started his career with the group in 2007 as the head of the human resources department.

54 Ehab Zawaideh

General Manager Middle East

• Company: GE HealthCare

• Country: U.A.E.

• Sector: Medical Devices

GE HealthCare provides imaging, diagnostic, monitoring, and digital solutions and devices worldwide. It invests $1 billion in R&D annually.

In September 2022, GE HealthCare and Warya collaborated with seven healthtech startups to facilitate the digital transformation of healthcare across Europe, the Middle East, and Africa. Zawaideh has more than 26 years of experience in the health sector. He previously served as general manager of GE HealthCare in Iraq and as director of sales and marketing before moving into his current position in 2019.

sat on the boards of Mepaco and the Arab Company for Pharmaceutical Glass.

Georg Schroeckenfuchs

55 Abdulaziz Saleh Alobaid

CEO

• Company: National Medical Care Company (Care)

• Country: Saudi Arabia

• Sector: Hospitals

Alobaid has over 26 years of experience in healthcare. Before he was appointed CEO in 2019, he was the chief medical officer at the National Medical Care Company, which owns and operates the 268-bed Riyadh Care Hospital, the 335-bed National Care Hospital, the Family Health Care Center, and 45 clinics. It employs 3,000 people. The company had assets worth $435.8 million and recorded $177.7 million in revenues in the first nine months of 2022. In January 2023, the National Medical Care Company announced an agreement to acquire the entire share capital of Jiwar Medical Services Company for $17.3 million.

56 Abdalla Bashir

Chairman and General Director

• Company: Jordan Hospital

• Country: Jordan

• Sector: Hospitals

Bashir helped establish the Jordan Hospital in 1996 and has since served as chairman of the board. The 350-bed hospital has residency programs and fellowships in all major specialties and subspecialties and has the only liver transplant program in the private sector in Jordan. As a general surgeon, Bashir continues to practice and teach surgery. He was previously the president of the Jordanian Surgical Society from 1988-1992. He was also one of the founders of the PanArab Surgical Society in 1988.

57 Ashraf Mallak

Managing Director - GCC

• Company: Merck Sharp & Dohme (MSD)

• Country: U.A.E.

• Sector: Pharmaceuticals

Established in 1891, MSD is a research biopharmaceutical company that develops solutions for vaccines, oncology, infectious diseases, and cardio-metabolic diseases. The company reported worldwide sales of $59.3 billion in 2022, an increase of 22% compared to 2021. Europe, the Middle East, and Africa contributed $13.3 billion to sales in 2021. Mallak has 20 years of experience in the sector. Before being appointed to his current position in February 2021, he was the executive director and regional commercial

and operations director for the EEMEA region.

58 Iyabo Tinubu-Karch CEO

• Company: Sidra Medicine

• Country: Qatar

• Sector: Hospitals Sidra Medicine was established by the Qatar Foundation for Education, Science and Community Development. TinubuKarch assumed her current role in December 2022. Sidra participated in the Precision Medicine World Conference in January 2023. Tinubu-Karch was previously a non-executive board member at Sidra Medicine and had an advisory role on the management committee. She is also the founder and CEO of 6M Geriatrics and Hospital Medicine. Sidra Medicine works closely with its academic partner WeillCornell Medicine in Qatar, and other health and research institutions like the Hamad Medical Corporation and Qatar Biobank

to raise the standard of healthcare in the country and provide opportunities for research and learning.

59 Riad Armanious

CEO

• Company: Eva Pharma

• Country: Egypt

• Sector: Pharmaceuticals

Armanious assumed his current role in 2009. He was previously Deputy CEO of Eva Pharma. Having been established in 1997, Eva Pharma today employs 5,000 people across the Middle East and Africa. The company exports products to 41 countries around the world. Its main facilities include the Haram Facility, Armanious Group Tower, Horus for Pharmaceutical Industries, and MARC Research Center. In December 2022, EVA Pharma and Lilly announced a collaboration to enhance sustainable access to affordable insulin in Africa. Armanious is a part of the Young Global Leaders Forum and a YPO member.

Ashraf Mallak

60 Raed bin Mohammed Al-Naeem

CEO

• Company: Ayyan Investment

• Country: Saudi Arabia

• Sector: Investments

The Ayyan Investment Company was established in 1993 with a capital of around $80 million. It had a market cap of $320.8 million as of February 14, 2023. The company also owns the Al-Ahsa Medical Services Company, which it acquired in January 2022, the Al-Salam Medical Services Company, which it acquired in 2020, and 25% of the Twareat Medical Care Company.

61 Fahad Khater

Chairman

• Company: Alameda Healthcare Group

• Country: Egypt

• Sector: Hospitals

The Alameda Healthcare Group has four hospitals with a total capacity of 1,023 beds and 128 outpatient clinics. The group’s portfolio includes Dar Al Fouad Hospitals, As-Salam International Hospital, Tabibi, Elixir, the German Rehabilitation Centre, and Ellipses Pharma, among others. In June 2022, Alameda signed an MoU with Medtronic CEMA facilitating access to Medtronic’s medical technology. The group is affiliated with the U.S.-based Cleveland Clinic Foundation. Khater also heads the Khater Foundation, which supports multiple organizations and communities.

62 Fawzi Al-Hammouri

Chairman and General Manager

• Company: The Specialty Hospital

• Country: Jordan

• Sector: Hospitals

The 265-bed Specialty Hospital in Jordan was founded in 1990. Today, it has more than 150 clinics and 10 medical centers, employs 1,000 people, and receives 250,000 international patients annually. Al-Hammouri was previously one of the founding members and president of the Global Healthcare Travel Council, where he is now its honorary president. He has also been the chairman of the Private Hospitals Association in Jordan since 2004. He is one of the founders and vice president of the Health Care Accreditation Council, a member of the Arab Hospitals Federation, and a member of the Governing Council at

63 Farah Hamdan

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

• Company: Zimmer Biomet

• Country: U.A.E. • Sector: Medical Devices

Zimmer Biomet is a publiclytraded medical company. It provides digital and robotic technologies that leverage data analytics and AI. Hamdan has 18 years of experience in the healthcare industry. She joined and assumed her current role in 2022 and oversees around 150 people. Before joining Zimmer Biomet, Hamdan held various senior roles in Becton Dickinson, Medtronic, Abbott, and Novartis Pharma across emerging markets. In 2022, Zimmer Biomet opened its Saudi Arabia regional office and increased its use of robotics in the region.

Sara Masmoudi

Chairperson

• Company: Laboratoires ADWYA

• Country: Tunisia

• Sector: Pharmaceuticals

ADWYA was founded in 1983, and Masmoudi became its chairman in June 2022. ADWYA made $15.3 million in revenues in the first half of 2022. Masmoudi has also been the CEO of Teriak since 2003, and of the Kilani Group since 2019, which holds a group of companies in healthcare, pharmaceuticals, food, and public works, among other sectors. She is also the CEO of Cinpharm in Cameroon and Cipharm in Côte d’Ivoire. Masmoudi previously served as president of the National Chamber of the Pharmaceutical Industry in Tunisia. She founded Pharma in Cluster in 2017, which is a cluster of public and private pharmaceutical stakeholders for collaborative projects.

the International Hospitals Federation.

64

Fahad Khater

65

László Svinger

Regional Vice President & Managing Director Middle East & Africa

• Company: 3M Health Care

• Country: U.A.E.

• Sector: Technology

Svinger joined 3M Hungary in 2008 and assumed his current role in June 2021. He oversees more than 650 people across the Middle East and Africa. 3M Healthcare alone generated around $8.6 billion in revenues globally in 2021. In April 2022, Svinger became a board member of AmCham Dubai and chair of the Sustainability Committee. He previously spent 11 years in oil and gas at ExxonMobil and ENI (Agip).

67 Raza Siddiqui

Group CEO

• Company: Arabian Healthcare Group (RAK Hospital)

• Country: U.A.E.

• Sector: Hospitals

Siddiqui has been the Group CEO of AHG since 2012. The group employs 650 people. RAK Hospital, the flagship brand of AHG, is present in 11 countries, including Ethiopia, Tanzania, Nigeria, Afghanistan, and Pakistan. In 2022, Siddiqui organized an equity contribution from the U.S.-based Dignity Health, which resulted in RAK Hospital being the first hospital outside the U.S. to be branded as a Dignity Group hospital. Siddiqui was previously the executive director at ETA Star Healthcare. He is also a board member at RAK Medical & Health Sciences University.

68 Walid Kayyali

CEO

• Company: Riyadh Pharma

• Country: Saudi Arabia

• Sector: Pharmaceuticals

Riyadh Pharma, also known as Medical And Cosmetic Products Company, has alliances with Abbott Laboratories, Janssen Pharmaceutical, Merck, and Ecolab, among others. Kayyali is also the founder and general director of the Al Haya Medical Company.

69 Zanubia Shams

Co-Chairperson

• Company: Zulekha Healthcare Group

Mohammed Miandad VP

Managing Director

• Company: Naseem Healthcare

• Country: Qatar

• Sector: Hospitals

Miandad has been leading Naseem Healthcare since 2011, which is a subsidiary of 33 Holdings. It provides medical services through seven medical centers and five pharmacies. In 2022, Naseem Healthcare launched its surgical center and announced the launch of Naseem Humans, the CSR arm of Naseem Healthcare. Miandad is also the chairman and managing director of 33 Holdings, which employs over 1,000 people.

• Country: U.A.E.

• Sector: Hospitals

Founded by Zulekha Daud in 1964, the Zulekha Healthcare Group today operates a 185-bed hospital in Sharjah, a 140-bed hospital in Dubai, and the Alexis Multispecialty Hospital in India, as well as three U.A.E.-based medical centers and five pharmacies across Dubai and Sharjah. It employs more than 1,700 physicians. In October 2022, the group inaugurated the new Zulekha Medical Center and Zulekha Pharmacy in Sharjah. The group also introduced homecare services in January 2021, including physiotherapy, nursing, mental well-being, and medication management. Shams has been responsible for operations in the U.A.E. and India since 2005.

66

Mohammed Miandad VP

70 Akram Sami Dhaini

Vice President and Managing Director –

Middle East & Africa

• Company: Oracle Cerner

• Country: U.A.E.

• Sector: Technology

Dhaini joined Oracle Cerner in 2011. In 2022, four health systems went live with Oracle Cerner: the King Faisal Specialist Hospital & Research Centre, the Abu Dhabi Healthcare Company, the Hamad Medical Corporation and Primary Health Care Corporation in Qatar, and Saudi Arabia’s Ministry of Defense Health Services. In December 2022, Oracle Cerner expanded into Kuwait’s private sector by collaborating with the Champion Hospital and becoming its health information system provider.

71 Mohammad Yousef

AlZelzelah

CEO

• Company: Al-Maidan Clinic for Oral Health Services Company KSCP (Al Maidan Clinic)

• Country: Kuwait

• Sector: Hospitals

AlZelzelah became the CEO of the Al-Maidan Clinic for oral and dental services in September 2020. The company recorded revenues of $177.5 million in the nine months that ended December 2022. It has seven branches across Kuwait and had a market cap of $477 million as of February 21, 2023. The company is 52.21% owned by the United Company for Medical Services.

72 Akram Bouchenaki

CEO

• Company: Abdul Latif Jameel Health

• Country: : U.A.E.

• Sector: Diversified

Bouchenaki has 25 years of experience in operational and strategic roles in the pharmaceutical and healthcare sectors. Abdul Latif Jameel’s healthcare arm was founded in 2020. In January 2023, the company announced a new distribution agreement with iSono Health—a medical technology company in the U.S.—to make Abdul Latif Jameel Health the exclusive distributor of iSono Health’s ATUSA scanner in MENA, Africa, South Asia, and Southeast Asia. Bouchenaki was previously the executive director for Africa at Gilead Sciences and has held other roles at GSK and Bristol Myers Squibb.

Abdullah Al Keraidis

CEO

• Company: Al Meswak Dental Clinics

• Country: Saudi Arabia

• Sector: Hospitals

Formerly known as Al Muhaideb Dental Clinics Group, Al Meswak Dental Clinics is the largest dental and dermatology network in Saudi Arabia, employing about 3,000 people across more than 86 dental clinics throughout 20 cities, including Riyadh, Abha, Khobar, Jeddah, and Mecca. In May 2022, Jadwa Investment sold its majority stake of 51% in Al Meswak Dental Clinics to Gulf Islamic Investments for $530 million.

Michael Fakih

CEO

• Company: Emirates Hospitals Group

• Country: U.A.E.

• Sector: Hospitals

Emirates Hospitals Group employs over 1,500 doctors and medical team members. Fakih has been at the helm of the group since November 2019. The group has over 26 facilities, including the Emirates Hospital Jumeirah and the Emirates Specialty Hospital (DHCC). Fakih is also the cofounder and medical director of Fakih IVF – U.A.E., IVF Michigan – U.S.A., and founder of FIRST IVF – Lebanon. He was previously a professor at Michigan State University.

73

74

Akram Bouchenaki

75 Hazem Darweesh Zagzoug

Group CEO and Vice Chairman

• Company: Andalusia Group for Medical Services

• Country: Saudi Arabia

• Sector: Hospitals

Zagzoug has been at the helm of Andalusia Group for nearly 25 years. The group was established in 1984. Today, it works through 11 medical entities in Saudi Arabia and Egypt and in-house companies serving hospitals and centers in programming, digitalizing, and construction. In early 2023, Andalusia Group signed a partnership with Kidzania City in Jeddah, and another agreement with the Technical and Vocational Training Corporation. It also launched the 220-bed Andalusia New Hospital in Jeddah.

76 Michael Walsh

CEO

• Company: Johns Hopkins Aramco

Healthcare

• Country: Saudi Arabia

• Sector: Hospitals

JHAH was formed in 2013 by Saudi Aramco and Johns Hopkins Medicine to provide health services for Saudi Aramco employees and their dependents. Walsh joined JHAH as CEO in June 2020. Walsh has over 25 years of experience in healthcare leadership roles. He was previously CEO of Cabrini Health Australia, CEO of the NHS Strategic Health Authority for South East London in the U.K., and CEO of the Alfred in Melbourne, Australia.

77 Mohamed Mazen Batterjee

General Manager

• Company: Batterjee Pharma

• Country: Saudi Arabia

• Sector: Pharmaceuticals

Batterjee assumed his current rule in 2014. Batterjee Pharma manufactures, packages, and markets pharmaceuticals and supplements. Its exports cover the U.A.E., Bahrain, Saudi Arabia, Kuwait, Qatar, Oman, Iraq, Sudan, and Yemen. It has contract manufacturing alliances with Abbott,

Takeda, and Acino Switzerland. Batterjee is also the cofounder of Sweden-based Segovia Capital AB. He’s also the VP for investment and development at Batterjee Holding and is a board member at Prestalo, Spain.

78 Barakat Bin Saud

Mohammed AL-Arifi

Managing Director and CEO

• Company: Scientific and Medical Equipment House Co. (SMEH)

• Country: Saudi Arabia

• Sector: Pharmaceuticals

Al-Arifi assumed his role in 2015. SMEH was established in 1979 and today employs over 10,000 people. It was listed on the Saudi Stock Exchange in February 2022. As of September 2022, the company had $285 million in assets. It made $140 million in revenues in the first nine months of 2022. SMEH has currently ongoing and

new awarded projects of $880 million. The company owns 100% of Girgas Pharmaceutical Warehouse Co.and has a 51% stake in NABD Medical Industries, among others.

79 Ghassan Mamlouk

CEO

• Company: Advanced Technology Company (ATC)

• Country: Kuwait

• Sector: Diversified

Mamlouk joined ATC in 1989 and assumed his current role in 2003. Today, ATC is a healthcare and environmental solutions provider. It is 44.06% owned directly and indirectly by KIPCO and recorded revenues of $409 million in the first nine months of 2022, compared to $332.2 million in the same period of 2021. Mamlouk has over 36 years of experience in sales, marketing, technical, and administration.

Ghassan Mamlouk

80 Jamil Ahmed

Founder and Managing Director

• Company: PRIME Healthcare Group

• Country: U.A.E.

• Sector: Hospitals

Ahmed established PRIME Healthcare Group in 1999 with its first outpatient center. Today, he oversees 1,350 people, including physicians. The group’s facilities include the 100-bed Prime Hospital, Prime Medical Centers, and Medi Prime Pharmacies. The group also provides corporate medical services and home care services. In 2022, the group signed an agreement with Dubai Healthcare City Authority to establish Prime Heart and Lung Hospital. Ahmed is a qualified orthopedic surgeon. Before founding PRIME, he worked in several hospitals in the U.A.E., India, and Germany.

81 Faruk Mustafa Rasool

Founder and CEO

• Company: Faruk Medical City

• Country: Iraq

• Sector: Hospitals

Faruk Medical City covers 70,000 square meters. It has 210 beds and more than 190 physicians across 37 departments and 11 operation rooms.

In December 2022, Faruk Medical City signed an agreement with Aster DM Healthcare in Dubai to develop healthcare services in Iraq. Doctors from Aster DM Healthcare will visit Faruk Medical City’s facilities in Iraq to consult and provide surgical services that are not locally available. Rasool is also chairman of Faruk Holding, which comprises 27 companies in 12 sectors, including telecommunication &

IT, cement, construction, industry, energy, development, medical services, and hospitality, among others.

82 Kimberley Ann Pierce

CEO

• Company: King’s College Hospital

London – Dubai

• Country: U.A.E.

• Sector: Hospitals

Pierce joined King’s College Hospital

London in Dubai in 2022. She is now leading the U.A.E. operations, which consist of Dubai Medical Centres in Jumeirah and Marina and Dubai Hills Hospital. Pierce started her career as a registered nurse. She has previously led several hospitals in Australia, South Africa, and the U.K., such as Ramsay Health Care, and the Gold Coast Hospital and Health Service, among others.

83 Vincenzo Ventricelli

CEO - Middle East, Türkiye & Africa

• Company: Philips Healthcare

• Country: U.A.E.

• Sector: Medical Devices

Philips Healthcare

Middle East operates in 15 countries across MENA. In June 2022, Philips appointed Bader Sultan and Brothers Co. as a distributor for Philips connected care solutions in Kuwait. Ventricelli has been with the company since 1996. He became the CEO of the Middle East and Türkiye, then Africa, in January 2021. He previously held numerous roles with Philips, including vice president and market leader at Philips Health System in the Middle East & Türkiye and marketing director at Philips Domestic Appliances and Personal Care for Central and Eastern Europe.

84 Husnia Gargash

Founder and Chairperson

• Company: Gargash Hospital

• Country: U.A.E.

• Sector: Hospitals

Gargash founded the multispecialty Gargash Hospital in 2019. She was the first female Emirati gynecologist and IVF specialist in the U.A.E. and took the lead on assisted reproductive technology and family health. The hospital offers 22 different specialties, 66 doctors, and over 25 clinic rooms.Gargash previously served as director of the Dubai Gynecology and Fertility Center. She is also the founder of Dr. Husnia Gargash Fertility, Gynecology, and Obstetrics Center.

Husnia Gargash

85 Driss Chaoui

General Manager

• Company: AFRIC-PHAR

• Country: Morocco

• Sector: Pharmaceuticals

AFRIC-PHAR was established in 1965. Chaoui joined the company in 2001. Today, it has 35 laboratories, more than 300 collaborators, and a production unit that produces over 12 million units per year with annual sales of nearly $40 million. The company has a research and development unit that ensures the development of generic drugs. The company has partnerships with several laboratories and leading companies in the pharmaceutical sector, including Allergan, Baxter, Aldo-Union, and Mylan, among others. . Before AFRIC-PHAR, Chaoui served as an Anaesthesiologist in general hospitals and private clinics. Chaoui is also the general secretary of the Moroccan Generic Medicines Association (AMMG).

86 Naser Al Yammahi

Deputy CEO

• Company: Hayat Biotech

• Country: U.A.E.

• Sector: Diversified

Al Yammahi cofounded Hayat Biotech alongside CEO Hongbin Cong in 2021 as a joint venture between the Chinese Sinopharm (CNBG) and G42 Healthcare. It develops technologybased, innovative pharmaceutical and manufacturing solutions. Al Yammahi has 15 years of experience in corporate strategy and government affairs. Before Hayat Biotech, Al Yammahi oversaw strategic partnerships and government relations at G42 Healthcare. He also previously managed the renewable project, the London Array, at Masdar, which was valued at $3.3 billion.

87 Ronald Boueri

Regional Managing Director

• Company: Olympus MEA FZ

• Country: U.A.E.

• Sector: Pharmaceuticals

Boueri joined Olympus in January 2022 as the regional manager for the medical systems division in the Middle East and Africa. He assumed his current role in November 2022. He oversees 75 employees in the region. Boueri has over 29 years of pharmaceutical experience. Before Olympus, he held several

leadership roles at Zimmer Biomet, including general manager for the Middle East and general manager for the MENA, Greece, and the Balkans.

88 Ali Hashemi; Ihsan Almarzooqi

Cofounder and Chairman; Cofounder and Managing Director

• Company: GluCare.Health

• Country: U.A.E. • Sector: Hospitals

Hashemi and Almarzooqi cofounded the Dubai-based GluCare.Health in 2020. It specializes in comprehensive diabetes management and metabolic syndrome. Hashemi is also an investor in earlystage ventures and previously founded Amana Healthcare, which was acquired by Mubadala Healthcare in 2019. He also founded and led the Middle East Healthcare Practice at Booz & Company. Almarzooqi previously served as director and deputy head at Mubadala Healthcare and as vice-chairman of the board for Healthpoint and the Imperial College London Diabetes Centre. He is also the chairman of Berkshire Hathaway HomeServices Gulf Properties.

89 Ahmed Hussein

Managing Director

• Company: Hayat Health

• Country: U.A.E. • Sector: Hospitals

Hayat Health is an umbrella company that manages the Ghobash Group’s businessto-consumer healthcare companies. It

comprises Hayati Health Centers and Pyramids Health Services. Hussein has over 40 years of experience and helped to establish Pyramids Health Services, the Pyramids Dialysis Center, and the Ability Pediatric Rehabilitation Center to form Pyramids Holding in 2017. In 2020, the Ghobash Group acquired 70% of the holding under Hayat Health. Hayat Health employs over 260 people and has treated over 10,000 patients. Hussein is also a consultant pediatrician and neonatologist and is a member of the Royal College of Physicians (Ireland) and chairman of the Abu Dhabi Pediatric Club, among other roles.

90 Madhukar Tanna

Cofounder and CEO

• Company: Pharmax Pharmaceuticals

• Country: U.A.E.

• Sector: Pharmaceuticals

Pharmax Pharmaceuticals is one of the subsidiaries of ADQ. Its brand portfolio includes Fortace, Pronto Plus, and Etimeb. In June 2022, Pharmax signed a license and supply agreement with Glenmark Specialty, which is a wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, to commercialize its nasal spray Ryaltris in the U.A.E. Tanna has more than 35 years of experience and has been the CEO of the company since 2011. He started his career in Hoescht India as a product executive.

Ali Hashemi; Ihsan Almarzooqi

91 Joseph Saba

Cofounder and CEO

• Company: Axios International

• Country: U.A.E.

• Sector: Pharmaceuticals

Axios International operates in over 40 countries and has developed or implemented access initiatives in over 100 countries. The company has 16 offices in the Middle East, including in Dubai, Jordan, Qatar, Morocco, Iran, Saudi Arabia, Kuwait, Lebanon, Egypt, and Oman. Saba is an infectious disease physician and author. He joined the World Health Organization in 1993 as the WHO Focal Point for the National Plan for HIV Vaccine Development.

92 Mohamed Roushdy

Chairman and CEO

• Company: Amoun Pharmaceutical Company

• Country: Egypt

• Sector: Pharmaceuticals

Roushdy has been the chairman and CEO of Amoun Pharmaceutical Company since 2012. It has a main factory and various separate buildings for warehousing, laboratories, and clinics.

Roushdy has about 39 years of experience in the pharmaceutical sector. Before joining Amoun Pharmaceutical, he served as CEO of Pfizer Middle East, which covered 14 countries. He is also co-chairman of the Pharmaceutical & Health Committee at the American Chamber of Commerce in Egypt.

93 Pradeep K Handa

Chairman of Executive Board

• Company: Royale Hayat Hospital

• Country: Kuwait

• Sector: Hospitals

Established in 2006, the Royale Hayat Hospital has since expanded from being a women’s and children’s hospital to being a multidisciplinary hospital that includes obstetrics, pediatrics, women’s health, reproductive medicine, internal medicine, and laparoscopic surgery, among other services. In March 2022, the hospital launched a public awareness campaign, “SAFE HANDS, SAVE LIVES” to improve infection prevention and enhance safety. Handa is also vice chairman and group CEO of Kuwait-based KAPICO Group.

94 Olfa Gam

General manager

• Company: Cytopharma

• Country: Tunisia

• Sector: Pharmaceuticals

Gam assumed her current role in 2018. Cytopharma is the first company in Africa and the Middle East to exclusively manufacture and market generic anti-cancer drugs. In May 2022, the company secured an EU Good Manufacturing Practices certification. Gam has over 25 years of experience in the pharmaceutical and biotech industry. Before CytoPharma, she held roles at Aventis and Catalent in Europe. She is also a board member at Julphar.

95 Maha Jubara

General Manager - Kuwait Operations

• Company: Gulf Healthcare International

• Country: Kuwait

• Sector: Diversified

GHI was established as a joint venture between Global Capital Management and the Varkey Group. Jubara has experience in business development for healthcare management, financial analysis, and investment in both the U.S. and Kuwait. She was previously the director of the Alia International Hospital.

96 Alexander Jankuloski

CEO

• Company: Kuwait Hospital

• Country: Kuwait

• Sector: Hospitals

Kuwait Hospital was founded in 2005 and has been operated by the Swedish healthcare provider GHP since 2019. Jankuloski was appointed to his current role in July 2020. He has 14 years of experience in managerial roles at hospitals. Before Kuwait Hospital, he was the CEO of Oasis Hospital, which is currently known as as Kanad Hospital.

Joseph Saba

Majd Abu Zant

97 Sukhdeep Sachdev

Global CEO

• Company: Leader Healthcare

• Country: U.A.E.

• Sector: Hospitals

LHC provides medical supplies across the Middle East. Sachdev has been leading the company since its inception in 2009. Based in Dubai, the company is also present in Saudi Arabia, Qatar, Kuwait, Egypt, India, and Australia. LHC’s subsidiaries include Leader Life Sciences, Leader Edutech, and Leader Biotech Pharma. Among its global partners are 3M, iS Clinical, HealthWay, and Caire. Sachdev began his career as a sales representative at GlaxoSmithKline in 1984.

98 Majd Abu Zant

Founder and CEO; Cofounder and CEO

• Company: Global Fertility Network; OvaSave Health Technologies

• Country: U.A.E.

• Sector: Diversified

Abu Zant established the Global Fertility Network and OvaSave Health Technologies in July 2022. Global Fertility Network offers fertility services and related technologies and raised $60 million in funding in 2022. Its 3,500 square-meter facility Riyadh Fertility Clinic is due to open in early 2024. Abu Zant has 25 years of industry experience. Before this role, he was the CEO of UEMedical, which was acquired by Mubadala in 2021.

99 Fatoum Akacem

President and General Director

• Company: Saidal Group

• Country: Algeria

• Sector: Pharmaceuticals

The Saidal Group was founded in 1982 in Algeria. The group offers a wide range of products across dermatology, dentistry, and antiinflammatories, among others. Its global partnerships include Sanofi, Upjohn, Sinovac, and Novo Nordisk. Akacem has been leading the group since 2015. In 2021, she was awarded the National Order of Merit at the rank of Achir by Algerian president Abdelmadjid Tebboune.

100 Nadia Cheaib

Founder and Chairperson

• Company: ClinGroup Holding

• Country: Lebanon

• Sector: Diversified

Stay

ClinGroup is a health solutions provider offering clinical research, e-health solutions, and site management, among other solutions in over 50 countries. It has multiple partnerships, including with PharmaLex, Quality Systems International, and AB Certification. The group has dedicated a portion of its profits to fund philanthropist initiatives through the Hope Mohamad Cheaib Foundation (Hope MCF), which was established by Cheaib in Lebanon in 2008.

connected with our latest business news.

Masterminds: Bringing The Future Closer

The TMRW conference powered by 2142 recently delivered its groundbreaking debut edition in Dubai. The conference was held from February 8 to February 10 at Dubai Festival City, with more than 2,000 visitors and 10,000 online viewers taking part in an outstanding program not to be missed.

The largest emerging tech event welcomed 80 internationally acclaimed technology masterminds. Each expert took to the stage to deliver keynote speeches; participate in panel discussions, interactive workshops, and fireside chats; and explore the latest trends in disruptive technology. As always, TMRW also delivered mind blowing stage production and a spectacular opening ceremony.

Dr. Marwan Alzarouni, Strategic Advisor at Digital Dubai, welcomed the audience on day one of the conference and emphasized Dubai’s role as a hub of tech, while Khalifa Al Jaziri Alshehhi, advisor at the Ministry of Economy, discussed how the ministry had become a first mover in the Metaverse. Continuing the theme, Christian Gleich, CEO of

OneBigWave, discussed the future of the Metaverse, while Michael Gebert, Chairman of the European Blockchain Association, tackled the timely topic of blockchain.

Meanwhile, the panel of the day gathered women leaders of Web3, Loretta Joseph, Ritu Marya, Aleksa Mil, Jenny Zheng, and Anita Kalergis, to discuss the potential of the next generation of the internet. Day one of the conference then drew to a close with the exclusive launch of the VVerse project.

Christopher Quet, CEO and cofounder of Vverse Technologies, explained how he wanted to bring the real world into the Metaverse and shared his belief that the Metaverse will be a land of opportunity.

Day two continued to bring great topics and speakers. Loretta Joseph, Director at AP Capital, spoke about the different regulatory frameworks for digital and virtual assets, while Dr. Mark Van Rijmenam, The Digital Speaker, talked about generative AI the and convergence with the Metaverse. For their part, Anndy Lian, the best-selling author of NFT: From Zero to Hero talked about

Web4 as a new way to decentralize, while Dusan Zica, CEO and CTO of the NFT Comic Book 2142, shared a philosophical approach to building the world in his keynote, ‘From NFT Comic Book to Video Game’.

On the final day of Dubai’s inaugural TMRW Conference, more thought leaders and industry shapers took to the stage, including Sharad Agarwal, Chief Metaverse Officer at cyber-gear.io; Jonscott Turco, Founder and CEO at COre3. io; Davinci Jeremie, self-proclaimed programmer, YouTuber, and early bitcoin adopter; and Stephanie Bretonniere, CEO and Founder of POWR3 and We Impact.World. Topics of the day included the opportunities and challenges of the Metaverse and future technologies, the differing uses of NFTs, and the importance of connecting people.

Looking ahead, the second Belgrade edition of the TMRW conference is already scheduled for May 12 to May 14, 2023. According to the organizers, it will be the biggest event so far, as TMRW continues towards its goals of connecting visitors with the greatest global minds, inspiring the move forward, and bringing the future closer.

POWERED BY

The biggest global tech experts grace the stages at the TMRW Conference in Dubai

Saudi’s Global Tech Appeal

After setting numerous industry records during its 2022 debut, LEAP23 has shattered benchmarks once again after confirming 172,000 attendees, making it the world’s largest technology event by attendance. Held in Riyadh from February 6 to February 9, the Saudi tech convention counts not only as the most attended, but as one of the most innovative and inspiring events on the global technology calendar.

Realizing The Vision Of A Nation

LEAP is simultaneously global in appeal and Saudi at heart as the kingdom strives to fulfil the ambitions set out in Vision 2030.

The kingdom of Saudi Arabia is putting itself at the forefront of emerging tech through largescale adoption and ambitious pilot projects. Its ambition will be showcased on a global stage and the kingdom will become a hub that connects three continents.

LEAP is a manifestation of this ambition; a seismic event that accelerates innovation, transforms Saudi Arabia’s economy, and turns the kingdom into a regional hub for both traditional and emerging technology.

The Momentum Keeps Building

The event’s first edition, LEAP22, enjoyed the largest debut of any technology event in history, and this year, LEAP23 has rewritten the rule book once more. A core enabler of Saudi Arabia’s ambitious vision, the four-day convention saw hundreds of thousands of registrations from visitors from more than 100 countries, and welcomed a high-profile faculty of 1,000 global investors, up from 350 last year. Comprising major investor groups, sovereign wealth funds, private family groups, and major venture capital and private equity funds, LEAP23’s investor faculty boasted assets under

management totalling $2 trillion. LEAP23 itself injected fresh foreign direct investment into Saudi Arabia’s rapidly evolving digital ecosystem and startup economy, with transactions exceeding $9 billion during the event, a 32% year-on-year increase on LEAP22’s figure of $6.8 billion. This year’s event also served as a platform for major investment announcements relating to mega infrastructure projects, new data centers, a raft of billion-dollarplus public-private partnerships, and new academies to foster and upskill homegrown talent.

Preparations Have Begun

As Saudi Arabia powers towards an exciting future, attentions are already turning to LEAP24. The convention’s organizers have revealed that the next edition will run from March 4 to March 7, 2024, and will be hosted at a new home as the pioneering platform continues to accelerate the

The second edition of LEAP welcomes more than 172,000 attendees to become the world’s largest technology event by visits.

kingdom’s digital transformation. After two game-changing outings, LEAP24 will transition to a 120,000 square-meter venue, enabling the third event to double in floor size and cater for even more innovative technologies, digital entrepreneurs, tech startups, and high-profile guest speakers.

LEAP’s expanded new venue will further enhance the Kingdom of Saudi Arabia’s position as the largest digital market in the Middle East and North Africa. What’s more, the event’s organizers and partners serve as a formidable force, with the skills, resources, and expertise to deliver lasting impact on the national economy and the global technology landscape.

LEAP is powered by Saudi Arabia’s Ministry of Communications and Information Technology in conjunction with Tahaluf–a strategic joint venture co-owned by the Saudi Federation for Cybersecurity, Programming and Drones: and

Informa PLC, the world’s largest tradeshow organizer. Headquartered in Riyadh, Tahaluf brings together strategically important commercial communities from the Kingdom of Saudi Arabia, the wider Gulf region, and from around the world at a portfolio of world-class exhibitions and digital platforms.

Ambition Abounds

There is no limit to LEAP’s ambitions or, indeed, to the ambitions of its home nation. While the on-event investment announcements are unprecedented, it is difficult to measure the legacy of this year’s event, and the longer-term impact it will have on Saudi Arabia and the many thousands of visitors who walked through the doors.

Looking ahead, the potential of the kingdom’s tech sector is immense. To put things in context, there are 380,000 technology professionals currently working in the world’s tech capital, Silicon

Valley, and there are 340,000 employed in Saudi’s technology industry. This, undoubtedly, is the tip of the iceberg. Technology investment, adoption, innovation, and entrepreneurship are key pillars of the kingdom’s ambitious economic diversification strategy, and the potential for LEAP to power Saudi Arabia’s digital transformation and galvanize growth across the international technology arena is unlimited.

Saudi Arabia has an endless ambition to shoot for something beyond that thought possible, to achieve a significant impact from game-changing tech and globally disruptive projects and to always keep one eye on the stars.

Discover Thailand At Avani Hotels & Resorts

Thailand has a lot to offer as one of the world’s most attractive tourist destinations. Whether staying on the mainland or on one of its islands, you will find a unique world that combines the antiquity of the past, the modernity of the present, and the brightness of the future. It’s an ideal place for recreation and adventure, taking you through civilization, culture, history, architecture, and ancient temples, all in one country.

Avani Hotels & Resorts offer a number of options to discover wonderful Thai charm, enjoy a special stay and great service, relax in the arms of nature, or tour between islands and some of the most beautiful beaches in Thailand.

Avani+ Mai Khao – Phuket

The Avani+ Mai Khao resort on the island of Phuket is located in the northwest, 15 minutes from Phuket International Airport and a few steps from Mai Khao Beach and Turtle Village Shopping Centre. The resort offers spacious suites and villas in refreshing summer colors. They are equipped with kitchens, private dining spaces, and all the amenities you would expect from a luxury property. The suites also have an open-air terrace, ranging from comfortable studio rooms to spacious residential units consisting of bedrooms with swimming pools or garden views. The 195-square-meter pool villas offer a convenient retreat for large groups of visitors, while the two connected four-bedroom villas with two pools can

accommodate up to 12 adults and eight children.

You can have a great time sipping delicious drinks in the turquoise pool designed in the shape of a tropical lake while enjoying soothing music throughout the day. The outdoor children’s playground hosts daily recreational and educational activities and fitness enthusiasts will feel at home in the AvaniFit gym facilities, whether they choose indoor or outdoor workout sessions provided by the Avani team.

Avani Chaweng Samui Hotel & Beach Club – Koh Samui

The Avani Chaweng Samui Hotel & Beach Club is located on the island of Koh Samui, just meters away from the white sands of the vibrant and ancient Chaweng Beach. There, you will have the opportunity to enjoy the sunset, delicious food, entertaining activities, and unforgettable adventures. The only 1950s-inspired beach destination on the island of Samui, the style of the

50s resonates throughout its public spaces and its 80 elegant rooms and suites. The rooms offer breathtaking views from spacious balconies and are equipped with modern amenities and stunning designs. The ground floor features funky pool-side rooms, which are located in the middle of the courtyard. The suites offer distinctive luxury with amazing views. They are very suitable for occasions and celebrations.

The hotel’s restaurants offer delicious food and beverages. You may start your day with a sumptuous breakfast or a delicious lunch bursting with Mediterranean, Asian, and American flavors at the Seen Beach Club. Or you can head to the 24hour Social Bar, where you can enjoy delicious summer meals and cocktails until late at night and enjoy a soothing atmosphere, evening music, and celebrations.

You can also enjoy outdoor entertainment experiences and engage in a variety of activities, such as

partying by the pool, diving, and sailing on the Catamaran boat at sunset. The fitness center is open 24/7, and training sessions with a private instructor are also available upon request, as are yoga, paddling, and ice baths on the beach. You can also have your portrait done by an artist staying at the hotel and keep the artwork as a souvenir of your stay.

Avani+ Khao Lak Resort – Mainland

Khao Lak is an area based across the Takua Pa District and the Thai Mueang District of Thailand’s Phang Nga Province. The Avani+ Khao Lak Resort has family-friendly accommodation and activities, including four swimming pools, a water park, an AvaniKids Club for children over a year old, and a water-skiing school, among many other facilities and activities for the whole family. The resort offers a wide range of family-friendly villas, including 327 spacious suites and rooms, with the suites also featuring a kitchenette suitable for families who prefer to cook themselves.

Children can enjoy cycling on nearby trails and building sandcastles on the beach. The AvaniKids Club offers a daily program, supervised by specialists, for young children aged one to four and five to 12 years old. The program includes open-air games and classes to teach aerobics, arts, and crafts, as well as fun every day in the children’s pool, complete with water slides. This also gives families the opportunity to separate their children from the digital world as they learn about the ducks and chickens that roam in the resort and pick vegetables,

fruits, and herbs from the resort’s garden.

Even teenagers have their own area at the AvaniKids Club upstairs, away from children. There, they can enjoy video games and spend entertaining evenings singing karaoke. They will also have the opportunity to learn Thai boxing inside a boxing ring, play tennis, and hone their skills on the outdoor climbing wall before setting off to scale new heights on limestone cliffs. The skate park is also suitable for beginner and intermediate-level skaters and includes trails of fine cement, slopes and metal bars, curves, and ramps.

The beach water sports center provides kayaking and surfing equipment. Other water-based activities include canoeing on bamboo boats and exploring local waterways and fauna. Scuba diving fans can easily reach the Similan Islands, where the AvaniFit gym is packed with equipment, featuring advanced sports machines for all types of training, as well as weights and an indoor climbing wall.

For a more relaxing experience, the AvaniSpa has a unique relaxing contemporary ambiance and offers an unparalleled escape, along with a range of revitalizing treatments. The spa facilities combine practicality and attractive aesthetics, with six double treatment rooms in the midst of an aromatic herbal garden. The spa journey begins with a consultation to identify the areas of the body that need treatment before focusing on achieving the desired results, which include reinforcement, balance, calm, and purification.

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 stateof-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.

“Stone tools are fossilized human behavior.”

—Louis Leakey

“The rung of a ladder was never meant to rest upon, but only to hold a man’s foot long enough to enable him to put the other somewhat higher.”

—Thomas Henry Huxley

“Eliminating impediments, we will surely be catching up with our machines, resembling them more and more impeccably.”

—Amy Leach

“We become what we behold. We shape our tools, and thereafter our tools shape us.”

—Marshall McLuhan

“Prosperity is only an instrument to be used, not a deity to be worshiped.”

—Calvin Coolidge

“Human toolmakers always make tools that will help us get what we want, and what we want hasn’t changed for thousands of years—because as far as we can tell, the human template hasn’t changed either.”

—Margaret Atwood

“A worker may be the hammer’s master, but the hammer still prevails.”

—Milan Kundera

Tools

ahead of him, organizing his surroundings and thus appropriating his actions.”

—Jean Baudrillard

“Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.”

—Thomas Edison

“Does the ax raise itself above the person who swings it, or the saw boast against the one who uses it? As if a rod were to wield the person who lifts it up, or a club brandish the one who is not wood.”

—Isaiah

10:15

“If it keeps up, man will atrophy all his limbs but the push-button finger.”

—Frank Lloyd Wright

“We are too prone to make technological instruments the scapegoats for the crimes of those who wield them.”

—David Sarnoff

“ A machine is more blameless, more sinless even than any animal. It has no intentions whatsoever but our own.”

—Ursula K. LeGuin

“The world grows steadily better because the human mind, applying itself to environment, makes it better with horse sense and science and engineering.”

—Robert A. Heinlein

“ Men are more important than tools. If you don’t believe so, put a good tool into the hands of a poor workman.”

—John J. Bernet

“Man has become less rational than his own objects, which now run

FINAL THOUGHT

“Ideas are the raw material of progress. But an idea by itself is worth nothing. An idea, like a machine, must have power applied to it before it can accomplish anything.”

—B.C. Forbes

SOURCES: IN OTHER WORLDS: SF AND THE HUMAN IMAGINATION, BY MARGARET ATWOOD; THE DOOR INTO SUMMER, BY ROBERT A. HEINLEIN; MAN’S PLACE IN NATURE, BY THOMAS HENRY HUXLEY; THINGS THAT ARE, BY AMY LEACH; THE LATHE OF HEAVEN, BY URSULA K. LEGUIN.

Marshall McLuhan