Welcome to the Arabian Business Inspiring Leaders List, an exclusive compilation that celebrates the visionaries, innovators, and trailblazers who have left an indelible mark on the Middle East’s business landscape.
In a region known for its rich history, diverse culture, and economic dynamism, these exceptional individuals have risen to the forefront, steering their organisations to new heights and shaping the future of the Arabian business world.
Arabian Business celebrates inspiring leaders
The Arabian Business Inspiring Leaders List serves as a tribute to the outstanding achievements and unwavering commitment of those who have not only excelled in their respective fields but have also played a pivotal role in driving progress and transformation across industries. These leaders have harnessed their expertise, determination, and passion to create enduring legacies that extend far beyond their organisations.
Our list spans a wide spectrum of sectors, from finance and technology to healthcare, energy, and beyond. It encompasses entrepreneurs who have built thriving startups from the ground up, as well as seasoned executives who have redefined the strategies of established conglomerates. What unites them is their unyielding dedication to excellence and their ability to inspire others with their achievements.
As we delve into the stories of these remarkable leaders, you will discover the diverse paths they have taken, the challenges they have overcome, and the groundbreaking initiatives they have championed. Their journeys provide valuable insights and inspiration for aspiring leaders and professionals throughout the region and beyond.
Join us on this inspiring journey as we shine a spotlight on the Arabian Business Inspiring Leaders List, showcasing the visionaries who are shaping the Arabian business landscape and leaving a legacy that will resonate for generations to come.
RANK: 01
NAME: Jerard J. Inzerillo
DESIGNATION: Group CEO
COMPANY: Diriyah Gate Development Authority (DGDA)
INDUSTRY: Tourism
Jerry Inzerillo is a globally celebrated visionary leader with a five-decade career in tourism and hospitality. He has been a champion for the sector and the people at its heart. In recognition of his dedication to the hospitality industry, he was awarded the prestigious HOTELS magazine “Corporate Hotelier of the World Award” and the “Tourism for Peace Award” by WANGO.
More recently, President Joe Biden awarded Inzerillo the Presidential Volunteer Service Award and is the recipient of the Nelson Mandela Children’s Fund Lifetime Achievement Award.
In June 2018, Inzerillo was appointed by HRH Crown Prince Mohammed bin Salman Al Saud to be the founding CEO of the Diriyah Gate Development Authority (now Diriyah Company). The $63.2 billion project aims to develop the 14-square-kilometer area, encompassing world-class cultural, entertainment, retail, hospitality, educational, religious, office and residential assets, with the UNESCO World Heritage Site of At-Turaif as its anchor.
In this role, Inzerillo is tasked with developing and implementing the master plan to turn Diriyah into one of the world’s greatest gathering places, restoring and reimagining the birthplace of the Kingdom.
The year 2022
According to Inzerillo, 2022 was one of the most exciting years of this project’s lifetime, with Diriyah becoming one of the first giga projects to open assets: Bujairi Terrace, the world’s latest premier cuisine offering, and At-Turaif, the majestic UNESCO World Heritage Site.
Diriyah, The City of Earth, has always been a convergence point for culture, celebrating its heritage through modern art exhibitions and showcasing local designers and talent. In Diriyah, we celebrate our culture in everything we do, because our culture is our identity.
Roadmap
Inzerillo reveals that he has always approached challenges in two ways: first, building an excellent team, and second, meticulous planning. When Crown Prince Mohammed bin Salman asked him to lead the Diriyah Gate Development Authority, his first task was to build a best-in-class team. Given the scale and complexity of the Diriyah development, meticulous planning is essential to delivering our goals and mitigating potential risks.
“Assess, action, manage, three words to live by when managing a project like this,” says Inzerillo.
Sustainability is at the heart of Diriyah. The Company has enrolled in KSA’s own sustainability certification program, MOSTADAM, and has been awarded the platinum-level USGBC LEED pre-certification, first of its kind in the Middle East.
Protecting the natural environment and the way of life that has existed here for centuries is fundamental. Our approach must therefore be holistic – conserving, enhancing, and celebrating the community and environment. The first phase of the Diriyah masterplan, for example, will be built entirely in the traditional Najdi architectural style, a defining part of Diriyah’s identity and culture.
“Given its profound historical roots and strong connection to the Kingdom, our work is centred on crafting a sustainable project while preserving the identity and natural environment of this exceptional place,” concludes Inzerillo.
RANK: 02
NAME: Amin Nasser
DESIGNATION: President and CEO
COMPANY: Saudi Aramco
INDUSTRY: Energy
In his current position at Aramco, a prominent integrated energy and chemicals company, and a significant global provider of crude oil, Nasser also serves as a member of the company’s board of directors. Throughout his extensive career spanning 40 years within the company, he has occupied various leadership roles, including senior vice president of Upstream.
In this capacity, he led Saudi Aramco‘s most significant capital investment initiative in its integrated oil and gas portfolio. Under his guidance, the company is augmenting its upstream prominence by expanding into the downstream and chemical sectors of the petroleum value chain. This expansion involves notable investments and joint-venture collaborations both within the Kingdom and overseas markets.
Backed by multiple noteworthy achievements
Nasser actively promotes education and training as well as drives the company’s innovation and technology strategy. He particularly champions the advancement and development of Saudi youth and strongly supports the Young Leader’s Advisory Board (YLAB), which facilitates a connection between Saudi Aramco leadership and the perspectives of young professionals.
At the same time, Nasser is leading the way in driving Saudi Aramco’s efforts towards generating cleaner energy and products. These endeavours encompass strategic investments in promising technologies, including next-generation fuel-engine interfaces, processes that convert crude oil into chemicals, applications for renewable energy, and the support of emerging startups dedicated to offering cleaner energy solutions.
His involvement extends to broader industry initiatives focused on reducing greenhouse gas emissions, notably his participation in the Oil and Gas Climate Initiative (OGCI). This underscores his commitment to addressing environmental concerns at a larger scale through collaborative efforts within the energy sector.
Furthermore, Nasser champions the establishment of an efficient and easily accessible supply chain ecosystem. This ecosystem is designed to accommodate the evolving procurement needs of Saudi Aramco. Notably, his emphasis on inclusivity sees the active involvement of small and medium-sized enterprises (SMEs), contributing to the growth and sustainability of the supply chain network.
His vision aligns with ensuring that the procurement processes are streamlined, responsive, and capable of meeting Saudi Aramco’s expanding requirements while fostering an environment of collaboration and mutual benefit among various business entities.
In addition to his corporate roles, Nasser occupies positions in various advisory boards and councils. These include the International Advisory Board of the King Fahd University of Petroleum and Minerals, the Board of Trustees of the King Abdullah University of Science and Technology, the World Economic Forum’s International Business Council (IBC), the Massachusetts Institute of Technology Presidential CEO Advisory Board, the JP Morgan International Council, and the BlackRock Board of Directors.
His involvement in these advisory boards and councils showcases his active engagement in diverse institutions while his participation underscores his commitment to fostering knowledge, technology, and global economic discussions. These roles reflect Nasser’s dedication to promoting innovation, education, and strategic decision-making across different sectors, strengthening his position as a thought leader and influencer in energy, technology, as well as in finance.
RANK: 03
NAME: Mohamed Alabbar
DESIGNATION: Founder and Chairman
COMPANY: Emaar and noon
INDUSTRY: Real estate
Driven by the resolute ambition to contribute to Dubai’s visionary pursuit of becoming one of the most modern and advanced cities globally, Alabbar laid the foundation of Emaar in Dubai on 16 June 1997. Presently, the company stands as an eminent figure in the realm of integrated real estate development.
Alabbar’s fervour for real estate ventures extends to his other distinguished enterprises, namely Eagle Hills and Nshama. Since its inception in 2014, Nshama has been crafting elegantly master-planned neighbourhoods that embody technological advancement, sustainability, and profound community living.
Beyond his pioneering role in real estate, Alabbar’s ventures encompass retail businesses that span over 20 global markets, including F&B, e-commerce, venture capital, logistics, hospitality, and technology. Alabbar’s innovation journey also encompasses the establishment of Noon Food, a venture poised to foster a sustainable ecosystem for both businesses and consumers.
Since its launch, noon Food is available throughout Dubai, expanding into Sharjah and Abu Dhabi. Alabbar’s transformative vision extends to his e-commerce firm, Noon, which collaborates with government entities to provide an expansive platform for start-ups in Abu Dhabi and Ajman.
At the vanguard of digitisation, Alabbar’s endeavour, Zand, heralds the world’s pioneering combined digital corporate and retail bank. Through multiple world-class mixed-use projects, he has enriched communities across the MENA region, the US, Central and Eastern Europe, and South and Southeast Asia.
His remarkable presence extends into the investment realm as a significant stakeholder in Middle East Venture Partners (MEVP), offering tech exposure to investors in Turkey and the broader MENA region. Additionally, Alabbar holds a stake in the globally acclaimed online fashion retailer, Yoox Net-a-Porter Group, through his Alabbar Enterprises.
A testament to his indomitable spirit, Alabbar’s journey has also unfolded in the hospitality sphere through Emaar Hospitality Group which has aimed to establish homegrown brands that rival the finest international counterparts.
Today, the group stands as a testament to his dedication, boasting key hospitality assets that include Address Hotels + Resorts, Armani Hotels and Resorts, Vida Hotels and Resorts, along with serviced residences, leisure clubs, and an array of restaurants and spas.
Emaar’s new project
In June 2023, Emaar unveiled a new luxury waterfront property development with a total investment of $20 billion. The project, named ‘The Oasis by Emaar,’ is set to encompass 7,000 residential units, comprising both mansions and villas.
The ultra-luxury waterfront master community in Dubai with four- and five-bedroom stand-alone villas, a significant portion of the land, approximately one-quarter, will be devoted to enhancing the natural surroundings.
This includes the creation of lakes, water canals, expansive parks, jogging tracks, and lush green spaces. Moreover, the development will incorporate an array of opulent amenities to cater to a luxurious lifestyle.
Emaar Properties robust performance
Driven by the surge in tourism, strong retail sales, and a continuous demand for real estate in Dubai, Emaar Properties has revealed robust revenues of $3.3 billion for the initial half of 2023. In tandem, the company achieved remarkable group property sales amounting to $5.5 billion, marking a noteworthy year-on-year growth of 14 percent.
Furthermore, the net profit exhibited a substantial increase of 15 percent compared to the same period in the previous year, reaching $1.3 billion. An encouraging sign of Emaar’s promising future, its revenue backlog surged to $17.1 billion as of 30 June 2023.
This backlog represents the forthcoming revenue generated from property sales, which will be gradually recognised over the upcoming years. This prudent approach to accumulating future revenue underscores Emaar’s commitment to sustainable growth and financial resilience.
A culture of CSR
Emaar Properties has cultivated a culture of CSR since 2004, initially focusing on providing support to welfare groups within UAE communities. Steered by Alabbar, a series of initiatives as integral components of Emaar’s CSR programme were suggested and over time, this outreach has extended beyond the borders of the UAE, encompassing a diverse range of countries and categories.
Sandooq Al Watan is a noteworthy social initiative championed by a group of Emirati businessmen with the aim of fostering sustainable development, a dignified life, and a promising future for the entire nation. This demonstrates Emaar’s unwavering dedication to its corporate and social responsibilities as a pioneering figure within the community.
Aligned with the Egyptian government’s directives to provide support to low-income individuals, Emaar Misr introduced Beyout Al Kheir in 2018. This initiative seeks to offer suitable housing and an honourable standard of living while preserving human dignity and advancing social justice.
Under the leadership of Alabbar, Emaar Misr pledged to develop a housing unit for underprivileged families corresponding to each unit constructed by the company within its Egyptian projects.
In 2020, Emaar Properties made a significant commitment to embed ESG principles and values into its operational fabric and investment strategies. This commitment is underscored by a three-fold strategy. The first pillar is dedicated to decarbonising the company’s real estate assets, closely monitoring emissions to align with global targets.
The second pillar focuses on the resilience of assets in relation to climate-induced physical hazards and transitional risks originating from market dynamics and energy transition.
Lastly, the third pillar centres on cultivating the foundations of a progressive society by providing support to Emaar’s employees and the communities in which the company operates.
Concurrently, Emaar supports micro-loan projects aimed at fostering sustainable development. In a bid to champion sustainable and environmentally friendly logistics practices, and as a component of their fleet expansion, noon Food introduced electric bikes to its Dubai fleet in May 2023. E-bikes have gained popularity within the city, with the food delivery sector also embracing this mode of transportation.
Since these bikes do not release pollutants, this initiative is in alignment with the UAE’s ambitious target of achieving zero emissions by 2050. The adoption of such a sustainable transportation solution also offers partners of noon Food a cost-effective alternative to conventional gas-powered scooters.
RANK: 04
NAME: Shaji Ul Mulk
DESIGNATION: Founder and Chairman
COMPANY: Mulk International Group
INDUSTRY: Industry
Established in 1982, Mulk International Group is a 40-year-old global entity with a diversified portfolio spanning primarily four sectors: manufacturing of metal composite panels and LGS homes, real estate, sports assets, and healthcare. Boasting an impressive net worth of over $2 billion, the group has been the recipient of the Sheikh Mohammed bin Rashid’s MRM award for the best foreign manufacturer in the UAE.
Pioneering manufacturing, ALUBOND
At the forefront of global manufacturing, the group’s flagship product is the metal composite panel, known as the brand ‘ALUBOND’, which transformed the group to become the world’s largest manufacturer of aluminium composite panels, boasting an impressive installed capacity of 25 million sq m with installations spanning over 100 countries.
Innovation in sports, T10 CRICKET
The group has gained global recognition for innovating the fastest cricketing format and 90-minute cricket under the brand ‘T10 cricket league’. Launched in 2017, it has become a global brand with franchise cricket leagues executed in the UAE, Africa, USA, Sri Lanka, Europe, and India with a combined viewership of over 1 billion.
Innovation in healthcare, MULK MED
Expanding into the healthcare industry in 2010, the group launched physiotherapy centres, telemedicine facilities, and diagnostic clinics across the region. Mulk Med Healthcare stands as the region’s pioneering tele healthcare ecosystem provider, responsible for the soft launch of Mulk Med Healthcare Virtual Hospital. This innovative venture merges diverse ICT verticals with cutting-edge healthcare solutions.
The Mulk Physiotherapy and Home Care Centre emphasises physiotherapy and rehabilitation, while Global Hawk Imaging and Diagnostics offer an advanced open MRI that enables patients to connect with global specialist doctors.
Innovation in real estate, Zim Cyber City
The group is currently investing in a $500 million real estate project in Zimbabwe, ‘The Zim Cyber City.’ This 46,000 sq m landmark project is managed through the locally registered subsidiary, Zimbabwe Global Investments (ZGI), operating under the Special Economic Zone (SEZ) programme approved by Emmerson Mnangagwa, President of Zimbabwe.
This state-of-the-art mixed-use development project is currently underway in Mount Hampden, New Harare. Promising an affluent community and an unparalleled standard of living with duty free shopping amenities, Zim Cyber City emerges as one of Africa’s most promising and exciting real estate projects.
Building industry innovation
Aligned with the group’s vision, the Alubond LGS building system is currently disrupting the construction industry by replacing timber with light gauge steel. The company has won over $250 million worth of projects in the USA and UK. Zim Cyber City is also being built using this disruptive building technology which provides a savings of 30 percent in materials cost and 50 percent saved in man hours.
Philanthropic endeavours
Ul Mulk also steers the Mulk Foundation which offers a range of support, including free medical clinics, libraries, assistance for disabled children, and an orphan marriage programme. Through these initiatives, the group underscores its commitment towards giving back to the community.
RANK: 05
NAME: Sheikh Ahmed Bin Saeed Al Maktoum
DESIGNATION: Chairman and CEO
COMPANY: Emirates Airline and Group
INDUSTRY: Aviation
Embarking on his career in the aviation industry in 1985, Sheikh Al Maktoum initiated a noteworthy professional journey that has significantly impacted the global aviation sector. His initial role involved serving as the president of the Dubai Department of Civil Aviation (DCA) in the same year, overseeing the operations of key entities such as Dubai International (DXB) and Dubai Duty Free.
In conjunction with this, he played a vital role in the establishment of Emirates Airline. At present, Sheikh Al Maktoum holds the position of chairman and CEO of Emirates Airline and Group, an integrated conglomerate encompassing dnata, a prominent provider of air and travel services, along with other aviation-related entities.
Emirates operates across six continents, facilitating international connectivity for passengers. Noteworthy for its modern fleet of Airbus A380 and Boeing 777 aircraft, the airline has maintained profitability over three decades under Sheikh Al Maktoum’s strategic direction.
Dnata and Dubai Duty Free
Within dnata and Dubai Duty Free, Sheikh Al Maktoum’s leadership has facilitated a broad presence across more than 35 countries and six continents, offering services encompassing handling, cargo, travel, catering, and retail.
Dubai Duty Free, a significant player in duty-free retail, reported annual sales of $1.74 billion in 2022, reflecting his influential guidance. His strategic insight also played a pivotal role in the reorganisation of the Dubai Civil Aviation Authority (DCAA) and the establishment of Dubai Airports.
Beyond the aviation sector, Sheikh Al Maktoum has contributed to Dubai’s transformation into a thriving tourist destination and a hub for global trade and transport. Dubai International (DXB) stands as a leading airport for international passengers, serving a wide network spanning 200 destinations across 90 countries through collaboration with over 80 international airlines.
Notable achievements include the introduction of Terminal 3, the pioneering purpose-built A380 facility (Concourse A), and the inauguration of Concourse D.
RANK: 06
NAME: Sultan Ahmed Bin Sulayem
DESIGNATION: Group Chairman and CEO
COMPANY: DP World
INDUSTRY: Logistics
Bin Sulayem’s expertise and visionary have played an instrumental role in propelling Dubai’s expansion. His strategic contributions have extended to various pivotal areas, notably in the development of regional free zones, ports, and infrastructure and have greatly contributing to the impressive upward trajectory of the UAE’s growth.
His far-reaching impact is reflected in his multifaceted roles, such as being a board member of the Dubai Executive Council, the chairman of Virgin Hyperloop One, and holding the position of the chairman of the UAE Federal Tax Authority.
Multiple achievements
Bin Sulayem’s achievements span a diverse spectrum, showcasing his adeptness in orchestrating transformational ventures. A shining example is his instrumental role in steering the international expansion of DP World, a leading marine terminal operator.
Notably, under his guidance, DP World acquired the P&O Group for $6.8 billion in March 2006, positioning it as one of the world’s largest port operators and a pivotal trade facilitator, with an impressive global presence spanning 78 marine and inland terminals across six continents.
His visionary prowess further manifested in the dynamic development of the Jebel Ali Free Zone (Jafza), which he transformed into a thriving business hub housing over 7,300 companies. Additionally, Bin Sulayem’s visionary foresight led to the inception of Nakheel, with contributions that include the creation of iconic Dubai landmarks, such as The Palm.
Backed by exceptional business acumen
Among his notable accomplishments, Bin Sulayem established and effectively led Istithmar World, a venture with a focus on private equity investments. The impressive portfolio includes diverse investments across North America, Europe, Asia, and the Middle East, encompassing sectors like retail and financial services.
Furthermore, his visionary contributions extend to the inception and leadership of the Dubai Multi Commodities Centre (DMCC), an influential market catering to gold, precious metals, diamonds, coloured stones, and various other commodities. This endeavour significantly contributes to the diversification of Dubai’s economy.
Innovations at DP World
DP World are reimagining the future, with step-change terminal handling innovations designed to streamline their global network of ports and keep things flowing.
Smart innovations like BoxBay, their intelligent High Bay Storage (HBS) system, are disrupting business as usual: increasing terminal handling speed, energy efficiency and safety, while decreasing operating costs.
Looking to the future, they have invested in Virgin’s revolutionary Hyperloop technology, an on-demand, incredibly fast cargo pod system that will give cargo owners synchronised and intelligent movement of goods.
Third-party logistics
With supply chain solutions, DP World provide solutions including third-party logistics (3PL), container services and automated customs clearance and brokerage. With 80 terminals and economic zones around the world, they are at the centre of smarter logistics delivery and offer specialist solutions for industry sectors, fully customised to make the logistics experience transparent, accessible, and cost-effective.
DP World emerges as a strategic force in the realm of supply chain solutions, offering a comprehensive suite of services that encompasses third-party logistics (3PL), container services, and automated customs clearance and brokerage. Their expansive global presence spans 80 terminals and economic zones, positioning them as a central hub for driving smarter logistics delivery.
Within this framework, DP World demonstrates a commitment to delivering specialised solutions tailored to specific industry sectors, ensuring a logistics experience that is characterised by transparency, simplicity, accessibility, and cost-effectiveness.
Drawing from a rich reservoir of over three decades of experience, DP World’s expertise in running free parks and zones is evidenced by the monumental Jebel Ali Free Zone in Dubai. This success story has been replicated across key international locations, marking their evolution into a pivotal player in industrial development and management both globally and regionally.
A notable facet of DP World’s strategic expansion is the replication and refinement of their proven model. This is manifested through their ownership, development, and operation of a diverse range of infrastructure that spans industrial parks, inland cargo depots, special economic zones, and specialised facilities distributed across the globe. These vital components serve as enablers of trade, catalysing seamless interactions and streamlined operations within the international trade landscape.
Maritime solutions
Every year, DP World enables the movement of $1 trillion worth of goods, and complete over 300 projects a year at their drydocks in Dubai, home to some of the world’s biggest-ever new-build offshore fabrication programmes. Their new ship-lift facility is capable of lifting two vessels of up to 2,500 tonnes.
DP World has harnessed the power of technology to bring about significant changes in the way they conduct business. Their incorporation of technology encompasses various facets, including the implementation of hyperloop delivery systems and the adoption of automated warehouse stacking. Moreover, DP World extends their technological influence to the realm of freight forwarding through the establishment of the Digital Freight Alliance.
This initiative revolves around the provision of web-based tools designed to bolster the visibility and appeal of freight forwarders’ services on a global scale. By facilitating the promotion of service offerings to a diverse array of customers around the world, the Digital Freight Alliance fosters networking and collaboration among industry stakeholders.
Going beyond these endeavours, DP World’s technological contributions also encompass the innovative World Logistics Passport. This programme introduces a distinctive approach to promoting international trade, particularly across regions such as Africa, Asia, and Central and South America. The World Logistics Passport creates a framework for forging new trade prospects, reducing trade barriers, and promoting cross-border cooperation. This initiative underscores DP World’s commitment to enhancing the global trade landscape by facilitating greater access and connectivity.
RANK: 07
NAME: Hisham Alrayes
DESIGNATION: CEO and Board Member
COMPANY: GFH Financial Group
INDUSTRY: Finance
Hisham Alrayes is leading GFH Financial Group towards its vision of becoming the region’s most prominent and diversified financial group. Since joining GFH in 2007, and assuming its leadership in 2011, Alrayes has been a driving force in the group’s transformation.
He has spearheaded its growth, establishing GFH as a platform for superior investment management, commercial banking, treasury and proprietary investment services. Alrayes drives the development and execution of the group’s global investment strategy, which has seen it build a portfolio of managed assets reaching $19 billion across the MENA region, the UK, Europe and the USA.
Leading by example
In addition to his role as CEO of GFH, Alrayes currently chairs and holds several directorships in financial, industrial, and real estate companies in Bahrain and the GCC, including Esterad Investment Company (Bahrain), Khaleeji Bank B.S.C. (Bahrain), GFH Capital (KSA), GFH Partners (DIFC), GBCORP (Bahrain), and Infracorp (Bahrain). His accomplishments have been recognised through key accolades and awards.
Notably, in 2022, he was named CEO of the Year – Financial Services by Arabian Business and ranked one of the Top 100 CEOs in the Middle East by Forbes. In 2020, Alrayes was honoured with the Banker of the Year title in the MEA Finance Awards, acknowledging his role in steering the group’s diversification strategy, which expanded GFH’s business lines and geographic reach while maintaining its resilience in the face of unprecedented market conditions.
Sharp focus, global reach
Under Alrayes’ leadership, GFH Financial Group has gone from strength to strength achieving pivotal milestones along the way. The year 2022 was a landmark year on a number of fronts as the group continued to broaden its geographic reach and investor and shareholder base as well as further strengthening performance and foundations for future growth.
During the year, GFH became the first institution to be listed across four primary GCC exchanges (BHB, DFM, KSE, and ADX), demonstrating its expansive strategy. In 2022, the group also successfully placed over $1.2 billion of investments in its portfolios, underscoring investor confidence and appetite for its unique opportunities.
In line with its focus on value creation, it also continued to enhance results. For 2022, the group reported a net profit attributable to shareholders of $90.25 million, an increase of 7.2 percent over the previous year.
The year also saw GFH significantly grow its global presence through a series of strategic investments, acquisitions and partnerships. It launched a new office in London, reflecting Alrayes’ vision to see GFH strengthen its reach across key international markets and in sectors globally that demonstrate solid fundamentals and leverage positive macroeconomic conditions.
In line with this strategy, the group also seized the opportunity to further bolster its presence in the US market and the resilient healthcare sector, acquiring a majority stake in Big Sky Asset Management, a leading asset manager specialising in medical clinics and other healthcare-related real estate in the US.
The transaction marked GFH’s third strategic acquisition of a well-established specialist asset manager, the first of which was UK-based pan-European Roebuck Asset Management, which specialises in UK and European logistics and has a cumulative assets under management (AUM) of €2.6 billion ($2.83 billion) since its inception, the other was SQ Asset Management, a leading US-based living sector asset and property manager with an AUM of $1.1 billion and with over 11,000 active beds currently under management across the US.
This year has seen the momentum continue. To further support growth, the group launched GFH Partners, a fully-owned subsidiary dedicated to expanding its asset management capabilities with a particular focus on the real estate sector, where the group currently manages over $6 billion of assets.
Alrayes explains: “Leveraging our own reach, regulatory and business set-up, as well as the access provided by our partners on the ground in multiple geographies, our aim is to continuously deliver a strong pipeline of opportunities for our investors”.
Diversification and agility in practice
In its commitment to global expansion, GFH continues to accelerate strategic investments that align with its growth-oriented strategy. Under Alrayes’ leadership, GFH’s strength in diversification across strategically selected sectors and geographies has been a key success for the group. To drive its investments, GFH adopts a thematic sector approach, targeting resilient and defensive sectors within high-growth markets that boast strong fundamentals.
The group leverages its successful track record and deep domain expertise in these sectors to make the most informed investment decisions for its clients. This entails a value-oriented approach and the potential for growth, repositioning, and performance improvement of acquired assets and businesses. Hands-on value creation from origination to exit is at the heart of GFH’s investing playbook.
A resilient roadmap for continued growth
Alrayes’ leadership style has been instrumental in driving GFH’s success. Amidst the intense volatility that sent shockwaves through the investment landscape over the past several years, Alrayes has forged a resilient, data-driven roadmap to overcome challenges moving forward, including addressing the pressure from rising interest rates and the general uncertainty of the global economy.
With a proven strategy that has steered GFH successfully for over 20 years, Alrayes says: “GFH has successfully transformed these challenges into opportunities, focusing on sectors underpinned by robust fundamentals and positioned for long-term growth, even amidst economic downturns.” He argues that the strategy’s agility allows adaptation to changing market conditions while maintaining a focus on diversification and growth opportunities, particularly in defensive sectors like technology, healthcare and logistics real estate.
GFH’s on-the-ground approach, with offices in Bahrain, Dubai, Riyadh, and now London, will also allow it to continue to unlock global opportunities and respond quickly to changing conditions. The group’s roadmap and strategic decision-making that have brought it to this point will continue to be fundamental tenets that drive its future success.
RANK: 08
NAME: Ahmed Gaber
DESIGNATION: CEO
COMPANY: The ENTERTAINER
INDUSTRY: Technology
Prior to his current position, Gaber held the role of the general manager and led VISA’s operations in North Africa and other markets, including KSA, Egypt, Morocco, Kuwait, Oman, and Bahrain.
He was responsible for digital payments across numerous markets with a special focus on enabling digital commerce, rolling out financial inclusion programmes, launching EMV acceptance, Contactless Payment technologies and later digital wallets. Gaber started with the National Processing Company and exited as the head of Support and implementation. He has over 21 years of experience in the GCC and MENA regions and has led markets across 11 countries.
Achievements in 2022 and 2023
Gaber reveals that the ENTERTAINER experienced a remarkable growth in their B2B business, marking a significant milestone in their progression. “Last year, we started an ambitious journey, aiming to enter the Egyptian market – our official launch will take place on 12th September 2023. We focused on re-building our team in KSA and strengthened our brand equity.”
The ENTERTAINER has made some major changes in the company’s operational model in 2022, including an overhaul of 80 percent of the leadership team. He explains, “When I assumed the role of the CEO at the ENTERTAINER, there was 62 initiatives. Through a thoughtful and inclusive decision-making process, we have prioritised 12 initiatives. Our diligence paid off, as we achieved remarkable success.”
Roadmap
He adds, “We paid great attention to best working practices and staff empowerment, enabling our employees to work from elsewhere in the world for four weeks and addressed gender pay disparity through an ongoing payment equality exercise. Recognising the significance of mental health, we’re partnering with an independent agency to provide a confidential channel for individuals to seek support.”
Another one of Gaber’s objectives involves a strategic shift in the overall approach of the company. “While we possess strengths in technology, marketing, engagement, and merchant relations, we want to focus on being a consumer-centric organisation,” he says.
Merchants, B2C consumers and B2B partners are the heart of the business. With the new team and an evolved organisational culture, Gaber’s third priority revolves around fostering synergies. “To achieve this, we’ve established a tandem between our Strategy and Programme Management Office with an objective to devise streamlined processes and refresh the modus operandi.”
He adds, “It’s not the team’s size that matters, but rather having the right individuals who can effectively execute tasks. For instance, a team of five exceptional employees can surpass the performance of a larger group of 10 that includes underperformers. Embracing change and driving transformation demands not only courage and unwavering determination, but also underscores the necessity for consistently making difficult decisions.”
Gaber strives to achieve strategic objectives as well as drive a favourable return on investment (ROI). “This encompasses both our financial goals and the broader impact we intend to make in the industry.”
RANK: 09
NAME: David Grover
DESIGNATION: Group CEO
COMPANY: Roshn Real Estate
INDUSTRY: Real estate
In his present position at ROSHN, a mixed-use community developer giga project powered by PIF, Grover is responsible for supervising all ROSHN operations in KSA. Before joining ROSHN, Grover served as the group board director at Mace Group in the UK. With a turnover exceeding $2.5 billion, the firm employed 6,500 individuals and functioned through five global hubs across 65 countries. Grover also held the role of CEO of Mace Developments.
Upon joining the UK firm in 1992, he engaged in various crucial aspects of the business, from consultancy to construction and development. He achieved notable milestones, including establishing and driving the growth of the firm’s development division and delivering multiple infrastructure and mixed-use projects.
He expanded the firm’s project portfolio in his capacity as COO and subsequently CEO, encompassing a hotel, an office project, student residential projects, and London residential schemes. Committed to attaining the Vision 2030 objective of achieving 70 percent home ownership in KSA, in March 2023, ROSHN announced their new real estate development in Riyadh featuring 2,000 housing units. Intending to become Riyadh’s second residential community, the Waraefa project is the third major development in KSA backed by the PIF, following the successful Sedra flagship project.
The project will be erected in Al Janadriyyah district in eastern Riyadh, next succeeded by the launch of The Alfulwa project and will be providing over 18,000 units.
RANK: 10
NAME: Yasir Al Rumayyan
DESIGNATION: Governor
COMPANY: Public Investment Fund (PIF)
INDUSTRY: Investment
Bringing a wealth of experience spanning more than two decades within KSA’s pivotal financial institutions, Al Rumayyan commenced his journey at Saudi Hollandi Bank as the head of international brokerage from 1999 to 2004, followed by an appointment to the Capital Markets Authority (CMA) as the head of securities listings.
Since 2017, he has occupied his current role at the PIF, playing a pivotal role in the acquisition of English football club Newcastle United, a $407 million takeover that granted PIF an 80 percent ownership stake. Aligned with Vision 2030, prominent PIF-owned giga-projects like NEOM and The Red Sea Development Co. have already inked over 800 local and international contracts exceeding $5.3 billion by April 2022.
Al Rumayyan spearheads all operational aspects of the sovereign wealth fund, a cornerstone of Saudi Arabia’s Vision 2030 and economic transformation strategy. Holding influential roles on the boards of prominent global entities, Al-Rumayyan chairs Saudi Aramco since September 2019 and leads the Decision Support Centre. An advisor to the General Secretariat of the Council of Ministers of Saudi Arabia, he holds board positions with the Saudi Industrial Development Fund, SoftBank Group Corp, and Uber Technologies.
Backed by sustainability efforts, Saudi Aramco have established ambitious targets to attain net-zero Scope 1 and Scope 2 greenhouse gas emissions from their fully owned and operated assets by 2050 which aligns with KSA’s goals of achieving net-zero emissions by 2060.
RANK: 11
NAME: Joseph M. Bradley
DESIGNATION: CEO
COMPANY: TONOMUS
INDUSTRY: Technology
At the helm of TONOMUS, a leading cognitive technology firm, Bradley oversees the formulation and implementation of the technological and digital ecosystems for NEOM. This encompasses establishing the foundation for cognitive cities, in collaboration with global technology partners.
Diverse experience
Bradley previously worked at Cisco for 15 years, where he held several roles including Global VP for IoT, Blockchain, AI, and Incubation. He drove advanced services, business development, and operations for Cisco’s ventures, enhancing a consulting model for clients to unlock IoT value. Earlier, he held CEO, CFO, and SVP positions at C3 Communications, and led AT&T’s Data Communications. His career began at Pacific Bell, gaining expertise in finance and operations.
Key successes in 2023
According to Bradley, TONOMUS is harnessing cognitive technologies to create a digital infrastructure that will push forward the boundaries of human experience and define the future of living. “The solutions that TONOMUS is creating will ensure that NEOM is powered by unrivalled connectivity and computing capability, as well as cutting-edge AI and immersive technologies, all underpinned by global security standards,” says Bradley.
He and his team recently spearheaded the launch of the TONOMUS.NEOM Telecommunications Centre, a digital facility at NEOM that was built to support a single holistic integrated network offering immersive, end-to-end cognitive experiences for its users. “Once fully functional, it will power a software-driven network that will service up to 60 locations, around 1,800 structures and 200 million IoT devices by 2030, with approximately 300,000 construction staff employed at NEOM by 2025,” he said.
“This inaugural facility has set a new precedent for the regional ICT industry, with leading regional and international service providers such as stc, Huawei, NESMA, Fortinet bringing their class-leading abilities to NEOM and contributing to its successful launch.”
TONOMUS partners with global tech leaders sush as Oracle, OneWeb, and NVIDIA to enhance city sustainability, urban mobility, and citizen experiences.
“In 2022, TONOMUS launched TONOMUS Venture Studio, committing $1.4 billion over five years to building and scaling businesses that focus on the cognitive ecosystem and the infrastructure needed to support it,” Bradley said. “A core aim of TONOMUS Venture Studio is to cement NEOM as the epicentre of innovation and enhance the kingdom’s reputation as an entrepreneurial powerhouse by attracting both emerging and established entrepreneurs.”
Roadmap
Regarding challenges, Bradley revealed that there’s growing discourse around businesses prioritising environmental action and minimising carbon footprint, in the run up to COP28. “While expectations are high, our goal is to meet our commitments by carefully managing our operations, processes, and resource allocation,” he said.
“Establishing collaborations and nourishing partnerships are instrumental in driving growth and opportunities in an environment where competition is high.”
As business grows in the kingdom, TONOMUS prioritises nurturing Saudi talent through their human capital strategy. It is dedicated to fostering Saudi tech talent and reducing its carbon footprint while serving the community while aiming to become the leading cognitive solutions provider in Saudi Arabia, driving growth and collaboration opportunities.
RANK: 12
NAME: Naaman Atallah
DESIGNATION: Group CEO
COMPANY: Nakheel
INDUSTRY: Real estate
With almost three decades of professional experience in the industry, in his current position at Nakheel, Atallah leads a workforce of over 1,200 employees. Their collective efforts are focused on delivering innovative developments that offer exceptional residential, retail, hospitality, and leisure choices to customers. Joining the company in Q4 2020, Atallah has played a crucial role in reshaping Nakheel’s reputation as a globally renowned master developer.
A seasoned industry leader and strategic thinker, among Atallah’s achievements is the restructuring of Nakheel’s business strategy, emphasising a delivery-focused model while keeping customers central to the company’s efforts. This shift has led to significant market demand and sales achievements within a remarkably short span of time.
Additionally, he has fostered an inclusive workforce that reflects Nakheel’s brand values and ethos. Prior to his tenure at Nakheel, Atallah held senior leadership positions at some of the most prominent real estate companies, including the CEO of Piramal Realty in India, CEO of Dubai Properties, COO of Emaar, and COO of Qatari Diar. He has been actively involved in various real estate industry bodies, contributing advisory roles to Investment Committees of Real Estate Funds.
Presently, he serves as a board member of the real estate division of the Misk Foundation, which focuses on advancing Saudi youth. He holds a Bachelor of Science degree in Civil Engineering from the University of Texas and an MBA from Pepperdine University in the US.
RANK: 13
NAME: Hussain Sajwani
DESIGNATION: Founder and Chairman
COMPANY: Damac Holding
INDUSTRY: Real estate
Sajwani, a self-made Emirati entrepreneur, has rapidly emerged as a prominent and impactful figure in the Arab world, particularly within Dubai’s property market. His rapid ascent to prominence underscores his substantial contributions and profound influence within a relatively concise yet impactful duration.
In the mid-1990s, his visionary acumen enabled him to anticipate the burgeoning demand for accommodations, driven by the escalating number of individuals arriving in the emirate for pivotal business and trade engagements.
Recognising the significance of this emerging opportunity, Sajwani adeptly responded by embarking on an ambitious venture to construct several distinguished hotels. These establishments not only catered to the immediate needs of visitors but also strategically positioned Dubai as an unparalleled hub for business travellers from around the globe.
Responding to this opportunity, he embarked on constructing several hotels, positioning Dubai as a hub for business travellers. However, it was in 2002 that Sajwani truly made his mark by establishing DAMAC Properties, a venture that would ultimately become one of the largest property development companies in the Middle East and beyond.
Education and social progress are close to Sajwani’s heart. Alongside his family, he champions quality education through the Hussain Sajwani – DAMAC Foundation. Notably, the One Million Arab Coders initiative, a flagship programme under the foundation, seeks to empower one million Arabs with essential coding skills, positioning them for success in the digital era.
About DAMAC Properties
DAMAC Properties has been a driving force in shaping the skyline of various cities worldwide. Having delivered over 43,700 homes and with more than 30,000 currently in development, DAMAC has established its presence in over 10 countries, including Dubai, Jeddah, Riyadh, Beirut, Amman, Doha, Baghdad, the Maldives, Toronto, Miami, and London.
Notably, DAMAC’s international portfolio features remarkable projects like the 50-storey DAMAC Towers Nine Elms, a flagship development in central London, which bears the iconic branding of Italian fashion house VERSACE.
Moreover, the company has expanded its reach into Toronto, entering a partnership with Canadian developer Marlin Spring, while also securing prime sea-facing land in Miami’s upscale Surfside neighbourhood for the construction of a luxurious tower.
DAMAC’s ambitions extend beyond real estate, with the establishment of its own hotel management company. Under its umbrella, the company oversees eight hotel properties, collaborating with renowned brands such as Radisson, Paramount, Rotana, and DAMAC Maison.
Furthermore, DAMAC is in the process of developing a lavish resort in the Maldives, operated by the Mandarin Oriental Hotel Group. DAMAC has established a distinct reputation for its collaborative endeavours and has consistently joined forces with prestigious lifestyle brands to introduce exceptional living concepts.
These projects go beyond the ordinary, offering opulent apartments and villas decorated with interiors crafted by renowned fashion houses such as Versace Home, Fendi Casa, de GRISIGONO, Cavalli, and Just Cavalli. These collaborations result in captivating living spaces that seamlessly merge luxury and style. The unique Paramount Hotels and Resorts brand offers luxurious serviced living experiences. This exclusive brand brings the allure of Hollywood to the world of hospitality, providing residents with lavish serviced living experiences that redefine luxury. The synergy between DAMAC and these esteemed brands reflects a commitment to elevating the standards of living and creating spaces that exude opulence.
Beyond property
Innovating and adapting to contemporary demands, The DAMAC Group, which encompasses DAMAC Properties, has entered the data centre industry through DAMAC Data Centres. These centres are strategically established to meet the growing demand for data centre services and are currently being developed in Riyadh and Dammam, KSA; Turkey, as well as Ireland. Beyond real estate and hospitality, Sajwani has demonstrated his acumen in the global equity and capital markets through his private investment division. This division holds portfolios of securities in various regional and global markets, showcasing Sajwani’s versatility as an astute businessman and investor.
DAMAC Properties contracts for Lagoons projects
With a strategic focus on advancing this master-planned community, DAMAC Properties has successfully awarded contracts totalling $653 million within the first half of this year. The magnitude of these contracts reflects the dedication of DAMAC Properties to enhance and diversify the Dubai real estate landscape.
Notably, a prominent contract valued at $205 million has been entrusted to Ginco General Contracting. This sizeable contract pertains to the main works encompassing 1,127 villas and townhouses located within the Malta cluster of the Damac Lagoons development. Furthermore, China Nuclear Industry 22nd Construction Company has secured an order worth $73.5 million for the principal construction tasks of 433 villas within the Mykonos cluster.
Additional contracts totalling over $69.8 million have been allocated to the main works of 424 villas situated in the Monte Carlo cluster. Earlier in the year, DAMAC Properties had already taken significant strides by partnering with Danway Electrical and Mechanical Engineering. This collaboration aimed to establish a crucial 132/11kV substation within the expansive 4.4 million m2 DAMAC Lagoons community. This initiative marked a vital milestone as part of the group’s larger strategy to power the development efficiently.
RANK: 14
NAME: Othman A. Ibrahim
DESIGNATION: CEO and Vice Chairman
COMPANY: Rawabi Holding, Magnom Properties
INDUSTRY: Real estate
For 30 years, Ibrahim has been at the forefront of the highly demanding world of supply solutions and consultancy services for the petroleum exploration and production industry. In his key role at Rawabi Holding, Othman has steered the company’s growth to become a leading conglomerate in KSA as well as one of the fastest-growing companies in the Middle East. Today, Rawabi Holding is the leading offshore services provider in KSA and an enabler of seamless services with a focus on safety, quality, on time delivery, and superior customer support.
Realising the growing demand for high-end sustainable projects, Rawabi Holding established Magnom Properties, which Othman leads as the vice chairman. As countries in the region work towards fulfilling their net zero goals, his vision for this new venture is to create dynamic environments and developments to cater to the rapidly evolving lifestyles and aspirations of businesses, industries, and future generations. As such, Magnom Properties will be constructing high-value commercial, residential and lifestyle projects in KSA and across the region.
Key achievements
Othman is also the executive vice chairman of Rawabi Holding Board of Directors, chairman of the Board’s Investment Committee and vice chairman of Rawabi Energy Company. He has been instrumental in overseeing Rawabi Energy and its subsidiaries successful conclusion as of one of the largest private sectors syndicated financing in KSA, with a financial close of $1.9 billion syndicated multi-currency secured term and revolving SAR and USD facilities.
Steered by the visionary that strategic business partnerships are key to create entirely new market opportunities, Othman has partnered with Forbes to build zero-carbon commercial towers across the UAE, KSA, and Egypt. These sustainable real estate projects will be developed in partnership with Adrian Smith + Gordon Gill Architecture and The Carbon Lab based in Chicago and aligns with the goals of Vision 2030.
Leadership roles
Othman is also the chairman of multiple companies, including United Safety Ltd. Canada; Singaporean-listed Vallianz Holdings Ltd.; Equatorial Energy, Singapore; PT VOM, Indonesia; Rawabi Vallianz Offshore Services, among others. He is also the director at the Boards of Wildcat Oil Tools in USA, Redland Industrial Services (Arabia) Ltd. (RISAL), Kalaam Telecom in Bahrain and heads the Audit Committee at Rawabi Human Resources Company.
Roadmap
Othman realises that the changing macroeconomic conditions, political climate, and volatile oil prices are impacting project timelines of several developments across the region.
He adds, “Some of the more immediate challenges are evident in the path to meeting net zero targets where there are gaps in making firm commitments to push sustainable development opportunities.”
He believes that an integrated approach to sustainable development is required to improve competitiveness of the various sectors to be on par with mature markets worldwide. Overcoming challenges in sustainable development will require a shift in mindsets as well as continued collaboration and innovation, which Othman is working towards.
RANK: 15
NAME: Sunil Kaushal
DESIGNATION: CEO
COMPANY: Standard Chartered Africa and Middle East (AME)
INDUSTRY: Banking
In his current role with Standard Chartered Africa and Middle East (AME), Kaushal is also a member of Standard Chartered’s Global Management Team, the highest executive body within the bank. Previously, he held the role of the regional CEO of Standard Chartered South Asia and CEO India.
Diverse experience
With the group for nearly 25 years, Kaushal has approximately 35 years of banking experience in diverse markets across North Asia, Southeast Asia, South Asia, Middle East, and Africa. He has held senior roles across wholesale, retail, SME banking, and country management within the group.
Kaushal also served as the head of corporate banking in the UAE, head of Originations and Client Coverage in Singapore, global head Small and Medium Enterprises and New Ventures in Singapore as well as the CEO of Standard Chartered Bank, Taiwan. Kaushal has led the acceleration of the bank’s digital transformation in the AME region, with the launch of digital banks across nine key markets across Africa.
Expansion
In 2022, Standard Chartered registered remarkable success across its network in AME, evidenced by their outstanding financial performance, strategic wins in key markets and transformation journey across Africa and the Middle East, says Kaushal.
He adds, “We delivered a record-breaking performance during 2022, reporting an underlying operating income of $2.6 billion, up by 14 percent on constant currency basis, driven by growth in transaction banking, financial markets and retail, while underlying working profit stood at $937 million, up 25 percent on constant currency basis, driven by higher income and disciplined cost management.”
Kaushal explains that their drive to enhance the bank’s digital and sustainable financing offerings has been pivotal in their growth strategy, resulting in securing the inaugural sustainability-linked loan with Landmark Group, launching the first Sustainable Receivables Financing Facility with ECI and Siemens, and issuing Qatar’s premier Green Guarantee in collaboration with Siemens. Their dominance in the region’s bond and Sukuk markets topped the AME league tables and leading MENA G3 issuance for the fifth consecutive year.
The bank’s KSA venture, which saw the inauguration of their first branch in June 2021, has yielded remarkable results with over 140 percent growth in CCIB cross-border income during the first half of 2023. As for Egypt, they are poised to establish their presence later this year.
Roadmap
In 2023, the bank maintained its momentum with robust first-half results. Operating income stood at $1.44 billion, marking a 34 percent increase on a constant currency basis. He says, “In the UAE and the Middle East cluster, we achieved our highest half-yearly operating profit since 2015, reaching $653 million, a substantial 39 percent rise on a constant currency basis, driven by strong income momentum. We are committed to harnessing our unique strengths, fostering innovation, and working cohesively as a team to realise our shared vision and uphold our purpose of ‘Here for good.’”
RANK: 16
NAME: Mohammad A. Baker
DESIGNATION: Deputy Chairman and CEO
COMPANY: GMG
INDUSTRY: Retail
Established in 1977 by Abdul Aziz Baker, GMG began as a small butchery offering fresh Western meat, fish, and cold cuts. Over the past four decades, GMG has grown into a global well-being company with a diverse portfolio of home-grown and international brands. Committed to promoting healthier lifestyles through its food, health, and sports verticals, GMG is dedicated to retailing, distributing, and manufacturing a range of products that position it as a trusted industry partner.
Leveraging a rich legacy spanning 45 years, Baker has metamorphosed GMG into a worldwide well-being entity that impacts millions of lives. Presently, he is steering the company towards a new era, igniting a spirit of triumph in all endeavours and advocating for a world enriched by positive contributions. This endeavour entails staying at the forefront of innovation while delivering robust investment returns for GMG’s global partners.
Guiding his family-owned company with a legacy spanning forty years, Baker has played a pivotal role in reshaping GMG into a prominent global entity affiliated with some of the world’s most successful well-being brands. Transitioning from a single Dubai store, GMG has evolved into an international enterprise that promotes well-being through its health, sports, and food divisions. Under Baker’s stewardship, GMG has introduced over 120 brands to markets across the MENA region and Asia. These encompass both home-grown names such as Sun & Sand Sports, Supercare Pharmacy, Farm Fresh, and international brands including Nike as well as Mama Sita’s, among others.
Across various sectors
Within GMG, GMG Sports is a powerhouse in the sports industry, boasting an extensive portfolio of over 90 brands and 500 stores worldwide. With a dedicated team of 4,500 employees, GMG Sports leads in retail operations, offering a diverse array of sports products and apparel. Notable brands under the GMG Sports umbrella include Vans, Jordan, Nike, Timberland, and others.
Another segment of GMG, GMG Everyday Goods, focuses on food manufacturing, distribution, and retail operations. With a comprehensive approach covering the entire food consumption chain from ‘farm to fork,’ GMG Everyday Goods offers various home-grown and distributed food brands. Prominent brands include Farm Fresh, Noor Al Islami, Klassic, Sapora, RUH, Quality 1st Choice, Chef’s Choice, Aswaaq, Geant, Monoprix, Franprix, Monop, Naturalia, and Leader Price.
Specialising in commercial and residential real estate, GMG Properties features a diverse portfolio of buildings, community malls, and leasing services. Noteworthy properties include Jumeirah Centre (established in 1988) and Aswaaq Mall, both in Dubai. GMG Logistics, with over 1,200 employees and 28 logistic centres across the GCC, offers comprehensive freight solutions. Their logistics arm, Trilogi, utilises various storage options including dry, ambient, cold, and frozen.
Within GMG Ventures, the Emirates British Nursery provides high-quality early education services, while Suncoast Stores offers cost-effective solutions for outdoor furniture needs in the region. GMG’s transformative journey from a small butchery to a global well-being conglomerate showcases its unwavering commitment to innovation, growth, and serving communities.
RANK: 17
NAME: Mohammed Alshaya
DESIGNATION: Executive Chairman
COMPANY: Alshaya Group
INDUSTRY: Retail
The driving force behind the Kuwaiti family-owned enterprise Alshaya, a prominent international franchise operator across the Middle East, Africa, Europe, and Russia, Alshaya has been instrumental in steering the company’s evolution, fostering its progression and widespread expansion. His journey within the organisation began in 1990 when he assumed the role of CEO, later ascending to the position of executive chairman in 2007. Today, the group boasts an impressive roster of over 70 brands under its name.
A vast and diverse portfolio spans continents, with operations extending through Europe, the MENA region, and Turkey, the group’s endeavours encompass multiple sectors, from health and beauty to pharmacy, food, fashion, home furnishings, and leisure and entertainment. Also included under the expansive Alshaya Group umbrella is local coffee shops, drive-thrus, and restaurants. This collection includes key names like Boots, The Body Shop, H&M, Starbucks, Mothercare, M.A.C, Debenhams, American Eagle Outfitters, P.F. Chang’s, The Cheesecake Factory, Victoria’s Secret, Pottery Barn, and KidZania, and more.
Beyond Alshaya
Alshaya’s sphere of influence extends far beyond his role within Alshaya Group. He plays a pivotal role as a board member for the Arab Thought Foundation, contributing his insights and expertise to this intellectual platform. Furthermore, his leadership extends to real estate development, where he holds the position of chairman of the board of directors at Mabanee, a distinguished player in Kuwait’s real estate landscape. It’s worth noting that the Alshaya family’s ownership stake of 34.1 percent in Mabanee underscores the family’s substantial commitment to the company’s success.
RANK: 18
NAME: Sarah Al Suhaimi
DESIGNATION: Chair MENA
COMPANY: Lazard
INDUSTRY: Finance
A notable presence in the finance sector in KSA, Al Suhaimi holds a significant role at Saudi Tadawul Holding Group (previously known as the Saudi Stock Exchange Company). She currently serves as the chairperson of the Group Board of Directors.
Moreover, she plays a pivotal part in Lazard’s financial advisory operations within the MENA region. This stands as a significant milestone that encourages more women to assume prominent positions within KSA. It also underscores Lazard’s active commitment to aligning with Vision 2030, the nation’s agenda to diversify its economy beyond oil and invest in emerging industries.
Backed by robust experience
Lazard obtained its financial advisory services license in 2010 and has been serving investment banking clients through its Riyadh office. Al-Suhaimi’s role follows her tenure as the CEO of NCB Capital Bank from 2014 to 2021, during which she held a position on the Board of Directors. Under her leadership, the bank successfully executed numerous substantial investment banking mandates, gaining recognition in league tables for Debt Capital Markets (DCM) and Mergers and Acquisitions (M&A).
Between 2013 and 2015, Al-Suhaimi assumed the role of vice-chairperson of the Advisory Committee of the Capital Market Authority (CMA) Board of Directors. Her previous experiences also encompass her leadership of the asset and wealth management division at Jadwa Investment Company. Within Jadwa, she held the positions of chief investment officer and member of the Jadwa Management Committee.
Beyond her professional commitments, Al-Suhaimi is a valued board member of SAUDIA (Saudi Airlines). She is also entrusted as a trustee of the International Financial Reporting Standards Foundation and holds the distinction of being a We-Fi Leadership Champion.
RANK: 19
NAME: Rizwan Sajan
DESIGNATION: Founder and Chairman
COMPANY: Danube Group
INDUSTRY: Construction
Sajan, a prominent Indian-Emirati entrepreneur, guides the trajectory of Danube, a significant conglomerate in the Middle East. His journey commenced in the early 90s with his move to the UAE, driven by the aspiration to build his own business. In 1993, that dream became reality with the inception of Danube Group which began as a small trading enterprise focusing on building materials.
The One Percent genius
When Sajan ventured into the property sector, he encountered a landscape already populated by significant players. He recognised the need for a distinctive approach in the real estate realm and realised that a substantial 80 to 90 percent of expatriates in Dubai were inclined towards renting.
Sajan’s vision was to convert these renters into property buyers, a concept he termed as the ‘one percent payment plan.’ This approach entailed a modest down payment coupled with a monthly payment set at just one percent with the remaining balance collected upon the building’s completion.
As the building progressed to 60 percent completion, banks were willing to finance the remaining 40 percent of the property’s cost, even prior to the title deed transfer. This approach eliminated the need for customers to engage directly with banks, bypassing prolonged approval processes and the uncertainties associated with interest rates. The one percent plan ultimately emerged as the foundational principle that shaped Danube Properties and fuelled its subsequent success.
Expansion
In terms of expansion in 2022, Sajan explains, “The year not only helped us make up for the losses during the COVID-19 pandemic but also helped us to grow business in new areas and expand to new territories. We have witnessed substantial growth in gross revenue and have hired more professionals to manage our growth. We have crossed $1.5 billion and 2023 is looking stronger than before.”
Danube has also expanded their home furnishing business in new territories, such as Africa and a few other countries where their products are now being exported to and sold in those markets. “One of the key areas of success was the real estate sector,” he says, “We launched and sold out five real estate projects, all are now under construction, and this helped us to strengthen investor confidence and maintain our stand as the fastest-growing real estate developer in the UAE.”
Roadmap to challenges
Sajan believes that 2022 has been full of challenges. He adds, “Despite the global problems, Dubai managed to attract a large pool of international investors who came here as visitors, loved the infrastructure, quality of life, global connectivity, and the vibrancy and resilience of the UAE economy, and decided to open a branch of their business and bought a home. Some are relocating their entire business here due to safety, security, and the ease of doing business. Due to this, demand for quality homes has gone up and we, among others, are benefitting from this.”
RANK: 20
NAME: Abdul Aziz al Ghurair
DESIGNATION: Chairman
COMPANY: Al Ghurair Investment
INDUSTRY: Investment
In addition to his current role, Al Ghurair also holds the directorship of the Abdullah Al Ghurair Group of Companies, a business legacy with a presence in over 20 countries and over 50 years of history. Before his role as the chairman of the board of directors at Mashreq Bank, he spent around three decades as the bank’s CEO. He is also on the board of directors of his family’s extensive Abdulla Al Ghurair Group, a venture that spans numerous countries.
Throughout his career, he has held vital positions on the boards of renowned entities like Mastercard, Visa International, Dubai Investments, Emaar, and the Dubai Chamber of Commerce and Industry. His leadership extended to co-chairing the Arab Business Council-World Economic Forum (WEF), showcasing his influence in global economics.
Al Ghurair’s commitment to advancing knowledge is evident in his role as a board member of trustees at New York University, USA. He has also contributed to the Consultative GCC Council for the GCC Leaders and held the prestigious position of the president of The Knowledge Fund, solidifying his dedication to progress and growth.
Established in 1960 and headquartered in Dubai, Al Ghurair Investment (AGI) spans six industry sectors. With operations expanding across over 50 countries and a workforce of around 28,000 individuals, AGI has become a driving force in multiple domains.
RANK: 21
NAME: John Pagano
DESIGNATION: Group CEO
COMPANY: Red Sea Global
INDUSTRY: Hospitality
In his current capacity at Red Sea Global (RSG), a vertically integrated real estate firm engaged in regenerative development projects along the Red Sea coast of KSA, including The Red Sea and AMAALA, both situated on the west coast of the country, Pagano is backed by over three decades of international commercial property industry expertise spanning North America, Europe, and the Caribbean.
His experience encompasses project structuring, financing, construction and asset management, master planning, and more. He is spearheading the development of RSG’s projects from the ground up to create a series of regenerative luxury tourism destinations in KSA.
Since January 2018, Pagano has been at the helm of The Red Sea, primarily an island development and one of three mega-projects aimed at diversifying KSA’s economy in alignment with Vision 2030. Additionally, Pagano oversees KSA’s ultra-luxury destination project, Amaala, along with the phase one development of the Red Sea, set to conclude in 2024 which covers an area of around 28,000 km2 and encompasses six inland locations and 22 islands.
Upon completion, the entire Red Sea project will feature approximately 50 hotels and 1,300 residential properties across 22 islands. Mainly a coastal development, the first phase of Amaala involves an international airport, the delivery of 16 hotels, and the creation of mirrored orbs forming the Sheybarah Island hotel.
RANK: 22
NAME: Dr Raja al Gurg
DESIGNATION: Chairperson and Managing Director
COMPANY: Easa Saleh Al Gurg Group
INDUSTRY: Diversified
Dr. Al Gurg’s leadership has been steered by her late father, the founder, Easa Saleh Al Gurg. Known for her support of Arab women entrepreneurs, she is the founder of the Dubai Businesswomen Council and serves as a member of the board of directors of Dubai Chambers. She also occupies roles on the board of Dubai Chamber of Trade and Dubai Women’s Association.
Dr. Al Gurg is the vice chairman of the boards at the National Bank of Fujairah, Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU), and vice chair at the University of Dubai. She contributes her insights to the advisory board of Coutts Bank, the wealth division of the Royal Bank of Scotland Group. She is also a vital component of the board of directors for Dubai Academic Health Corporation; vice chairperson of University of Dubai; on the board of trustees for Hamdan Bin Mohammed Smart University; and member of the board of trustees for Ajman University.
In 2022, she assumed the role of honorary pro-chancellor at Heriot Watt University which is complemented by the presence of Professor Dame Heather McGregor, who recently assumed the role of provost and vice-principal in Dubai. She also dedicates her counsel to various business groups and international trade alliances. Her contributions span philanthropic realms through the Easa Saleh Al Gurg Charity Foundation, and she holds the role of chairperson of the board of directors of the Al Jalila Foundation.
RANK: 23
NAME: Talal Al Dhiyebi
DESIGNATION: Group CEO
COMPANY: Aldar
INDUSTRY: Real estate
Under Al Dhiyebi’s leadership, Aldar has undergone a significant transformation, expanding its influence beyond Abu Dhabi to neighbouring emirates like Dubai and Ras Al Khaimah, and even reaching international markets like Egypt. Aldar’s success can be attributed to its substantial recurring income portfolio, valued at over $9 billion, which reflects Al Dhiyebi’s strategic visionary.
Additionally, the company boasts an ongoing development backlog exceeding $20 billion, encompassing both owned and managed projects. Under his guidance, Aldar Properties has launched an ambitious Net Zero Action Plan, solidifying its commitment to achieving net zero emissions across Scope 1, 2, and 3 by 2050.
Al Dhiyebi’s influence extends to various boards, including those of the Abu Dhabi Transport Company, the Abu Dhabi Chamber of Commerce and Industry, Miral Asset Management, Ethara, and Sandooq Al Watan. His dedication to education and empowerment is evident through his position as vice-chairman of Aldar Education.
Aldar Development is responsible for crafting integrated and vibrant communities in some of Abu Dhabi’s most sought-after destinations, from Yas Island to Saadiyat Island, Al Raha, and Reem Island. At the heart of its operations lies the nurturing of Aldar’s expansive land bank, covering approximately 65 million sq m carried out through three strategic divisions. Aldar Projects adeptly manages development initiatives, including government housing and infrastructure projects.
RANK: 24
NAME: Talal Al Gaddah
DESIGNATION: Senior Executive Vice Chairman
COMPANY: MAG
INDUSTRY: Real estate
In his current position at MAG, a leading real estate property developer in the UAE, Al Gaddah is known as one of the youngest developers in the region. Steered by a visionary leadership, his management skills steer the corporate direction and strategy of MAG which have propelled it to new heights. Today, Al Gaddah’s real estate portfolio is valued at more than $4 billion.
Transforming UAE’s real estate sector
Al Gaddah’s ambition for MAG is rooted in his desire to revolutionise the UAE’s real estate market and economy by attracting a new wave of investors, domestically and internationally. He has successfully achieved this by offering developments that cater to customers’ needs and turn their aspirations into reality.
With a progressive vision, Al Gaddah is propelling MAG to new heights through pioneering projects that align with the company’s mission of delivering enduring quality and benefits to investors and customers. With an unwavering commitment to excellence, Al Gaddah’s innovative real estate concepts and market-driven approach have played a pivotal role in reshaping the UAE’s real estate landscape.
Recognising an opportunity for innovation within Dubai’s market, he pioneered a revolutionary luxury well-being real estate and hospitality concept named Keturah. This concept, exemplified by Keturah Resort at The Ritz-Carlton Residences, Dubai, Creekside, marks a ground-breaking approach to the sector. It is the region’s first development to pursue WELL Health-Safety Rating certification, reflecting Al Gaddah’s commitment to holistic well-being.
Furthering the Keturah brand, he introduced Keturah Reserve in Meydan, which stands as the Middle East’s pioneer of the ‘Bio Living’ concept which integrates residents with natural landscapes for a transformative living experience.
Growth and expansion
In 2022, MAG introduced a ground-breaking luxury wellness real estate and hospitality concept named Keturah. He adds, “This venture began with The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort, the region’s first to seek a WELL Health-Safety Rating certification. The aim is to blend luxury with well-being, fostering a genuine community spirit.” The Keturah brand expanded with Keturah Reserve in Meydan, introducing the ‘Bio Living’ concept, another first in the Middle East.
“Bio Living completely immerses residents in landscaped nature to significantly improve their physical, mental, and emotional health. The project is a space for residents to connect with their family, themselves, and with all aspects of their lives.”
Over the one year, MAG has finalised 2,000 units across three projects. Sales for Keturah Reserve and Keturah Resort surpassed $1.1 billion, says Al Gaddah. “At MAG City, 546 townhouses have been delivered, with another 688 units scheduled for completion in October, generating over $463 million in sales.” Also, MBL Royal Residence in JLT, a mixed-use luxury tower by MAG, witnessed all units sold in just 120 days, achieving $200 million in sales. MAG 22, a project comprising 22 townhouses, also sold out, with completion expected in December 2024.
RANK: 25
NAME: Hady El Khoury
DESIGNATION: General Manager – MENEAT
COMPANY: GE Healthcare
INDUSTRY: Healthcare
In 2005, El Khoury embarked upon his career trajectory with GE HealthCare in France, where he took on customer-facing roles related to product and service management in Northern Europe. Throughout his tenure, he demonstrated his capabilities and leadership, leading to his appointment as the Northern Europe regional sales manager for CCS Services.
Since his relocation to Dubai in 2014, El Khoury has been responsible for key regional leadership positions, including director of Business and Commercial Operations, general manager for Services Sales, services general manager for Emerging Markets, and most recently, chief operating officer, EMEA Services. In these roles, he has been leading the growth and helping to expand market share in key markets including the Middle East, Northeast Africa, Turkey, and South-Central Asia.
Leadership style
Inculcating a leadership approach that emphasises being a coach, rather than an enforcer, El Khoury believes that effective leaders do three things well; firstly, they clearly lay out strategic direction and priorities to their teams and articulate the steps to achieve them. Secondly, effective leaders create a work environment where employees feel safe and empowered to speak up and contribute. Lastly, they understand the business efficiently and can eliminate any obstacles in the way of their teams achieving their goals.
Key successes
According to El Khoury, one of GE Healthcare’s most pivotal projects is to build 22 essential Neonatal Intensive Care Units (NICUs) across Iraq which will play a role in addressing the healthcare challenges faced by Iraq, particularly in the field of neonatal care. Recognising the immense potential in KSA, El Khoury is currently focusing on rebuilding the company’s approach in the kingdom. With a renewed strategic vision and a carefully assembled team of professionals, they are actively supporting Saudi Arabia in achieving its ambitious 2030 Vision within the healthcare industry.
Roadmap
In today’s rapidly evolving world, healthcare has emerged as one of the fundamental pillars of societal progress. As a dedicated advocate for enhanced healthcare access and quality across the region, El Khoury’s principal goal for the coming near future is to bring about transformative changes by leveraging the latest innovations and solutions.
“By empowering healthcare providers with increased efficiency and enabling them to prioritise patient well-being, I aim to create a world where healthcare has no limits.”
The importance of collaboration
El Khoury strongly believes that collaboration and partnerships are essential to achieve sustainable changes in healthcare access and quality.
He adds, “By fostering alliances between healthcare providers, researchers, technology developers, and policymakers, we can collectively address the challenges faced in the region’s healthcare landscape. These collaborations can stimuate knowledge sharing, support research and development, and create policy environments conducive to innovation and improvement. The concerted efforts of all stakeholders will be vital in creating a healthcare system that is resilient, adaptable, and responsive to the region’s evolving needs.”
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NAME: Khalid Elgibali
DESIGNATION: Division President, MENA
COMPANY: Mastercard
INDUSTRY: Technology
Elgibali is responsible for leading the company’s dynamic MENA business – driving growth and innovation to meet marketspecific needs, form new partnerships and deliver on Mastercard’s continued commitment to invest in the region. Elgibali held several senior positions at leading financial institutions including HSBC Middle East, Standard Chartered Bank, Barclays and Citigroup, and brings a wealth of experience to the role alongside a deep understanding of the region’s economic landscape.
Since joining Mastercard in 2016, Elgibali has helped reinforce the company’s position as a technology leader and trusted payments advisor to regional governments, enabling the successful execution of national level programmes that support their digital agendas and longterm visions.
From driving commercial growth through diversification of revenue streams, cutting edge technology solutions, and building strategic partnerships with the region’s leading public and private stakeholders, Elgibali is on a mission to create a futureready digital ecosystem in the region through innovations in payments.
Milestones and achievements
In recent years, Elgibali spearheaded Mastercard’s MENA response to the Covid pandemic, leveraging the capabilities of digital commerce to support governments, businesses, SMEs, and consumers in navigating the challenges posed by the pandemic. These initiatives saw continued expansion by diversifying revenue sources and establishing significant collaborations with prominent public and private entities in the region.
The company is leveraging partnerships and cuttingedge technology to foster a more sustainable future, as demonstrated by Mastercard’s Priceless Planet Coalition initiative. This ambitious endeavour is geared towards combating the worldwide climate crisis by reforesting 100 million trees in the next five years. The initiative has garnered over 100 members globally, all united by the shared belief in Mastercard’s philosophy of doing well by doing good.
In a first move for a payment network, all of Mastercard’s newly produced plastic payment cards will be made from more sustainable materials from 01 January 2028.
Growth and acceleration
Elgibali reveals that Mastercard closed 2022 with strong financial results and that its earnings growth has been supported by resilient consumer spending, particularly in travel and experiences during the first half of 2023.
He adds, “These successes reflect the diverse scope of our work with governments, financial institutions, fintech companies and nontraditional digital players. Through cocreation, collaboration, and publicprivate partnerships, we continue to drive the growth of digital payments through crossborder remittances, account-to-account transactions, B2B payments, while also expanding into new segments, including esports and gaming.”
To advance digitised B2B travel payments between travel buyers and suppliers, Mastercard partnered with Bahrain-based fintech Infinios Financial Services to launch the first Mastercard Wholesale Programme in the region, enhancing liquidity for travel agencies through greater transaction flexibility, transparency, and security. “In the transport sector, we worked with the Greater Amman Municipality and Network International on Jordan’s first transit payment ecosystem, powered by Mastercard’s Payment Gateway Services.”
Robust partnerships
Mastercard is collaborating with the Central Bank of Egypt and the Egyptian Banks Company in support of secure card tokenisation regulations by providing infrastructure to all issuing banks across the country.
In Dubai, Mastercard launched a new Digital City partnership that will leverage its multirail payments network and datadriven digital commerce technology. “In Kuwait, we teamed up with One Global to launch Click to Pay, which makes it easy, secure, and fast to check out without the need to enter their card credentials.”
With Mastercard Send, people and organisations can send and receive money around the world in near real time, offering speed, convenience, and security. He adds, “Most recently, we partnered with Checkout.com to integrate this solution for Careem Pay customers. We are also supporting e& by integrating various digital payment services in a way that adds value and enhances userfriendliness in 16 markets.” In esports and gaming, Mastercard is innovating across augmented reality activations, NFTs, and fans’ loyalty solutions with the Saudi Esports Federation.
Mitigating cyber threats
Cyber threats are among the greatest challenges faced across industries and markets. “At Mastercard, we are committed to investing in solutions and forming partnerships that instil trust, securing every transaction and every interaction,” Elgibali says. “We are constantly strengthening our capabilities in artificial intelligence and machine learning to fight fraud and enhance realtime intelligence.”
Mastercard recently joined forces with the UAE government to launch the Global Centre for Advanced AI and Cyber Technology in Dubai. In addition to developing AIpowered solutions to fight financial crime, the centre will focus on securing the digital ecosystem and driving inclusive growth. “It will also serve as a hub to nurture and hire local AI talent, including data engineers and data scientists, with a remit to accelerate AI innovation globally and service customers all around the world from the UAE.”
Inclusive growth
Elgibali asserts that inclusive growth is only possible when it is accessible by everyone, which is why financial inclusion is so important. “Our goal is to bring 1 billion people and 50 million SMEs worldwide into the digital economy by 2025,” he says. “We recently achieved a major milestone of connecting 25 million women entrepreneurs globally to the digital tools and resources they need to grow their businesses.”
Mastercard already has pay parity in across its organisation. “That’s why we linked all employee bonuses to achievement of our ESG goals, sharing the responsibility, success, and recognition,” he says. “Though a partnership with Women Choice, we introduced the Social Innovation Incubator, which aims to create one million jobs for women across MENA.”
As Mastercard look to build a more inclusive world, exciting innovations like the Mastercard Touch Card ensures that everyone has access to the digital economy. The solution facilitates easy transactions for those with visual impairments, and Elgibali says they are proud that Ajman Bank became the first partner globally to roll this out. Mastercard has subsequently also launched the Touch Card in Saudi Arabia.
RANK: 27
NAME: Geoffrey Alphonso
DESIGNATION: CEO
COMPANY: Alef Education
INDUSTRY: Education
In his role as CEO, Alphonso brings a wealth of experience in strategic thinking with over 25 years of experience implementing business transformations in the North American, Australian, and Middle Eastern markets.
Prior to joining Alef Education, he was the general manager and head of PMO/Solutions for Pearson Education’s Middle East and Africa business practice for over nine years, where he grew and led a cross-functional team to drive Pearson’s digital strategy with a combined portfolio of over $30 million across both the K-12 and higher education markets.
Before Pearson Education, Alphonso held senior leadership positions across the EdTech, telecommunications, and finance sectors in Toronto, Canada, and Brisbane, Australia. Geoffrey is an avid enthusiast for the use of technology in education. He also sits on the board of THAKI, a non-governmental organisation that provides digital education products and services to underprivileged children in the MENA region.
The year 2022
For Alef Education, 2022 was about innovation, transformation, growth, and a commitment to reshaping education, says Alphonso. He adds, “Our efforts to transform education have resulted in significant milestones; from 2021 to 2022, we saw significant growth, with schools and students increasingly adopting our cutting-edge technology. Over 850,000 students, 40,000 teachers, and 11,000 schools have benefited from our solutions, reflecting the growing demand for innovative education tools that reshape the learning dynamic for students and teachers.”
In 2022, Alef Education expanded its global presence, entering new regions, including North America, North Africa, and Southeast Asia. “This expansion reflects our commitment to providing accessible, personalised, high-quality learning experiences, regardless of geographic barriers.”
Their partnerships with industry giants such as Microsoft, Google for Education, and Etisalat have provided them with advanced technologies and insights that enhance the student learning experience.
“Collaborations with technology providers such as AWS, Acer, Dell, and the Abu Dhabi Department of Education and Knowledge (ADEK) have fine-tuned our solutions to meet local needs,” says Alphonso, while their partnerships with forward-thinking educational institutions such as Cambridge University and the University of Kentucky have augmented their pedagogical approaches to ensure that resources remain at the forefront of instructional solutions.
Among Alef Education’s accomplishments, their award-winning flagship product, the Alef Platform, is at the heart of their success. “It garners recognition from prestigious educational institutions and demonstrates its effectiveness in fostering student engagement and academic excellence.”
Roadmap
One of the biggest challenges has been ensuring equitable access to their solutions, especially in underserved regions with limited digital infrastructure, he says. “To address this, we are actively working with local governments and organisations to build a solid digital infrastructure and make education accessible.”
Their roadmap for the future focuses on three pillars: innovation, accessibility, and partnerships. “We invest in AI-driven adaptive learning to customise content and ensure engagement and effectiveness,” he says. “Through our unwavering commitment to innovation, inclusion, and collaboration, we’re poised to meet challenges and transform education worldwide.”
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NAME: Issam Kazim
DESIGNATION: CEO
COMPANY: DTCM
INDUSTRY: Tourism
Established in December 2013 as an affiliate of Dubai’s Department of Tourism and Commerce Marketing (DTCM), Kazim has assumed a significant role in the development and advancement of the DTCM team. His responsibilities encompass a wide spectrum, including overseeing marketing, branding, and promotional initiatives for Dubai.
Part of his role involves negotiating and cultivating global partnerships, playing a pivotal role in fostering relationships with partners, industry stakeholders, and investors, which have contributed to the remarkable growth of Dubai’s tourism sector. Kazim is a valued member of the Dubai Media Council’s board and serves as a prominent media spokesperson, representing Dubai Tourism in interviews, presentations, and significant events across the city.
This extends to engagements with government bodies, VIP delegations, and other prominent figures, amplifying Dubai Tourism’s presence and impact. Since taking on his role at DTCM in February 2014, Kazim has achieved noteworthy milestones. He has overseen the creation of innovative data-driven platforms and destination tools aimed at enhancing the experience of visitors to Dubai.
Kazim has led the expansion of the Visit Dubai social and digital ecosystem, boosting its effectiveness and reach. Dubai’s updated tourism strategy demonstrates a dual approach that emphasises both rejuvenating its established legacy destinations, including Bur Dubai, Al Fahidi, and the Souq areas.
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NAME: Shayne Nelson
DESIGNATION: Group CEO
COMPANY: Emirates NBD
INDUSTRY: Banking
During Nelson’s tenure, Emirates NBD’s market capitalisation grew from $4.3 billion to around $24.5 billion. Emirates NBD’s assets increased from around $83.8 billion to $190.5 billion, including a significant acquisition of DenizBank in Turkey for $2.7 billion. The bank achieved substantial organic growth, securing the largest market share in corporate and retail banking in the UAE and leading in regional technology innovation.
Additionally, Emirates NBD expanded in Egypt, India, and KSA, obtaining the highest number of branch licenses among foreign banks in KSA.Nelson serves on various boards, including Emirates Islamic, Emirates NBD Capital Ltd., Emirates NBD Capital PSC, Tanfeeth, DenizBank A.Ş. (Turkey), International Monetary Conference, Marsh Emirates Insurance Brokers, and the University of Wollongong in Dubai’s Advisory Board. He is also a member of the International Cooperation Council France UAE (CCI France UAE).
Previously, Nelson was the CEO of Standard Chartered Private Bank in Singapore for three years. He chaired the Standard Chartered Saadiq Islamic advisory board and was a board member of Standard Chartered Bank (China) Ltd. Other positions held previously include the regional CEO of Standard Chartered Bank Middle East and North Africa for five years.
He chaired Standard Chartered (Pakistan) Limited and the Banking Advisory Council to the Dubai International Financial Centre Board. He was also CEO and managing director of Standard Chartered Bank, Malaysia Berhad, based in Kuala Lumpur.
RANK: 30
NAME: Prashant Goenka
DESIGNATION: Director
COMPANY: Emami
INDUSTRY: FMCG
FMCG major Emami is expanding and growing at astounding speed in the international markets. Leading Emami’s transformation internationally as an Indian company evolving into a dynamic global citizen, Director, Prashant Goenka reveals that Emami’s vision is ‘making people healthy and beautiful, naturally,’ with a distinctive Ayurveda and herbal focus across their diverse portfolio.
Passionate about new-age businesses, and elevating the benchmarks of diversification, Prashant’s vision is fuelled by the ambition to expand Emami’s renowned brands into international markets, commitment to innovation, adaptability, and a relentless pursuit of excellence.
Today, Emami proudly boasts an extensive portfolio including popular names such as Boroplus, Navratna, Smart and Handsome, Zandu, Menthoplus, Fast Relief, Creme21, 7 Oils in One and Kesh King, etc. Emami’s current operations span across more than 70+ countries, encompassing regions like MENA, South East Asia, SAARC, Africa, Eastern Europe, Russia and CIS countries.
Helming Emami’s expansion
As the director of a distinguished house of brands that consistently prioritise quality and innovation, Prashant has steered Emami’s remarkable international expansion journey for 25 years. This expansion unified the establishment of Emami offices in GCC countries, Russia, and Europe and manufacturing units on a global scale. Today, Emami proudly upholds a rich legacy founded on core values of trust, integrity, and profound respect for its cherished consumers.
The recent years have been a resounding success for Emami’s international business in terms of revenue growth. Under Prashant’s leadership, the business achieved significant success, accelerating profitability and a stellar performance growing by 20 percent in financial year 2023. MENA has been the fulcrum of international growth. This is a feat that emphasizes unwavering focus on customer-centricity, understanding local preferences and building bonds that have driven consumer engagement and bolstered Emami’s bottom line.
Emami’s strategic acquisitions in India and international markets have been pivotal in expanding its business. Acquiring the heritage brand Zandu, the Ayurvedic Hair and Scalp business of Kesh King, acquisition of Creme21, a German iconic brand further exemplified its portfolio. In addition, Emami has been continuously entering strategic stake acquisitions in startups across industries.
Importantly, it was my longstanding pledge to champion inclusion and diversity and adapt to international culture, says Prashant. “Interestingly, at Emami, we are endeavoring to launch and invest in new, modern-age businesses, and natural and herbal brands that embrace “Good for ME and Good for US’.”
He ardently participates in key chambers and professional organisations, holding active memberships in the Indo-German Chamber of Commerce, the Confederation of Indian Industry (CII), and serving as a member and former chapter chair of the Young President Organisation (YPO) in Kolkata, India. Beyond business, raised in a closely-knit and principled joint family, and he imbibed strong moral values and unwavering integrity from an early age.
Prashant mentions compassion becomes real when we recognise our shared humanity, and it is with this realisation he is evolving to be more committed to social responsibilities. Prashant brings a pragmatic and results-oriented approach to his endeavours, with a relentless drive to achieve exceptional outcomes.
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NAME: Ronaldo Mouchawar
DESIGNATION: CEO and Co-founder/Vice President
COMPANY: Souq.co/Amazon MENA
INDUSTRY: E-commerce
Mouchawar, a visionary entrepreneur, stands as a transformative force in the MENA region’s e-commerce landscape. A co-founder of Souq.com Group, he pioneered a revolutionary shift in online retail. Guiding Souq.com as its CEO, he cultivated its growth into the largest e-commerce retailer in the Arab world. In 2017, Amazon acquired Souq.com for $580 million.
Beyond Souq.com and Amazon, Mouchawar’s impact spans involvement as a board director for Instashop, a UAE-based grocery app. A devoted advocate for innovation and technology, his journey began as a Technical and Systems Consultant with EDS in the US, later spearheading pioneering web and ecommerce projects like Maktoob.com (acquired by Yahoo! in 2009.
Mouchawar contributes to key councils and advisory boards, such as the Dubai Future Council on Artificial Intelligence, Dubai Future Academy board of trustees, and International Advisory Council at the Executive Council.
Originating in the UAE in 2005, Souq.com’s expansion under Mouchawar’s leadership extended to KSA and Egypt. His innovative spirit and adaptability further catalysed Souq.com’s reach by launching PayFort, a leading online payment service provider, and Q-Express, a logistics arm optimising delivery efficiency.
A milestone was achieved in 2016, when Souq.com secured $275 million in funding, yielding a valuation surpassing $1 billion. This historic funding deal established Souq.com as the Arab world’s first unicorn, attracting global investors.
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NAME: Mudassir Sheikha
DESIGNATION: Co-founder and CEO
COMPANY: Careem
INDUSTRY: Transport
With a degree in economics and computer science from the University of Southern California, USA, and a master’s degree in computer science at Stanford, USA, Sheikha initially joined Trilogy Software followed by a role at Brience, a San Francisco-based mobile experience start-up in March 2000. This was followed by a leadership role at DeviceAnywhere in Pakistan, where he steered its offshore development centre.
Later, Keynote Systems acquired DeviceAnywhere and then Sheikha joined Dubai’s McKinsey & Company office. Four years later, he partnered with his former McKinsey colleague Magnus Olsson to launch a new business to help simplify the lives of people in the Middle East region.
In 2012, they went on to launch Careem which went on to become a leading technology platform for the region, later acquired by Uber for $3 billion in 2020. In Dubai, Careem provides customers 11 services, including payments, food and grocery delivery, ride-hailing, micro-mobility, payments, and more. In April 2023, backed by a $400 million investment, telecom giant e& aims to become a majority shareholder in Careem’s Super App, while Uber retains full ownership of Careem’s ride-hailing business.
The Careem Super App offers a range of services including food and grocery delivery, micro-mobility, fintech offerings, and third-party services like home cleaning and car rental. By making this strategic investment, Careem plans to accelerate the expansion of its Super App across the Middle East, North Africa, and South Asia.
RANK: 33
NAME: Ian Johnston
DESIGNATION: CEO
COMPANY: Dubai Financial Services Authority (DFSA)
INDUSTRY: Law
With a wealth of advisory experience backing his credentials, prior to assuming his current position, Johnston engaged in consultancy work with regulators and policy makers across Asia, Europe, and the Middle East. His involvement included significant projects funded by reputable institutions such as the World Bank and the European Bank of Reconstruction and Development.
Notably, he previously held the position of DFSA’s chief executive from 2012 to 2018 and this reappointment positions him for his new role, effective from 1 September 2022. Additionally, since January 2022, Johnston has been an active contributor to the DFSA’s Legislative Committee. His earlier tenure with the DFSA saw him in the capacity of managing director, leading the influential Policy and Legal Services Division.
Previously, Johnston extended his expertise to the Australian Securities and Investments Commission, serving as the executive director of Financial Services Regulation. This followed his role as a special advisor with the Hong Kong Securities and Futures Commission (HKSFC), solidifying his global involvement in regulatory matters.
Key milestone achieved
On 13 February 2023, Johnston achieved a remarkable milestone by being appointed as the vice chair of the Africa and Middle East Regional Committee (AMERC). This prestigious designation automatically inducts him as a board member of the esteemed International Organisation of Securities Commissions (IOSCO), a globally recognised institution responsible for setting the highest standards in securities regulation.
In the realm of finance and regulation, AMERC plays a pivotal role by bringing together 42 prominent financial market regulators from the region. Their collective efforts focus on fostering collaborative discussions, information exchange, and the promotion of crucial matters related to capital market development and regulatory practices. This significant appointment of Johnston as the vice chair of AMERC stands as a testament to the impressive accomplishments of the DFSA and underscores the DFSA’s integral role in shaping the future of regional and global financial markets.
With this accolade, Johnston’s leadership and expertise are acknowledged, marking a new chapter in the journey of DFSA’s commitment to upholding the highest levels of regulatory excellence. The DFSA’s collaborative spirit, dedication to transparency, and pursuit of global best practices are now further empowered through his role on the prestigious IOSCO board. This recognition serves as a beacon of inspiration for the financial community, reinforcing the importance of harmonious global cooperation in the world of securities regulation.
About DFSA
The DFSA operates as the autonomous regulator overseeing financial services carried out within or from the Dubai International Financial Centre (DIFC). Within its jurisdiction, the DFSA holds a comprehensive regulatory authority that encompasses a range of financial activities which encompass asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, and other instruments.
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NAME: Abdallah Abu-Sheikh
DESIGNATION: Founder and CEO
COMPANY: Astra Tech
INDUSTRY: Technology
A serial entrepreneur and global keynote speaker, Abu-Sheikh is one of the top tech entrepreneurs in the MEA region known for his unconventional leadership. In his current role at Astra Tech, he spearheaded the launch of the Ultra-app platform which consolidates multiple products, consumer technologies, and services to address platform fatigue.
The transformation of BOTIM
Under Abu-Sheikh’s visionary, Astra Tech successfully acquired BOTIM, which he has transformed into an Ultra app, a versatile platform offering an extensive range of services such as bill payments, groceries, fintech solutions, remittances, peer-to-peer money transfers, government services, pharmacy services, retail offerings, and more.
About Astra Tech
Founded in 2022, Astra Tech strategically acquired influential platforms including PayBy, a UAE Central Bank-licensed fintech platform, Rizek, an on-demand home services platform, and BOTIM, the MENA region’s premier communications platform. In 2023, Astra executed a seamless integration of Rizek and PayBy into BOTIM, giving rise to the world’s inaugural Ultra app. This innovative application presents users with streamlined home, e-commerce, and fintech services that outpace competitors in speed by threefold.
Astra Tech emerges as a significant addition to the burgeoning tech landscape of the MEA region. With a substantial backing of $500 million from diverse investors and partners, earlier this year, Astra’s PayBy reached a notable milestone by securing a Mastercard principal membership license which positioned it as a pioneer among Middle East fintech players.
This partnership with Mastercard empowers Astra Tech to introduce Botim branded Mastercard digital and physical cards to its vast user base across the Botim. These cards offer authorisation services and feature prepaid multi-currency options. Additionally, Astra operates as an authorised acquirer, leveraging Mastercard’s suite of products, including Payment Gateway, Tap on Phone, and advanced Fraud and Cyber Security solutions.
The Botim prepaid multi-currency card enjoys acceptance in over 200 countries, supporting both the UAE Dirham as well as the US Dollar, with plans to incorporate more currencies in the future.
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NAME: Alisha Moopen
DESIGNATION: Deputy Managing Director
COMPANY: Aster DM Healthcare
INDUSTRY: Healthcare
Since 2013, Moopen has held the role of director at Aster DM Healthcare, overseeing operations in both India and the GCC region.
A chartered accountant from the Institute of Chartered Accountants of Scotland with a background with Ernst & Young, she holds degrees from the University of Michigan in Finance and Accounting, as well as Global Leadership and Public Policy Change from Harvard University, both in the US.
Beyond her responsibilities at Aster DM Healthcare, Moopen also stands as the first female Chapter Chair of YPO’s Dubai Chapter, facilitating connections among chief executives from over 130 countries. With a fervent commitment to women’s empowerment and mental health, she advocates passionately for diversity in the workforce, valuing the strength found in differences.
Notably, Moopen initiated the Women in Leadership programme at Aster DM Healthcare, an initiative fostering growth and leadership opportunities for talented female employees, ultimately breaking through the glass ceiling. Aster DM Healthcare provides an extensive range of healthcare services, spanning primary, secondary, tertiary, and quaternary care.
This expansive network encompasses 30 hospitals, 125 clinics, 20 labs, and 157 PECs (Pharmacy, Emergency, and Clinic). In a recent development, Aster DM Healthcare has introduced the Medcare Royal Hospital in Al Qusais. This state-of-the-art medical facility featuring 126 beds is the fourth Medcare Hospital in Dubai and the fifth in the entire UAE.
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NAME: Hatem Dowidar
DESIGNATION: Group CEO
COMPANY: e&
INDUSTRY: Technology
Assuming leadership at Etisalat Group (now e&), Dowidar commenced his role as group chief operating officer in September 2015. He quickly the ranks and subsequently was appointed as the CEO, International of Etisalat Group in March 2016. His influence extends to the boards of subsidiaries across diverse countries, encompassing significant markets such as Morocco, Egypt, and until very recently, Pakistan.
Backed by diverse experience, Dowidar’s professional journey commenced in AEG/Deutsche Aerospace (Daimler Benz Group) in Egypt, followed by a transition into marketing at Procter & Gamble. Notably, he embarked on his association with Vodafone Egypt in 1999 as the marketing director (CMO), eventually ascending to the role of CEO from 2009 to 2014.
A trailblazer across various leadership positions, Dowidar has a robust history of accomplishments within Vodafone Group and its subsidiaries, including . His roles encompassed group core services director, CEO of Vodafone Malta, CEO of Partner Markets with partnerships spanning over 45 markets, and regional director Emerging Markets.
Presently, Dowidar holds esteemed positions as a board member in entities of prominence, including Etihad Etisalat Company (Mobily), Maroc Telecom, Etisalat Misr (Etisalat Egypt), and Abu Dhabi Chamber of Commerce and Industry. Past affiliations encompass GSMA (Global System for Mobile Communications), Etisalat Nigeria, Attijariwafa Bank Egypt, Barclays, and Vodacom Africa.
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NAME: Zaid S. Al Khayyat
DESIGNATION: Managing Director
COMPANY: Al Khayyat Investments (AKI)
INDUSTRY: Investment
Established in 1982 by Dr. Saad F. Al Khayyat, Al Khayyat Investments (AKI) is a diversified business with operations across MENA. With over a decade in the industry, Al Khayyat spearheads his family enterprise, driving growth and transformation that sets AKI apart as a new breed of family business.
Expansion
Today, AKI spans nine countries including the UAE, KSA, Qatar, Bahrain, Kuwait, Oman, Egypt, Jordan, and Iraq, offering premium products and services within six industries: retail, healthcare, consumer goods, fitness and lifestyle, contracting, and automotive.
AKI expanded its businesses across the region. This involved the successful introduction of BinSina Pharmacy’s flagship store in Oman, the expansion of its Befit brand in the GCC, and the launch of its fashion brands in KSA. Furthermore, AKI continues to invest in its Iraq operations, covering healthcare and FMCG sectors.
Key achievements
In 2022, AKI Pharma secured a prominent position among the top three distributors in the UAE, with its exceptional year-on-year growth of 68 percent making it the fastest-growing in the region. Equally notable was BinSina Pharmacy’s distinction of being the first ecommerce licensed pharmacy in the UAE, while AKI MedLab attained the third spot among leading suppliers of medical equipment, devices, laboratory essentials, and medical disposables.
Meanwhile, AKI Consumer Goods (food and non-food) ranked among the top three largest UAE FMCG suppliers and has established itself as one of the top go-to-market partners in the country, while AKI’s Gulf Contracting and Landscaping (GCL) has emerged as an industry leader nationwide in contracting services. AKI Environmental Services were awarded a seven-year contract with TADWEER to deliver, maintain, and wash waste containers across Abu Dhabi.
In addition, AKI’s integration of new technological capabilities and automation has empowered the company to manage inventory tracking and distribution more efficiently than ever before. AKI’s groundbreaking of a state-of-the-art fulfilment centre in the UAE will also add to its capabilities, enabling doubled storage and dispatch capacity, and subsequently supporting AKI’s expansion plans.”
Roadmap
AKI’s strategic investments target sectors that are integral to today’s societies. For example, Al Khayyat elaborated on AKI’s role in the healthcare industry, saying: “AKI has maintained its position at the forefront of the healthcare industry due to our deep understanding of customer and patient needs. With integrity, excellence, and a people-centric view, it becomes much easier to not only tackle challenges but to soar to unprecedented heights.”
Amid the recent global challenges, Al Khayyat believes that there were valuable insights that emerged.
“The success of organisations in the region, particularly in the UAE, can in part be attributed to the forward-thinking approach of both the business community and public sector leaders. The prioritisation of long-term development over short-term gains has led to more resilient economies and societies. We are committed to helping deliver the region’s ambitions in a diversified knowledge economy,” he said.
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NAME: Mila Smart Semeshkina
DESIGNATION: CEO and Founder
COMPANY: Lectera.com
INDUSTRY: Education
In her present role at the educational platform, Lectera.com, and the Women’s Empowerment Council (WEC), Semeshkina is a thought leader in the fields of edtech, women’s empowerment, and personal growth.
Additionally, she is a venture investor, a producer of educational courses, and a popular blogger. With a deep entrepreneurial spirit, she is also recognised as an international expert in creating and promoting high-tech brands from the ground up. Semeshkina is also the author of numerous scientific publications and studies in the field of media economics, with experience as a researcher and a lecturer at the leading educational institutions.
Backed by robust experience
She embarked on her career trajectory at age 18, delving into the realms of marketing and public relations, where she has amassed more than a decade of experience. Over her career, she has adeptly steered the promotion of numerous prominent international brands within the global market. Demonstrating her adept leadership skills, she has effectively managed and guided international teams comprising over 1000 professionals. Her adeptness extends to crafting impactful marketing communications for significant projects spanning Switzerland, Germany, the UAE, and CIS countries.
This extensive exposure has forged her expertise in launching and nurturing large-scale international start-ups, affecting their transformation into thriving and lucrative ventures. Transitioning her focus in 2017, Semeshkina directed her energies towards entrepreneurial endeavours and bespoke consulting services providing to major global enterprises, specifically in the realms of marketing and the strategic development of corporate and personal brands.
About Lectera.com
As an entrepreneur, Semeshkina is deeply engrossed in the establishment and expansion of Lectera.com, an international educational platform. Under her purview, a globally distributed team of experts representing 25 countries has converged to drive this initiative. She is intricately involved in steering all facets of product development, brand enhancement, educational content curation, and the holistic operations of the Lectera group, headquartered in the US and the UAE. With a global reach, Lectera.com imparts knowledge to a diverse student body of over 3 million from 60 countries. The platform’s comprehensive curriculum, available in English, German, Spanish, Hindi, and Russian, underscores its status as a preeminent global educational entity.
She is also recognised for her philanthropic endeavours; she established the Women’s Empowerment Council in 2021. This organisation is dedicated to amplifying women role models and fostering women’s empowerment. Anchored in Dubai, this community encompasses over 30,000 women, garnering acclaim for its prominent event, the Women’s Empowerment Convention (WE Convention), a key event in the MENA region and one of the world’s best women’s conferences, embodying Semeshkina’s vision.
Diversity and equality
As a female founder at both Lectera and WEC, Semeshkina says that they take immense pride in being organisations that were established by a woman. “Right from day one, we have consciously ensured that a significant number of senior managerial positions are held by women,” she says.
“This foundational commitment underscores our belief in women’s capabilities and leadership within the corporate realm.” Also in 2023, Lectera took a significant step forward by offering select courses, particularly those centred on entrepreneurship and female leadership, free of charge to all WEC members. This pivotal initiative stands as a testament to their commitment to amplifying women’s access to education, resonating on a global scale.
“By extending this opportunity to thousands of women around the world, we contribute to bridging the educational gap and fostering empowerment across borders.”
Expansion
In 2022, Semeshkina reveals that Lectera took a significant step forward, marked by significant growth and expansion. She adds, “In terms of student enrolment, we achieved a double-digit monthly growth rate, and to date, our numbers have surpassed two million individuals from over 60 countries actively engaging with the platform. Our catalogue of courses swelled to encompass more than 250, effectively catering to a most-demanded array of learning preferences and professional requirements.”
Turning to the Women’s Empowerment Council, 2022 witnessed a surge in their membership, coupled with meticulous preparations for the landmark WE Convention. This flagship event resonated as it was held successfully in Dubai in March 2023, she says.
“Bridging social media channels and in-person interactions during the conference, we brought together a vibrant community of like-minded women and men, all driven by the common pursuit of mutual empowerment for enhanced living.”
Rapidly gaining prominence, the WE Convention emerged among the world’s leading women’s conferences.
With sights set on the future, Semeshkina remains resolute in sustaining this momentum. “Plans are underway for the second WE Convention, scheduled for April 2024,” she says. “Our commitment is unwavering, as we endeavour to elevate standards and continue fostering a space where women empowerment thrives.”
Roadmap for challenges
One of the key challenges Ms Semeshkina faced was navigating the ever-evolving landscape of remote work and virtual interactions, a long-lasting impact from the global pandemic. “This presented hurdles in maintaining the same level of engagement and work collaboration that in-person settings facilitate,” she says.
“Another challenge arose from the dynamic nature of the education sector, with the rapid advancements in technology, artificial intelligence and shifting learning preferences required us to constantly adapt our educational offerings to meet the changing needs of our students effectively.”
To overcome these challenges and more, they have laid out a comprehensive roadmap. “Embracing technology as an enabler, we are enhancing our virtual collaboration platforms to recreate the sense of teamwork and connection that physical environments foster. Investing in cutting-edge communication tools and fostering a culture of remote inclusivity has been pivotal.”
In response to the evolving educational landscape, she says, “Essentially, our roadmap to overcome the challenges of 2023 revolves around harnessing technology, adapting swiftly, and prioritising growth through the attraction of new students. With these strategies in place, they are poised to navigate any uncertainties and continue our trajectory of growth and empowerment.”
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NAME: Alex Reinhardt
DESIGNATION: Venture investor, expert in blockchain technology
COMPANY: Smart Blockchain
INDUSTRY: Technology
Recognised as one of the top 10 most influential figures in the blockchain industry globally, Reinhardt stands as an epitome of a blockchain technology expert. His achievements extend beyond his triumphs as a prosperous entrepreneur, encompassing roles as a seasoned business coach, esteemed economist, adept startup developer, and accomplished venture capitalist.
Throughout the recent years, he has orchestrated an impressive array of coaching seminars, surpassing a remarkable count of one thousand. These seminars have attracted a staggering audience, with approximately half a million individuals benefiting from his insights. Renowned for his visionary mindset, Reinhardt has been the driving force behind the inception and triumphant launch of more than 20 impactful international startups.
A challenging beginning that moulds exceptional leadership
During his upbringing, the family of Reinhardt immigrated to Germany where they faced financial challenges, relying on social benefits for support. This upbringing instilled in him the core values of perseverance and hard work, which eventually paved the way for his mastery in attracting investments and launching successful ventures. Drawing from the lessons learned during those challenging times, Reinhardt transformed into an adept professional capable of navigating the intricacies of securing investments and starting new enterprises.
Ventures backed by a mission
Each startup fostered by Reinhardt carries a profound mission, a mission to reshape the world and elevate the well-being of everyday individuals. He says: “The allure of innovation and the brilliant minds driving it have always been my driving force. Witnessing others’ accomplishments has consistently fuelled my own inspiration.”
His ventures go beyond conventional success, aiming to induce tangible positive changes that reverberate across societies. Reinhardt’s multifaceted expertise, ranging from blockchain intricacies to economic insights, positions him as a transformative force in the realm of technology and innovation.
Passionate about social responsibility
Driven by a desire to give back, Reinhardt established the Alex Reinhardt Academy, a platform aimed at guiding others toward achievement by merging his personal journey with the insights of global leaders spanning finance, business, and soft skills. With an extensive reach, the Academy has reached out to over 500,000 individuals, offering comprehensive courses and training.
His latest book You’re Number One: How to Become a Leader in 30 Days and Remain One has proven to be a wellspring of inspiration for countless individuals seeking to make impactful changes in their lives. This publication translated into five languages has not only garnered global recognition but has also emerged as a bestseller, resonating with readers worldwide and empowering them to drive transformative change.
Diversity and greener environment
Smart Blockchain technology emerges as a conscientious and environmentally considerate alternative, presenting a marked departure from energy-intensive procedures such as Bitcoin mining. Built upon the bedrock of Delegated Proof-of-Stake (DPoS), the Smart Blockchain framework embraces an exceedingly energy-frugal mechanism, effectively curbing its ecological impact in a substantial manner.
In stark contrast to the resource-intensive nature of traditional blockchain models, Smart Blockchain’s innovative approach underscores its commitment to sustainability and ecological equilibrium. Its adoption of the DPoS protocol, characterised by its judicious allocation of network validation responsibilities to a select group of participants, not only ensures the expeditious validation of transactions but also upholds its dedication to minimising energy expenditure.
This is underscored by the technology’s capacity to process transactions and maintain the integrity of the blockchain while concurrently abiding by environmentally sound principles. Also, through its pioneering employment of DPoS, it not only demonstrates the viability of eco-friendly alternatives in the blockchain domain but also sets a compelling precedent for future technological developments that resonate with the ethos of a greener tomorrow.
Navigating challenges and forging ahead
According to Reinhardt, in the year 2022, the blockchain industry persisted in its growth trajectory despite the setbacks of bankruptcies and regulatory gaps. He adds, “In response to the mounting mistrust within the industry, we unveiled a visionary solution, namely the Smart Blockchain.” Rallying his team, they embarked on an unrelenting mission to create a remedy anchored in transparency, security, and stringent regulations. The culmination of their tireless efforts materialised in 2023, as Smart Blockchain emerged onto the scene, not only setting new benchmarks but also rejuvenating confidence within the sector.
Reinhardt reveals that the Smart Blockchain presents itself as a dynamic and adaptable blockchain platform, bestowing users with the remarkable capability to seamlessly establish decentralised networks and proprietary tokens. “The elegance of its design extends further, enabling the effortless integration of these elements into pre-existing products, revolutionising the synergy between technology and innovation,” he says.
Creating awareness about blockchain
Nevertheless, the resurgence of trust within the realm of blockchain transcends the boundaries of technological innovation alone. In order to authentically restore faith, it becomes imperative to comprehensively educate individuals about the underlying principles that constitute the bedrock of blockchain technology. Acknowledging this pivotal aspect, the Smart Blockchain initiative spearheaded by Reinhardt and his dedicated team aspires not only to redefine the parameters of technological progress, but also to illuminate users about the expansive and transformative potential that blockchain holds.
Moving from the trials and tribulations of the year 2022 to the dawn of the Smart Blockchain era in 2023, the journey, in Reinhardt’s words, “Stands as a testament to the remarkable ingenuity and unwavering determination of the human spirit.” The narrative artfully portrays how challenges, often perceived as stumbling blocks, possess the remarkable ability to serve as springboards for ground-breaking ideas.
Moreover, it eloquently showcases how teams fortified with determination and resilience can orchestrate paradigm shifts within industries by resolutely tackling obstacles head-on. Within the tapestry of the Smart Blockchain’s evolution, a luminescent thread of progress is interwoven, symbolising the limitless capacities of technology to introduce far-reaching and positive transformations, thereby rekindling trust amidst the nebulous backdrop of uncertainty.
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NAME: Yasser Abdul Malak
DESIGNATION: Chairman and CEO
COMPANY: Nestlé MENA
INDUSTRY: Industry
Appointed to his current role on 1 January 2022, Abdul Malak has over two decades of experience with Nestlé where he has held multiple senior leadership positions across key regions.
Previously, he was appointed as the CEO in Nestlé Turkey from April 2021 to January 2022 where he delivered robust results and helmed expansion projects that led to the company’s growth in the country.
Over the years, he has held several leadership positions at Nestlé, including the CEO for Nestlé’s Northeast Africa region based in Egypt until he was assigned the role of Dairy Category Head Zone Europe Middle East and North Africa in 2018 at the Nestlé headquarters in Vevey, Switzerland.
Nestlé operates 24 food and beverage factories across the 19 countries of the MENA region; and provides direct employment to over 15,000 people.
Abdul Malak embarked on his career trajectory with Nestlé in KSA in 1999. Following his first assignment, he moved to their regional head office to helm the MAGGI business as the senior brand manager until mid-2003. This was followed by an appointment as the global marketing advisor for the food business in Switzerland.
In 2005, he was promoted to lead the food business in the Southeast Africa region. Three years later, he returned to the Middle East as the business executive officer food prior to his assignment as the country manager.
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NAME: Ghaith Al Ghaith
DESIGNATION: CEO
COMPANY: Flydubai
INDUSTRY: Aviation
A hands-on leader with decades of commercial aviation experience, Al Ghaith was selected by the Dubai government to head budget carrier Flydubai since it launched on 1 June 2009. With several achievements to his name, he has implemented products and pioneering technologies to improve the passenger experience, while ensuring that costs remain low.
Responsible for Flydubai’s strategic direction, Al Ghaith collaborates closely with Sheikh Ahmed bin Saeed Al Maktoum, the group’s chairman. Prior to this role, for 14 years, he was the executive vice president for commercial operations worldwide for Emirates. He joined Emirates as a management trainee in 1986 and in 1988, transitioned to deputy passenger sales manager for the UAE and next to deputy manager for overseas development and marketing. He became the UK and Ireland’s area manager in 1991, and then general manager for commercial operations for North America and Europe in 1993.
Dubai’s flagship budget airline flydubai is on track to continue expansion with an additional 150 new aircraft that are joining its fleet by 2029 as Dubai International Airport looks set to achieve pre-Covid-19 traffic levels by the end of 2023. The airlines now fly to more than 110 destinations in 53 countries and are constantly adding new cities to their network as it continues to grow. Over 70 million passengers have chosen to flydubai, making flydubai the second largest carrier, by passenger numbers, operating out of Dubai International (DXB).
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NAME: Ahmed Al Qaseer
DESIGNATION: CEO/executive director
COMPANY: Shurooq
INDUSTRY: Investment
Appointed to his current role at Shurooq in February 2023 by royal decree by Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, Al Qaseer joined Al Qasba Development Office in 2006 as the business development manager and later in 2008, was promoted to the role of director of business development.
He helped steer Al Qasba to transform into the well-liked leisure and tourism destination it is today. Underpinned by his highly successful track record with Al Qasba, Al Qaseer was instrumental in the establishment of the Sharjah Investment and Development Authority (Shurooq) in 2009. In 2010, he was appointed as the director of Shurooq’s property management responsible for managing Shurooq’s properties and its operations, sales, and leasing.
In 2011, Al Qaseer was promoted to chief operating officer and was responsible for the operational execution of its portfolio of projects and destinations. He now oversees the management and operational execution of all multi-sectoral projects under Shurooq’s portfolio, including tourist and heritage destinations across the emirate.
The driving force behind the transformation of Sharjah, Shurooq is an independent government entity that fosters collaborations and connects corporations, investors, and entrepreneurs with the right opportunities. To ensure successful outcomes, the authority identifies, evaluates, and pursues tourism, investment, and heritage-related infrastructure projects.
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NAME: Essa Kazim
DESIGNATION: Governor
COMPANY: Dubai International Financial Centre (DIFC)
INDUSTRY: Finance
In addition to his current role, Kazim holds several important positions including the chairman of Borse Dubai, deputy chairman of the Supreme Legislation Committee in Dubai, and member of the Securities and Exchange Higher Committee and Dubai Supreme Fiscal Committee. He embarked upon his career trajectory as a senior analyst in the Research and Statistics Department of the UAE Central Bank in 1988.
He later transitioned to the Dubai Department of Economic Development, where Kazim served as the director of Planning and Development in 1993. He further advanced and was appointed as the director-general of Dubai Financial Market from 1999 to 2006 and subsequently assumed the role of chairman from 2007 to 2021.
Kazim has received an honorary Doctorate from Coe College and holds a master’s degree in Economics from the University of Iowa, a master’s Degree in Total Quality Management from the University of Wollongong, and a bachelor’s degree from Coe College.
Recently, Kazim has been actively involved in numerous official advisory committees and boards, both regionally and globally. He is a member of the Higher Board of Directors of the Dubai International Financial Centre (DIFC), chairman of the DIFC Authority Board of Directors, chairman of the DIFC Investments Board of Directors, and a board member of Nasdaq Dubai, Free Zones Council, and Nasdaq. Additionally, he holds a prominent position on the Board of e& and his influence extends to education as well.
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NAME: Masaood Ahmed Al Masaood
DESIGNATION: Chairman
COMPANY: Al Masaood Group
INDUSTRY: Diversified
Al Masaood is a prominent figure in the realm of business and industry whose leadership spans a wide range of trading activities and industrial sectors. The group’s extensive operations encompass diverse sectors, including construction, automotive, real estate, insurance, power, and heavy engineering. His influence goes beyond the private sector, as Al Masaood has also held senior public offices, contributing to both the governmental and business landscapes.
His strategic direction has played a pivotal role in shaping the growth and initiatives of Al Masaood. He holds a bachelor’s degree in Business Administration, underpinning his comprehensive understanding of business dynamics. His holistic approach to leadership continues to drive the Al Masaood Group’s success, positioning it as a key player across various industries and sectors.
About Al Masaood Group
Based in Abu Dhabi, UAE, Al Masaood Group has grown from a humble trading business into a significant force in the region’s integrated service, industrial, and commercial sectors. Established by the visionary Ahmed Al Masaood, the group has achieved several milestones, including the distinction of being the first to be registered by the Abu Dhabi Chamber of Commerce in 1970. Notably, Al Masaood’s collaboration with British company John Brown brought the first gas turbine and the UAE’s inaugural desalination plant through Weir Westgarth.
Diversifying its influence across 18 market segments, Al Masaood Group’s reach extends from power and marine to automotive, real estate, and retail. With a longstanding partnership spanning three decades, the automotive sector thrives, prominently featuring brands like Nissan (formerly Datsun). The group’s portfolio expansion includes the introduction of renowned names such as Bridgestone, Fluor Corporation, and Volvo Penta to Abu Dhabi.
In the realm of construction, Al Masaood Group’s construction division offers a spectrum of services, from design to turnkey solutions, coupled with material supply. Venturing into leisure, the group’s involvement in the creation of the Gary Player designed golf course on Saadiyat Island adds a touch of recreation to its extensive profile. The legacy of Al Masaood’s pioneering spirit continues to shape the UAE’s business landscape, reflecting a journey that started with a small trading house and has now transformed into a major player in the region’s economic growth.
Strategic collaboration
In August 2023, Al Masaood Group achieved a significant milestone by completing Phase 1 and Phase 2 of its bonded warehouse system in collaboration with the General Administration of Customs in Abu Dhabi. This partnership, initiated in 2022, aims to enhance government-private sector synergies, leading to improved work efficiencies and cost savings. This achievement streamlines operations for imported and exported goods within Al Masaood Group’s Abu Dhabi premises. With these phases complete, the group will benefit from efficient Port-to-Warehouse operations for vehicles and spare parts, simplifying shipment clearance.
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NAME: Mohammed Al Mutawa
DESIGNATION: Group CEO
COMPANY: Ducab
INDUSTRY: Industry
An accomplished industry veteran with a rich background in the cable manufacturing, aluminium, and metals sector, Almutawa joined Ducab in 2015 as their chief commercial officer. Today at the helm of Ducab, a prominent UAE-based end-to-end energy solutions provider and cable manufacturer, he has spearheaded several transformational projects and decisions, continuously driving the group to new heights of success.
Under Almutawa’s leadership, Ducab recorded substantial growth in both local and export markets, taking the total number of international markets where the group’s ‘Made in UAE’ products are exported from 45 to 55 countries.
He steered the development and implementation of ambitious strategic initiatives, successfully expanding the company’s reach to foreign markets, resulting in a notable 25 percent increase in the import of Ducab’s products in these markets. Almutawa has been instrumental in expanding Ducab’s geographical footprint with the establishment of their first office in India and Southeast Asia. This expansion aligned with Ducab’s vision to become a leading global provider of high-quality integrated energy solutions and created an opportunity for the group to explore new prospects in the Indian industrial sector.
Transforming the group from a cable manufacturer to full-fledged energy solutions provider, his visionary leadership was evident in his dedication to digital transformation and the implementation of smart factory project initiatives. By embracing Fourth Industrial Revolution technologies, Ducab launched the revolutionary ‘Blade project’, an advanced Smart Factory of the Future Project which integrated Internet of Things (IoT), cloud computing, big data analytics, artificial intelligence (AI), and machine learning technologies into the core of the group’s operations.
Growth and expansion
Almutawa reveals that with the UAE’s business environment strategically positioned to overcome challenges, Ducab has been fortunate. He adds, “This positioning guarantees that businesses can maintain their operations effectively, ensuring their success while also contributing to the broader objectives of the National Strategy for Industry and Advanced Technology.”
A crucial element of this achievement stems from Ducab’s proactive adoption of technology, innovation, and digital transformation which includes the incorporation of machine learning and artificial intelligence (AI) into the fundamental workings of the group. He reveals that with Ducab’s ‘Blade Project’, an advanced Smart Factory of the Future Project, they can expect a projected 20 percent increase in output volumes over the next two years.
Roadmap
At Ducab Group, Almutawa’s approach is rooted in actively driving change rather than passively waiting for it. He says, “Our strategy revolves around a continuous process of innovation, constant evaluation, and a persistent willingness to embrace new work methodologies. As said, our commitment to digitising our operations stands as a pivotal element of our strategy, deeply interwoven with our vision for Ducab Group’s forthcoming trajectory, marked by agility, effectiveness, and data-driven insights. 2022 has been an exceptional year for Ducab Group, but alongside driving growth today, we have been focused on creating the foundations to drive the growth of tomorrow.”
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NAME: Dr. Sultan Al Jaber
DESIGNATION: President-Designate
COMPANY: COP28
INDUSTRY: Government
Al Jaber has been a driving force in the UAE’s green initiative. As the special envoy since November 2020, a role he held from 2010 to 2016, he has championed the UAE’s sustainable development vision. Serving two terms as the special envoy for climate change since 2010, he is committed to realising the UAE’s Net Zero carbon emissions by 2050 commitment after the 2015 Paris Agreement.
With the UAE hosting COP28 from 30 November to 12 December 2023, Al Jaber will lead a global climate agenda, collaborating with international governments and stakeholders for practical solutions that offer socio-economic benefits on a global scale.
Helming Masdar
Al Jaber helped establish Masdar in 2006, the Abu Dhabi-based future energy company, which focuses on clean energy and sustainable development. His seven-year leadership as CEO saw the deployment of significant renewable energy projects worldwide, including the renowned Masdar City in Abu Dhabi. This low-carbon, low-waste urban development has garnered global recognition as a model for sustainable urban planning.
In 2009, his efforts were instrumental in securing the headquarters of the International Renewable Energy Agency (IRENA) in Abu Dhabi, UAE, reflecting his influence on the global stage. That same year, he was invited by UN Secretary General Ban Ki-Moon to join the UN Secretary general’s advisory group on Energy and Climate Change (AGECC), playing a key role in shaping the Sustainable Energy for All (SE4ALL) programme advocating universal access to sustainable energy by 2030.
In his current role as the chairman, his strategic acumen came to the fore in 2011 when Al Jaber steered an alliance between TAQA, Mubadala, and ADNOC. With an ambitious target of achieving at least 100GW of renewable energy capacity globally by 2030, Al Jaber’s leadership ensures that Masdar remains at the forefront of the clean energy revolution.
President-Designate for COP28
Al Jaber’s significant role as president designate for COP28 stems from his active engagement in over 10 previous COPs, including the historic COP21 where the Paris Agreement was forged in 2015. Under the guidance of Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, this appointment highlights Al Jaber’s exceptional contributions to advancing ecological sustainability in both the UAE’s public and private sectors.
With a decade-long tenure as CEO of Mubadala’s Energy platform, he has been a driving force behind the establishment of the UAE’s green agenda. Working closely with UNFCCC’s executive secretary Simon Stiell and Egyptian COP27 President Sameh Shoukry, he’s poised to shape the agenda for COP28. His accomplished team includes Shamma Al Mazrui, the Youth Climate Champion, and Razan Al Mubarak, the UN Climate Change High-Level Champion, with the dedicated support of Mariam Almheiri, the UAE’s Minister of Climate Change and Environment.
His visionary leadership sets the UAE at the forefront of crafting a collective roadmap that is designed to expedite global progress through a practical energy transition and a commitment to comprehensive climate action that ensures no one is left behind.
Key leadership roles
Al Jaber has dedicated his life to public service, taking on a more active role since his appointment to the UAE Federal Cabinet in 2013, where he served as the Minister of State until July 2020. Al Jaber used his extensive knowledge of working in the private and public sectors to oversee, develop and nurture partnerships with nations to further advance the UAE’s economic growth, before taking over as the Minister of Industry and Advanced Technology that same year.
In his current ministerial role, Al Jaber is focusing his efforts on expanding the industrial development infrastructure of the UAE in a bid to promote economic growth by using technology as a key driver. To further position the UAE as a competitive force on a global scale, he is also fuelling economic diversification and integrating different sectors to help enhance the UAE’s industrial foundation.
Steering ADNOC’s success
As the group CEO of ADNOC since 2016, Al Jaber has orchestrated a comprehensive transformation. Under his leadership, ADNOC entered global capital markets, executed ground-breaking IPOs, and expanded carbon capture efforts.
Notably, the Al Reyadah facility’s CO2 capture will surge by over 500 percent by 2030. Collaboration with Emirates Water and Electricity Company furthers ADNOC’s clean energy goals. He has also steered ADNOC’s digital evolution with AI, Big Data, and Blockchain. Decarbonisation is paramount, evident in a $15 billion investment over five years and the ‘maximum energy, minimum emissions’ approach. Moreover, goals include a 25 percent carbon intensity reduction by 2030 and Net Zero by 2050, propelled by 100 percent zero-carbon grid power and offshore electrification.
ADNOC’s commitment to renewable energy
ADNOC’s visionary strategy encompasses carbon capture and green hydrogen initiatives, underscoring their steadfast dedication to renewable energy sources. This commitment is clearly demonstrated through their ambitious plans for extensive hydrogen fuel production. Al Jaber’s foresight has effectively established ADNOC as a trailblazer in sustainable evolution, prominently highlighting innovation, decarbonisation, and clean energy as fundamental cornerstones. This strategic direction not only aligns with the UAE’s emphasis on responsible energy practices but also reinforces ADNOC’s pivotal role in shaping a more environmentally conscious tomorrow.
The establishment of the Zayed Sustainability Prize
Al Jaber’s impact extended to the establishment of the Zayed Future Energy Prize in 2008, now known as the Zayed Sustainability Prize. This $3 million award has become a catalyst for practical ideas that benefit global populations. Over 370 million lives have been positively impacted through humanitarian outreach and sustainable development initiatives.
Winners in health, food, energy, and water categories are awarded $600,000 each to amplify their sustainability solutions. The Global High Schools category further champions innovation, with up to $100,000 awarded to six winners representing diverse world regions. The Zayed Sustainability Prize stands as a testament to Al Jaber’s visionary leadership, catalysing global transformation.
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NAME: Ahmad Bin Shafar
DESIGNATION: CEO
COMPANY: Emirates Central Cooling Systems Corporation PJSC (Empower)
INDUSTRY: Industry
Ahmad Bin Shafar has been at the helm of Empower since its inception in February 2004 and has led the company’s transformation from a startup to the world’s largest district cooling services (DCS) provider, achieving exceptional efficiency and cooling capacity within a decade.
He also serves as the chairman of the board of directors of Empower Logstor Insulated Pipe Systems (ELIPS), a leading manufacturer of pre-insulated pipes and fittings in the MENA region. Bin Shafar holds a special advisory role on district cooling for the global ‘District Energy in Cities’ initiative under the United Nations Environment Programme (UNEP).
With more than 27 years of experience in senior management, including eight years in key leadership positions at Standard Chartered Bank, Bin Shafar is the first UAE national to be nominated to the board of directors of the International District Energy Association (IDEA) in June 2013.
Expansions
Having continued relentless expansions across a series of highly prestigious projects across Dubai in 2022, Empower demonstrated robust financial performance with a significant increase in revenues reaching $760 million, a 13.3 percent growth compared to 2021, and a net profit of $272 million, marking a 6.9 percent year-on-year growth. In a pivotal transformation, Empower shifted its corporate structure in 2022, transitioning to a PJSC following a decree from the Dubai government. This momentous evolution was succeeded by an immensely successful IPO, which witnessed an oversubscription rate of 47 times.
“Empower as subsequently listed on the Dubai Financial Market, becoming the world’s largest publicly-listed district cooling company,” Bin Shafar affirmed.
In 2022, Empower successfully integrated and enhanced the efficiency of the district cooling assets of Nakheel, which the company had acquired as part of a series of acquisitions concluded by Empower in 2021 that also included the district cooling assets of Meydan and the right to operate the district cooling systems of Dubai International Airport.
Robust operations
“The operational performance of Empower was also remarkable in the past year, as its connected capacity increased and reached 1.41 million Refrigeration Tons, and the contracted capacity reached 1.53 million refrigeration tons. The number of buildings benefiting from Empower’s district cooling services witnessed a significant increase, reaching 1,463 buildings across Dubai”, the CEO stated.
Empower also commenced operations of the first phase of its Za’abeel District Cooling plant last year. The plant, upon completion, is projected to have a total cooling capacity of 50,000 refrigeration tons (RT). “It will be interconnected with the company’s existing district cooling plant in DIFC to deliver a total cooling energy of 112,000 RT, to serve the existing and upcoming projects in the area,” he said.
“The full-scale operations of the Business Bay 05 district cooling plant also commenced in 2022, marking Empower’s fourth plant in the Business Bay Development.”
The total production capacity of the new plant has reached 50,000 RT in 2022, bringing the total capacity of the existing plants in the Business Bay area to more than 185,000 RT.
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NAME: Talal Al Ajmi
DESIGNATION: Founder and CEO
COMPANY: VI Markets
INDUSTRY: Finance
At the forefront of Kuwait’s financial arena, Al Ajmi is a young entrepreneur who has left an indelible mark in both local and broader Middle Eastern trading markets. Fuelled by unwavering passion, Al Ajmi’s journey began during his university years when he ventured into managing family businesses alongside relatives. This early exposure laid the foundation for his remarkable trajectory in the financial world.
Upon his return to Kuwait, Al Ajmi’s ambition led him to immerse himself in practical insights by working with an investment company. These formative years of experience propelled him closer to his goal, the establishment of VI Markets. Along this path, Al Ajmi embraced diverse roles, including that of a financial broker, which proved instrumental in shaping his entrepreneurial expedition.
Transforming Kuwait’s investment landscape
In 2010, Al Ajmi’s visionary outlook materialised into Version International Markets (VI Markets), an innovative powerhouse in Kuwait’s financial sphere. Al Ajmi currently holds the positions of CEO and board member at One Financial Markets, VI Markets’ primary partner.
In collaboration with One Financial Markets, which was established in London in 2007 and is regulated by the UK’s Financial Conduct Authority (FCA), VI Markets extends tailored online trading services to Kuwaiti investors. The global reach of One Financial Markets, coupled with Al Ajmi’s strategic leadership, underscores his unwavering commitment to education and financial empowerment.
Harnessing the power of education
Leveraging the potential of social media, Al Ajmi engaged and educated a burgeoning community of traders in Kuwait and the Middle East. Through daily trade insights and educational content, he established a robust connection with his audience, emerging as a beacon of guidance and expertise. Driven by an enduring belief in the transformative force of education, Al Ajmi identified the imperative to empower women across Kuwait and the wider Middle East. He revolutionised the trading landscape by offering workshops, seminars, and obtaining FCA licenses, thus fostering credibility and professionalism within the market.
A platform for empowerment
Within this context, Al Ajmi launched Yasmeen, an exclusive platform designed to empower women in the realms of business and financial investment. Yasmeen offers bespoke educational services, personalised support, tailored training, and comprehensive trading solutions. This pioneering initiative champions gender empowerment while simultaneously paving the path for economic growth and educational pursuits.
The launch of Development Holding
Steered by a business philosophy underpinned by growth, integrity, and innovation, Al Ajmi has recently launched Development Holding (DH) which strives to be a catalyst for transformation across entertainment, crypto, health, retail, technology, finance, AI, and more.
Their collaborative company culture thrives on individuals passionate about diversifying investment portfolios and reaching new pinnacles of success. DH fosters an environment that encourages innovation, risk-taking, and creativity. Backed by a goal to lead the field of architecture and interior design using AI technology for meaningful space creation, DH challenges the status quo and embraces cutting-edge technologies.
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NAME: Dr Aisha Bin Bishr
DESIGNATION: Vice chairwoman
COMPANY: Emaar Development
INDUSTRY: Technology
In her position on the Emaar Development Board since December 2020, Bin Bishr is a global digital visionary known for her foundational role as the founding director general of Smart Dubai in the UAE. She is a prominent Emirati advocate for digitisation, championing the humanisation of technology to shape a more sophisticated and responsive urban smart future.
Recognised as one of the world’s influential women leaders in business and technology, Dr. Bin Bishr also holds the position of non-executive chairman of the board at Shaffra, a pioneering Metaverse-as-a-Service (MaaS) company. Leveraging cutting-edge 3D technologies, Shaffra offers a revolutionary avenue for organisations to engage with their customers and stakeholders. At the forefront of the Metaverse industry, Shaffra drives the transformation of customer interaction.
Backed by diverse experience
Bin Bishr’s career trajectory has encompassed instrumental roles. She served as the director general of the Smart Dubai Department between 2015 and 2020. This entity was entrusted with steering Dubai’s city-wide smart digital transformation, overseen by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.
Her pioneering spirit also led to the creation of ‘The Smart City Index,’ a ground-breaking benchmark for global smart city implementation in collaboration with ITU and the United Nations. Globally acknowledged for her insights in digital transformation and Smart Cities, she represents Smart Dubai in the City Protocol Society, Smart City Expo World Congress, and GSMA. In her extensive responsibilities, Dr. Bin Bishr was a member of the Dubai Council under the Government Development Track until July 2020.
She also chaired the Dubai Future Council for Blockchain, a significant initiative launched as part of the Dubai Future Councils under the guidance of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum. This initiative aimed to chart the course of key industry sectors in Dubai over the next five decades. She has also chaired ‘The Council of Happy Cities,’ a vital component of the World Happiness Council and also leads the SDG 11 Global Council. Furthermore, she is a distinguished member of the World Economic Forum’s Global Future Councils and The Fourth Industrial Revolution’s Smart Cities Readiness Index Team, which is also led by WEF.
Her comprehensive engagement extends to her role as a board member at the Higher Colleges of Technology, UAE. She also served on Emaar’s Board Committee until December 2020. Dr. Aisha’s dedication to progress is further demonstrated by her role as a member of the UAE AI Council, the Computer System Advisory Board, the Leadership Team for Smart Services and Digital Infrastructure.
Moreover, she holds advisory positions at institutions like the College of Computing and Informatics at the University of Sharjah, the University of Wollongong, and the World Happiness Council. She has also played a pivotal role in drafting the U4SSC’s Key Performance Indicators (KPIs) for Smart Sustainable Cities (SSC), a pioneering benchmark for global smart city implementation.
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NAME: Sultan Bin Mohammed Bin Saud Al Kabeer
DESIGNATION: Co-founder
COMPANY: Almarai
INDUSTRY: Industry
Aseasoned entrepreneur, Al Kabeer stands as a foundational figure in the inception of multiple ground-breaking ventures. He holds the distinction of being a co-founder of Almarai, the largest vertically integrated dairy foods company globally. Furthermore, his visionary leadership played a pivotal role in the establishment of Zain Saudi Telecom, UAE’s Dana Gas, and Bahrain’s Al Salam Bank.
His influence extends as the chairman of esteemed entities such as Arabian Union for Cement Industries, Arabian Shield, Global Downstream Industries, and Global Chemical Industries. Anchored in KSA, Almarai, under his strategic guidance, has attained unparalleled acclaim as the top Fast-Moving Consumer Goods (FMCG) brand in the MENA region, asserting market leadership across the GCC.
Al Kabeer’s entrepreneurial insight recognised the potential to revolutionise KSA’s traditional dairy farming industry to align with the surging domestic market demands. In around 1977, he embarked on the journey of founding Almarai, initiating operations with the processing of fresh milk as well as laban. Subsequently, the venture evolved to encompass advanced processing plants and contemporary dairy farms as the company expanded.
A period of reorganisation
A pivotal phase of reorganisation and reinvestment during the early 1990s reshaped Almarai’s trajectory, transitioning from a decentralised structure to a cohesive, centralised framework. By the close of 2005, the group witnessed remarkable milestones, including the inauguration of an expansive central processing plant featuring a state-of-the-art cheese facility and two innovative super-farms. This period also marked Almarai’s transformation from a privately owned entity to a publicly listed corporation.
After over four decades of steadfast growth, Almarai’s diverse product portfolio, encompassing juices, bakery items, and poultry, stands as a testament to its enduring success. The brand names Almarai, L’usine, 7DAYS, Albashayer, and Alyoum have become synonymous with quality and innovation, solidifying Al Kabeer’s legacy as a visionary business magnate.
CSR initiatives
Aligned with Saudi Vision 2030, one of Almarai’s key CSR endeavours is the Institute of Food Industries, a pivotal component of the National Centre for Strategic Partnerships. This innovative collaboration between the private sector and the government sector, represented by the Technical and Vocational Training Corporation, is supported by the Human Resources Fund.
Established in 2011, the institute is dedicated to equipping young individuals with practical skills through specialised diploma programmes cater to the employment needs of the dynamic food industry.
Almarai’s commitment to fostering local talent is further exemplified by the Graduate Professional Trainee (GPT) programme. This initiative facilitates the employment of numerous fresh, local graduates across various divisions of the company. The programme serves as a platform for young talents to kickstart their careers within a supportive and dynamic environment.
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NAME: Sima Ved
DESIGNATION: Founder and vice chairperson
COMPANY: Apparel Group
INDUSTRY: Retail
In 1996, Ved and her husband Nilesh Ved recognised the absence of international brands in the market and founded the Apparel Group. Introducing global labels to the region, the company has evolved from its inception, driven by an evolving vision that extends beyond mere commerce. And today, the multi-billion-dollar company is home to more than 75 brands with over 1850 retail stores in 14 countries with over 16,500 employees.
Fuelled by this dynamic vision, the Apparel Group has crafted a motto that encapsulates its essence ‘Exceed Expectations Everyday.’ Their mission goes beyond transactional exchanges but rather aims to create immersive and memorable shopping experiences that transcend the mere act of buying. Their recent achievement of launching F5 Global, a sustainable brand, stands as a testament to their commitment, especially since it was inaugurated by her daughter.
This dedication to innovation manifests in initiatives like the 6thstreet Phygital store, which is set to redefine retail, while their brands like Beverly Hills Polo Club continue to mark milestones.
As the company’s expertise deepens, their pursuits span multiple industries spanning fashion, beauty, and footwear, to entertainment and food and beverage. Ved emphasises the significance of omni-channel experiences, where seamlessly combining online and offline facets becomes paramount. Their partnership with Nykaa exemplifies this commitment, aiming to establish an omni-channel beauty retail platform in the GCC.
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NAME: Randa Sadik
DESIGNATION: CEO
COMPANY: Arab Bank
INDUSTRY: Banking
In February 2022, Sadik was appointed to her current role, a culmination of her career trajectory that began over three decades ago in the banking realm. Notably, she had spent more than a decade as the deputy CEO at Arab Bank, Jordan’s largest financial institution, as well as 24 years in diverse leadership capacities. Her journey featured a prominent stint as the group general manager of the International Banking Group at the National Bank of Kuwait.
Sadik’s strategic guidance has been a driving force behind Arab Bank’s expansion and growth trajectories. She also serves as a board member of Oman Arab Bank, chairs the board of Arab Tunisian Bank, leads the management committee of Al-Arabi Investment Group, and holds the vice chairman position at Arab Bank Australia Ltd.
Sadik’s leadership and key accomplishments have significantly contributed to Arab Bank’s local and regional prominence. A holder of an MBA degree from the American University of Beirut, her commitment extends beyond financial endeavours. Notably, Arab Bank, under her leadership, has partnered with ‘Dar Abu Abdullah’ in the Women’s Economic Empowerment project. This initiative empowers women by facilitating their enrolment in programmes that offer income stability and elevate their living standards.
In August 2023, Arab Bank launched ‘Arabi SMEs’, a comprehensive suite of integrated banking solutions tailored to address the distinctive demands of SMEs. This strategic launch reiterates the bank’s unwavering commitment to bolstering SMEs.
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NAME: Fadi Ghandour
DESIGNATION: Executive chairman
COMPANY: Wamda Capital
INDUSTRY: Investment
Ghandour, the visionary behind Aramex, stands as a central figure in the flourishing start-up landscape of the MENA region. Alongside founding Aramex, he also established Wamda Capital, a venture capital firm with a $75 million growth fund. This entity not only injects capital into early-stage tech start-ups but also cultivates entrepreneurship ecosystems throughout the region.
Before this, Ghandour occupied the role of CEO at Aramex for over three decades since co-founding it in 1982. Under his guidance, Aramex transformed into a leading logistics company within emerging markets, boasting a network of over 250 offices across 90 countries. Ghandour took Aramex public on both Nasdaq and Dubai Financial Market.
Ghandour has sold his remaining 10 percent shareholding in the logistics company to Boson Ventures Corporation. Built upon an unwavering entrepreneurial ethos, Ghandour’s involvement extends beyond Aramex. He has consistently invested in, founded, and launched various companies and non-profit organisations. His diverse ventures encompass sectors ranging from fitness and wellness to digital technology, hospitality, and security.
Notably, Ghandour is a dedicated philanthropist, having founded Ruwwad Al-Tanmeya, a community development NGO that uplifts displaced communities across Lebanon, Palestine, Jordan, and Egypt through avenues like education, financial inclusion, and civic engagement. He’s also a co-founder and supporter of Al-Riyadi, a prominent not-for-profit sports club in Jordan.
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NAME: Pierre Choueiri
DESIGNATION: Chairman and CEO
COMPANY: Choueiri Group
INDUSTRY: Media
Beginning his career in 1988, Pierre has amassed over 3 decades of experience at the helm of the Middle East’s largest Media Representation Group, as an inspirational figurehead committed to the evolution of the media and advertising industry.
Taking charge as CEO in 2007, he became Choueiri Group’s Chairman and CEO in 2010, when the region was initially being introduced to digital. His leadership is credited with countless achievements including the formation of the Group’s digital arm “DMS” in 2011, as well as its rise to becoming the largest independent digital entity in the Arab world.
Aligned with the Group’s values, Pierre delivers on the trust of the Group’s stakeholders and partnerships, leveraging an exceptional team of professionals, perpetual innovation and resources, to elevate regional brands, their engagement to audiences, and their connection with consumers.
Today, the Group’s companies serve as the exclusive media representatives for 16 satellite and two terrestrial television stations, seven print titles, 14 radio stations, 30+ web portals along with their apps, the largest outdoor signs network in the UAE, along with a host of premium experiential marketing opportunities.
Recognized for his contributions to marketing communications across MENA, Pierre is the recipient of the 2012 MENA Cristal Festival’s “Media Man of the Year” award, the 2017 Dubai Lynx “Advertising Person of the Year” award, as well as an Honorary Doctorate Degree in Humane Letters by the Lebanese American University in Beirut in 2018. He currently serves on the Board of University Paris II as well as on the Board of the École Supérieure de Commerce de Paris in the UAE. He was also most recently awarded the ‘Bunyan Award for Excellence in Leadership and Entrepreneurship’ by HH Sheikh Nahayan bin Mabarak Al Nahayan.
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NAME: Fahad al Hassawi
DESIGNATION: CEO
COMPANY: du
INDUSTRY: Technology
In the landscape of the ICT sector, Al Hassawi helms telecom operations within du’s digital lifestyle and innovation divisions. His responsibilities span a diverse spectrum, including steering infrastructure development, technological implementations, network investments, and the ongoing expansion of 5G capabilities.
Beyond his operational roles, his influence extends to nurturing the growth of the next generation of Emirati entrepreneurs and business leaders. A pivotal role undertaken by Al Hassawi involves leading du through a transformative digital journey.
This strategic endeavour aims to enhance customer experiences while unlocking the full potential of the company’s operational capacities. As a thought leader, his influence resonates through his commitment to fostering the development of Emirati talents, thereby shaping the trajectory of the industry.
Al Hassawi started his career as the first lieutenant engineer for the Dubai Police. He also worked across multiple leadership roles at Emirates for seven years including as senior industrial engineer, performance development manager, manager of National Recruitment and Development, and vice president of Human Resources.
Al Hassawi”s journey within du dates to its inception in 2006 when he was appointed as the executive vice president of Human Resources in April 2006 to December 2009. His responsibilities encompass various business units, ranging from enterprise and consumer engagement to branding, communication, strategic planning, and government relations.
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NAME: Colm McLoughlin
DESIGNATION: Executive vice chairman and CEO
COMPANY: Dubai Duty Free
INDUSTRY: Retail
McLoughlin played a key role as a member of the consultancy team from Aer Rianta, the Irish Airport Authority, which was contracted by the Dubai government to initiate the new duty-free operation in 1983. Remaining in Dubai, he held the position of general manager for the new operation and later advanced to the role of managing director.
In July 2011, McLoughlin was appointed executive vice chairman and CEO of Dubai Duty Free, overseeing its subsidiary businesses including The Irish Village, Studio One Hotel, The Century Village, the Dubai Duty Free Tennis Stadium, and Jumeirah Creekside Hotel.
His philanthropic efforts are significant and in 2004, McLoughlin established the Dubai Duty Free Foundation, supporting 45 local and 56 overseas charities, including Al Jalila Foundation, Hand in Hand for Haiti, The Moodie Report Great Travel Retail Educathlon, Smile Train, and the construction of 32 houses in the DDF GK Village in the Philippines.
Founded in 1983, Dubai Duty Free recorded first-year sales of $20 million and has grown into one of the biggest travel retail operators in the world. Under his leadership, Dubai Duty Free experienced substantial growth over nearly four decades, with the business expanding from $20 million in 1984 to $2.029 billion in 2019.
Despite facing a pandemic-induced slowdown for two years, Dubai Duty Free demonstrated resilience by achieving remarkable sales of $1.74 billion in 2022, representing a 78 percent increase compared to its 2021 figures.
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NAME: Lubna Olayan
DESIGNATION: Chairperson
COMPANY: Saudi Awwal Bank (SAB)
INDUSTRY: Finance
As of 1 January 2023, Olayan was reappointed as chair of the board of directors at Saudi British Bank (SAB) for an additional three-year term. This marks her continued influential presence in the financial landscape, as she first assumed this role in 2019 following the merger of SAB with Alawwal Bank. On 5 April 2023, the Saudi British Bank (SABB) revealed its new name, SAB.
This change comes after two years of significant efforts following the merger of SABB and Alawwal Bank. The merger process, which took around 18 months, saw the combined entity operating as the ‘Saudi British Bank’ until now. With the final approvals from both regulators and shareholders, the bank is now all set to continue its journey under the name ‘Saudi Awwal Bank.’ SAB’s forward-looking approach aligns with Vision 2030’s objectives as the bank’s adoption of blockchain technology for international trade transactions in 2022 reflects the push for digital transformation and innovation in the industry.
Olayan’s appointment as the chair of a Saudi-listed entity was a ground-breaking achievement, making her a trailblazer in the region and an emblem of women’s empowerment. Her career spans diverse leadership positions, including her role as the CEO of Olayan Financing Company (OFC) for over 35 years. After resigning from the CEO position in April 2019, she remains a member of OFC’s board and is also the chairperson of the board and executive committee of the Saudi-Swedish Business Council (SSBC).
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NAME: Haider Ali Khan
DESIGNATION: CEO
COMPANY: Bayut and Dubizzle
INDUSTRY: Real estate
A natural leader with a keen interest in technology, the CEO of Bayut & dubizzle and the Head of Dubizzle Group MENA, a UAE-based Unicorn, Haider Khan started his career in the US after completing his education in electrical engineering at the University of Texas in Austin.
Prior to moving to the UAE, Haider spent fifteen years working for leading American companies, including Goldman Sachs, Silicon Labs and National Instruments, where he led a team of 170 colleagues spread across the US, Europe, China and India. He was entrusted with developing large-scale technical solutions and tools which are currently deployed in technologies ranging from the Mars Rover project to SpaceX to 5G and other cutting-edge technological solutions of global significance. Haider is also a holder of technology patents awarded to him during his time at National Instruments.
Haider moved to the UAE from the USA in 2014 as the Chief Executive Officer of Bayut, bringing with him over fifteen years of invaluable experience heading large-scale tech organisations. Along with his leadership role at Bayut and dubizzle, Haider has also taken over as the Head of the MENA arm of Dubizzle Group (formerly EMPG). As Head of Dubizzle Group in the MENA region, Haider led the company through a strategic merger in 2020, creating a unicorn business with a valuation of $1 Billion (AED 3.6 billion). Following that in 2022, the group announced that they had secured another $200M in funding, ensuring their status as one of the most well-funded companies in the region.
Haider has also played a pivotal role in the group’s other venture capital rounds, cementing Dubizzle Group’s current position as the most well-funded property classifieds company based in the UAE, with an impressive $500M+ in funding to date.
His guidance and technological innovations have been instrumental in the growth and expansion of the two leading brands under the Dubizzle Group, powerhouse property portal Bayut and the UAE’s leading online marketplace dubizzle. A techie at heart, Haider has spearheaded the development state-of-the-art tools such as TruCheck™, Search 2.0, BayutPro and BayutGPT on Bayut, as well as Dealer App and Verified on dubizzle, showcasing his belief in utilising technology to build scalable solutions capable of solving local challenges.
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NAME: Ghassan Aboud
DESIGNATION: Founder and chairman
COMPANY: Ghassan Aboud Group
INDUSTRY: Diversified
An international businessman, philanthropist, and entrepreneur based in the UAE, Aboud is the founder and chairman of the multi-business conglomerate, Ghassan Aboud Group (GAG). Following his short-lived career in media, in 1994, he recognised the potential for international traders in Dubai with the launch of his trading company.
And just around three decades later, his small automotive trade venture expanded to become a successful conglomerate, spread across multiple business sectors and a global market reach. Notably, the group has been a front runner in public-private partnerships with two major projects in the food and automotive sectors.
The rise to global expansion
Today at the helm of over 2,500 employees, his Group is based in the UAE with additional offices in Jordan, Turkey, Belgium, and Australia across industries spanning retail, hospitality, media, food, digital marketplaces, automotive, and more.
The group launched Live Point Art Production in 2008, followed by Crystalbrook Collection, a hotel development and management company in Australia, and then Grandiose Supermarket in 2016 with hypermarkets, supermarkets, and convenience stores across the UAE.
He also steered GAG’s foray into digital ecommerce with its B2B marketplace BuyGro launched in 2020 in the UAE which integrates over buyers from cafes, grocery stores, and restaurants. This was followed by the launch of another successful marketplace for auto parts, with the stated ambition of disrupting traditional business models.
About Ghassan Aboud Group
Engaged in several key business sectors, including catering, healthcare, digital marketplaces, hospitality, logistics, automotive, retail, media, and FMCG, Ghassan Aboud Group is an international conglomerate was established in 1994 and today, has transformed to become a respected conglomerate holding several highly coveted brands across multiple sectors, both internationally and in the region.
Backed by their motto, ‘Building a better future, together’, the Group has achieved key successes with their services, products, and experiences as they ambition towards even more accomplishments and expansion in the future.
GAG’s multiple industries
Inculcating the 21st century principles of digital transformation, sustainability, customer centricity, and reliability, GAG consists of multiple companies within key industries spanning both internationally and across the region. With a robust portfolio of automotive products, GAG is a leading exporter of automotive products supplied to over 100 countries with solid experience spanning over 28 years and continues to disrupt current industry approaches to business with its cutting-edge digital solutions for auto parts, vehicles, and lubricants.
Also supplemented by the power of technology and convenience, the Group provides food and FMCG services via their food distribution and award-winning catering subsidiaries.
Retail and logistics
Across retail, GAG’s retail arm, Grandiose Supermarket, prides itself as a sustainable and responsible retailer. Grandiose is well entrenched in the UAE as the fastest growing grocery retail chain, with an emphasis on premium food and shopping experience. Across logistics, through GAG’s seamless supply chains, provides storage, transportation, and supply chain needs as a preferred 3PL logistics partner.
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NAME: Noor Sweid
DESIGNATION: Managing partner
COMPANY: Global Ventures
INDUSTRY: Investment
Sweid is deeply committed to empowering disruptive technology companies and their emerging market founders, enabling them to address real-world challenges and create tangible global impact. Sweid assumes roles as a founder, investor, and operator. Her previous responsibilities encompass her position as the CIO at The Dubai Future Foundation, and her role as founder of the ZenYoga studio chain, which was later acquired by Cedarbridge.
A pivotal achievement in her career was her accomplishment as the first Arab woman to successfully scale, IPO, and operate a public company in the MENA region. She achieved this milestone by listing Depa on the NASDAQ Dubai and the London Stock Exchange (DEPA:DU) for $1.1 billion in April 2008. Beyond her achievements, Sweid plays an active role on the boards of companies within Global Ventures’ portfolio. She also holds the position of Chairperson at the Middle East Venture Capital Association and serves as a director for MIT Sloan and TechWadi. Additionally, she holds the independent chairperson role for Clue Health.
Sweid holds bachelor’s degrees in Finance and Economics from Boston College, an MBA from MIT Sloan, and an early career as a consultant specialising in biotechnology and pharmaceutical strategy in the US. She is recognised by her membership in the inaugural class of the Finance Leaders Fellowship and her inclusion in the Aspen Global Leadership Network. She is also honoured as a Young Global Leader by the World Economic Forum.
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NAME: Faraz Khalid
DESIGNATION: CEO
COMPANY: noon.com
INDUSTRY: E-commerce
Previously the co-founder and managing director of Namshi, Khalid’s wealth of experience and practical knowledge in building, launching, and scaling successful e-commerce enterprises in the region gives him the edge to lead noon.com towards further growth and expansion in the region.
A joint venture between the KSA’s PIF and Mohamed Alabbar. noon’s consumer platform first went live in 2017 in KSA. An ecosystem of homegrown digital companies from the region, noon.com is a pioneer in the region’s digital landscape that has transformed into the region’s leading online shopping destination with operations in the UAE, KSA, and Egypt.
Noon.com has launched noon Pay, a P2P payment service that offers ease, security, and flexibility to users in KSA and the UAE. Individuals can transfer noon credits to anyone, anytime, with secure transactions. These credits work within the noon super app and SIVVI or can be sent to others via mobile number or email.
In Q1 2023, noon.com completed its acquisition of the UAE-based fashion shopping platform Namshi. Founded in 2016 by Mohamed Alabbar and Sam Shirazi Maqam, noon is an e-commerce platform and digital marketplace that offers products and services across multiple categories.
Namshi, founded in 2011 by Khalid, Hisham Zarka, Hosam Arab, Louis Lebbos and Muhammed Mekki, is an online e-commerce site offering footwear and apparel fashion brands. This acquisition will expand noon’s digital ecosystem of products to include more fashion and lifestyle offerings for consumers.
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NAME: Renuka Jagtiani
DESIGNATION: Chairwoman
COMPANY: Landmark Group
INDUSTRY: Retail
For more than three decades, Jagtiani has been helming Landmark Group’s corporate strategy, and in doing so, has propelled the group to emerge as the foremost omnichannel retailer of trusted, locally established brands in the MENA region. At the core of the group’s journey, her influence played a crucial role in the founding of the high-street fashion brand Splash in 1993.
Her visionary leadership facilitated the group’s seamless entry into the realm of e-commerce over a decade ago. In her present role, she is concentrated on nurturing the group’s vision, shaping its strategy, and exploring emerging business opportunities.
In her capacity as the chair of the Landmark board, Jagtiani closely collaborates with leadership teams, contributing her insights to shape strategic decisions that guide the group’s direction. Her unwavering commitment and strategic expertise have not only been the foundation of Landmark Group’s success but also symbolised its dedication to innovation and expansion.
Landmark Group has profoundly reshaped Dubai’s retail landscape, embarking on an extraordinary journey from a solitary store in Bahrain in 1973, established by her husband, Micky Jagtiani. This journey has evolved into an extensive network of over 2,200 retail establishments. For over two decades, Jagtiani has played a pivotal role in steering the group’s corporate strategy, encapsulating its growth and vision.
At the core of Landmark Group’s evolution is Jagtiani’s profound influence. In 1993, she catalysed the creation of the high-street fashion brand, Splash, which quickly gained prominence under her leadership. Beyond that, her visionary approach led the group to explore e-commerce and invest in the MENA region’s largest privately-owned logistics and distribution hub.
This strategic vision aimed to bring the group’s offerings to customers, regardless of their shopping preferences or locations.
Philanthropic initiatives
Beyond its commercial success, Landmark Group has also emerged as a champion for a diverse range of critical causes. For over 14 years, the group has ardently supported early diabetes detection, raised awareness about diabetes in the region, and enhanced care within UAE communities. By fostering awareness about diabetes risks and complications, the group promotes active lifestyles and encourages regular diabetes testing among residents.
The group’s philanthropic commitment extends beyond borders, collaborating with the Jagtiani Foundation and The LIFE Foundation. Through partnerships with reputed local non-profit organisations across India such as Apnalaya, Jan Sahas, Oscar Foundation, and SAVE, the group addresses vital issues like textile and garment worker rights and child labour eradication.
Also, in the face of adversity during the Covid-19 pandemic in 2020, the Jagtiani Foundation and The LIFE Foundation demonstrated unwavering dedication. They directed their efforts towards providing essential food rations and hot meals to those in need while also supplying crucial PPE kits to frontline workers, exemplifying their commitment to the well-being of communities.
Landmark Group, guided by the visionary leadership of Jagtiani, continues to redefine the retail realm through its transformative journey, enriching lives both within its business operations and its extensive philanthropic efforts.
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NAME: Abed Bibi
DESIGNATION: CMO
COMPANY: Nakheel
INDUSTRY: Real estate
In his current role since April 2021, Bibi began the establishment of a centralised marketing division at Nakheel, propelling growth, introducing innovative offerings, and optimising revenue across all business units through cross-platform marketing and communication strategies. Helming Nakheel’s branding and marketing strategy, he leads Nakheel’s digital transformation spanning all facets of the business to ensure the company’s customer-centric identity.
Steered by a wealth of experience
With a wealth of experience behind him, Bibi is an entrepreneur and creative leader with over 30 years of expertise in the UAE. He has steered innovative digital marketing ventures across diverse sectors, including real estate, start-ups, multinationals, and SMEs. A graduate in computer science and accounting from the American University in Beirut, Lebanon, his creative spirit redirected his career from an early role as an electronic data processing and financial accounting auditor towards becoming a regional marketing and branding luminary.
He is also the co-founder of Yougotagift.com and partner at HoneyBee Tech Ventures in Dubai, UAE, since January 2011. Initially co-founding HoneyBee Tech Ventures as a start-up incubator with two partners, they focused on nurturing UAE start-ups. Bibi managed the branding and marketing launch of a brand and supported the development of another concept initiated by a partner.
Recognising a gap in the Middle East market for an online gift card service, Bibi launched Yougotagift.com. Here, he forged connections with international brands, introduced a mobile app, and diversified into B2B offerings through ‘For Business’. Bibi played an instrumental role in driving revenue growth in recent years and avidly explored expansion opportunities, including integrating gift cards into airline loyalty programmes and HR employee reward schemes.
Prior to this, Bibi held the position of chief marketing officer at Meraas in Dubai from July 2015 to February 2018, steering the transformation of the Meraas brand, unveiling a new vision centred around the concept of ‘active urban life’. He also explored further prospects through a partnership with Visa and pioneered the Meraas gift card programme and corporate employee discount initiative. Collaborating with an external third party for branding earned them multiple awards and recognition for their exceptional work.
Rebranding and repositioning
In September 2022, Nakheel unveiled its fresh positioning and brand promise for its upcoming phase. In alignment with the Dubai 2040 Urban Master Plan, which is dedicated to enhancing people’s well-being and quality of life, Nakheel is now dedicated to ‘cultivating happiness and prosperity’.
In bolstering Dubai as a global destination of choice and establishing the emirate as the ultimate city for living, Nakheel is endorsing the plan’s objectives of providing top-tier urban infrastructure and amenities, nurturing diverse and vibrant communities, stimulating increased economic activity, and presenting Dubai as an inspirational city for residence and visitation.
The Nakheel rebrand campaign will be evident through various communication platforms, encompassing digital, outdoor, and social avenues. Backed by this new branding, Nakheel is committed to consistently providing the utmost living standards accomplished through secure communities.
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NAME: Rashid Al Ghurair
DESIGNATION: Founder and CEO
COMPANY: CAFU
INDUSTRY: Energy
A globally oriented entrepreneur and tech pioneer with a forward-looking perspective, Al Ghurair is dedicated to disrupting conventions and enhancing lives with consumer-centric, transformative services that endure well into the future. In his current role at CAFU, the foremost global platform for fuel delivery and vehicle services, he is propelling innovation and technology to align with the demands of tomorrow.
Under his guidance, CAFU has grown from a 20-truck fleet in 2018 into the preferred hub for all vehicle services. Its network, comprising over 300 vehicles, links the community to an extensive array of maintenance and service partners. Al Ghurair dons numerous hats as a accomplished entrepreneur. Acknowledged for his business acumen and innovation prowess, he serves as a board member for the Dubai Chamber of Digital Economy.
This position centres on navigating the transition to a digital economy, ensuring Dubai’s global competitiveness for the most inventive start-ups. Al Ghurair is also an active participant in Al Ghurair Investment, steering the group’s interests in its commodity businesses, Al Ghurair Resources, and Al Ghurair Foods.
Al Ghurair champions the environment through the Ghaf Tree Seed Project, an initiative that aims to plant a million seeds using custom-designed drone technology, with the goal of addressing climate change. He also serves as a member of the board of trustees for the Abdulla Al Ghurair Foundation for Education, a privately funded education initiative worldwide.
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NAME: Robert Booth
DESIGNATION: Co-founder and managing director
COMPANY: Ellington Properties
INDUSTRY: Real estate
Booth’s extensive experience in the realm of real estate renders him a distinguished veteran in the field. His accomplishments span the globe, encompassing the development, marketing, and successful sale of key projects across five continents. Originating from his native Canada, he embarked on his professional journey by crafting the largest master-planned urban community in the country, Concord Pacific Place in Vancouver.
This landmark project was undertaken for the Hong Kong magnate, Li Ka-shing. This was followed by his appointment at Concord Adex Developments Corporations where he assumed the role of director of Development and orchestrated a $2 billion development initiative in Toronto. In 2001, Booth’s journey led him to Dubai, where he became an integral part of Emaar Properties.
His tenure within the company was marked by pivotal roles, including CEO of the North America region and CEO of the comprehensive Real Estate division. His influence extended to shaping developments like Arabian Ranches, Emirates Hills, The Greens, and The Dubai Marina, collectively adding 40,000 residential units to the market.
His most illustrious accomplishment is with the flagship Downtown Dubai project where he had steered diverse aspects ranging from the engagement of master planners to the unveiling of the hotel, retail, and residential components, including the Burj Khalifa. His pivotal role in establishing international construction standards made him an advisor to the Emaar’s chairman.
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NAME: Ajlan Bin Abdulaziz AlAjlan
DESIGNATION: Chairman
COMPANY: Ajlan & Bros Group
INDUSTRY: Diversified
Considered an international pioneer in the manufacturing of traditional men’s clothing, as well as textiles and readymade clothing in the MENA region across multiple sectors, Alajlan has steered the Group on an upward trajectory of growth and expansion to become the international conglomerate that it is today.
Established originally as a textile business in 1979, a segment where it remains a key player in the Middle East and North Africa region, Ajlan & Bros is also considered to be one of the biggest investment and commercial groups in the Kingdom.
With its head office located in Riyadh, today, it employs over 15,000 people in 25 countries across 75 companies and is backed by a vision to be a leading global investment conglomerate that enriches the prosperity of the Kingdom and delivers Vision 2030. In recent years the Group has diversified into sectors which are aligned to and in support of the vision.
This includes water, power, environment, oil and gas, healthcare, food security, facility management, tourism, logistics, blockchain, industrial manufacturing, real estate, textiles, technology, mining and minerals, as well as FMCG, events and entertainment, gaming, financial services in addition to Fintech.
Experience across multiple leadership roles; with 40+ years experience spanning across the commercial, industrial and investment fields, Alajlan also holds several positions/memberships including the Chairman of the Riyadh Chamber of Commerce and Industry; the Ex-Chairman of the Board of Directors of the Federation of GCC Chambers; and the Ex-Chairman of the Federation of Saudi Chambers.
He is also a member of the Council of Riyadh Region; a member of the Board of Directors of King Abdulaziz City for Science and Technology; a member of the Board of Directors of the Saudi Export Development Authority, as well as is a member of the Board of Directors of the Saudi American Business Council.
Other key leadership roles include the Chairman of the Economy and Development Committee in the Council of Riyadh Region, the Chairman of Dispute Resolution Commission, in addition to the Chairman of the Development Initiatives Committee at the Council of Saudi Chambers.
A diversified portfolio
Established to invest in a diversified portfolio of projects across KSA’s key economic growth sectors and aligned with Vision 2030, Ajlan & Bros Holding Group has embarked on significant diversification both regionally and globally as reflected in the company’s investments in real estate in KSA, Europe, Asia, the US, and China. One of the largest real estate owners in KSA, Ajlan & Bros has launched several commercial, housing, and industrial projects throughout different cities of the Kingdom.
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NAME: Abdulaziz Al Roomi
DESIGNATION: HR Leader, author and executive coach
COMPANY: Boubyan Bank Group
INDUSTRY: Industry
A thought leader backed by over 18 years of professional cross-industry experience spanning retail, petrochemical, engineering, oil and gas, logistics, and more, Al Roomi has a history in managing HR departments for global organisations. With diverse experience in developing leaders of the future, he has supervised multi-million-dollar financial budgets for strategic business transformation initiatives and adding efficiency to complex organisational processes.
As a visionary HR leader and qualified executive coach, he has accumulated over 3,000 hours in empowering individuals to progress through the challenging company ranks thanks to one-on-one career coaching. Having worked with leading organisations in the Middle East, Al Roomi is the first Arab author endorsed by Marshall Goldsmith and Jack Zenger Folkman for his book, Prevail, which ranked number one on Amazon.
In his current position at Boubyan Bank Group, Al Roomi spearheads the development of current and future leaders, leading learning interventions to meet strategic goals, and helps in enhancing the group’s culture and engagement. Previously, he was appointed the CHRO for Abyat Megastore where he managed HR for over 2,000 employees.
He also worked for Equate for over nine years, where he steered efficiency improvements within HR and financial processes. Al Roomi was also the senior HR specialist in leadership and organisational development, HR supervisor, IT trainer, and entrepreneur.
Growth and expansion
Al Roomi reveals that as an HR leader, author, and executive coach, this year marked the kick-off of his journey towards changing the perception regarding HR through his writings, trainings, interviews, talks, and gatherings. He adds, “While HR has always been perceived as a backend people supporter of organisations, today, I am happy to take part in breaking the standard stereotype of this industry and proving the significance of the role of HR and its potential in the leadership world. I have widened my network this year, delivered more one on one coaching sessions, was invited to speak at international conferences, and conducted sessions and workshops for wide audiences of HR and coaching professionals.”
Roadmap
According to Al Roomi, some challenges that emerged during the year include fast-moving digitisation and AI which made retaining and developing talents, motivating people, and even acquiring talents challenging. “In this digital era, being innovative, and creative with my solutions, training and always staying up to date is much more crucial than ever.” Another challenge is changing the perception about HR and how important their role is in leadership.
He explains, “I’ve had the privilege of being featured on national TV and radio shows, university lectures, and global training programmes, and these opportunities have allowed me to share insights on professional development concepts with audiences from diverse backgrounds who wish to grow in a dynamic, digital world. My solution will always focus on bringing exposure to global best practices, persistence to continuous learning, and a mindset to help others help themselves in their journey.”
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NAME: Abdulaziz Al Sowailim
DESIGNATION: Chairman and regional managing partner
COMPANY: EY MENA
INDUSTRY: Finance
Al Sowailim first joined EY in Riyadh, KSA, after graduating from King Saud University in 1987. He rose through the company to become the KSA office managing partner of the KSA practice, which includes Riyadh, Jeddah, and Al Khobar. In his current role since July 2010, Al Sowailim leads the EY MENA management team and is actively involved in all aspects of the organisation’s operations throughout the region.
He is a member of the board of management of EY’s Europe, Middle East, India and Africa area (EMEIA), EY’s largest geographical area worldwide. A proud advocate of EY’s purpose of building a better working world, Al-Sowailim is passionate about community training activities directed towards the enhancement of business skills for young Saudi nationals joining the workplace.
To support the career ambitions of aspiring finance professionals, he has lectured at several universities across the region, sharing his experiences and insights on the industry.
Having established a strong foothold in the MENA region for more than nine decades, EY has deeply ingrained itself in the region. Al Sowailim engages with governments and industries, from banking, asset management, and automotive to media, real estate, oil, and gas, among others.
He spearheaded the implementation of EY’s global sustainability programme, EY Ripples, in the MENA region. It aims to positively impact the lives of 1 billion people globally by 2030 by concentrating on supporting the next generation workforce, working with entrepreneurs, and accelerating sustainability.
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NAME: Mishal Kanoo
DESIGNATION: Chairman
COMPANY: Kanoo Group
INDUSTRY: Diversified
At the helm of one of the region’s substantial family-owned conglomerates, Kanoo emerges as a distinguished business luminary in the Middle East. His pivotal contribution is deeply ingrained in the diverse spectrum of group activities, encompassing a wide array of sectors such as shipping, travel, machinery, logistics, oil and gas, power, chemicals, JVs, retail, and commercial endeavours.
Embarking on his journey with the family enterprise in 1991 right after completing his university education, he assumed the role of an assistant shipping manager which was the start of his practical involvement.
He momentarily departed from the corporate realm to pursue further education with a second MBA from the American University of Sharjah (AUS). He also gained auditing experience at Arthur Andersen in Dubai prior to reuniting with the group in 1997.
Returning as the deputy chairman, he gradually ascended to his current leadership position in 2015, where he continues to guide the group’s multifaceted interests. Kanoo actively participates as a frequent guest speaker in conferences spanning across continents, and is also a visiting lecturer at the AUS School of Business Administration.
The Kanoo Group stands as an independent, family-owned conglomerate with a diverse portfolio of enterprises rooted in the UAE. As an integral segment of the long-established Yusuf Bin Ahmed Kanoo, tracing its origins back to 1890, the group’s global footprint extends across industries such as shipping, travel, machinery, energy, cranes, real estate and logistics.
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NAME: Sunny Varkey
DESIGNATION: Founder
COMPANY: GEMS Education
INDUSTRY: Education
Entrepreneur and philanthropist Sunny Varkey is a passionate educationalist who has devoted his entire adult life to raising the standard of education around the world. He founded GEMS Education after taking over the running of a single school, which had been established by his teacher parents after their move to Dubai in 1959 from their native India.
Today, GEMS educates more than 170,000 students, has 420,000 alumni, and is now the world’s largest operator of K-12 schools, globally renowned for its blend of high educational standards, solid core values, innovation, excellence, and choice at all fee points. Mr. Varkey and the GEMS organisation is driven by a core belief that every child has genius within, and it is the duty of all schools to find that unique talent.
Guided by his passionate conviction that every child has a birthright to a quality education, Mr. Varkey founded the Varkey Foundation in 2011 with several initiatives underlining the key role that teachers play in our society around the world. This includes the US$ 1 million Global Teacher Prize, launched in 2015. Mr Varkey also signed the Giving Pledge, an initiative founded by Bill and Melinda French Gates and Warren Buffett, where he committed to donate more than half of his wealth to charity to help support teachers across the world.
Among his many accolades, Mr. Varkey has been honoured by the Government of India for his contributions to education with the Padma Shri Award and Rajiv Ghandi Award, two of the country’s highest civilian honours. In 2012, Mr. Varkey was named a UNESCO Goodwill Ambassador and in 2016 he was appointed a member of Harvard University’s Global Advisory Council. Forbes named him a Global Game Changer the same year.
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NAME: Mohammed Bin Abdulaziz Alajlan
DESIGNATION: Deputy chairman
COMPANY: Ajlan & Bros Group
INDUSTRY: Diversified
Established in 1979, Ajlan & Bros Group has expanded to become one of the largest private sector conglomerates in the Middle East region, employing over 15,000 people in more than 25 countries and spanning across 75 companies. With a diversified portfolio in line with Vision 2030, Ajlan & Bros Holding Group has embarked on significant diversification, both regionally and globally as reflected in the company’s investments in real estate in Saudi Arabia, Europe, Asia, the US, as well as in China.
One of the largest real estate owners in Saudi Arabia, Ajlan & Bros has launched several commercial, housing, and industrial projects throughout different cities of the Kingdom. In recent years the Group has diversified into sectors which are aligned to and in support of Vision 2030. This includes water, power, environment, oil and gas, healthcare, food security, facility management, tourism, logistics, blockchain, industrial manufacturing, real estate, textiles, technology, mining and minerals, as well as FMCG, events and entertainment, gaming, financial services in addition to Fintech.
Managing multiple roles
In addition to his role as Deputy Chairman of Ajlan & Bros Group, Alajlan also holds several positions and memberships including, the Deputy Chairman of Ajlan & Bros; the Chairman of the Saudi Chinese Business Council; the Deputy Chairman for more than 75 companies around the world.
He is also a former Board Member of the Young Arab Leaders Organisation. Alajlan was awarded various awards and honours by the Chinese government, some of which include the Holder of the Honorary Citizen Award and City Key Holder Merit for Xuzhou City, awarded by People’s Government of Xuzhou District, in the People’s Republic of China, for his contribution towards both economic and social development.
He is a recipient of the Honorary Citizen Award for Zaozhuang City, Shandong District, awarded by the People’s Government of Shandong District. Additionally, he holds an Honorary Work Merit & Medal from Siang City government, Giangsu Region, for his highly distinguished contribution to the economic structure and commercial projects development.
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NAME: Sunil John
DESIGNATION: Founder and CEO
COMPANY: ASDA’A BCW
INDUSTRY: Media
In addition to his present role, John occupies the presidency of the MENA region at BCW (Burson Cohn & Wolfe), a notable global communications consultancy and a constituent of WPP (NYSE: WPP). He also guides Proof Communications, a specialised digital and design firm, and OnePoint5, an ESG advisory, both of which are wholly owned subsidiaries of ASDA’A BCW.
With a substantial presence in the public relations sector within the Middle East for over 25 years, he established ASDA’A in 2000, steering its progression into a pivotal public relations consultancy in the Arab world. His advisory services span governments, multinationals, and both global and local corporations. In 2008, the WPP Group secured a controlling interest in the firm.
December 2022 marked a triumphant moment when ASDA’A BCW made history in the PR and marketing space by winning the Best Agency-UAE and the Best PR/Communications Agency of the Year awards at the Campaign Agency of the Year Middle East awards. As a pioneer in the Middle East’s PR arena, John’s insight plays a pivotal role in propelling the annual ASDA’A BCW Arab Youth Survey, a unique thought leadership venture initiated in 2008.
Presently, this survey holds a position as one of the most frequently referenced pieces of public opinion research on the region, capturing the attention of media and policymakers across the globe.
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NAME: Dr. Saliha Afridi
DESIGNATION: Founder and managing director
COMPANY: The LightHouse Arabia
INDUSTRY: Health and wellness
Dr. Afridi co-founded The LightHouse Arabia in 2011, driven by the mission to create a meaningful impact on the mental well-being of families and individuals within the region. Recognising a crucial gap in mental health awareness, she introduced the internationally acclaimed Mental Health First Aid (MHFA) to the UAE in 2017.
As a result, The LightHouse Arabia became the sole licensed provider of this evidence-based program, empowering teenagers, and adults to become certified mental health first aiders. The comprehensive services provided by The LightHouse Arabia encompass outpatient care for children, adults, couples, and families.
The organisation boasts an international team comprising over 30 dedicated coaches, psychologists, psychiatrists, and occupational and speech abd language therapists. This team operates under the guiding principles of evidence-based care and outcome-driven solutions. Tackling a diverse spectrum of mental health and well-being challenges, they address issues ranging from workplace conflicts and marital difficulties to personal struggles such as addiction, chronic stress, and anxiety.
The Raymee Grief Centre at The LightHouse Arabia stands as a beacon of support, offering free one-on-one grief consultations and hosting grief support groups. Their commitment extends to schools throughout the year, collaborating with a team of specialists to provide complimentary consultations to school counsellors and Special Educational Needs (SEN) coordinators.
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NAME: Saeed Al Ghamdi
DESIGNATION: Chairman
COMPANY: Saudi National Bank (SNB)
INDUSTRY: Banking
In his current role since March 2023, Al Ghamdi started his career as a computer engineer at the Ministry of Defence and Aviation. He then joined Al Rajhi Bank in 1991 across multiple roles including the chief information officer as well as the vice president. Preceding his present role at SNB, a bank resulting from the merger between the National Commercial Bank (NCB) and the Samba Financial Group, Al Ghamdi served as the NCB chairman.
With over three decades of experience in prominent roles within KSA’s financial and banking sector, he directed the bank’s digital transformation. Al Ghamdi has also provided counsel to the governor of the Saudi Arabian Monetary Authority (SAMA) and acted as an advisor to the chairman of the board of directors of NCB. He holds positions on the board of the Real Estate General Authority and Misk Foundation. Additionally, he serves as a member of the consultative board of the College of Industrial Management at King Fahd University of Petroleum and Minerals.
Saudi National Bank (SNB) is the largest institutional and specialised financier in KSA to contribute to the Kingdom’s major deals and giga projects. As the proprietor of NCB Capital and Samba Capital and Investment Management, SNB boasts the Kingdom’s largest asset management, brokerage, and investment banking entities. Aligned with the goals of Vision 2030, SNB is dedicated to Saudisation, supporting the national objective of employing Saudi nationals in key positions and nurturing local talent.
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NAME: Olayan Alwetaid
DESIGNATION: Group CEO
COMPANY: Saudi Telecom (STC)
INDUSTRY: Technology
Appointed to his role at stc since 28 March 2021, Alwetaid is also the chairman of SAMENA and a GSMA board Member. Backed by over two decades of experience, he has climbed an upward trajectory across several key senior leadership roles at stc, including as the senior VP for the consumer sector; stc Bahrain’s CEO, and vice chairman of the BoD of stcPay.
He leads multiple boards of directors of stc subsidiaries including Integral, CCC, and Channels, and holds the responsibility of chairman of several committees of these boards. Leading the region’s digital transformation nationally and regionally, as a pioneer digital champion, stc is transforming from a telecommunications provider to an advanced digital player, backed by multiple achievements across cloud services, cybersecurity, digital transformation, application programming interface (API) management, and big data.
Stc is aligned toward the achievement of the three key pillars of Vision 2030: a vibrant society, a thriving economy, and an ambitious nation. As of June 2023, stc has entered into a binding agreement with Devoteam SAS (France) and ORTLL Investment, culminating in the acquisition of a 40 percent stake in Devoteam Middle East (DME). Upon completion and regulatory approval, this will bolster stc’s capabilities within the IT sector and will amplify digital transformation through a holistic network of affiliates, each specialising in diverse areas such as digital infrastructure, Internet of Things, cloud computing, cybersecurity and digital financial services.
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NAME: Mohamed Al Hammadi
DESIGNATION: Managing director and CEO
COMPANY: Emirates Nuclear Energy Corporation (ENEC)
INDUSTRY: Energy
Since 2008, Mohamed Al Hammadi has led the Emirates Nuclear Energy Corporation (ENEC) in successfully delivering the UAE Peaceful Nuclear Energy Program, focusing on the implementation of the highest national regulations and international standards of safety, security, quality, transparency and non-proliferation.
Al Hammadi’s management responsibilities include leading the organisation in powering the future growth of the UAE through the safe and efficient deployment of the Barakah Nuclear Energy Plant, the UAE and Arab World’s first nuclear energy plant. With three of the four Units currently operating commercially and Unit 4 in the final stage of commissioning, the Barakah Plant is the first multi-unit operational nuclear plant in the region. It is the single largest electricity generator in the UAE and the Arab World, leading the largest decarbonisation effort in the region, and significantly contributing to the UAE’s Net Zero by 2050 initiative.
Al Hammadi is directing the implementation of ENEC’s nuclear energy research and development programme, exploring opportunities for the future of nuclear science and technology in the UAE such as for Small Modular Reactors (SMRs) and the production of green hydrogen, as well as the continued knowledge transfer for the establishment of a local nuclear supply chain in the UAE. ENEC also manages all aspects of the nuclear fuel cycle to ensure a secure and reliable supply of nuclear fuel assemblies for the Barakah Plant, in alignment with UAE law and international standards and agreements.
Al Hammadi sits on the ENEC Board of Directors as part of its best practise governance framework. He leads ENEC and oversees its Joint Venture subsidiaries: Nawah Energy Company, which is responsible for operating and maintaining the Barakah plant, and Barakah One Company, which manages the financial and commercial interests of the project. Over 3,000 people work across the organisations, spanning around 60 nationalities, making it one of the most multicultural and multinational energy projects globally.
Al Hammadi has a strong background in power and utility projects, including management, construction, finance and administration. Prior to joining ENEC, Al Hammadi was General Manager of the UAE Federal Electricity and Water Authority (FEWA) where he led a transformational management process focused on the implementation of best practices and international standards to the authority.
Al Hammadi is Chair Elect of the World Nuclear Association (WNA) Board of Directors. He is President of the World Association of Nuclear Operators (WANO) (for the 2022 – 2024 period) and a board member of WANO Atlanta Center. He is also a Board Member of the SMR developer Terrapower. Mohamed is a member of the American Nuclear Society, and the Project Management Institute (USA). In the UAE, he sits on the Boards of the National Marine Dredging Company (NMDC) and Abu Dhabi Ports.
He is a Senior Member of the Institute of Electrical and Electronics Engineers (USA), the International Council on Large Electric Systems, and the Engineers Association of the UAE.
In 2019, Ajou University in South Korea recognised Al Hammadi’s vision of the future of the electricity with an Honorary Doctorate, becoming one of eight leaders to receive such as prestigious accolade in the history of the university.
Al Hammadi gained his Bachelor of Science degree in Electrical Engineering and his Master of Science degree in Engineering Management, both from the Florida Institute of Technology, USA.
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NAME: Maaz Sheikh
DESIGNATION: CEO and co-founder
COMPANY: Starzplay
INDUSTRY: Media
Ranked consistently among the region’s top three subscription video on demand services, STARZPLAY Arabia streams an extensive variety of premium content covering Hollywood movies, TV shows, documentaries and same-time-as-the-US series – plus live sports, dedicated kids’ entertainment and Arabic content – to 19 countries across MENA and Pakistan.
STARZPLAY has thousands of prime titles including exclusive STARZPLAY Arabia original content such as Kaboos, Say Yes to the Dress Arabia, Baghdad Central, STARZ Original content such as Power, Outlander, Spartacus and The White Queen as well as a range of content with add-ons such as AD Sports, Premier Sports (Rugby), NBA League Pass and STARZPLAY Sports, the dedicated sports package covering football (Italian Serie A and Dutch Eredivisie leagues), wrestling (All Elite Wrestling), cricket, UFC Arabia, boxing, basketball and more.
STARZPLAY Arabia has secured tie ups with a host of leading, global studios, including Lionsgate, MGM, Warner Bros, Universal, Discovery and Sony Studios along with regional producers such as UMS, Eagle Films and Falcon. Until 2022, STARZ, a Lionsgate company (NYSE: LGF.A, LGF.B) was the lead investor along with media and technology investment firms including SEQ Investors and Delta Partners.
In early 2021, STARZPLAY Arabia secured its first independent financing in the region of $25 million (approx. AED 92 million) from Abu Dhabi based Ruya Partners. In 2022, E-Vision, from e& and ADQ, an Abu Dhabi-based investment and holding company acquired a majority equity stake of circa 57 percent in the company at a valuation of $420 million. This is a significant achievement for the platform which is now fully capitalised to independently grow the business further.
Reaching over 2.9 million subscribers, STARZPLAY Arabia allows subscribers to watch its full HD and 4K content via most internet-enabled devices, smart TVs and game consoles, and is widely available on regional IPTV services. Its iOS and Android apps – installed on over three million devices – also allow downloads for offline playback.
Establishing their headquarters in Abu Dhabi with ADIO’s support has enabled STARZPLAY to further strengthen the production of regionally relevant original content for its subscribers.
The platform has been producing more original content through partnerships with Abu Dhabi Media and Image Nation. STARZPLAY launched its first Arabic original ‘Kaboos’ earlier this year and the show broke viewership records; within 48 hours of the first two episodes premiering. This shows that unique, authentic storytelling has such strong resonance in the Middle Eastern market and therefore offers STARZPLAY more opportunity to produce more locally relevant content.
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NAME: Raja Alameddine
DESIGNATION: CEO
COMPANY: Colliers MENA
INDUSTRY: Real estate
Boasting over three decades of experience in the real estate industry, Alameddine is an expert in various asset classes, including master-planned cities and large-scale mixed-use communities. With a background in real estate development and investment banking, he embarked upon his career with Colliers at the start of 2023 and plays a pivotal role in accelerating growth in the region and taking the business to new frontiers.
In his current role as the CEO of Colliers across the MENA region, he is responsible for identifying untapped markets and new business prospects that can be leveraged for Colliers’ expansion. Concurrently, he ensures that the company maintains its premium service quality, a cornerstone of its reputation. Looking forward, Alameddine’s vision for Colliers is to position the company as the go-to partner for businesses spanning diverse industries.
Prior to his current role, Alameddine worked across several key leadership roles within several property developers, investment banks, as well as contracting and design companies in the region. Helming regional development projects, his leadership amplified the presence of these entities in the real estate arena, making him a key figure in shaping urban landscapes across the region.
Alameddine has been instrumental in introducing transformative lifestyle residential compounds and integrated co-living/co-working developments that have reshaped the regional real estate industry in KSA. He also helmed the successful development of two expansive mixed-use projects in Egypt, setting new benchmarks for contemporary real estate ventures and redefining urban living in the nation.
Growth
In 2022, Alameddine reveals that their company achieved a crucial milestone by forging a strategic partnership with Eltizam Group, enabling them to enhance their service offerings and amplify growth plans across the Middle East. “This collaboration has empowered us to better serve our clients and capitalise on expansion opportunities.” Another key highlight of 2022 was their active involvement with Expo 2020 Dubai in which Colliers continued to contribute by assisting in the development of Expo’s legacy strategy, through projects like Expo Valley and Mangrove Residences.
Roadmap
According to Alameddine, traditional residential and commercial properties, while still significant, are now accompanied by a growing demand for more sophisticated investment opportunities.
He adds, “Factors like fluctuations in interest rates and shifts in trade dynamics reverberate through the regional real estate market, impacting decision-making processes.” While some regional cities continue to experience growth, rising property prices and rents have given rise to housing affordability concerns.
In this context, he says that it is imperative that key developers and prominent government entities are increasingly conscious of the potential development returns as well as of the broader economic and societal benefits that real estate projects can bestow.
“The Colliers’ team has been successful in addressing these concerns and has assisted several key developers and entities with economic and social impact studies,” he says. “Our proficiency lies in guiding clients to optimise their offerings while navigating dynamic market conditions and competition.”
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NAME: Abdulla Al Khalifa
DESIGNATION: Group CEO
COMPANY: QNB
INDUSTRY: Banking
With a diverse business and finance career spanning over two decades, Al Khalifa has held numerous posts within the QNB banking group, including chief business officer and executive general manager. Since 2018, he has served as a board member for Ooredoo, Qatar’s multinational telecommunications company.
His experience spans risk management, finance, business, M&A, sales and marketing, and strategic planning. Al Khalifa joined the company in March 1996 and in 2007, was appointed to the role of general manager for QNB’s Corporate Banking Group. He is also the chairman of QNB Capital, a market leader in Qatar in investment banking services and financial advisory, established in 2008, with headquarters in Doha, and European offices in Paris and London.
Established in 1964, QNB is the largest bank in Qatar with 51.93 percent owned by the Qatar Investment Authority. The group has a presence in more than 28 countries across three continents. It employs 28,000 people serving over 27 million customers. In June 2023, QNB announced its partnership with IBM to provide QNB’s customers with a seamless digital banking experience by implementing an advanced omnichannel solution.
The use of this architecture has led to simplified version management, flexible scalability, effective service governance, and smooth service discovery. These advancements, facilitated by IBM and with the assistance of ecosystem partner Mannai InfoTech, have enabled QNB to offer a more sophisticated banking environment.
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NAME: Ibrhaim Alkoshy
DESIGNATION: CEO
COMPANY: SAUDIA
INDUSTRY: Aviation
An airline captain and a 30-year veteran of the aviation industry, AlKoshy has been steering SAUDIA’s ongoing transformation to enhance operational efficiencies and to digitally transform. Established in 1945, SAUDIA stands as the official national flag carrier of KSA. Previously, he held the role of vice president of safety, AVSEC, and quality at SAUDIA.
His career trajectory further includes his tenure as the director general of the Aviation Investigation Bureau of Saudi Arabia from 2012 to 2016. An alumnus of the Embry-Riddle Aeronautical University (ERAU) in Florida, USA; as well as Cranfield in the UK, AlKoshy is also a board member on several aviation safety bodies, both regionally and internationally. And under his leadership, other SAUDIA initiatives have earned it recognition as a 5 Star Global Airline and a diamond rating in the APEX Health Safety category.
Moving forward, SAUDIA plans to expand its fleet and network to align with the targets of Vision 2030 from a recently launched terminal as its core operational hub in Jeddah. As of March 2023, SAUDIA has placed an order for 39 fuel-efficient Boeing 787s, along with options for an additional 10 aircraft.
Notably, in April 2023, SAUDIA extended its service by incorporating 56 additional weekly flights to encompass 14 prominent global destinations. Currently, SAUDIA operates flights to an extensive network that exceeds around 90 destinations, efficiently managed by a fleet comprising 144 aircraft.
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NAME: Mahdi Amjad
DESIGNATION: Chairman
COMPANY: OMNIYAT
INDUSTRY: Real estate
At the helm of OMNIYAT, a distinguished privately held real estate development and curation company in Dubai, Amjad’s accomplishments are rooted in his resolute commitment to craftsmanship, creativity, and curation. His journey has encompassed envisioning and bringing to life exceptional architectural wonders as well as introducing Zaha Hadid’s masterpiece to Dubai and unveiling the first Dorchester Collection property in Asia.
Amjad’s genuine passion lies in real estate, which led him to create OMNIYAT, a real estate company that specialises in unique residential partnerships with prestigious hotel groups.
Background
Originally from Iraq, Amjad’s career embarked within his family’s jewellery enterprise, conducting business in Dubai’s historic gold souq. Guided by entrepreneurial instincts, he recognised the potential of providing computer products to the Iraqi market during the dot-com era. Building upon his artisanal foundation and his aspiration to transcend conventional norms, he ventured into real estate, acquiring three pivotal plots in Business Bay.
This decision propelled him to reach London in search of design and architectural inspiration. There, his innovative approach secured him a place among luminaries such as Zaha Hadid Architects and Foster + Partners, who were impressed by Amjad’s ethos and vision.
Under Amjad’s guidance, OMNIYAT has redefined luxury standards in Dubai. Their impressive portfolio includes properties like One at Palm Jumeirah, Dorchester Collection, Dubai; The Residences, Dorchester Collection, Dubai; and The Opus, collectively valued at more than $5 billion. He has revolutionised Dubai’s luxury real estate landscape, positioning the city as an emerging cultural and architectural hub.
Today, his enterprise shapes Dubai’s ultra-luxury future, collaborating with visionary designers and architects to redefine bespoke offerings and experiences. In fact, OMNIYAT accounted for nearly half of Dubai’s ultra-luxury units sold in 2022, directly contributing to the city’s ranking as the world’s fourth most active luxury real estate market, a trend continuing into Q1 2023.
Amjad’s strengths revolve around craftsmanship. His partnerships with like-minded visionaries underscore his commitment to pushing artistic boundaries, shaping design, and fostering innovation in unconventional ways that elevate human experiences. Yet, he remains attuned to practical aspects, deeply considering customers’ needs and aspirations. These principles manifest in OMNIYAT’s offerings and experiences, setting industry benchmarks and reimagining ultra-luxury living spaces.
His philosophy is epitomised by OMNIYAT’s Sky Palaces which are personalised three-to-four storey penthouses atop OMNIYAT structures. Or the pioneering 360-degree infinity pool concept atop AVA’s premium Sky Palace on the Palm. His success is substantiated by attracting buyers willing to invest over $100 million in his meticulously curated sky residences.
His foresight extended beyond philosophy as he envisioned Dubai’s potential as a lifestyle destination for ultra-high net worth individuals (UHNWIs) and global citizens. Over the past 18 years, he’s positioned his firm uniquely, creating unprecedented living spaces in line with this vision.
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NAME: Dr Reem Osman
DESIGNATION: Regional CEO
COMPANY: Saudi German Health (SGH)
INDUSTRY: Healthcare
In her current role since May 2021, Dr. Osman is backed by over two decades of expertise in the field of healthcare. Under her leadership, Saudi German Health (SGH) has established a firm foothold in Dubai in the Middle East’s burgeoning healthcare industry as well as in the booming medical tourism market.
A medical graduate from Tishreen University of Medicine in Syria, Dr. Osman went on to earn her master’s degree in business administration as well as a master’s degree in ophthalmology and eye surgery, both from Wollongong University in Sydney, Australia. She also holds a certificate from Harvard Business School in management healthcare delivery.
About SGH
Founded by the Batterjee family, SGH has 18 facilities spread across KSA, the UAE, Egypt, Yemen, Morocco, and Pakistan. Part of one of the largest hospitals groups in the MENA region, SGH Dubai offers a broad spectrum of medical services at the international level, including critical care, all types of specialties, as well as sub-specialties. It also offers one of the largest emergency departments in the private sector.
Throughout the first quarter of 2023, SGH achieved total revenues amounting to $628 million, marking the group’s highest-ever achievement within a single quarter. This robust performance was driven by notable enhancements across SGH’s comprehensive network of medical facilities, underpinned by an increased census and optimised case mix. At the group level, SGH provided care for a total of 21,000 inpatients and attended to 495,000 outpatients during this period.
The new Saudi German Women and Children Specialty Hospital
In June 2023, SGH announced the inauguration of the pioneering Saudi German Women and Children Specialty Hospital. This addition brings in a new era of high-quality healthcare, exclusively tailored to cater to the unique healthcare needs of women and children.
As a distinguished healthcare facility, the Saudi German Women and Children Specialty Hospital is committed to offering a comprehensive array of specialised medical services, with a particular emphasis on obstetrics, gynaecology, and paediatrics. The core of this establishment is its state-of-the-art emergency department, staffed by a highly skilled medical team. This department is fully equipped to handle a diverse range of medical emergencies concerning women and children, ensuring their utmost well-being and safety.
The Saudi German Women and Children Specialty Hospital’s mission is to revolutionise healthcare services for women and children in Dubai. This hospital, an integral component of Batterjee Medical City, forms an all-encompassing healthcare ecosystem, collaborating with entities such as Saudi German General Hospital, Saudi German Orthopaedic and Trauma Hospital, Saudi German Teaching Academy, and Saudi German Housing.
Located on Hessa Street in Al Barsha, Dubai, Batterjee Medical City exemplifies a state-of-the-art medical complex that is purposefully designed to provide exceptional healthcare services to the greater community. Its comprehensive approach is set to establish it as a hub of healthcare excellence, contributing significantly to the well-being of women and children in Dubai and the surrounding areas.
RANK: 84
NAME: Dr Saeeda Jaffar
DESIGNATION: General manager, GCC
COMPANY: Visa
INDUSTRY: Technology
Jaffar is an experienced leader with a deep understanding of financial and payment services, along with digital technologies. Her expertise lies in private and investment banks, private equity firms, and sovereign wealth funds. She has been at the forefront of innovative initiatives at Visa, including the sponsorship of the FIFA World Cup and the launch of the Visa Masters of Movement NFT Collection, which allowed football fans to create digital art.
Additionally, she led Visa’s She’s Next initiative in the UAE, empowering local women entrepreneurs by providing access to networking, mentoring, and funding opportunities.
She also serves as a board member of trustees at Kuwait University and has joined Visa with extensive financial services and payments knowledge.
Over the past five years, she held the position of managing director for the Middle East at Alvarez and Marsal. Prior to that, she held leadership roles at United Arab Bank, Bahrain FinTech Bay, and McKinsey and Company, collaborating with clients in both the private and public sectors. Reporting directly to Andrew Torre, the regional president for Central Europe, Middle East, and Africa (CEMEA), Dr. Jaffar is an integral part of the CEMEA Leadership Team.
Alongside her consulting work with public and private sector clients, Dr. Jaffar specialises in restructuring, PMI, operational programmes, strategy, and transformation. Her specialisation spans financial services, encompassing government institutions, private equity firms, private banks, universal banks, and sovereign wealth funds.
RANK: 85
NAME: Ola Doudin
DESIGNATION: CEO and co-founder
COMPANY: BitOasis
INDUSTRY: Finance
Pioneering the cryptocurrency landscape in the region, Doudin co-founded BitOasis alongside Daniel Robenek and Tarek Kaylani in 2015. The catalyst for BitOasis emerged when Doudin acquired her inaugural Bitcoin in 2013, igniting a fascination with its latent potential.
A year later, the Dubai-headquartered venture, BitOasis, was born. It introduced an online wallet and exchange platform, leveraging multi-signature technology to ensure the security of digital assets. The platform’s surge paralleled the burgeoning cryptocurrency market in the region. Equipped with an engineering background, prior to her current role, she initiated her journey in IT Risk Advisory at Ernst & Young in London, UK. Concurrently, she engaged in tech start-up mentoring, investment activities, and has previously collaborated with Aramex founder Fadi Ghandour.
The platform is presently accessible in 15 countries spanning the GCC, the Middle East, and North Africa, including KSA, Bahrain, Egypt, Morocco, the UAE, Kuwait, Oman, and Jordan. Since its establishment, BitOasis has facilitated trading volume surpassing $5 billion and garnered over 700,000 user registrations. Building trust as one of the most reliable platforms in the MENA area, BitOasis stands as the UAE-based epicentre for digital asset trading and exchange.
Its reach extends to individuals, traders, and investors, both regionally and globally. Acknowledged by the Financial Services Regulatory Authority at the Abu Dhabi Global Market Authorities, BitOasis is licensed to operate in the UAE, a jurisdiction synonymous with rapid cryptocurrency growth.
RANK: 86
NAME: AAmer Sheikh
DESIGNATION: CEO
COMPANY: PepsiCo Middle East
INDUSTRY: Industry
In addition to his current role at PepsiCo Middle East, Sheikh is also on the board of directors for three different JV Boards of PepsiCo. Previously, he held the role of the president and general manager for MENA and Pakistan. His foray with PepsiCo began in 1999 in a finance position followed by several leadership roles in Pakistan, UAE, KSA and the US.
These roles included working as an auditor for Ernst & Young and The Walt Disney Company across a span of seven years in the USA/UK, and three years in Pakistan where he led the Finance Function for Unisys. In 2017, Sheikh was appointed as the chief financial officer for PepsiCo’s Asia Middle East & North Africa Sector (AMENA), leading the company’s financial operations in over 40 countries, encompassing their beverages, snacks, and nutrition businesses, including 10 Joint Ventures.
His other leadership roles have included chief financial officer for the MEA region in 2008, SVP for Planning and Transformation for Asia, Middle East, and North Africa (AMENA) in 2014 and in 2016, SVP for commercial finance for Frito Lay North America. Sheikh also serves as the co-chair of the US-Saudi Business Council (US Chamber), is a member of the Multinational Companies’ Business Group (MCBG) Regional Presidents Forum as well as other key associations.
Sustainability initiatives aligned with Saudi Vision 2030
In 2020, PepsiCo launched PepsiCo Positive (pep+), a strategic end-to-end transformation to drive sustainable long-term value and competitive advantage. The three pillars of pep+ to drive action and achieve the sustainable industrial related global SDG goals and local Saudi Vision 2030 goals, are positive agriculture by spreading regenerative practices to restore the earth across the company’s entire agricultural footprint.
The second pillar is positive value chain in which they are aiming to achieve net zero emissions by 2040, becoming net water positive, and have new goals to improve packaging sustainability, including reducing virgin plastic per serving by 50 percent and new goals from Pepsi and Frito-Lay brands.
The third pillar is positive choices as PepsiCo is leveraging the scale and reach of its global brands to drive positive impact at scale. They are evolving their portfolio into segments that are more beneficial for the people and planet, including plant-based proteins, nuts and seeds, and whole grains. By 2030, the company is expected to avoid more than 200 billion plastic bottles by expanding its Soda Stream business.
Women empowerment
In alignment with Saudi Vision 2030 and with the lift of the driving ban in 2018, PepsiCo embarked on a journey with their female employees in Riyadh. 172 women participated in a driving simulation, learning how to control a vehicle in a safe environment. Since then, many women drivers were hired to drive sales vehicles and forklifts, which further aligned with their commitment as an equal opportunities’ employer on a global scale.
RANK: 87
NAME: Badr Jafar
DESIGNATION: Chairman
COMPANY: Pearl Petroleum
INDUSTRY: Energy
In addition to his multiple current roles, Jafar is also the president of Crescent Petroleum, the first independent and privately-owned petroleum company in the Middle East. He also serves as the chairman of Gulftainer, the largest privately-owned container port and logistics operator in the world, and chairman of Pearl Petroleum, the largest natural gas producer in the Kurdistan Region of Iraq.
Beyond business, Badr is deeply involved in humanitarian initiatives, philanthropy, corporate governance, and education. He advises the UN Secretary General’s High-Level Panel on Humanitarian Financing, serves on UNESCO’s International Commission on the Futures of Education, and is part of boards including the International Rescue Committee, International Peace Institute, and COP28.
In 2010, he launched the Pearl Initiative to promote transparency in the Gulf Region. He co-founded Arab World Social Entrepreneurship Program (ASEP) and is active in Sharjah Entrepreneurship Centre and MIT Legatum Centre. Moreover, Jafar is a Cambridge Judge Business School Advisory Board member, American University of Beirut, and Sharjah Business Advisory Council member, and founder of strategic philanthropy centres.
Driven by a strong belief in the integral role of arts in innovation economies, Badr established the Middle East Theatre Academy in 2011. This non-profit initiative encourages regional youth to channel their creativity through writing, directing, producing, and acting. In the same year, he co-founded the Global Gumbo Group with music producer Quincy Jones.
RANK: 88
NAME: Dr. Habib Al Mulla
DESIGNATION: Founder
COMPANY: Habib Al Mulla and Partners
INDUSTRY: Law
Al Mulla, the visionary behind the establishment of Habib Al Mulla and Partners, boasts an impressive track record spanning more than four decades with expertise in UAE law. He has been instrumental in shaping the contemporary legislative landscape of Dubai. His career has seen him contribute significantly to the evolution and enhancement of UAE laws, reflecting his commitment to progress and innovation.
A prominent figure in legal circles, Dr. Al Mulla’s insights are sought after as he frequently delves into discussions about the legislation and economic dynamics of the UAE. His profound understanding of the legal landscape, coupled with his extensive experience, positions him as a trusted advisor and influencer in the realm of legal matters. His contributions extend beyond commentary, as he is often entrusted with the task of drafting and providing counsel on Federal and Emirate-level laws, showcasing his impact on the legal framework of the nation.
In May 2023, Habib Al Mulla and Partners and GLA & Company, a prominent MENA-based law firm with a strong regional presence with offices in multiple key cities, including Dubai, Abu Dhabi, Riyadh, Kuwait, Cairo, and Beirut, officially announced the establishment of a strategic association between their two firms. This collaboration is set to unlock new opportunities as it expands their geographical reach and service offerings across the MENA region. This is poised to create a legal powerhouse, amplifying the legal services available to clients.
RANK: 89
NAME: Huda Kattan
DESIGNATION: Founder and CEO
COMPANY: Huda Beauty
INDUSTRY: Retail
Kattan, a pioneering figure in the beauty industry, sparked a paradigm shift in the realm of social media with the establishment of Huda Beauty in 2013. Her unwavering passion for beauty propelled her to enrol at a prestigious makeup training school in Los Angeles, where she honed her craft and amassed a clientele that included A-list celebrities and even royalty.
While working as a makeup artist in 2010, Kattan felt a strong desire to expand her reach and share her beauty expertise with a broader audience. This led to the creation of HudaBeauty.com, an online platform through which she shared her wealth of knowledge with her devoted followers. As her blog gained momentum, Kattan took a transformative step by launching her own line of false eyelashes. This marked the inception of Huda Beauty’s inaugural product, unveiled at Sephora, The Dubai Mall, in February 2013.
By 2015, Kattan’s influence had blossomed, solidifying her as a key figure in the digital beauty landscape. This evolution was underlined by the establishment of the first Huda Beauty office in collaboration with her husband and sister, Mona Kattan. The brand’s global impact was further evident as its iconic Lip Contour kits landed on the shelves of Harrods in London, UK, by 2016. As of June 2022, Huda Beauty commands an annual sales volume of approximately $200 million, boasting an extensive portfolio of over 140 products and an estimated net worth of $400 million.
Expansion efforts
Exemplifying her commitment to fostering innovation and entrepreneurship, Kattan introduced HB Investments, a venture that propelled various projects forward. In her quest for innovation, she co-founded the fragrance line Kayali in November 2018.
Mona Kattan, Kattan’s younger sister, played a pivotal role in steering the brand, drawing from her passion for scents and expertise in perfume layering. The inaugural Kayali collection, named Collection 01, featured four distinct fragrances: VANILLA 28, CITRUS 08, MUSK 12, and ELIXIR 11.
This journey was complemented by the introduction of Wishful Skincare in 2020, initially launched with a single product and subsequently, expanding into a comprehensive skincare range encompassing various serums and oils.
Following its investment in the feminine care label Ketish, founded by Emaan Abbas in August, HB Investments unveiled plans to launch a new supplements brand, Humantra in 2022, which was founded by Date Catudal and represents the second brand emerging from the HB Investment fund and incubator.
Reflecting the Ketish founder Catudal’s journey as a cancer survivor infuses the brand with an uplifting and inspiring narrative and this brand finds its origins in the entrepreneur’s personal health journey.
Humantra aspires to guide individuals on their wellness expedition by providing them with the appropriate supplements, empowering them to take control of their health.
The brand’s enduring vision encompasses offering a product range to clients’ that simplifies the supplement procurement process while addressing four fundamental pillars of health, namely, hydration, gut health, brain health, and sleep.
RANK: 90
NAME: Nisreen Shocair
DESIGNATION: Group chief transformation officer
COMPANY: Beyond One MEA
INDUSTRY: Industry
In addition to her current role, Shocair is also the founder Shocase Luxury, a company that enables mostly jewellery and brands gain widespread recognition in the US, Asia, and Europe. Backed by a career underpinned by retail, sustainability, entertainment, technology, and fashion across the US, UK, Middle East, and Germany, Shocair was previously the CEO of YOOX NET-A-PORTER Group in the Middle East.
Prior to that, she helmed the MBC launch of a live streaming shopping network, and in her role as the president of Virgin Megastore for MENA, she steered the company’s transformation in nine markets. Her wealth of experience across the digital, publishing, retail, and licensing within the music industry propelled the influence and the reach of Virgin Megastores in the Middle East.
She has held other noteworthy leadership positions at Hearst, Viacom, Sony Music, and Bertelsmann. With Shocair at the helm of Beyond ONE, the company’s ambition is to foster a more conducive environment for entrepreneurs and tech talent, particularly women, both internationally and regionally. Shocair’s diverse areas of expertise encompass leadership, negotiation, technology start-ups, digital media, licensing, entertainment, home shopping, publishing, consulting, OMNI technology start-ups, and more.
She has also established herself as a proficient media host and presenter, serving in roles for television programmes, podcasts, live corporate events, and public gatherings.
RANK: 91
NAME: Ahmed Galal Ismail
DESIGNATION: CEO
COMPANY: Majid Al Futtaim Holding
INDUSTRY: Retail and Hospitality
Ahmed Galal Ismail was appointed Chief Executive Officer of Majid Al Futtaim – Holding in January 2023.
In the five years prior to his appointment, he served as Chief Executive Officer of Majid Al Futtaim – Properties, where he lead our shopping malls, hotels, communities and project management operations for almost five years and ten years as Chief Executive Officer of Majid Al Futtaim – Ventures, overseeing fashion retail, leisure and entertainment, cinemas, financial services and facilities management.
Previously, Ahmed was a principal with Booz Allen Hamilton in Dubai. He also held roles with Procter & Gamble in Egypt and Germany.
Ahmed holds an MBA with distinction from the London Business School and a BSc in computer science from the American University in Cairo.
RANK: 92
NAME: JS Anand
DESIGNATION: CEO
COMPANY: LEVA Hotels
INDUSTRY: Hospitality
Establishing LEVA Hotels in 2019, Anand has steered the brand to span eight hotels, encompassing a total of 894 keys scattered across Jeddah and Africa, including the flagship LEVA Hotel Mazaya Centre in Dubai, boasting 184 rooms.
Notably, the brand also oversees the management of Resivation, a co-living property in Dubai’s Al Furjan neighbourhood. With an extensive industry tenure of 25 years, Anand’s professional journey encompasses pivotal roles at properties including the Louvre Hotels, Marriott International, and Hilton. His leadership has been instrumental in steering LEVA Hotels as a trailblazing player in the hospitality landscape.
About LEVA Hotels
Established in 2019, LEVA Hotels represents a dynamic lifestyle hotel concept that redefines the hospitality landscape. Pioneered under the visionary leadership of Anand, LEVA Hotels artfully amalgamates modern convenience with the timeless essence of traditional hospitality. Catering to the discerning tastes of tech-savvy explorers, the brand offers a cutting-edge and contemporary experience that seamlessly caters to both business and leisure travellers.
LEVA’s hallmark property, LEVA Mazaya Centre, Dubai, stands as a testament to the brand’s commitment to excellence. Within just three years of its inauguration, it has risen to occupy the prestigious top spot on TripAdvisor, a testament to the brand’s dedication to exceeding guest expectations. At the heart of LEVA’s charm is its trendy dining space, managed by Baker’s Kitchen which aligns with LEVA’s overarching vision of crafting a contemporary hotel concept tailored to the modern traveller’s preferences.
Managing properties across regions
Within KSA, LEVA Hotels has solidified its presence through two strategic Hotel Management Agreements, these include EKONO by Leva Al Shati and EKONO by Leva Jeddah Airport Hotel, both set for service transformation. This transformation aligns with KSA’s Vision 2030 which aims to welcome 100 million visitors by 2030.
Located just within an hour from Mecca, these properties provide an ideal choice for Umrah (pilgrimage) travellers seeking out convenient accommodations. In Nigeria, LEVA Hotels takes charge of overseeing the transformation and management of Reiz Continental Hotel by Leva. This project, in collaboration with Kostarget Projects LTD and owned by REIZ Continental Hotels LTD, is geared to evolve into an upscale five-star luxury lifestyle hotel.
Uganda sees the entrance of LEVA Hotels, as it takes over management of Kampala’s premier boutique hotel, Emin Pasha Leva Hotel. Currently undergoing renovation and infused with LEVA’s design language, this property aspires to be a preferred choice for both vacationers and business travellers. Ethiopia marks a significant milestone in LEVA Hotels’ expansion journey, marked by two strategic partnerships.
LEVA Afrotsion Semera Resort as well as the Harsade Harbour Resort by LEVA bring rejuvenated hospitality experiences to the forefront. LEVA Hotels is setting its sights on an impressive expansion strategy that reaches into untapped markets across the Middle East and Africa. Just some of the countries that are among the strategic targets of this expansion are Morocco, Egypt, Sri Lanka, KSA, as well as Qatar.
RANK: 93
NAME: Habib Wehbi
DESIGNATION: Chairman and CEO
COMPANY: W Group
INDUSTRY: Media
Established in 1999, W Group, a subsidiary of W Ventures Holding, works on digitising and optimising brand-consumer experiences, while transforming their media assets into technologically led and state-of-the-art landmarks. Since his entrepreneurial outset, Wehbi has embarked on a mission to drive positive change in the world with the establishment of W Group. The tech- and media-focused holding made a breakthrough in out-of-home (OOH) advertising in the region.
Media assets
Pioneering cutting-edge technologies and data advancements for both indoor and outdoor media spaces, the company’s efforts uplifted media assets into iconic immersive digital landmarks. Collaborating with subsidiaries Hypermedia and DigitAll and aligned with the UAE’s vision, all these entities have become an integral part of the nation’s infrastructure, contributing to its transformation into a dynamic metropolis.
Wehbi’s inclination towards investments and creating impact enriched his investment portfolio through W Ventures Holding, extending into various industries beyond media, namely into technology-driven start-ups with the rise of W Invest. Names like Brightfox, Enhance and Pinned echo a dynamic portfolio and innovation within the realm of W Invest.
Key successes
W Group achieved remarkable revenue growth and expansion driven by its visionary 555 strategy, according to Wehbi. He explains that this strategy aims to establish a strong presence in five verticals and generate $500 million in revenue within five years, a goal that is being rapidly realised. The acquisition of Expo City Dubai and Reem Mall Abu Dhabi’s media rights has significantly expanded Hypermedia’s OOH network, enhancing its impact on iconic landmarks.
Furthermore, DigitAll, a tech media powerhouse under W Group, has partnered with Advertima and Streach to revolutionise traditional digital-out-of-home (DOOH) advertising in outdoor and in-store retail settings, thereby maximising campaign impact.
By combining Advertima’s real-time AI analytics, smart triggers, and Streach’s advanced audience measurement capabilities, a powerful synergy has been formed. This synergy enhances the utilisation of programmatic DOOH, encompassing audience traffic, impressions, and qualified views. Wehbi highlights that these credible metrics enable Hypermedia to provide clients with measurable and actionable reports, empowering them to validate ad performance and enhance their return on advertising spend (ROAS) across diverse media settings, from the Dubai Metro to hypermarkets, malls, and beyond.
Roadmap
“The global economic crisis was a burden on businesses worldwide, including our industry”, says Wehbi. “However, amidst these trials, the UAE was our safe haven; its perceptive roadmap served as our guiding beacon due to our alignment with its vision.”
Additionally, W Group and its two entities are always on their toes to innovate and meet the fast-paced evolution of DOOH landscape, as consumer behaviour and technology evolve rapidly.
“We press on integrating the latest data and tech advancements to sustain W Group’s position as a leading DOOH tech company and empowering brands,” he says. “Most importantly, we strive to be at the service of our community in the most optimal manner and keep abreast of the UAE’s futuristic vision.”
RANK: 94
NAME: Samia Bouazza
DESIGNATION: Group CEO and managing director
COMPANY: Multiply Group
INDUSTRY: Investment
In her current role at Multiply Group, an Abu Dhabi-based holding company listed on the Abu Dhabi Securities Exchange, Bouazza oversees the strategic development of a diversified portfolio of businesses. She is committed to fostering growth by integrating technology, optimising efficiencies, promoting synergy, making acquisitions, and driving sustainable progress among the group’s subsidiaries to ensure optimal shareholder returns.
Her central focus is to strike a balance between investing in the digital economy commerce, including telehealth, digital media and advertising and platforms, and establishing sustainable assets in established industries that are undergoing transformative changes across mobility, energy, and beauty. Bouazza champions mental and physical health and has announced the launch of the group’s health-tech start-up, HealthierU, an online wellness and prevention platform.
Her leadership ethos is backed by a culture based on trust building, intellectual advancement, and data-driven, technology-oriented solutions within her team. At the age of 22, she founded Multiply Marketing Consultancy (MMC), a local boutique agency, which she subsequently elevated into an acclaimed global firm. She successfully orchestrated an acquisition and merger with Viola Communications before leading the listing of Multiply Group on the ADX in December 2021.
Bouazza is recognised as a business speaker and has authored and co-authored books. She holds board positions in companies across Switzerland, New York, and UAE.
RANK: 95
NAME: Saygin Yalcin
DESIGNATION: Founder and CEO
COMPANY: SellAnyCar.com
INDUSTRY: Transport
A serial tech entrepreneur behind the largest used car portal in the GCC, during a visit to Dubai, Yalcin observed a gap in the UAE’s e-commerce space. This prompted his move to Dubai at age 24, and in 2009, he launched Sukar.com, an online fashion store later acquired by Souq.com and then by Amazon.
The idea for his business came while he tried to sell his car on the classifieds which involved a time-consuming process. After diligent market research, Yalcin launched his portal SellAnyCar.com and then next, his team developed a digital marketplace that hosts over 25,000 companies for bidding on cars bought by SellAnyCar.com. His success was followed by the launch of Carnab.com, another platform which sells second-hand cars to consumers online.
In Dubai, Yalcin is a keen investor in new companies. He was also an advisory board member and academic lecturer of Entrepreneurship at the Canadian University of Dubai.
SellAnyCar.com is the Middle East’s pioneer in car buying services. It offers a range of conveniences, including free online car valuation, complimentary car inspection, a guaranteed purchase promise within 30 minutes, instant payment, and handling of all necessary paperwork.
Regardless of the car’s make, model, age, or condition, SellAnyCar.com stands ready to buy. The platform’s strength lies in its status as the region’s largest and most established car buyer, enabling competitive pricing and swift transactions, with branches spanning the country.
RANK: 96
NAME: Marie-Louise Ek
DESIGNATION: Vice president of HR for the Middle East, Africa, and Turkey
COMPANY: Hilton
INDUSTRY: Hospitality
Ek stands at the forefront of Hilton’s dynamic human resources realm, steering the company’s people and culture strategy across the Middle East, Africa, and Türkiye. With a robust academic foundation from Lund University in her homeland of Sweden, Ek’s journey in human resources spans more than two decades, imbuing her with a wealth of experience that enriches her current role.
Embarking on her Hilton tenure in September 2022, she brings a wealth of expertise cultivated through collaborations with several esteemed Fortune 500 enterprises spanning across four continents. Throughout her career, Ek has inhabited pivotal senior management roles, and notably, her decade-long engagement with the Swedish technology giant Sandvik unveiled her as a pioneer in HR transformation. Her footprint in the Middle East and Africa extends over 15 years, during which she orchestrated the human resources landscape for the global logistics titan Maersk.
Ek spearheaded cultural metamorphosis at Bridgestone, aligning the organisational ethos with employee aspirations. In her capacity, she also led the workforce optimisation for emerging markets at Coty Professional Beauty, which is now known as the Wella Company. Ek’s understanding of the complex interplay between HR and overarching business objectives came to the fore during her tenure overseeing the franchise business arm of PepsiCo. Her strategic insights paved the way for aligning workforce dynamics with strategic goals.
RANK: 97
NAME: Farid Chedid
DESIGNATION: Chairman, founder and Group CEO
COMPANY: Chedid Capital holding
INDUSTRY: Insurance
From the group’s inception in 1998, Chedid embarked on a two-decade journey, building a robust insurance and reinsurance powerhouse that operates across the MENA region, Europe, and South Asia. Chedid Re, one of its subsidiaries, is recognised among the top 20 reinsurance brokers worldwide and is a registered Lloyd’s broker.
Under his helm, the company includes Chedid Re, Chedid Insurance Brokers Network, Ascoma and Chedid Corporate Solutions, among others, with over 1,600 employees across 64 subsidiaries. In 2009, the Group established Seib Insurance in Qatar, which deals in corporate and complex risks. In 2015, Chedid Capital acquired a major stake in City Brokers, the leading insurance provider in Mauritius and East Africa, and the UAE’s Al Manarah Insurance Services.
Focused on industry-wide education, he launched the Corporate Risk Management Institute, CRMI, in 2020. Next, Chedid Capital acquired majority shares in Groupe Ascoma, the largest independent brokerage network in sub-Saharan Africa with 29 subsidiaries and offices in Monaco and offices in Paris. In 2022, the group acquired BuyAnyInsurance, UAE’s leading aggregator.
Chedid is on the board of leading MENA companies and serves as a member of the board of trustees at Notre Dame University, Lebanon; a member of Human Rights Watch, Beirut Committee; a UNDP Goodwill Ambassador and a Fellow of the Middle East Leadership Initiative (MELI).
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NAME: Hana Al Rostamani
DESIGNATION: Group CEO
COMPANY: First Abu Dhabi Bank (FAB)
INDUSTRY: Banking
In her role at First Abu Dhabi Bank (FAB), the largest bank in the UAE with over $300 billion in total assets, Al Rostamani is recognised for her role as a change leader. She focuses on embedding a culture driven by innovation, diversity, and inclusion. She holds the distinction of being the first female CEO of a UAE-based bank.
FAB announced its record performance with a first half 2023 net profit at $2.2 billion, the highest ever achieved by the group in a half-year period. With over 25 years of experience in banking and financial services, prior to assuming her position in January 2021, she held the role of deputy group chief executive officer and group head of Personal Banking at FAB.
In this capacity, she spearheaded the transformation of FAB’s consumer bank, instilling a customer and digital-first mindset. Before joining FAB, she held various roles of in both domestic and international contexts at First Gulf Bank, Citibank, and AW Rostamani Group.
Al Rostamani currently chairs the Global Council on the Sustainable Development Goals, with a specific focus on development goal 7, ‘Affordable and Clean Energy.’
She also serves as a board member of several entities, including Buna, a cross-border payment system by the Arab Monetary Fund aimed at strengthening investment ties among Arab economies: the Institute of International Finance (IIF), the International Institute for Management Development (IMD), and the executive board of the US-UAE Business Council.
RANK: 99
NAME: Eaman Al Roudhan
DESIGNATION: CEO
COMPANY: Zain Kuwait
INDUSTRY: Technology
Al Roudhan assumed the role of CEO at Zain Kuwait in December 2015 and as a dedicated telecommunications executive, brings over 25 years of experience to her various executive management and leadership roles within Zain Kuwait and several Zain Group affiliates. Before her recent appointment, Al Roudhan served as the chief regulatory officer at Zain Group.
Pivotal achievements
Al Roudhn’s journey at Zain commenced within the Kuwait operation, where she pioneered the country’s inaugural mobile prepaid service, a service that swiftly gained traction among prepaid mobile customers. As Zain expanded across the region, Al Roudhan’s responsibilities grew from 2003 onwards, as she actively contributed to start-up teams in multiple Zain operations across the Middle East, including Bahrain, Iraq, Lebanon, and KSA.
Other achievements include operations in Kuwait, KSA, and Bahrain have experienced remarkable growth in 5G revenues, along with the soft launch of 5G in Jordan. Additionally, the establishment of Zain Omantel International (ZOI) is poised to transform the international telecommunications wholesale arena, while Zain and TASC Towers Holding are engaged in exclusive negotiations with Ooredoo to establish a joint independent tower entity consisting of 30,000 towers.
Al Roudhan has played a vital role in establishing operational teams and solid foundations across pivotal telecommunications sectors. These encompassed Intelligent Networks, product and service development, strategy and business planning.
RANK: 100
NAME: Dr. Maryam Buti Al Suwaidi
DESIGNATION: CEO; vice-chairman of the Committee and chairman of the Technical Committee
COMPANY: UAE Securities and Commodities Authority
INDUSTRY: Finance
Al Suwaidi holds the historic distinction of becoming the first woman to assume her role within the SCA, marking a pivotal moment in the institution’s history as of October 2021. Notably, she has also earned recognition from the Financial Action Task Force (FATF) for her outstanding accomplishments.
She also achieved the feat of becoming the inaugural Emirati woman to be designated as a certified resident expert in evaluating anti-money laundering and terrorism financing regulations by the FATF. This notable achievement followed her successful completion of the International Diploma in Anti-Money Laundering from the International Compliance Association (ICA). She is also credited as being the first Emirati female assessor expert in combating money laundering, Islamic jurisprudence, and terrorism financing.
A stellar career trajectory
Her professional journey began as a senior legal researcher at the Dubai Educational Zone. In 2022, she joined the SCA as the director of Legal Affairs and Legal Advisor, a significant step in her career trajectory. Dr Al Suwaidi has previously taken on diverse roles, including serving as the director of the Issuance and Disclosure Department, deputy CEO for Legal Affairs, Issuance and Research Sector, and deputy CEO of the Licensing, Supervision, and Enforcement Sector.
Al Suwaidi obtained a bachelor’s degree in Sharia and Law from the United Arab Emirates University. Subsequently, she went on to earn a master’s degree in Commercial Law from the University of Wales and a PhD in Law from the University of Leeds, UK. Her extensive expertise encompasses a broad range of technical disciplines, primarily centred around securities and capital markets.
This expertise encompasses areas such as securities listing, bonds, and sukuk, financial market regulation, supervision, enforcement, corporate governance, Islamic and conventional finance, compliance with anti-money laundering regulations, as well as Islamic and traditional jurisprudence, among other domains.
On 13 July 2023, SCA and the UAE Banks Federation (UBF) formalised their partnership by signing a memorandum of understanding (MoU). This strategic collaboration signifies their shared commitment to advancing the financial sector. The core objective of this collaboration is to bolster the UAE’s reputation as a premier hub for asset and wealth management.
This vision is closely aligned with the government’s forward-looking goals for the next 50 years, aimed at ensuring the sustained growth of the national economy. The MoU was officially executed by Al Suwaidi and Jamal Saleh, director general of the UBF. Their collaborative efforts include the exchange of expertise and studies, with the objective of enhancing the local asset management sector.
An integral component of this collaboration is the establishment of a collaborative committee, tasked with refining the legislative framework governing asset management activities. Additionally, this partnership entails the creation of a comprehensive framework for organising events that spotlight the asset management sector. These initiatives are strategically designed to inspire foreign entities to establish and expand their operations within the UAE, contributing significantly to the nation’s economic advancement.
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