Dubai, a thriving global business hub, owes much of its success to visionary and dynamic business leaders who have played instrumental roles in shaping the emirate’s economic landscape. Renowned for their innovation, resilience, and strategic acumen, Dubai’s business leaders are synonymous with a forward-thinking approach that has transformed the city into a dynamic commercial powerhouse.
These leaders have adeptly navigated through challenges, leveraging Dubai’s strategic location, pro-business policies, and world-class infrastructure to foster economic growth. The visionary leadership has not only attracted multinational corporations but has also incubated a vibrant entrepreneurial ecosystem, supporting the rise of startups and diverse business ventures.
Dubai’s business leaders are characterised by their commitment to excellence, fostering a culture of innovation and embracing emerging technologies. Their emphasis on sustainability and corporate social responsibility aligns with global best practices, reflecting a holistic approach to business.
Moreover, the collaborative spirit among Dubai’s business leaders has facilitated public-private partnerships, driving large-scale developments and enhancing the city’s competitiveness. As Dubai continues to diversify its economy, these leaders remain pivotal in steering the course towards a knowledge-based and sustainable future, ensuring that the emirate remains a beacon of economic prosperity and opportunity on the global stage.
Rank: 01
Name: Mohamed Alabbar
Company: Emaar, noon
Designation: Founder and Chairman
Industry: Real estate/e-commerce
Driven by the ambition to contribute to Dubai’s visionary pursuit of transforming into one of the most modern and advanced cities globally, Alabbar laid the foundation of Emaar in Dubai in June 1997. Presently, the company stands as an eminent figure in the realm of integrated real estate development.
Today, Alabbar is an integral part of Dubai’s growth in multiple industries such as hospitality, e-commerce, technology, and others. With an impressive portfolio of investments and achievements in the region and globally and is also considered a driving force behind several key achievements including the Burj Khalifa and Dubai Mall, founded by his company Emaar Properties.
A graduate in Finance and Business Administration from the Seattle University, USA; Alabbar holds several honorary doctorates, including from Seattle University, the London School of Economics and Political Science, and from Sun Moon University in South Korea.
About Emaar Properties
Emaar Properties is a major real estate company in the Middle East, known for developing Dubai Downtown which is home to iconic landmarks like the Burj Khalifa and Dubai Mall. With operations in Egypt, India, Pakistan, Turkey, and KSA, Emaar made a significant move in August 2022 by fully acquiring Dubai Creek Harbour from Dubai Holding for $2 billion. This acquisition, involving a combination of cash and Emaar Properties shares, resulted in Dubai Holding becoming the second-largest shareholder in Emaar, holding a 7.5 percent stake.
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.
Hospitality and F&B
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 its 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.
Alabbar is also the chairman of Americana Restaurants, the largest restaurant operator in the MENA region and Kazakhstan in terms of number of restaurants in its countries of operations. Americana Restaurants operates key global brands such as KFC, Pizza Hut, Hardee’s, Krispy Kreme, TGI Fridays, and recently added Peet’s Coffee, along with proprietary brands such as Wimpy and Chicken Tikka across the MENA region and Kazakhstan for over 50 years.
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 transformative vision extends to his e-commerce firm, Noon, which collaborates with government entities to provide an expansive platform for startups in Abu Dhabi and Ajman. He also established 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.
About Eagle Hills
Eagle Hills was formed by Alabbar with the aim to develop and revitalise cities and communities, in line with innovative lifestyle solutions that meet the demands of modern living. As an Abu Dhabi-based private real estate investment and development company, Eagle Hills takes its financial capability, expertise, and extensive relationships to drive the creation of large-scale, master-planned communities, with a blend of facilities that will elevate local economies, support holistic living and working solutions, while catering to both tourists and residents.
Eagle Hills develops projects both within the UAE as well as globally. The UAE-based projects include Maryam Island, Sharjah; Fujairah Beach; Address Residences Fujairah and the Kalba Waterfront. Eagle Hills International includes Serbia, Bahrain, Morocco, Oman, Jordan, Ethiopia, Egypt and Albania.
Emaar’s recent projects
In June 2023, Emaar unveiled a new luxury waterfront property development with a total investment of $20 billion. The project, The Oasis by Emaar, is set to encompass 7,000 residential units, comprising both mansions and villas.
Of the ultra-luxury waterfront master community in Dubai with four- and five-bedroom standalone villas accompanied by 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.
Also, AEON is nestled in a special district within Creek Beach with one-, two- and three-bedroom apartments starting at $465,000. AEON leverages raw, authentic materials sourced locally and is located in the heart of Dubai Creek Harbour. AEON’s amenities redefine urban opulence, promising a lifestyle that’s both chic and convenient, setting a new benchmark in modern metropolitan living.
Rank: 02
Name: Sir Tim Clark
Company: Emirates Airline
Designation: President
Industry: Aviation
In addition to his current role at Emirates Airline, Clark is also the chairman of the Emirates Airline Foundation. He joined the Emirates airline’s founding team in 1985 in the role of head of Airline Planning and went on to become its president in 2003. He has been instrumental in the transformation of Emirates into the global giant it is today. Also, in June 2022, he was appointed to the board of DP World as an independent non-executive director.
An expert in aviation
Prior to Emirates, Clark built his reputation as a talented route planner at Gulf Air, which had recruited him from Caledonian Airways. He previously has also held the position of managing director of Sri Lankan Airlines until 2008. In the 2014 Queen’s New Year’s Honours list, Clark was invested as a Knight of the Most Excellent Order of the British Empire (KBE) for services to British prosperity and to the aviation industry.
In November 2009, he was conferred an “Officier de la Legion d’Honneur” by the French government for services to transport and aviation, and he holds the 2009 Gold Award from the Royal Aeronautical Society for his contribution to civil aerospace. At the 2011 Airline Business and Flightglobal Achievement Awards, he was recognised as Leader of the Year, and in 2013, he received the Centre for Aviation (CAPA) Legends award and was inducted into the CAPA Hall of Fame.
Clark holds a degree in Economics from London University, UK, and is a fellow of the Royal Aeronautical Society. He also holds an honorary doctorate from the University of Middlesex and an honorary degree from the Newcastle Business School at Northumbria University, both in the UK.
Robust financial results
As of November 2023, The Emirates Group announced its best-ever six-month financial result. The group is reporting a 2023-24 half-year net profit of $2.7 billion, surpassing its record half-year profit of $1.2 billion last year by 138 percent. The group also reported an EBITDA of $5.6 billion, a significant improvement from $4.2 billion during the same period last year, illustrating its strong operating profitability.
Group revenue was at $18.3 billion for the first six months of 2023-24, up 20 percent from $15.3 billion last year. This surge was driven by the strong demand for air transport across the world, which has been on an upward trajectory since Covid-19 travel restrictions were lifted. The group closed the first half year of 2023-24 with a solid cash position of $11.6 billion on 30 September 2023, compared to $11.6 billion on 31 March 2023.
Delivery of new fleet of Airbus A350
Emirates, the world’s biggest long-haul airline, is preparing to hire 5,000 cabin crew this year as it prepares to take the delivery of its new fleet of Airbus A350 wide bodies this summer and Boeing 777X planes in 2025. The airline is seeking to hire new graduates with internships or part-time jobs on their CVs and those with about a year of hospitality or customer service experience.
Last year, the airline hired 8,000 cabin crew and held recruitment events in 353 cities as it ramped up services to meet a boom in travel after the pandemic. In August 2023, the airline’s cabin crew numbers crossed the 20,000 mark. It now stands at 21,500, with the new recruits set to boost that figure by 25 percent. The airline also ordered 110 additional Airbus and Boeing wide-body aircraft for a total value of $58 billion at list prices during the Dubai Airshow in November 2023, as part of its ongoing future growth plans.
The Emirates Airline Foundation
Improving the lives of children in need around the world, the Emirates Airline Foundation is a non-profit charity organisation dedicated to improving the lives of children who need it the most. The foundation’s work is motivated by the belief that every child deserves access to a safe home, healthcare, and education.
Since 2003, the Emirates Airline Foundation has supported over 50 projects and NGOs around the world, from Africa and Bangladesh to the UAE. Through the generous donations of Emirates customers, the foundation has helped to build schools, run medical programmes, provide better quality food, water, and housing, and send expert volunteers to where they are needed the most.
Under the patronage of Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO, the projects, either existing charities or new initiatives, are located primarily at Emirates’ destinations where local Emirates staff volunteers can participate and oversee their management, along with any assistance local communities may provide. Just some of their key projects have included The Emirates Friendship Hospital which has provided vital medical care to over 700,000 people in isolated communities in Bangladesh.
Also, the Safe Centre for Autism works with specialist service providers in the UK to create an inclusive facility in Dubai with specialised rooms and an improved therapy environment. And IIMPACT Girls Education Project provides life‑changing primary education in 35 learning centres for more than 1,000 girls from disadvantaged communities in rural India.
Little Prince Nursery and School for education to underprivileged children from the Kibera slum in Nairobi; Virlanie Foundation which provides protection, care and a brighter future to vulnerable children and young adults in children’s schools in the Philippines. Also, Externato São Francisco de Assis which provides a full‑time education, three daily meals and extra‑curricular activities at a school for underprivileged young children in Brazil.
Rank: 03
Name: Colm McLoughlin
Company: Dubai Duty Free
Designation: Executive Vice Chairman and CEO
Industry: Retail
McLoughlin’s journey began as an integral part of the consultancy team from Aer Rianta, the Irish Airport Authority, which the Dubai government commissioned in 1983 to establish a new duty-free operation. His expertise and leadership were quickly recognised, and he remained in Dubai following the project’s completion. There, McLoughlin took on the role of general manager for the nascent duty-free operation, demonstrating his capabilities in managing and expanding the business. His success in this role led to his promotion to managing director, where he continued to drive growth and innovation within the operation.
In July 2011, McLoughlin’s career reached a significant milestone when he was appointed as the executive vice chairman and CEO of Dubai Duty Free. In this prestigious role, he not only oversaw the core duty-free operations but also had responsibility for its diverse subsidiary businesses. These included The Irish Village, which offers a unique dining and cultural experience; Studio One Hotel, known for its contemporary hospitality; The Century Village, a culinary haven; the Dubai Duty Free Tennis Stadium, a premier sports venue; and the Jumeirah Creekside Hotel.
Under McLoughlin’s stewardship, Dubai Duty Free has flourished, gaining international recognition as one of the largest and most lucrative airport retail operators in the world. His strategic vision and leadership have been instrumental in cementing Dubai Duty Free’s status as a global leader in the airport retail sector, setting benchmarks in size, revenue, and customer experience.
The organisation’s success under his guidance is a testament to his expertise, dedication, and innovative approach to airport retail management. Operating over 40,000 sq m across Dubai International (DXB) and the more recent Dubai World Central (DWC), also known as Al Maktoum International, Dubai Duty Free matches up to Dubai’s global status as a leading shopping destination.
Beyond his corporate role, McLoughlin’s philanthropic efforts are significant. In 2004, he 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, as well as the construction of 32 houses in the DDF GK Village in the Philippines.
The growth of Dubai Duty Free
Since its inception in 1999, the Dubai Duty Free mega raffle, known as the Millennium Millionaire, has become a hallmark of Dubai’s luxury and extravagance. This high-profile raffle offers participants the opportunity to win $1 million. The allure of such a significant prize has drawn attention from around the globe, enhancing the emirate’s reputation as a destination for luxury.
In addition to its raffle, Dubai Duty Free plays a significant role in promoting Dubai through its association with major sporting events. The Dubai Duty Free Tennis Championships is one such event, a tournament that attracts some of the world’s top tennis talent. This event not only highlights Dubai Duty Free’s commitment to global sports but also positions Dubai as a key destination for international sporting events.
Founded in 1983, Dubai Duty Free recorded first-year sales of $20 million and has evolved into one of the biggest travel retail operators in the world. Under McLoughlin’s leadership, Dubai Duty Free has experienced robust growth over nearly four decades, with the business expanding from $20 million in 1984 to $2.029 billion in 2019. Fast forward to 2023, Dubai Duty Free achieved a record-breaking year with sales soaring by 24.4 percent to nearly $2.16 billion, meeting its annual target.
The company reported over 20 million sales transactions in 2023, averaging almost 55,000 daily, totalling approximately 55.2 million units of merchandise sold. December 2023 ended with record monthly sales of $221 million, an 8.37 percent increase compared to 2022. These sales were boosted by Dubai Duty Free’s 40th-anniversary celebrations during which the group offered a 25 percent discount, resulting in a 24-hour sales achievement worth $14.8 million.
The surge in sales is also credited to heightened passenger traffic at Dubai International Airport, the world’s busiest hub for international flights. The airport recorded 22.9 million passengers in Q3 2023, the highest quarterly traffic since 2019, contributing to a year-to-date total of 64.5 million passengers, up 39.3 percent compared to the same period in 2022.
Plans for expansion
With annual passenger traffic predicted to reach 93.8 million in 2025, Dubai Duty Free plans to enhance its retail operations, including refurbishments in Concourse B, with renovations in arrival shops and Concourse A planned for 2024 and 2025, respectively. The top five source markets for Dubai Duty Free were India, Russia, China, Saudi Arabia, and the UK. The company reported a total employee count of about 5,500 by the end of 2023, reflecting an 18 percent increase from the previous year’s count of 4,663.
In addition, Dubai Duty Free will proceed with maintaining its busy events and promotional agenda. Some of its events include the Dubai Duty Free Tennis Championships which will be held at the Dubai Duty Free Tennis Stadium from 18 February to 2 March 2024.
The recipient of accolades
Dubai Duty Free has recently celebrated its victory at the 20th anniversary edition of the Global Traveller–GT Tested Reader Survey Awards held in December in Pasadena, California. The leading travel retailer has been named the Best Duty-Free Shopping in the World for the 17th consecutive year, and Best Duty-Free Shopping in the Middle East for the fifth time. Dubai Duty Free emerged as the winner in the survey conducted by Global Traveller between December 2022 and August 2023, with more than 20,000 respondents.
Rank: 04
Name: Mohammad A. Baker
Company: GMG
Designation: Deputy Chairman and CEO
Industry: Retail
With a 46-year legacy, Baker’s leadership has propelled GMG into a transformative era, inspiring individuals, especially the youth, to excel in all aspects of life. GMG’s diverse portfolio spans across five key verticals, including GMG Sports, GMG Everyday Goods, GMG Health and Beauty, GMG Properties, and GMG Logistics.
Under Baker’s creative vision, GMG has launched influential homegrown brands including Sun & Sand Sports, Basketbolista, Nu Athlete, as well as Dropkick. In July 2023, GMG entered a transformative franchise agreement with UK-based global sports retailer JD Sports, bringing its expertise to the Middle East. GMG partners with key sports brands such as Nike, Vans, and Columbia, and earlier this year, GMG launched nike.ae and nike.sa for regional customers.
His strategic vision extends to GMG’s ‘farm-to-fork’ approach, aligning with the UAE’s National Food Security Strategy 2051. The group has state-of-the-art food manufacturing facilities, an expansive retail network, and distribution of international brands. Baker has facilitated GMG’s entry into the food retail industry by acquiring the Middle Eastern operations of Groupe Casino’s prestigious brands in April 2022.
GMG’s pursuit of excellence includes the acquisition of aswaaq, solidifying its position as one of the UAE’s largest community mall operators. The group has enriched its health portfolio with innovative concept stores, contributing to 40 percent retail footprint growth in the UAE in 2022, with plans to open 100 stores in Southeast Asia by 2025.
Rank: 05
Name: Hussain Sajwani
Company: Damac Holding
Designation: Founder and Chairman
Industry: Real estate
Sajwani, a self-made Emirati entrepreneur, has become a significant figure in Dubai’s property market. His rapid rise highlights his substantial contributions within a concise yet impactful duration. In the mid-1990s, his visionary foresight enabled him to anticipate the growing demand for accommodations, responding by constructing distinguished hotels. This move positioned Dubai as a hub for global business travellers. In 2002, Sajwani went on to launch DAMAC Properties which has evolved into one of the largest property development companies in the Middle East.
Alongside his family, Sajwani advocates quality education through the Hussain Sajwani – DAMAC Foundation. Also, the One Million Arab Coders initiative, a flagship programme, aims to empower one million Arabs with essential coding skills for success in the digital era.
DAMAC Properties has delivered over 43,700 homes and has projects in over 10 countries. Notably, DAMAC Towers Nine Elms in London and developments in Toronto and Miami showcase its international presence. DAMAC also manages hotels under its umbrella, collaborating with key brands like Radisson, Paramount, Rotana, and DAMAC Maison. The company is also developing a resort in the Maldives in partnership with the Mandarin Oriental Hotel Group.
DAMAC is known for collaborative ventures, partnering with luxury lifestyle brands like Versace Home, Fendi Casa, and Paramount Hotels & Resorts. These collaborations resulted in opulent living spaces that merge luxury and style, reflecting a commitment to elevating living standards.
Rank: 06
Name: Adeeb Ahamed
Company: Lulu Financial Holdings
Designation: Managing Director
Industry: Finance
Adeeb Ahamed is a renowned entrepreneur and business leader based in Abu Dhabi. He currently heads up several major companies in the financial services, retail and hospitality sectors.
Ahamed holds an MBA in International Management from Royal Holloway, University of London. Adeeb started his entrepreneurial journey with the founding of Lulu Financial Holdings in 2009 which has since grown into a global financial services conglomerate.
LuLu Financial Holdings operates over 300 branches across 10 countries in the Middle East, Indian subcontinent, and Asia Pacific regions, facilitating billions of dollars in annual transactions. In addition to his role as Managing Director of LuLu Financial, Ahamed also serves as Managing Director of Twenty14 Holdings, a $750 million Abu Dhabi-based holding company with investments in luxury hotels worldwide. Some of Twenty14’s flagship properties include the iconic Great Scotland Yard Hotel in London, Pullman Downtown Dubai, Port Muziris in Kochi (India’s first Tribute Portfolio by Marriott hotel), and the Sheraton Oman Hotel in Muscat.
Due to his extensive business experience and success in transforming companies into global giants, Ahamed holds advisory and board positions with numerous organisations. Some of these include the South Asia Regional Strategy Group of the World Economic Forum (WEF), UAE’s Foreign Exchange and Remittance Group, Chair for FICCI Middle East, World Tourism Forum and Kochi Biennale. Ahamed’s accomplishments have earned him a long list of prestigious awards over the years.
Some recent honours include Leading Fintech Personality of the Year (GCC) at the Global Fintech Awards, ABLF Outstanding Business Achiever Award, Forbes Top Indian Business leaders in the Middle East, NDTV Gulf Indian Excellence Award, Qadat Al Tagheer Award and Financial Institution of the Year Award by Arabian Business. In addition to his corporate responsibilities, Ahamed is deeply committed to social causes. He supports initiatives focused on girls’ education, healthcare for children and the elderly, and community development projects in India.
Ahamed firmly believes that incredible progress is possible when businesses emphasise human values such as responsibility, integrity and service to society. When not growing his companies or engaged in philanthropic work, Ahamed can be found splitting his time between the UAE and India. He maintains an office in Abu Dhabi from where he provides strategic vision and leadership to LuLu Financial Holdings and Twenty14 Holdings. Through his diverse business portfolio and passion for social welfare, Ahamed is making an impact on a global scale.
Rank: 07
Name: Katerina Giannouka
Company: Jumeirah Group
Designation: CEO
Industry: Hospitality
Katerina Giannouka officially assumed her role as Chief Executive Officer of Jumeirah Group in December 2022. She joins the company with over 20 years of experience in the international hospitality industry. Giannouka’s career has seen her excel in various leadership roles encompassing business management, operations, development, asset management, and strategy.
Prior to Jumeirah Group, Giannouka spent the past five years as President of Asia Pacific at Radisson Hotel Group. In this role, she successfully spearheaded the execution of a comprehensive five-year business transformation strategy. This plan led to unprecedented growth for Radisson’s Asia Pacific portfolio. Before Radisson, Giannouka held key positions within Rosewood Hotels & Resorts’ Asia Pacific and China development teams.
Coming on board during a period of strategic expansion, Giannouka will look to further strengthen Jumeirah Group’s presence internationally. The company recently acquired Le Richemond, a luxury hotel in Geneva, Switzerland scheduled for renovation and reopening in 2025. Under her leadership, Giannouka aims to accelerate the business’ sustainable growth on a global scale.
Giannouka’s appointment followed the departure of previous CEO José Silva in September 2022 after five successful years leading Jumeirah. Until Giannouka’s arrival in December, COO Thomas Meier capably served as interim CEO. Commenting on the selection, Dubai Holding Group CEO Amit Kaushal expressed confidence in Giannouka’s experience transforming businesses and cultivating inclusive cultures.
For her part, Giannouka stated she feels honored to take on such an important role with an iconic brand. She looks forward to working alongside team Jumeirah to realise the vast potential of the company and further cement its position as the top Emirati luxury hospitality name worldwide. With over two decades of multi-faceted experience in Asia, Europe, and the Middle East, Giannouka is well-equipped to spearhead Jumeirah into its next chapter of sustainable growth on the global stage.
Jumeirah Group
Jumeirah Group is recognised as a national champion in the UAE. As a member of global investment company Dubai Holding, Jumeirah operates over 6,500 rooms across 26 luxury properties worldwide. Jumeirah Group’s portfolio includes some of the most iconic and captivating properties in the global luxury hospitality sector. Flagship locations such as the Burj Al Arab Jumeirah in Dubai, renowned for its distinctive sail-inspired design, and the luxurious Arabian palace complexes at Madinat Jumeirah have solidified Jumeirah’s reputation for luxurious and prestigious settings.
Further destinations exemplify the company’s ability to envision distinctive concepts for diverse cultures, including the Maldives’ Olhahali Island, an exclusive tropical island escape, and Jumeirah Bali’s all-villa retreat surrounded by natural beauty. Jumeirah also designs contemporary takes on cultural classics, such as The Carlton Tower Jumeirah in London, merging British heritage with modern luxury, in addition to state-of-the-art hotels like the futuristic Jumeirah Nanjing that showcase cutting-edge architecture. Across its varied portfolio, Jumeirah delivers unmatched guest experiences that capture the local essence of each destination.
Rank: 08
Name: Kabir Mulchandani
Company: FIVE, The Pacha Group
Designation: Founder and Chairman
Industry: Hospitality
A real estate trailblazer, hospitality and philanthropic titan, Mulchandani is the storied entrepreneur behind the FIVE Hotels and Resorts including FIVE Palm Jumeirah; FIVE Jumeirah Village; Switzerland’s FIVE Zurich; and the soon-to-be-launched, FIVE LUXE.
Guided by Mulchandani’s ‘Sustainable Indulgence’ ethos, *in 2023, FIVE delivered a robust EBITDA margin of 38 percent and attained world-class sustainability milestones, earning an ‘A’ rating for ESG by ISS. For 2023, FIVE witnessed impressive revenue totalling $547 million, accompanied by an EBITDA of $210 million.
In 2023*, FIVE Palm Jumeirah and FIVE Jumeirah Village have consistently maintained an average occupancy rate of 92 percent, surpassing competitors by 27 percent, an Average Daily Rate (ADR) of $304 and is currently performing 2.3 times higher than its comp-set in terms of TrevPAR at $702. Total revenue soared to $547 million in 2023* from $123 million in 2019, a growth of approximately 345 percent. With over 38,500 reviews, FIVE Jumeirah Village is the most reviewed hotel on Booking.com that also boasts a rating of 9.1/10.
Mulchandani, a philanthropist and advocate for FIVE Cares, has led Project Udaan, providing life-saving operations for over 800 children in India. His contributions total nearly $2 million across local and global partnerships, including a pledge of over $200,000 to a literacy and girls’ empowerment foundation.
Sustainable Indulgence
Mulchandani advocates for ‘Sustainable Indulgence’, a concept combining innovation and transformation to offer guests superior experiences while adhering to top sustainability standards. FIVE, created by acclaimed developers and pioneering hoteliers, redefines luxury with a focus on sustainability, integrating it into every aspect of a guest’s stay. Their hotels in Dubai and Zurich are LEED Platinum certified, with FIVE LUXE achieving the highest LEED v4 score worldwide for five-star hotels.
FIVE has emerged with the highest ESG rating in the world to date from Global Rating Agency ISS, as the only company to receive an ‘A’ grade across all sectors, surpassing global heavyweights like Melia Hotels, Apple, among others. According to Cornell University’s benchmark, FIVE’s carbon footprint per night is five times lower than the average UAE luxury resort. A night at FIVE is equivalent to five nights at a similar UAE luxury hotel, according to a database of over 25,000 global hotels.
FIVE completed a $329 million acquisition of the legendary Pacha Group, comprising assets including the Pacha Nightclub, Destino Pacha Hotel, El Hotel Pacha, Toy Room Club, and WooMoon Storytellers (globally) and registered trademarks ‘Pacha’ (globally) and its ‘cherries’ logo design. The acquisition was funded through a Green Bond issuance and a Revolving Credit Facility (RCF). FIVE will utilise Pacha Group’s success for global expansion, transforming Pacha’s Destino Hotel into a FIVE brand and launching Lío at FIVE LUXE in 2025.
(*2023 figures are estimated and represent proforma numbers for FIVE including Pacha)
Rank: 09
Name: Sherif Beshara
Company: Mohammad & Obaid Al Mulla Group (M&O Group)
Designation: Group CEO
Industry: Diversified
Beshara began his tenure with the Mohammad & Obaid Al Mulla Group (M&O Group) in 2017 first serving as the group general counsel. Within a short period, he became the group chief legal officer followed by his appointment to the group CEO in late 2018. Beshara has been with the American Hospital Dubai since 2018. With a background in law, Beshara’s previous work experience spans finance, aviation, and corporate fields, with a track record as the Head of Legal, Air Arabia, and legal counsel Barclays. Key responsibilities included advising CEOs and counselling on airline matters, major JV projects, and uninsured litigations.
About M&O Group
M&O Group is a family-run business established in 1942, with a diversified portfolio in the healthcare, hospitality, real estate, and travel and tourism sectors. Steering multiple achievements at the group, Beshara has helped to streamline the group’s corporate governance structure to stimulate growth and expand its impact and role in UAE’s nation-building. Other contributions include investments and expansion across the M&O Group in critical infrastructure, technology, healthcare security, innovation, and education. Also, American Hospital Dubai has entered many collaborations and partnerships with key global healthcare leaders in areas such as IVF, imaging, robotics, and more.
Key achievements
Under Beshara’s visionary, American Hospital Dubai and Cerner, the global leader in healthcare technology, set a milestone with the artificial intelligence (AI) research centre, a landmark healthcare initiative in the region. It is the only hospital in the Middle East to win the Excellence in Robotics Surgery award and has performed over 1,500 successful procedures. Also, expanding M&O Group’s Hospitality division into regional markets, Ishraq Hospitality, the group’s asset management division, is increasing the group’s footprint across the region with new mid-priced hotels in collaboration with IHG.
About American Hospital Dubai
According to Beshara, performance standards are measured by how well they meet the people’s expectations.
He adds: “We ask ‘what is the purpose of our progress? To benefit people.’ This awareness defines our performance.”
The group integrates best practices into their performance, including constant reviews and feedback; ongoing training; integrated systems; quantity & quality measurables; market intuition; and customer expectations. Their own performance is based on innovation & up-to-date treatments for people; advanced technology for people; the best of human expertise for people; and compassion and care.
American Hospital Dubai is aligned with the UAE’s National AI Strategy 2031 and the UAE National Programme for Artificial Intelligence. They have been a pioneer in complex diseases, robotic surgeries, AI-led healthcare solutions, the medical tourism destination of choice, and global partnerships with leading medical pioneers to bring premium healthcare solutions to the region. By merging multi-dimensional initiatives with its clinical performance and state-of-the-art technology, the hospital is contributing to Dubai’s status as a leading healthcare hub.
American Hospital Academic Institute
American Hospital Academic Institute, their education arm, invests in empowerment through knowledge sharing with its training programmes and helps medical students receive clinical training and first-hand knowledge of advanced treatments and procedures. Committed to bringing next-generation skills to the region’s surgeons, they have partnered with CMR Surgicals and UAE-based Robotics Surgical Systems (RSS) to establish a training centre for Versius® in Dubai. As the region’s first robotic surgery training hub and educational academy in the MEA region, they offer fellowships and hands-on experience in all Robotic Minimal Access Surgery (RMAS) areas for surgeons, surgical assistants, nurses, and coordinators in multiple specialities.
Focus on technology
With accelerated AI adoption, the UAE is predicted to add $182 billion to its economy by 2035. UAE’s National AI Strategy aims to reduce the burden of chronic disease, improve social determinants of health, and promote healthier communities. American Hospital Dubai is an active supporter of UAE’s AI goals. He says: “We established the AI-led Research Centre in collaboration with Cerner in 2020, the first of its kind in the region.”
The first of their four AI data-led models analysed Covid-19 deaths and ICU admissions to classify the population exposed to danger to provide appropriate care at the proper time. The hospital established a milestone in robotic spinal surgeries with a spinal fixation procedure using the Medtronic Mazor X Stealth™ Edition Robotic Guidance System and is the first private healthcare entity in the region to employ this technology. They are the region’s first private healthcare entity to bring the 4th Generation da Vinci Robotic System for Surgeries.
American Hospital Dubai’s training programme for 20 Emirati surgeons by 2024 is another milestone in their mentoring leadership. The programme comprises an online introduction, step-by-step training on modules, work on simulators and modules dry box, and hands-on and cadaver training by internationally renowned, certified robotic surgeon trainers. “It is Phase 1 of our initiative,” says Beshara, with Phase 2 of the robotic surgical training programme set to expand to the GCC region.
With the UAE’s medical tourism industry expected to reach $53.5 billion by 2028, American Hospital Dubai offers infrastructure; international accreditations and partnerships; innovation and research; AI-led healthcare and robotic surgeries, and more. The hospital also owns their hospitality properties to accommodate medical tourists, which is an added advantage.
Future roadmap
Beshara explains that they will continue to expand their medical technologies; partner with the best medical pioneers globally; advance their education objectives; keep pace with innovations and AI; meet sustainability KPIs; as well as invest in pushing the horizons of medical excellence.
Rank: 10
Name: Sunil Kaushal
Company: Standard Chartered Africa and Middle East (AME)
Designation: CEO
Industry: Banking
In addition to his current role, Kaushal is a member of Standard Chartered’s Global Management Team, the highest executive body within the bank. With over two decades of experience within the group and over 35 years in diverse banking markets across North Asia, Southeast Asia, South Asia, Middle East, and Africa, he has held senior roles throughout his career span encompassing wholesale, retail, SME banking, and country management.
He holds a Bachelor of Commerce degree from Bombay University, India, and a post-graduate qualification as a Chartered Accountant from the Institute of Chartered Accountants of India. Kaushal has also completed general management courses at Harvard Business School, INSEAD, Oxford University, and London Business School.
Prior to his career with Standard Chartered, Kaushal was appointed in diverse positions in investment banking, corporate finance, commercial banking, and foreign exchange at NatWest Markets, SocGen-Crosby, and American Express Bank in Mumbai, India. Within the bank, his previous roles include being the regional CEO of Standard Chartered South Asia and CEO of Standard Chartered India.
He has also served as the head of Corporate Banking in the UAE, head of Originations and Client Coverage in Singapore, global head of Small and Medium Enterprises and New Ventures in Singapore, and CEO of Standard Chartered Bank in Taiwan. In March 2021, Kaushal joined MoneyTap, a leading fintech company in India, as a global advisor.
He also spearheaded the acceleration of Standard Chartered’s digital transformation in the AME region, launching digital banks across nine key markets across Africa. The Bank also digitised its wealth management offering and expanded accounts by 900,000. The successful establishment of these digital banks under his leadership serves as a testament to the bank’s expanding digital footprint in the region.
About Standard Chartered AME
With a presence in 52 markets and extending services to clients in an additional 64, Standard Chartered is guided by the brand promise #hereforgood and dedicated to driving commerce and prosperity through its diversity. As a super-connector international bank, Standard Chartered is deeply rooted in AME with an unrivalled presence across 18 markets. Notable milestones include enabling the region’s inaugural Receivables Financing Facility for Siemens in the UAE and launching the world’s first transition Sukuk for Etihad.
The bank acted as the sole green loan coordinator for Masdar and PT PJB on a project representing the largest floating solar photovoltaic asset under construction globally (excluding China) and as the sole sustainability coordinator for Majid Al Futtaim for the largest ever sustainability-linked loan from a non-government related entity in MENA.
In 2023, the bank maintained momentum with promising first-half results. Operating income reached $1.44 billion, a 34 percent increase on a constant currency basis. In the UAE and the Middle East cluster, they achieved the highest half-yearly operating profit since 2015, reaching $653 million, a 39 percent rise on a constant currency basis.
Rank: 11
Name: Alex Zagrebelny
Company: R.Evolution Group
Designation: Founder, owner and Chairman of the Board
Industry: Real estate
Zagrebelny stands at the forefront of one of the most cutting-edge companies in the luxury real estate sector. Operating in Latvia, Spain, Germany, and more recently, the UAE, his creative leadership, and strategic foresight have positioned the group in the high-end real estate market. Zagrebelny’s pioneering approach encompasses all aspects of the R.Evolution Group, blending attention to detail with a vision that incorporates the latest advancements in architecture, construction, sales, marketing, and company philosophy.
With over 24 years of experience in real estate development, including two years in the UAE, Zagrebelny brings a wealth of expertise to the table. His leadership style is characterised by a commitment to pushing boundaries and exploring new possibilities. Steered by a pioneering spirit and strategic vision, he has been pivotal in the role of R.Evolution Group’s expansion and success.
He also holds positions on several boards, including LEGEND. Jurmala; Lofts&Rosegold; Bulduru Investment; TAL Residence; Philosophers Residence; Villa Milia; Hoft; R.Evolution Nami; R.Evolution City GmbH; and R.Evolution Strategy. Zagrebelny earned a Master’s Degree in Finance and Credit from Riga Aviation University, Latvia, contributing to the sustained growth and excellence of the group in the luxury real estate market.
About R.Evolution
With a legacy spanning over two decades, R.Evolution is now poised to make an indelible mark on Dubai’s skyline with their debut project, Eywa in Business Bay along the Dubai Water Canal. This collection of exclusive waterfront residences spans 22,000 sq m with the project comprising 19-storey tower hosting 48 residences with two, three, four, and five bedrooms. The smallest two-bedroom apartment spans 200 sq m, excluding the balcony. Each apartment features its own private jacuzzi, while the two penthouse levels boast individual swimming pools.
Prioritising a new standard of sustainable and health-centric living, the project aims for LEED Platinum, Well Platinum, and WiredScore Platinum certifications. The lead concept and design architect are Open AD, while Brewer Smith Brewer Group (BSBG) takes on the role of executive architect and lead design consultants. Christie’s International Real Estate Dubai are the exclusive real estate broker for Eywa.
Inspired by the sacred Tree of Life, Eywa’s architecture is a testament to the deep connection with nature it seeks to foster. Eywa epitomises a unique lifestyle rooted in the compelling concept of ‘Wild luxury,’ helping to empower residents to forge an authentic connection with themselves and their surroundings.
Eywa’s architecture showcases open round columns and intertwining branch and trunk elements, echoing the symbolism of the Banyan tree. It merges the timeless design principles of Vastu Shastra with cutting-edge technologies, aligning the building’s energies to foster an environment that supports well-being and encapsulates the promise of modern living. Scheduled for completion by 2026, Eywa will serve as a gateway to extraordinary lifestyle experiences in the heart of Dubai.
Rank: 12
Name: Mahdi Amjad
Company: OMNIYAT
Designation: Founder and Executive Chairman
Industry: Real estate
Mahdi Amjad embarked on a journey in 2005 to create a real estate company that would revolutionise architectural norms and redefine traditional standards. From OMNIYAT’s early days, Amjad saw Dubai’s potential as a magnet for ultra-high-net-worth individuals and global citizens. He aimed to craft a new kind of ultra-luxury living space that utilised design to enhance the human experience on mental, physical, and spiritual levels.
Eighteen years on, Amjad’s commitment to craftsmanship and design has been instrumental in shaping Dubai’s extravagant living space sector. However, it was his foresight in recognising Dubai’s potential as a global hub that truly underpinned OMNIYAT’s vision, steered by Amjad’s initial vision of contributing to the transformation of Dubai into a destination that would draw the world’s most inspired discerning elites. This approach enabled him to collaborate with world-renowned architects, designers, and operators and in 2005, The OPUS was developed with Dame Zaha Hadid followed by prestigious partnerships with Foster + Partners, Dorchester Collection, and Gilles & Boissier, among others.
Under his leadership, OMNIYAT has launched remarkable projects like One at Palm Jumeirah and AVA at Palm Jumeirah, along with exclusive luxury destinations such as the ORLA Collection, including ORLA and ORLA Infinity. He envisioned an urban waterfront living destination in Marasi Bay Marina, featuring The Lana Hotel and Residences and sister projects VELA and VELA VIENTO. These developments have redefined the concept of living and positioned Dubai as a cultural and architectural beacon. His entrepreneurial approach and foresight go beyond traditional real estate development, focusing on quality over quantity and the profound impact of exceptional craftsmanship.
About OMNIYAT
Founded in 2005, OMNIYAT has revolutionised Dubai’s luxury real estate landscape, positioning the city as an emerging cultural and architectural hub. Boasting a portfolio valued at $10 billion across three destinations and 18 properties, the brand delivers on the promise of making the extraordinary a reality through crafted and distinguished architectural masterpieces. By mastering “The Art of Elevation” and merging ultra-luxury with curated living, it delivers bespoke designs and experiences encasing residential, hospitality, retail and office spaces.
Having introduced the ultra-luxury property segment to Dubai ahead of the surge in demand seen for it today, OMNIYAT is a leader and pioneer in this niche category. A step through the threshold of an OMNIYAT masterpiece often exceeds expectations, with the common link that ties each of them together being not only the luxurious spaces and amenities they individually offer, but the collective experience they provide to those seeking a life of ease, comfort and tranquillity.
OMNIYAT extends the art of elevation to the experience of space and beyond, bringing refined and personalised experiences through the iconic hospitality brand, Dorchester Collection — the operator of choice servicing each of OMNIYAT’s opulent residential and hospitality offerings. Through this longstanding partnership, the brand will be making strides in the world of hospitality, as it brings the world renowned operator’s first hotel in Asia and the Middle East, The Lana, and introduces the ultimate culinary journey curated by acclaimed chefs Jean Imbert, the 12 Michelin-star chef Martin Berasategui, and world pastry champion Angelo Musa.
As a visionary in its space, OMNIYAT’s artistry is reflected in its mission to bring together place, purpose, design, innovation and service to forever transform what people expect from the luxury spaces they inhabit.
Rank: 13
Name: Shayne Nelson
Company: Emirates NBD
Designation: Group CEO
Industry: Banking
Shayne Nelson is a highly experienced banker with over 30 years in the industry. He currently serves as Group CEO and Director of Emirates NBD, one of the largest banks in the UAE. Under Nelson’s leadership over the past eight years, Emirates NBD has significantly expanded its operations and digital capabilities.
Prior to joining Emirates NBD, Nelson held several senior roles across Asia Pacific and the Middle East. He spent three years as CEO of Standard Chartered Private Bank in Singapore, where he also chaired the Islamic advisory board. Based in Dubai, Nelson acted as Regional CEO of Standard Chartered Bank for Middle East and North Africa from 2006 to 2010.
Nelson’s other past positions include serving as CEO and Managing Director of Standard Chartered Bank Malaysia, Regional Head of Corporate and Institutional Banking Audit for Asia Pacific and India, and Regional Head of Credit for Hong Kong, China and Northeast Asia. He also led Corporate and Institutional Banking for Westpac Banking Corporation in Western Australia.
At Emirates NBD, Nelson has overseen eight years of tremendous growth. The bank’s market capitalisation has risen from AED15.8 billion to around AED90 billion under his leadership. Assets have grown from AED308 billion to AED700 billion, with acquisitions like the successful $2.7 billion purchase of DenizBank in Turkey. Emirates NBD maintains the largest market share in both UAE corporate and retail banking.
In addition to his Group CEO role, Nelson sits on the boards of various Emirates NBD subsidiaries and associated companies. He is also a member of bodies such as the International Monetary Conference and Advisory Board of the University of Wollongong in Dubai.
Emirates NBD continues innovating under Nelson’s direction, introducing new digital banking platforms and mobile apps that are industry-leading. The bank is transitioning to data-driven, digital operations while expanding its focus on ESG and renewable energy finance.
Outside of work, Nelson enjoys spending time with his family, which includes his Malaysian wife Siti Mariana Abdullah and their two children. An avid golfer and fisherman, Nelson also holds a world record catch. His three decades navigating Asia Pacific and Middle Eastern banking showcase his extensive experience and leadership driving corporate growth. Emirates NBD delivered a banner year in 2023, posting a 65 percent surge in annual profits to AED21.5 billion. Quarterly earnings in Q4 grew 3 percent year-over-year, reflecting solid business activity across the region.
Rank: 14
Name: Essa Kazim
Company: DIFC
Designation: Governor
Industry: Finance
Kazim embarked on his professional career trajectory as a senior analyst in the Research and Statistics Department of the UAE Central Bank in 1988, later transitioning to the Dubai Department of Economic Development.
In 1993, he was appointed in the role of director of Planning and Development. Progressing further, he served as the director-general of Dubai Financial Market from 1999 to 2006, subsequently taking on the role of the chairman from 2007 to 2021. Apart from his present role, Kazim holds several key positions, including the chairmanship of Borse Dubai, deputy chairmanship of the Supreme Legislation Committee in Dubai, and membership on the Securities and Exchange Higher Committee and Dubai Supreme Fiscal Committee.
Kazim has been awarded an honorary doctorate from Coe College and holds a Master’s Degree in Economics from the University of Iowa (USA), a Master’s Degree in Total Quality Management from the University of Wollongong (UAE), and a bachelor’s degree from Coe College. Recently, he has actively participated 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 notable position on e&’s board and is involved in the field of education.
About DIFC Innovation Hub
Located in a key financial region, the DIFC Innovation Hub is a central ecosystem for over 700 innovation and technology firms. This ecosystem encompasses growth-stage tech companies, established innovators, digital labs, venture capital firms, regulatory bodies, and educational institutions. Its objective is to create economic value by promoting innovation, fostering entrepreneurship, and developing talent across a variety of sectors, with a focus on industries that are pivotal to future developments.
The DIFC Innovation Hub is notable for hosting the first and largest financial technology accelerator in the Middle East, Africa, and South Asia (MEASA) region. It serves as a critical hub for FinTech, InsurTech, Reg-Tech, and Islamic FinTech startups seeking to engage with the region’s leading financial service providers. The Hub offers a unique proposition for startups aiming to grow and innovate within the financial technology sector.
Rank: 15
Name: Hatem Dowidar
Company: e&
Designation: Group CEO
Industry: Telecoms
Hatem Dowidar is the Group CEO of e&. He joined the Group in September 2015 as Group Chief Operating Officer and was appointed as Chief Executive Officer, International in March 2016.
Ever since he took the company’s helm, Dowidar has spearheaded several ground-breaking strategic programmes that propelled the company’s business growth to new heights across the 16 markets where it operates. As the company transformed into a global technology and investment conglomerate in February 2022, and despite the ever-changing business landscape, his astute brand stewardship has been the foundation for enhancing e&’s brand equity, enhancing employee experience, and adding value to stakeholders. Today, e& is the world’s strongest telecom brand, the first in the Middle East and Africa (MEA) region to achieve this recognition. Dowidar also features among the Elite List of Brand Guardians globally.
Under his guidance, the company is also recognised as the most valuable publicly-traded company and, according to Forbes, also the most valuable listed telecommunications service provider in the GCC region. A highly skilled strategist and visionary, Dowidar has been instrumental in ushering in a new phase of strategic partnerships and key collaborations with global industry leaders such as Microsoft and Meta that will digitally empower societies.
Prior to joining the Group, Dowidar was the Group Chief of Staff for Vodafone Group based in London, reporting to the Vodafone Group CEO. He brings 30 years of experience in multinational companies and more than 24 years of these within the telecommunications industry across various leadership positions in multinational companies.
He initially joined Vodafone Egypt in 1999, served as Marketing Director (CMO) and later became the CEO of Vodafone Egypt from 2009 – 2014, where he steered the business growth with benchmark profitability in challenging and competitive environments.Dowidar has a long track record of achievements in the various leadership positions he held at Vodafone Group and its subsidiaries, including Group Core Services Director, CEO of Vodafone Malta, CEO of Partner Markets with partnerships covering over 45 markets and Regional Director Emerging Markets. He also has extensive Corporate Governance experience through his representation as Chairman and Board Member in several Corporate Boards within and outside the telecommunications industry.
Dowidar began his career in AEG/Deutsche Aerospace (Daimler Benz Group) in Egypt, before moving into marketing at Procter & Gamble, where he held several managerial roles. He is currently a board member of Etihad Etisalat Company (Mobily), Maroc Telecom, Etisalat Misr (Etisalat Egypt), Pakistan Telecommunications Company (PTCL) and Abu Dhabi Chamber of Commerce & Industry. On a global industry level, Dowidar is a member of the Internet Governance Forum (IGF) panel, a multistakeholder group for policies and practices relating to the Internet and technologies. Convened by the Secretary-General of the United Nations, the IGF facilitates knowledge exchange on how to maximise Internet opportunities and address risks and challenges.
Rank: 16
Name: Dr. Saeeda Jaffar
Company: Visa
Designation: Senior Vice President and Group Country Manager – GCC
Industry: Finance
Dr. Jaffar is a seasoned leader with expertise in financial services, payment systems, and digital technologies. Her experience encompasses roles in private and investment banks, private equity firms, and sovereign wealth funds. At Visa, she has spearheaded innovative initiatives, such as sponsoring the FIFA World Cup and launching the Visa Masters of Movement NFT Collection, providing football fans the opportunity to create digital art.
Dr. Jaffar also played an instrumental role in leading Visa’s ‘She’s Next initiative’ in the UAE, empowering local women entrepreneurs through access to networking, mentoring, and funding opportunities. In addition to her role at Visa, she serves as a board member of trustees at Kuwait University, bringing extensive knowledge in financial services and payments to her responsibilities. With a background as the managing director for the Middle East at Alvarez and Marsal over the past five years, she held leadership positions at United Arab Bank, Bahrain FinTech Bay, and McKinsey and Company.
Collaborating with clients in both the private and public sectors, Dr. Jaffar now reports directly to Andrew Torre, the regional president for Central Europe, Middle East, and Africa (CEMEA), solidifying her integral role within 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.
About Visa
Visa, a global leader in digital payments, operates across over 200 countries and territories, connecting consumers, merchants, financial institutions, and government entities. The company’s mission is to foster worldwide connectivity through an innovative, convenient, reliable, and secure payments network. As the demand for installment payment options grows among consumers, Visa has recently unveiled plans to introduce the Visa Instalment Solution (VIS) in the GCC for the first time. VIS empowers clients and partners to implement installment solutions on a broader scale, ensuring widespread acceptance and enhancing the overall consumer shopping experience.
Rank: 17
Name: Bally Singh
Company: Hoko Agency
Designation: Founder and Chairman
Industry: Entertainment
Bally Singh, a visionary British-born entrepreneur, serves as the Co-Founder and Chairman of Hoko Agency, overseeing the globally acclaimed Aioka brand showcased at Formula 1 race weekends.
With an impressive 25 years of experience in developing and orchestrating large-scale entertainment events and experiential marketing campaigns worldwide, Bally has been a driving force behind Aioka’s ascent to the forefront of premium hospitality over the last decade. As the preferred choice for HNI’s, Corporates, and Sponsors seeking unparalleled solutions for hospitality, brand activation, and product launches, Aioka, a Hoko Agency-owned events IP, has expanded from its origin in Abu Dhabi a decade ago to operating in over 10 race weekends, as well as polo and football events.
In 2024, Aioka invites you on an extraordinary journey through the world of F1 luxury, traversing iconic cities like Saudi Arabia, Australia, Miami, Monaco, the Netherlands, Azerbaijan, Singapore, Mexico, Brazil, Las Vegas, Qatar, and Abu Dhabi. Aioka’s race weekends promise an unmatched blend of premium indulgence and exhilarating Formula 1 thrills.
With dedicated focus on hospitality, Aioka masterfully balances precision and creativity, creating awe-inspiring experiences for major sporting brands and beyond. Every moment spent with Aioka assures opulence, comfort, and excitement, offering curated event packages with front-row seats.
Rank: 18
Name: Sultan Ahmed Bin Sulayem
Company: DP World
Designation: Group Chairman, CEO
Industry: Logistics
Bin Sulayem has been instrumental in propelling Dubai’s expansion with strategic contributions that include the development of regional free zones, ports, and infrastructure, leading to the UAE’s upward 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.
Bin Sulayem steered 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.
He also helmed the development of the Jebel Ali Free Zone (Jafza) while his foresight led to the inception of Nakheel. He also established and effectively led Istithmar World, a venture with a focus on private equity investments across North America, Europe, Asia, and the Middle East.
Furthermore, he steered the inception of the Dubai Multi Commodities Centre (DMCC), a market catering to gold, precious metals, diamonds, coloured stones, and more. DP World also committed to a $500 million logistics park to support Saudi Arabia’s Vision 2030. This year, DP World inaugurated the first direct freight service between the UAE and Iraq, significantly reducing the transportation time for goods.
Rank: 19
Name: Ahmed Abdelaal
Company: Mashreq
Designation: CEO
Industry: Banking
With a career spanning over three decades, Abdelaal boasts a distinguished record as a seasoned banking professional, climbing an upward trajectory through senior positions within the realm of international and regional banks, encompassing pivotal global markets. His expertise traverses a diverse range of fields, embracing hands-on proficiency in the corporate and banking sectors, which includes trade finance, real estate finance, as well as payment and cash management.
His capabilities also extend to investment banking, comprising debt capital markets, equity capital markets, project finance, and advisory services. Furthermore, he possesses expertise in Islamic banking, retail banking, and portfolio management. His comprehensive understanding also extends to global market products, structured trade, and supply chain solutions.
Abdelaal is an alumnus of both London Business School and Harvard Business School. He holds an MBA from London Business School, University of London, UK. He is also a Harvard AMP graduate and holds a BA in Economics and Political Science (Major Economics) from the Faculty of Economics and Political Sciences, Cairo University Egypt.
About Mashreq
Mashreq is in the process of preparing to integrate AI into its operations in a constructive manner with the focus on utilising AI for positive impact. An AI-powered chatbot is currently in development to function as a virtual assistant, aiding customers with various banking tasks, and is currently undergoing a pilot programme involving approximately 500 Mashreq customers. The bank recently incorporated Klip, a mobile money transfer service, into their application. Additionally, they have integrated their bank’s Application Programming Interface (API) into the online marketplace noon. This integration allows customers to seamlessly begin shopping right after applying for a noon.com membership.
Mashreq’s digital journey reached a milestone with Mashreq Neo, their all-encompassing digital bank catering to the online generation. The user-friendly app offers a complete range of banking services. For Mashreq Neo’s Non-Resident Indian customers, they have collaborated with Kotak Mahindra Bank, enabling seamless digital account opening for NRI clients in the UAE. This integration allows access to both UAE and NRE (non-resident external) accounts through the Mashreq Neo App, combining services from Mashreq and India’s Federal Bank. Expanding their digital offerings, NeoBiz targets start-ups, contributing to the UAE’s evolving start-up ecosystem. In line with an interconnected ecosystem, the bank explores partnerships with fintechs and tech platforms to ensure their customers have access to premier services.
Mashreq is strategically expanding globally, with a keen focus on key markets like Pakistan and KSA to enhance its digital banking presence. Both align with Mashreq’s commitment to operating in high-potential growth markets promoting long-term digitalisation efforts. Mashreq, prioritising sustainable banking success, introduced a comprehensive sustainability framework that actively champions various sustainable finance solutions, embedding sustainability into its business model. Leveraging advanced analytics, Mashreq ensures effective integration and emphasises collaboration, shared responsibility, and continuous improvement.
Rank: 20
Name: Noor Sweid
Company: Global Ventures
Designation: Founder
Industry: Investment
Steered by a wealth of experience, Sweid is committed to empowering disruptive technology companies and their emerging market founders, enabling them to address real-world challenges and create tangible global impact. As the 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.
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 has been honoured as a Young Global Leader by the World Economic Forum.
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. She is also an independent board member of Mondee Holdings since May 2022, as well as a board member of Education For Employment-Global (EFE-Global).
About Global Ventures
Global Ventures is a Dubai-based venture capital firm specialising in early-stage investments in growth companies across the Middle East and Africa (MEA) region. The fund focuses on globally scalable enterprise technology companies, strategically investing in low-valuation markets to facilitate the scale-up of young enterprises into global markets. This approach aims to achieve multiple expansion and revenue growth.
Leveraging the youth demographic, access to talent, and low valuation multiples, Global Ventures actively identifies high-potential, globally scalable companies and facilitates their expansion through strategic and active investments. Global Ventures supports founders with a global perspective, investing in growth-stage companies that drive transformation in emerging markets and beyond.
The firm primarily targets revenue-generating start-ups with at least $1 million in annual revenue in the MENA region but considers exceptions. Essentially, Global Ventures seeks start-ups that are revenue-generating, industry leaders, capital-efficient, highly scalable, as well as possess a clear path to exit.
Rank: 21
Name: Rola Abu Manneh
Company: Standard Chartered UAE
Designation: CEO
Industry: Banking
Abu Manneh is the first Emirati woman to helm a bank in the UAE and has been instrumental in transforming Standard Chartered’s UAE business into one of the biggest five markets for the group.
In January and May 2023, Abu Manneh was appointed director on the boards of both Standard Chartered (Pakistan) and Standard Chartered Uganda. She is also a board member at MyZoi, a wholly owned subsidiary of Standard Chartered and incubated through SC Ventures. In 2021, she was selected as a member of the board of directors of the Dubai International Chamber, whose mission is to represent, support and protect the interests of the business community in Dubai.
Throughout the years, she has consistently championed women’s empowerment and female entrepreneurship. She actively spearheads initiatives aimed at providing mentorship programmes for university students, ensuring participants are well-prepared with the necessary skills for success.
Her impact extends globally, as evidenced by her roles such as a member of the Global Council for Sustainable Development Goal 5 – Gender Equality (‘SDG5’), a UAE delegate in the G20Empower, and a member of the NYUAD Vice Chancellor’s Leadership Council. Additionally, she serves as a director on the Board of Make-A-Wish Foundation UAE and holds advisory positions for both the Global Summit of Women and the Fortune Global Forum.
Prior to her career with Standard Chartered, Abu Manneh served as the head of Corporate & Investment Banking for Abu Dhabi at First Abu Dhabi Bank (FAB). Prior to this, she held the role of general manager of FAB’s Wholesale Banking Group, comprising Project Finance Syndications, Financial Institutions Group, and Global Transaction Banking.
She holds a Bachelor of Science in Mathematics & Operational Research from the University of London, Royal Holloway, and Bedford New College.
About Standard Chartered
Standard Chartered’s purpose is to drive commerce and prosperity through its unique diversity. It sets a single direction for everything the bank does, connecting its strategy to its growth and the ambitions it has in the societies that it operates in. The bank’s strategic priorities put this purpose into action by connecting the Bank with major economic and social shifts in the markets they call home. This defines how the Bank engages with its customers and society as it aligns its activities to these shifts to shape the forces driving its growth. Standard Chartered is committed to accelerate the pace of innovation by adopting new ways of working in all aspects of its tech and product delivery.
Furthermore, the bank has pledged its support to the UAE’s sustainability agenda, with a dedicated team focusing on environmental, social, corporate governance, and sustainable finance and is well positioned to deploy its resources strategically to support the UAE in achieving its 2050 net zero objective.
Rank: 22
Name: Ghaith al Ghaith
Company: flydubai
Designation: CEO
Industry: Aviation
Backed by over 35 years of experience in the aviation industry, Al Ghaith was appointed to his current role to launch the budget airline in 2008 prior to its official start of operations in 2009. With a focus on enhancing the passenger experience and maintaining cost-effectiveness, he has implemented innovative products and technologies. As the driving force behind flydubai’s strategic direction, Al Ghaith works closely with Sheikh Ahmed bin Saeed Al Maktoum, the group’s chairman.
Before leading flydubai, he served as the executive vice-president for commercial operations worldwide at Emirates for 14 years. His journey with Emirates began as a management trainee in 1986, and over the years, he held various roles, contributing to the airline’s growth. Al Ghaith’s strategic vision and deep understanding of the aviation industry have played a pivotal role in shaping the success of flydubai.
About flydubai
Flydubai currently serves 123 destinations in 54 countries across diverse regions such as Africa, Central Asia, the Caucasus, Central and South-East Europe, the GCC, the Middle East, as well as the Indian subcontinent. In 2023, the carrier added new routes to its network, including Cairo, Krabi, Milan, Pattaya, and Poznań; it is set to commence daily services to Langkawi and Penang in Malaysia on 10 February 2024.
The carrier currently operates a fleet of 84 Boeing 737 aircraft, and in November 2023, it placed an order for 30 787s, diversifying its fleet with the introduction of the wide-body aircraft.
Rank: 23
Name: Khalid ElGibali
Company: Mastercard
Designation: President of the Middle East and North Africa Division (MENA)
Industry: Technology
Since the start of his career trajectory at Mastercard in 2016, Elgibali has been instrumental in reinforcing the company as a technology leader and trusted payments advisor to regional governments. His efforts have facilitated the successful implementation of national-level programs aligned with digital agendas and long-term visions. Overseeing Mastercard’s MENA business, Elgibali focuses on driving growth and innovation tailored to meet regional needs.
His role involves the formation of strategic partnerships, the diversification of revenue streams, and the execution of Mastercard’s commitment to invest in the region. With a background encompassing senior positions at key financial institutions like HSBC Middle East, Standard Chartered Bank, Barclays, and Citigroup, Elgibali fosters a profound understanding of the region’s economic landscape to his current role.
Under his leadership, the company has marked several milestones including a strategic partnership with e& that will see consumers and businesses in 16 markets benefit from new technologies and services. It initiated an alliance with Infinios Financial Services, a Bahrain-based fintech, to accelerate the digitisation of B2B travel payments in the region.
From 1 January 2028, all new Mastercard plastic payment cards will be created using more sustainable materials. Mastercard also worked with Swedish fintech Doconomy to develop the Mastercard Carbon Calculator for consumers to fully understand the estimated carbon footprint of their purchases.
Rank: 24
Name: Paras Shahdadpuri
Company: Nikai Group of Companies
Designation: Chairman
Industry: Diversified
Embarking on an extraordinary journey spanning decades, Paras Shahdadpuri’s journey unlike conventional career trajectories, is a tapestry woven with threads of diplomacy, entrepreneurship, and community service. His voyage, which began in the hallowed halls of the Indian Foreign Services, took an unexpected turn when he decided to chart his course in the uncharted waters of business.
Shahdadpuri, a former diplomat in the Indian Foreign Services with illustrious postings in China, the US, KSA, and Libya, took an unexpected turn in 1987. Choosing to pivot from a successful diplomatic career, he embarked on an entrepreneurial journey that led him to the vibrant city of Dubai. What began as a layover en route to London transformed into a 35-year residence, positioning Shahdadpuri at the helm of the Nikai Group of Companies. This conglomerate, with interests ranging from electronics and appliances to food products, staffing outsourcing, Technology, Digital Transformation and 3PL logistics, has grown into a global force, employing over 6000 people present in the UAE, Oman, China, KSA, Qatar, Egypt and beyond.
Shahdadpuri’s strategic prowess is evident in the accolades achieved by the Nikai brand, earning Superbrand status in 2011, 2016, 2017, 2018, 2020, and 2021. Leading the charge, he transformed Nikai into a major contender in the electronics market, offering a diverse portfolio of over 400 products that challenge industry giants. With a footprint in 60 countries and a customer base exceeding 65 million, Nikai’s global reach mirrors Shahdadpuri’s vision.
Beyond corporate boardrooms, Shahdadpuri’s impact extends to strengthening India-UAE business relations. As the former chairman of the Indian Business and Professional Council (IBPC), he played a pivotal role in fostering economic, investment and trade relations between the two nations. His leadership turned IBPC into a driving force, contributing significantly to the UAE becoming one of India’s largest trading partners. Continuing his commitment, Shahdadpuri remains an influential figure at IBPC as governor on its Board, contributing to ongoing initiatives.
Beyond the business world
In late 2022, he assumed the role as Chairman of The Electronics Group (TEG) under Dubai Chambers, representing the electronics industry. He actively promotes large-scale investments and business setups between India and the UAE.
Acknowledging his contributions, Sheikh Juma bin Maktoum bin Juma Al Maktoum had appointed Shahdadpuri as an Honorary board member of the UAE Billiards and Snooker Association. Beyond business, his commitment to community development is evident in his support for initiatives like Dubai Cares and organisations such as the Dubai Autism Group and Rashid Centre for the Disabled, of which he is a Board member. His philanthropic efforts extend to education where, under the patronage of Sheikh Nahayan bin Mubarak Al Nahayan, he established awards for excellence in teaching and outstanding student achievement at the Higher Colleges of Technology in the UAE.
Rank: 25
Name: Rizwan Sajan
Company: Danube Group
Designation: Founder and Chairman
Industry: Real estate
An entrepreneur from a very young age, Sajan commenced his professional journey at just age 16 while studying in Mumbai, India, driven by the need to support his family following his father’s untimely death. His father’s colleagues offered him employment, and he managed both work and college. At age 18, Sajan accepted a job in Kuwait from his uncle, expanding the family’s building materials business during the Gulf War.
His return to Mumbai in 1991 did not deter him, and he later pursued his dream in Dubai, leveraging his business skills. In Dubai, Sajan sought opportunities in the building materials supply sector, creating valuable connections. By 1993, he had established Danube Building Materials which was initially a modest venture but has transformed to become the largest supplier of building materials in the GCC region.
By the time Sajan had forayed into the property sector in Dubai, there were already multiple big players established in the sector. He knew that they had to create a unique plan in order to compete with the already established players in the market. He realised that 80 to 90 percent of expats were still renting, and Sajan aspired to convert them into buying their properties.
He devised the ’one percent payment plan’ in which apart from a small down payment, the buyers had to make a monthly payment of one percent, and the balance was collected once the building was complete. The ’one percent payment plan’ has been pivotal for Danube Properties and Sajan believes that it is a way to complete the aspirations of every expat in Dubai, which is to possess their own dream home and relish the luxuries this vibrant city has to offer. Danube Properties are the pioneers of the one percent payment plan here and with it, have helped build more than 15,000 homes.
About Danube Properties
For more than a decade, Danube Properties has delivered affordable luxury to thousands of families in the UAE. Danube Properties has come a long way in perfecting the science of developing homes with all the facilities, amenities, as well as quality finishings and delivering them on time; all at an affordable price. In 2023, Danube Properties partnered with luxury brands including Aston Martin, FashionTV and Tonino Lamborghini Casa to bring branded residences to their buyers who like a touch of class in their homes.
Overall, Danube Properties witnessed a robust year in 2023 as they brought affordable luxury to the fore and launched a project every alternate month. In 2023, the group achieved a record sale of AED10 billion in 12 months. Danube Properties’ current development portfolio includes 28 projects and 16,234 units, and the company has delivered almost half of the projects launched, making them one of the most successful developers in terms of delivery in the region.
Rank: 26
Name: Ahmed Ismail
Company: Majid Al Futtaim Holding
Designation: CEO
Industry: Diversified
Ismail assumed the role of CEO of Majid Al Futtaim Properties in 2018, propelling the group’s hotels, project management operations, malls, and communities into new heights under his visionary leadership. His professional career commenced in Cairo, Egypt and later Frankfurt, Germany at Procter & Gamble, where he held the position of project manager.
Transitioning to Dubai, Ismail delved into roles that spanned media, tourism, retail, and transportation sectors at the prestigious Booz Allen Hamilton. In this role, he spearheaded multifaceted transformation programmes for governmental and private clients, garnering recognition for his insights and strategic talent.
In 2007, he embarked on a path with Majid Al Futtaim (MAF) that would redefine the direction of the conglomerate. Stepping into the role of CEO at MAF Ventures, the investment arm of MAF Holding, Ismail helmed a team of over 3,000 employees, orchestrating operations spanning eight countries within the MENA region. His tenure of over a decade was distinguished by a steadfast dedication to growth and innovation.
During this period, notable enhancements were made to the MAF Ventures portfolio, introducing transformative entities such as Ski Dubai, Najm Cards, and VOX Cinemas, which gained significant recognition. His capacity to envision opportunities and his innate talent for strategic planning was recognised on the global stage when he was invited to join the board of Endeavor, a non-profit organisation committed to fostering high-impact entrepreneurship on a global scale.
Rank: 27
Name: Abdul Aziz Al Ghurair
Company: Al Ghurair Investment
Designation: Chairman
Industry: Diversified
A distinguished business leader embodying leadership, innovation, and entrepreneurial prowess, Al Ghurair is also the chairman of the board of directors at Mashreq; chairman of the executive committee of Abdulla Al Ghurair Group of Companies, one of the largest business conglomerates in the Middle East operating in more than 20 countries; and the chairman of the Dubai Chamber of Commerce. Prior to his role as the chairman of the board of directors at Mashreq Bank, Al Ghurair held the role of CEO of the bank for around three decades.
Throughout his career, he has held vital positions on the boards of Mastercard, Visa International, Dubai Investments, and Emaar. His leadership extended to co-chairing the Arab Business Council-World Economic Forum (WEF). 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 position of the president of The Knowledge Fund.
Al Ghurair established AGI in Dubai which spans seven distinct sectors, including foods, resources, properties, construction, energy, mobility, and ventures, with operations expanding across over 50 countries. In the fourth quarter of 2023, AGI upgraded its HR management processes through a collaborative effort with Oracle, focusing on providing employees with self-service features, autonomy in HR tasks, and improved access to training initiatives.
Rank: 28
Name: Issam Kazim
Company: Department of Tourism and Commerce Marketing
Designation: CEO
Industry: Tourism
In his current position at Dubai Corporation for Tourism and Commerce Marketing (DCTCM), established in December 2013 as a Dubai Tourism affiliate, Kazim oversees team development, global offices, and directs branding and promotion activities for Dubai. Leading negotiations for global partnerships, he fosters relationships with stakeholders, partners, and investors, contributing to overall city visitation growth. Also, a key media spokesperson, he represents Dubai Tourism at events and engagements, having previously served as the director of DXB Live and Commercial at Dubai World Trade Centre.
Key achievements
In his role at DCTCM since February 2014, Kazim has transformed the visitor experience in Dubai through innovative tools and expanded the Visit Dubai digital ecosystem. Leading campaigns like ’A Story Takes Flight’ and #BeMyGuest, he has significantly contributed to Dubai’s tourism growth. Kazim oversees marketing, branding, and partnerships, playing a crucial role in Dubai’s tourism development. As a board member of the Dubai Media Council, he serves as a spokesperson for Dubai Tourism and engages with VIPs and government bodies. Dubai’s revised tourism strategy adopts a dual focus, prioritising the revitalisation of its historic landmarks like Bur Dubai, Al Fahidi, and the Souq areas, while also dedicated to creating new attractions.
A landmark collaboration
In October 2023, Dubai’s Department of Economy and Tourism, together with Real Madrid Club de Fútbol, kicked-off a landmark collaboration. As two leading brands with joint ambitions and a dedication to excellence, the multi-year agreement promises a range of exciting activations, special fan moments and unique experiences for Dubai and Real Madrid fans. The newly formed alliance will equally serve as a powerhouse platform to create new growth opportunities for both institutions. Being at the forefront of global sports entertainment with the world’s greatest club aligns perfectly with Dubai’s ambitious plans to consolidate its position among the top three global cities.
Recent tourism campaign
The recent and very popular Dubai’s ’kids go free’ drive, which ran from July until August last year, was a huge hit among tourists. Now, the emirate is planning to work with partners to launch a campaign in 2024 to make the city a popular family destination. During the previous campaign, children enjoyed free stays, free dining options and discounted packages, while making the most of a wide range of amenities and family-focused activities in some of Dubai’s top hotels.
Dubai welcomed 15.37 million overnight visitors from January -November 2023, with an increase of over 20 percent compared to Jan- Nov 2022. Dubai attracted 20 percent more international visitors in first 11 months of 2023 and Western Europe was Dubai’s top source market in the first 11 months of 2023, accounting for 2.9 million travellers or 19 percent of the total number of international visitors to the emirate, according to the DET. South Asia was the second-biggest source market during the period, with 2.75 million visitors or 18 percent of the total.
The GCC was the third-biggest region contributing visitors to Dubai, with 2.43 million visitors or 16 percent of the total. The roughly two million tourists from Russia, the Commonwealth of Independent States and Eastern Europe contributed 13 percent of the total number of people visiting Dubai, the data showed. Visitors from the MENA region made up 12 percent of tourists that visited Dubai while North and South-East Asia accounted for 9 percent, the Americas 7 percent, Australasia 2 percent and Africa 4 percent. The jump in tourist arrivals kept the emirate’s hotels busy, with average occupancy during the year through to November rising to 77.2 percent, up from 72.6 percent in the same period of 2022.
Dubai’s global appeal as an events hub continues, drawing diverse audiences to its MICE, business, and leisure events, including the Dubai Shopping Festival, Art Dubai, and the Dubai World Cup. The city’s strategic visa initiatives, like the Golden Visa and Virtual Working, streamline entry processes, while its commitment to education is evident through internationally acclaimed universities. These efforts collectively enhance Dubai’s business-friendly environment for corporations, talent, entrepreneurs, and investors.
About DCTCM
The Dubai Corporation for Tourism and Commerce Marketing (DCTCM) aims to enhance global awareness of Dubai and attract tourists and investments. It serves as the primary authority overseeing the planning, development, and supervision of Dubai’s tourism sector. DCTCM is responsible for licensing hotels, tour operators, and other tourism services, including the supervision of archaeological and heritage sites to promote sustainable tourism. Additionally, the department conducts training programmes to ensure the industry’s development with skilled professionals. Since its inception, DCTCM has been instrumental in promoting tourism as one of Dubai’s key economic contributors. With a network of international offices, it engages diverse audiences, highlighting the city’s tourism offerings, events, and business opportunities.
DTCM and sustainability initiatives
The emirate has introduced several initiatives to reduce emissions in line with the UAE’s more ambitious goal of a 40 percent reduction by 2030. To cut emissions, DTCM has implemented several homegrown initiatives across the emirate. One such programme has 19 sustainability requirements for hotels in the country, including guest education, green events and managing towels and linens. The hotel’s classification system will promote the widespread adoption of sustainable practices within the hospitality industry to meet Dubai’s carbon reduction targets.
Rank: 29
Name: Huda Kattan
Company: Huda Beauty
Designation: Founder and CEO
Industry: Retail
Kattan, a pioneering force in the beauty industry, has dramatically reshaped the landscape of social media beauty influencers since founding Huda Beauty in 2013. Her journey into the world of beauty began with a burning passion for makeup, leading her to attend a renowned makeup training school in Los Angeles. It was there that she honed her skills to perfection, eventually providing services to a high-profile clientele, including A-list celebrities and members of royalty.
In 2010, as a professional makeup artist, Kattan was driven by a desire to extend her influence beyond the traditional boundaries of makeup artistry. This ambition gave birth to HudaBeauty.com, an online portal where she began sharing her extensive beauty knowledge and expertise. The blog quickly gained traction, becoming a go-to source for beauty enthusiasts worldwide. This online success paved the way for a pivotal moment in her career—the launch of her own line of false eyelashes. This product debut, which took place in February 2013 at Sephora in The Dubai Mall, marked the official beginning of the Huda Beauty brand.
By 2015, Kattan had emerged as a significant figure in the digital beauty world, her influence reaching new heights. The brand’s growth was further amplified by the establishment of the first Huda Beauty office, a collaborative venture involving her husband and her sister, Mona Kattan. As the brand continued to grow, its reach extended globally, with its much-coveted Lip Contour kits making their way into the prestigious Harrods department store in London, UK, by 2016.
Today, Huda Beauty stands as a colossal brand in the beauty industry. Its expansive product line, which includes over 140 different items, is a testament to Kattan’s relentless innovation and keen business acumen. The brand’s success is reflected in its impressive annual sales, approximately $200 million, contributing to Kattan’s estimated net worth of $400 million as of May 12, 2023. Kattan’s journey from a passionate makeup artist to a global beauty mogul is a powerful story of vision, perseverance, and entrepreneurial spirit.
About HB Investments
Demonstrating a commitment to innovation, Kattan introduced HB Investments, steering various projects forward. In her pursuit of innovation, she went on to co-found the fragrance line Kayali in November 2018, with Mona Kattan playing a pivotal role. The debut Kayali collection, named Collection 01, featured four distinct fragrances: VANILLA 28, CITRUS 08, MUSK 12, and ELIXIR 11.
This journey continued with the launch of Wishful Skincare in 2020, initially with a single product and later expanding into a comprehensive skincare range. Following an 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. Founded by Date Catudal, Humantra, as the second brand emerging from the HB Investment fund and incubator, reflects the Ketish founder Catudal’s journey as a cancer survivor.
Rank: 30
Name: Dr. Omar BinSulaiman
Company: OBS Group
Designation: Founder and Chairman
Industry: Diversified
BinSulaiman has held revered leadership positions in the government and private sector. He was the former vice chairman of UAE Central Bank, a rank of a minister in the federal government.
He was the first governor of Dubai International Financial Centre (DIFC), where he led the Financial Centre to become the fastest growing centre in the world. He was also the director general of Dubai International Financial Centre Authority (DIFCA), where he led the development of DIFC which became a universally recognised hub for institutional finance and a gateway for capital and investment in the region.
BinSulaiman also led the development of Dubai International Financial Exchange (renamed as NASDAQ Dubai), the first international financial exchange in the region. Prior to joining DIFC, he was the CEO of Dubai Internet City (DIC).
Previously, BinSulaiman has held notable positions, including the chairman of DIFC Investments; member of the Economic and Trade Committee established by the Executive Council of Dubai, vice-chairman of Dubai Real Estate Corporation (Al Wasl); vice chairman of Dubai Autism Centre; founding managing director of Dubai Culture & Arts Authority; founding chairman of Art Dubai; board member of IMD Switzerland, as well as he established LBS and Cass business schools in Dubai among others.
About BinSulaiman Group – OBS
With business interests spanning across the Middle East, Africa, Europe, and North America markets, BinSulaiman Group – OBS is a diversified UAE business group with luxury lifestyle retailing at one end to automotive aftermarkets, global logistics, investments, F&B, leisure, trading, healthcare, FMCG, and real estate on the other. The conglomerate achieved a milestone when it was recently awarded the Fastest Growing Company of the year 2023.
Boasting the largest distribution network in the region, over the past two decades, BinSulaiman Group – OBS has emerged as a pioneering force in the regional automotive aftermarket, introducing a plethora of innovative and sustainable products and services. Their efforts have not only set industry benchmarks but have also been instrumental in nurturing and expanding the automotive aftermarket ecosystem across all their operational markets. This steadfast commitment to innovation and sustainability has established them as a guiding beacon in the automotive aftermarket sector.
Among their diverse and thriving divisions, the luxury lifestyle retailing, F&B, FMCG, sectors stand out, each carving a unique niche in the global market. It has exclusive distribution rights to globally renowned luxury perfume brands, such as Maison Francis Kurkdjian (MFK) known for its Baccarat perfume, and French brands Maison Origine and Maison Crivelli, to name a few, The group’s retail foray is equally impressive, with their Scentitude boutique stores leading the charge. In the F&B sector, it has partnered with illy Caffes, the iconic Italian coffee brand, in the UAE with plans to expand illy Caffes into the KSA.
Rank: 31
Name: Faraz Khalid
Company: noon
Designation: CEO
Industry: E-commerce
As the co-founder and former managing director of Namshi, Khalid possesses a deep well of expertise and hands-on experience in building, launching, and scaling successful e-commerce ventures within the region. This e-commerce platform, a collaborative venture between Saudi Arabia’s Public Investment Fund (PIF) and Mohamed Alabbar, first made its mark in the Saudi market in 2017.
Since then, noon.com has emerged as a trailblazer in the Middle East’s digital commerce scene, establishing itself as the premier online shopping hub in the UAE, KSA, and Egypt.
The evolution of noon.com has seen the introduction of innovative services like noon Pay, a peer-to-peer payment service designed to offer users in KSA and the UAE unmatched convenience, security, and flexibility. In the first quarter of 2023, noon.com achieved a significant milestone by acquiring Namshi, a leading UAE-based fashion e-commerce platform. Founded in 2011 by Faraz Khalid and his partners Hisham Zarka, Hosam Arab, Louis Lebbos, and Muhammed Mekki, Namshi has specialised in delivering a wide range of footwear and apparel fashion brands.
Under Khalid’s leadership, noon.com is now focused on accelerating its growth and reinforcing its market presence in key regions, including the UAE, KSA, and Egypt. In terms of its market impact, noon.com has made a significant mark. It secured the fifth position among the largest e-commerce entities in the UAE last year, with an impressive revenue generation of $167.6 million.
Rank: 32
Name: Maaz Sheikh
Company: Starzplay
Designation: Co-founder and CEO
Industry: Entertainment
Considered the UAE’s homegrown equivalent of Netflix, Starzplay Arabia was co-founded by Maaz Sheikh, Danny Bates, Khaled Benchouche, and Karin Baggstrom. A subscription video-on-demand streaming service offering a variety of content, including films, documentaries, TV shows, as well as Arabic programming, the content is available in four languages across the MENA region and Pakistan.
By collaborating strategically with global studios such as Warner Bros, Universal, Discovery, and 20th Century Studios, among others, Starzplay Arabia has firmly established its position.
The service has secured significant financial backing, accumulating more than $125 million in funding from entities like Lionsgate, State Street Capital Group, and SEQ Capital. Further strengthening its financial foundation, Starzplay Arabia secured its inaugural independent debt financing of $25 million through a partnership with Abu Dhabi-based Ruya Partners in 2021. STARZ PLAY is headquartered in Dubai, UAE, with technology development offices in Madrid, Spain and Lahore, Pakistan.
StarzPlay has conducted an extensive study spotlighting viewership pattern in KSA for the year 2023. The study reveals that nearly 45 percent of StarzPlay’s entertainment audience originates from KSA, while Saudi viewers make up 30 percent of the platform’s sports audience. Football holds the top spot as the preferred sport among Saudi viewers, capturing a 60 percent share of the Saudi sports audience, followed by cricket.
Rank: 33
Name: Raja Al Gurg
Company: Easa Saleh Al Gurg Group
Designation: Chairperson and Managing Director
Industry: Diversified
Guided by the legacy of her late father, Easa Saleh Al Gurg, the founder, Al Gurg has shaped her leadership approach. Recognised for her advocacy for Arab women entrepreneurs, she established the Dubai Businesswomen Council and holds positions on the board of directors of Dubai Chambers. Additionally, she serves on the boards of the Dubai Chamber of Trade and Dubai Women’s Association.
In her role as 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, Dr. Al Gurg provides valuable insights to the advisory board of Coutts Bank, the wealth division of the Royal Bank of Scotland Group.
Her involvement extends to the board of directors for Dubai Academic Health Corporation, vice chairperson of the University of Dubai, board of trustees for Hamdan Bin Mohammed Smart University, and member of the board of trustees for Ajman University.
In 2022, she took on the position of honorary pro-chancellor at Heriot Watt University, complemented by the recent appointment of Professor Dame Heather McGregor as provost and vice-principal in Dubai. Al Gurg also offers her expertise to various business groups and international trade alliances. Her philanthropic endeavours include contributions 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: 34
Name: Fahad Al Hassawi
Company: du
Designation: CEO
Industry: Telecoms
Al Hassawi’s journey with du began in its inception in 2006 when he assumed the role of executive vice president of Human Resources from April 2006 to December 2009. His responsibilities spanned across various business units, including enterprise and consumer engagement, branding, communication, strategic planning, government relations, and the enhancement of customer experiences. Furthermore, he has played an instrumental role in establishing strategic partnerships and collaborations, elevating network experiences, and enhancing customer engagement.
Commencing his career as the first lieutenant engineer for the Dubai Police, Al Hassawi has accumulated diverse leadership experience, spending seven years at Emirates in various roles such as senior industrial engineer, performance development manager, manager of National Recruitment & Development, and vice president of Human Resources.
Within the dynamic landscape of the ICT sector, Al Hassawi takes the helm of telecom operations within du’s digital lifestyle and innovation divisions. His extensive responsibilities encompass steering infrastructure development, implementing technological advancements, managing network investments, and overseeing the continuous expansion of 5G capabilities. Beyond his operational duties, Al Hassawi is dedicated to fostering the growth of the next generation of Emirati entrepreneurs and business leaders.
The company reported AED1.27 billion in profit for the first nine months of 2023, while revenue reached AED10 billion from AED9.4 billion over the same period.
Rank: 35
Name: Zaid S. Al Khayyat
Company: Al Khayyat Investments (AKI)
Designation: Managing Director
Industry: Diversified
With roots dating back over four decades, AKI stands as a testament to Dubai’s entrepreneurial spirit. Originally founded in 1982 by Dr. Saad F. Al Khayyat, AKI has grown from a single pharma company in Dubai to a multibillion-dollar diversified business across the Middle East.
As a new breed of family business, at the heart of AKI’s success lies its adherence to core values, embedded in a people-first philosophy. AKI’s corporate identity is shaped by its commitment to diversity, skill development, and integrity, underpinned by robust governance and compliance. AKI was thus named one of the top 25 Best Workplaces in UAE™️ 2023 by Great Place to Work® Middle East.
In recent years, AKI has nurtured a spirit of smart agility and fostered an open-to-opportunity attitude to build a better and more sustainable future. In practice, AKI continues to diversify across their 10 business units within six core industries, including retail, healthcare, consumer goods, fitness & lifestyle, contracting, and automotive.
“Diversification is key as the GCC region remains a vital global marketplace in 2024,” says Zaid S. Al Khayyat. “The resilience of the GCC is unparalleled as business leaders have adeptly navigated challenges, from the pandemic to supply chain disruptions, inflation, geopolitical conflicts, and major technological shifts.”
He attributes this positive trend to the diversification initiatives of regional governments and business leaders. “Diversification goes beyond being a mere strategy or quick response. It needs to be a core aspect of a business’s culture, encouraging an entrepreneurial spirit that embraces change while staying grounded in commerce and community engagement.”
AKI’s collaborations with brands such as Superdry, Petit Bateau, adL, and Nanàn underscore adapting to the ’moments’ economy’s focus on customer experiences.
“We’re enhancing partner engagement, especially in e-commerce and mobile experiences,” he notes. AKI’s alignment with the demand for holistic healthcare has also boosted its Healthcare, Medical & Laboratory, and Pharma sectors, while AKI’s Contracting & Landscaping business now focuses on sustainable spaces that echo community values. At the same time, AKI’s Consumer Goods division now ranks among the UAE’s top three FMCG suppliers.
Across all areas of its business, AKI have harnessed new technologies to provide digital-first, mobile-enhanced experiences. Behind the scenes, its focus on AI, automation, and stringent system controls allows AKI to maintain accurate inventory tracking and delivery, even in challenging global supply chain conditions.
In 2024, AKI will launch a new, advanced distribution hub in Dubai Industrial City, significantly enhancing its capabilities. “This state-of-the-art distribution centre will double our storage and dispatch capacity, supporting our accelerated growth and expansion plans,” Al Khayyat explains.
As a result of all of these factors, AKI is regarded as a pioneer in multiple industries, and a trusted partner for both local businesses and global brands.
Rank: 36
Name: Paul Griffiths
Company: Dubai Airports
Designation: CEO
Industry: Aviation
With the responsibility for the operation and development of Dubai International (DXB) as well as Dubai World Central (DWC), Griffiths joined Dubai Airports as its first CEO in October 2007. One year later, he launched Terminal 3 at DXB and in 2010, launched the Emirate’s second airport, DWC. He achieved another milestone in Dubai’s aviation history in 2013 with the opening of Concourse A, the world’s first purpose-built A380 facility followed by Concourse D in 2016.
Under his leadership, Dubai Airports successfully managed the Covid-19 crisis and became one of the first airports to welcome back international tourists. Previously, he was the managing director of London’s Gatwick Airport. Before joining airport operator BAA in 2004, he spent 14 years with the Virgin Group, working closely with Sir Richard Branson as a board director of the Virgin Travel Group.
Dubai Airports reported a milestone as DXB registered 22.9 million passengers in Q3 2023, marking the highest quarterly traffic since 2019. As of the first nine months of the year, the total year-to-date traffic reached 64.5 million passengers, reflecting a 39.3 percent increase compared to the same period in 2022. India retained its position as DXB’s leading country destination in terms of traffic volume, with 8.9 million passengers in the first nine months of the year. KSA followed closely with 4.8 million passengers, and the UK recorded 4.4 million passengers during the same period.
And just last month, Griffiths was honoured as the Businessperson of the Year at the Arabian Business Achievement Awards held in Dubai.
Rank: 37
Name: Mudassir Sheikha
Company: Careem
Designation: CEO
Industry: Technology
Sheikha holds a degree in Economics and Computer Science from the University of Southern California, and furthered his education with a Master’s Degree in Computer Science at Stanford University. His professional journey began at Trilogy Software, followed by a role at Brience, a San Francisco-based mobile experience startup, in March 2000.
Subsequently, he played a leadership role at DeviceAnywhere in Pakistan, where he guided its offshore development centre. Following the acquisition of DeviceAnywhere by Keynote Systems, Sheikha joined the Dubai office of McKinsey & Company. Four years later, in collaboration with his former McKinsey colleague Magnus Olsson, he embarked on a new venture aimed at simplifying the lives of people in the Middle East.
This venture materialised as Careem, launched in 2012, which evolved into a leading technology platform for the region and was eventually acquired by Uber for $3 billion in 2020. In Dubai, Careem provides a diverse array of services, encompassing payments, food and grocery delivery, ride-hailing, micro-mobility, and more.
In April 2023, buoyed by a $400 million investment, telecom giant e& became the majority shareholder in Careem’s super app, while Uber retains complete ownership of Careem’s ride-hailing business. The Careem super app offers a wide range of services, including micro-mobility, food and grocery delivery, and third-party services such as home cleaning and car rental. Fintech offerings include Careem Pay, which offers peer-to-peer transfers, bill payments, digital wallet and international remittances.
Rank: 38
Name: Qasim Mansoor
Company: R.Evolution
Designation: Partner/Chief Development Officer and Chief Operations/Commercial Officer
Industry: Real estate
Qasim Mansoor is an accomplished design and real estate development executive with more than 25 years of experience in development of lifestyle mega developments. Mr Mansoor is helping re-defining ultra luxury residential developments influenced by wellbeing and sustainability.
Having worked with C-Suite of two of the largest publicly listed real estate developers in UAE such as Emaar Properties, Aldar Properties he has developed unique understanding of ideation of large developments influencing market trends, product creation, market sentiments and sales absorption strategies for increased shareholder value while creating demand for design led product which is attractive for investors and home owners.
Mr Mansoor has designed, developed, marketed, and sold some of the world’s largest projects across the world including Dubai Creek Harbour mega development in Dubai. Mr Mansoor, led Emaar innovative think tank, Emaar Future Studio, which gave humanity the iconic Dubai Creek Tower designed by Santiago Calatrava which was then considered the tallest structure in the world.
Mr Mansoor’s exceptional ability to conceptualize, design, manage and delivery mega projects exceeds Gross Development Value of 75 Billion USD and bringing more than 5,000 luxury homes to the market.
Backed by wealth of experience, at Ellington Properties, he continued crafting beautiful homes for home owners who appreciate opulence, sophistication, design and lifestyle. He continued re-defining design-led luxury lifestyle developments in prime locations which transcended trends and appreciated craftmanship.
More recently, Mr Mansoor is poised to lead R. evolution through exception growth as a boutique design centric customer focused real estate developer in Dubai. As Partner, Chief Development, Operations and Commercial officer for REvolution Real Estate, Mr mansoor continues to conceptualize beautiful environments, crafted with attention to details and capturing the imagination of investors and home owners with impeccable interiors with ambitions to grow the business to be a 1 Billion USD revenue in 3 years or less capitalizing on market trends of UAE real estate market.
In his current role, Mansoor helps identify unique locations for new opportunities through land acquisitions, capital structures, return on equity supported by development positioning, value creation through design, brand equity and attention to construction and material in ultra luxury developments He is also steering R.Evolution’s creative talent towards crafting disruption in future expansion in the other markets in UAE and globally.
Qasim Mansoor currently serves as External Senior Advisor to McKinsey and Company for their Real Estate practice in the region and globally where he has advised mega projects of PIF such as NEOM, ROSHN etc
Mr. Mansoor worked with several renowned Architecture firms including Skidmore Owings and Merrill (SOM) and Hellmuth Obata Kassabaum (HOK).
Mr. Mansoor received BA (Honors) in Architecture from University of Lefke, Turkey, MSc in Urban Planning and Development from University College London (UCL), UK, M.Arch in Practice and Construction Technology from University of Illinois, USA.
Rank: 39
Name: Shadman Sakib
Company: Vurse
Designation: Founder and CEO
Industry: Technology
Shadman Sakib is a 28-year-old first-generation technology entrepreneur currently building Vurse as the Founder and CEO. Vurse is an upcoming social media platform focused on disrupting the exponentially growing short video ecosystem. Shadman’s vision is to create a global environment for people from all over the world to be able to share their stories, experiences and culture.
Under Shadman’s leadership, Vurse has grown rapidly in a very short span of time. The application launched in India in November 2023, and is showing strong signs of engagement with over 16 million events created in the app, users spending an average of 22 minutes/day and logging in 3-5 times consistently on a daily basis. Shadman and his team at Vurse have set sights on UAE as the next market to expand into after their successful foray into India.
His contributions to the growing tech ecosystem in UAE has been documented and recognised extensively with a Young Achiever of the Year 2022 award by CEO Middle East and Entrepreneur of the Year 2022 by Entrepreneur ME. Shadman is an avid public speaker having had keynote speeches at large-scale events such as Gitex. He is also a philanthropist at a very young age contributing to various causes worldwide through the Sakib Philanthropic Foundation that he has set up.
About VURSE
Driven by the vision of nurturing global talent and making their content accessible anytime, anywhere, the app aims to be a bridge between Web2 and Web3 through an interactive short video platform, and a blockchain-based ecosystem for content creators. What sets VURSE apart is its emphasis on user interaction rather than mere consumption. There are 27 categories on VURSE, and the majority of its target audience is Gen Z who will be growing on the platform as the older audience.
As a hyper visual platform with one-minute-long videos, VURSE will unleash creativity with their state-of-the-art filters and editing features. Considering that it is very challenging for content creators to commercialise the content they are sharing on social media and there is a lack of transparency with respect to monetisation of content, VURSE’s solution to this is their suite of SocialFi products which benefits both creators and users. Vurse is leveraging deep-tech in order to bring in additional monetisation, ownership of content, as well as user engagement. Aimed at establishing the “content creator” as a respectable profession, VURSE helps creators grow themselves and their brands as fast as possible.
Among VURSE’s multi-fold unique features is the VS Challenge where users can upload videos that showcase their skills and then challenge other users to compete in a video duel, and Guessing Challenge which eliminates the problem of mindless scrolling through interactive trivias and quizzes posted by creators within the content they are creating.
Rank: 40
Name: Lewis Allsopp
Company: Allsopp & Allsopp Real Estate
Designation: Chairman
Industry: Real estate
Emerging as a pivotal figure in the Dubai real estate landscape, Allsopp has, over a span of 15 years, transitioned a modest four-person startup into a distinguished entity within the Dubai real estate sector, earning numerous accolades and establishing a recognisable brand identity. His innovative approach has not only revitalised his family’s business in Dubai but has also steered it toward profitability, with the company now boasting annual revenues in the nine-figure range and leading sales across a variety of established residential communities throughout the city.
Allsopp’s journey in the real estate domain initiated from a humble setup in a small villa located in Jumeirah. Here, he adeptly managed a diverse array of responsibilities, ranging from operations to sales, while navigating the company through the emerging real estate market of Dubai. His leadership is characterised by an unwavering determination and a shared commitment to success, principles that have become foundational to the company’s ethos and have significantly influenced the broader Dubai real estate industry. These qualities are regarded as essential for any successful real estate agency looking to launch in the city over the last decade.
His optimism, exemplary leadership, and staunch dedication to mutual success have been pivotal in driving the company’s forward momentum. Under Allsopp’s guidance, Allsopp & Allsopp Real Estate has experienced substantial growth, expanding its workforce to over 650 employees distributed across various Dubai locations. The company has broadened its scope beyond its core real estate activities, establishing several successful subsidiaries that offer financial services, executive search, and property management, thereby providing a holistic suite of services that enhance its real estate operations.
Allsopp’s keen eye for identifying promising opportunities, combined with his readiness to undertake well-considered risks and make strategic business decisions, is widely acknowledged as the driving force behind the company’s ascendancy and its ability to exceed industry standards. This strategic foresight and business acumen have not only contributed to the company’s impressive growth but have also set a benchmark for excellence and innovation in the real estate sector.
About Allsopp & Allsopp Real Estate
Founded in 2008 by Lewis Allsopp, serving as chairman, and Carl Allsopp, holding the position of CEO, Allsopp & Allsopp Real Estate has emerged as Dubai’s most accoladed independent real estate firm. The company is renowned for setting new benchmarks within the Dubai real estate sector through its commitment to transparency and the use of data-driven tools. These innovations equip their clientele with crucial data and market insights, facilitating more informed property-related decisions on a daily basis.
As of today, the workforce at Allsopp & Allsopp in Dubai has expanded to encompass over 650 experts who have undergone professional training and adhere to industry regulations. These professionals cover a broad spectrum of real estate services, including residential, commercial, and off-plan sales and rentals, direct client property management, mortgage advisory, sales progression, holiday home services, and executive search. With a legacy spanning more than 15 years of successful operations in Dubai, Allsopp & Allsopp remains dedicated to spearheading innovation within the industry, fostering a positive workplace culture, and providing unparalleled real estate services to their clients.
Under the guidance of its founders, Allsopp & Allsopp has seen consistent double-digit growth annually for several years. This growth trajectory reached its peak in 2023, which was recorded as the most successful year in the company’s 15-year history. A key aspect of this achievement is the company’s status as a wholly family-owned enterprise, which has thrived without the need for private equity funding or the pursuit of expansive acquisitions. This success is attributed to what Allsopp perceives as the firm’s greatest resource: its dedicated team of professionals.
The Allsopp & Allsopp Annual Dubai Property Market Report According to the Allsopp & Allsopp Annual Dubai Property Market Report for 2023, there was record-breaking activity across the Dubai real estate market. Their report unpacks 12 months of market data and consumer insights, covering every aspect of the Dubai residential sales and lettings market. They explain how off-plan sales propelled the market forward, branded residences’ role in making Dubai the world’s number one city for sales transactions over $10 million and look beyond the headlines to reveal where 70 percent of Dubai sales transactions occur.
This comprehensive report delves deeply into the current trends and dynamics of the Dubai real estate market, offering an extensive analysis coupled with impactful consumer insights. It is meticulously designed to assist a wide range of market participants, including buyers, sellers, landlords, and tenants, by equipping them with the knowledge to confidently navigate the market landscape. With the detailed information and insights provided in this report, users are positioned to derive maximum value from their market engagements.
Central to the foundation of this report is a rich compilation of market data and consumer insights, sourced from the robust Data Hub at Allsopp & Allsopp, in conjunction with the authoritative records of the Dubai Land Department. These resources collectively offer an empowering toolset for individuals and entities alike, facilitating the formulation of well-informed, strategic property decisions in the year 2024.
By offering a panoramic view of the market’s current state, including trends, patterns, and predictions, this report aims to not only inform but also enhance the decision-making process for all stakeholders involved. It is tailored to provide users with a comprehensive understanding of the market, enabling them to make decisions that are both informed and beneficial in the short and long term.
Rank: 41
Name: Hamid Kerayechian
Company: Ayana Holding
Designation: CEO and Founding Partner
Industry: Real estate
With over two decades of experience in luxury real estate development, Kerayechian stands at the helm of Ayana Holding, a conglomerate he has transformed into a globally recognised network. Under his result-driven leadership, Ayana Holding has become a powerhouse, providing a comprehensive range of industry-specific solutions to governments and real estate developers across the globe.
His strategic vision has led to the expansion of Ayana Holding’s service offerings, encompassing everything from real estate investment and development to design, construction management, marketing, strategy, technology, IT, infrastructure, asset management, procurement, hospitality advisory, and general trading.
Kerayechian has meticulously diversified Ayana Holding’s business sectors, incorporating real estate investment and brokerage through Ayana Properties, architectural design, and construction management with VX Studio, interior design by Opaal Interiors, and marketing and branding through Brand Capital. His endeavours also include developing the leisure and entertainment sector with M2L Concepts, advancing IT infrastructure and Proptech with Xplor, and overseeing building materials procurement, general trading, and asset management with Detay, among other ventures. His leadership has been instrumental in broadening the company’s global presence, notably in the GCC, Europe, North America, CIS countries, and Africa.
As a dynamic and interactive leader, Kerayechian manages teams of highly skilled and motivated professionals. His approach is fundamental to fostering growth, development, and the successful delivery of quality projects and companies within Ayana Holding. His emphasis on vision and innovation continuously propels the company towards new heights, solidifying Ayana Holding’s position as a leader in the real estate development sector and beyond.
About Ayana Holding
Based in Dubai, Ayana Holding is a globally recognised organisation with a portfolio of market-leading businesses and investments across various industries. Since its inception, Ayana Holding has grown into a multi-million-dollar conglomerate, known for its adeptness in thriving within diverse, transitional, and complex economies, positioning it as a leader in innovation. The company excels in creating a global network of influential companies, leveraging its substantial financial, operational, and strategic expertise, and expansive network. This approach enables the company to transcend international boundaries and benchmarks, fostering high-growth businesses that disrupt industries and make a significant global impact.
Ayana Holding is dedicated to assembling a network of formidable companies that collaborate to offer a broad range of high-quality services and expertise. Their areas of focus include real estate investment and development, architectural design and master planning, interior design, marketing and strategy, IT security and infrastructure, hospitality management, procurement, asset management, technology, and startups. Boasting a diverse portfolio of companies, Ayana Holding is committed to fostering a culture of excellence, energy, and innovative thinking, resulting in a group of companies renowned for their quality, reliability, and results-driven services. Their ongoing expansion and success have solidified their status as a multi-million-dollar group leading the way in innovation in various economies.
Masterplan projects
Situated in Dubai Healthcare City Phase II, the MAG Creek Wellbeing Resort emerges as a premier World Class Wellness Resort. This expansive development encompasses a wellness-focused hotel, serviced and residential apartments, luxury Creekside villas, and what is set to be the World’s largest wellness centre. By introducing such a comprehensive wellness and living complex, the project aims to redefine global standards in Wellness Master planning, positioning Dubai as the leading health tourism hub in the Middle East.
Further enhancing the urban landscape, the Dalma Mall Masterplan extension unveils an ambitious vision for growth. This expansion includes not only an extensive renovation and enlargement of the existing mall but also the addition of a hotel and residential facilities. The master plan is crafted to foster a vibrant mixed-use community, aiming to attract more visitors and generate increased revenue for the mall. It seeks to optimise the utilisation of surrounding land parcels while prioritising spatial quality, architectural form, and an enhanced lifestyle experience for residents and visitors alike.
Adding to the architectural marvels within the region, the design for a 5* Boutique Andaz Hotel, situated within the La Mer Meraas Masterplan, introduces a pioneering concept in the Middle East. Boasting an exceptional ocean-view location, this hotel is designed to offer a serene and luxurious retreat for guests. With 156 keys, the hotel is poised to become a distinctive hospitality destination, offering unparalleled experiences in comfort, luxury, and relaxation in a picturesque setting. This project further underscores the region’s commitment to expanding its luxury hospitality offerings, catering to the discerning tastes of international and local guests.
About M2L Concepts
M2L Concepts, a frontrunner in interactive entertainment and events in Dubai, offer organisations innovative strategies that elevate engagement levels and solidify brand identities. M2L Concepts delivers unique experiences that not only captivate but also provide entertainment venues with a notable competitive advantage. From the initial idea and enhancing guest experiences to final execution, they partner closely with clients, ensuring continuous support and follow-up services. Their entertainment solutions craft immersive experiences that blur the lines between digital and physical realms, encompassing market research, concept design and assessment, implementation, and management of indoor entertainment using mixed reality (XR), virtual reality (VR), augmented reality (AR), family entertainment centres, and educational entertainment (’edutainment’) among others.
Rank: 42
Name: Adnan Chilwan
Company: Dubai Islamic Bank
Designation: Group CEO
Industry: Banking
Dr. Chilwan, a leading figure in Islamic banking and finance, brings nearly three decades of experience across both conventional and Islamic banks in the region. As the head of Dubai Islamic Bank (DIB), he steers the world’s pioneering Sharia-compliant bank, also the largest in the UAE. His diverse responsibilities include representing DIB on boards of strategic investments, subsidiaries, and associates. Serving as the chairman of DIB Bank Kenya, he holds board positions in entities including Noor Bank, Deyaar, Liquidity Management Centre in Bahrain and Dar Al Sharia.
Beyond consultancy roles, Chilwan is committed to advancing Islamic finance globally, engaging with governments and related bodies within and beyond the UAE. He actively shares his insights in forums and seminars at prestigious universities like the University of Cambridge, City University of London, Cass Business School, and Skyline University. Additionally, he plays a vital role on the advisory council at Higher Colleges of Technology (HCT) in the UAE. Holding a PhD and MBA in marketing, he is a certified Islamic Banker (CeIB) and a postgraduate in Islamic Banking and Insurance. As an associate fellow member of the Islamic Finance Professionals Board, he contributes to elevating industry standards.
About Dubai Islamic Bank
Established in 1975, DIB stands as the largest Islamic bank in the UAE, listed on the Dubai Financial Market as a public joint-stock company. Pioneering the global Islamic finance industry, the bank is considered the world’s first full-service Islamic bank and ranks as the second largest globally, offering an expanding multiple innovative Sharia-compliant products and services to retail, corporate, and institutional clients. The establishment of wholly owned subsidiary DIB Pakistan Limited, offering Priority & Platinum Banking, showcases its international reach. DIB’s entry into the Far East was marked by the launch of Panin Dubai Syariah Bank in Indonesia in 2017, where DIB holds over a 25 percent stake.
In June 2023, DIB unveiled DIB ‘alt’, a comprehensive digital banking experience aimed at revolutionising its customers’ interactions with the bank. The strategic consolidation under the ‘alt’ brand is poised to deliver unparalleled ease and convenience to customers, establishing a cohesive platform for their diverse digital banking needs. Providing over 135 digital services, spanning across the DIB Mobile App, online banking, WhatsApp, and ATMs, the platform becomes a one-stop destination for multiple banking requirements.
Rank: 43
Name: Ashish Vijay
Company: AV Group
Designation: Founder and Chairman
Industry: Retail
With a deep-rooted connection to the world of gemstones dating back 75 years within his family, Ashish’s journey has evolved from childhood fascination with gemstones to a personal commitment to the artistry of cutting and polishing jewels. In steering the development of the Middle East’s gemstone sector, Ashish has played a vital role in key achievements, including being the primary sponsor of the 2023 Coloured Gemstones Association Congress, an event that expanded the horizons of the gemstone industry in the Middle East and helped create new opportunities that were previously unexplored.
Based on his wealth of experience in the industry, he has been recently appointed as the director of the Middle East chapter. He has also been instrumental in unlocking the potential of the Thailand gemstone market. By skilfully positioning the UAE as a global hub for gemstone trading and commerce, AV Group is redefining the industry landscape.
About the AV Group
Ashish reveals that his goal is to facilitate a meaningful connection where the stone resonates with its rightful owner. He adds, “The AV Group core values are trust, transparency, and tradition and these fundamental pillars anchor our product quality. We specialise in crafting legacy pieces, which are not only exquisite gems but also heirlooms and investments that can be passed down through generations.”
The group’s pioneering spirit is best exemplified through their commitment to integrating cutting-edge technologies like blockchain into the sale of diamonds, a move that has modernised industry practices and heralded a new era of traceability within the rough diamond trade. Ashish has also helmed an innovative platform for the transparent auctions for polished diamonds, gemstones, and jewellery in Dubai. He explains, “What sets it apart is its inclusive nature, catering not only to B2B transactions but also to the broader B2C consumer market. It’s a pioneering platform designed to encourage competitive bidding, foster active participation, and open unique opportunities for individuals at all levels.”
Furthermore, the AV Group maintains an unwavering commitment to upholding an ethical supply chain and therefore, adhere to ethical sourcing and the comprehensive certification of all products.
“This ensures the strict prevention of child labour and slavery within our supply chain, thereby emphasising our steadfast commitment to the highest ethical standards,” he says. “Our business ethos is firmly rooted in the belief that ethical practices form the cornerstone of a sustainable and responsible enterprise.”
The group’s philanthropic endeavours are rooted in supporting initiatives that promise a brighter future. These include the reinforcement of healthcare services, the establishment of mobile health clinics in underserved regions of India, the provision of vital aid to orphanages, and active participation in educational programmes facilitated through their partnership with the Bliss Foundation, a non-governmental organisation in India.
Rank: 44
Name: Aloki Batra
Company: FIVE Hospitality and The Pacha Group
Designation: CEO
Industry: Hospitality
As a co-founder of FIVE, Batra plays a key role in his dual positions. His approach combines high-quality property infrastructure with innovative experiential offerings, driving the brand’s high performance. He is also recognised for generating over $1.7 billion in combined sales for FIVE Palm Jumeirah, FIVE Jumeirah Village, and FIVE LUXE’s Luxury Residences.
In 2023*, FIVE Palm Jumeirah and FIVE Jumeirah Village have consistently maintained an impressive average occupancy rate of 92 percent, surpassing competitors by 27 percent, an Average Daily Rate (ADR) of $304 and is currently performing 2.3 times higher than its comp-set in terms of TrevPAR at $702.
Total revenue soared to $547 million in 2023* from $123 million in 2019, representing an extraordinary growth of approximately 345 percent. With over 38,500 reviews, FIVE Jumeirah Village is the most reviewed hotel on Booking.com that also boasts a rating of 9.1/10. FIVE’s digital-first approach reflects 50 percent of bookings through its website/reservations teams.
In 2023, digital pioneer Batra led the creation of an engaged social media community with 1,022,943 followers across 46 profiles, achieving 8.40 million TikTok views and over 725 million views for FIVE’s hashtags. Additionally, his personal insights on LinkedIn reached 2.86 million users.
FIVE has become Dubai’s premier party and lifestyle destination, hosting over 5 million guests from 192 nationalities at its award-winning venues and over 4,900 music-centric events featuring over 500 top DJs since its inception, with music as its fundamental essence.
Guided by Batra, FIVE is among the rare hospitality brands with its own record label and studio. Partnering with Warner Music Group, FIVE Music connects with top global talent, boosting its music events internationally. FIVE Music Studio at FIVE Palm Jumeirah also acts as a collaboration space for international producers, musicians, and writers. He has also enhanced FIVE’s services with the introduction of Fly FIVE, a first-class private jet experience featuring 16 seats, a dining table for eight, a master suite, and in-flight music.
The next chapter
Batra played a crucial role in conceptualising and launching FIVE LUXE at Jumeirah Beach Residence (JBR), set for an early 2024 opening. This prime beachfront property features 222 hotel rooms and suites, 276 residences, various dining, and nightlife options, a 1,300 sq m private beach with a club, ReFIVE Spa, an outdoor gym over 650 sq m, and more, all offering unobstructed sea views, including of Ain Dubai and Palm Jumeirah.
Batra’s vision for FIVE’s global expansion is marked by the recent $330 million acquisition of Pacha Group, including two hotels, a nightclub, and merchandise. The Pacha’s Destino Hotel will convert to a FIVE Brand Hotel in 2025, alongside the 2025 launch of the iconic Lío at FIVE LUXE. Environmental upgrades are in progress for Pacha’s transformation towards LEED Platinum status.
(*2023 figures are estimated and represent proforma numbers for FIVE including Pacha)
Rank: 45
Name: Tarek Daouk
Company: Dentsu MENA
Designation: CEO
Industry: Media
A pioneer with over 20 years in the MENA media and advertising sector, Daouk heads dentsu’s regional operations, driving the company’s transformation and aiding major advertisers in anticipating and capitalising on disruptive opportunities. Since 2018, his leadership at dentsu has spurred strategic growth in MENA, harnessing the company’s strengths to offer integrated solutions that blend technology, media, creative content, and analytics, aiming for improved business and societal results.
Throughout his career, he has imbued multiple industry experiences, collaborating with a range of high-profile, blue-chip advertisers such as GSK, GM, Mars, Mondelez, P&G, Samsung, and Visa. And today, he is deeply invested in aiding advertisers in the region to enhance their businesses by crafting a next-generation agency model. This innovative agency concept is centred around the integration of creative, media, data, and commerce, facilitating the creation of unique and memorable experiences for consumers.
Strategic thinking
Daouk’s entrepreneurial skills are evident in his ability to consistently drive double-digit revenue and performance growth for the agency. His strategic approach has been pivotal in evolving the agency’s services across marketing, consulting, and technology sectors, ensuring that the agency remains a leader in an ever-changing industry landscape.
He also serves as a member of the board of advisors for the American University of Beirut, offering valuable insights and guidance. Additionally, he plays a vital role as a strategic advisor for Quest Ventures, an early-stage technology venture fund, where he helps identify and nurture promising technological innovations.
His commitment to leadership and development is further demonstrated through his active participation in the global YPO leadership community, where he engages with other leaders to share knowledge as well as foster collaborative growth.
About dentsu MENA
dentsu MENA’s team specialises in guiding brands through disruptive opportunities and fostering growth in the sustainable economy. Taking a people-cantered approach to business transformation, dentsu combines Japanese innovation with a diverse, global perspective to drive client growth and to shape society. Their brands include Carat, a media and digital agency known for connecting brands with customers, driving growth for brands like General Motors, Microsoft and Mastercard with human-centric strategies.
Dentsu Creative is a creative network that enhances brands and businesses like American Express, KFC and Dubai Holding with modern creativity. Merkle, a customer experience management and performance marketing agency with a 32-year history, creates personalised marketing strategies for brands like Emirates, Pizza Hut and Samsung.
Rank: 46
Name: Talal Al Ajmi
Company: Development Holding
Designation: Founder and CEO
Industry: Finance
Al Ajmi is a young Kuwaiti entrepreneur whose early passion towards financial markets and trading made him become one of the well-known figures in this field both in Kuwait and the Middle East. He graduated from the university of Philadelphia with a bachelor’s degree in information technology, however, he had always seen himself as an entrepreneur and a businessman.
Today, Al Ajmi is recognised in the business community as a strategic visionary who’s committed to excellence and driven by a higher purpose. His entrepreneurial approach is marked by an innate desire to redefine the parameters of success and enable others to attain significant accomplishments. Leading DH Holding, Al Ajmi seeks to initiate a transformative process, merging insightful analysis with strategic planning to effectively shape future trajectories. In his own words, he says, “Embrace change. Achieve greatness. Stay adaptable.”
A commitment to innovation
At DH Holding, Al Ajmi focuses on catalysing expansion and unlocking new opportunities, setting the stage for limitless success. His relentless drive for continuous innovation and expansion reflects his ambition to make a lasting impact in the business world. Al Ajmi’s dedication to innovation and growth is deeply rooted in his belief in strategic investments’ transformative power. He aims to foster a world where individuals can thrive through diversification and financial planning, achieving new heights of success.
The start of nurturing enterprises
Al Ajmi, passionate about diversifying investments and achieving success, founded DH to grow small to medium-sized businesses into industry leaders. Emphasising transparency, DH provides clients with clear insights into their investments using detailed metrics. A key to DH’s success is building a skilled team aligned with the company’s values and vision. DH heavily invests in research and development, particularly in AI and data analytics, to guide decision-making.
The company employs flexible, client-focused strategies to overcome challenges and maintain a balance between innovation and productivity. Advanced technology and client feedback are integral to DH’s strategic planning. As the visionary steering the company, Al Ajmi advises aspiring entrepreneurs to cultivate resilience, determination, and a strong work ethic, and stresses the importance of networking. DH is also dedicated to social responsibility and sustainability, integrating these into their business ethos.
About DH Holding
DH Holding believes that passion is the driving force behind every successful endeavour. Their company culture thrives on individuals passionate about diversifying investment portfolios and reaching new pinnacles of success. Al Ajmi encourages his team members to channel their passion into their work, creating a harmony of dedication and enthusiasm. Entrepreneurship is at the heart of their organisation. They foster an environment that encourages innovation, risk-taking, and creativity.
Empowering their employees to think differently, challenge the status quo, and embrace cutting-edge Technologies, DH Company’s entrepreneurial spirit permeates every aspect of their company culture, allowing them to push boundaries and explore new horizons continuously.
Transparency forms the cornerstone of their operations, and they present clientele with a crystal-clear view of their progress and successes. Meticulously documented figures and performance metrics substantiate their commitment to transparency, enabling their clients to trust their capabilities and achievements.
Assembling a high-calibre team is crucial to their success. That’s why DH Company adhere to the key people theory, carefully handpicking individuals who possess the necessary skills and align harmoniously with their values and overarching vision. Collaboration, trust, and respect are the building blocks of team culture. The company thrives amidst the evolving business landscape. Resilience is ingrained in their culture, empowering them to confront obstacles and emerge stronger.
A catalyst for change
DH Company invests substantially in research and development, harnessing the power of artificial intelligence and data analytics to make informed decisions that drive their organisation forward.
Al Ajmi encourages team members to engage in continuous learning, providing them with professional growth and development opportunities. Their business ethos is firmly anchored in the principles of social responsibility and sustainability, which are intricately woven into the fabric of their company’s identity. These guiding values shape every decision and action, ensuring that they consistently act with consideration for societal and environmental well-being.
DH Company strives to be a catalyst for positive change, understanding that our actions can inspire others and contribute to a greater good. Their focus on sustainability and social responsibility is a journey of continuous improvement, seeking not only to meet but to exceed the expectations of their clients, employees, and the wider community. The company is more than just a business entity; it’s a proactive participant in shaping a better, more responsible future.
Their passion for diversification, innovation, and strategic growth is not merely a story but a catalyst for client’s success. With DH Holding’s dedication to transparency, teamwork, and relentless pursuit of excellence creating a symphony of opportunities, looking ahead to the future, Al Ajmi announces that DH Company is gearing up for larger investments, providing clients with opportunities for profit-sharing. He reveals plans to democratise the journey by offering company shares for subscription, allowing others to join in their robust growth trajectory.
Rank: 47
Name: Ahmad Bin Shafar
Company: Empower
Designation: CEO
Industry: Industry
Since assuming the leadership role in 2004, Bin Shafar has steered Dubai’s Empower through impressive growth and transformation. With over 28 years of management experience, he honed his leadership skills at Standard Chartered Bank. His leadership has propelled Empower into a global powerhouse in district cooling, securing its position as the world’s largest provider.
Under his guidance, Empower has not only become an industry leader but has set new benchmarks for excellence. Bin Shafar also chairs Empower Logstor Insulated Pipe Systems; advises UNEP’s District Energy in Cities initiative; and leads several prominent organisations, showcasing his multifaceted leadership prowess.
Bin Shafar’s strategic insights and deep industry understanding have been instrumental in Empower’s transformation from a startup into a global district cooling giant. Over the past decade, his leadership has not only positioned Empower as an industry leader but has also set new benchmarks for excellence within the district cooling landscape.
In addition to leading Empower, Bin Shafar is involved in various key roles, including chairing Empower Logstor Insulated Pipe Systems (ELIPS), advising UNEP’s District Energy in Cities initiative, and leading organisations such as Dubai Sports Council, District Energy Association, Bin Shafar Holding, and Al Shafar National Contracting. He is also affiliated with IMD International and ASHRAE.
About Empower
District cooling companies, growing at a rapid pace in the Middle East, deliver chilled water through insulated pipes to offices, residences, and industrial buildings to run air-conditioning systems. Its benefits include reduced capital and operating costs, lower set-up costs, substantially lower electricity use and lower maintenance, and more sustainability as it enables the use of alternative and cheaper fuels, according to Empower’s website.
Empower dominates Dubai’s market with an 80 percent share, focusing on essential sectors, including 64 percent residential and 15 percent commercial buildings. For the nine months ending on 30 September 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent, respectively. In Q3 2023, the company achieved significant milestones, completing the acquisition of Dubai Airport district cooling assets and commencing services for Dubai’s international airport. Empower also awarded contracts for a next-generation district cooling plant and expanded the pipeline network in Jumeirah Beach Hills, providing 48,000 RT cooling capacity.
The company added nearly a dozen new buildings to its portfolio during the quarter, including projects like Sobha Real Estate’s S Tower. Empower received Gold Certification from the U.S. Green Building Council for its Za’abeel plant, recognising its commitment to environmentally friendly practices. This marks the second time the company has received this LEED-based certification.
During the period, the company entered into nearly 25 new agreements with building owners, expanding its environmentally friendly district cooling services and adding around 26,000 RT to its contracted capacity. The third quarter of 2023 saw a 22 percent rise in electronic registrations for the company’s services compared to the same period in 2022, indicating a growing demand for Empower’s district cooling services.
Rank: 48
Name: Hisham Alrayes
Company: GFH Financial Group
Designation: Group CEO and Board Member
Industry: Finance
Steering the group forward towards its vision of becoming the region’s most diversified financial group, which provides an outstanding platform for delivering superior wealth management, commercial banking, and asset management services, Alrayes brings over two decades of extensive expertise and banking knowledge to the group.
He has been instrumental in driving the development and execution of the group’s regional and international investment strategy. Alrayes chairs and holds several directorships in financial, industrial, and real estate companies, including Esterad Investment Company, Khaleeji Commercial Bank, GFH Capital, GBCORP, and Infracorp. He holds a Master’s Degree with honours in Business Administration from the University of DePaul, Chicago (USA), and a Bachelor’s Degree in Engineering with Honours from the University of Bahrain.
GFH’s continuous efforts to broaden its portfolio globally have yielded significant acquisitions and partnerships, further reinforcing its position as a leading financial conglomerate. GFH’s commitment to sustainable infrastructure has led to its involvement in Infracorp, the group’s sustainable infrastructure platform, which has embarked on a co-investment journey with Aurora Infrastructure. GFH strengthened its presence in key markets such as the US and the GCC region while listing shares on the Abu Dhabi Securities Exchange (ADX) marked another highlight, broadening the shareholder base as well as enhancing liquidity.
Rank: 49
Name: Alisha Moopen
Company: Aster DM Healthcare
Designation: Managing Director
Industry: Healthcare
Until recently, Moopen held the role of director at Aster DM Healthcare since 2013, however, with a new ownership structure in the form of a $1 billion deal in Q4 2023 with key Gulf investors, she was confirmed as the managing director for the GCC operations as part of the shakeup. 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 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.
On 28 November 2023, Aster announced a significant restructuring, with Fajr Capital-led consortium acquiring a 65 percent stake in its UAE-Gulf operations. This strategic move positions Aster DM to strengthen its presence in KSA, complementing its existing footprint in Oman and Qatar. In parallel, its founders, the Moopens, increased their stake in the India operations to 42 percent, a strategic realignment that sets the stage for Aster DM’s focused expansion and heightened market presence.
Rank: 50
Name: Mohammed Sankari
Company: Sankari Properties
Designation: Chairman
Industry: Real estate
Mohammed Sankari, an accomplished business leader, has navigated a robust entrepreneurial path within a prospering family enterprise. His attention to detail and dedication to excellence have established him as a key contributor to the business landscape of the UAE.
Belonging to a family deeply rooted in business, Sankari’s education in decision-making, entrepreneurship, and risk assessment began at a young age. Even before his teenage years, he played a supportive role in the family enterprise and officially joined the business at the age of 18, while he pursued his formal education.
As an Emirati entrepreneur, Sankari is driven by a deep ambition to contribute substantially to his nation. He envisions creating architectural landmarks that embody the UAE’s rich history and promising future. Influenced by the leadership of the UAE and his family history, he dedicates himself to developing impactful lifestyle or living experiences. His goal is not to just enhance the standard of excellence, but to redefine it. He concentrates on the finer details to ensure precision in every commitment.
Leadership par excellence
Originating from a family business with a strong foothold in high-end retail and lifestyle, Mohammed brings a depth of market understanding and business expertise to Sankari Properties. His leadership is crucial for guiding the company in creating esteemed real estate projects that future generations will value and appreciate. His role in the family business has been significant in building a considerable real estate portfolio, demonstrating a legacy of growth and strategic foresight.
Sankari values trust in business dealings and fosters this through transparent communication, dependability, and a strong focus on client satisfaction. His strategic planning has played a significant role in bringing together a team characterised by a high level of professionalism and diverse expertise, well-equipped to navigate the UAE market’s intricate demands. Guided by his leadership, Sankari Properties is committed to developing real estate projects that exceed the anticipations of the UAE’s discerning client base.
By effectively merging their longstanding principles with the dynamic landscape of the UAE’s real estate sector, Sankari Properties not only seeks to uphold the esteemed reputation established by the family over the years but also aims to adapt and respond to the contemporary needs and trends of the market. This alignment of traditional values with modern practices reflects a balanced approach to business that respects the past while embracing the future, positioning Sankari Properties as a forward-thinking player in the real estate domain.
About Sankari Properties
Sankari Properties, a new enterprise, was established in 2023, coinciding with the 40th anniversary of Paris Group. Paris Group is the principal division of the Sankari Investment Group, a UAE-based conglomerate initiated in 1983 by Dr. Abdulkader Sankari, the father of Mohammed Sankari. Specialising in luxury fashion and retail, UAE-based conglomerate Paris Group operates over 300 stores worldwide. As a growing contributor to the UAE’s dynamic development, Sankari Properties presents a collection of luxury real estate steeped in a rich family legacy that intertwines a story of tradition and excellence.
Sankari Properties is dedicated to a philosophy that is both clear and bold: their mission is to construct homes that transcend the ordinary, creating not just impressive statements, but personal sanctuaries. They strive to ensure that each residence is more than a mere location in Dubai, but rather a reflection of the city’s dynamic spirit and vibrant lifestyle. Each property is a testament to their commitment to exquisite detail, embodying timeless elegance and sophisticated living.
Sankari Properties represents a collaboration of forward-thinking professionals across all specialities, including design and development, project management, operations, and customer service. These experts not only push real estate boundaries but also consistently strive to set benchmark standards. The firm has formed partnerships with best-in-class interior design and architecture firms, celebrated for their profound connection to space and style.
These partners excel not just in design but also as discerning curators, adept at foreseeing every luxury and necessity. For Sankari Properties, the endeavour extends far beyond the realm of building premium apartments; it’s about cultivating a community that resonates with their discerning taste, values the finer aspects of life, and embraces the concept of living in Dubai as an experience without limits.
Flagship project in Business Bay
Encompassing twin residential towers, the project will be masterfully crafted by Foster & Partners, featuring exquisite interior design by Portia Fox. Housed within the twin towers is a limited collection of just 63 exquisite full-floor residences, each ranging from three to five bedrooms in its sophisticated design.
These start at 604 m2, each occupying an entire floor to ensure maximum privacy and security. This $1 billion development rising from the heart of Dubai’s vibrant Marasi district in Business Bay promises to redefine the elevated living experience, with starting prices of $10 million. Slated for completion in the fourth quarter of 2027, the introduction of Sankari Properties is aligned with the nation’s strategy for economic diversification and growth.
Nestled in a unique standalone plot with uninterrupted access and views of Marasi Marina and Downtown Dubai, the towers’ architectural design maximises stunning views of Dubai Creek and the city skyline. Sankari Properties is reimagining elevated living with thoughtfully designed spaces that foster a balanced lifestyle.
The project boasts large terraces that enhance living spaces with year-round outdoor comfort and airflow. Residents will have access to abundant top-notch amenities, including private pools, a modern gym, and spa. Sankari Properties is also set to collaborate with a key international luxury hospitality brand, ensuring high-standard services. This flagship residence is the first of many unique projects by Sankari Properties, located in prime areas like Marasi Business Bay and Palm Jumeirah, signalling the company’s diverse and strategic development plans.
Rank: 51
Name: Fadi Ghandour
Company: Wamda Capital
Designation: Executive Chairman
Industry: Investment
Ghandour, the visionary behind Aramex, plays a key role in the MENA region’s thriving start-up scene. Under his leadership, Aramex transformed into a leading logistics firm in emerging markets with 250 offices in 90 countries. Ghandour achieved the milestone of taking the company public twice, first on Nasdaq, marking a first for the Arab world, and then the Dubai Financial Market and later sold his remaining 10 percent shareholding to Boson Ventures Corporation. He remains engaged on the Aramex board.
A seasoned entrepreneur, Ghandour is involved in founding, investing, and launching numerous companies and non-profits. His diverse ventures span digital tech, hospitality, fitness & wellness, and security. Besides founding Aramex, he established Wamda Capital, a venture capital firm with a $75 million growth fund that invests, nurtures, and builds entrepreneurship eco-systems across the Middle East and North Africa.
He is also a founding partner of Maktoob.com; the world’s largest Arab On-Line community now acquired by Yahoo!; is a member of the Board of Abraaj Capital, a founding board member of Endeavor Jordan; and serves on the Advisory Board of the Suliman S. Olayan School of Business at the American University of Beirut.
A dedicated philanthropist, Ghandour founded Ruwwad Al-Tanmeya, uplifting displaced communities in Lebanon, Palestine, Jordan, and Egypt. He co-founded and supports Al-Riyadi, a sports club in Jordan. His global commitment is evident through his roles on various boards of companies, educational institutions and entities.
Rank: 52
Name: Jamal Lootah
Company: MEFMA
Designation: President
Industry: Facilities management
Following his graduation in Business Administration from the University of London, UK, Lootah pursued the Corporate Advance Programme at IMD, a global business school in Switzerland. Commencing his career with the Security Department of Dubai Port Authority, he has been a part of Dubai World since 1991.
In 2005, he assumed the role of director of Human Resources and General Administration within the organisation. He is actively engaged as a participant in the Dubai Leaders Programme, an internationally recognised leadership development initiative launched by Dubai World in collaboration with the Wharton Business School at the University of Pennsylvania.
Since 2007, Lootah had served as the CEO of Imdaad, an integrated FM service provider. Following a successful 16-year career as CEO and GCEO of Imdaad Group, the leading provider of Integrated Facility Management services in the region, he stepped down from his role in October 2023 and will be considered to serve as an advisor to the board of directors and executive management team at Imdaad.
Established in 2009 and based in Dubai, MEFMA is a professional membership organisation with the goal of uniting the facility management industry and advancing the FM sector in the Middle East.
Dedicated to fostering facility management best practices and professional standards in the region, MEFMA offers membership packages with unique benefits, educational opportunities through professional training programmes and certifications, reports, research studies, and regional events serving as knowledge-sharing platforms.
Rank: 53
Name: Shamsheer Vayalil
Company: Burjeel Holdings
Designation: Founder and Chairman
Industry: Healthcare
A trained radiologist who aspired to work on developing medical facilities and enhancing the quality of healthcare in the Middle East, Vayalil launched VPS Healthcare in 2007 backed by a vision to deliver affordable, accessible healthcare services to individuals in need. In just over a decade, VPS Healthcare has transformed into an integrated healthcare network with a presence in the GCC region, India, as well as in Europe with 22 operational hospitals, around 13,000 employees, and over 125 medical centres.
In May 2022, VPS Healthcare consolidated its GCC assets under a new holding company, Burjeel Holdings, to operate around 60 assets across a range of brands. This makes it one of the largest integrated health networks in the region and will cater to all brackets across diverse levels of socio-economic segments across a range of brands, just some of which include Tajmeel, Medeor Hospital, Burjeel Hospitals, Lifecare Hospital, and LLH Hospital.
Vayalil contributes to the healthcare community as a member of the UAE Medical Council and an advisory committee member of the University of Sharjah College of Medicine. His commitment to philanthropy stems from the values instilled by his parents, where charity was ingrained in the family’s ethos. He aspires to create a significant impact on global public health through his philanthropic endeavours and hopes to inspire young entrepreneurs to engage in similar initiatives.
In Q4 2023, Amanat Holdings, the healthcare and education listed investment company, announced the appointment of Vayalil as its new chairman of the board of directors. Vayalil, who is Amanat’s largest individual shareholder, is set to bring to Amanat his experience as a healthcare visionary and entrepreneur in the region. He will replace Hamad Abdulla Alshamsi as the chairman as announced following a Board of Directors meeting on 28 December 2023.
About Burjeel Holdings
Burjeel Holdings, with a legacy spanning nearly two decades, has been at the forefront of pioneering healthcare excellence. Originating as a single hospital established by Vayalil in Abu Dhabi in 2007, the organisation has evolved into a hub of state-of-the-art technology and a magnet for globally acclaimed medical professionals.
Burjeel Holdings is dedicated to delivering high-quality, intricate care to individuals in the UAE and the broader region. Focusing on key areas such as oncology, nuclear medicine, orthopaedics and spine, women’s care, foetal medicine, paediatric specialties, organ transplant, and bone marrow transplant, the group enhances its expertise and capabilities in complex care through flagship facilities like Burjeel Medical City.
Expanding strategically across key markets, including a recent entry into KSA, Burjeel Holdings has established a network of advanced physiotherapy, rehabilitation, and wellness centres. Today, Burjeel Holdings stands as a premier private healthcare services provider in the UAE, offering an unparalleled patient experience and managing a diverse portfolio of 16 hospitals and 24 medical centres across the UAE and Oman.
Rank: 54
Name: Haider Ali Khan
Company: Bayut and dubizzle Group MENA
Designation: CEO
Industry: Proptech
The tech visionary leading Bayut & dubizzle into the future, Khan studied electrical engineering at the University of Texas at Austin, US. A natural business leader with several patents to his name, his professional journey began in the year 2000 as a programming analyst at Goldman Sachs. This was followed by a role in product management at National Instruments, where he spent six years. When he transitioned to Silicon Laboratories in the role of the broadcast division’s systems engineering, he began connecting with tech giants like Apple, Nokia, and Bose, collaborating on integrating Silicon Labs solutions. From 2007 to 2014, back as a section manager at National Instruments, gave him the opportunity to lead a global team of 20 managers and over 100 employees across the US, Europe, China, and India.
Haider Ali Khan moved to the UAE from the USA in 2014 as the Chief Executive Officer of the leading property portal, Bayut.com, bringing over fifteen years of experience heading large-scale tech organizations. Haider also took on the onus of leading the much loved UAE online classifieds behemoth, dubizzle, as the company’s CEO, after Bayut’s parent company acquired the asset post a merger in April of 2020, creating a unicorn business with a USD 1 billion (AED 3.6 billion) valuation. In his role today, he is leading the business as the CEO of both Bayut & dubizzle, as well as the CEO of Dubizzle group MENA, where he’s responsible for other expansion strategies as a board member. Dubizzle Group enjoys its current position as the most well-funded property classifieds company based out of the UAE, with the backing of industry stalwarts such as Naspers, KCK Group and Exor Seeds.
His guidance and technological innovations have been instrumental in the growth and expansion of Bayut across the region and has turned the company into a national powerhouse. Under Haider’s leadership, dubizzle has also continued to strengthen its position as the number one platform for users to buy, sell, or find anything including vehicles, homes, pre-loved items, jobs, and services among a vibrant and engaged community of millions of active users across the UAE.
Haider is also a part of the Advisory Council of the Dubai Chamber of Digital Economy where he offers his strategic insights to support the government’s ambitious plans to further the digital transformation and grow the digital economy in the region.
Rank: 55
Name: Ghassan Aboud
Company: Ghassan Aboud Group (GAG)
Designation: Founder and Chairman
Industry: Diversified
A global magnate, philanthropist, and entrepreneur in the UAE, following a brief stint in media, Aboud began his business as a modest trading company 30 years back. Today, the Ghassan Aboud Group operates as a global entity with involvement in various sectors such as automotive, retail, FMCG, media, hospitality, logistics, healthcare, catering, and digital marketplaces. The company, headquartered in the UAE, maintains offices in Egypt, Jordan, Australia, Belgium, Turkey, and Dubai.
Aboud is committed to philanthropic endeavours and among these altruistic initiatives is Orient for Human Relief, an organisation dedicated to delivering a comprehensive spectrum of support services to marginalised communities, encompassing education, medical aid, relief undertakings, and vocational training to empower individuals with a brighter future.
The Ghassan Aboud Group oversees several well-established businesses, including the food and grocery retail chain Grandiose, Olive Country, Gallega Logistics, Galean Healthcare, and the eB2B platforms; BuyGro and BuyParts 24. Also, the group is the proprietor and operator of the Crystalbrook Collection of hotels and resorts in Australia. Its automotive business spans across more than 100 countries, offering a comprehensive range of auto products.
The group has engaged in two significant public-private partnerships with Abu Dhabi Ports Group to establish leading hubs in the food sector (Abu Dhabi Food Hub-KEZAD) and the automotive sector (Global Auto Hub). These are being developed over a total area of 7 sq km in KEZAD.
Rank: 56
Name: Ian Johnston
Company: DFSA
Designation: CEO
Industry: Finance
Prior to assuming his current position, Johnston engaged in consultancy work with regulators and policymakers 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 positioned 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, he extended his expertise to the Australian Securities and Investments Commission, serving as the executive director of Financial Services Regulation. This was followed by his role as a special advisor with the Hong Kong Securities and Futures Commission (HKSFC), solidifying his global involvement in regulatory matters.
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 designation automatically inducts him as a board member of the International Organisation of Securities Commissions (IOSCO), a globally recognised institution responsible for setting the highest standards in securities regulation. This stands as a testament to the accomplishments of the DFSA and underscores its integral role in shaping the future of regional and global financial markets.
Rank: 57
Name: Prateek Suri
Company: Maser Group
Designation: Chairman and CEO
Industry: IT
Maser, founded to make consumer electronics affordable and high-quality in Africa, has rapidly evolved. Starting in Africa, under Suri’s leadership, Maser achieved unicorn status, marking a significant milestone for the company. After successful metaverse launch there marked a significant leap into immersive experiences.
Under Suri’s leadership, Maser ended 2023 strongly, yielding 60 times returns for shareholders, with revenue of $500 million and a valuation of $1.9 billion. Maser is focusing on strengthening its existing businesses and exploring AI, IoT, robotics, and the metaverse, committed to innovative solutions for emerging challenges.
Maser is resolute in its commitment to climate change mitigation through the utilisation of exponential technologies. While celebrating achievements this year, they remain steadfast in focus on driving growth within Africa. The expansion at Maser Group includes regional partnerships that align with the mission to be the global leader in cutting-edge consumer electronics.
Post-Covid-19, Suri has become one of the global thought leaders in consumer electronics, fintech, artificial intelligence, and venture funding.
About Maser Group
MDR Investments, the investment arm of Maser Group, unfurled in 2023, set sail to acquire large-cap ventures in Africa, UK, and Middle East, navigating into the realms of shipping, AI, and mining of natural resources.
Beyond boardrooms, Suri’s influence extends to social impact through the African Financial Federation (AFF), a platform he founded to empower African entrepreneurs. His leadership reflects a commitment to creating lasting positive change beyond financial investments. AFF is dedicated to recognising and promoting startup founders and supporting the technology ecosystem across Africa, the Middle East, India, and the United Kingdom.
As the group charts their course into 2024, their sights are set on expansive investments and ventures, steering the course towards a future of lucrative opportunities and strategic growth. MDR Investments aims to bring innovative practices to the traditionally conservative mining industry. This move not only reflects their confidence in the sector’s potential but also underscores our commitment to reshaping industries through progressive and sustainable business practices.
As Maser advances into the future, the company is devoted to bridging crucial technological gaps, ranging from the introduction of cutting-edge wearables to the development of technology-driven solutions for climate change mitigation. “Our ambition is to establish ourselves as the cornerstone of exciting and enriching global entertainment experiences, particularly in revolutionising the future of television across various platforms,” he says. He adds, “While many start-ups focus on achieving high valuations through substantial cash burn, the philosophy at Maser is centred around creating a sustainable, profit-generating environment and ecosystem, and we are committed to maintaining this approach.”
As Maser navigates the complex dynamics of the investment landscape in 2024, Suri expresses confidence in leveraging their recent growth milestones as a foundation for achieving new horizons of success and profitability. By combining innovative solutions with sustainable business practices, Maser is not only positioning itself as a leader in the tech world but also as a catalyst for positive change and development within the global technology ecosystem.
Rank: 58
Name: Tom Harvey
Company: Spinneys
Designation: General Manager
Industry: Retail
Boasting a rich background in the supermarket industry in the UK, in 2017, Harvey made a career move to the UAE, joining the commercial team at Spinneys. Over the course of his tenure with the company, he has played a pivotal role in shaping Spinneys’ strategic initiatives. One of his notable contributions is the establishment of the Spinneys Local Business Incubator Programme in 2020 which directly supports the UAE’s vision of becoming an attractive incubator for entrepreneurs as part of its ‘We the UAE 2031’ strategy.
The primary objectives include identifying and supporting entrepreneurial ambitions, offering entrepreneurs a fast track to market, and providing various benefits to facilitate their growth. The programme also contributes to supporting local food production, thus stimulating economic growth in the sector. In its previous three editions, 30 brands have successfully launched in Spinneys stores. A number of these have since expanded to international markets, bolstering the credentials of the UAE’s entrepreneurial landscape.
Heading a team spread across four continents, Harvey oversees the sourcing of products for Spinneys stores in the UAE, Oman, and KSA. His role involves steering the overall commercial functions for the Spinneys Group and his leadership has been instrumental in ensuring the availability of quality products across Spinneys stores. He also actively engages in sharing his insights and expertise and frequently appears as a guest speaker on Dubai One TV and DubaiEye radio, discussing various issues related to the food industries.
The Spinneys Local Business Incubator
With the backing of governmental aid and forward-thinking leadership in the UAE, Spinneys actively contributes to the growth of the entrepreneurial community, playing a key role in promoting business success. Spinneys has unveiled the winners of its fourth Spinneys Local Business Incubator, a programme initiated in 2020 to support the UAE’s ‘We the UAE 2031’ vision by nurturing entrepreneurial talent.
Over its four editions, 30 brands have debuted in Spinneys, with some expanding internationally, enhancing the UAE’s entrepreneurial reputation. For instance, Naksha Collections now offers gourmet meal kits in prestigious UK stores like Selfridges and Harrods, and BRW Society has penetrated the Saudi market, featuring in Panda and Carrefour, and partnering with top regional hotels. This initiative has helped previous winners gain international exposure, notably in the UK and KSA, leveraging their presence in 69 Spinneys and Waitrose stores across the UAE, providing a significant opportunity for increased consumer visibility.
Furthermore, Spinneys commits to providing sustained support, visibility in the market, as well as strategic advice to nurture the winners’ brands. Supporting the nation’s thriving startup ecosystem, Spinneys actively promotes entrepreneurial growth by waiving shelf placement fees, offering preferential payment terms to aid cash flow, and helps in providing tailored coaching, marketplace access, in addition to featured placement opportunities to maximise commercial success.
Rank: 59
Name: Patrick Chalhoub
Company: Chalhoub Group
Designation: Group President
Industry: Retail
In his role at Chalhoub Group, a luxury retail distribution company that traces its roots to 1955, Chalhoub has been instrumental in the growth and expansion of the business. The company’s journey began in Syria but later relocated to Beirut, Lebanon followed by a final move to the UAE in 1990. Chalhoub helped to develop a regional distribution platform within the Jebel Ali Free Zone and by 2001, was appointed as co-CEO alongside his brother.
In addition to overseeing multiple luxury brands in the region, Chalhoub has steered the development of home-grown luxury brands. He contributed to the turnaround of the Christofle brand, which is currently under the ownership of the group. Under his guidance, the group has exclusively collaborated with several key brands, including Sephora and Dior Couture, as well as fully owned concept stores such as the Level Shoe District, Dubai Mall.
Pivotal in shaping the group’s sustainability strategy through Chalhoub Impact, Chalhoub is a staunch advocate of servant leadership, reverse mentorship, and supporting start-ups in their scaling-up journey. He serves as a board member of the UN Global Compact and the Dubai Chamber of Commerce & Industry and is a council member of the UAE’s Circular Economy.
Recent awards and recognitions
Chalhoub Group received the Parent-friendly Label (PFL) from the Abu Dhabi Early Childhood Authority (ECA) for its exemplary parent-friendly policies. The ceremony, held at Qasr Al Shati in Abu Dhabi, was attended by Sheikh Mohamed bin Zayed Al Nahyan, UAE President, and Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the ECA, recognising the honoured institutions.
This recognition identifies Chalhoub Group as an organisation supportive of its workforce, emphasising the company’s dedication to ensuring the health, safety, and well-being of its employees. The group has established comprehensive parental leave policies, providing 90 days of paid maternity leave and 14 days of paid paternity leave.
To facilitate a balance between professional and personal life, the group has implemented flexible working schedules, including the option for two days of flexible working per week and up to four weeks of remote working per year. Retail consultants are also accommodated with two days off per week.
In addition, Chalhoub Group has introduced an Employee Assistance Programme offering confidential mental health support, counselling, and therapy from psychologists. A Wellbeing Academy has been established to provide access to resources and training on mental, physical, financial, social, and professional wellbeing. The group also encourages a culture of collaboration through ’Culture Labs,’ designed to promote dialogue between employees and management to improve policies, procedures, and operational practices.
Rank: 60
Name: Shanila Laiju
Company: Medcare Hospitals and Medical Centres
Designation: Group CEO
Industry: Healthcare
Dr. Laiju embarked on her professional journey in 1994, venturing into dentistry before transitioning into hospital administration. Over the course of her career, she has climbed the ranks across diverse roles, including clinic supervisor, operations manager, and group chief operating officer. With over 18 years of experience, she has shaped the internal culture of the group by inspiring teams and enhancing their performance through a people-focused approach to hospital administration.
Inculcating a hands-on approach to leadership, strategic decisions, and financial discipline, Laiju has spearheaded multiple initiatives, including organisational planning, multimillion-dollar capital projects, contract negotiations, and team development. Simultaneously, she has been instrumental in elevating the brand’s visibility and fostering growth.
Her commitment to making a tangible impact is evident in her role as a mentor in the Women Leadership Programme at Aster DM Healthcare. As a longstanding member of the Aster DM Group’s Senior Management Committee, she has played a significant role in the rapid expansion of the healthcare sector in the UAE.
Among her career accomplishments is the establishment of Medcare’s Centres of Excellence, notably the 65-bed Medcare Orthopaedics & Spine Hospital and the 88-bedded Medcare Women & Children Hospital. Laiju’s leadership is characterised by her commitment to sustainability and has led green initiatives at Medcare, incorporating mindful practices in electricity and water consumption.
Rank: 61
Name: Renuka Jagtiani
Company: Landmark Group
Designation: CEO
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. Jagtiani closely collaborates with leadership teams, contributing her insights to shape strategic decisions that guide the group’s direction. Her commitment and strategic expertise have not only been the foundation of Landmark Group’s success but also symbolised its dedication to innovation and expansion.
About Landmark Group
Landmark Group has reshaped Dubai’s retail landscape, embarking on an extraordinary journey from a single store selling baby products in Bahrain in 1973, established by her husband, Micky Jagtiani.
This journey has evolved into an extensive network of over 2,200 retail establishments across 21 countries, covering more than 2.7 million sq m. Her visionary approach led the group to explore ecommerce and invest in the MENA region’s largest privately-owned logistics and distribution hub.
Rank: 62
Name: Yasser Abdul Malak
Company: Nestlé MENA
Designation: Chairman and CEO
Industry: Industry
Assuming his current position on 1 January 2022, Abdul Malak brings over two decades of experience at Nestlé, having held various senior leadership roles across significant regions. Previously, he has served as the CEO in Nestlé Turkey from April 2021 to January 2022 where he achieved robust results and helmed expansion projects that contributed to the company’s growth in the country. Abdul Malak’s leadership journey at Nestlé includes roles such as CEO for Nestlé’s Northeast Africa region based in Egypt, leading to his appointment as Dairy Category Head Zone Europe Middle East & North Africa in 2018 at the Nestlé headquarters in Vevey, Switzerland.
Abdul Malak initiated his career with Nestlé in KSA in 1999. Following his initial role, he transitioned to the regional head office, where he led the MAGGI business as the senior brand manager until mid-2003. Subsequently, he served 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 for food before taking on the role of country manager.
About Nestlé MENA
Nestlé is a Swiss company boasting a heritage of more than 150 years with a presence in the MENA region that goes back over 100 years with the sale of the first infant cereals in Egypt. Today, Nestlé operates 24 food & beverage factories across the 19 countries in the MENA region, providing direct employment to over 15,000 people. Their portfolio in the region currently exceeds 60 innovative product brands in a wide range of categories, ranging from dairy and infant nutrition to coffee and creamers, confectionery, bottled water, breakfast cereals, pet food, and more.
Nestlé’s regional office for the MENA region is based in Dubai South, and operates across the UAE with offices in Dubai, Abu Dhabi, Al Ain, Fujairah, and Ras Al Khaimah. Nestlé works with more than 850 customers in the UAE and over 1,700 retail outlets in the country, including supermarkets and pharmacies. The company locally produces confectionary, dairy, culinary, and coffee, at two food and beverages factories in Dubai and operates two water manufacturing sites, one in Dubai and one in Abu Dhabi.
Nestlé Middle East has made substantial strides in its commitment to sustainability, achieving a 52 percent reduction in greenhouse gas emissions and a 35 percent decrease in energy consumption. These achievements span across 24 of its manufacturing sites dedicated to food, beverage, and water production in the MENA region since the year 2010. In 2022, Nestlé’s Al Maha Factory in the UAE achieved a significant milestone by operating exclusively on 100 percent renewable energy. Furthermore, Nestlé is making substantial strides in embracing renewable energy on a broader scale, with 25 percent of its MENA sites now being powered by renewable sources.
Rank: 63
Name: Robin Ubaghs
Company: Propchain and The Welfare Group
Designation: Co-founder and CEO
Industry: Proptech
In the world of real estate, 27-year-old Ubaghs is leading a transformative charge. His ventures go beyond the realm of just businesses, but rather, signify a revolution in the way we approach real estate. His career trajectory was sparked by a fervent entrepreneurial spirit which was evident from a young age when he owned shares in a London-based asset management company at the young age of just 17.
His ventures took him across the globe, but fast forward seven years ago when his relocation to Dubai set the stage for Propchain’s inception. Captivated by Dubai’s culture and entrepreneurial environment, Ubaghs discovered the quintessential space to realise his ambitious goals.
Under Ubaghs’ leadership, Propchain focuses on proptech and tokenisation solutions to democratise access to, and the management of Dubai’s real estate. Overcoming challenges of a newcomer, Propchain successfully introduced revolutionary concepts which includes a fractionalised real estate platform, a home ownership accelerator, as well as several innovative approaches to real estate data and finance management.
At the core of Propchain’s success is their innovative use of blockchain, tokenising real estate assets to solve core challenges like liquidity and high-entry barriers. This extends to creating a comprehensive ecosystem involving investors, property owners, lenders, government bodies, and administrative companies.
Leveraging his extensive wealth of experience, Ubaghs proceeded to co-launch the Welfare Group, an incubating entity that serves as the driving force behind the innovative Propchain. The Welfare Group’s influence extends across the entire real estate supply chain, exhibiting remarkable growth through involvement in projects on a global scale.
Shaping the future of real estate, Ubaghs is redefining the future of real estate and is creating a legacy of innovation and transformation in an industry poised for ground-breaking change. Looking forward, Ubaghs envisions expanding Propchain’s footprint, introducing the home-ownership accelerator in the UAE, and scaling its fractionalised investment platform. His valuable advice for entrepreneurs emphasises staying focused, identifying true market opportunities, as well as building strong partnerships.
About Propchain
With over 1,200 product users, $20.6 million market cap and over 6,000 holders, Propchain is a blockchain ecosystem for real-world asset and proptech solutions. With Propchain, real estate meets blockchain and unravels the possibilities for home ownership and investment solutions to craft lasting legacies.
Propchain stands as a leader in the blockchain-powered Real-World Assets (RWA) and PropTech space. Leveraging a proprietary technology infrastructure, they have carefully developed customised blockchain solutions that align with the unique demands of RWA and PropTech. However, their vision goes beyond technology alone; human expertise and capital strategies are integrated into their ecosystem.
Rank: 64
Name: Sunny Varkey
Company: GEMS Education Group
Designation: Founder and Executive Chairman
Industry: Education
Considered as Dubai’s trailblazer in education, Varkey has spearheaded the establishment of a worldwide educational group. Under his leadership, GEMS Education Group has expanded to own and manage over 60 schools in the MENA region alone. Currently, the group holds the distinction of being the largest non-governmental operator of private K-12 schools globally, catering to approximately 140,000 students from over 150 countries with 400k successful alumni placed throughout the world.
Born in Kerala, India, Varkey’s family shifted base to Dubai in 1959 and after going abroad to attend a boarding school, he returned to Dubai in 1970. By then, his parents had already inaugurated the Our Own English High School in Dubai. Varkey took over the helm in 1980 and throughout his career trajectory, has witnessed advancement within the realms of education in the region. Notably, he established the Varkey Foundation, a key force behind the prestigious $1 million Global Teacher Prize, an accolade widely acknowledged as the paramount recognition in the education sector.
The GEMS group currently operates in various international locations, including Singapore, Kenya, Uganda, Egypt, Libya, Jordan, the US, and Switzerland. In addition to his role in the corporate sector, he is the founder of the charitable Varkey Foundation. Demonstrating his philanthropic spirit, he has taken the meaningful step of becoming a signatory to The Giving Pledge, committing a substantial portion of his wealth towards noble and charitable endeavours.
Rank: 65
Name: Rizwan Adatia
Company: COGEF Group and RAF Global
Designation: Chairman
Industry: Diversified
A business leader and philanthropist, Adatia is an accomplished entrepreneur with businesses in 10 African countries, employing over 4000 employees. Vision Exports was incorporated in 2007 as a rapidly developing trading network that aspires to establish long-lasting relationships between buyers and suppliers worldwide. The company’s head office is based in Dubai with branch offices in Yiwu, China as well as Nairobi, Kenya.
Originally from Porbandar, a small town in India, he heads RAF Global, a private, non-profit organisation that works to enhance the quality of life in DR Congo, Mozambique, Swaziland, and Madagascar. With a passion for community development, Adatia works at the grass roots for uplifting lives among the rural communities across Africa and India. The NGO’s impact extends to more than one million individuals through both long-term initiatives and emergency programmes.
Originating from a modest start as a personal philanthropic endeavour of Adatia, RAF Global has evolved into a force in sustainable international development. He steers a team that works tirelessly to build a multi-sector approach through customised solutions, responding to needs of marginalised communities with innovative, practical solutions with public involvement to bring skills, healthcare, education, financial deepening, and self-reliance.
Since the onset, community work has touched upon the lives of over 600,000 poor households through an array of programmes in healthcare, nutrition, water and sanitation, education, economic integration for women and youth, and interventions in humanitarian response.
Rank: 66
Name: JS Anand
Company: Leva Hotels and Resorts
Designation: Founder and CEO
Industry: Hospitality
Establishing LEVA Hotels in 2019, Anand has steered the brand to span eight hotels, spanning both domestic and international markets, including Dubai, Jeddah, Africa, and beyond, boasting a portfolio of 894 keys. Additionally, LEVA Hotels manages Resivation, a co-living property nestled in Dubai’s Al Furjan neighbourhood. With an impressive career spanning 25 years, Anand’s expertise has been honed through senior roles at key establishments including the Louvre Hotel, Marriott International, and Hilton.
About LEVA Hotels
LEVA Hotels caters to the discerning tastes of tech-savvy guests and offers a contemporary experience that caters to both business and leisure travellers. Positioned as a lifestyle hotel, LEVA Hotels is now setting its sights on an expansion strategy that extends into untapped markets across the Middle East and Africa. Among the strategic targets for this expansion are countries such as Morocco, Egypt, Sri Lanka, KSA, and Qatar.
LEVA Hotels has firmly established its presence in KSA through two strategic hotel management agreements, namely, EKONO by Leva Al Shati and EKONO by Leva Jeddah Airport Hotel. Located within an hour’s drive from Mecca, these properties offer ideal accommodations for Umrah (pilgrimage) travellers seeking convenience and comfort. In Nigeria, LEVA Hotels assumes responsibility for overseeing the transformation and management of Reiz Continental Hotel by Leva.
In partnership with Kostarget Projects LTD and under the ownership of REIZ Continental Hotels LTD, this project is poised to evolve into an upscale five-star luxury lifestyle hotel. Uganda marks another significant milestone in LEVA Hotels’ expansion journey, with the management takeover of Kampala’s premier boutique hotel, Emin Pasha Leva Hotel.
Currently undergoing extensive renovation and infused with LEVA’s signature design aesthetics, this property aspires to become the preferred choice for both vacationers and business travellers. Ethiopia is also a prominent destination on LEVA Hotels’ expansion map, characterised by two strategic partnerships. LEVA Afrotsion Semera Resort and the Harsade Harbour Resort by LEVA introduce hospitality experiences to the forefront.
LEVA Hotels has unveiled two forward-thinking projects in Zimbabwe as part of its expansion strategy that is slated for completion within two years, as a collaborative venture with Troika Design Workshop (TDW), a leading consulting firm specialising in architecture, quantity surveying, and engineering, and Turnbury Property Developers (TPD), a real estate development company dedicated to community shaping. While TDW and TPD lead the property development efforts, LEVA will oversee the management of the 120-unit residential complex, LEVA Hotel Residences, and a four-star LEVA hotel featuring 180 rooms in the Mount Pleasant suburb.
This strategic partnership with Troika Design Workshop (TDW) and Turnbury Property Developers perfectly aligns with LEVA’s long-term vision of promoting growth and supporting local businesses and talents within the region. Marked by shared values, a commitment to excellence, and a unified vision for sustainable development, this collaboration serves as the foundation for LEVA Hotels’ involvement in these innovative greenfield projects.
Rank: 67
Name: Elda Choucair
Company: OMG MENA
Designation: CEO
Industry: Media and marketing
As one of the few women holding a C-suite role in regional advertising, Choucair boasts a 17-year tenure within the group where she has consistently driven transformative projects spanning technology, automation, predictive modelling, and e-commerce. Her professional journey commenced in senior account positions at OMD, progressing to a leadership role at PHD where she was instrumental in propelling PHD to sevenfold growth, establishing it as a prominent player in the regional landscape.
In 2016, she took on the role of CEO at PHD MENA and later assumed the position of COO of the Holding Group, ultimately leading to her current role. She actively engages in various industry groups, holding the vice-chair position at the Advertising Business Group (ABG), as a board member for the Interactive Advertising Bureau (IAB) GCC, the International Advertising Association (IAA) UAE Chapter, and acting as a founding board member of the Unstereotype Alliance.
In her current leadership role, Choucair’s visionary approach challenges industry norms and embraces novel strategies, as demonstrated by her key role in expanding the group’s presence into new Middle Eastern markets.
Recently, Omnicom Media Group has introduced Momentum, its Environmental, Social, and Governance (ESG) solution for the MENA region. This consultancy employs tools like the global ESG toolkit and a carbon calculator to help clients align media investments with ESG priorities. The group has partnered with ClimatePartner, offering access to a global carbon calculator for estimating emissions in media plans by channel.
Rank: 68
Name: Michael Lahyani
Company: Propertyfinder.ae
Designation: CEO and Founder
Industry: Proptech
The mastermind behind one of the largest proptech platforms in the region, Lahyani began his career with PwC in Geneva, Switzerland. Identifying a gap in the property advertising space in Dubai, he pioneered the Middle East’s inaugural real estate classifieds, both online and in print. In 2007, Australia’s REA Group acquired a 51 percent stake in propertyfinder.ae, but Lahyani later repurchased REA Group’s share, now owning the company entirely.
In 2015, a Swedish tech investor injected $20 million into the company, propelling its value to $200 million. Subsequently, General Atlantic invested $120 million in November 2018. Following this, the company acquired JRD Group, a UAE-based real estate technology provider and owner of Justproperty.com and Propspace. Beyond his proptech venture, Lahyani is an active investor in startup technology companies, co-founding Merro, his own investment platform.
Property Finder has expanded its presence across six territories in the region, operating in the UAE, Qatar, Egypt, Bahrain, KSA, and Turkey. It has transformed into a reliable platform for developers, real estate brokers, and property seekers, providing valuable information to make informed decisions in the real estate sector. In 2023, the company launched the ‘AAA Manifesto’ which outlined the requirement that all listings on the Property Finder portal must be accurate, authorised, and available.
Also, Property Finder organised its inaugural industry-enabling event, Property Finder Connect, in the UAE, Egypt, Qatar, and Bahrain.
Rank: 69
Name: Atif Rahman
Company: ORO24 Developments
Designation: Founder and Chairman
Industry: Real estate
Widely recognised as an expert and thought leader in the real estate and construction industry, Rahman is a sought-after authority in sustainable development and innovative financial engineering within the sector. He is credited with instigating a renaissance in property development as he champions unique modular strategies aimed at providing real estate solutions for all. During his leadership, previous ventures achieved rapid success as evidenced by the development of numerous residential, commercial, and hotel projects over the past two decades.
Rahman’s innovative financing strategies and strategic partnerships with major investors have significantly scaled up his ventures. With a proven track record spanning two decades, he brings pioneering experience in successful real estate development across residential, commercial, and hotel and serviced apartment sectors. Known for an unblemished record, Rahman has established a brand name for himself and fostered robust relationships with key stakeholders, including government entities, high-net-worth individuals, and financial markets.
His commitment to on-time delivery and high-quality construction standards has earned him a reputation as a trusted partner in the industry. Leveraging robust experience and expertise in land procurement, world-class project design, successful sale, and marketing campaigns, and, most importantly, timely delivery with quality construction, Rahman operates the property development business comprehensively.
His proven ability to conceive, oversee, and successfully market projects positions him as a trusted partner in the industry. In addition to his forward-thinking approach, he is committed to pioneering initiatives that elevate the real estate market’s dynamism, fostering innovation and sustainable growth. Under his visionary leadership, Rahman endeavours to introduce strategic measures that enhance the sector’s resilience while contributing to the overall sustainability of the real estate landscape in the UAE.
About ORO24 Real Estate Developments
Based in Dubai and boasting a leadership legacy of over two decades, ORO24 Real Estate Developments is on a mission to redefine Dubai’s skyline and embody the visionary spirit of the UAE. With a focus on luxury living, the company seamlessly integrates modern architecture, sustainable practices, and premium amenities into its creations. ORO24’s extensive portfolio includes residential, commercial, and mixed-use developments, ranging from luxurious residences to cutting-edge office spaces and lively retail hubs.
The company’s multidisciplinary team, comprising of architects, engineers, and marketing specialists, collaborates seamlessly to bring visionary projects to fruition. With an array of projects in the pipeline, ORO24 is poised to introduce more iconic developments aligned with the aspirations of today’s discerning consumers. Customer satisfaction is at the forefront of ORO24’s achievements.
The company prioritises a comprehensive approach to customer service, ensuring clear communication, transparent processes, and timely delivery. Going beyond commercial pursuits, ORO24 is actively involved in corporate social responsibility initiatives, contributing to education, healthcare, and environmental conservation. The company is committed to making a positive impact on society and leaving an enduring legacy for future generations.
Rank: 70
Name: Dr. Reem Osman
Company: Saudi German Hospital UAE
Designation: CEO
Industry: Healthcare
Since May 2021, Osman boasts over two decades of healthcare expertise to her current role. Leading Saudi German Health (SGH), she has firmly established the organisation in Dubai’s growing healthcare industry and the thriving medical tourism market in the Middle East. A medical graduate from Tishreen University of Medicine in Syria, she holds a Master’s Degree in business administration and a Master’s Degree in Ophthalmology and eye surgery from Wollongong University in Sydney, Australia, as well as a certificate in management healthcare delivery from Harvard Business School.
Osman has spearheaded the expansion, transformation, and accreditation of the Saudi German Hospitals Group UAE, achieving numerous milestones and awards. She has been instrumental in supporting charitable and humanitarian initiatives such as the Zayed Giving Initiative, the Arab Women Foundation, and the Feigenbaum Leadership Award. She has also crafted and executed effective business strategies, attraction plans, and business development initiatives, elevating the profitability, competitiveness, and reputation of the group. She shares a common vision to deliver high-quality and compassionate healthcare to the communities they serve.
Founded by the Batterjee family, SGH has 18 facilities spread across KSA, UAE, Egypt, Yemen, Morocco, and Pakistan. As one of the largest hospitals groups in the MENA region, SGH Dubai offers a spectrum of medical services at the international level, including critical care, all types of specialties, as well as sub-specialties, as well as one of the largest emergency departments in the private sector.
Rank: 71
Name: Timothy Kelly
Company: Atlantis Global
Designation: President
Industry: Hospitality
Kelly was promoted from executive vice president and managing director of Atlantis Dubai to president of the Atlantis, Kerzner International in October 2023. With a tenure of six years at Dubai’s Atlantis, The Palm, he led the successful launch of Atlantis The Royal in 2023. He has steered multiple achievements including the expansion of Atlantis Aquaventure to the stellar offerings in food and beverage across both properties as well as the implementation of multiple award-winning sustainability projects, including the Atlantis Atlas Project.
The highly anticipated Grand Reveal of Atlantis The Royal in quarter 1 2023 set the stage for a series of accolades, culminating in the recent announcement that the newly inaugurated property secured a place on The World’s 50 Best Hotels list, making it the sole Middle East hotel to achieve this recognition.
In his new role, Kelly will assume the responsibility of leading and representing the entire Atlantis brand on a global scale, expanding his leadership to include the team at Atlantis Sanya in China. Furthermore, he will formally join the executive team at Kerzner International, playing an instrumental role in implementing the organisation’s strategy across its portfolio.
He is also responsible for the seamless execution of resort operations, design planning, brand alignment, sales and marketing, and people initiatives across all Atlantis properties to the highest standards. He will represent Kerzner International while providing mentorship to all general managers and executive leaders within the Atlantis brand.
Rank: 72
Name: Farah Zafar
Company: Lyvely
Designation: Co-founder and CEO
Industry: Technology
Having witnessed her family’s immigration to the UK in the 1950s, Zafar observed her parents’ relentless efforts to establish a comfortable life. Upon completing her studies, she sought a training contract to become a registered lawyer in the UK. Despite facing rejection 532 times, she persevered and shortly after finishing her training, she landed her dream job at a law firm in Mayfair. Several years down the line, she received a call notifying her of her selection for the position of sole legal counsel in Dubai, and since then, has been on an upward career trajectory.
With a career spanning over two decades, Zafar has played a pivotal role in establishing billion-dollar corporations, paving the way for her current leadership at Lyvely. Having significantly contributed to the growth of key development companies such as Omniyat and Al Mazaya Holdings in the Middle East, she has held influential positions working alongside visionaries and leaders in the region. Zafar is renowned for her expertise in structuring and growing billion-dollar development entities.
As an award-winning chief legal officer, Zafar excels in leading robust teams and providing focused legal, development, corporate, and investment support across various industry sectors. Beyond her professional achievements, she is passionate about female empowerment and actively mentors the younger generation of female executives.
Zafar is proud of the commendable progress made by the UAE and, more recently, KSA, in supporting and recruiting women across all sectors, including various levels of government and quasi-government entities. Over the past two decades, she has seen Arab women rise to become influential leaders, ministers, Olympians, filmmakers, and entrepreneurs. She takes immense pride in witnessing their growth and dominance.
Zafar is also the CEO and co-founder of Lyvely. A ground-breaking integrated content and communication platform, Lyvely redefines the user experience by combining the features of a professional website, social media platforms, e-commerce, and video and live streaming apps. Positioned for a web3 future, Lyvely introduces its own digital currency, LVLY, empowering users for investment, purchases, or incentivising fellow creators.
About Phoenix Group
Zafar has been in her current role since January 2023 with Phoenix Group, a global tech, blockchain and crypto mining conglomerate, based in the UAE, and listed on the Abu Dhabi Stock Exchange. Established in 2016, the Phoenix Group oversees a total capacity of 725MW across global mining facilities, with a footprint extending across Canada, North America, CIS, and the UAE. Boasting a robust international presence, the group operates in diverse locations and boasts a workforce of over 177 professionals representing 16 different nationalities. The range of services offered includes mining, hosting, and cooling, coupled with investments in web3 technologies and regulated digital asset exchanges.
Rank: 73
Name: Armand Arton
Company: Arton Capital
Designation: Founder and CEO
Industry: Immigration services
Armand Arton is a visionary entrepreneur, an expert in immigration policy, and a trailblazer in social impact. Steered by the vision of enabling the global mobility of over a billion people by 2035, Arton established Arton Capital in 2006. The residency and investment advisory firm now operates in 17 countries and boasts the largest immigration services office in the UAE. The firm advises governments and empowers high-net-worth individuals worldwide with the freedom that comes with enhanced mobility.
Arton has advised international organisations such as Concordia, the World Economic Forum (WEF), as well as over 12 governments on mobility and migration, and continues to share his expertise widely as a member of the Young Presidents’ Organisation. Significant social and economic impact has been generated by his oversight of multi-billion-dollar deals internationally. As a special economic envoy to Antigua and Barbuda, he heads the islands’ first-ever Economic Office in the UAE, and has been central to facilitating investment between the two nations. Portugal, Bulgaria, Hungary and Montenegro amongst many other countries in Europe have also benefitted from Arton’s talent to inspire foreign direct investment.
In 2017, the UAE set an ambitious goal of holding one of the world’s most powerful passports. As founder of The Passport Index, the world’s first interactive barometer of passport power, Arton was approached by the Ministry of Foreign Affairs to help them achieve this objective by developing the country’s bilateral relations. Thanks to his commitment, the UAE’s passport became the world’s most powerful within a year, a status it has held since 2018.
His work and philanthropy has led many to refer to Arton as the ‘Robinhood of passports’. The non-profit Global Citizen Forum, initiated by Arton over a decade ago, has been crucial in advancing his mission. The 2023 edition, held in Ras Al Khaimah, was instrumental in enhancing the Nature Emirate’s reputation as a vibrant tourism destination.
Evolving into a focal point for investment, hospitality, and philanthropy, the Forum has played a pivotal role in attracting influential figures and celebrities to the UAE. The Global Citizen magazine, published for over 13 years, continues to captivate the world’s most powerful individuals. Arton remains at the forefront of reshaping and promoting global mobility, unwavering in his commitment to creating a world where borders and passports no longer pose barriers to success.
About Arton Capital
Arton Capital facilitates Global Citizenship through strategic investments in global residency and citizenship programmes, ensuring a smooth experience and lasting relationships. As a leading financial advisory firm specialising in impactful residence and citizenship initiatives, Arton empowers governments, consultants, and financial professionals to achieve goals efficiently and responsibly. With a global presence in 17 locations, Arton’s operations have attracted over $4 billion in foreign direct investment to various countries in the past five years.
Rank: 74
Name: Ajay Bhalla
Company: Mastercard
Designation: President Cyber and Intelligence Solutions
Industry: Technology
In addition to his current leadership position, Bhalla plays a significant role as a vital member of Mastercard’s global management committee, contributing to the company’s strategic direction. With an impressive career trajectory, he previously served as the president of Mastercard’s Digital Payment Services, navigating the dynamic landscape of digital payments.
Bhalla’s leadership skills were evident during his tenure as the president of Mastercard for South Asia and Southeast Asia, where he played a crucial role in enhancing the company’s presence in these key regions. Before joining Mastercard, he held influential roles at HSBC and Xerox, contributing significantly to the financial and technology sectors.
Beyond his corporate roles, Bhalla actively shapes various industries. He serves as a board member of PVH Corp, providing strategic insights, and as a senior fellow at The Fletcher School at Tufts University, emphasising his commitment to academic excellence and thought leadership.
His influence extends to science and technology, holding the position of science fellow at MIT. As an executive in residence at Oxford University, he facilitates collaborative approaches to address complex challenges. In the realm of global governance and cybersecurity, he serves as a strategic advisor to the World Economic Forum and plays leadership roles in the Executive Steering Committee for Digital Trust and the Global Council on Cybersecurity.
Mastercard cyber solutions
Over the last five years, Mastercard has invested over $7 billion in strengthening its cybersecurity capabilities, alongside multiple acquisitions. The company has acquired seven firms in this space, facilitating the development and acceleration of various solutions. Additionally, Mastercard has played a role in launching more than 20 cybersecurity startups.
The recent integration of Baffin Bay, a European-based AI security firm, has allowed Mastercard to merge existing data and AI capabilities, resulting in the creation of an AI cyber shield solution to prevent customer breaches. Mastercard implements a robust multi-layered security strategy with four layers, ensuring identification, detection, and prevention of cybercrime. The incorporation of cutting-edge technologies, including generative AI, enhances security, enabling seamless and secure shopping experiences for consumers. Mastercard innovatively uses generative AI for fraud prevention, anti-money laundering reports, and customer service solutions.
Mastercard launched Crypto Secure, facilitating secure crypto trading capabilities for banks across a vast ecosystem. Mastercard’s commitment to a secure ecosystem includes biometrics trusted by billions. Security has always been a priority for Mastercard, even predating today’s cyber threats. The challenge with older security methods involved consumers creating complex passwords, leading to inconvenience and a sense of insecurity.
Mastercard’s goal is to unite convenience and security, with biometrics playing a crucial role in making payments simple, safe, and intuitive. Behavioural biometrics, including typing styles and phone-holding patterns, are now part of Mastercard’s innovative approach, distinguishing between genuine users and bots.
Rank: 75
Name: Greg Karpinski
Company: KEO International Consultants
Designation: COO
Industry: Construction
In steering the company towards continued success, Karpinski brings to the table over 22 years of rich experience in leadership, management, and investment expertise across a spectrum of industries. His role at KEO International Consultants encompasses a range of responsibilities, including as the overseer of financial management, operational performance, strategic initiatives, and diverse business process improvement programmes.
Under his leadership, KEO has experienced a 47 percent increase in staff and seen its business in KSA grow by 5 times. He has been responsible for driving several ground-breaking initiatives such as the founding of KEO’s Digital Advisory Services group, Black Mule Real Estate Investment & Advisory and the KEO Academy. He has spearheaded efforts to further digitise and enhance KEO’s operations resulting in robust performance across its business units.
Prior to joining the KEO International Consultants, Karpinski served as the chief operating officer at Isabella Wren, a startup specialising in custom clothing. Here, his tenure was marked by successful efforts to secure new investments and forge valuable business partnerships for the company. His career trajectory also includes a decade-long journey with Standard Chartered Bank and its affiliates, culminating in his appointment as managing director with Standard Chartered Private Equity (SCPE).
In this role, he navigated executive responsibilities and served as a board member of SCPE investee companies. His strategic contributions were instrumental in facilitating over $1 billion in equity investments, spanning diverse sectors such as Asian and African power, transportation, shipping, telecommunications, water, and environmental services.
The entrepreneurial spirit within Karpinski extends beyond the financial realm, as evidenced by his role as a co-founder of Arizona Heart International. He also spent five years at InterGen, a global power generation company, serving in the finance, asset management, development, and commercial management teams. He started his professional career as a financial analyst British Petroleum, rounding out his comprehensive background in prominent organisations.
About KEO International Consultants
Globally recognised and operating across seven countries, KEO International Consultants leverages the expertise of professionals from over 60 nations, bringing together experiences from every major market worldwide. With a history spanning over 57 years, the organisation has consistently been a leader, shaping the landscape of numerous ambitious projects, iconic locations, memorable experiences, and thriving communities.
Well positioned within the GCC and MENA region, KEO International Consultants has a footprint in 20 countries and 8 offices. In their first 50 years, they’ve steered significant architectural achievements of their time.
At KEO, architectural design is the practice of managing competing interests: finding balance between programme and cost, performance and appearance, feasibility and schedule, ambition, and pragmatism. Functioning as an interdisciplinary AEP firm, KEO International Consultants provides comprehensive planning and development solutions through collaboration with allied specialist firms. InSite specialises in inspired planning, urban design, and landscape architecture, while C-Quest excels in quantity surveying.
Rank: 76
Name: Rashid Al Ghurair
Company: Cafu
Designation: Founder and CEO
Industry: Energy
Under Al Ghurair’s leadership, CAFU has evolved from a fleet of 20 trucks in 2018 to the platform for all vehicle services with a vast network of maintenance and service partners through over 300 vehicles. He serves as a board member for the Dubai Chamber of Digital Economy, focusing on navigating the shift to a digital economy for Dubai’s global competitiveness in startups.
Actively involved in Al Ghurair Investment as a board member, he drives the group’s interests in its commodity businesses, Al Ghurair Resources, Al Ghurair Foods, and the development of the company’s real estate portfolio. Through CAFU, he champions environmental causes, including the Ghaf Tree Seed Project, which utilises technology to plant 1 million seeds through custom-built drone technology, with a long-term goal of combating climate change.
He is a member of the board of trustees for the Abdulla Al Ghurair Foundation for Education, one of the largest privately funded philanthropic education initiatives globally. CAFU is broadening its scope by venturing into the buying and selling of pre-owned vehicles through its digital platform.
Initially available in the UAE, this service, along with its on-demand car washing, may potentially extend to new markets in the future. In April 2023, CAFU introduced Canada’s inaugural mobile EV charging solution, demonstrating its dedication to sustainable innovation, and meeting unique market needs. This cutting-edge, smart, and mobile service enables electric vehicle owners to conveniently charge their cars with just a simple tap.
Rank: 77
Name: Ajaz Sheikh
Company: The Arts Club
Designation: Group CEO
Industry: Hospitality
Boasting nearly three decades of expertise, Sheikh’s background includes a career as a restaurateur and hotelier, with extensive roles in London and Dubai. For over nine years, he helmed the Zuma team, holding positions from operations director for the Middle East and Turkey to global managing director and chief operating officer. In early 2019, he was appointed as the CEO at The Arts Club Dubai, expanding his leadership to the group across both clubs in 2023.
Before joining Zuma, Sheikh played an instrumental role at The Lanesborough, a historic London hotel, as the executive assistant manager and director of Food & Beverage from 2005 to 2008. His experience also includes significant Food & Beverage positions at prestigious establishments like the Conrad, Mandarin Oriental Hotel Group, and Le Meridien Hotels & Resorts in London since 1999.
In his current position, Sheikh oversees the expanding executive team, responsible for brand, food & beverage, and operations at both clubs, reporting directly to the principal shareholders in London. As a visionary leader, he is committed to innovating and shaping a unique members’ club experience in the region, aiming for enduring success and inspired by the legacy of the Mayfair club.
Spanning four floors and 6,038 sq m, The Arts Club Dubai features three restaurants, including the internationally renowned Brasserie from London and two original concepts, Rōhen and Alveare, and a stunning rooftop terrace, private lounges and meeting spaces, offering an unparalleled club experience.
Rank: 78
Name: Salaal Hasan
Company: Ahya
Designation: Founder and CEO
Industry: Technology
Attending global conferences such as the World Economic Forum or Future Investment Initiative was part of Hasan’s finance job. Since 2023, he witnessed a major change, adding: “For the first after three decades of globalisation, we were moving to a polarised or multi-polar world. Climate change was the only agenda bringing the world together.”
He began by quantifying the problem in the context of this region, explaining that the MENAP region (Middle East North Africa and Pakistan) accounts for 8 percent of global emissions yet keeping 1990 as a base year, the region has witnessed the second highest growth in emissions after China and India. In their 2022 report, the IMF predicted that to reach the net-zero ambitions outlined in all MENAP countries Nationally Determined Contributions (national targets submitted to the UN Framework Convention on Climate Change) combined would require the implementation of a $8 carbon tax or an investment of $900 billion.”
Hasan felt that there was an economic need for enterprise technology and an institutional void; he resigned from his active role as a venture capital executive and founded Ahya, the regions first climate software business with a mission to build a unified AI-powered platform for scaling climate action. “Our first challenge was to enable our clients to consider climate change as an innovation opportunity and core part of their business models,” he says.
About Ahya
Ahya provides enterprises with a combination of software products and specialised advisory services,” he says, and have a goal to enable the region’s enterprise-led transition to net-zero, reducing 6 million tCO2e per annum by 2030. AhyaOS is their primary product which helps enterprises collect emissions data, measure their emissions via GHG accounting, generate compliant reports, develop reduction plans or decarbonisation roadmaps, and analyse their performance linked to key business metrics.
Tawazun is a platform built for economies such as KSA and UAE where many companies are in ’hard to abate’ sectors, including oil and gas, oil derivatives, and aviation. “This offers accuracy, transparency, and environmental robustness in climate action for enterprises via the use of voluntary emission reductions or carbon offsets to achieve net-zero targets” he says.
AhyaAPI is a bilingual application programming interface/digital infrastructure for climate action tailored toward the needs of digitally enabled products/services such as digital financial services, mobility, or aviation products. Hasan explains, “AhyaAPI consists of artificial intelligence on top of Ahya’s core products in a B2B2C model. There are three types of endpoints currently under the API: the Emissions Search Endpoint, AhyaAI Estimate Endpoint and AhyaAI Offset Endpoint.”
Looking ahead, Hasan and his team are working tirelessly to launch their products in the UAE, KSA, and Pakistan with selected partners. This strategic move aligns with their anticipation of mandatory regulations for climate reporting to be enforced between 2025-2026.
“Similarly, we perceive that MENAP’s voluntary markets will scale to between 150 to 200 million tonnes CO2e with an estimated value of between $1–6 billion, offering tremendous opportunity.”
Rank: 79
Name: Ronaldo Mouchawar
Company: Amazon MENA
Designation: Vice President
Industry: E-commerce
Mouchawar has left an indelible mark on the e-commerce landscape in the MENA region. As a co-founder and CEO of Souq.com Group, he led the company’s transformation into the largest e-commerce retailer in the Arab world, catching the attention of tech giant Amazon, which acquired Souq.com for $580 million in 2017. Mouchawar’s visionary leadership began in 2005, coinciding with Souq.com’s inception in the UAE. Under his guidance, the platform expanded into key markets such as KSA and Egypt.
In 2014, he introduced the White Friday sale, now a highly anticipated annual shopping event in the region. Mouchawar extended Souq.com’s influence by launching PayFort, a leading online payment service, and Q-Express, a logistics arm aimed at improving delivery efficiency.
In 2016, Souq.com secured a $275 million investment, propelling its valuation to over $1 billion, marking it as the first unicorn in the region. Following Amazon’s acquisition in 2017, Souq.com rebranded as Amazon.ae in the UAE in 2019 and Amazon.sa in KSA in 2020. Mouchawar’s commitment to providing Arabic language support was evident with the introduction of Amazon Prime in the UAE in 2019, Amazon Home Services in 2020, and Prime in KSA in 2021.
His influence extended to Instashop, a UAE-based grocery app, where his investment played a crucial role in its acquisition by Delivery Hero in 2020. He actively contributes to shaping the future of technology and innovation in the region, serving on boards such as the Dubai Future Academy and the International Advisory Council at the Executive Council.
Amazon MENA, under Mouchawar’s guidance, continues to revolutionise e-commerce in the region. In April 2023, the company launched a state-of-the-art fulfilment centre in Dubai, equipped with advanced technology to increase storage capacity by 70 percent. Situated in Dubai South’s Logistics District, the facility ensures efficient operations with access to key transportation hubs, contributing to the UAE’s digital economy agenda. The expanded capacity aims to host products from 100,000 businesses on Amazon.ae by 2026 and offers training and upskilling programmes for employees, further contributing to the UAE’s growing digital economy.
Amazon.ae has expanded its International Shopping experience to Qatar, offering local customers the convenience of browsing and purchasing hundreds of thousands of eligible products shipped from the UAE. This enhancement allows customers in Qatar to access a diverse range of products across more than 30 categories, including Beauty, Books, Electronics, Fashion, Health, Home and Kitchen appliances, Sports, and Toys.
The International Shopping experience on Amazon.ae is accessible in both Arabic and English, tailoring the user’s experience based on their location and shipping address. Customers can effortlessly complete their Amazon.ae orders using both local and international debit and credit cards, with direct shipping to their addresses in Qatar.
Rank: 80
Name: Mona Kattan
Company: Huda Beauty
Designation: Co-founder and Global President
Industry: Retail
In 2018, the fragrance line Kayali was introduced by Huda Beauty, featuring a collection of four scents meticulously crafted by Kattan, a self-proclaimed ’perfume princess’ and the visionary founder of Kayali. Drawing inspiration from her Arab heritage, her fragrances are a testament to her roots, incorporating oud scents and adorned with jewel-like packaging. Her profound passion for scents was unveiled in her reality series, ’Huda Boss’, where she offered a glimpse into her perfume closet and the creative process behind fragrance creation.
Derived from the Arabic phrase meaning ’my imagination,’ Kayali is a fragrance brand that is inspired by Kattan’s culturally rich Middle Eastern heritage and the tradition of layering scents to evoke specific moods. Collaborating with globally acclaimed perfumers in France, she sources the finest ingredients to craft distinctive fragrances that are cruelty-free.
In addition to her role at Kayali, Mona assumes various positions of influence not only regionally, but globally. This includes her roles as an investor and board member at global supplements brand Humantra since January 2021; an advisory board member at The Retail Summit since August 2023; a board member and partner at Heroine Sport in Los Angeles, California, US; and a creative council board member at Waldencast, both since May 2023. Furthermore, she serves as a board member and investor at The Luxury Closet, Inc. Mona holds a bachelor’s degree in finance from The American University of Sharjah, UAE.
Rank: 81
Name: Thomas Lundgren
Company: THE One
Designation: Founder
Industry: Retail
A philanthropist and retailer, Lundgren launched its first store in Abu Dhabi in 1996 that was conceived as an antidote to IKEA. With stores spread across the MENA region, his focus is on selling emotions rather than commodities, characterising THE One stores as theatres where seasonal home fashion shows unfold and are curated by a team of decorators.
Larger stores prioritise furniture, with accessories complementing the arrangement, while smaller stores, termed boutique theatres, highlight accessories and incorporate furniture to enhance the overall accessory experience. Fascinated by furniture, he still plays a role in the design at THE One and curates around 60 percent of the creations showcased at his stores.
A UAE-grown lifestyle brand showcasing seasonal collections of affordable home fashion, THE One boasts over 22 stores and 1 Bistro Restaurant across the MENA region. THE One has expanded its footprint in the UAE with retail outlets in Dubai Hills Mall, Mall of the Emirates, Al Quoz, Jumeirah Beach Road, and Jumeirah 1 in Dubai, as well as at Al Ain Mall, Yas Mall, and in the Mushrif Area in Abu Dhabi.
Lundgren supports multiple local and international charities and the brand promotes their Do Good initiatives. These encompass ethical sourcing, challenged employees, local volunteering as well as global education through THE Onederworld. THE One brand today consists of: THE One; FUSION by THE One; THE One Basics; THEOne.com; and THE One Bistro.
Rank: 82
Name: Walid Hajj
Company: Lavoya Restaurants Group
Designation: Co-founder and CEO
Industry: Hospitality
As an innovative entrepreneur, Hajj has made a distinctive mark in the F&B sector, introducing ground-breaking concepts that disrupted the industry and positioned him as a regional pioneer. In 2021, he founded Lavoya, a premium restaurants operator with the mission of transforming dining experiences.
Within a year, Lavoya successfully launched three popular franchise brands in the region: Joe and The Juice, Dave’s Hot Chicken, and Barbar. He had previously showcased his entrepreneurial prowess with the establishment of Cravia, a leading food and hospitality group in the region, introducing franchises such as Zaatar W Zeit, Five Guys, Cinnabon, and Seattle’s Best Coffee to the Middle East. After the majority stake acquisition by private equity firm Fajr Capital in 2016, he stepped down from his role.
At Lavoya, Hajj’s responsibilities span diverse areas, from selecting and negotiating with brands to ensuring operational excellence. Renowned for their experiential dining in prime GCC locations, the brand is the preferred partner for international restaurant franchises in the region and is committed to delivering results.
With his wealth of experience, he is also a highly sought-after speaker at global industry conferences and summits. And as Joe & the Juice celebrate their one-year anniversary in the UAE with eight branches and another opening soon, they are dedicated to sustaining these standards. Expansion plans for 2024 aim to bring the Joe & the Juice experience to more locations, upholding high-quality service and menu offerings.
Rank: 83
Name: Oweis Zahran
Company: OWS Capital
Designation: Managing Director
Industry: Entrepreneurship
OWS Automotive, led by Zahran, operates as a comprehensive hub offering diverse and state-of-the-art products and services, and is focused on sustainability. OWS, a well-established player in the US automotive remanufacturing segment, has been a global automotive service provider for 30 years. Presently, OWS concentrates on providing sustainable services to governments and corporate fleets, encompassing first response, parts remanufacturing, and fleet maintenance repair and overhaul.
With a global presence in the USA, UAE, KSA, Bahrain, Egypt, and Asia, OWS Automotive is committed to delivering competitive automotive solutions through an innovative approach that combines advanced quality engineering with sustainable remanufacturing.
The vision of OWS is to become a global-leading pioneer in innovative systematisation and automotive excellence through sustainable remanufacturing.
Zahran is also the managing director of OWS Capital Investments, a venture capital entity with strong alliances and wide reach across entertainment, real estate, energy, health and wellness and other sectors, creating Unique IP Events, festivals, and campaigns, representing brands and destinations, talent management and celebrity endorsements, impact and angel investing.
He also holds the role of the managing partner of MELT Middle East, a global partnership that bridges the east and west through the realm of entertainment by bringing brands, institutions, and governments in the Middle East.
Rank: 84
Name: Aamer Sheikh
Company: PepsiCo Middle East
Designation: CEO
Industry: Industry
Heading the Middle East Business Unit within PepsiCo, Sheikh assumes a key role in the cluster under PepsiCo Africa, Middle East, and South Asia (AMESA) which integrates the snacks and nutrition (Quaker) businesses with franchise beverages operations. In addition to his role at PepsiCo, he holds the co-chair position at the US-Saudi Business Council and is a member of the Multinational Companies’ Business Group (MCBG) Regional Presidents Forum, alongside other associations.
His association with PepsiCo dates to 1999 when he joined the company in Pakistan within the finance function. Over the years, he has ascended through various leadership roles in Pakistan, the UAE, and the US. Preceding his current role, he served as the president and general manager for the MENA region and Pakistan.
In 2017, he assumed the position of chief financial officer for PepsiCo’s Asia Middle East & North Africa Sector (AMENA), overseeing financial operations in over 40 countries, covering beverages, snacks, and nutrition businesses, including 10 joint ventures. His diverse leadership roles also include chief financial officer for the Middle East and Africa (MEA) region in 2008, SVP for Planning and Transformation for the AMENA region in 2014, and SVP for Commercial Finance for Frito Lay North America in 2016.
Prior to his tenure at PepsiCo, Sheikh held various finance roles, including a five-year stint in the US working as an auditor for Ernst & Young and The Walt Disney Company. He also spearheaded the finance function for Unisys for three years in Pakistan.
He is a certified public accountant with a BBA in public accounting from Loyola University of Chicago, US and has completed executive education courses at Harvard and the Wharton School of Business.
About PepsiCo AMESA
The AMESA sector encompasses the Africa, Middle East, and South Asia regions, boasting a portfolio of prominent global snack brands including Lay’s, Cheetos, and Doritos, alongside local favourites. Additionally, the sector features a diverse range of beverage brands including 7UP, Pepsi, Aquafina, Mountain Dew, Mirinda, and Sting.
PepsiCo actively participates in waste reduction and resource optimisation, integrating circular economy principles into its operations in the UAE. As a founding member of the Circular Packaging Association in the UAE, the F&B leader engages in a platform that brings together leaders and stakeholders to collectively make a positive impact in the form of more sustainable packaging, enhancing the accessibility of recycling infrastructure, involving youth in innovative solutions, and providing sustainably innovative packaging technologies and business models. Since 2021, PepsiCo has collaborated with Bee’ah in the UAE to collect and recycle an amount equivalent to all Aquafina packaging produced in the country annually.
The Aquafina Water Stations, initially introduced at Expo 2020, are now expanding through the Dubai Can Initiative, contributing to the saving of over 400,000 single-use plastic bottles. In GCC markets like Kuwait and Qatar, PepsiCo has introduced Aquafina and Pepsi, in 100 percent recycled packaging.
Rank: 85
Name: Nour Arida
Company: Generation Peace
Designation: Founder and owner
Industry: Social media
A nine-time cover girl with 11.1 million followers on her Instagram page, Lebanese model, and influencer Arida has collaborated previously with brands including Sephora, Rimmel, and Boucheron, for whom she has been a brand ambassador and spokesperson. She forayed into her career in Beirut, Lebanon, working as a brand manager and buyer for several fashion labels, including Frame Denim, Rag & Bone, Theory, and others.
She also worked as a buyer at one of the Middle East’s largest retail stores where she learned about consumer behaviour and design trends in the world of fashion. Armed with her experience as a fashion buyer and her rising influence, Arida aspired to put her fashion industry experience to use with a focus on kids clothing. She went on to co-create Generation Peace, a children’s clothing line inspired by her daughter Ayla. Collaborated on with designer Rebecca Zaatar, this sustainable range is more than just fashion, but is meant to spark conversations about equality, tolerance, and consciousness.
Her husband George Badawi, now her manager, recognised her early potential before they got married. Upon tying the knot, one of her wedding pictures she had posted went viral and the following day, Arida was surprised to see that her Instagram following had increased with 15,000 new followers.
The upward trajectory continued with her ultimately gaining 50,000 followers. Her husband, with a background in finance, suggested they monetise her social media account and posts. For this, he devised a clear-cut strategy and after just one year, they secured their first deal with Ray-Ban. From there, collaboration opportunities increased, and opportunities began coming their way.
In March 2023, Arida received the Arab Women of The Year award at an event that took place in London, UK. The event, hosted by London Arabia Organisation, recognises the achievements of Arab women across the globe. The 33-year-old Paris-based model and social media influencer has years of fashion experience under her belt and has recently signed with Elite Models Paris agency. Not only has Arida fronted several magazine covers, but has attended multiple fashion weeks in New York, Milan, Paris and more. She also made appearances at film festivals, including the Cannes Film Festival and Venice Film Festival.
About Generation Peace
Diverging from traditional paradigms, Arida advocates for the inclusion of children in the forefront of the fashion industry. This conviction gives rise to Generation Peace, a distinctive clothing brand exclusively tailored for young trendsetters. Ayla Arida, embodying the charisma inherited from her mother, stands as the prominent figurehead of this unique brand. Collaboratively, they undertake a mission to transform the aspirations of budding young models and fashion enthusiasts into tangible achievements. With Generation Peace, fashion transforms into a platform where children can explore their individuality, express creativity, and serve as inspirations for subsequent generations.
Rank: 86
Name: Alex Reinhardt
Company: Smart Blockchain
Designation: Venture Investor, Founder
Industry: Technology
A fan of high-tech, revolutionary technologies, and virtual reality, Reinhardt started working with start-ups in his university days. Over a decade, he has helped hundreds of start-ups secure funding, totalling over $500 million.
His dream was to create his own crowdfunding project that would support hundreds of thousands of innovative projects. Though Reinhardt was ready to launch, Germany introduced a new law in 2015 on crowdfunding licensing, bringing in new restrictions.
He postponed the project, but during this time, discovered blockchain technology and was so captivated by the idea that he became and remains a crypto enthusiast. This followed the creation of his own platform. Involved in over 20 impactful international start-ups, Reinhardt reveals that each of his start-ups carries a profound mission; to make every person’s life more comfortable with blockchain products.
The power of learning
Having reached over 500,000 individuals, Reinhardt’s inspiration for creating The Alex Reinhardt Academy stems from his deep belief in the power of learning. He believes that the willingness to learn and evolve is more important than innate abilities, talents, or even luck. When his parents decided to move to Germany, he was thrust into a school in Germany without adequate knowledge of the language, compelling him to memorise 30 to 50 new words a day, study subjects in advance, and learn entire topics by heart.
Over the years, he has accumulated not only professional and business experience but also numerous methodologies for learning faster, systematically acquiring new skills, and developing effectively. He felt the need to share these methods and experiences and went onto launch his academy. He is also an author of the book, You’re Number One, which went on to become a best-seller, and is a practical guide with exercises that help people develop new qualities to achieve bigger goals.
Sustainability and Smart Blockchain’s Delegated Proof-of-Stake (DPoS)
Delegated Proof-of-Stake (DPoS), used by Smart Blockchain, is a more advanced and energy-efficient solution compared to Proof-of-Stake (PoS). It achieves expeditious transaction validation and minimised energy expenditure through several key aspects, including its limited number of validators which reduces the number of devices needed to secure the network, consequently decreasing overall energy consumption.
Also, efficiency in validation as validators in DPoS are elected or delegated by the community, typically making them more reliable and efficient in transaction verification. Then lower resource load as DPoS does not require the intensive computational process characteristic of PoW which reduces the need for powerful hardware and, accordingly, the consumption of a large amount of electricity.
DPoS allows networks to scale more easily, processing a greater number of transactions in less time without a significant increase in energy costs. Validators in DPoS systems are incentivised to maintain reliability which ensures more sustainable and energy-efficient operation.
The edge of superiority
Thanks to its features, the Smart Blockchain network is an ideal solution for creating decentralised applications and deploying tokens. The network’s transaction processing speed reaches up to 2,000 per second, and it takes up to three seconds to create new blocks. With these characteristics, Smart Blockchain surpasses networks like Binance, Ethereum, and other cryptocurrency market leaders. Additionally, Smart Blockchain offers high security and low network fees.
The problem that Smart Blockchain addresses is the issue of scalability, speed, and transaction costs. Traditional blockchains struggle with these issues, leading to network congestion and generally slower transaction processing. The solution to this problem was embedded in the foundation of Smart Blockchain.
However, humans still play a crucial role, as they are the initiators of most processes and technologies. In almost a year, Reinhardt’s tech team faced numerous challenges that required very rapid responses. They work every day to simplify the lives of more than a million users worldwide. He explains, “The steps we have taken are primarily about unlocking new possibilities and taking blockchain technology to a new level. This is possible thanks to human ingenuity and a constant drive for innovation.”
Future plans for Smart Blockchain
For those not yet familiar with Smart Blockchain, he reveals that their ecosystem already successfully operates the native network coin SMART and the cryptocurrency wallet, Smart Wallet. Currently, users can securely store their SMART coins and carry out transactions with them, as well as with other digital assets: BTC, USDT, and TRX. Smart Blockchain is actively working on expanding the list of supported cryptocurrencies. This integration is expected to enhance the versatility and convenience of the Smart Wallet, meeting a broader range of user needs.
Additionally, the company is proceeding with new listings of SMART. Their coin is already traded on several top-10 exchanges as rated by CoinMarketCap. “However, with the exponential growth of our community, we need to explore ’new exchanges’, which is part of our plan,” he says. “Also, in the near term, we plan to conduct an audit of our blockchain by CertiK, a platform that checks blockchain security, and verify the SMART coin on the crypto aggregator CoinMarketCap.”
This year, the company will start offering decentralised applications operating on Tron and Ethereum blockchains the opportunity to use their Smart Blockchain for their purposes. “Our platform will become the ideal choice for decentralised developer teams of products, addressing issues of decentralisation, efficient network management, and transactional costs,” he says. “I am confident that 2024 will be a very fruitful year and will bring positive changes that we will all soon learn about.”
Rank: 87
Name: Nisreen Shocair
Company: Beyond ONE MEA
Designation: Group Chief Transformation Officer for Middle East, Africa and LATAM
Industry: Digital services
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 focused on retail, sustainability, entertainment, technology, and fashion across the US, UK, Middle East, and Germany, she previously held the role of 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.
Throughout her career, she has assumed various leadership roles at key organisations such as Hearst, Viacom, Sony Music, and Bertelsmann. Under Shocair’s guidance at Beyond ONE, the company aspires to create an ecosystem that fosters a conducive environment for entrepreneurs and tech talent, with a specific emphasis on empowering women both internationally and regionally.
Her extensive skill set spans leadership, negotiation, technology startups, digital media, licensing, entertainment, home shopping, publishing, consulting, OMNI technology startups, and more. Beyond her corporate roles, she has carved a niche for herself as a proficient media host and presenter, contributing to various television programmes, podcasts, live corporate events, and public gatherings.
This diverse range of experiences attests to her multifaceted capabilities in different domains. She also extends her influence beyond professional pursuits, demonstrating a strong commitment to philanthropy. Her dedication is evident in her active involvement in causes related to humanitarian refugees and environmental conservation.
About Beyond ONE
Beyond ONE is revolutionising the digital landscapes for consumers in high-growth markets worldwide, positioning itself as a premier digital services provider. The company is dedicated to constructing a digital services aggregator platform with a foundation deeply rooted in telecommunications excellence.
At the heart of their approach is a profitable growth strategy that empowers users, allowing them to subscribe once, access multiple sources, and pay only for the services they actively utilise. What distinguishes the Beyond ONE team is the diversity of skill sets within its teams, providing a collective perspective that enriches their innovative initiatives. The company’s strength lies in its understanding of risk dynamics and market specifics, enabling them to identify and leverage untapped opportunities.
Simultaneously, Beyond ONE remains closely connected to global technology trends and financial markets, ensuring a high level of sophistication in their market strategies and product offerings. The core business structure of Beyond ONE seamlessly integrates a robust Mobile Virtual Network Operator (MVNO) brand portfolio, a commanding market presence, a reliable digital platform, and a consistent revenue stream.
Rank: 88
Name: Sima Ved
Company: Apparel Group
Designation: Founder and Chairwoman
Industry: Retail
Born in Africa, Ved was brought to Dubai in the seventies by her self-made entrepreneur father, Lal Ganwani, owner of Lal’s Group in Dubai. She later went on to pursue her university education at King’s College London, earning a bachelor’s degree and an MBA in business management. The spark for her future endeavour began when she returned to Dubai, and at age 20, began working in her father’s shopping mall during the early nineties, where her role as the manager of a department inculcated valuable lessons of work ethics, entrepreneurialism, and self-discipline.
Fast forward to 1996 when 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 group boasts a portfolio with over 2,100 stores in 14 countries and over 85 brands and is the recipient of over 202 awards. The Apparel Group has crafted a motto that encapsulates its essence ’Exceed Expectations Everyday’, backed by a mission that goes beyond transactional exchanges and instead, aspires to create immersive and memorable shopping experiences.
A forward-thinking conglomerate, the Apparel Group focuses on achieving sustainable development goals (SDGs), the world’s best plan to build a better world for people and our planet by 2030. The SDGs are designed to bring the world to several life-changing ’zeros’, including zero poverty, hunger, AIDS and discrimination against women and girls.
Their achievement in 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 is evidenced 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 also feels strongly about the significance of omni-channel experiences, and their partnership with Nykaa exemplifies this commitment, aiming to establish an omni-channel beauty retail platform in the GCC that caters to the diverse preferences of their customers.
Beyond her corporate endeavours, Ved actively engages with global organisations such as YPO and CEO, channelling her compassion for underprivileged children into impactful initiatives. Notably, she mentors her teenage daughter in launching the Athleisure brand F5global, dedicating a portion of the profits to the education of underprivileged kids.
Simultaneously, Ved has played a key role in the mentoring and founding of the social commerce beauty platform NESSA with her eldest daughter. Her commitment to philanthropy and entrepreneurialism is deeply ingrained in her DNA, reflecting a legacy of success and positive societal impact. In 2010, she launched her TV chat show, Hi Tea with Sima Ved, on the Star Plus International.
Rank: 89
Name: Mila Smart Semeshkina
Company: Lectera.com
Designation: Founder and CEO
Industry: Education
Backed by a remarkable career trajectory, from marketing and public relations to becoming a thought leader in edtech and women’s empowerment, a key turning point for Semeshkina was seeing the gaps in the current educational system, particularly in how it addresses the needs of modern learners which inspired her to venture into EdTech. Lectera.com was born out of a vision to make learning fast, practical, and directly applicable to career and personal growth.
Another critical moment was acknowledging the challenges faced by women in the professional world, a realisation that led to the founding of the Women’s Empowerment Council (WEC). The aim was to create a platform and a community that not only supports women in their career journeys but also educates and advocates for greater opportunities.
Technology as a tool for empowerment
Throughout this journey, embracing technology as a tool for empowerment has been a consistent theme, whether it’s through Lectera.com’s innovative approach to online learning or leveraging digital platforms for advocacy, technology has been central to Semeshkina’s mission of making education more inclusive and impactful. Her venture into investing in high-tech brands was not just about financial investment but also about investing in her vision of a future where technology plays a pivotal role in education and empowerment.
At the forefront of educational innovation
Adapting to evolving educational landscapes is a priority for Lectera.com, especially in the face of technological advancements and changing learning preferences. Just some of the ways they stay at the forefront of educational innovation is that they constantly update and develop new courses to stay relevant and address emerging trends. Their agile approach allows them to respond quickly to changes in the job market and technology. They understand that each learner is unique and employ personalised learning algorithms to recommend courses and content tailored to individual needs and preferences.
The platform is accessible across devices, making it easy for learners to access courses whenever and wherever they prefer. Using data analytics to gain insights into learner behaviour and course effectiveness helps them refine their offerings and make data-driven decisions to enhance the learning journey.
Women in leadership
Through Semeshkina’s own experiences as a woman in leadership, facing and overcoming many challenges, she witnessed the barriers that women often come up against. This understanding, along with her professional knowledge of these issues, led her to set up the Women’s Empowerment Council (WEC). WEC is making a real difference in empowering women by providing them with educational opportunities, mentorship, role models and chances to lead. More than just about helping women achieve personal success, this project is about building a community where women support and learn from each other.
WEC is working towards having more women in every level of the professional world as they believe that when women are empowered, it helps everyone, contributing to the overall growth and development of society. Looking forward to 2024, the WE Convention Dubai, now scheduled for 20-21 April, promises bigger speakers, covering more topics on how to earn more and career paths.
Lectera.com offers courses on women’s empowerment, including a range of courses on leadership skills, negotiation and entrepreneurship specifically designed to empower women in their careers. WEC, on the other hand, focuses on creating a supportive community for women in leadership. There are also joint courses with women leaders on Lectera. Moreover, both Lectera.com and WEC actively collaborate with organisations and initiatives that promote diversity and women’s leadership.
About Lectera.com
With a global reach of over 3 million students from 60 countries, Lectera.com offers courses in multiple languages, including English, German, Spanish, Hindi, and Russian. According to Semeshkina, going multilingual has been a game-changer and a huge part of their success in becoming a leading global educational platform. This is about making education accessible and comfortable for a diverse audience. More than that, offering courses in different languages reflects a deep respect for cultural diversity. It’s not just translating words; it’s about adapting the content to fit into unique cultural contexts. Lectera.com ensure that everyone’s on the same page, regardless of their time zone or language via video calls, frequent updates, and using tools that help bridge any language barriers.
Semeshkina says they have put in effort into understanding the unique needs and many of the courses are localised. “In short, it’s about being flexible, open to learning, and always keeping the lines of communication open,” she says. “And, of course, having a fantastic team that’s as committed to our vision as I am makes all the difference.”
The future for Lectera.com and WEC
The WE Convention in April 2024 is set to be even more exciting and impactful, says Semeshkina. They are aiming to bring in a diverse line-up of speakers which already includes the chairperson of the Board of Directors of the Sheikh Mohammed bin Khalid Al Nahyan Cultural and Educational Institutions, HH Sheikha Dr. Shamma bint Mohammed bin Khalid Al Nahyan; HH Sheikha Mozah bint Marwan Al Maktoum who serves as a Captain pilot of the Dubai Police Airwing; HH Sayyida Basma Al Said, founder of first private mental health clinic in Oman; and a tennis star and entrepreneur Maria Sharapova.
Additionally, there will be panellists who will share their experiences and insights on women’s empowerment and success as well as sessions on leadership, entrepreneurship, work-life balance, and more, all designed to equip attendees with practical knowledge and inspiration.
Rank: 90
Name: Rashed Belhasa
Company: RSBELHASA
Designation: Influencer
Industry: Social media
Belhasa, or most often referred to as ’Money Kicks,’ is an immensely popular and globally recognised YouTuber known for his ultra-luxurious life.
Residing in a lavish mansion in the UAE, the son of Emirati construction tycoon and billionaire Saif Ahmed Belhasa, enjoys the unique privilege of having his very own private zoo, home to an impressive array of over 500 exotic animals. Thanks to this extravagant feature, Money Kicks has cultivated friendships with some of the world’s most famous social media influencers, respected footballers and sports stars, including American professional boxer Floyd Mayweather Jr.
Showcasing his extravagant lifestyle on social media, he became famous and successful at a very young age with a large number of Instagram and YouTube fans. He launched his own YouTube channel in June 2013, and in 2015, began posting videos called ‘Money Kicks’ about his high-end lifestyle and legendary sneaker collection, which helped him gain over 50,000 subscribers from around the world.
The game changed for him when he posted a video with the famous rapper Young Thug on YouTube which surged his popularity. Today, Money Kicks boasts 2.3 million followers on Instagram and 3 million on YouTube and has been a part of music videos with Mo Vlogs, Dyler, and others. With a large sneakers collection valued at over $2 million, he is actively followed for his posts about his expensive cars and pricey shoes, as well as current and relevant topics about social issues.
Rank: 91
Name: Robert Booth
Company: Ellington Properties
Designation: Co-founder and Managing Director
Industry: Real estate
Booth, an esteemed figure in the real estate domain, brings forth a wealth of experience that positions him as a distinguished veteran in the industry. His notable achievements traverse the global landscape, encompassing the development, marketing, and successful culmination of significant projects across five continents.
Originating from Canada, his professional journey commenced with the creation of Vancouver’s Concord Pacific Place, the country’s largest master-planned urban community, undertaken for the renowned Hong Kong magnate Li Ka-shing. Subsequently, Booth assumed the role of Director of Development at Concord Adex Developments Corporations, spearheading a monumental $2 billion development initiative in Toronto.
In 2001, Booth’s trajectory led him to Dubai, where he became an integral part of Emaar Properties. His impactful roles within the company included serving as the CEO of the North America region and subsequently as the CEO of the comprehensive Real Estate division. His influence extended to shaping prominent developments such as Arabian Ranches, Emirates Living, Emirates Hills, The Greens, and The Dubai Marina, collectively contributing 40,000 residential units to the market.
The pinnacle of his accomplishments lies in his instrumental role in the flagship Downtown Dubai project, where he oversaw various facets from engaging master planners to unveiling hotel, retail, and residential components, including the iconic Burj Khalifa. Recognised for establishing international construction standards, he holds the position of an advisor to Emaar’s chairman.
Rank: 92
Name: Badr Jafar
Company: Crescent Enterprises
Designation: CEO
Industry: Energy
In addition to his current responsibilities, Jafar is the president at Crescent Petroleum, the privately-owned petroleum company in the Middle East. He is the chairman of Gulftainer, the world’s largest privately-owned container port and logistics operator, and chairman of Pearl Petroleum, a natural gas producer in Iraq’s Kurdistan region. He actively participates in humanitarian initiatives, philanthropy, corporate governance, and education.
Badr’s commitment to humanitarian causes is reflected in his advisory role with the UN Secretary General’s High-Level Panel on Humanitarian Financing, involvement with UNESCO’s International Commission on the Futures of Education, and contributions to organisations such as International Rescue Committee, International Peace Institute, and COP28.
In 2010, Jafar initiated the Pearl Initiative to enhance transparency in the region; co-founded the Arab World Social Entrepreneurship Programme (ASEP); and plays a role in the Sharjah Entrepreneurship Centre and MIT Legatum Centre. He contributes to educational institutions as a member of the Cambridge Judge Business School Advisory Board; American University of Beirut; and Sharjah Business Advisory Council. He is a member of the Young Presidents’ Organisation.
He co-founded the Global Gumbo Group with Quincy Jones to bridge cultural gaps through entertainment. His arts involvement with organisations includes the Middle East Institute’s Advisory Council, Guggenheim Middle Eastern Circle, The Old Vic Theatre Trust’s Artistic Director’s Circle, and the Kennedy Centre’s Centennial Circle.
Rank: 93
Name: Tony Jashanmal
Company: Jashanmal Group
Designation: Group President
Industry: Retail
Born in Kuwait and educated in India and Switzerland, Jashanmal assumed the role of managing director of the group for its Kuwait operations in 1973. During his tenure, he successfully instituted new business ventures, spearheaded the reconstruction of operations post the first Gulf War, orchestrated the Group’s strategic expansion into India, and facilitated various joint ventures.
With a legacy dating back to 1919, Jashanmal is recognised as a trusted partner for international enterprises entering the GCC region across the fashion, footwear, home appliances, travel gear, and publishing sectors. Known for his innovative mindset, he is dedicated to fostering brand development in the GCC region through the group’s retail operations and distribution and wholesale network.
With a portfolio comprising approximately 110 brands, including 30 regional exclusives, the group’s retail footprint extends across 150 stores in Kuwait, UAE, Bahrain, Oman, and India. Supported by a robust distribution network comprising over 1,000 points of sale, Jashanmal is headquartered in Dubai, with offices located in Abu Dhabi, Kuwait, Bahrain, Oman, Qatar, KSA, and India and is at the forefront of the UAE’s retail and distribution activities.
The group serves as a franchise partner for international brands such as Bally, Reiss, Brooks Brothers, Santoni, Porsche Design, MAX&Co., Replay, and group entities including Jade, Harmony, OCS, MINIML, and Trolka. The group holds equity partnerships and actively engages in joint ventures, operating a proprietary logistics network overseeing supply chains, freight-forwarding, and warehousing.
Rank: 94
Name: Abdallah Abu-Sheikh
Company: Astra Tech, Botim
Designation: Founder, CEO
Industry: Fintech
Emirati entrepreneur Abu-Sheikh leads Astra Tech, which launched the ’Ultra-platform’ under Botim after a $500 million investment in 2022. His goal is to simplify consumer lives in a tech-saturated market by addressing ’platform fatigue’ with an Ultra-App. Sheikh also founded RIZEK, a 2020-launched digital marketplace for home services in the UAE, which is now integrated into Botim along with PayBy, its fintech arm. The Ultra-App today serves over 150 million users across 155 countries, combining communications, e-commerce, multilingual GPT, and fintech capabilities.
Rich experience within technology
As a serial entrepreneur, Abu-Sheikh has made a significant impact in the technology sector, earning recognition as a leading tech entrepreneur in the Middle East and Africa (MEA) region. His reputation is built on a successful history of entrepreneurship and his role as a global keynote speaker, where he imparts his insights and knowledge. Abu-Sheikh is renowned for pioneering innovations in three main areas: sustainability, mobility, and digitisation. He has garnered acclaim for introducing major, well-funded advancements in the digital marketplace and the electric vehicle (EV) sector through his previous venture, Barq, driving progress in these fields and paving the way for future technological developments.
In addition to his technological endeavours, Abdallah demonstrates exceptional business acumen and a commitment to strong work ethics. He is driven by a passion to create a community of tech-enabled startups that are not just commercially successful but also have the potential to inspire and bring about positive change in the world. Abdallah believes in the power of technology to drive societal evolution and is dedicated to nurturing a new generation of entrepreneurs and innovators.
Abu-Sheikh places a strong emphasis on nurturing a knowledgeable and active youth community. He understands the critical role of empowering the younger generation in crafting a digital future and dedicates himself to aiding their growth with his creative and non-traditional strategies. His ambition goes beyond just technological progress; it includes a wider objective of building a society that is more interconnected, well-informed, and adept with technology, preparing them to tackle the various challenges and seize the opportunities presented in the digital age.
About the world’s first Ultra-App
The Ultra-App is fulfilling its aim to be an all-in-one app that’s three times faster than standard super apps, says Abu-Sheikh. It offers international money transfers, government services, visa renewals, online shopping, and the region’s fully automated B Store, making Botim a top choice for consumers seeking seamless, convenient, and efficient everyday task management. “Many technical issues related to daily human problems are largely solvable,” he notes. Botim GPT is being developed to address these challenges, he adds.
“The Botim Ultra-App boosts digital sovereignty, accessible to everyone regardless of age, gender, or financial status.”
Given the World Bank’s data showing 1.4 billion unbanked adults worldwide, the substantial population of Arabic, Hindi, and Tamil speakers in the UAE who are not adequately served by existing services and current LLMs, along with the increasing demand to streamline digital services and harmonise user experiences, it’s essential to develop globally accessible yet customisable experiences.
The largest tech ecosystem in the MENA region
According to Abu-Sheikh, the use of artificial intelligence-driven solutions and Large Language Models has skyrocketed across industries around the globe. “With the launch of OpenAI’s ChatGPT in November 2022 has propelled the use of generative AI into the mainstream,” he says.
“Much of the technological developments leveraging LLMs are focused on the English-speaking spheres of the world which leaves chunks of the world underserved by their cutting edge of technology.”
This dilemma was at the core of the idea behind Botim’s repositioning as an ’Ultra-App’, as well as the development of Botim GPT, a paradigm-shifting take on an AI-powered chatbot that stands at the heart of the Botim app experience. Abu-Sheikh adds, “The major difference between Botim GPT and other LLMs is the ability to work with Arabic speakers, not only in a conversational capacity, but also in an executional way. The service is being integrated into all the services provided by the wider Botim app, from e-commerce to fintech solutions, as well as processes like routine governmental transactions and hospitality reservations.”
Digital service adoption globally faces significant barriers, particularly in terms of access and ease of use. “Individuals with low or unstable incomes often lack full access to financial services. This includes demographics like non-working women, individuals with poor credit history, those with language barriers, or individuals who are completely unbanked,” he says.
Additionally, elderly individuals less acquainted with digital technology frequently struggle with routine tasks, e-commerce, telemedicine, or digital government services. “A conversational system that assists them daily is a significant empowerment, reducing emotional strain for them and their younger family members.”
The Botim Ultra-App additionally addresses a specific need in remittance, especially relevant in the UAE and MENA region, where many remit funds to their home countries. Traditional remittance involves time-consuming processes like queuing, form-filling, document verification, and more. In 2023, Botim revolutionised this process by introducing instant global remittance services, which witnessed exceptional success, processing 1.3 billion transactions and growing by 41x in four months since its launch.
Abu-Sheikh emphasises that AI is central to Botim’s goal of addressing various challenges and offering users significant value. Accordingly, Astra Tech is focusing on continually evolving its team and services. He concludes, “By conducting AI workshops, partnering with sector experts, and creating training initiatives for roles like data scientists, AI engineers, and strategists, Astra Tech is committed to leading the way in AI adoption.”
Rank: 95
Name: Firoz Merchant
Company: Pure Gold Group
Designation: Founder and Chairman
Industry: Retail
Despite facing challenging circumstances in his upbringing, Merchant turned his dream into reality by launching his first Pure Gold Jewellery store in 1989. Today, the brand has evolved into a leading integrated diamond and jewellery manufacturer and retailer in the MENA region and Asia. Pure Gold Jewellers operates as a multinational company encompassing Pure Gold Jewellers, La Moda Sunglasses, Pure Gold Properties, and real estate investments across several countries.
Pure Gold Jewellers achieved ISO certification in 2002 and holds the distinction of being the first and only jeweller to receive the World Diamond Mark. As a prominent jeweller in the Middle East and Asia, Pure Gold Jewellers exclusively retails gold and diamond jewellery at various duty-free outlets in the region, including Dubai Duty-Free, Abu Dhabi Duty-Free, Kuwait Duty-Free, and Jordan Duty-Free. Globally, the company has plans to launch more duty-free locations in the near future.
Beyond business, Merchant actively engages in social initiatives, with Pure Gold Group supporting organisations including the UAE Genetic Diseases Association, the UAE Ministry of Health, the UAE Red Crescent Society, Dar Al Ber Society, and Bait Al Khair Society, among others. In June 2023, Pure Gold Living, the group’s property division, announced new residential project launches following the early completion of its first project, the $27 million PG Upper House. The new projects, with a total investment of $81.6 million, include two residential developments in key Dubai locations.
Rank: 96
Name: Amina Al Rostamani
Company: AW Rostamani Group (AWR)
Designation: Board Member and Director
Industry: Diversified
Navigating a myriad of roles, Dr. Al Rostamani is also the chief operating officer of the group, overseeing its corporate services and function, as well as the CEO of AWR Properties. In addition, she is a non-executive board member at HSBC Bank Middle East Limited, at Al Jalila Foundation, at Sandooq Al Watan, Dubai Chambers, of Ajman University’s Board of Trustees; committee member of the UAE National Election Committee and advisory board member at Tharawat Family Business Forum.
With degrees at both the Bachelor and Master levels, and a Ph.D. in Engineering from George Washington University, Washington D.C., Al Rostamani is a recognised expert on wireless technologies whose work has been published in several leading journals.
About AWR Holding
With 14 companies across seven distinct sectors, including multinational brands in travel and consultancy, automotive, logistics, retail, real estate, construction, and information technology, this family-owned business was launched in the 1950s in Dubai.
Today, AWR Holding have become one of the region’s most innovative business groups, defined by its core values, excellence, integrity, and commitment. They pride themselves on their role in the development and sustainability of the country and ambition to add to the UAE’s ambitious growth.
In November 2023, Al Rostamani Group partnered with The International Centre for Biosaline Agriculture (ICBA) to enhance ICBA’s training and research facilities. The agreement includes the development of a specialised training centre and two research facilities.
Rank: 97
Name: Heather McGregor
Company: Provost and Vice Principal
Designation: Heriot-Watt University Dubai
Industry: Education
British entrepreneur, columnist, and entertainer, McGregor is a household name in the UK, known as the author of the Mrs. Moneypenny books, an experienced broadcaster, and a well-known columnist for the Financial Times in the UK. She has hosted the Channel 4 series ’SuperScrimpers: Waste Not Want Not’ and has performed her Mrs. Moneypenny show at various venues, including the Edinburgh Fringe, off-Broadway, and the Hay Festival.
McGregor’s diverse career journey began as a stockbroker and investment banker, followed by roles in financial PR and investor relations. Joining ABN Amro as a sell-side analyst, she spent eight years working across major financial hubs, including London, Hong Kong, Singapore, and Tokyo. Upon her return to the UK, she acquired Taylor Bennett, an executive search firm, where she had already devoted 17 years prior to her venture into higher education.
Passionate about fostering diversity in the workplace, McGregor founded the Taylor Bennett Foundation, dedicated to promoting diversity in the communications industry. As a founding member of the steering committee of the 30 percent Club, she actively contributes to elevating women’s representation at senior levels in publicly listed companies.
Additionally, she serves as a non-executive director for publicly listed companies in the USA. McGregor’s academic accomplishments include a PhD in Structured Finance from the University of Hong Kong and an MBA from the London Business School. A qualified chartered management accountant (CGMA) and a Fellow of the Royal Society of Edinburgh, she holds a Bachelor of Science degree in Agricultural Economics & Marketing from Newcastle University, UK.
The recipient of accolades
Her outstanding contributions have been recognised with prestigious honours, including being bestowed the title of Dame Commander of the Order of the British Empire (DBE) by King Charles III and is among the first to be recognised with the title by King Charles III. In 2021, McGregor became one of the first two individuals at Heriot-Watt University to be named a Principal Fellow of the Higher Education Academy.
She was awarded a CBE in the 2015 Queen’s Birthday Honours List for her exceptional services to business, particularly in championing diversity in the workplace. In the New Year’s Honours of 2023, McGregor was honoured as a Dame of the British Empire, receiving the title of Dame Commander of the Order of the British Empire (DBE) for her outstanding contributions to education, business, and heritage in Scotland.
Joining Heriot-Watt in 2016 as the executive dean of Edinburgh Business School, McGregor revitalised Scotland’s oldest distance learning MBA programme, attracting tens of thousands of students worldwide. Her vision-to-completion of the Panmure House restoration in Edinburgh transformed it into a world-leading centre for thought leadership.
Introducing the Panmure House prize, she facilitated research into long-term capital, attracting submissions globally. Her continued dedication to charities supporting employment and minority ethnic careers has positively impacted the lives of young people, including many from across Scotland.
Rank: 98
Name: Shaji Ul Mulk
Company: Mulk International Group
Designation: Founder and Chairman
Industry: Diversified
Founded in 1982, Mulk International Group, spearheaded by Ul Mulk, stands as a global conglomerate with a diversified portfolio encompassing construction, renewable energy, plastics, and healthcare. Boasting a net worth of $2.7 billion, the group oversees 18 companies globally, with operational bases in the US, Europe, India, UAE, Oman, and Ghana.
Led by Ul Mulk’s wealth of experience, the company has achieved success through strategic global joint ventures, including partnerships with ALUPCO in KSA, Vallibel One Group in Sri Lanka, DACS Systems in India, and Al Hamed Group for Abu Dhabi, resulting in significant accomplishments in healthcare and interior fit-outs under Sheikh Khalid Al Hamed and Sheikh Majid Al Nuaimi.
He 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.
About Mulk International Group
The group’s flagship brand ALUBOND has grown into the world’s largest metal composite brand with operations in 11 countries and market reach of 90 countries. Also, their A2 fire-rated aluminium composite panel, ALUBOND A2, positions it as the world’s largest manufacturer of such panels and has transformed the group to become the world’s largest manufacturer of aluminium composite panels, boasting an installed capacity of 25 m2 with installations spanning over 100 countries.
The group’s $500 million investment in Zim Cyber City signifies its expansion into real estate in the USA and the UK, featuring projects like the ongoing Zim Cyber City in Zimbabwe, a mixed-use development in Mount Hampden, New Harare. This 46K m2 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. 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 real estate projects.
In the healthcare sector, Mulk Med Healthcare, launched in 2010, provides physiotherapy, telemedicine, and diagnostic services, including the Mulk Med Healthcare Virtual Hospital. The group is also gaining recognition for introducing the T10 cricket league, a global brand with leagues in the UAE, Africa, USA, Sri Lanka, Europe, and India, boasting a viewership of over one billion since its launch in 2017.
In October 2023, Mulk International entered a joint venture with Ajman Holding, led by Sheikh Abdul Aziz Al Nuaimi. The alliance strategically positions both firms to leverage their combined expertise, networks, and resources. A central aspect of the collaboration involves the T10 Cricket League which is set to not only enhance the visibility of the sport, but also provide cricketing experiences to global audiences. Moreover, with the robust support of Ajman Holding, ALUBOND is poised for substantial growth, tapping into new markets and reinforcing its position as an industry leader in construction materials.
Rank: 99
Name: Samuel Saba
Company: Infinity Group
Designation: Founder and Chairman
Industry: Real estate
Samuel Saba is Chairman and Founder of Infinity Group, a family-owned investment company based out of Dubai, UAE, from where it is managing its operations in the Middle East and Africa region. He is currently CEO of Infinity Developments and Infinity Capital.
The group is primarily invested in real estate, and has expanded into the African real estate market, launching a five-star, $200 million branded resort and residence project in the island of Zanzibar. The group is currently operating the following entities: Infinity Capital, Infinity Developments, Infinity Building Contracting, Infinity Strata Management, Infinity Design & Architecture, Infinity Properties, Infinity Retail Group, and Infinity Foundation.
Saba is a driven businessman and philanthropist, with family values at the core of the conglomerate which he has built along with his relatives. The group currently has over 600 employees around the world.
Saba’s main hobbies include skiing, skydiving, and travelling with his family and friends. He also, along with his siblings Taylor and David spend a lot of time on their charitable initiatives, which are being undertaken in various parts of Africa, including Malawi and Zanzibar. Saba has been living in Dubai since 2001. He has a background in finance and law. Prior to founding Infinity Group, Samuel was working alongside his family in their various ventures around the world.
Saba is fluent in four languages, and with an extensive background and a deep understanding of the intricacies of the property markets the group offers end-to-end solutions for developers, investors, and its diverse range of clients.
Rank: 100
Name: Shaun Killa
Company: Killa Design
Designation: Design Director and Founder
Industry: Architecture
With a portfolio spanning over 25 years, Killa focuses on crafting innovative, environmentally friendly structures that challenge traditional architectural norms, resulting in projects such as the Dubai Opera House, the Almas Tower, and the Bahrain World Trade Centre, an integration of wind turbines in a large-scale building. He has gained acclaim for his unique architectural approach, emphasising sustainability, and consistently exploring unconventional design.
Established in 2015 in Dubai, Killa Design has actively contributed to several key projects that received recognition in the architectural realm. These include designs for the Museum of the Future, the Address Beach Resort, W Hotel Namaste, Vida Dubai Marina & Yacht Club, Marsa Al Arab, Sheybarah Island, Aykon Twin Towers, and the Office of the Future, the world’s first occupied 3D-printed building.
Currently, Killa Design is working on projects that include the Jumeirah Marsa Al Arab Hotel in Dubai, the Sheybarah Resort for the Red Sea Development in KSA, as well as the Palm Residence and the Cavalli Residential Towers. Killa also serves as a speaker at global conferences, inspiring architects, and developers to challenge the status quo and embrace sustainable practices.
His focus centres on the importance of sustainable buildings and masterplans, aiming to enhance the urban habitat, improve the lives of its inhabitants, and significantly reduce carbon emissions from the built environment. His presence on the global stage helps in advocating for a more sustainable and environmentally conscious future.
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