As another remarkable year draws closer to an end, we are proud to unveil one of our most anticipated power lists, The 100 Most Admired Companies in the Middle East. This isn’t just a roll call of high-achieving businesses, it’s a celebration of the visionaries and innovators redefining their sectors through leadership, bold initiatives, and unwavering commitment to progress.
This year, we’re spotlighting a wide range of companies, from industry titans to trailblazing disruptors. Take, for instance, The Giving Movement – a brand pioneering sustainable fashion and reshaping the industry’s approach to eco-consciousness. Emirates Airline, a true titan in global aviation, which continues to set new benchmarks, while Neom, Saudi Arabia’s visionary city of the future, stands set to redefine urban living as we know it.
Most Admired Companies in the Middle East
The list also features the giants of construction, finance, and technology, such as Emaar, known for its skyline-shaping developments, and e&, whose tech-driven solutions are propelling digital transformation across the region.
Meanwhile, Mastercard remains at the forefront of financial innovation, and Lulu Group’s relentless retail expansion underlines its status as a regional powerhouse. And let’s not forget Kingdom Holding, consistently setting the gold standard in excellence.
What unites these companies is their shared desire to transcend traditional boundaries and embrace new frontiers, whether that’s in sustainability, digital transformation, or social responsibility. They’re not merely playing in established markets – they’re creating entirely new ones. Their stories exemplify the resilience and spirit of the Middle East, a region that never stands still.
This year’s power list pays tribute to these trailblazers and the countless others who have shown that real leadership isn’t about maintaining the status quo but about embracing change and forging new paths.
As we prepare to turn the page on another year, these 100 companies serve as an example of what is possible when vision meets execution.
Here’s to the leaders, the innovators, and the dreamers making waves today and shaping tomorrow. Welcome to the 100 Most Admired Companies in the Middle East
Rank: 01
Company Name: The Giving Movement
Industry: Retail
Country: UAE
The Giving Movement (TGM) has quickly emerged as a leader in sustainable fashion, not just in the UAE, but globally. Founded in 2020 by Dominic Nowell-Barnes, the brand is rooted in its mission to blend eco-conscious fashion with a strong social impact. The company’s tagline, “Made for Now, With the Future in Mind,” encapsulates its dedication to both style and sustainability. By using environmentally friendly materials, like recycled nylon and organic bamboo, TGM has built a loyal customer base that values both aesthetics and ethics in fashion.
This year has been a banner year for TGM, with the company continuing to expand its influence on the global stage. The brand’s presence has grown not only in the Middle East but also internationally, with new collections and product lines, such as modest fashion and athleisure, introduced to meet the needs of diverse customer segments. TGM’s ability to successfully merge streetwear, activewear, and sustainability has made it a standout in the competitive global fashion industry.
One of the core pillars of TGM’s philosophy is its commitment to giving back. Since its inception, the company has donated $4 (AED15) from every item sold to charitable causes, focusing on initiatives related to education, clean water, and emergency relief. To date, the brand has donated more than AED19.5m to charitable organisations like Dubai Cares and Harmony House India, making it a rare example of a fashion brand that seamlessly integrates philanthropy into its business model.
This year, the company’s focus on social impact has been further solidified through its partnerships with local and international influencers, celebrities, and ambassadors. Notable collaborations include campaigns with global superstars such as Jennifer Lopez, which has expanded the brand’s visibility and reinforced its appeal to a socially conscious, fashion-forward audience. The brand’s marketing efforts in 2024 have been especially noteworthy. TGM’s “24/7 Iconic” campaign, which features bold designs and high-performance activewear, has boosted the brand’s engagement on social media by 116 per cent. This campaign has also played a crucial role in expanding TGM’s consumer base, reaching younger demographics through social media platforms like Instagram and TikTok.
Sustainable fashion
On the operational side, TGM continues to champion sustainability. The company uses eco-friendly packaging, recycled materials, and ensures that its manufacturing processes adhere to stringent environmental standards. Its dedication to sustainability aligns perfectly with the UAE’s broader vision of becoming a leader in green initiatives and sustainability. As part of its long-term goals, TGM is exploring ways to incorporate more circularity into its fashion lines, such as take-back programmes and recycled collections.
Looking ahead, TGM has ambitious plans for 2025 and beyond. With international expansion on the horizon and continued innovations in both fashion and sustainability, the company is well-positioned to remain a leader in the sustainable fashion movement. With its unique blend of philanthropy, eco-consciousness, and high fashion, The brand stands as a true pioneer in redefining what it means to be a socially responsible player in the fashion industry.
Rank: 02
Company Name: Emirates Airline
Industry: Aviation
Country: UAE
Under the enduring leadership of Sir Tim Clark, Emirates has once again proven its dominance in the global aviation sector with a record-breaking 2024. Clark, who has guided the airline since 2003, continues to lead Emirates through an era of impressive growth, ensuring the airline’s place as the world’s largest long-haul carrier and one of the most recognised names in travel.
This year, Emirates posted a staggering $4.7bn profit – an all-time high for the airline, driven by a resurgence in international travel and Clark’s strategic fleet management. In 2024, Emirates increased its overall capacity by 20 per cent, bringing passenger numbers back to near pre-pandemic levels. The airline’s expanding fleet was bolstered by the arrival of new Airbus A350s, with the highly anticipated Boeing 777X aircraft set to join the fleet in 2025.
Clark’s commitment to enhancing the passenger experience remains a core part of Emirates’ success. In 2024, the airline launched SkyLuxe Suites – its new, ultra-luxurious private cabin experience on select A380 routes, featuring personalised concierge service, gourmet dining, and cutting-edge entertainment systems. Meanwhile, Emirates’ Premium Economy class has continued to grow in popularity, offering passengers a middle ground between luxury and affordability.
Sustainability drive
Beyond passenger comfort, Clark’s vision for a sustainable future in aviation is clearer than ever. Emirates has doubled down on its goal to achieve net-zero carbon emissions by 2050, introducing new fuel-efficient aircraft and investing in renewable energy initiatives. This year saw the airline’s ambitious programme to reduce single-use plastics on all flights, as part of its long-term environmental commitments.
Clark’s ability to balance profitability with innovation is at the heart of Emirates’ ongoing success. Despite global economic uncertainty, Emirates has maintained its reputation for providing a premium travel experience while remaining at the cutting edge of aviation technology. The airline’s commitment to expanding its digital services is also evident, with enhanced mobile check-in options, in-flight connectivity, and AI-driven customer service tools further improving the travel experience.
Looking ahead, Emirates is set to continue its growth trajectory, with plans to expand its network to more than 200 destinations by 2030. Whether through its relentless pursuit of excellence in service or its pioneering sustainability initiatives, Emirates under Clark’s stewardship continues to set the standard for global aviation.
Rank: 03
Company Name: NEOM
Industry: Construction
Country: KSA
NEOM is one of the most ambitious urban projects in the world, positioned as a cornerstone of Saudi Arabia’s Vision 2030. Since his appointment as CEO in 2018, Al Nasr has steered the $500bn giga-project with unmatched precision and vision. NEOM, spanning over 26,500 sq km, is not just a city – it’s a reimagination of urban living, set to redefine sustainability, technology, and human wellbeing on a global scale.
This year has been a transformative year for NEOM as several of its flagship projects made significant strides. At the forefront is The Line, the futuristic city that will stretch over 170km, housing 9 million residents in a car-free, emission-free environment. The Line is set to be the world’s first fully sustainable city, powered entirely by renewable energy. This year, construction milestones were achieved, and the first phase of The Line is on track for completion by 2030. NEOM’s partnerships with leading tech giants have ensured that this urban utopia remains at the cutting edge of artificial intelligence, biotechnology, and green energy innovation.
Billion-dollar plans
Another key development is Oxagon, the world’s largest floating industrial complex. In 2024, Oxagon progressed rapidly, attracting top-tier global industrial leaders with its vision of sustainable manufacturing and research. The first phase of Oxagon is scheduled to open in 2025, promising to revolutionise industrial operations through advanced automation, renewable energy, and water conservation systems.
NEOM’s Trojena project, a luxury mountain destination, has captured global attention with its promise of year-round skiing, ultra-luxury resorts, and state-of-the-art nature reserves. Trojena, which blends adventure tourism with sustainable luxury, has put Saudi Arabia on the global map for eco-tourism. The first phase is slated for completion in 2026, marking NEOM as a prime destination for high-end travellers.
NEOM’s commitment to sustainability is not just about green energy; it’s about reshaping entire ecosystems. In 2024, NEOM introduced a pioneering initiative to recycle 100 per cent of its water and waste, creating a circular economy that sets new benchmarks for environmental conservation. NEOM has also signed several agreements to advance its green hydrogen infrastructure, making it a leader in the renewable energy space.
Under Al Nasr’s visionary leadership, NEOM is more than just a city of the future – it’s a blueprint for how humanity can coexist harmoniously with the environment. As the project advances, NEOM is set to become a global symbol of what’s possible in urban planning, sustainability, and economic diversification.
Rank: 04
Company Name: e&
Industry: Technology
Country: UAE
Under the leadership of Hatem Dowidar, e&, formerly known as Etisalat Group, has transformed itself from a traditional telecommunications provider into a global technology powerhouse. What was once a regional telco has now expanded its influence across 38 countries, becoming a leader in telecommunications, fintech, digital health, and more. Today, e& stands as one of the most admired companies in the Middle East, setting the benchmark for innovation and digital transformation.
In 2024, e& continued its strategic global expansion, increasing its footprint to cover 38 countries, including a significant move into the West African telecom market through its partnership with Maroc Telecom. This expansion added millions to its subscriber base and solidified its presence as a major player in emerging markets. Dowidar’s strategy is simple yet effective – diversify, expand, and lead in high-growth regions.
At the forefront of technology
Technologically, e& remains at the cutting edge. In a significant achievement this year, e& UAE, the telecommunication arm of e& announced a groundbreaking achievement with the fastest aggregated 5G-Advanced Speed of 62Gbps, making UAE residents the first to experience landmark speeds globally. Such innovations keep e& at the forefront of telecom advancements, ensuring that it delivers best-in-class services across its markets. Moreover, e& has launched various 5G-based services and enhanced digital solutions that reinforce its reputation as a technology leader in the region.
Leading the fintech revolution
Beyond technology, e& is making strides in the fintech sector. The introduction of e& money, its proprietary digital financial service, exemplifies the company’s vision of reshaping financial services in the UAE. Through e& money, the group provides a secure, digital-first platform tailored to cater to individuals and businesses alike. This development highlights e&’s commitment to leading the fintech revolution rather than relying solely on external vendors.
Sustainability drive
Sustainability is another key area of focus for e&. The company has ramped up its investments in renewable energy initiatives, aiming to reduce its carbon footprint and contribute to global sustainability goals. Through eco-friendly digital infrastructure and innovative technology, e& is setting a new standard for corporate responsibility in the region.
Dowidar’s leadership has been instrumental in reshaping e&’s identity. Since becoming Group CEO in 2020, he has steered the company through an era of rapid technological change, positioning it not just as a telecom provider but as a forward-thinking tech group. His vision is clear: to lead e& into a future where technology and innovation are at the core of everything it does.
As e& continues its journey, it remains a beacon of growth, innovation, and sustainability in the Middle East, driven by a leadership team that is constantly pushing the boundaries of what’s possible. Under Dowidar’s watch, e& is poised to continue setting the standard for excellence in the region and beyond.
Rank: 05
Company Name: Emaar Properties
Industry: Real estate
Country: UAE
For nearly three decades, Emaar has been synonymous with grandeur and innovation in real estate, with its founder and chairman, Mohamed Alabbar, leading the company to global prominence. Established in 1997, Emaar has transformed Dubai’s skyline with iconic developments like the Burj Khalifa and The Dubai Mall. In 2024, the company continues to push boundaries, setting new standards for luxury, sustainability, and urban living.
This year, Emaar reported a robust 15 per cent year-on-year increase in net profit for the first half of 2024, with revenues reaching a staggering $3.7bn. The company’s property sales also soared to $6.1bn, driven by high demand in Dubai and its growing portfolio of international projects. One of the standout developments is The Oasis by Emaar, a $20bn waterfront community featuring over 7,000 high-end villas and mansions. The Oasis is a testament to Emaar’s commitment to luxury living, offering residents a blend of opulence and nature with private beaches, marinas, and golf courses.
Setting another record
Another highly anticipated project is the redesign of the Dubai Creek Tower, which is set to begin construction in 2025. Once completed, this architectural marvel is expected to surpass the Burj Khalifa in height, redefining the city’s skyline once again. Dubai Creek Tower will set new records, further solidifying Dubai’s status as a hub for cutting-edge architecture and urban development.
Emaar’s commitment to sustainability continues to grow. In 2024, the company launched several initiatives to reduce its carbon footprint, including the introduction of solar-powered infrastructure across many of its developments. These efforts align with the UAE’s ambitious goal of achieving net-zero emissions by 2050, with Emaar leading the charge in integrating ESG (Environmental, Social, and Governance) principles across its portfolio.
Emaar also remains deeply committed to social responsibility. Through initiatives like Sandooq Al Watan and Beyout Al Kheir, the company is working to uplift low-income families in Egypt and the UAE. These programmes reflect Emaar’s broader vision of not only building extraordinary real estate but also giving back to the communities in which it operates.
As the company looks to the future, Alabbar’s vision of continuous growth, innovation, and sustainability ensures that Emaar will remain at the forefront of global real estate. With groundbreaking projects like The Oasis and Dubai Creek Tower, Emaar is set to leave an indelible mark on both Dubai and the world.
Rank: 06
Company Name: Cafu
Industry: Energy
Country: UAE
This year marks yet another year of growth and innovation for Cafu, the UAE’s first and leading on-demand fuel delivery service. Since its inception, Cafu has transformed the way consumers interact with their vehicles, offering not just fuel delivery but a wide range of mobile car services, including car washes, tyre changes, battery replacements, and engine diagnostics. By bringing these services directly to the customer’s doorstep, Cafu has created a new level of convenience in automotive maintenance, setting itself apart as a pioneer in the industry.
Regional expansion
A major highlight for Cafu in 2024 is its expansion into Saudi Arabia, marking a significant milestone in the company’s regional growth strategy. As the first on-demand fuel delivery service to operate across multiple Gulf countries, Cafu is poised to capture a large share of the market, particularly as the automotive sector in Saudi Arabia continues to evolve.
The company’s entry into the kingdom comes at a time when demand for convenience-based services is growing, and Cafu’s innovative approach is expected to resonate strongly with consumers.
Going green
In line with global sustainability trends, Cafu has made a major push into green energy solutions in 2024. The company has introduced electric vehicle (EV) charging stations as part of its on-demand service offering, giving EV owners the same level of convenience that traditional fuel customers enjoy. This expansion into EV services aligns with the UAE’s broader goals of promoting sustainable transportation and reducing carbon emissions, positioning Cafu as a leader in green mobility solutions.
The company’s growth in 2024 has been staggering, with a 300 per cent increase in app downloads in the first quarter alone. Cafu’s seamless app experience, which allows users to schedule services with just a few taps, has been a major driver of this growth. The company has also invested in expanding its service offerings, with plans to roll out AI-driven predictive maintenance in the near future. This technology will allow customers to detect potential issues with their vehicles before they become costly problems, further enhancing Cafu’s value proposition.
Financially, Cafu continues to thrive, with strong revenue growth driven by its expanding customer base and innovative service offerings. The company’s commitment to convenience, innovation, and sustainability has positioned it as one of the most admired tech-driven service providers in the region.
Looking ahead, Cafu’s ambitious plans for regional expansion, coupled with its focus on green energy and cutting-edge technology, ensure that it will remain at the forefront of the automotive service industry. As the company continues to evolve and expand, it is well on its way to becoming a household name not just in the UAE but across the Middle East.
Rank: 07
Company Name: Diriyah Gate Development Authority (DGDA)
Industry: Tourism
Country: KSA
Led by visionary CEO Jerry Inzerillo, Diriyah Gate is one of Saudi Arabia’s most transformative giga-projects, breathing new life into the kingdom’s rich history. Since his appointment by Crown Prince Mohammed bin Salman in 2018, Inzerillo has been at the helm of this $63.2bn project, which aims to restore Diriyah, the birthplace of the Saudi state, into a world-class cultural and heritage destination.
In 2024, Diriyah Gate continued to achieve major milestones, cementing its status as one of the world’s most ambitious cultural projects. One of the standout achievements this year was the expansion of Bujairi Terrace, home to several Michelin-starred restaurants offering authentic Saudi culinary experiences. This addition to Diriyah’s vibrant culinary scene has made it a must-visit destination for food connoisseurs from across the globe, blending rich history with modern gastronomy.
The development of At-Turaif, a UNESCO World Heritage site, also took significant strides in 2024. With over 10 new luxury hotels added to Diriyah’s offering, each built in the traditional Najdi architectural style, Diriyah Gate is blending heritage with world-class luxury. The first phase of the project remains on track for completion by 2026, with these new hotels designed to offer visitors an immersive experience that pays homage to the region’s cultural roots.
Inzerillo’s leadership goes beyond infrastructure; it’s about reviving a cultural legacy. In 2024, Diriyah hosted over 50 cultural events, including art exhibitions, music festivals, and historical re-enactments, all designed to highlight the rich history and heritage of Saudi Arabia. These events have attracted global attention and are key to promoting tourism in the kingdom.
Environmental protection
Sustainability is central to the Diriyah project. In 2024, Diriyah Gate earned a platinum certification from the USGBC LEED, a first for any project in the Middle East, underscoring its commitment to environmental conservation. The project also joined Saudi Arabia’s sustainability programme, MOSTADAM, to ensure that its growth is in harmony with the natural landscape.
As part of Saudi Arabia’s Vision 2030, Diriyah Gate aims to attract 27 million visitors annually by the end of the decade, creating over 55,000 jobs and contributing significantly to the kingdom’s economic growth. Under Inzerillo’s leadership, Diriyah is not only preserving Saudi Arabia’s heritage but also showcasing it to the world in a way that blends history, luxury, and sustainability.
Rank: 08
Company Name: Amazon MENA
Industry: E-commerce
Country: UAE
Since its acquisition of Souq.com in 2017, Amazon MENA has transformed the e-commerce landscape across the Middle East under the visionary leadership of Ronaldo Mouchawar. Today, Amazon MENA is the region’s go-to platform for online shopping, offering everything from electronics and fashion to groceries and home essentials. With Mouchawar’s deep understanding of the local market, Amazon MENA continues to expand its footprint and services, setting new standards for convenience, speed, and customer service.
In 2024, Amazon MENA achieved significant milestones, further solidifying its dominance in the region. A key highlight was the launch of two new fulfilment centres in Riyadh and Abu Dhabi, which increased the company’s storage capacity by 50 per cent. These state-of-the-art facilities are equipped with advanced technologies, including automated sorting and packing systems, which enable Amazon to process orders faster and more efficiently. This expansion supports the UAE’s digital economy agenda and strengthens Amazon’s ability to meet the growing demand for online shopping across the region.
Seamless shopping experience
Innovation remains at the core of Amazon MENA’s operations. In 2024, the company introduced Amazon Live, an interactive shopping experience that allows customers to shop while watching livestreams. This new feature is transforming the way consumers engage with products, bringing an entertainment-driven element to the ecommerce experience. Amazon Live has been a hit with tech-savvy consumers in the Middle East, offering them a more dynamic and engaging way to shop online.
Supporting SMEs
Amazon MENA is also deeply committed to supporting small and medium-sized enterprises (SMEs) across the region. In 2024, the company launched the Amazon Academy, a platform designed to help local businesses grow their online presence and leverage Amazon’s infrastructure. The academy offers resources, workshops, and tools aimed at empowering SMEs to succeed in the digital marketplace. By providing a platform for over 100,000 SMEs by 2026, Amazon MENA is playing a crucial role in driving regional economic growth and fostering entrepreneurship.
As Amazon MENA continues to scale, Mouchawar’s leadership and focus on innovation ensure that the company remains a leader in the region’s e-commerce industry. With its expanding logistics network, cutting-edge digital services, and commitment to empowering local businesses, Amazon MENA is well-positioned to shape the future of online retail in the Middle East.
Rank: 09
Company Name: EV Lab
Industry: Mobility
Country: UAE
EV Lab continues to drive the UAE’s transition towards sustainable transportation, establishing itself as the region’s premier platform for everything related to electric vehicles (EVs). Launched in 2020, EV Lab has quickly become a key player in the Middle East’s growing EV ecosystem, offering a one-stop shop for consumers to explore, test drive, and purchase electric vehicles from some of the world’s leading automotive brands. This year, EV Lab has further expanded its services and reach, solidifying its position as a leader in the EV space.
A key highlight for EV Lab in 2024 is the launch of its innovative EV subscription service, which offers customers the flexibility to subscribe to an electric vehicle without the long-term commitment of ownership. This service has been particularly well-received by younger consumers and expatriates who value flexibility and are eager to adopt more sustainable modes of transportation. By offering a subscription model, EV Lab is making electric mobility more accessible to a broader range of consumers, further accelerating the shift towards greener transportation in the UAE.
In addition to its retail operations, EV Lab has played an instrumental role in advocating for EV adoption across the region. In 2024, the platform partnered with government entities to promote electric mobility through public awareness campaigns, tax incentives, and subsidies for EV buyers. These initiatives are aligned with the UAE’s broader sustainability goals, which aim to reduce carbon emissions and promote green energy solutions in the run-up to Expo City 2030.
Sustainable transport
EV Lab’s test drive events continue to be one of its most popular offerings, giving consumers the opportunity to experience the latest electric vehicle models in real-world driving conditions. In 2024, the company expanded these events to include autonomous vehicle test drives, reflecting the growing interest in self-driving technology as part of the UAE’s smart city initiatives.
Supporting the EV sector
Another significant development for EV Lab this year has been the expansion of its charging infrastructure. Through partnerships with local infrastructure providers, EV Lab has helped to establish a comprehensive network of EV charging stations across the UAE, ensuring that drivers have easy access to charging facilities wherever they are. As more consumers make the switch to electric vehicles, EV Lab’s growing charging network is playing a critical role in supporting the region’s EV ecosystem.
To complement its physical showrooms, EV Lab launched a new ecommerce platform this year, offering a wide range of EV-related products, from home charging stations to EV accessories. This digital expansion provides customers with a seamless omnichannel experience, allowing them to explore and purchase electric vehicles and products both online and in-store.
As the demand for electric vehicles continues to grow in the Middle East, EV Lab is perfectly positioned to lead the charge towards a more sustainable future. With its innovative services, strategic partnerships, and commitment to promoting green transportation, EV Lab is set to remain a key player in the UAE’s electric vehicle market for years to come.
Rank: 10
Company Name: Washmen
Industry: Services
Country: UAE
Washmen, founded in 2015 by Rami Shaar and Jad Halaoui, has transformed the UAE’s laundry and dry-cleaning industry by providing an on-demand, tech-driven service. Through its mobile app, Washmen allows users to schedule laundry pickups and deliveries with just a few taps, revolutionising the way busy professionals handle their laundry needs. What began as an “asset-light model,” connecting customers with existing laundries, has evolved into a full-scale operation with Washmen now owning and operating its facilities.
Over the years, Washmen has solidified its place as one of the UAE’s most innovative service providers. The company recently expanded its Jebel Ali facility, which now handles up to 30,000 items per day, though it currently operates at about one-third of that capacity, allowing ample room for future scaling. This investment in infrastructure underscores Washmen’s forward-looking strategy to accommodate future growth.
Growth prospects
For the first time in its history, Washmen is on track to become profitable by the end of 2024. After several challenging years, particularly during the pandemic when business wear – a core service – saw a steep decline in demand, the company has bounced back stronger. In 2023, Washmen recorded a 55 per cent year-on-year growth, with 2024 projections pointing toward continued profitability. The company expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) of nearly $6m next year.
Washmen’s strategy is centred around providing high-quality service with a strong technological backbone. Its app allows for seamless scheduling, tracking, and communication, and the company’s use of AI and data-driven processes ensures efficient operations. This focus on operational excellence has earned Washmen a loyal customer base of over 50,000 users, processing more than 300,000 items monthly.
In addition to its core laundry service, Washmen is expanding its offerings by introducing premium services, including couture cleaning for high-end garments and a shoes and bags restoration service. The brand is also looking to expand into new markets, including Saudi Arabia and other cities across Asia, such as Singapore and Taiwan.
With a strong focus on sustainability and service innovation, Washmen continues to lead the region’s on-demand laundry market, positioning itself for long-term success while maintaining its commitment to customer satisfaction and operational efficiency.
Rank: 11
Company Name: THE One
Industry: Retail
Country: UAE
THE One is a leading furniture and home décor retailer in the Middle East, known for its unique, design-driven products and commitment to sustainability and social responsibility. Founded in 1996 by Thomas Lundgren, THE One operates over 25 stores across the Middle East and North Africa (MENA) region. With its headquarters in Dubai, the brand has gained a loyal following for its eclectic range of furniture, home accessories, and lifestyle products, catering to both minimalist and bold tastes.
In 2024, THE One continues to focus on sustainable practices as part of its mission to make a positive impact on the planet. The company has long been a pioneer in incorporating eco-friendly materials and practices in its operations, from sourcing sustainable wood to using low-emission paints in its products. This year, THE One expanded its green product lines, which are made from recycled materials, aligning with the growing global trend of conscious consumerism.
In terms of innovation, THE One has integrated digital solutions to enhance the customer experience. The company launched an upgraded online shopping platform in 2024, offering a seamless and user-friendly interface that allows customers to virtually browse their extensive catalogue. To complement the digital experience, the brand has introduced augmented reality (AR) features on its app, enabling customers to visualise how furniture pieces would look in their homes before making a purchase.
THE One has also continued its focus on community engagement and corporate social responsibility (CSR) initiatives. The brand supports numerous local and international causes, including education and healthcare projects through The Onederworld Foundation, which aims to uplift underserved communities. In 2024, the foundation pledged to support additional educational programmes in the Middle East, reinforcing the brand’s commitment to social change.
Financially, THE One has shown resilience in a competitive retail market. The company reported a 9 percent growth in revenue for the first half of 2024, driven by increased demand for home décor as consumers continue to invest in their living spaces post-pandemic. This performance reflects the growing popularity of sustainable furniture, as more customers seek products that align with their values of environmental consciousness.
With its combination of design innovation, sustainability, and social impact, THE One remains a beloved and trusted brand in the MENA region. As it continues to evolve with market trends and customer needs, THE One is well-positioned to maintain its status as a leading retailer in the home décor space.
Rank: 12
Company Name: Lulu Group International
Industry: Retail
Country: UAE
Yusuff Ali MA, the dynamic entrepreneur behind Lulu Group International, has built a global retail empire that spans across 25 countries, turning Lulu into one of the most recognisable and admired brands in the Middle East and beyond. From humble beginnings in Kerala, India, Yusuff Ali’s journey to becoming a titan in retail, hospitality, and real estate is nothing short of remarkable.
International expansion
In 2024, Lulu Group continued its aggressive international expansion, opening new hypermarkets in China and Africa, reflecting Yusuff Ali’s vision to establish Lulu as a global retail leader. These strategic expansions are part of a broader plan to cater to the world’s diverse, multi-ethnic populations with an unmatched range of products.
Lulu’s retail dominance in the Middle East is evident in its vast network of stores, providing everything from groceries to electronics, while maintaining a strong customer base that spans a wide array of demographics.
Lulu’s success is not just about brick-and-mortar retail. The company’s foray into e-commerce with the launch of Lulu Digital has positioned it at the forefront of the region’s digital transformation. In 2024, Lulu Digital expanded its offerings, introducing AI-driven personal shopping assistants that revolutionise the online shopping experience. This focus on innovation has made the company’s digital platform a preferred choice for tech-savvy consumers across the Middle East.
Sustainable operations
Sustainability is a growing priority for Lulu Group. In 2024, the company expanded its solar panel installations across 50 of its hypermarkets, significantly reducing its carbon footprint and aligning with global sustainability goals. Yusuff Ali’s commitment to environmental responsibility is setting a new standard for the retail industry, ensuring that Lulu remains a leader not only in business but also in sustainable practices.
Creating a global brand
Beyond retail, Lulu Group’s ventures into hospitality and real estate are expanding. The company’s investment in luxury hotels and shopping malls, particularly in the GCC, is positioning Lulu as a key player in the region’s booming tourism and real estate markets.
As Lulu Group continues to grow, Yusuff Ali’s vision of transforming the company into a global brand is becoming a reality. With its combination of innovation, sustainability, and relentless expansion, Lulu Group is well on its way to being a household name around the world, all while continuing to dominate the Middle Eastern retail sector.
Rank: 13
Company Name: Kingdom Holding
Industry: Investment
Country: KSA
Founded in 1980 by Prince Alwaleed bin Talal, Kingdom Holding is a diversified investment company based in Saudi Arabia. With interests spanning real estate, hospitality, financial services, and technology, Kingdom Holding has made a significant impact on the global investment landscape. Known for its strategic investments in some of the world’s most iconic companies, including X (formerly Twitter), Citigroup, and Four Seasons Hotels and Resorts, the company continues to be a force to be reckoned with in the investment scene.
One of the most significant developments for Kingdom Holding is its increased focus on sustainability and ESG (Environmental, Social, and Governance) investing. This year, the company announced the launch of its Sustainable Investment Fund, a multi-billion-dollar initiative aimed at backing companies that align with the Saudi Vision 2030 goals of economic diversification and environmental sustainability. This move reflects the company’s commitment to supporting green and responsible investments, positioning it as a leader in the region’s push towards a more sustainable future.
Kingdom Holding’s real estate division also saw major activity in 2024, particularly in the hospitality sector. The company announced plans to expand its luxury hotel portfolio with the acquisition of several high-profile properties across Europe and the Middle East. This move comes as global tourism rebounds strongly post-pandemic, and Kingdom Holding aims to capitalise on the growing demand for high-end travel experiences. Their partnership with Four Seasons Hotels and Resorts remains a key part of this strategy, with new hotels planned in Paris and Dubai.
Tech investments
In the tech space, Kingdom Holding has ramped up its investments in fintech and artificial intelligence (AI). In 2024, the company led a $200m funding round for a leading AI startup focused on cybersecurity, reflecting its commitment to staying at the forefront of technological innovation. The company’s early-stage investments in Uber and Lyft have already paid off handsomely, and its continued focus on disruptive technologies ensures Kingdom Holding remains a key player in the global tech ecosystem.
Financially, Kingdom Holding remains strong, with a 15 per cent increase in revenue in the first half of 2024, driven by its strategic investments and robust performance in the hospitality and tech sectors. As Saudi Arabia continues its economic transformation under Vision 2030, Kingdom Holding is poised to play a central role in driving the kingdom’s growth and diversification.
With its bold investment strategy, commitment to sustainability, and global influence, Kingdom Holding remains one of the most admired and respected investment companies in the world.
Rank: 14
Company Name: Air Arabia
Industry: Aviation
Country: UAE
Air Arabia, the Middle East and North Africa’s largest low-cost carrier (LCC), continues to set new benchmarks for success in the aviation industry. Headquartered in Sharjah, the airline has consistently expanded its operations while maintaining a strong focus on cost efficiency, profitability, and customer satisfaction. Air Arabia has further solidified its leadership in the LCC sector with new routes, fleet expansions, and strategic initiatives aimed at strengthening its market position.
A major highlight for Air Arabia in 2024 has been the airline’s fleet expansion strategy. Despite global supply chain disruptions affecting aircraft manufacturers, the airline remains on track to expand its fleet to 90 aircraft by the end of the year, thanks to leasing agreements that complement its existing order of 120 Airbus planes. This move ensures that the airline can continue its growth trajectory, meeting the increasing demand for affordable air travel across its hubs in Sharjah, Egypt, Morocco, and Pakistan.
In the first half of 2024, Air Arabia carried over 8.9 million passengers, a significant 16 per cent increase from the previous year, reflecting robust passenger demand across its expanding network. The airline has also launched 16 new routes, with notable additions including Sharjah to Warsaw, further enhancing its connectivity across Europe and the Middle East. This strategic network expansion is in line with the airline’s goal to connect more underserved cities and offer passengers affordable travel options.
Solid financials
Financially, the airline reported a net profit of AED693m ($189m) in the first half of 2024, with a turnover surpassing AED 3.19bn ($869m). Although profits dipped slightly compared to 2023 due to higher operating costs, the airline’s focus on increasing passenger volumes and expanding its network has ensured continued strong performance.
Eco-friendly fleet
Sustainability is also on Air Arabia’s radar. In 2024, the airline continued to explore opportunities for reducing its carbon footprint, focusing on fuel efficiency and the use of newer, more eco-friendly aircraft. The incoming fleet of A320neos and A321XLRs, known for their fuel efficiency, will play a key role in supporting these environmental objectives once deliveries begin in 2025.
As the airline looks ahead, Air Arabia is well-positioned to capitalise on the resurgence in global air travel. With a growing fleet, an expanding network, and a focus on delivering value to customers, Air Arabia remains one of the most admired low-cost carriers in the region, setting the standard for affordable and sustainable aviation.
Rank: 15
Company Name: Ravi Restaurant
Industry: Retail and hospitality
Country: UAE
Ravi Restaurant, established in 1978, is an iconic Pakistani eatery located in the heart of Al Satwa, Dubai. Known for its authentic Pakistani cuisine, this family-owned restaurant has been a favourite among both locals and expats for decades. Over the years, Ravi has grown from a humble eatery catering to South Asian workers in Dubai to a culinary landmark that attracts celebrities, tourists, and residents alike. Despite the city’s glitz and glamour, Ravi remains true to its roots, serving up traditional dishes at affordable prices.
This year has been another eventful year for Ravi, as the restaurant continues to innovate while staying true to its core values. The restaurant has expanded its footprint within the UAE, with plans to open branches in every emirate, further embedding itself in the local food culture. Additionally, Ravi’s global aspirations are taking shape, as the restaurant looks towards international expansion, aiming to bring its beloved flavours to a global audience.
Ravi and Adidas collaboration
One of the most exciting developments in recent years was Ravi’s unexpected collaboration with Adidas in 2022, which gained even more momentum in 2024. The limited-edition Adidas Superstar Ravi sneakers, part of the sportswear giant’s initiative to celebrate local restaurants, featured the restaurant’s logo and a design inspired by Pakistani culture. This collaboration marked a milestone for the restaurant, highlighting its cultural significance in Dubai and its impact beyond the culinary world.
Known for its delicious offerings such as Chicken Biryani, Butter Chicken, and Karak Chai, Ravi’s simple yet flavourful dishes have made it a go-to spot for generations of diners. Despite its rise in popularity, the restaurant remains committed to its founding principles of providing hearty meals at reasonable prices, making it a unique fixture in Dubai’s ever-evolving dining scene.
Culinary destination
As Ravi Restaurant continues to expand and grow, it maintains its status as a nostalgic culinary destination for both locals and visitors alike. Its journey from a small, family-run restaurant to a celebrated institution underscores the enduring appeal of authentic, accessible cuisine in a city known for luxury. With its expansion plans and continued innovation, Ravi is poised to remain a cherished part of Dubai’s cultural and culinary landscape for years to come.
Rank: 16
Company Name: Dubai Duty Free
Industry: Retail
Country: UAE
Celebrating its 41st anniversary in 2024, Dubai Duty Free (DDF) remains the world’s largest single airport retailer, continuing to set new records in sales and customer satisfaction. With projections that sales will reach $2.3bn this year, DDF has capitalised on the resurgence of international travel, drawing in passengers from around the globe eager to indulge in luxury goods, electronics, and exclusive travel items.
World-class shopping experience for travellers
One of the major highlights of 2024 has been DDF’s expansion into Al Maktoum International Airport (DWC), where it opened a state-of-the-art flagship store. This new retail space offers a wide selection of high-end products, including luxury watches, fragrances, cosmetics, and electronics, all curated to provide a next-level shopping experience. The store’s design is forward-thinking, incorporating interactive displays, digital kiosks, and personalised shopping services to cater to tech-savvy travellers who expect both convenience and luxury.
DDF’s commitment to digital innovation is evident in its expanding omnichannel strategy. The company’s online platform has grown significantly in 2024, allowing passengers to browse and pre-order items for collection at the airport.
This seamless integration of online and in-store experiences has enhanced the shopping journey for travellers, making DDF a pioneer in the airport retail sector. Additionally, DDF has introduced an AI-driven personal shopping assistant, which offers tailored recommendations based on customers’ preferences and travel history, ensuring a highly personalised shopping experience.
Sustainability initiatives
Sustainability has been a major focus for DDF in 2024, as the company works to reduce its environmental impact. DDF has rolled out sustainable packaging across all its stores, with a commitment to phasing out single-use plastics and reducing waste. These initiatives align with Dubai’s broader sustainability goals and reflect DDF’s commitment to being a responsible corporate citizen. As part of these efforts, the company has also invested in energy-efficient lighting and waste reduction programmes across its retail spaces, ensuring that it remains at the forefront of sustainable business practices.
In addition to its retail success, Dubai Duty Free continues to play a key role in the local community, sponsoring a range of high-profile sporting events, including the Dubai Duty Free Tennis Championships. This long-standing partnership has helped raise the profile of both DDF and Dubai as a world-class destination for international sports and entertainment.
As DDF looks to the future, its focus on innovation, sustainability, and customer satisfaction ensures that it will remain a dominant force in the airport retail sector. With its continued investment in digital transformation and a commitment to providing travellers with an unparalleled shopping experience, Dubai Duty Free is well-positioned to lead the global duty-free industry for years to come.
Rank: 17
Company Name: Qatar Airways
Industry: Aviation
Country: Qatar
National carrier Qatar Airways continues to dominate the global aviation sector in 2024, reinforcing its status as one of the world’s leading airlines. Headquartered in Doha, Qatar Airways operates flights to more than 170 destinations worldwide, offering an unparalleled level of service across both luxury and economy sectors. Its hub at Hamad International Airport, consistently ranked as one of the world’s best airports, further enhances its global connectivity and reach.
In 2024, Qatar Airways once again made headlines by being awarded World’s Best Airline for the unprecedented eighth time at the SKYTRAX World Airline Awards. The airline also earned accolades for the World’s Best Business Class and World’s Best Business Class Lounge, cementing its reputation for excellence. These awards are a testament to the airline’s relentless focus on customer experience, innovation, and luxury.
Enhancing global destinations
A key highlight for Qatar Airways this year is its network expansion, which includes the resumption of flights to Venice in June 2024 and the addition of Hamburg as a new destination in July. This expansion is part of the airline’s broader strategy to enhance its European routes and connect passengers to major global destinations. The increased flight frequencies to Amsterdam, Bangkok, Barcelona, and Miami demonstrate Qatar Airways’ commitment to providing more options for leisure and business travellers.
Soaring success
Financially, Qatar Airways had a record-breaking year, reporting a net profit of QR3.73bn ($1.03bn) for the first half of the fiscal year 2023/2024, marking a 113.8 per cent increase from the same period last year. The airline carried 19.078 million passengers, reflecting a 22.5 per cent increase compared to the previous year.
On the sustainability front, Qatar Airways has taken significant steps toward reducing its carbon footprint by signing an agreement with Shell to use Sustainable Aviation Fuel (SAF) at Amsterdam Schiphol Airport, where it will blend 5 per cent SAF into its jet fuel mix. This move is part of Qatar Airways’ broader environmental strategy, which includes exploring ways to incorporate Google Cloud’s AI solutions to enhance passenger experiences and streamline operations.
Qatar Airways’ partnerships remain strong, with notable renewals such as its long-term deal with FIFA, extending through 2030, which includes sponsorship of the FIFA World Cup and other key international football tournaments. Additionally, the airline continues its collaboration with Formula 1, reflecting its strong ties to global sports.
As Qatar Airways expands its routes and continues to innovate, it remains a benchmark in the aviation industry, admired for its consistent delivery of world-class service, strategic growth, and commitment to sustainability.
Rank: 18
Company Name: Masdar City
Industry: Real estate
Country: UAE
Under the leadership of CEO Ahmed Baghoum, Masdar City continues to set the global standard for sustainable urban development. Since its inception, Masdar City has been at the forefront of green technology and clean-tech innovation, aligning with the UAE’s commitment to achieving net-zero emissions by 2050. Located in Abu Dhabi, Masdar City is more than just an urban development – it’s a living laboratory for sustainable solutions that will shape the cities of the future.
In 2025, Masdar City aims to achieve a major milestone with the completion of Masdar City Square, a state-of-the-art development that includes the UAE’s first net-zero energy commercial building. This building is a testament to Masdar’s vision of creating a carbon-neutral urban environment, powered entirely by renewable energy sources like solar and wind. The completion of this project marks a significant step forward in Masdar’s mission to lead the charge in sustainable city living.
Smart mobility
Masdar City is also pushing boundaries in the field of smart mobility. In 2024, the city introduced autonomous electric shuttles as part of its broader strategy to reduce carbon emissions and enhance mobility infrastructure. These driverless vehicles are fully integrated into the city’s smart grid, providing residents and businesses with a cleaner, more efficient way to navigate the urban landscape.
Beyond infrastructure, Masdar City is a hub for innovation and research. In 2024, Baghoum oversaw the expansion of the city’s research and development clusters, fostering partnerships in clean energy, artificial intelligence, and space technology. These R&D clusters are attracting global talent and investment, further positioning Masdar City as a leader in technological advancement and sustainable development.
Global hub for innovation
Masdar City’s commitment to the UAE’s Net-Zero Energy 2050 strategy continues to drive its development. The city’s focus on water conservation, waste management, and energy efficiency has earned it a reputation as one of the most sustainable urban projects in the world. Under Baghoum’s leadership, Masdar City is not only a model for sustainable living but also a global hub for clean-tech innovation.
As Masdar City continues to grow, its vision of a fully sustainable, smart city is becoming a reality. With new partnerships, groundbreaking technologies, and a commitment to environmental stewardship, Masdar City is leading the charge toward a more sustainable and technologically advanced future.
Rank: 19
Company Name: Careem
Industry: Technology
Country: UAE
Since its inception as a ride-hailing service, Careem has evolved into the Middle East’s leading ‘everything app,’ simplifying life for millions across the region. Under the visionary leadership of Mudassir Sheikha, Careem’s journey has been marked by strategic innovation and relentless expansion. Following its $3bn acquisition by Uber in 2020, Careem has only accelerated its growth, becoming an indispensable part of daily life across the MENA region.
In 2024, Careem’s transformation reached new heights, powered by a $400m investment from e&, positioning the telecom giant as the majority shareholder. This investment has fuelled Careem’s ambitious plans to enhance its super app capabilities. Today, Careem offers 11 services, including transportation, payments, food delivery, and even home services, making it a one-stop shop for convenience and connectivity.
One of Careem’s biggest achievements in 2024 has been the expansion of its super app across the UAE, KSA, Egypt, and Pakistan, with plans to penetrate North Africa by year’s end. The integration of third-party services – such as personal finance, healthcare consultations, and even groceries – has cemented Careem’s position as a digital powerhouse. The company’s focus on convenience has seen Careem Plus, its premium subscription service, soar in popularity, offering customers exclusive benefits like discounted rides, free food delivery, and tailored offers across its wide range of services.
Enhancing operations
Careem’s success in logistics is another milestone in its growth story. In early 2024, the company signed major partnerships with retailers in the UAE and Egypt, launching a same-day delivery service for groceries, electronics, and fashion. This development strengthens Careem’s market presence, positioning it as a serious competitor to global e-commerce giants operating in the region.
Careem’s innovation doesn’t stop there. In a landmark deal with ADNOC Distribution, Careem users can now pay for fuel directly through the app – an industry-first for the region. This integration exemplifies Careem’s vision of simplifying everyday tasks and embedding itself deeper into consumers’ lives.
Fintech has been another key focus for Careem in 2024. The company has expanded its wallet services, allowing for seamless transactions, bill payments, and more, all within the super app. As Careem continues to grow, its ambition to become the region’s leading digital service platform remains crystal clear.
Sheikha’s vision, backed by his extensive experience in Silicon Valley, is propelling Careem towards a future where digital convenience rules. With strategic partnerships and ongoing service diversification, Careem is well on its way to becoming a super app that the region cannot live without.
Rank: 20
Company Name: Lobo Tailors
Industry: Fashion
Country: UAE
Since 1978, Lobo Tailors has been a trusted name in bespoke tailoring in the UAE, known for crafting finely tailored suits and garments for business leaders, dignitaries, and fashion-conscious individuals. With over 40 years of experience, Lobo Tailors has maintained its reputation for offering exceptional quality and personalised service, making it a staple in Dubai’s luxury fashion scene.
In 2024, Lobo Tailors has embraced modernity while maintaining its heritage of craftsmanship. The company has expanded its services to include customised casual wear, allowing clients to order personalised pieces beyond traditional suits. This move reflects a broader shift in the fashion industry towards more relaxed, yet high-quality, clothing options for professionals. Lobo’s new casual line includes tailored chinos, custom polo shirts, and made-to-measure blazers, all designed with the same attention to detail that has made the company famous.
A major focus for Lobo Tailors in 2024 has been its digital transformation. The company launched its online customisation platform, enabling clients to design and order bespoke garments from the comfort of their homes. This platform offers an extensive range of fabrics, styles, and finishes, allowing customers to create fully customised outfits with just a few clicks. The platform’s success has led to a 25 per cent increase in online orders in the first half of 2024, expanding Lobo’s reach beyond Dubai to international markets.
Sustainable tailoring
Sustainability has also become a key part of Lobo’s business model. The company this year introduced a sustainable tailoring line, using eco-friendly fabrics such as organic cotton and wool sourced from ethical suppliers. This initiative aligns with the growing demand for sustainable luxury and demonstrates Lobo’s commitment to reducing its environmental impact while continuing to deliver top-tier craftsmanship.
Lobo Tailors’ flagship store in Dubai’s DIFC remains a symbol of elegance and tradition. However, the company’s growth in 2024 has led to the opening of a second showroom in Abu Dhabi, catering to the growing demand for bespoke services in the UAE capital. This expansion is part of Lobo’s strategy to strengthen its presence in key luxury markets.
With a legacy of excellence, a focus on innovation, and a commitment to sustainability, Lobo Tailors continues to be one of the most admired names in luxury tailoring, both in the UAE and beyond.
Rank: 21
Company Name: Americana Restaurants
Industry: Retail
Country: UAE
Founded in 1964, Americana Restaurants has become one of the most admired food companies in the MENA region, managing iconic brands and pioneering the region’s food and beverage industry. With a portfolio that includes household names like KFC, Pizza Hut, Hardee’s, and Krispy Kreme, alongside its own food production units, Americana has shaped the way the Middle East eats. Under the leadership of chairman Mohamed Alabbar, Americana’s mission to deliver high-quality, diverse, and innovative dining experiences continues to drive its remarkable growth.
Listed on both the Abu Dhabi Securities Exchange (ADX) and the Saudi Stock Exchange (Tadawul), Americana’s performance in 2024 has been nothing short of impressive. The company posted an 18 per cent increase in year-on-year revenue, buoyed by a surge in consumer demand for its restaurants and food brands across key markets in Saudi Arabia, Egypt, and the UAE. Its dual listing also attracted significant regional and international investors, further enhancing its financial robustness.
This year, Americana has expanded its reach with the introduction of new brands and a focus on plant-based food. In collaboration with Beyond Meat, Americana has introduced a range of plant-based menu items, responding to the growing demand for healthier, more sustainable food options in the region. These new offerings have been rolled out across key outlets like Hardee’s and KFC, setting a precedent for the region’s evolving food preferences.
Sustainable actions
In line with its sustainability goals, Americana has also undertaken significant operational improvements. The company initiated a large-scale energy efficiency programme across its food production units and restaurants, aiming to reduce carbon emissions by 25 percent by 2030. Americana’s commitment to sustainability extends to packaging innovations as well, with new eco-friendly packaging solutions rolled out across its fast food brands.
Digital transformation
Americana has also invested heavily in its digital transformation. The company this year launched Americana Digital, a new platform that integrates mobile apps, online ordering, and delivery services for its vast range of brands. This initiative has already seen a substantial uptick in customer engagement, particularly among younger, tech-savvy consumers. In addition, Americana has partnered with leading regional tech companies to streamline its logistics and supply chain operations, ensuring that it continues to deliver fresh, high-quality food efficiently.
Looking ahead, Americana Restaurants is poised for further growth, with plans to expand its presence in new markets across the MENA. By blending innovation, sustainability, and a deep understanding of regional tastes, Americana remains at the forefront of the food industry and is rightly regarded as one of the most admired companies in the region.
Rank: 22
Company Name: Red Sea Global
Industry: Tourism and hospitality
Country: KSA
Red Sea Global (RSG), the pioneering developer behind some of Saudi Arabia’s most ambitious luxury and regenerative tourism projects, is at the forefront of the Kingdom’s efforts to diversify its economy in line with Vision 2030. RSG, led by CEO John Pagano, is responsible for delivering the groundbreaking developments of The Red Sea and AMAALA – transforming Saudi Arabia’s western coast into a world-class destination for luxury and sustainable tourism. Under Pagano’s leadership since 2018, RSG has positioned itself as a global leader in innovative, sustainable real estate development.
The Red Sea Project, one of RSG’s flagship developments, spans an expansive 20,000 km² along Saudi Arabia’s pristine west coast. The project, comprising of 22 islands and six inland locations, aims to set a new benchmark in luxury tourism by blending cutting-edge design with a deep commitment to sustainability. With the first phase nearing completion in 2024, the project has already delivered 16 luxury hotels, including the iconic Sheybarah Island hotel, where stunning mirrored orbs reflect the natural beauty of the surrounding seascape. Upon full completion, The Red Sea Project will feature 50 hotels and 1,300 residential properties, establishing it as one of the largest luxury tourism projects in the world.
In 2024, RSG has continued to achieve significant milestones. The Red Sea International Airport (RSI), which opened to commercial flights in September 2023, is now fully operational. This key development, managed by daa International, connects The Red Sea and AMAALA to the rest of the world, offering seamless access for both domestic and international travellers. RSI’s state-of-the-art facilities align with RSG’s sustainability goals, incorporating environmentally friendly design and operations.
Tourism experience
RSG’s innovative approach to tourism also extends beyond luxury accommodation. In 2024, the company launched the Bear Grylls Survival Academy in partnership with renowned adventurer Bear Grylls. This collaboration adds an adventurous dimension to RSG’s offerings, providing wilderness education, survival skills, and team-building activities in several locations across the kingdom. The academy diversifies RSG’s portfolio by introducing immersive, adventure-focused experiences for visitors seeking more than traditional luxury.
Sustainability remains at the heart of RSG’s projects. In 2024, the company reaffirmed its commitment to environmental responsibility through a range of new initiatives. RSG continues to lead the industry with the use of green concrete in construction, which significantly reduces carbon emissions, and clean mobility strategies have been expanded across its developments. These include electric and solar-powered transportation solutions, designed to ensure minimal environmental impact while providing guests with seamless and eco-friendly travel experiences within The Red Sea and AMAALA destinations.
With its continued focus on luxury, sustainability, and innovation, Red Sea Global is redefining what it means to develop world-class destinations. Under John Pagano’s leadership, the company remains a driving force in Saudi Arabia’s tourism revolution, setting new standards for responsible development and positioning the Kingdom as a premier global travel destination.
Rank: 23
Company Name: Huda Beauty
Industry: Retail
Country: UAE
Huda Beauty has continued its reign as one of the world’s most influential beauty brands in 2024, further cementing the UAE’s place on the global beauty map. Founded by beauty mogul Huda Kattan, the brand has evolved from its beginnings in 2013 as a false lash line into a billion-dollar empire offering a full range of makeup, skincare, and fragrance products.
The year has been a particularly exciting year for Huda Beauty, with the launch of its Clean Beauty Collection, a line that focuses on eco-friendly, cruelty-free, and vegan formulas. The collection has been a huge success, resonating with a growing consumer base that values ethical beauty products. This pivot towards sustainability aligns with global beauty trends and demonstrates Huda Beauty’s commitment to staying at the forefront of the industry while maintaining its high-quality product offerings.
Expansion into other markets
Another major highlight of 2024 is Huda Beauty’s continued expansion into Asia, where the brand has seen tremendous growth, particularly in markets like India, Japan, and South Korea. Huda Beauty’s presence in these markets has been bolstered by the brand’s savvy use of social media and influencer collaborations, which have helped to drive brand awareness and consumer loyalty.
Kattan’s personal brand remains a significant driver of the company’s success. With over 50 million Instagram followers, Kattan’s influence extends beyond beauty, making her a powerful voice in discussions around entrepreneurship, female empowerment, and inclusivity. In 2024, Huda Beauty launched its Empowerment Campaign, a global initiative aimed at supporting women in business through mentorship and financial grants, further highlighting the brand’s commitment to making a positive social impact.
Financially, Huda Beauty remains a powerhouse, with the brand reporting a 15 per cent increase in sales in the first quarter of 2024. This growth is attributed to new product launches, international expansion, and an increased focus on direct-to-consumer sales through the brand’s e-commerce platform. The company’s fragrances, particularly the Kayali range (which is managed by Huda’s sister Mona Kattan), have also seen significant success, expanding their footprint globally.
As Huda Beauty looks towards the future, the brand is set to continue its upward trajectory with new product launches, further international expansions, and a strong focus on sustainability and inclusivity. Huda Beauty remains one of the most admired and influential beauty brands globally, driven by innovation, authenticity, and a powerful message of empowerment.
Rank: 24
Company Name: Dubizzle
Industry: E-commerce
Country: UAE
Dubizzle continues to be the undisputed leader in the Middle East’s online marketplace sector. Since its founding in 2005, the platform has grown from a simple classifieds site to a comprehensive digital marketplace where users can buy and sell everything from cars and property to electronics and furniture. With a reputation for trust and security, Dubizzle remains the go-to marketplace for millions of users across the UAE and the wider region.
One of the key highlights of 2024 has been Dubizzle’s integration with Bayut, which occurred as part of a merger under the Emerging Markets Property Group (EMPG) in 2020. This integration has allowed Dubizzle to expand its real estate offerings, making it one of the largest property platforms in the Middle East. In the first half of 2024, Dubizzle reported a 25 per cent increase in property listings, a clear indicator of its dominance in the real estate market. With a growing number of users turning to Dubizzle to buy, sell, and rent properties, the platform continues to shape the way real estate transactions are conducted in the region.
Security has been a top priority for Dubizzle in 2024, particularly in light of the growing concerns around online fraud. To address these concerns, Dubizzle introduced an AI-powered fraud detection system that automatically flags suspicious listings and user activity. This system has significantly enhanced the platform’s security, reducing fraudulent transactions and boosting user trust. With this new technology in place, Dubizzle has reinforced its commitment to providing a safe and reliable marketplace for buyers and sellers alike.
Eco-friendly dynamism
In line with global sustainability trends, Dubizzle has also introduced a “Green Listings” section in 2024, encouraging users to buy and sell eco-friendly products. This initiative includes listings for electric vehicles, solar-powered home appliances, and other sustainable items, aligning with Dubai’s broader goals for a more sustainable future. By promoting the purchase of second-hand and eco-friendly products, Dubizzle is helping to reduce waste and foster more responsible consumer behaviour.
The platform’s user base continues to grow, with over 5 million active monthly users as of 2024. This growth has been driven by Dubizzle’s ability to innovate and adapt to the changing needs of its users. The introduction of new features, such as AI-driven fraud detection and sustainability-focused listings, has ensured that Dubizzle remains at the forefront of the region’s digital economy.
As the Middle East’s e-commerce landscape continues to evolve, Dubizzle is well-positioned to remain a leader in the online marketplace sector. With its focus on security, sustainability, and user experience, Dubizzle will continue to connect millions of people across the region, facilitating transactions that are safe, efficient, and environmentally responsible.
Rank: 25
Company Name: FIVE Holdings
Industry: Retail
Country: UAE
More than just a luxury hospitality brand, FIVE is a trailblazer in creating a ‘Global Sustainable Entertainment Ecosystem,’ merging high-energy, music-driven experiences and homegrown dining, with eco-conscious luxury to create distinctive guest experiences. Welcoming over 3.81 million guests from 179 countries, FIVE’s portfolio spans three hotels in the UAE—FIVE Palm Jumeirah, FIVE Jumeirah Village, and March 2024 launch, FIVE LUXE—FIVE Zurich in Switzerland, FIVE MODE fashion line, Fly FIVE private jet, FIVE Music in a joint venture with Warner Music Group, and a state-of-the-art FIVE Music Studio at The Penthouse Dubai.
2023 – 2024 marked illustrous achievements for the Dubai-based Group.
FIVE earned the world’s highest ESG ‘A’ rating from global rating agency ISS in 2023, testifying to its groundbreaking sustainable initiatives. FIVE operates its Dubai hotels on 100% solar power and has achieved 100% LEED Platinum certification for its Dubai and Zurich hotel portfolio, totaling 1,500 rooms (vs. 1,430 Total Platinum Rooms in the US). These efforts have led to a significant reduction in guest carbon footprints—just 24kgCO2e per night—5X lower than the industry average, as validated by CHSB in 2023. Furthering its sustainability mission, FIVE is working with the Balearic Government to align its Pacha Group assets with Net Zero 2050 goals through LEED-certified renovations.
In October 2023, FIVE expanded its global footprint with the €302.5 million acquisition of globally famed cherry brand, The Pacha Group including iconic assets such as Destino Hotel Pacha Ibiza, El Hotel Pacha, the famed Pacha Ibiza nightclub, The Pacha Collection fashion line, and entertainment venues such as Toy Room Clubs and and WooMoon Storytellers (Globally).
In 2024, FIVE’s Founder and Executive Chairman, Kabir Mulchandani, announced a Long-Term Incentive Plan (LTIP) that offers FIVE’s employees share-based awards, promoting inclusivity and fostering collective entrepreneurship. The program empowers eligible employees by granting ownership stakes, strategically aligning their success and financial goals with the company’s long-term growth.
FIVE’s innovation extends beyond hospitality into fashion with the launch of FIVE MODE and The Pacha Collection, and an exclusive, summer collaboration with BVLGARI Parfum that saw FIVE Zurich transform its iconic outdoor Social Pool into a Mediterranean-inspired sensory experience, inspired by the BVLGARI ALLEGRA fragrance.
FIVE Music has also made significant strides, garnering over 35 million YouTube views and 7.1 million streams FIVE Music’s Tracks. Its March 2024 release, “808” by DJ Bliss and BIA, ranked #7 on the Spotify Top 200 UAE Charts.
Targeting Millennials and Gen Z, FIVE has mastered digital engagement, evidenced from the brand’s thriving online community of over 1.7 million active social media followers and over 547 million views of FIVE’s and Pacha Group’s hashtags on TikTok in 2024. This digital-first approach has contributed to FIVE achieving high customer satisfaction scores on platforms like Booking.com, with ratings of 9.2/10 for FIVE Palm Jumeirah, 9.4/10 for FIVE LUXE, and 9.1/10 for FIVE Jumeirah Village. A 37% repeat guest rate from July 2023 to August 2024 further highlights FIVE’s appeal and success in the luxury hospitality market.
Rank: 26
Company Name: EVOTEQ
Industry: Technology
Country: UAE
EVOTEQ is fast becoming one of the most admired names in the Middle East, driving digital transformation across the region with a blend of cutting-edge technology and visionary leadership. At the heart of its offerings is SmartTrack, an advanced track-and-trace system that’s reimagining how supply chains are managed. Initially developed for the pharmaceutical sector, SmartTrack offers near real-time tracking of medical products, ensuring their authenticity from manufacturer to patient. In an industry plagued by counterfeits, SmartTrack brings transparency and security, safeguarding patient safety and setting a new benchmark for the sector.
SmartTrack solutions
What sets SmartTrack apart is its versatility. While it began as a healthcare solution, the technology is seamlessly being adapted to other high-value sectors, including luxury goods, automotive, and halal food verification. Whether it’s tracking high-end watches and jewellery, authenticating automotive components, or ensuring halal compliance, SmartTrack offers a level of trust and reliability. Its ability to fight counterfeiting across industries makes it a game-changing solution for businesses and consumers alike.
Yet, SmartTrack is only one part of EVOTEQ’s broader vision. The company is at the forefront of multiple digital initiatives that are shaping the future of the Middle East. A prime example is EVOTEQ’s innovative digital platform for waste management. By addressing the complex challenges of waste collection, transportation, and landfill management, EVOTEQ is transforming a traditionally cumbersome process into an efficient, tech-driven operation. Through the use of advanced technologies, the platform optimises the entire waste management system, making it smarter, more sustainable, and ultimately more efficient.
EVOTEQ’s commitment to building smarter cities doesn’t stop there. The company’s smart cycling and smart parking projects are directly contributing to more sustainable and liveable urban environments. These initiatives aim to enhance urban mobility, reduce traffic congestion, and promote greener modes of transportation – further demonstrating EVOTEQ’s role in creating smarter, more connected societies.
It’s not just the private sector benefiting from EVOTEQ’s expertise. The company has also made significant inroads in government digital transformation. In collaboration with municipalities across the GCC, EVOTEQ has helped digitise over 500 public services, revolutionising how governments interact with citizens. By making services faster, more accessible, and more transparent, EVOTEQ is leading the charge in smarter governance, empowering governments to meet the needs of their populations more effectively.
Looking ahead, the future is bright for EVOTEQ. Building on its successes in the UAE, the company is expanding its footprint across the broader Middle East and Africa. With the demand for digital solutions is growing exponentially in the region, EVOTEQ is perfectly positioned to meet this rising need. The company’s relentless focus on innovation, sustainability, and improving everyday life is what sets it apart – and why it remains at the forefront of the Middle East’s digital transformation journey.
Rank: 27
Company Name: RAK Properties
Industry: Real estate
Country: UAE
RAK Properties continues to make waves as one of the most prominent real estate developers in the region. Listed on the Abu Dhabi Securities Exchange (ADX), the company has built an impressive portfolio of residential, commercial, and hospitality projects since its inception in 2005. In 2024, RAK Properties has shown strong financial growth and strategic development, further cementing its leadership in the UAE’s real estate market.
Rising numbers
In the first half of 2024, RAK Properties reported a 19 per cent increase in revenue, reaching AED610m ($166m), a testament to the high demand for its diverse property portfolio, particularly the flagship developments in Mina Al Arab. This growth was driven by strong sales across both residential and hospitality segments, with ongoing projects like Bay Residences and Cape Hayat receiving overwhelming demand from both local and international investors.
The company’s profit before tax also increased by 11 per cent to AED98m, reflecting RAK Properties’ continued investment in its development pipeline to meet the UAE’s evolving real estate demands. The successful performance can be attributed to the company’s focus on delivering high-quality developments and its strategic expansion into premium residential projects. The Government of Ras Al Khaimah’s decision to increase its stake in the company to 34 per cent in June 2024 also demonstrates strong confidence in RAK Properties’ strategic vision.
Luxury developments
A key highlight for RAK Properties in 2024 is the launch of the NB Collection, an ultra-luxury beachfront villa development in Ras Al Khaimah. This project marks the company’s foray into the ultra-luxury segment, catering to high-net-worth individuals looking for exclusive residential options in the UAE.
RAK Properties has also expanded its hospitality portfolio, with the InterContinental Ras Al Khaimah Mina Al Arab Resort and Spa and the newly opened Anantara Mina Al Arab Hotel and Resort performing exceptionally well, contributing to the company’s revenue growth.
With a growing development pipeline, a strong focus on sustainability, and increasing investor confidence, RAK Properties is well-positioned to continue its upward trajectory. The company’s proactive approach to new market opportunities and its ongoing success in premium developments make it one of the most admired real estate developers in the UAE.
Rank: 28
Company Name: Burjeel Holdings
Industry: Healthcare
Country: UAE
Dr. Shamsheer Vayalil, founder and visionary behind Burjeel Holdings, has revolutionised healthcare in the Middle East since establishing the company in 2007. Under his leadership, Burjeel has grown into one of the region’s largest healthcare providers, offering world-class medical services through a network of hospitals, medical centres, and pharmacies spread across the UAE and beyond.
In 2024, Burjeel Holdings took a significant step in its expansion with the opening of its first hospital in Riyadh. This move aligns with the group’s ambitious goal of establishing 10 hospitals across the GCC by 2027, positioning Burjeel as a key player in the region’s healthcare landscape. The Riyadh facility is part of Burjeel’s broader strategy to meet the growing demand for advanced medical care in the kingdom, reflecting the company’s commitment to healthcare excellence across the GCC.
World-class care
Burjeel’s flagship oncology hospital in Abu Dhabi remains at the forefront of cancer care in the region. In 2024, the hospital introduced cutting-edge treatments, including the Middle East’s first proton therapy centre, which provides highly targeted cancer treatment with fewer side effects. These advancements are raising the standard of care across the UAE and reinforcing Burjeel’s reputation as a leader in medical innovation.
Dr. Vayalil’s focus on expanding Burjeel’s services goes beyond traditional healthcare. This year, the company’s home healthcare arm, RPM, was listed on the Abu Dhabi Securities Exchange, unlocking new avenues for growth and investment. This listing reflects Burjeel’s long-term strategy of diversifying its offerings, with a focus on delivering high-quality, accessible care to patients in the comfort of their homes.
Innovation continues to drive Burjeel’s success. The group has invested heavily in AI-driven healthcare solutions, improving patient diagnostics, and streamlining hospital operations. These advancements have helped Burjeel deliver more personalised and efficient care, further cementing its position as a healthcare leader in the region.
As Burjeel Holdings expands into new markets, Dr. Vayalil’s leadership and entrepreneurial spirit ensure that the company will continue to set new benchmarks in healthcare. With a commitment to innovation, patient care, and medical excellence, Burjeel is not just shaping the future of healthcare in the UAE – it’s reshaping the entire industry.
Rank: 29
Company Name: ROSHN Group
Industry: Real estate
Country: KSA
As the group chief marketing and communications officer for ROSHN, Ghada Othman Alrumayan has been pivotal in shaping the public image and outreach of Saudi Arabia’s largest real estate developer. Alrumayan’s tenure at ROSHN, a Public Investment Fund (PIF) company, has been marked by her ability to leverage over a decade of experience in communications to position the group at the forefront of sustainable, integrated community development.
ROSHN’s ambitious projects, including the delivery of 400,000 homes, 1,000 educational facilities, and 700 places of worship by 2030, reflect a grand vision for the future of Saudi living. In 2024, ROSHN continued its rapid expansion with key projects such as the MARAFY canal in Jeddah, a groundbreaking 11km waterway that will connect residents directly to the Red Sea. This project not only enhances the appeal of Jeddah but also underlines ROSHN’s commitment to creating integrated communities that blend modernity with natural landscapes.
Alrumayan’s communications strategy has been central to elevating ROSHN’s profile, crafting a narrative that highlights the group’s commitment to sustainability, innovation, and community-centric living. Her approach has helped ROSHN resonate with both local and international audiences, positioning it as a leader in Saudi Arabia’s Vision 2030 goals of modernising the kingdom’s urban environment.
Key to ROSHN’s brand-building efforts has been Alrumayan’s deft handling of the company’s sponsorship activities, which have included high-profile partnerships with the Saudi Pro League and the Formula 1 races in Jeddah. These strategic alliances have enhanced ROSHN’s visibility, positioning it as not just a real estate developer but also a key supporter of Saudi Arabia’s thriving sports and entertainment industries.
Building communities
This year has also seen the expansion of SEDRA, ROSHN’s flagship residential community in Riyadh. The development, which blends smart city technologies with eco-friendly designs, is a showcase for ROSHN’s vision of the future – one where technology, sustainability, and quality of life intersect. With over 30,000 homes planned for the community, SEDRA represents the company’s largest and most ambitious project to date.
Alrumayan also spearheaded ROSHN’s CSR programme, YUHYEEK, which has restored homes for underprivileged families across the kingdom. This initiative has had a tangible impact on communities and reflects ROSHN’s broader commitment to enhancing social welfare. By fostering relationships with local communities and delivering on promises of sustainable development, ROSHN is fast becoming a household name in Saudi Arabia’s real estate sector.
As ROSHN moves forward, Alrumayan’s leadership in communications ensures that the company will remain synonymous with sustainable development, quality living environments, and community engagement across Saudi Arabia.
Rank: 30
Company Name: Aramco
Industry: Energy
Country: KSA
Saudi Aramco, one of the world’s most valuable companies, continues to dominate the global energy landscape while spearheading sustainability and innovation. Under the leadership of president and CEO Amin Nasser, Aramco remains the backbone of Saudi Arabia’s economy and a central player in the kingdom’s Vision 2030, which seeks to diversify its economic base and reduce reliance on oil revenues. In 2024, Aramco is proving once again that it is not only a leader in traditional energy but also a key driver in the global transition towards cleaner energy solutions.
With net income reaching $29.1bn in the second quarter of the year, Aramco’s financial strength continues to impress. This remarkable growth is due to the global resurgence in demand for energy and Aramco’s ability to boost production in a highly efficient and cost-effective manner. The company’s dual listing on the Tadawul and global stock exchanges has maintained its status as a magnet for investors, with Aramco consistently delivering strong dividends.
The year 2024 has been a pivotal year for Aramco’s diversification into sustainable energy. One of the company’s major milestones this year was the inauguration of the world’s largest blue ammonia plant, which plays a critical role in decarbonising industries by producing low-carbon fuel alternatives. Additionally, Aramco has committed to investing billions in green hydrogen projects, further demonstrating its leadership in driving the global energy transition.
Green energy initiatives
Aramco’s commitment to innovation is reflected in its vast Research and Development Centre in Dhahran, which continues to pioneer cutting-edge technologies aimed at reducing carbon emissions and improving energy efficiency. This year, the company introduced a breakthrough in carbon capture and storage (CCS) technology, positioning Aramco at the forefront of sustainable energy solutions. This technology is set to play a key role in helping the world meet its ambitious net-zero targets.
In line with its environmental goals, Aramco has committed to achieving net-zero Scope 1 and 2 greenhouse gas emissions by 2050. To this end, the company is ramping up its investments in renewable energy, with a particular focus on expanding its solar and wind energy capacities across Saudi Arabia and beyond.
Beyond its energy business, Aramco remains a key player in the development of Saudi Arabia’s wider economy. The company’s partnerships in petrochemicals and refining, particularly through its joint venture with Saudi Basic Industries Corporation (SABIC), have bolstered its position as a global leader in downstream operations.
As Aramco continues to balance its role as an energy giant with its commitment to sustainability and innovation, it remains one of the most admired companies globally, setting a high bar for leadership in both traditional and renewable energy.
Rank: 31
Company Name: Lucid Motors
Industry: Mobility
Country: KSA
Lucid Motors, the Californian luxury electric vehicle (EV) manufacturer, has firmly established itself as a key player in the Middle East’s rapidly growing automotive market. Over the past year, its partnership with Saudi Arabia’s Public Investment Fund (PIF) has driven the company’s expansion, marking it as one of the most admired companies of 2024.
Lucid’s Vice President and Managing Director for the Middle East, Faisal Sultan, expressed optimism about Saudi Arabia’s future as an automotive hub, with the nation aiming to produce 500,000 EVs annually by 2030. This target is supported by a $50bn investment in the kingdom’s automotive sector over the next decade. As Lucid’s flagship partner, Saudi Arabia plays a significant role in the company’s production capabilities, underscoring the shared vision for an electric future.
A highlight of Lucid’s operations in 2024 has been the expansion of its manufacturing facilities at the Advanced Manufacturing Plant 2 (AMP-2) in King Abdullah Economic City (KAEC). Currently assembling Lucid Air models with a capacity of 5,000 units annually, the facility is set to undergo a major transformation as it shifts to complete build unit (CBU) production. This move will bolster output to meet not just local demand but the broader Middle East market, which is becoming increasingly competitive in the luxury EV space.
Lucid’s presence in Saudi Arabia has also been enhanced with the opening of its third studio in Jeddah. This state-of-the-art space offers more than just a showroom; it’s an immersive experience that includes the Lucid Air and a cutting-edge service centre, ensuring customers receive a world-class luxury experience. Strategically located near AMP-2, this move ensures a seamless connection between manufacturing and delivery.
Meeting the demand for EV infrastructure
Beyond production, Lucid is committed to solving infrastructure challenges through innovation. In partnership with entities like EVIQ, Lucid has been working on developing a robust fast-charging network, ensuring that Saudi Arabia can meet the growing demand for EV infrastructure. Moreover, the upcoming launch of the highly anticipated seven-seat SUV, the Lucid Gravity, promises to attract a broader audience, further establishing Lucid’s dominance in the region’s luxury EV market.
As competition intensifies, Lucid’s strategy of combining technological innovation with a clear focus on the Middle Eastern market is expected to keep the brand at the forefront. With eyes on a sustainable future, Lucid’s commitment to Saudi Arabia’s Green Initiative and the delivery of up to 100,000 vehicles over the next decade underlines its long-term vision for the region.
Rank: 32
Company Name: Starzplay
Industry: Media and entertainment
Country: UAE
As one of the MENA’s premier streaming services, Starzplay has cemented itself as a household name in the region. Under the leadership of CEO and co-founder Maaz Sheikh, the platform boasts a subscriber base of 3 million, offering everything from Hollywood blockbusters to niche anime favourites. In 2024, Starzplay continues to stand out in an increasingly competitive streaming market, offering a unique blend of global and local content that captivates viewers.
The year 2024 has been a transformative year for Starzplay, particularly in the sports streaming arena. The platform secured exclusive regional rights to stream Formula 1 races live, a bold move that solidified its sports portfolio. Adding Formula 1 to its existing offerings, which include Serie A football, UFC, and the NBA League Pass, has drawn in a new wave of sports enthusiasts across the region, further expanding its subscriber base.
Beyond sports, Starzplay has doubled down on its commitment to original content. The platform’s production of Arabic originals has paid off, with shows like Kaboos and Million Dollar Listing UAE generating significant buzz. With plans to produce five new original series by the end of 2024, Starzplay is not just catering to international tastes but also fulfilling the growing demand for locally relevant content.
Interactive entertainment
Innovation is another area where Starzplay shines. This year, the platform launched an interactive Fantasy Sports feature, allowing users to engage with live events in real-time, predict outcomes, and compete for prizes. This gamification of sports streaming is a first in the region and positions Starzplay at the forefront of interactive digital entertainment.
Financially backed by e& and ADQ, Starzplay is poised for further growth. The company plans to expand its footprint into new markets including Iraq and Jordan, where demand for affordable, high-quality streaming is on the rise. Starzplay also aims to reach 3 million subscribers by the end of 2024, driven by both its sports content and innovative new features.
Starzplay’s forward-thinking approach, blending technology and content, ensures that it remains one of the most admired and innovative streaming platforms in the region.
Rank: 33
Company Name: Flydubai
Industry: Aviation
Country: UAE
Under the astute leadership of CEO Ghaith Al Ghaith, flydubai has soared to remarkable heights, firmly establishing itself as a major player in the budget airline sector. Al Ghaith, with over 15 years at the helm, was hand-picked by the Dubai government to lead the airline at its inception. His vision has been instrumental in steering flydubai’s success, blending low-cost efficiency with a superior passenger experience. Collaborating closely with Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group, Al Ghaith has strategically expanded the airline’s operations, ensuring it now flies to over 125 destinations across 58 countries.
It has been a record-breaking year for flydubai, marking a 13 per cent year-on-year increase in passenger numbers, with nearly 5 million travellers choosing the airline between January and April alone. The airline continues to open new routes, connecting cities such as Al Jouf, Langkawi, and the Red Sea, many of which previously had no direct links to Dubai. The growing demand for flydubai’s services has also seen the carrier add two new Boeing 737 aircraft to its fleet this year, with six more expected by year-end.
Elevating the passenger experience
A standout initiative in 2024 is flydubai’s multi-million-dollar cabin retrofit project. This ambitious overhaul will equip much of its next-generation fleet with lie-flat Business Class seats, enhanced Economy seating, and cutting-edge inflight entertainment – amenities rarely found on budget airlines. This project is a testament to Al Ghaith’s ongoing commitment to elevating the passenger experience while keeping costs competitive.
Al Ghaith’s strategic foresight, cultivated during his long tenure with Emirates, continues to guide flydubai’s trajectory towards sustained growth and industry leadership.
Flydubai’s innovative digital services have also contributed to its success. In 2024, the airline expanded its mobile check-in and boarding pass options, providing passengers with seamless, contactless travel experiences. Additionally, the introduction of real-time flight updates and onboard Wi-Fi has further enhanced flydubai’s appeal to tech-savvy travellers seeking affordability without sacrificing comfort or convenience.
With Al Ghaith’s leadership and commitment to operational excellence, flydubai is poised for further growth, continuing to challenge the boundaries of what a budget airline can achieve. As it expands its fleet and routes, flydubai remains a leader in the budget airline space, setting new benchmarks for cost-efficiency, innovation, and customer service in the global aviation market.
Rank: 34
Company Name: Du
Industry: Technology
Country: UAE
It has proven to be a transformative year for du, one of the UAE’s largest and most innovative telecommunications providers. As the company continues to play a pivotal role in the UAE’s digital transformation, its aggressive expansion of 5G infrastructure has reshaped the country’s digital landscape. With nearly 95 per cent 5G coverage in urban areas, du is leading the charge in bringing high-speed, low-latency internet to consumers and businesses alike, enabling new possibilities for industries such as healthcare, finance, and manufacturing.
5G+ adoption
The launch of du’s highly anticipated 5G+ services early this year marks a significant milestone in the company’s journey. This next-generation service promises even faster speeds and lower latency than its predecessor, making it crucial for the development of the Internet of Things (IoT) and real-time data processing. For sectors that rely heavily on data-driven decision-making such as autonomous transportation and AI-driven infrastructure, du’s 5G+ network is expected to be a game-changer, further positioning the UAE as a leader in smart city technologies.
A major highlight for du this year has been its expansion into cloud services with the introduction of du Cloud, a comprehensive suite of cloud solutions designed to meet the needs of enterprise customers. Offering everything from secure data storage to advanced AI-powered analytics, du Cloud is helping businesses across the UAE unlock the full potential of digital transformation. As companies increasingly rely on cloud infrastructure to streamline operations and improve efficiency, du’s cloud offerings have quickly become an essential tool for businesses looking to stay competitive in a rapidly evolving marketplace.
Sustainability has also been a key focus for du in 2024. The company has committed to reducing its carbon emissions by 40 per cent over the next five years, with a number of eco-friendly initiatives already underway. The launch of du’s Green Tech Fund, which invests in technology-driven solutions aimed at combating climate change, has positioned the company as a leader in corporate social responsibility. In addition to reducing its own environmental footprint, du has begun integrating renewable energy sources into its network infrastructure, further solidifying its commitment to sustainability.
A banner year
Financially, 2024 has been a banner year for du, with the company reporting strong growth driven by increased demand for digital services and enterprise solutions. The launch of its 5G+ network and the introduction of cloud services have not only expanded du’s offerings but also reinforced its position as a key player in the UAE’s digital economy. As more businesses and consumers embrace the possibilities of 5G and cloud technology, du’s innovative approach ensures that it remains at the forefront of the telecommunications industry.
Looking ahead, du’s focus on innovation, sustainability, and customer-centric solutions will continue to drive its success in the rapidly evolving digital landscape. With its ambitious plans for further expansion and a commitment to staying at the cutting edge of technological advancements, du is poised to lead the UAE into the future of digital connectivity.
Rank: 35
Company Name: Dubai Airports
Industry: Aviation
Country: UAE
Dubai Airports has once again taken centre stage in 2024, as Dubai International Airport (DXB) reclaims its position as the world’s busiest airport for international passengers. With 47 million passengers passing through DXB in the first half of the year, the airport has not only recovered from the pandemic but also surpassed pre-2020 levels, reaffirming its status as a global aviation hub. This resurgence in passenger numbers is a testament to Dubai’s strategic importance in international tourism, commerce, and business, as well as the city’s appeal as a premier destination for travellers.
A key development for Dubai Airports in 2024 is the continued expansion of Al Maktoum International Airport (DWC), which is being transformed into one of the largest and most technologically advanced airports in the world. This expansion is part of Dubai’s ambitious 2050 Vision, which aims to position the emirate as a global leader in both passenger and cargo traffic. When fully operational, DWC will have the capacity to accommodate over 260 million passengers annually, making it a cornerstone of the future of global aviation. The expansion of DWC goes hand in hand with Dubai Airports’ commitment to innovation and technology.
In 2024, the airport introduced a host of new features designed to enhance the passenger experience, including AI-powered airport operations, fully automated baggage handling systems, and biometric check-in services. These innovations are part of a broader effort to create a seamless, efficient, and stress-free travel experience for passengers, positioning Dubai as a global leader in aviation technology.
Achieving net-zero emissions
Sustainability remains a top priority for Dubai Airports in 2024. As part of its Sustainability Strategy 2030, the company has implemented a range of eco-friendly initiatives aimed at reducing its carbon footprint. These include the installation of additional solar panels across airport facilities, the introduction of electric-powered ground service equipment, and efforts to minimise waste through recycling programmes. Dubai Airports has also committed to achieving net-zero carbon emissions by 2050, aligning with the UAE’s broader environmental goals.
Key player in global aviation
On the cargo front, Dubai Airports continues to thrive as a key player in global trade. In 2024, DXB handled over 2.5 million tonnes of goods, marking a 10 per cent increase year-on-year. The rise of e-commerce has played a significant role in this growth, with DXB’s world-class logistics infrastructure positioning it as a critical hub for international trade. As the demand for fast, efficient cargo services continues to grow, Dubai Airports is well-positioned to capitalise on its strategic location and cutting-edge facilities.
Looking ahead, Dubai Airports’ focus on innovation, sustainability, and operational excellence ensures that it will remain at the forefront of the global aviation industry. As Dubai continues to grow as a business, tourism, and logistics hub, Dubai Airports will play an essential role in shaping the future of international travel and trade.
Rank: 36
Company Name: Standard Chartered
Industry: Banking
Country: UAE
Few names in the global banking arena are as synonymous with trust, resilience, and innovation as Standard Chartered. With an extraordinary 150-year legacy, the international banking group has carved its reputation across 53 of the world’s most dynamic markets. For decades, Standard Chartered has been instrumental in driving investment, trade, and wealth creation, not just globally but also in the Middle East, a region that has become a key part of its strategic blueprint.
Commitment to banking excellence
The journey of Standard Chartered in the UAE began in 1958, with the opening of its first branch in Sharjah. This marked the start of an enduring relationship with the region. Over the years, the bank’s footprint expanded across the Emirates, and today, Dubai serves as its regional hub for the Africa and Middle East region. The hub plays a key role in steering the bank’s growth across the region while being home to its innovative Islamic Banking arm, Standard Chartered Saadiq. It’s not just about banking in Dubai, it’s about transforming financial landscapes, influencing industries, and playing a central role in the region’s economic development.
Top-notch financial services
One of the core strengths that sets Standard Chartered apart is its ability to combine conventional and Islamic banking products and services under one roof. Whether it’s retail, private, commercial, or corporate banking, the bank has consistently delivered top-tier services to its clients, driven by a commitment to excellence. The underlying philosophy at Standard Chartered is centred on understanding its clients. Each customer is treated not as a number, but as an individual with unique financial needs. This consultative approach, rooted in listening and learning, enables the bank to offer tailored solutions that match their clients’ objectives, ultimately providing exceptional value.
What makes Standard Chartered truly stand out is its brand promise: ‘Here for good’. This promise is not just a tagline, it reflects the bank’s deep-rooted belief in doing business with integrity, fostering long-term partnerships, and contributing positively to the communities it serves. Standard Chartered’s presence in the Middle East is a symbol of resilience and adaptability, with its innovative banking solutions playing a key role in driving the region’s economic transformation. Its legacy may span over a century, but the bank remains future-focused, always looking for new ways to support its clients and communities. Listed on both the London and Hong Kong Stock Exchanges, Standard Chartered continues to reinforce its status as a global banking leader.
In a region where excellence is not just expected but demanded, Standard Chartered has proven time and again why it’s one of the most admired companies in the Middle East. Its ability to combine heritage with modernity, personalised service with cutting-edge banking solutions, and global reach with regional expertise ensures it remains a leader not just in the Middle East, but across the world.
Rank: 37
Company Name: Yas Island
Industry: Tourism and hospitality
Country: UAE
Yas Island continues to redefine leisure and entertainment in the UAE, solidifying its place as one of the most exciting destinations in the Middle East. With its perfect blend of world-class attractions, luxurious accommodations, and cutting-edge experiences, Yas Island has become a must-visit for tourists, driving record numbers in 2024.
Central to Yas Island’s success has been its ability to stay fresh and innovative. This year, the destination launched a series of high-profile expansions, including the much-anticipated SeaWorld Abu Dhabi. This new addition has not only diversified the island’s offerings but has also positioned Yas as a leading family-friendly destination, drawing in a global audience.
Ferrari World Abu Dhabi and Warner Bros. World continue to push boundaries, with new rides and experiences that cater to thrill-seekers and families alike. But it’s not just about theme parks; Yas Island’s commitment to providing a holistic experience has seen Yas Bay Waterfront become a major draw for dining and entertainment. With its array of restaurants, lounges, and cultural events, the Yas Bay Waterfront has become a vibrant hub for both locals and tourists.
Brand ambassadors
Yas Island’s marketing strategy has been nothing short of genius. By appointing global celebrities such as Kevin Hart, Jason Momoa and Ryan Reynolds as Chief Island Officers, the destination has gained significant international visibility, boosting its brand presence and drawing attention to Abu Dhabi as a premier tourism hotspot. This celebrity endorsement has created a buzz that has translated into higher visitor numbers, particularly from key global markets.
Sustainability remains at the heart of Yas Island’s long-term plans. The destination has committed to Abu Dhabi’s green goals, with projects such as solar-powered facilities and electric transportation already in development. These initiatives ensure that Yas Island not only remains a leading entertainment hub but also a pioneer in sustainable tourism.
In the world of high-profile international events, Yas Island has become a central player. While the Formula 1 Abu Dhabi Grand Prix remains a flagship event, 2024 saw an increase in live concerts, cultural festivals, and international conferences hosted on the island. This shift has allowed Yas Island to expand beyond leisure, positioning itself as a destination for entertainment, business, and culture. As it continues to grow, Yas Island’s combination of thrilling attractions, strategic marketing, and sustainability efforts ensure that it remains a benchmark for global entertainment destinations.
Rank: 38
Company Name: Hala
Industry: Mobility
Country: UAE
Since its launch in 2019, HALA has been a driving force in the UAE’s ride-hailing market, offering a convenient, reliable, and cost-effective way for both residents and tourists to book taxis via the Careem app. A partnership between Dubai’s Roads and Transport Authority (RTA) and Careem, HALA has revolutionised urban mobility in Dubai, providing a seamless taxi booking experience that integrates with the city’s broader transportation network. In 2024, HALA continues to expand its services and introduce new innovations that are shaping the future of urban mobility in the UAE.
One of the most exciting developments for HALA has been the introduction of the HALA EV fleet – Dubai’s first electric taxi service. This move is part of HALA’s commitment to reducing carbon emissions and promoting sustainable transportation solutions in line with Dubai’s Clean Energy Strategy 2050.
The HALA EV fleet has been a hit with environmentally conscious passengers, offering a cleaner, greener alternative to traditional taxis. HALA has pledged to increase the number of electric taxis by 30 per cent by the end of 2024, positioning itself as a leader in sustainable urban transport.
Enhancing the travel experience
In addition to its focus on sustainability, HALA has made significant strides in improving the overall user experience. In 2024, the platform introduced AI-driven route optimisation and dynamic pricing models, ensuring passengers receive the most efficient routes and the best fares, even during peak traffic times. These enhancements have led to a 15 percent reduction in wait times and a substantial increase in customer satisfaction. By leveraging cutting-edge technology, HALA continues to set the standard for ride-hailing services in the region.
HALA’s integration with Dubai’s public transport system has also been a game-changer. In 2024, the company introduced HALA Transit, a service that allows passengers to book a taxi as part of a multi-modal journey that includes the metro or bus services. This seamless integration of transport options has made it easier than ever for commuters to navigate Dubai, reducing travel times and enhancing convenience for both residents and tourists.
Financially, HALA continues to perform exceptionally well, with a 25 percent increase in bookings in the first half of 2024 compared to the previous year. The success of the platform can be attributed to its expanding service offerings, competitive pricing, and increasing adoption of digital payments through the Careem app.As the UAE continues to embrace smart city technologies, HALA’s role in providing tech-driven, sustainable, and customer-focused transport solutions remains central to the future of urban mobility.
Looking ahead, HALA’s focus on innovation, sustainability, and customer satisfaction will ensure that it remains one of the most admired ride-hailing platforms in the region. As Dubai continues to evolve into a smart city of the future, HALA is set to play a key role in shaping the way people move around the city.
Rank: 39
Company Name: Justlife
Industry: Services
Country: UAE
Justlife, the UAE-based home services platform, has grown exponentially since its launch in 2015. Known for offering a wide array of home cleaning and beauty services, Justlife has become a household name in the UAE and other GCC countries. The platform connects users with professional service providers for everything from cleaning and laundry to beauty treatments and maintenance, making it the go-to solution for busy residents across the region.
Justlife expanded its portfolio this year by launching JustCare, a new arm of the business dedicated to healthcare at home. This innovative service allows users to book medical professionals such as nurses, physiotherapists, and caregivers directly to their homes. The introduction of JustCare taps into a growing demand for home-based healthcare solutions, particularly in a post-pandemic world where convenience and safety are top priorities for consumers. Justlife has partnered with leading healthcare providers to ensure the highest standards of service, and this new venture has been widely welcomed by both users and the healthcare community.
Eco-friendly services
Another exciting development is Justlife’s move towards sustainability. The company introduced a range of eco-friendly cleaning services using non-toxic, biodegradable products, aligning with the UAE’s broader environmental goals. This initiative has not only reduced the company’s carbon footprint but has also attracted a new customer base of eco-conscious consumers.
Justlife’s tech-driven platform continues to evolve. In 2024, the company launched a subscription service that offers users discounts for regular bookings, driving customer loyalty and boosting revenue. The platform’s AI-driven scheduling system ensures that service providers are optimally dispatched, reducing wait times and improving overall efficiency. Additionally, the Justlife app has seen a series of updates, including the introduction of real-time service tracking and instant feedback features, enhancing the user experience.
Financially, Justlife is thriving. The company reported a 30 per cent increase in bookings in the first half of 2024, with a particularly strong performance in its beauty and healthcare services. The platform’s seamless user experience and expansive service offerings have solidified Justlife’s reputation as a leader in the UAE’s home services market.
With its continued expansion into healthcare, a focus on sustainability, and a customer-first approach, Justlife is well on its way to becoming one of the most admired tech-driven service platforms in the Middle East.
Rank: 40
Company Name: Anghami
Industry: Media and entertainment
Country: UAE
Founded in 2012 by Eddy Maroun and Elie Habib, Anghami has grown into the Middle East and North Africa’s leading music streaming platform. With over 75 million users and a catalogue of more than 70 million songs, Anghami is the go-to destination for music lovers across the region. It became the first Arab tech company to list on NASDAQ in early 2022, marking a significant milestone in its growth journey and symbolising its ambition to lead the digital music revolution in the Arab world.
This year has been a transformative year for Anghami as it continues to innovate and expand its offerings. This year saw the launch of Anghami Originals, an initiative aimed at producing exclusive content featuring top Arab artists. By nurturing local talent and creating original music, Anghami is strengthening its cultural ties to the region while also positioning itself as a platform that supports emerging artists. The initiative has resulted in successful collaborations with leading names, expanding Anghami’s influence beyond streaming.
The company’s vision of blending music with technology has materialised through the opening of Anghami Lab in Dubai – an immersive physical and digital space where music meets technology. Anghami Lab offers users an experiential blend of music production, live performances, and interactive content, bridging the gap between the online and offline music experience. Plans are already in place to expand this concept to other cities across the region, as Anghami looks to cement its presence as more than just a music platform.
AI-powered personalisation
Innovation continues to be at the heart of Anghami’s growth. In 2024, the platform introduced AI-powered personalisation features that deliver tailored playlists to users based on their listening habits. These new features have significantly enhanced user engagement, as listeners now receive curated content that suits their musical tastes and moods. Additionally, Anghami has expanded its partnerships with telcos across the region, providing bundled subscription plans that make the service more accessible to a broader audience.
In its push to diversify revenue streams, Anghami launched its Anghami Live service, offering live-streamed concerts and exclusive performances. This feature has been particularly successful in engaging younger audiences and fans of niche music genres. By merging technology, culture, and innovation, Anghami has maintained its leadership in the music streaming space while continuing to evolve and adapt to the region’s unique cultural landscape.
As it moves forward, Anghami remains focused on its mission to connect people through music, making it one of the Middle East’s most admired and innovative tech companies.
Rank: 41
Company Name: The Arts Club
Industry: Hospitality
Country: UAE
As the first international outpost of the prestigious Arts Club, originally founded in London in 1863, The Arts Club Dubai has established itself as a cultural and social hub for the UAE’s creative, entrepreneurial, and elite communities. Located in the heart of Dubai’s International Financial Centre (DIFC), this private members’ club offers an unrivalled mix of luxury, art, culture, and world-class hospitality, attracting a discerning crowd that values exclusivity and refined experiences.
By 2024, The Arts Club Dubai solidified its reputation as one of the most coveted private clubs in the region with the unveiling of its newly completed fifth floor. This addition includes a breathtaking 23,000 sq ft rooftop terrace, offering panoramic views of Dubai’s iconic skyline. The fifth-floor expansion provides members with new, elegant spaces for socialising and relaxation, including Oscuro, a sophisticated cigar lounge that offers a curated selection of premium cigars and spirits, and Vega, a 1970s-inspired late-night music lounge. Vega has quickly become one of Dubai’s most exclusive nightlife destinations, hosting regional and international musical talent, blending nostalgia with contemporary flair.
Venue for cultural and intellectual exchange
The club’s expansion continues to offer members more than just opulent surroundings; it provides a dynamic cultural calendar that underscores its commitment to fostering creativity and dialogue. From rotating art exhibitions featuring renowned artists to panel discussions and live music performances, The Arts Club Dubai has become a nexus for cultural and intellectual exchange. This programming has attracted a diverse yet like-minded community of artists, entrepreneurs, and leaders in various industries, who come together to share ideas, network, and collaborate in an inspiring setting.
In addition to its cultural and social offerings, The Arts Club Dubai is also home to some of the city’s most celebrated dining experiences. Its three in-house restaurants cater to a variety of palates. Rōhen, a standout, serves a fusion of Japanese and Peruvian cuisines, blending fresh ingredients and bold flavours in an innovative culinary experience. The newly opened Oscuro Kitchen, located on the rooftop, focuses on authentic Mexican cuisine, offering a more laid-back yet equally exquisite dining experience under the stars. For those seeking a more intimate setting, the club’s private meeting rooms and exclusive lounges provide an ideal environment for both business and social gatherings.
The Arts Club Dubai’s meticulous attention to detail extends beyond its physical offerings. The club has cultivated an atmosphere that is both inclusive and exclusive, providing its members with unparalleled access to some of the most prominent figures in art, music, and business. Its carefully curated events calendar, which includes bespoke workshops, art tours, and exclusive events, ensures that members are always at the centre of the cultural pulse of Dubai.
As a lifestyle destination that merges art, culture, and high-end hospitality, The Arts Club Dubai continues to raise the bar for private clubs in the region.
Rank: 42
Company Name: Noon
Industry: E-commerce
Country: UAE
Under the leadership of CEO Faraz Khalid, Noon has transformed into a digital titan, shaping the Middle Eastern e-commerce landscape with remarkable speed. Khalid, renowned for co-founding Namshi, brings an unrivalled expertise in scaling digital enterprises. Noon’s journey began in December 2017, a joint venture between Saudi Arabia’s Public Investment Fund (PIF) and Emirati businessman Mohamed Alabbar. Today, Noon is the go-to platform for millions of shoppers across Saudi Arabia, the UAE, and Egypt.
Noon continues to make waves, building on its mission to empower local businesses while shaping the digital economy of the region. This year’s landmark achievement was acquiring full ownership of Namshi, integrating the fashion platform into Noon’s ecosystem. The move further strengthens the platform’s portfolio, making it the undisputed leader in fashion, lifestyle, and digital services.
What sets Noon apart is its relentless focus on technology and innovation. The company has developed advanced marketplace, fulfilment, and logistics solutions, ensuring its operations are efficient and cutting-edge. Noon Pay, the brand’s peer-to-peer payment service, has expanded its offerings across KSA and the UAE. From simple transfers to bill payments and QR code transactions, Noon Pay now serves as a critical tool for secure, flexible financial transactions. It’s an integral part of Noon’s larger vision of creating a seamless digital economy.
Empowering SMEs
Noon’s role as a key enabler for SMEs is another cornerstone of its success. In collaboration with the Dubai Chambers, Noon launched a series of workshops in 2024 aimed at helping local businesses enhance their digital footprint. The workshops educated SMEs on optimising online sales and reaching a broader customer base by leveraging Noon’s powerful infrastructure. The initiative highlights Noon’s commitment to supporting entrepreneurs and fostering regional economic growth.
This year also saw Noon making a decisive play in the tech-driven re-commerce market with the acquisition of Cartlow. This bold move expands Noon’s focus on sustainability by promoting a circular economy through refurbished electronics, tapping into a growing consumer demand for eco-friendly alternatives.
Looking forward, Noon is poised to continue its dominance. The brand has plans to further expand its services, particularly in logistics and payment solutions. In 2024, Noon will roll out new initiatives that are expected to revolutionise the digital landscape. As it supports the region’s digital economy and SMEs, Noon is well on its way to becoming an even bigger force in the Middle East.
Noon is not just an e-commerce platform; it’s a visionary leader in the region’s ongoing digital revolution, constantly evolving to meet the demands of a tech-savvy consumer base.
Rank: 43
Company Name: Ras Al Khaimah Tourism Development Authority
Industry: Tourism and hospitality
Country: UAE
Since its inception in May 2011 under the auspices of the Ras Al Khaimah government, Ras Al Khaimah Tourism Development Authority (RAKTDA) has rapidly ascended to become one of the most admired entities in the Middle East. Tasked with the role of licensing, regulating, and monitoring the emirate’s rising tourism and hospitality sector, RAKTDA has been instrumental in transforming Ras Al Khaimah into a premier destination with a vision firmly fixed on the future.
In the highly competitive Middle Eastern tourism market, RAKTDA has distinguished itself through its approach to driving economic growth and fostering sustainable tourism practices. The authority has implemented initiatives that not only focus on elevating the emirate’s offerings to visitors but also create meaningful opportunities for the local community. Ras Al Khaimah has emerged as one of the region’s fastest-growing destinations, with RAKTDA at the helm, pushing boundaries and reimagining the possibilities for a tourism-driven economy.
A testament to RAKTDA’s goals is its plan to make tourism responsible for a third of Ras Al Khaimah’s GDP by 2030. This target is not merely aspirational but backed by concrete initiatives aimed at attracting 3.5 million visitors within the same timeframe. RAKTDA is also spearheading efforts to double the number of hotel rooms in the emirate, creating a ripple effect of sustainable investment opportunities while enhancing Ras Al Khaimah’s global connectivity. These initiatives align perfectly with the UAE’s broader vision of economic diversification, solidifying RAKTDA’s role as a key player in the nation’s future.
Rising numbers
The authority’s recent performance paints a compelling picture. In 2023, Ras Al Khaimah welcomed a record-breaking 1.22 million visitors, an 8 per cent increase over the previous year, with a striking 24 per cent surge in international arrivals. These figures speak volumes about the emirate’s growing appeal on the global stage and the efficacy of RAKTDA’s carefully calibrated strategy.
Sustainability is not a mere buzzword for RAKTDA, it’s a core principle that drives every facet of its operations. The authority’s commitment to addressing environmental, cultural, and social challenges has earned Ras Al Khaimah a Silver Certification under EarthCheck’s Sustainable Destinations programme, the first destination in the Middle East to receive this accolade. This achievement highlights RAKTDA’s efforts in promoting eco-friendly tourism practices, setting a benchmark for others in the region to follow.
RAKTDA’s influence extends beyond environmental initiatives. The authority is a vocal advocate for accessible tourism, ensuring that visitors with disabilities and special needs can experience all the emirate has to offer. It has also taken on the noble task of preserving Ras Al Khaimah’s rich cultural heritage by transforming historic sites into compelling attractions for both tourists and residents.
RAKTDA’s work isn’t limited to tourism. It plays a key role in positioning Ras Al Khaimah as a desirable place to live, offering job creation, educational opportunities, and vibrant community events. Whether it’s through sporting competitions or cultural festivals, RAKTDA ensures that Ras Al Khaimah remains not just a destination to visit, but a community to belong to. RAKTDA stands as an example of innovation and sustainability in the Middle East. Its leadership, commitment to economic resilience, and focus on sustainable growth have made it one of the most admired organisations in the region. As it continues to push forward with its bold initiatives, RAKTDA is undoubtedly positioning Ras Al Khaimah as a destination for the future.
Rank: 44
Company Name: Damac
Industry: Real estate
Country: UAE
Since its establishment in 2002, Damac Properties has been a defining force in Dubai’s real estate sector. Led by founder and chairman Hussain Sajwani, the company is known for its luxurious developments and strategic partnerships with globally renowned brands. Over the years, Damac has grown into one of the largest and most admired property developers in the Middle East, with a portfolio that epitomises luxury and opulence.
In 2024, Damac continued to build on its success with strong growth across its signature developments, reporting a 12 per cent increase in pre-sales compared to the previous year. Projects like Damac Lagoons and Damac Hills 2 have attracted significant interest, with the Malta cluster within Damac Lagoons – featuring 1,127 villas and townhouses – becoming a standout success. The company awarded construction contracts worth $205m in the first half of the year, underscoring its commitment to delivering high-quality developments on time.
Pushing the boundaries of luxury real estate
One of Damac’s most anticipated projects in 2024 is DAMAC Towers Nine Elms in London, a luxury development featuring interiors designed by Versace. Nearing completion with delivery expected by late 2024, this project showcases Damac’s ability to blend international design with luxury living, catering to the world’s most discerning buyers. The company is also making waves in the US, with its Surfside Tower in Miami set to bring Damac’s brand of opulence to South Florida’s booming real estate market.
Damac’s diversification into other sectors is also gaining momentum. In 2024, the Damac Data Centres project became fully operational, with facilities in Riyadh, Dammam, and Turkey. This strategic move into technology infrastructure positions Damac as a key player in the region’s burgeoning cloud storage and data management industry, reflecting the company’s broader focus on diversification and innovation.
On the hospitality front, Damac’s partnership with Mandarin Oriental is generating buzz, with plans to open a luxury resort in the Maldives by 2025. This ultra-luxury development is expected to offer an unparalleled experience, further expanding Damac’s footprint in the global hospitality market.
Under Sajwani’s leadership, Damac continues to push the boundaries of luxury real estate, technology, and hospitality. With projects spanning from Dubai to Miami, the company’s vision of integrating luxury living with cutting-edge technology ensures it remains one of the world’s most admired property developers.
Rank: 45
Company Name: Mastercard
Industry: Technology
Country: UAE
In a region where innovation drives ambition, Mastercard stands tall as a global leader with a distinct local touch. As a technology company in the payments industry, Mastercard’s mission is clear: To connect and power an inclusive digital economy that benefits everyone. But it’s in the Middle East, where change is rapid and opportunities are abundant, that Mastercard has cemented its place as one of the most admired companies, helping to shape the future of finance across the region.
Mastercard’s journey in the Middle East is one of vision and impact. Over the years, the company has forged partnerships with governments, financial institutions, and businesses, enabling seamless and secure transactions that reach the farthest corners of the region. Whether in bustling urban hubs like Dubai and Riyadh or in more remote areas where digital infrastructure is still developing, Mastercard’s presence has been crucial in driving financial inclusion, making banking accessible to millions who were previously underserved.
One of the key reasons behind Mastercard’s continued success in the region is its focus on security and simplicity. In a world where digital threats are evolving just as fast as the technology designed to counter them, Mastercard’s ability to provide secure, smart, and simple solutions has been a game-changer. Its cutting-edge innovations, from tokenisation to biometric authentication, have set new standards for safety and efficiency in payments. The company’s commitment to building trust has won the loyalty of consumers and businesses alike, positioning Mastercard as a brand synonymous with reliability and security.
Supporting SMEs
But Mastercard’s influence in the Middle East goes beyond just technology. The company’s core values of sustainability and inclusivity resonate deeply with the region’s long-term visions, particularly in countries like the UAE and Saudi Arabia, which are committed to diversifying their economies and promoting a greener future. Mastercard’s efforts to support small and medium enterprises (SMEs) have been particularly impactful, providing these businesses with the digital tools and resources they need to thrive in an increasingly competitive landscape.
Through its Priceless Cities programme, Mastercard has also transformed the way consumers in the Middle East experience travel, shopping, and dining, offering unique opportunities that go far beyond financial transactions. By tapping into local culture and offering experiences that resonate with the region’s diverse population, Mastercard has forged emotional connections that extend its influence far beyond the traditional realm of payments.
Mastercard’s regional leadership has been instrumental in shaping the company’s strategic focus, tailoring global innovations to meet local needs. As the Middle East continues its journey towards a cashless society, Mastercard’s role in facilitating this transition is both critical and highly valued. The company’s digital-first approach is in perfect sync with the region’s plans for a more connected, technologically advanced future.
Rank: 46
Company Name: Dar Global
Industry: Real estate
Country: UAE
At the helm of DarGlobal, Ziad El Chaar is a man on a mission to redefine luxury real estate on a global scale. As CEO, El Chaar is leading DarGlobal’s charge into the lucrative market of second and vacation homes, catering to affluent international buyers. His vision for the company is clear: To position DarGlobal among the world’s top 50 developers within the next decade. With over 20 years of experience in real estate development, coupled with extensive expertise in corporate governance and compliance, El Chaar is ideally placed to make this goal a reality.
The year 2024 has been a transformative year for DarGlobal, marked by the launch of its iconic $500m Trump International Oman project, part of the AIDA development – one of the largest premium mixed-use real estate developments globally. The luxury five-star hotel complex is set to open in December 2028, adding yet another feather to DarGlobal’s cap. Earlier in the year, the company unveiled Tierra Viva, its first European venture in Marbella, developed in partnership with Lamborghini, further cementing its reputation for creating bespoke, world-class properties.
DarGlobal’s focus on luxury vacation homes has attracted partnerships with well-known brands such as Versace, W Hotels, Missoni, and Dolce & Gabbana, adding a distinctive flair to its portfolio. These collaborations reflect El Chaar’s vision of delivering homes that offer not just luxury, but an aspirational lifestyle. The company’s developments seamlessly blend opulence with practicality, creating properties that are not only beautiful but also functional for the modern luxury buyer.
Redefining luxury
Listed on the London Stock Exchange, DarGlobal has over $6bn in projects under development and is rapidly expanding into key markets such as Dubai, Spain, and the Maldives. The company’s international projects are designed to attract high-net-worth individuals looking for second homes in the world’s most desirable locations. DarGlobal’s entry into the European market, particularly with the Marbella project, has been a game-changer, positioning the company as a key player in luxury real estate on a global stage.
El Chaar’s leadership has been instrumental in this growth, ensuring that DarGlobal continues to deliver exceptional homes that combine luxury living with solid investment potential. His strategic vision for both DarGlobal and his role as chairman at PropGenius is helping shape the future of real estate with a focus on innovation, excellence, and profitability. As DarGlobal continues its expansion, it remains at the cutting edge of global luxury real estate development.
Rank: 47
Company Name: Gymnation
Industry: Fitness
Country: UAE
In 2024, GymNation continues to revolutionise the fitness landscape in the UAE, firmly establishing itself as the country’s most popular and fastest-growing gym chain. Since its launch in 2018, GymNation has become synonymous with affordability, accessibility, and inclusivity, offering state-of-the-art fitness facilities at a fraction of the cost of traditional gyms. The brand’s “no-frills, high-value” philosophy has resonated with fitness enthusiasts across the UAE, enabling thousands of people to achieve their health and wellness goals without breaking the bank.
This year, GymNation reached a major milestone with the opening of its 20th branch, making it the largest gym chain in the UAE. The new facility features cutting-edge fitness equipment, 24/7 access, and a wide variety of fitness classes, catering to everyone from beginners to experienced athletes. Each GymNation branch is designed to offer a welcoming, community-oriented environment, ensuring that fitness is accessible to all. The company’s affordable membership plans and zero cancellation fees have made it a game-changer in the region’s fitness industry, offering unbeatable value and flexibility for its members.
In 2024, GymNation has continued to expand its focus on wellness and sustainability, introducing several green initiatives across its gyms. These initiatives include energy-efficient lighting, water-saving systems, and eco-friendly materials in the construction of new facilities. Additionally, the brand launched the GymNation Health Club, which offers wellness services such as nutritional consultations, physiotherapy, and mental health support. This holistic approach to health and wellness has attracted a growing number of members who are looking for more than just a place to work out – GymNation is becoming a lifestyle brand that supports overall well-being.
AI-powered workout
Technology continues to play a pivotal role in GymNation’s success. In 2024, the company’s mobile app has seen significant updates, with features that allow members to book virtual fitness classes, track their workouts, and access personalised fitness plans. The introduction of AI-driven workout plans has been a key innovation, providing members with tailored training advice based on their fitness goals and progress. This tech-forward approach has helped GymNation stay ahead of the curve, appealing to a new generation of fitness-conscious consumers who value convenience and customisation.
GymNation’s member base has continued to grow exponentially, with the company surpassing 200,000 members in 2024. This rapid expansion is supported by GymNation’s commitment to opening new locations in underserved areas, ensuring that everyone in the UAE has access to high-quality fitness facilities. Financially, GymNation’s strong performance has been driven by its low-cost, high-value model, which has proven to be a winning formula in a competitive fitness market.
Looking ahead, GymNation has ambitious plans for regional expansion, with Saudi Arabia and Bahrain identified as key markets for future growth. With its focus on affordability, accessibility, and innovation, GymNation is set to continue transforming the fitness industry in the Middle East, making fitness more accessible and sustainable for all.
Rank: 48
Company Name: Dubai World Trade Centre
Industry: Hospitality and events
Country: UAE
The Dubai World Trade Centre (DWTC) remains the beating heart of Dubai’s global business ambitions, playing a key role in the emirate’s rise as an international hub for trade, investment, and innovation. Since its founding in 1979, DWTC has grown into one of the most prominent venues for hosting global events, exhibitions, and conferences, attracting top-tier businesses, talent, and investors from around the world. In 2024, DWTC continues to build on this legacy, setting new standards for excellence in the events industry.
This past September, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, approved $2.7bn (AED10bn) expansion for the Dubai Exhibition Centre (DEC) at Expo City Dubai. Set within the Dubai 2040 Urban Master Plan, the initiative aims to establish the DEC as the region’s largest indoor events venue, cementing Dubai’s position as a global leader in events and exhibitions.
On completion, the expanded DEC will boost Dubai’s events calendar, accommodating up to 600 annual large-scale events by 2033. The phased expansion will feature 180,000 square metres of exhibition space, along with a new hotel, retail outlets, and commercial spaces. With enhanced infrastructure, the DEC will anchor Dubai as a premier hub for international exhibitions, strengthening key industries like technology, healthcare, and energy.
GITEX Global 2024, held at DWTC, broke all previous records with over 180,000 participants and 6,000 exhibitors from 140 countries. The event showcased cutting-edge advancements in AI, blockchain, and quantum computing, positioning Dubai as a major player in the global tech innovation space. Similarly, the Arab Health 2024 conference attracted healthcare professionals and industry leaders from across the globe, focusing on the future of healthcare in the Middle East and beyond.
DWTC’s commitment to sustainability has been a key focus in 2024. As part of its Green Venue Programme, DWTC has rolled out several initiatives aimed at reducing its carbon footprint. The installation of solar panels, the use of energy-efficient lighting, and the adoption of electric-powered vehicles for internal operations are just a few of the measures being implemented. DWTC is also committed to reducing waste generated by its events, with recycling initiatives and digital-first approaches to event planning.
Key economic contributor
Financially, DWTC continues to thrive, contributing significantly to Dubai’s GDP by hosting more than 300 events annually. These events attract a global audience, boosting tourism, trade, and business investment in the region. As Dubai’s urban landscape continues to evolve under the Dubai 2040 Urban Master Plan, DWTC is expanding its facilities to ensure it remains the region’s leading destination for international business events.
As Dubai continues to rise as a global business hub, DWTC will remain central to this growth. With its world-class infrastructure, focus on sustainability, and commitment to attracting top-tier global events, DWTC is poised to continue its dominance as one of the most admired venues for international business and trade events.
Rank: 49
Company Name: Aramex
Industry: Logistics
Country: UAE
Aramex, founded in 1982, has established itself as a leader in the global logistics industry, renowned for its reliability and innovative solutions. Headquartered in Dubai, Aramex operates across more than 70 countries, connecting businesses and consumers around the world. Under the leadership of CEO Othman Aljeda, Aramex has embraced digital transformation and sustainability as key pillars of its growth strategy. In 2024, Aramex continues to be at the forefront of the logistics sector, providing tailored solutions that meet the demands of a rapidly evolving global marketplace.
This year, Aramex has seen significant growth, driven by the ongoing expansion of its e-commerce logistics services, which cater to the Middle East and North Africa’s booming online retail market. The company reported a 12 per cent increase in revenue for the first half of 2024, with e-commerce and small-to-medium enterprise (SME) deliveries leading the way. Aramex has responded to this growing demand by expanding its global reach, adding new logistics hubs in Asia and Europe, ensuring quicker delivery times and more efficient operations.
Helping SMEs grow
One of Aramex’s key achievements in 2024 has been the launch of Aramex Go, a digital logistics platform designed to empower SMEs. This service provides a one-stop solution for smaller businesses, allowing them to ship products globally with ease. The platform offers real-time tracking, competitive pricing, and seamless integration with e-commerce platforms, giving SMEs the tools they need to scale their operations efficiently.
Aramex is also playing a leading role in sustainability. The company has committed to achieving carbon neutrality by 2040, and in 2024, it expanded its fleet of electric vehicles (EVs) across key markets, significantly reducing its carbon footprint. Aramex’s investment in green logistics has positioned it as a pioneer in environmentally friendly delivery solutions, aligning with global sustainability goals. Additionally, the company’s logistics centres have been upgraded to be more energy-efficient, furthering its commitment to reducing environmental impact.
Optimisation through AI
In terms of innovation, Aramex has made strides in digitalisation, leveraging artificial intelligence (AI) and automation to streamline its operations. This year saw the introduction of AI-powered route optimisation, which reduces delivery times and enhances efficiency, providing customers with an even more reliable service.
With its focus on digital transformation, sustainability, and customer-centric solutions, Aramex continues to set new standards in the logistics industry. As the company expands its global footprint and deepens its commitment to eco-friendly practices, it remains one of the most admired companies in the Middle East and beyond.
Rank: 50
Company Name: Petrochem Middle East
Industry: Energy
Country: UAE
In the glittering world of the Middle East’s corporate titans, few names command as much respect and admiration as Petrochem Middle East. A company built from the ground up by Yogesh Mehta, Petrochem is not only the largest chemical distributor in the Middle East but also one of the top 12 globally. And as the company shifts gears towards a new era, its journey is set to take an even more transformative turn.
Humble beginnings
Mehta, the founder who arrived in Dubai with little more than ambition and determination, has steered Petrochem to heights that few could have predicted. From its humble beginnings in 1995, when a dream and a distribution terminal in Jebel Ali were all he had, to a multi-billion-dollar empire today, Mehta’s journey has been as bold as it has been impressive.
But, as with all great stories, change is on the horizon. After decades of being at the helm, the transition of leadership has begun – and it’s a family affair. His son, Rohan, is stepping into the spotlight as the next CEO, poised to guide Petrochem into its future. Rohan, a graduate of Northeastern University and a Harvard Business School alumnus, has spent the last decade honing his skills within the industry. His tenure at OQ Chemicals in Dallas and his return to Petrochem in Dubai have positioned him as the ideal successor to his father’s legacy.
However, the elder Mehta’s role as the visionary behind the company’s success will not be forgotten. He will remain in a senior capacity as Founder/Chairman, offering his expertise when needed. “I’ve always led with my gut, while Rohan is more practical. Together, we bridge the generational gap,” Yogesh explains.
The next chapter for Petrochem is equally bold. With the completion of a new $80m state-of-the-art terminal in Jebel Ali and a shift towards manufacturing, the company is positioning itself as a leader in the chemical industry on a global scale. This seismic shift, as Yogesh puts it, will see Petrochem evolve from being 70 per cent focused on distribution to 60 per cent focused on manufacturing. It’s a bold move, but then again, Mehta has always been a man unafraid of taking big risks.
As the reins are handed over, there’s no doubt that Rohan will have his work cut out for him, especially given the current global challenges. But with his father’s mentorship and the support of Petrochem’s loyal leadership team, the future looks just as promising as the company’s illustrious past.
The Petrochem story is far from over. In fact, with Rohan at the helm, it’s only just beginning.
Rank: 51
Company Name: Organic Foods & Cafe
Industry: Retail
Country: UAE
Organic Foods & Café, a family-run organic supermarket and café chain based in Dubai, has been a pioneer in the UAE’s health and wellness movement since its inception in 2004. The brand offers a wide range of organic, biodynamic, and gluten-free products, catering to the growing demand for clean, ethically sourced foods in the region. With a commitment to sustainability and supporting local farmers, Organic Foods & Café has become the go-to destination for health-conscious consumers across the UAE.
This year has been a landmark year for Organic Foods & Café, as the company launched its first carbon-neutral store in Dubai’s City Walk. This flagship store incorporates sustainable design elements such as energy-efficient lighting, solar panels, and eco-friendly packaging. The carbon-neutral store is a testament to the company’s dedication to reducing its environmental impact while offering customers an unparalleled shopping experience. Organic Foods & Café aims to convert all of its stores into carbon-neutral operations by 2030, aligning with the UAE’s broader sustainability goals.
From the farm to the table
A major highlight for Organic Foods & Café in 2024 is the expansion of its farm-to-table programme. The company has partnered with more local organic farms to provide customers with fresh, pesticide-free produce directly from the source. This initiative has been particularly well-received by consumers looking to support local agriculture and reduce their carbon footprint. The company’s commitment to transparency and ethical sourcing has also earned it the Organic Certification from Emirates Authority for Standardisation and Metrology (ESMA).
In addition to its organic food offerings, Organic Foods & Café has expanded its wellness product range in 2024 to include natural beauty and personal care products. The brand introduced a line of organic skincare and eco-friendly household cleaning products, which have been met with enthusiastic demand from consumers seeking chemical-free alternatives. Organic Foods & Café has also embraced digital transformation in 2024 by launching its e-commerce platform. The new platform offers customers the convenience of ordering organic groceries online with same-day delivery across Dubai and Abu Dhabi. The platform’s seamless user experience, combined with the growing trend of online grocery shopping, has led to a 25 per cent increase in online sales in the first half of 2024.
With its focus on sustainability, local sourcing, and consumer wellness, Organic Foods & Café remains a trailblazer in the UAE’s organic food industry, admired for its ethical practices and commitment to environmental responsibility.
Rank: 52
Company Name: Spinneys
Industry: Retail
Country: UAE
Spinneys, a leading premium grocery retailer in the UAE, has continued its impressive growth in 2024, cementing its position as a key player in the region’s fresh food and retail industry. With a strong presence in the UAE, Oman, and plans to expand into Saudi Arabia, Spinneys has been a trusted name for quality products since its establishment in the 1960s.
Successful IPO
A major highlight of 2024 for Spinneys is its successful Initial Public Offering (IPO) on the Dubai Financial Market (DFM) in May. The IPO was highly anticipated, raising AED1.38bn ($375m) with shares significantly oversubscribed by 64 times, marking one of the most successful non-government-related IPOs in the UAE in recent years. The company now trades under the ticker symbol SPINNEYS and has a market capitalisation of AED5.51bn ($1.5bn). This listing is a significant milestone for the brand as it seeks to enhance its growth trajectory and strengthen investor confidence.
Solid numbers
In terms of financial performance, Spinneys posted record-breaking revenues of AED815m ($221.89m) for Q1 2024, representing a year-on-year increase of 10.9 per cent. This strong performance is attributed to a growing demand for premium fresh food offerings and the success of Spinneys’ e-commerce platform, which saw a 21.7 per cent rise in sales during the first half of 2024. The company also expanded its footprint by opening four new stores in the UAE and launching its first outlets in Saudi Arabia, part of a broader strategy to grow its presence in the GCC.
Innovation continues to be a cornerstone of Spinneys’ strategy. In 2024, the company launched The Kitchen, by Spinneys, a new dining concept offering high-quality, ready-made meals prepared with fresh ingredients. Spinneys is also rolling out Spinneys Swift, a hyperlocal e-commerce solution aimed at providing faster and more convenient online grocery shopping.
With its focus on quality, customer service, and expansion, Spinneys is well-positioned to continue its growth and remains one of the most admired brands in the Middle East’s retail sector.
Rank: 53
Company Name: Jumeirah
Industry: Hospitality
Country: UAE
In 2024, the Jumeirah further consolidated its reputation as a leader in high-end hospitality. Operating more than 6,500 keys across 26 properties in the Middle East, Europe, and Asia, the group is setting the benchmark for culinary excellence and unrivalled guest experiences.
Its flagship, the Jumeirah Burj Al Arab, remains an icon, while the group’s collection of Michelin-starred restaurants continues to draw discerning food lovers from across the globe. In particular, the group’s Al Muntaha and L’Olivo remain culinary destinations in their own right.
A major highlight of 2023 was the acquisition of Le Richemond in Geneva, a stunning property set for a grand reopening in 2025 following extensive renovations. The acquisition marked another step in Jumeirah’s European expansion, adding to its prestigious portfolio, which includes properties in London, Capri, and Mallorca. This foray into Europe reflects Jumeirah’s ambition to further entrench itself as a dominant player in the global luxury hospitality scene.
Closer to home, the Jumeirah’s successful entry into Saudi Arabia’s luxury market with Jumeirah Jabal Omar Makkah. Managed by industry veteran Rizwan Shaikh, the property has quickly become a top choice for Umrah pilgrims seeking luxury accommodation. With a growing presence in the kingdom, Jumeirah is well-positioned to cater to the increasing demand for high-end hospitality in the region.
Sustainability also remains a core focus for the Jumeirah. As the group expands its global footprint, it is committed to integrating eco-conscious practices into its operations. From energy-efficient designs to waste-reduction initiatives, the group is setting new standards in sustainable luxury.
Looking ahead, the Jumeirah’s future is bright. With strategic expansion plans and a firm commitment to excellence, the group will continue to dominate the global hospitality landscape while offering personalised, memorable experiences to its guests.
Rank: 54
Company Name: Silal
Industry: Agriculture technology
Country: UAE
In 2024, Silal has emerged as a key player in the UAE’s drive for food security and sustainability, placing the company among the nation’s most admired. As the UAE continues to prioritise local food production and self-sufficiency, Silal’s innovative approach to agriculture has made it a cornerstone of the country’s food security strategy.
Silal’s focus on reducing the UAE’s reliance on food imports has paid off in 2024, with the company making significant strides in increasing local food production. By introducing advanced farming technologies, including hydroponics and vertical farming, Silal has not only boosted crop yields but also optimised the use of critical resources such as water. These innovations are helping the UAE to overcome the challenges posed by its arid environment, making food production more sustainable.
A key achievement for Silal this year has been its strategic partnerships with international technology firms. These collaborations have brought cutting-edge agritech solutions to the UAE, including AI-driven crop management systems and precision farming techniques. These advancements have not only improved efficiency but also contributed to the country’s long-term sustainability goals.
A leader in organic farming
In line with its sustainability efforts, Silal has expanded its organic farming programme, with a growing number of local farmers adopting eco-friendly practices. The company’s focus on sustainability extends to its supply chain as well. Silal expanded its cold storage and distribution facilities, improving the management of perishable goods and reducing food waste – a critical issue in the food industry.
Empowering local farmers
Silal’s efforts to empower local farmers through education and resources have been another highlight of 2024. The company has worked closely with UAE farmers, providing them with the tools and knowledge needed to improve productivity and adopt sustainable farming methods. This has had a direct impact on the nation’s food security, ensuring a steady supply of locally produced food.
As the UAE looks to the future, Silal’s role in achieving the country’s food security and sustainability goals will only grow. With a commitment to innovation, sustainability, and supporting local agriculture, Silal is setting the standard for the future of farming in the region, and its impact will continue to be felt for years to come.
Rank: 55
Company Name: Bateel International
Industry: Retail
Country: UAE
Founded in 1991, Bateel has established itself as a global leader in gourmet food and luxury gifting, famed for its organic dates and high-end food products. What began as a simple concept of selling premium quality dates has evolved into a luxury brand known for offering a wide array of gourmet products, including chocolates, fine foods, and exclusive gift collections. With a deep commitment to quality, tradition, and innovation, Bateel has become synonymous with luxury in the world of fine foods.
Worldwide expansion
In 2024, under the leadership of CEO Nurtac Afridi, Bateel has continued to expand its brand presence, further strengthening its footprint in the international luxury market. These flagship stores showcase the brand’s unique blend of Arabian heritage and European luxury, attracting high-net-worth customers and food connoisseurs from around the world. Bateel now operates in over 20 countries, positioning itself as a key player in the luxury gourmet market.
Ethical operation
At the heart of Bateel’s success is its commitment to sustainability and organic farming. All of Bateel’s dates are sourced from its own organic farms in Saudi Arabia, ensuring the highest standards of quality and traceability. In 2024, the company achieved a major milestone by receiving GlobalG.A.P. certification for sustainable agriculture, further enhancing its reputation as a leader in ethical and environmentally responsible farming practices. This certification highlights Bateel’s dedication to not only offering the finest gourmet products but also to ensuring that they are produced with minimal environmental impact.
Bateel’s success is also driven by its focus on innovation. In 2024, the company launched a new range of premium artisan chocolates and gourmet hampers, offering customers an even wider variety of luxury products. These new additions, created with the finest ingredients sourced from around the world, are designed to cater to the most discerning palates.
The brand’s luxury gifting collections, which include beautifully packaged dates, chocolates, and fine foods, have become highly sought-after gifts for special occasions and corporate events.
Bateel’s cafes, which offer a unique farm-to-table experience, have also seen significant growth this year. The Bateel Café concept, which blends gourmet dining with luxury retail, has expanded across the GCC and into Europe, offering customers a luxurious and immersive culinary experience. Bateel also introduced a new seasonal menu featuring locally sourced ingredients, further enhancing its reputation for gourmet excellence.
As Bateel continues to grow, the company’s blend of tradition, quality, and innovation ensures its place as one of the most admired luxury brands in the world of fine foods.
Rank: 56
Company Name: Etihad Airways
Industry: Aviation
Country: UAE
Etihad Airways continues to solidify its status as a global leader in air travel, sustainability, and innovation. Since its inception in 2003, the Abu Dhabi-based airline has become synonymous with premium travel experiences, connecting the UAE to 76 destinations worldwide. This year, Etihad’s focus on environmental sustainability and cutting-edge customer service has taken centre stage, positioning the airline as a trailblazer in the aviation industry.
A major highlight for Etihad in 2024 has been its continued commitment to achieving net-zero carbon emissions by 2050. The airline has made significant strides towards this goal, with several sustainability initiatives already in place. One of the most notable developments this year has been the addition of five new Boeing 787 Dreamliners to its fleet. Known for their fuel efficiency, these aircraft emit 20 per cent less carbon dioxide compared to older models, making them a key component of Etihad’s efforts to reduce its environmental impact.
Sustainable aviation
Etihad has also expanded its Greenliner Programme, an initiative designed to test and implement sustainable aviation practices across the airline’s operations. In 2024, Etihad introduced Sustainable Aviation Fuels (SAFs) on several of its long-haul routes, reducing emissions even further. Additionally, the airline has implemented flight path optimisation technologies that minimise fuel consumption, helping to make air travel more eco-friendly without compromising on quality or comfort.
The ‘Sustainable50’ Airbus A350 fleet, introduced in recent years, continues to operate on some of Etihad’s longest routes, providing passengers with a greener flying experience. These aircraft are equipped with the latest technologies to enhance fuel efficiency and reduce emissions, aligning with Etihad’s broader sustainability goals.
On the passenger experience front, Etihad continues to push the boundaries of luxury air travel. In 2024, the airline’s Etihad Wellness programme – originally introduced during the pandemic – has evolved into a comprehensive offering designed to improve passenger well-being.
From enhanced in-flight dining options that focus on organic, locally sourced ingredients to innovative sleep solutions such as premium sleep pods in the airline’s lounges, Etihad is rethinking the entire passenger journey with a focus on health and comfort. Etihad’s First and Business Class cabins remain among the most luxurious in the world, offering private suites, gourmet dining, and world-class service. The airline’s signature Residence – a three-room suite in the sky – continues to attract high-net-worth individuals seeking the ultimate in luxury air travel.
Financially, 2024 has been a year of recovery and growth for Etihad. The airline has seen a 20 per cent increase in passenger numbers in the first half of the year, as global travel returns to pre-pandemic levels. Additionally, Etihad’s cargo division has posted record growth, driven by the boom in e-commerce and international logistics.
As Etihad looks to the future, its focus on sustainability, innovation, and customer-centric luxury will ensure that it remains one of the most admired airlines in the world. With ambitious plans to lead the aviation industry towards a greener future, Etihad is setting new standards for excellence in air travel.
Rank: 57
Company Name: Nakheel
Industry: Real estate
Country: UAE
Nakheel has been at the forefront of shaping Dubai’s iconic skyline. Known for its ambitious projects, Nakheel has played a pivotal role in transforming Dubai into a global hub for luxury living and tourism. With landmark developments such as Palm Jumeirah, The World Islands, and Jumeirah Islands, Nakheel’s legacy as a trailblazer in real estate is firmly established.
Nakheel entered a new phase of growth this year with the highly anticipated launch of Palm Jebel Ali, marking one of the most significant real estate developments in Dubai’s recent history. Unveiled by UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, Palm Jebel Ali features Coral and Beach villas, each inspired by nature and designed to offer unparalleled luxury living. Set to become one of Dubai’s most sought-after residential destinations, Palm Jebel Ali will also feature an array of high-end amenities, hotels, and entertainment options, further enhancing Dubai’s status as a global destination for luxury real estate.
Nakheel’s focus on retail development has also gained momentum. In 2024, the company announced the construction of Al Khail Avenue Mall, which is set to open in 2025. This new shopping destination will complement Nakheel’s existing portfolio of successful retail spaces, including Nakheel Mall and Ibn Battuta Mall, which remain top destinations for millions of visitors annually.
Green building standards
Sustainability has become a cornerstone of Nakheel’s operations. In 2024, the company reinforced its commitment to green building standards across its developments, implementing energy-efficient technologies and sustainable building materials. Nakheel’s new residential projects are equipped with smart home systems that allow residents to monitor and control energy consumption, further aligning with Dubai’s sustainability goals.
Looking ahead, Nakheel’s focus on innovation, luxury, and sustainability positions it as a key player in Dubai’s evolving real estate landscape. With projects like Palm Jebel Ali and its expanding retail portfolio, Nakheel continues to set new standards for luxury living while contributing to Dubai’s vision of becoming a global hub for tourism and business.
Rank: 58
Company Name: Visa Middle East
Industry: Technology
Country: UAE
Visa Middle East continues to be a leader in the region’s evolving digital payments landscape, supporting financial inclusion and driving innovation in payment solutions. The company operates out of its regional headquarters in Dubai Internet City, which oversees operations in nearly 90 countries across Central and Eastern Europe, the Middle East, and Africa (CEMEA). The headquarters, spanning 100,000 sq ft, is equipped with a state-of-the-art Innovation Centre that fosters collaboration with partners and clients to co-create cutting-edge digital commerce solutions.
Building partnerships
A key highlight for Visa in 2024 has been its ongoing focus on supporting small and medium-sized enterprises (SMEs) in the UAE. Visa’s SME Megatrends Report, released this year, identified crucial opportunities for SMEs, particularly in the areas of contactless payments and digital transformation. According to the report, 49 per cent of UAE SMEs have identified contactless payments as a critical investment area, highlighting the increasing importance of digital payment solutions in driving business growth.
Digital wallet adoption
Visa Middle East has also made significant strides in tokenisation and digital wallet adoption, with nearly 40 per cent of Visa transactions in the region now tokenised. This shift has greatly enhanced payment security and is part of Visa’s broader strategy to support the region’s transition to a more digital economy. The company is also focused on fostering financial inclusion by working closely with fintechs and local governments to provide easier access to digital payments for underbanked populations.
Security, innovation, and financial inclusion
With the 2024 opening of its CEMEA headquarters, Visa Middle East is also expanding its focus on artificial intelligence (AI) and biometric payment technologies, creating new avenues for secure and convenient transactions. The Innovation Centre plays a central role in developing these technologies, providing immersive experience zones for partners to prototype future payment systems like connected cars and smart retail environments.
Visa’s commitment to advancing the region’s digital economy and its partnerships with local governments and financial institutions ensure that it remains a pivotal player in the Middle East’s financial transformation. With an emphasis on security, innovation, and financial inclusion, Visa Middle East is well-positioned to lead the future of digital payments in the region.
Rank: 59
Company Name: ESAG Group
Industry: Diversified
Country: UAE
Under the leadership of Dr. Raja Al Gurg, the Easa Saleh Al Gurg (ESAG) Group continues to thrive as one of the UAE’s most prominent and diversified family-owned conglomerates. Founded in 1960, ESAG has grown into a powerhouse with business interests spanning across multiple sectors, including retail, building materials, industrial ventures, and real estate. Dr. Al Gurg’s leadership reflects a unique blend of traditional values and modern business strategies, positioning ESAG at the forefront of the UAE’s economic landscape.
In 2024, ESAG continued its impressive growth, driven by a series of strategic joint ventures and investments. A key highlight of this year was the group’s partnership with Siemens Mobility, which has played a crucial role in Dubai’s smart city transformation. In line with the UAE’s Vision 2030, this partnership has focused on launching advanced smart transportation solutions, enhancing the region’s infrastructure and positioning ESAG as a leader in urban mobility.
Another major achievement for ESAG in 2024 was the expansion of its collaboration with AkzoNobel Decorative Paints, resulting in the opening of a second production facility in Abu Dhabi. This move addresses the growing regional demand for sustainable, high-quality paints and underscores ESAG’s commitment to fostering sustainability in the building materials sector.
Retail continues to be a core focus for the group. This year, ESAG further strengthened its portfolio by acquiring exclusive distribution rights for several global consumer brands across the GCC. These acquisitions align with ESAG’s vision of delivering world-class products to the region’s increasingly discerning consumers, reinforcing its position as a retail leader in the Middle East.
Empowering women
Dr. Al Gurg’s focus on empowering women and the next generation remains central to ESAG’s success. In 2024, the Dubai Businesswomen Council – which Dr. Al Gurg founded – launched new mentorship programmes aimed at supporting female entrepreneurs. These initiatives, coupled with significant contributions to the Mohammed Bin Rashid University of Medicine and Health Sciences, highlight ESAG’s commitment to education, healthcare, and female empowerment.
As ESAG moves forward, the group’s continued emphasis on sustainable growth, strategic partnerships, and community impact ensures that it will remain a key player in the UAE’s evolving business landscape. Dr. Al Gurg’s leadership, blending traditional business acumen with forward-thinking strategies, is setting the stage for ESAG’s continued success.
Rank: 60
Company Name: Ooredoo
Industry: Telecoms
Country: Qatar
Ooredoo, the Qatar-based telecommunications giant, has continued to thrive in 2024, further solidifying its position as one of the leading telecom providers in the MENA region and Southeast Asia. With a presence in over 10 countries and a customer base exceeding 100 million, Ooredoo has been at the forefront of digital innovation and connectivity solutions, catering to both consumers and enterprises.
A significant milestone for Ooredoo in 2024 has been the expansion of its 5G network across key markets, including Qatar, Kuwait, and Oman. Ooredoo’s 5G network is now one of the largest and most advanced in the region, providing ultra-fast speeds, lower latency, and greater network reliability. This development has been instrumental in driving digital transformation across sectors such as healthcare, education, and entertainment. The company has also launched its 5G enterprise solutions, which offer businesses access to smart technologies, IoT, and cloud services, enabling them to optimise their operations and deliver enhanced customer experiences.
In addition to its telecom services, Ooredoo has invested heavily in digital payment platforms. In 2024, the company introduced Ooredoo Pay, a mobile wallet that allows users to make contactless payments, transfer money, and manage their finances through a single app. The platform has seen rapid adoption, particularly in Qatar and Oman, where digital payments are becoming increasingly popular. Ooredoo Pay aligns with the company’s broader vision of driving financial inclusion and supporting the growth of digital economies in its markets.
Energy-efficient infrastructure
Sustainability remains a key focus for Ooredoo. In 2024, the company unveiled its Green Network Initiative, which aims to reduce carbon emissions by 25 per cent by 2025. The initiative includes the rollout of energy-efficient infrastructure and the integration of renewable energy sources such as solar-powered mobile towers. This commitment to sustainability has earned Ooredoo recognition as one of the region’s most environmentally conscious telecom providers.
Financially, Ooredoo continues to perform well, with a 15 per cent increase in revenue reported in the first half of 2024. The company’s growth has been driven by its 5G expansion, enterprise solutions, and digital payment services. Ooredoo also strengthened its position in Indonesia and Myanmar, two of its key international markets, by enhancing its digital services and expanding its customer base.
Rank: 61
Company Name: Phoenix Group UAE
Industry: Cryptocurrencies
Country: UAE
Phoenix Group UAE has emerged as a major player in the Middle East’s cryptocurrency and blockchain ecosystem. Headquartered in Abu Dhabi, the company operates at the cutting edge of crypto mining, blockchain solutions, and digital asset management, driving innovation in the region’s financial landscape. In 2024, Phoenix Group solidified its position as a leader in the fintech space, achieving several notable milestones that highlight its commitment to sustainability, innovation, and technological advancement.
One of the major highlights of 2024 was Phoenix Group’s Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX), raising $370m through a highly oversubscribed IPO. This public offering marked a new chapter for the company, underscoring its growing influence within the global cryptocurrency sector. Phoenix Group’s successful listing reflects strong investor confidence in its vision for the future of digital assets.
A significant achievement in 2024 was Phoenix Group being named Bitcoin Mining Company of the Year at the Entrepreneur E-Business Awards. This recognition is a testament to the company’s leadership in the crypto-mining sector, where it continues to deliver efficient and sustainable mining solutions. Phoenix Group’s crypto-mining operations leverage energy-efficient practices, further aligning the company with the UAE’s ambitious sustainability goals.
Blockchain innovation
Additionally, Phoenix Group has partnered with Tether, the global leader in stablecoins, to launch a UAE dirham-pegged stablecoin. This new digital currency is designed to provide businesses and consumers with a secure and stable alternative to traditional fiat currencies, particularly in cross-border transactions. The stablecoin is fully backed by liquid UAE-based reserves and aims to bridge the gap between traditional finance and the burgeoning digital economy.
Phoenix Group’s emphasis on blockchain innovation also continued in 2024. The company introduced smart contract solutions for sectors such as real estate and supply chain management, helping businesses streamline processes, increase transparency, and reduce costs. This technology is playing a key role in automating transactions and contracts, reducing the reliance on intermediaries and driving efficiencies across various industries.
Financially, Phoenix Group is thriving. The company reported a 50 per cent jump in net income in 2024, driven by a substantial increase in its crypto-mining operations and blockchain services. Its innovative approach to digital assets, combined with its sustainability efforts, ensures that Phoenix Group remains a dominant force in the global crypto space.
With a focus on expanding its crypto-mining operations, developing sustainable blockchain solutions, and enhancing its digital asset offerings, Phoenix Group UAE continues to set the standard for innovation in the fintech industry, earning its reputation as one of the most admired companies in the Middle East.
Rank: 62
Company Name: Pepsico Middle East
Industry: Food manufacturing
Country: UAE
Pepsico Middle East, a regional arm of global food and beverage leader Pepsico, has continued to flourish in 2024 with its strong portfolio of iconic brands, including Pepsi, Lays, Tropicana, and Quaker Oats. Pepsico’s success in the Middle East is underpinned by its commitment to innovation, sustainability, and consumer engagement, ensuring its brands remain household names across the region.
A key highlight for Pepsico Middle East in 2024 is the expansion of its healthy product lines. As consumer preferences shift towards more health-conscious choices, Pepsico has responded by introducing low-sugar and plant-based versions of its popular snacks and beverages. The company’s Tropicana Essentials range, which offers nutrient-rich juices fortified with vitamins, has seen a surge in popularity across the GCC, driven by rising awareness of the importance of immune health. Similarly, Pepsico’s Lays Oven Baked chips, which are lower in fat, have become a top seller in the region’s increasingly health-conscious snack market.
Pepsico Middle East has also made significant strides in sustainability this year. The company has set ambitious goals to achieve net-zero emissions by 2040 and has begun rolling out sustainable packaging solutions across its product lines. Pepsico’s innovative Water Replenishment Programme in Saudi Arabia and the UAE has been instrumental in reducing water consumption across its manufacturing plants. By using advanced water recycling technologies, the company has achieved a 20 per cent reduction in water usage, contributing to the region’s broader water conservation goals.
Adopting AI and robotics
Digital transformation has also been a focus for Pepsico Middle East in 2024. The company introduced its “Snackbot” delivery service in Dubai, a pilot programme that uses autonomous robots to deliver snacks and beverages to consumers in high-traffic areas such as business districts and universities. This initiative aligns with Pepsico’s strategy to integrate AI and robotics into its supply chain and consumer experience, offering greater convenience and accessibility.
Pepsico Middle East’s corporate social responsibility efforts have also expanded in 2024. The company launched its Pepsico Recycling Challenge in schools across the GCC, aiming to educate young people about the importance of recycling and environmental stewardship. This programme, which includes interactive workshops and incentives for recycling, has reached over 100,000 students in the UAE alone.
Financially, Pepsico Middle East continues to perform well, with a 10 per cent increase in revenue in the first half of 2024, driven by the success of its health-conscious products and sustainability initiatives.
Rank: 63
Company Name: Etoile Group
Industry: Luxury retail
Country: UAE
Etoile has long been synonymous with luxury fashion in the Middle East, and 2024 has seen the brand take its status to new heights. This year, Etoile has continued its expansion, solidifying its reputation as a premier destination for fashion-forward consumers across the region.
Known for its exclusive range of designer brands, including Chanel and Valentino, Etoile’s boutiques have become more than just retail spaces – they are lifestyle destinations. In 2024, the brand opened new flagship stores in Saudi Arabia, Bahrain, and Kuwait. These new locations have become must-visit spots for both local and international shoppers, thanks to their exceptional service and meticulously curated selections.
Speaking on the expansion, Etoile Group founder and president Ingie Chalhoub revealed, “Our vision for 2024 goes beyond just opening new stores; it’s about elevating every aspect of the shopping experience”. In the UAE, the Etoile Group reopened its boutique in Abu Dhabi’s luxury shopping hub, The Galleria.
Etoile, which established a presence in the Gulf in 1983, has also expanded Italian brands Tod’s and Etro with multiple boutique openings each across the UAE, Saudi Arabia and Bahrain in the past six months.
Etoile has also embraced digital marketing and social media, engaging its audience with exclusive previews, virtual styling sessions, and collaborations with influencers. These initiatives have not only strengthened the brand’s connection with its customers but also expanded its reach to a younger, more tech-savvy demographic.
Etoile’s dedication to staying ahead of trends, both in terms of fashion and technology, has made it a standout in the competitive luxury market. With a commitment to sustainability, an enhanced digital presence, and a relentless focus on providing an unparalleled shopping experience, Etoile is poised for even greater success in the coming years.
Rank: 64
Company Name: Almarai
Industry: Food manufacturing
Country: KSA
Almarai stands as the Middle East’s largest dairy producer and one of the region’s most influential food and beverage companies. Since its founding in 1977, the Riyadh-based company has built a reputation for delivering high-quality dairy, juice, bakery, and poultry products across the Gulf Cooperation Council (GCC) and beyond.
Almarai continues to expand its operations this year, aligning its growth strategy with Saudi Arabia’s Vision 2030, which aims to diversify the economy and reduce dependency on oil revenues.
Investment plans
A major highlight for Almarai is its ambitious $4.8bn (SAR18bn) investment strategy for the next five years, unveiled in March. The company plans to invest heavily in supply chain capabilities, sustainability initiatives, and technological advancements, aiming to cement its position as the largest vertically integrated dairy company in the world.
The investment will focus on expanding core sectors, such as dairy, juices, and bakery products, while also moving into new areas like seafood, frozen foods, red meat, and ice cream.
Playing a key part in food security
Sustainability remains a core pillar of Almarai’s future strategy. The company has set clear goals to improve environmental and social sustainability by enhancing operational efficiency and reducing its carbon footprint. Almarai’s investment strategy is designed to promote food security in the region by localising more of its production and continuing to support Saudi Arabia’s vision of increasing agricultural productivity.
With plans to increase its poultry production capacity by $1.86bn (SAR7bn), Almarai is playing a vital role in the kingdom’s food security initiatives.
Financially, 2024 has been another strong year for Almarai. The company reported a net profit of $350m (SAR1.31bn) for the first half of the year, reflecting a 10 per cent year-on-year increase. Revenues have risen by 7.6 per cent, reaching $2.82bn (SAR10.6bn), driven by increased demand in the GCC and Egypt. The company’s ongoing investment in supply chain innovations has ensured it remains competitive despite inflationary pressures and rising operating costs.
In terms of innovation, Almarai continues to focus on product development, with significant resources allocated to research and development across its operations. The company is also embracing digital transformation, leveraging advanced technologies to optimise its supply chain and improve efficiency. This forward-thinking approach has positioned Almarai not only as a market leader but also as a key driver of innovation in the Middle East’s food and beverage sector.
As it continues to expand into new markets and sectors, Almarai remains a key player in the region’s economic development, admired for its consistent growth, dedication to sustainability, and leadership in food security.
Rank: 65
Company Name: DP World
Industry: Logistics
Country: UAE
Sultan Ahmed Bin Sulayem, the visionary Group Chairman and CEO of DP World, has transformed the company into one of the world’s leading logistics and supply chain powerhouses. With a footprint that spans over 80 terminals across six continents, DP World is a global leader in port operations, free zone logistics, and cutting-edge technology, making it a cornerstone of global trade.
DP World further solidified its global dominance this year by expanding its operations in Africa, particularly with strategic investments in ports in Senegal and Angola. These moves are part of DP World’s broader strategy to create new trade routes, offering African nations better access to global markets. By expanding into these emerging economies, DP World is not just growing its market share; it’s playing a crucial role in facilitating international commerce and development.
One of the key highlights of DP World’s innovation in 2024 has been the full integration of its groundbreaking BoxBay system. This High Bay Storage (HBS) solution is revolutionising container handling at ports, increasing efficiency by 200 per cent while significantly reducing energy consumption. The implementation of BoxBay across DP World’s key terminals has not only set a new standard for port operations but has also advanced the company’s commitment to sustainable logistics.
Investment in digitalisation
In the digital space, DP World’s Digital Freight Alliance continues to make waves. This web-based platform enhances the visibility of freight forwarders and provides state-of-the-art tools for managing global supply chains. DP World’s investments in digital transformation are paying off, with its freight alliance expanding its capabilities in 2024, offering new features like real-time tracking and AI-powered analytics to optimise global trade routes.
Sustainability remains at the heart of DP World’s strategy. The company has ramped up its green logistics efforts, investing in solar-powered operations and automated warehouse solutions. The World Logistics Passport, an innovative trade facilitation platform launched by DP World, now includes over 30 countries, helping to reduce trade barriers and create new opportunities for global commerce.
As DP World continues to grow, its strategic focus on advanced technologies, sustainability, and global trade facilitation ensures that it will remain a key player in shaping the future of logistics. Under Bin Sulayem’s leadership, DP World is not just a company – it’s a force driving global commerce forward, redefining how the world connects and trades.
Rank: 66
Company Name: CellSave Arabia
Industry: Science
Country: UAE
With CEO Sarah Al Hajali and COO Alia Abdel Razeq laying out the blueprint, CellSave Arabia continues to be a pioneer in the field of stem cell preservation and regenerative medicine in the Middle East. With the demand for advanced medical solutions on the rise, CellSave Arabia remains at the forefront of providing families with the opportunity to safeguard their health through the collection and storage of umbilical cord blood and tissue stem cells. These stem cells, which are capable of treating over 80 life-threatening diseases – including leukaemia, lymphoma, and certain genetic disorders – have become an essential resource for families looking to secure future medical treatments.
A major development in 2024 is CellSave Arabia’s growing partnerships with leading research institutions in Europe and the United States. These collaborations aim to push the boundaries of stem cell applications in regenerative medicine, positioning the UAE as a hub for cutting-edge medical research. The company’s partnerships also contribute to global clinical trials exploring the potential of stem cells to treat conditions like Alzheimer’s disease, Type 1 diabetes, and heart disease. By aligning itself with these international efforts, CellSave Arabia is cementing its role as a leader in medical innovation.
In addition to expanding its research partnerships, CellSave Arabia has worked closely with the UAE Ministry of Health in 2024 to raise awareness about the benefits of stem cell banking. Through national campaigns, educational outreach, and seminars, the company is ensuring that more families understand the life-saving potential of stem cell preservation. This awareness initiative has resulted in a significant increase in the number of families opting for stem cell storage, positioning CellSave Arabia as a trusted partner in long-term healthcare planning.
Another highlight for the company this year has been the introduction of advanced genetic testing services. These tests allow parents to screen for potential genetic disorders in their newborns, providing critical early intervention opportunities. By offering this service, CellSave Arabia is expanding beyond stem cell banking to become a holistic provider of healthcare solutions for families in the region.
International standards
Financially, 2024 has been a strong year for CellSave Arabia, with a 15 per cent increase in its client base, driven by growing consumer awareness and demand for advanced healthcare options. The company’s state-of-the-art laboratories in Dubai continue to meet the highest international standards, ensuring the safe and secure storage of stem cells. CellSave Arabia’s success is built on its unwavering commitment to innovation, customer service, and ethical medical practices.
Looking forward, CellSave Arabia has ambitious plans for expansion across the GCC, with the goal of making stem cell banking and advanced genetic testing accessible to a wider population. As healthcare innovation continues to advance, CellSave Arabia is poised to remain a leader in the region’s medical landscape, offering families the peace of mind that comes with safeguarding their health and future.
Rank: 67
Company Name: Property Finder
Industry: Real estate
Country: UAE
Property Finder, the UAE’s leading real estate search platform, has maintained its dominant position in the region’s property market in 2024. Since its launch in 2007, Property Finder has revolutionised the way people buy, sell, and rent properties in the Middle East, offering a comprehensive, user-friendly platform that connects buyers, sellers, and real estate agents. The platform’s cutting-edge technology and data-driven approach have made it the go-to destination for anyone looking to navigate the region’s dynamic real estate market.
One of the biggest developments for Property Finder in 2024 is the introduction of its AI-powered property recommendation engine. This innovative tool uses advanced algorithms and machine learning to analyse users’ preferences and search behaviours, offering personalised property recommendations based on their unique needs. The recommendation engine has been a game-changer, enhancing user experience and driving higher engagement on the platform. Property Finder has reported a 30 per cent increase in user retention since the launch of this feature, solidifying its status as the most advanced real estate platform in the region.
Real-time market data
In addition to improving user experience, Property Finder has expanded its data analytics services for real estate professionals. The company’s Data & Insights division provides agents and developers with real-time market data, helping them make informed decisions about pricing, investment opportunities, and market trends. In 2024, Property Finder introduced a new suite of analytics tools that offer even deeper insights into consumer behaviour, property demand, and emerging market trends across the UAE and beyond.
Property Finder’s commitment to sustainability has also been a focal point in 2024. The company has partnered with Green Building Councils across the GCC to promote eco-friendly real estate practices. This partnership includes the launch of the “Green Listings” feature, which highlights properties that meet sustainability standards such as energy efficiency and eco-friendly construction. This initiative has resonated with both developers and consumers, as the demand for sustainable properties continues to grow in the region.
Financially, Property Finder remains strong. The platform saw a 25 per cent increase in listings in the first quarter of 2024, driven by the continued recovery of the real estate market and increased interest in luxury properties. The company’s strategic partnerships with developers and real estate agents across the Middle East have further cemented its market leadership. With its innovative technology, commitment to sustainability, and comprehensive market insights, Property Finder remains the most admired real estate platform in the Middle East, continuing to shape the future of property transactions in the region.
Rank: 68
Company Name: Dubai Opera
Industry: Culture and arts
Country: UAE
Dubai Opera is the main performing arts centre of the UAE. A truly unique venue inaugurated in 2016, Dubai Opera is the city’s only purpose-built multi-format theatre with an Auditorium of 2000 seats and a Studio that accommodate up to 250 patrons, situated in the heart of Downtown Dubai, developed by Emaar. Its mission is to serve, unify, and inspire the community of Dubai and beyond by celebrating the cultures of the world. Through excellence in the arts, Dubai Opera aims to build a more vibrant and inclusive society, placing Dubai Opera, Dubai, and the UAE at the forefront of the global cultural scene.
Dubai Opera is thrilled to embark on its 2024-2025 season with the announcement of over 50 international productions coming to the stage.
This season’s schedule encompasses a range of genres from classical ballet to international rock and folk, to contemporary musicals and symphonic concerts, each reaffirming Dubai Opera’s position as the premier performing arts destination.
Following a record-breaking 2023-24 season with an attendance of over 250,000 guests, Emaar’s Dubai Opera will launch into its 8th year with a gala of performances by the Polish National Opera and Ballet between 13 and 21 September.
Visitors to the extravagant venue can expect to be dazzled by vibrant and innovative performances over the coming months, many of which will debut in the Emirates for the very first time.
Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment (DFRE), Dubai’s Department of Economy and Tourism (DET) said: “Our collaborative achievements with Dubai Opera reflect the successful synergy between the public and private sectors in the city. They also align with the strategic goals of the Dubai Economic Agenda, D33, to further consolidate Dubai’s position as a leading global city for business and leisure, and make it the best place to visit, live and work in.
“A shining symbol of Dubai’s commitment to artistic innovation and cultural diversity, Dubai Opera stands as an impressive testament to the guidance and support of our visionary leadership to position Dubai as an international hub for events and entertainment. As it launches this highly anticipated new season, we celebrate Dubai Opera’s pivotal role in enriching our city’s vibrant arts scene, and we look forward to an exceptional line-up of events, offering unforgettable experiences to residents and visitors.”
Dr Saeed Mubarak bin Kharbash, CEO of Arts and Literature at Dubai Culture, said: “The arts play a crucial role in the development and enrichment of Dubai’s creative landscape, and Dubai Culture’s commitment to supporting numerous cultural activities is a true testament to that. The Dubai Opera 2024–2025 season offers an expansive platform to celebrate creativity, as well as Dubai’s rich cultural diversity and social fabric.
“It serves as an entertainment and educational stage that empowers talent and helps them showcase their musical, theatrical, and artistic abilities to the public. Dubai Culture’s partnership with Dubai Opera aims to stimulate a conducive environment capable of nurturing emerging talent and equipping them with the tools they need to develop their skills.”
Paolo Petrocelli, Head of Dubai Opera, said: “We are delighted to be back with a truly inclusive season, featuring something for every taste. Following a record-breaking 2023/24 season, we look forward to once again catering to the entire community and beyond, with a mix of genre-spanning, dynamic and renowned performances. From pop to opera, classical ballet to contemporary rhythms, jazz and musicals to symphony, rock music to international folk, and contemporary circus, film and chamber music festivals, this season we will explore performing arts as a crossroads of sounds, languages and cultures.”
Rank: 69
Company Name: Eagle Hills
Industry: Real estate
Country: UAE
In 2024, Eagle Hills continues to be one of the most prestigious property developers in the Middle East and beyond. Founded in 2014 and headquartered in Abu Dhabi, Eagle Hills has become synonymous with luxury, sustainability, and innovation in real estate. The developer is known for its large-scale mixed-use projects across the UAE, Bahrain, Jordan, Morocco, and Serbia, and this year has been no different in showcasing Eagle Hills’ commitment to reshaping urban landscapes across the globe.
A major highlight for Eagle Hills in 2024 has been the completion of its landmark waterfront development on Al Reem Island, Abu Dhabi. This highly anticipated project combines modern luxury with sustainability, offering residents unparalleled views of the Arabian Gulf, state-of-the-art amenities, and eco-friendly design. Solar panels, energy-efficient systems, and water conservation features have been incorporated throughout the development, setting a new benchmark for green living in the region.
In 2024, Eagle Hills also made headlines with the progress of its flagship international project, the Belgrade Waterfront in Serbia. This ambitious development is transforming the Serbian capital’s skyline with luxury residential towers, shopping centres, and world-class hotels. The new phases of residential and commercial spaces that opened this year have attracted significant foreign investment, cementing Eagle Hills’ reputation as a global player in urban regeneration.
One of Eagle Hills’ most exciting developments this year is its entry into Saudi Arabia, with the announcement of a $1.5bn luxury mixed-use project in Riyadh. This marks the developer’s first foray into the kingdom’s booming real estate market, aligning with Saudi Arabia’s Vision 2030 initiative to develop world-class infrastructure and attract international investment. The project will include high-end residential units, retail spaces, and leisure facilities, reflecting the growing demand for premium real estate in Riyadh.
In addition to these large-scale projects, sustainability continues to be at the heart of Eagle Hills’ development philosophy. In 2024, the company reinforced its “Green Cities” approach, ensuring that all its upcoming projects adhere to the highest environmental standards. From smart city technologies to green building certifications, Eagle Hills is committed to creating sustainable communities without compromising on luxury or quality of life.
Combining luxury living with sustainable design
Financially, Eagle Hills has had a strong year, with increased demand for its premium real estate offerings across the Middle East and Europe. The company’s ability to blend luxury living with sustainable design has resonated with buyers and investors alike, allowing it to grow its portfolio of prestigious developments. Looking ahead, Eagle Hills is poised to continue its expansion across the GCC and beyond, focusing on sustainability, innovation, and high-end luxury. As one of the most respected names in global real estate, Eagle Hills is set to shape the future of urban development, offering sophisticated living environments that cater to the evolving needs of modern residents.
Rank: 70
Company Name: GMG
Industry: Diversified
Country: UAE
GMG, led by Deputy Chairman and CEO Mohammad A. Baker, has continued its impressive growth trajectory, building on a 46-year legacy of innovation and community impact. Under Baker’s visionary leadership, GMG has expanded across five key verticals – GMG Sports, GMG Everyday Goods, GMG Health and Beauty, GMG Properties, and GMG Logistics – transforming the group into a leading player in the Middle East’s retail, health, and lifestyle sectors.
In 2024, GMG’s ambitious expansion plans have reached new heights. A significant highlight this year has been GMG’s acquisition of aswaaq, a move that has substantially boosted the group’s presence in the UAE’s competitive community mall market. This acquisition reflects GMG’s strategic commitment to becoming a leader in everyday retail experiences, with a focus on accessibility and convenience for UAE residents.
The health and beauty division has also seen rapid growth, with the introduction of new Supercare and Glu concept stores. These outlets reflect a 40 per cent expansion in GMG’s retail footprint across the UAE, delivering state-of-the-art wellness products and services. GMG’s partnership with JD Sports, which began in 2023, continues to thrive, bringing global sports retail excellence to the Middle East and positioning GMG as the region’s leading sports retailer.
Worldwide expansion plans
On the international front, GMG’s global ambitions remain undeterred. In 2024, the company announced plans to open 100 stores across Southeast Asia by 2025, marking a significant milestone in its global expansion strategy. GMG’s successful entry into the Egyptian and Iraqi markets has set the stage for further growth, with plans to tap into emerging consumer bases in these regions.
In the food retail sector, GMG’s foray has gained impressive momentum. The group’s acquisition of brands from Groupe Casino, including Géant, Franprix, and Monoprix, is reshaping the high-quality food retail landscape across the region. These acquisitions have allowed GMG to introduce premium, international food experiences to Middle Eastern consumers.
As GMG expands its influence across sectors, sustainability remains a core focus. The group has integrated eco-friendly practices across its operations, from energy-efficient store designs to sourcing responsibly produced products. This sustainability-first mindset ensures that GMG not only leads in business but also in environmental stewardship.
Looking ahead, Baker’s leadership continues to drive GMG’s success, with a clear focus on innovation, expansion, and community impact. With ambitious plans for global growth and a commitment to improving everyday lives, GMG stands out as one of the most admired companies in the region.
Rank: 71
Company Name: Nestlé MENA
Industry: Food manufacturing
Country: UAE
Nestlé MENA, the regional arm of global food and beverage giant Nestlé, has continued its dominance in the Middle East’s FMCG sector in 2024. With a strong portfolio that spans nutrition, dairy products, beverages, and infant care, Nestlé MENA is playing a pivotal role in shaping the food industry across the region. The company’s focus on health, wellness, and sustainability has been a driving force behind its success.
Sustainability goals
A key highlight for Nestlé MENA in 2024 is the launch of its plant-based product line, which has been met with enthusiastic demand from consumers seeking healthier and more sustainable food options. The new range, which includes plant-based versions of popular Nestlé products like KitKat and Maggi, reflects the company’s commitment to supporting the region’s growing trend towards veganism and vegetarianism. This move is part of Nestlé’s global initiative to cut greenhouse gas emissions by 50 per cent by 2030, aligning with the UAE’s own sustainability goals.
Healthy offerings
Nestlé’s focus on health and wellness has also seen significant developments in 2024. The company introduced Nestlé Health Science, a division dedicated to offering nutritional solutions for specific health conditions such as diabetes and digestive disorders. This innovative approach has been well-received, with Nestlé MENA partnering with local healthcare providers to integrate these products into their offerings. The company’s fortified dairy products have also seen a surge in demand, particularly in markets like Saudi Arabia and Oman, where there is an increased focus on improving public health.
In 2024, Nestlé MENA strengthened its e-commerce presence, launching an upgraded online platform that offers direct-to-consumer sales for its entire product range. This move has been instrumental in driving growth, with online sales increasing by 30 per cent in the first half of the year. The platform’s integration with major delivery services across the region has made Nestlé products more accessible to consumers, further cementing the company’s position as a market leader.
Sustainability remains a top priority for Nestlé MENA. The company has continued its efforts to reduce plastic waste, introducing recyclable packaging across its product lines. Nestlé has also expanded its zero-waste-to-landfill initiative, ensuring that all of its factories in the region operate in an environmentally responsible manner.
Rank: 72
Company Name: KEF Holdings
Industry: Diversified
Country: UAE
KEF Holdings, founded by Faizal Kottikollon in 1995, is a diversified business conglomerate headquartered in Dubai with interests spanning infrastructure, healthcare, and manufacturing. The company is known for its focus on innovation, particularly in the field of off-site manufacturing and construction, where it has become a leader in modular construction techniques that drive efficiency and sustainability.
In 2024, KEF Holdings continues to make significant strides, particularly with its healthcare arm, KEF Healthcare. The company’s flagship project, the KEF Healthcare Village in India, has now become fully operational. This state-of-the-art facility provides world-class healthcare services and is part of KEF’s broader vision to improve healthcare accessibility in emerging markets. The Healthcare Village is built using KEF’s pioneering modular construction methods, reducing construction time by 40 per cent and cutting energy consumption by 30 per cent. This project has earned KEF Holdings praise for its commitment to sustainability and innovation in healthcare infrastructure.
When construction meets technology
KEF’s modular construction technology remains a major focus in 2024, as the company pushes for global expansion. With a growing demand for sustainable and efficient building solutions, KEF Holdings has secured several new contracts across the GCC and Asia for the construction of hospitals, schools, and residential projects using its off-site construction techniques. This approach not only reduces costs but also minimises the environmental impact of construction, aligning with global sustainability goals.
A key development in 2024 is KEF Holdings’ partnership with Siemens, aimed at integrating smart building technologies into its projects. This collaboration has resulted in the development of smart hospitals that utilise AI, IoT, and advanced robotics to enhance patient care and streamline hospital operations. These innovations are set to revolutionise the healthcare infrastructure landscape, positioning KEF Holdings as a leader in smart and sustainable construction.
Financially, KEF Holdings remains strong, with a 20 per cent increase in revenue reported in the first half of 2024. This growth is driven by the company’s healthcare projects, modular construction contracts, and increased demand for sustainable building solutions.
With its unwavering focus on innovation, sustainability, and social impact, KEF Holdings continues to be one of the most admired conglomerates in the Middle East and beyond.
Rank: 73
Company Name: InsuranceMarket.ae
Industry: Insurance
Country: UAE
Established in 1995 as a conventional brokerage, the company embarked on a game-changing journey in 2010, launching its digital platform and becoming one of the UAE’s leading insurance providers. Today, with over 200,000 satisfied policyholders and an impressive 4.8-star rating from more than 22,000 customers, InsuranceMarket.ae has cemented itself as a beacon of trust, transparency, and customer service excellence across the region.
At its core, InsuranceMarket.ae is committed to simplifying the complexities of insurance, making the process accessible, efficient, and customer-focused. Their platform is more than a tool, it’s a reflection of the company’s deep-rooted ethos of delivering peace of mind to every policyholder. By partnering with top-tier insurers, they provide an array of insurance products, from motor and home to health and travel, ensuring that every client finds the right coverage to suit their needs.
What truly sets InsuranceMarket.ae apart is its dedication to transparency and fairness, particularly in claims handling. When the UAE faced severe rain in April 2024, the company rose to the occasion, fast-tracking claims and offering real-time support to customers affected. This swift and compassionate response resulted in a surge of positive reviews, reaffirming InsuranceMarket.ae as a trusted ally during times of crisis.
Alfred, the company’s instantly recognisable mascot, embodies the values that have made InsuranceMarket.ae a household name. From his cheerful demeanour to his practical advice, Alfred symbolises the ease with which customers can navigate their insurance options. This playful yet professional character has won the hearts of families across the UAE, making Alfred a beloved figure and a testament to the company’s customer-centric approach.
InsuranceMarket.ae’s myAlfred premium membership is another standout offering, enhancing customer loyalty through exclusive benefits, discounts, and rewards. The programme is designed to nurture long-term relationships, ensuring that customers feel valued and supported throughout their insurance journey.
Leadership with integrity
The man behind this impressive growth is founder and CEO Avinash Babur. His entrepreneurial spirit and dedication have been instrumental in transforming InsuranceMarket.ae from a traditional brokerage into a cutting-edge digital platform. A recognised thought leader, TEDx speaker, and member of the Young Presidents’ Organisation (YPO) and LinkedIn Top Voice, Avinash has steered the company with a clear focus on sustainable growth, technological innovation, and a commitment to customer satisfaction.
Under his leadership, InsuranceMarket.ae has not only expanded its customer base but also won the naming rights to one of Dubai’s busiest metro stations, the InsuranceMarket Metro Station on Sheikh Zayed Road. This high-visibility branding move further solidifies the company’s position as a market leader and an integral part of the UAE’s urban fabric.
Looking ahead, InsuranceMarket.ae is set to continue its upward trajectory. With a steadfast commitment to customer service, a solid technological foundation, and a leadership team that prioritises integrity and innovation, the company is well-positioned to lead the UAE’s insurance market for years to come. As they expand their offerings and deepen their presence, one thing is clear – InsuranceMarket.ae is not just a company, it’s a legacy in the making.
Rank: 74
Company Name: Adnoc
Industry: Energy
Country: UAE
Under the visionary leadership of Dr. Sultan Ahmed Al Jaber, ADNOC (Abu Dhabi National Oil Company) has become a driving force in the global energy market and a cornerstone of the UAE’s economic diversification strategy. As Group CEO and Managing Director, Dr. Al Jaber has pushed ADNOC beyond traditional oil and gas operations, transforming it into a leader in sustainability and technological innovation while maintaining its position as one of the world’s largest energy companies.
In 2024, ADNOC reaffirmed its commitment to sustainability by setting a bold target of achieving net-zero emissions by 2045 – a significant step for the Middle East’s largest energy company. This ambitious goal aligns with the UAE’s broader commitment to combating climate change, as ADNOC leads the region in energy transition efforts. Central to this strategy is the company’s partnership with Masdar, advancing the development of the region’s largest solar-powered hydrogen plant, reinforcing ADNOC’s position as a key player in the global renewable energy sector.
ADNOC’s commitment to innovation goes hand-in-hand with its sustainability goals. In 2024, the company integrated advanced technologies such as artificial intelligence, blockchain, and big data analytics into its operations, optimising everything from exploration to production. This digital transformation is not only boosting efficiency and reducing costs but also enhancing ADNOC’s ability to meet global demand for cleaner, more sustainable energy solutions.
Financially, ADNOC remains one of the most robust energy companies globally. In 2024, the company continued to deliver strong financial results, underpinned by its expanding downstream and petrochemicals portfolio. The recent launch of the Borouge 4 project, a mega-petrochemical complex, is expected to meet growing global demand for polyolefins and other materials, further cementing ADNOC’s role in diversifying the UAE’s economy beyond oil.
Global reach
In addition to its sustainability and innovation initiatives, ADNOC is expanding its global reach. In 2024, the company announced a series of strategic investments in Asia and Africa, as well as the acquisition of assets that strengthen its position as a key player in the global energy supply chain. ADNOC’s Trading & Shipping division has also expanded its operations, adding new routes and increasing its capacity to meet the growing demand for energy products across the globe.
As ADNOC moves forward, Dr. Al Jaber’s vision for a balanced approach – leveraging traditional energy resources while investing in renewables – will ensure the company’s leadership in both the global energy market and the clean energy future.
Rank: 75
Company Name: Danube Group
Industry: Construction and real estate
Country: UAE
Over the past 30 years, Danube Group has transformed from a single store in Deira, Dubai, into one of the most respected and admired companies in the Middle East. Headquartered in Dubai, the group’s steady rise to prominence is a testament to its forward-thinking leadership and diversified operations. Today, Danube boasts a global footprint that spans more than 30 countries across the Middle East and Asia, supported by a robust workforce of over 4,800 employees.
Danube Group’s expansion is built on its core values of integrity, teamwork, and a commitment to excellence. Under the leadership of Rizwan Sajan, the group’s founder and chairman, Danube has been unstoppable, growing into a multi-million-dollar empire that leads in several key sectors. From building materials to home furnishings and property development, the group’s reach is vast, and its success unparalleled.
Danube Building Materials, the cornerstone of the group, is the number one building materials company in the region. Offering more than 50,000 products under one roof, it has set the standard for excellence in the industry. Meanwhile, Danube Home, the group’s rapidly growing furniture retail arm, is now present across the UAE, Oman, Bahrain, Qatar, and Africa. Its success is underpinned by a simple yet powerful formula – providing quality, style, and affordability to its customers.
The group’s innovation doesn’t stop there. ALUCOPANEL®, its aluminium composite panels division, holds the distinction of being the first company in the Middle East to receive approval from Dubai Civil Defence for its Class A2-s1, d0 panels. This milestone reflects Danube’s relentless pursuit of quality and compliance, further cementing its status as a leader in its field.
Innovative projects
Danube Properties, the group’s real estate arm, has emerged as one of the top five developers in the UAE. Despite entering the property market later than many of its competitors, Danube Properties quickly made a name for itself with innovative projects, most notably its ‘one per cent plan.’ This ground-breaking financing scheme allowed residents to own property by making monthly payments as low as one per cent of the total price – a strategy that turned renters into homeowners and reshaped the property landscape in Dubai. Projects like Fashionz by Danube, created in collaboration with FashionTV, have brought an added layer of luxury to the brand, offering 40-plus amenities and redefining affordable yet stylish living.
Danube’s success goes beyond business. The group has been recognised with over 50 awards in various categories, a testament to its strong values and consumer trust. Notably, its Corporate Social Responsibility (CSR) initiatives are just as impressive as its commercial achievements. From offering English and computer skills training to blue-collar workers to maintaining its entire workforce during the pandemic, Danube has shown that it values its employees and the community it serves.
Looking ahead, the group is not resting on its laurels. With a vision to operate over 200 stores globally by 2025 and expand its footprint further across divisions, Danube’s future looks as promising as its storied past. Anchored by its values and driven by an unrelenting passion for excellence, Danube Group continues to set the benchmark for success in the Middle East and beyond.
Rank: 76
Company Name: Sellanycar.com
Industry: Mobility
Country: UAE
Founded by Saygin Yalcin, SellAnyCar.com has transformed the way people buy and sell cars in the Middle East. Yalcin, a Turkish-German entrepreneur with a keen eye for market gaps, established the platform after recognising the inefficiencies in the traditional car-selling process. Since its launch, SellAnyCar.com has grown into the region’s largest and most trusted online car-buying service, offering an unparalleled level of speed, convenience, and transparency.
In 2024, SellAnyCar.com continued its rapid expansion, solidifying its dominance in the GCC’s automotive sector. With operations now stretching across Dubai, Abu Dhabi, Riyadh, Jeddah, and beyond, the platform has extended its reach into Oman and Bahrain this year, further establishing itself as the region’s premier car-buying service. The company’s promise – purchasing any car within 30 minutes – continues to attract thousands of customers each month, making it the go-to platform for hassle-free vehicle sales.
SellAnyCar.com has also been at the forefront of leveraging cutting-edge technology to enhance its services. In 2024, the company introduced AI-powered valuation tools that provide real-time, accurate pricing for vehicles. This innovation has given sellers more confidence in the platform’s pricing models, further enhancing the transparency and trust that have become SellAnyCar.com’s hallmark.
Partnering with insurance providers
A significant milestone in 2024 was the launch of a new partnership with major insurance providers across the region. This collaboration offers customers immediate access to competitive insurance quotes when selling their vehicles, making the transition from one car to the next as seamless as possible. It’s a game-changer for sellers who no longer have to worry about securing the best insurance rates – they can do it all directly through SellAnyCar.com.
In parallel, Yalcin’s second venture, Carnab.com, focusing on consumer-to-consumer car sales, has seen rapid growth in both Saudi Arabia and the UAE. With features like instant financing, vehicle history reports, and extended warranties, Carnab is reshaping the way people buy pre-owned cars, offering an added layer of confidence and convenience to buyers and sellers alike.
As SellAnyCar.com looks ahead, Yalcin is already working on expanding into electric vehicle (EV) sales and financing solutions, set to launch in 2025. With these innovations and its ongoing commitment to customer satisfaction, SellAnyCar.com is poised to continue its leadership in the region’s automotive e-commerce sector.
Rank: 77
Company Name: Lyvely
Industry: Social media
Country: UAE
In the sprawling landscape of digital platforms, where content creators scramble to monetise within rigid ecosystems, Lyvely has emerged as a trailblazer. The social networking platform, co-founded by entrepreneur and chief legal officer Farah Zafar and global tech and wellness expert Dave Catudal, stands out as a shining example of innovation in the Middle East’s rising tech scene.
Lyvely is not just another social networking app; it is a sophisticated ecosystem built around a mission to empower 100 million creators worldwide. By leveraging cutting-edge advancements in social commerce, the company aims to enable creators to do what they do best, create compelling content, while unlocking lucrative monetisation opportunities. This mission has resonated strongly with a generation disenchanted by the limitations and profit-sharing models of traditional Big Tech platforms.
If there were any doubts about Lyvely’s credentials, they were effectively silenced by its recent strategic move, a 25 per cent acquisition by Phoenix Group, a multi-billion-dollar tech conglomerate listed on the Abu Dhabi Exchange (ADX). This acquisition is not merely a financial endorsement, it signals a vote of confidence from one of the most powerful players in the region’s technology sector. For Lyvely, the partnership has opened doors to capital, expertise, and a pathway to becoming a central force in the global creator economy.
Last year, Lyvely made a bold entrance into the market by rolling out a suite of creator monetisation tools. These tools have enabled both individual creators and brands to monetise their content on their terms, thereby offering them an alternative to the restrictive frameworks imposed by traditional platforms. The platform’s fully integrated multimedia e-commerce, live streaming, and monetisation features create a dynamic digital headquarters for creators to build and scale their brands in a secure ecosystem. This model of decentralisation is a masterstroke. It not only shifts power back into the hands of creators but exemplifies the company’s forward-thinking ethos in adopting emerging technologies and trends.
Harnessing blockchain and decentralised finance
The company’s journey is far from complete. With Lyvely set to launch its mobile app later this year, followed by an eagerly awaited Token launch, the platform is venturing into new territories – SocialFi and Decentralised Social (DeSo). These developments are more than just technical upgrades, they are key steps in Lyvely’s vision to harness blockchain and decentralised finance to empower creators and redefine how people connect, share, and earn online.
Early traction suggests that Lyvely’s value proposition is resonating with a broad audience, from individual content creators to established brands looking for innovative ways to engage with their followers. The upcoming launches are expected to further consolidate Lyvely’s position as a leader in the creator economy, while its focus on scalability and security hints at bigger things on the horizon.
Lyvely’s rise to prominence is not a mere coincidence. It is a testament to the ambition, foresight, and strategic thinking of its co-founders and leadership team. By merging the best elements of social media, e-commerce, and monetisation, the platform is setting the stage for a new era of creator-first digital experiences.
Rank: 78
Company Name: BinSulaiman Group – OBS
Industry: Diversified
Country: UAE
Dr. Omar BinSulaiman, is the Founder and Chairman, of the BinSulaiman Group – OBS. It is a privately held, diversified group with operations in the Middle East, UK and emerging markets with enduring business partnerships. It has expanded into a diverse conglomerate/business Group, leading in industries such as Automotive Aftermarket Services & Products, Lifestyle, Luxury Retailing, F&B, Real Estate, Global Logistics, Trading, FMCG, Investments, Leisure, Healthcare & Consulting.
The “Fastest Growing Company of the Year” award was given to businesses that demonstrate significant growth, sustainability, and contribution to the economy. BinSulaiman Group – OBS’s achievement is especially remarkable considering the challenging global economic climate.
BinSulaiman Group – OBS, has the largest distribution network in the region. Over the past two decades, this group has consistently led the way in pioneering and introducing a multitude of innovative and sustainable products and services in the regional automotive aftermarket including being the world’s #1 in the automobile engine flushing business. They also signed a landmark master licensee agreement with the Michelin Lifestyle division (part of the Michelin Group) to transform the Automotive and Lifestyle Sectors in GCC, Egypt, and Algeria markets. 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.
The fastest growing divisions at the BinSulaiman Group – OBS is their Lifestyle division which has the exclusive distribution rights to the leading global luxury and artistic perfume brands including Maison Francis Kurkdijan, makers of Baccarat, Maison Origine Paris, a French brand who are the makers of Rawdah, Anomalia Paris to name a few. Under their luxury retailing division they have Scentitude, the only boutique style stores in the region dedicated exclusively to global artistic and luxury perfume brands like Creed, Memo, MFK Baccarat, Maison Origine, Anomalia, JusBox, Ex-Nihilo etc.
Their F&B division have the exclusive master franchises in the UAE & KSA of the global Italian coffee brand – illy Caffes. Their FMCG division exclusively distributed the curated and organic Japanese confectionery and commodity brand Zen, and DR. O – a luxury personal care brand.
Looking ahead, BinSulaiman Group – OBS aims to continue its growth trajectory, with plans to expand into new markets and sectors. This award not only celebrates the company’s past achievements but also sets a promising tone for its future endeavors.
Rank: 79
Company Name: Drink Dry
Industry: Retail
Country: UAE
The year 2024 is shaping up to be a landmark year for Drink Dry, the UAE-based company that has quickly become a leading player in the non-alcoholic beverage industry. Following its significant expansion into Saudi Arabia and Bahrain in 2023, the company is now setting its sights even higher, exploring new markets and introducing innovative products. This strategic move marks Drink Dry’s entry into the European market, a vital step in the brand’s ambition to become a global leader in the alcohol-free beverage sector.
The growing trend towards mindful drinking is a major driver of Drink Dry’s success. As more consumers seek healthier, more balanced lifestyles, the demand for premium non-alcoholic options has skyrocketed. Drink Dry has capitalised on this shift, offering a carefully curated selection of alcohol-free wines, spirits, and beers, which appeal to both teetotallers and those looking to moderate their alcohol consumption. With its upcoming London launch, the brand aims to bring its sophisticated alcohol-free alternatives to a wider audience, positioning itself as a key player in the global beverage market.
Partnership with Emirates
One of the most exciting developments for Drink Dry in 2024 is its exclusive partnership with Emirates Airline, further cementing its international reputation. Passengers on Emirates flights can now enjoy a range of Drink Dry’s premium non-alcoholic wines and spirits, elevating the in-flight dining experience and catering to the growing demand for luxury alcohol-free options. This collaboration not only boosts Drink Dry’s profile on a global scale but also aligns with Emirates’ own commitment to offering exceptional service and catering to the diverse preferences of its passengers.
In addition to its partnership with Emirates, Drink Dry has introduced a new range of Middle Eastern-inspired alcohol-free cocktails. These innovative beverages feature unique regional flavours, such as saffron, dates, and rosewater, appealing to both local tastes and global consumers looking for something new and exciting. This fusion of tradition and innovation highlights Drink Dry’s ability to stay ahead of industry trends while maintaining a strong connection to its Middle Eastern roots.
Sustainability continues to be a core focus for Drink Dry in 2024. The company has rolled out fully recyclable packaging across all its product lines and has pledged to achieve carbon-neutral operations by 2025. This commitment to environmental responsibility has resonated with consumers, who are increasingly choosing brands that align with their values. Drink Dry’s eco-friendly initiatives have not only enhanced its brand image but also positioned it as a leader in sustainability within the non-alcoholic beverage industry.
E-commerce remains a key growth driver for Drink Dry, with online sales soaring by 200 per cent in the first quarter of 2024. The brand’s user-friendly website and same-day delivery service have made it a favourite among UAE consumers, and these offerings are set to expand. Drink Dry’s ability to combine convenience, innovation, and sustainability has made it a trailblazer in the alcohol-free beverage sector, and the company is well on its way to becoming a global household name.
Rank: 80
Company Name: AW Rostamani Group
Industry: Diversified
Country: UAE
AW Rostamani (AWR), founded in 1954, has grown into one of the UAE’s most diversified and respected business conglomerates. Under the visionary leadership of CEO Khalid Al Rostamani, the company has expanded its footprint across automotive, real estate, retail, and financial services sectors. With a strong commitment to excellence, innovation, and sustainability, AW Rostamani continues to shape the business landscape in the UAE and beyond.
In 2024, AW Rostamani’s flagship automotive division, Arabian Automobiles, celebrated its 70th anniversary as the exclusive distributor of Nissan, Renault, and Infiniti in Dubai and the Northern Emirates. The division remains a key driver of the company’s success, with an 18 per cent increase in sales this year, driven by the growing demand for electric vehicles (EVs). In response to this, Arabian Automobiles launched an extensive EV promotion campaign in partnership with Nissan, highlighting the brand’s leadership in sustainable mobility solutions.
AW Rostamani’s commitment to sustainability is evident not only in its automotive ventures but across all its businesses. This year, the company set ambitious goals to reduce its carbon footprint by 25 per cent by 2030, with major investments in energy-efficient technologies and green building practices within its real estate portfolio. AW Rostamani Properties has pioneered sustainable living in the UAE with the introduction of energy-efficient residential communities, including The Boulevard, a mixed-use development designed with eco-friendly principles in mind.
This year has also been a transformative year for the group’s retail arm, AW Rostamani Lifestyle, which represents international luxury brands including Georg Jensen, Chopard, and Vhernier. This year, the lifestyle division expanded its presence with the opening of new flagship stores in the UAE’s top shopping destinations, further solidifying AW Rostamani’s position as a leader in luxury retail.
AW Rostamani’s focus on innovation has also seen significant strides in its digital transformation. In 2024, the company invested heavily in AI and data analytics to enhance customer experience across its businesses, particularly in the automotive and retail sectors. This includes the launch of a new customer data platform that integrates AI-driven personalisation tools, providing tailored experiences for customers and increasing engagement across digital channels.
In addition, the group’s financial services division continues to thrive, offering bespoke solutions to corporate and individual clients. AW Rostamani’s financial services division saw a 15 per cent increase in revenues this year, bolstered by the growth of its fintech services, which cater to the evolving needs of the UAE’s dynamic business landscape. As it looks to the future, AW Rostamani remains committed to driving growth and sustainability across its businesses. With a legacy of over six decades of excellence, the company is well-positioned to continue being one of the most admired and respected names in the UAE.
Rank: 81
Company Name: House of Pops
Industry: Retail
Country: UAE
In 2024, House of Pops continues to redefine the frozen treat market in the Middle East by offering a range of all-natural, vegan, and environmentally friendly popsicles. Founded in Dubai, House of Pops has grown rapidly since its inception and has become the go-to brand for consumers looking for a healthier alternative to traditional ice creams and frozen desserts. With its emphasis on sustainability, clean ingredients, and delicious flavours, House of Pops has built a loyal following in the UAE and beyond.
One of the key highlights of 2024 for House of Pops has been its expansion into new international markets, including Saudi Arabia, Bahrain, and Kuwait. The company’s entry into these markets comes at a time when demand for healthier, plant-based options is on the rise. With consumers becoming increasingly mindful of their food choices, House of Pops’ guilt-free treats, made from fresh fruit and free from refined sugars, preservatives, and artificial ingredients, are filling a critical gap in the market.
In 2024, the brand introduced a new line of superfood popsicles, incorporating ingredients like chia seeds, spirulina, and acai, appealing to the growing number of health-conscious consumers in the region. This new range has been well-received by the market, further solidifying House of Pops’ position as an innovator in the frozen dessert category. The brand’s commitment to clean eating and sustainability is also reflected in its plastic-free packaging, with popsicles served in biodegradable wrappers and recyclable sticks, making it one of the most eco-friendly frozen dessert brands in the region.
Consumer engagement
The brand has also focused heavily on community engagement in 2024, launching initiatives such as pop-up stores, food truck activations, and collaborations with local influencers to increase its visibility and connect directly with consumers. These initiatives have helped House of Pops to become a beloved brand not only in shopping malls and supermarkets but also at key cultural and sporting events across the UAE and the wider GCC.
Environmental consciousness
In addition to expanding its product range, House of Pops has made strides in corporate sustainability, with the goal of becoming a fully carbon-neutral business by 2025. The company has implemented eco-friendly practices across its supply chain, from sourcing local ingredients to minimising waste in production. With the brand’s growing focus on both health and environmental consciousness, it has become a favourite among UAE residents who are seeking a brand that aligns with their values.
Financially, 2024 has been a successful year for House of Pops, with sales continuing to grow as a result of the brand’s expanding footprint and its focus on innovation. With new markets on the horizon and a commitment to providing delicious, healthy, and sustainable frozen treats, House of Pops is well-positioned to become a household name in the global frozen dessert market.
Rank: 82
Company Name: R.Evolution
Industry: Real estate
Country: UAE
When it comes to redefining real estate, few companies inspire more admiration than R.evolution, the high-end boutique real estate developer hailing from Europe. For over 24 years, the architectural powerhouse has been quietly revolutionising cityscapes across the globe, making its mark in cities as diverse as Riga, Berlin, Barcelona, and, of course, Dubai.
At its core, R.evolution isn’t just another developer. It’s an enterprise driven by a unique philosophy that blends ancient wisdom with cutting-edge innovation. This delicate balance of tradition and modernity is what sets R.evolution apart from its peers in an industry often dominated by uniformity and practicality. It’s not just about building spaces; it’s about creating destinations that enhance the wellbeing of their inhabitants while integrating seamlessly into the identity of the cities they serve.
With over 2.5 million sq ft developed and an additional 1 million currently in the pipeline, R.evolution’s commitment to excellence speaks for itself. The company’s largest development, valued at $270m, underscores the sheer ambition behind its projects. In total, the developer’s impressive portfolio boasts a gross development value (GDV) of $500m to $600m, a testament to its consistent delivery of high-calibre developments across residential, office, hotel, and infrastructural properties.
The company’s ethos is rooted in a profound respect for architecture as a vital component of urban identity. R.evolution recognises that the buildings it constructs are more than just functional spaces; they are lasting contributions to a city’s heritage. Every project embodies a clear conceptual vision, aiming to harmonise the structural with the spiritual, the aesthetic with the innovative. As the creative force behind Eywa, a project that embodies this visionary approach, R.evolution’s work reflects its mission to create a universe of awareness, joy, and human potential.
From the sleek lines of their office towers in Berlin to the luxurious interiors of their residential developments in Dubai, R.evolution’s creations are as diverse as the cities that host them. This variety, however, does not come at the expense of a cohesive identity. Instead, each project is a bold statement of the company’s dedication to pushing boundaries and breaking conventions. The company approaches every project with the belief that architecture should be both functional and poetic – designed to inspire, not just impress.
Transforming dreams into reality
R.evolution’s talented team of 60 employees brings together the expertise and passion needed to transform dreams into reality. This compact team structure allows the company to remain agile and innovative, combining the agility of a boutique developer with the experience and ambition of an established real estate player. And it’s this blend of creativity and intellect, of bold dreaming and careful planning that has won R.evolution its enviable reputation.
More than just a real estate developer, R.evolution positions itself as an intellectual force and a passionate advocate for purity, spirituality, and human development. Every project is an opportunity to make a lasting impact, not just on a city’s skyline, but on its culture and its people.
By weaving ancient science, deep philosophical insight, and boundless creativity into every aspect of their developments, R.evolution has carved out a unique niche in an ever-changing industry. In a world where real estate is often reduced to square footage and cost per square metre, R.evolution has proven that it’s possible to be both dreamer and developer. As one of the most admired companies in the Middle East, it’s clear that R.evolution is not just building the future, it’s reimagining it.
Rank: 83
Company Name: Tadweer Group
Industry: Waste management
Country: UAE
Tadweer, recently rebranded as Tadweer Group, has emerged as a leader in the UAE’s waste management sector. As part of ADQ’s Energy & Utilities portfolio, the company’s mission is to revolutionise waste management practices in Abu Dhabi and beyond, contributing to the UAE’s ambitious sustainability goals. Tadweer’s innovative approach to treating waste as a valuable resource has positioned it at the forefront of the circular economy, not just in the region but globally.
In 2024, Tadweer unveiled its new corporate identity and a forward-thinking strategy aimed at diverting 80 per cent of Abu Dhabi’s waste from landfills by 2030. The company’s focus is on unlocking value from waste, using cutting-edge technologies to convert waste into valuable resources like Sustainable Aviation Fuel (SAF) and other biofuels. Tadweer’s commitment to sustainability aligns with the UAE’s Net Zero 2050 goals, helping transition the economy from a linear model to one based on circularity.
A major initiative this year was the launch of four new subsidiaries – each designed to drive innovation in specific areas of waste management. These include Tadweer Environmental Services and Solutions for public waste collection, Tajmee’e for pre-collection activities, UpCycle for technology-driven waste treatment, and Tahweel, which focuses on waste-to-resource conversion technologies. Together, these subsidiaries aim to enhance the group’s value creation from waste.
International partnerships
Tadweer’s influence extends beyond the UAE’s borders. The company has signed agreements with countries like Jordan, Greece, Japan, and Uzbekistan, exporting its expertise in waste management to new markets. Additionally, Tadweer is working with international partners on pioneering waste-to-energy projects, including Abu Dhabi’s first waste-to-energy plant, which is expected to power up to 52,500 households by converting 900,000 tonnes of municipal solid waste per year into electricity.
With its continued focus on innovation and global partnerships, Tadweer Group is set to redefine waste management, positioning itself as one of the most admired companies in the sustainability sector, both regionally and internationally.
Rank: 84
Company Name: Al Tayer Motors
Industry: Mobility
Country: UAE
Al Tayer Motors has been a leader in the UAE’s automotive sector since its founding in 1982. As a premier dealership representing a variety of prestigious brands such as Ford, Ferrari, Maserati, Jaguar, Land Rover, and Lincoln, Al Tayer Motors is well known for its customer service, innovation, and market presence across the UAE. The company operates in Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, and Fujairah, offering a comprehensive range of luxury and performance vehicles.
It has been a pivotal year for Al Tayer Motors as it expands its portfolio in the rapidly growing electric vehicle (EV) market. The company signed a groundbreaking agreement with VinFast, a Vietnamese EV manufacturer, to become the exclusive distributor of VinFast’s electric SUVs in the UAE. This partnership includes plans to retail four of VinFast’s most popular models – the VF 6, VF 7, VF 8, and VF 9 – in newly established showrooms across the UAE. The inaugural facility is set to open later in 2024, marking an important milestone in VinFast’s global expansion strategy and Al Tayer Motors’ commitment to promoting green mobility.
Sustainable transport
In addition, Al Tayer Motors became the first dealership in the Middle East to sign a distribution agreement with Deepal, the electric vehicle brand under Changan Automobiles. Deepal’s presence in the UAE is seen as a major advancement for the nation’s transition towards sustainable transportation. The partnership will include a dedicated network of sales and service facilities.
Aside from its focus on electric vehicles, Al Tayer Motors continues to lead in the performance car segment. In 2024, the dealership launched the Ford Mustang Dark Horse, a new and exclusive variant of the iconic sports car. Known for its powerful V8 engine and cutting-edge technology, the Dark Horse has generated significant interest among muscle car enthusiasts in the UAE. With its diverse portfolio of luxury and electric vehicles, Al Tayer Motors is positioned to meet the evolving demands of UAE consumers while contributing to the country’s green mobility goals. The company remains a cornerstone in the region’s automotive industry, celebrated for its excellence in service, its innovation, and its leadership in the EV sector.
Rank: 85
Company Name: LEVA Group
Industry: Hospitality
Country: UAE
Founded in 2019 and led by founder and CEO JS Anand, LEVA Group has swiftly established itself as a disruptor in the hospitality industry. Anand, with his innovative vision, has successfully positioned LEVA as a modern lifestyle-driven brand that bridges the gap between affordability and luxury. With a growing portfolio that now boasts nearly 900 keys across the Middle East and Africa, LEVA’s unique blend of chic design, modern amenities, and reasonable prices has made it a sought-after brand for travellers.
In 2024, LEVA’s growth has been impressive. The group continues to expand in Saudi Arabia, a key market in its portfolio. Two flagship properties – EKONO by Leva Al Shati and EKONO by Leva Jeddah Airport – are currently undergoing transformative enhancements, aligning with the kingdom’s Vision 2030, which aims to attract 100 million visitors annually. This strategic positioning allows LEVA to cater to the surge in Umrah pilgrims, offering modern, comfortable accommodations that do not compromise on quality.
Capitalising on the African hospitality market
In Africa, LEVA’s expansion continues to gain momentum. In Uganda, the group has taken over the iconic Emin Pasha Hotel, a boutique property that is currently being renovated to bring it in line with LEVA’s lifestyle ethos. This move signals LEVA’s intent to become a key player in East Africa’s burgeoning tourism sector. Additionally, the transformation of the Reiz Continental Hotel in Nigeria into a five-star lifestyle destination is a testament to LEVA’s growing influence across the continent.
LEVA’s ambitions don’t stop there. In 2024, the group set its sights on emerging markets such as Morocco, Egypt, and Sri Lanka. In Ethiopia, two major developments – the LEVA Afrotsion Semera Resort and Harsade Harbour Resort – are set to redefine luxury hospitality in the region. Both projects align with LEVA’s goal of offering modern, affordable luxury in some of the world’s most dynamic markets.
Sustainable hospitality
Sustainability is another key focus for the brand. LEVA continues to integrate eco-friendly practices into its operations, from energy-efficient building designs to waste-reduction programmes. Anand’s vision for LEVA is clear: Create a hospitality brand that offers exceptional guest experiences while remaining mindful of the environment.
As LEVA Group expands, its unique approach to affordable luxury ensures that it will continue to disrupt the hospitality industry, offering a fresh take on modern living for travellers across the globe.
Rank: 86
Company Name: Crescent Group
Industry: Diversified
Country: UAE
This year has been a defining year for Crescent Group, one of the UAE’s most diversified and dynamic conglomerates. Established in 1971, Crescent Group has evolved into a global player, with significant investments spanning energy, logistics, and private equity. Through its two flagship entities – Crescent Petroleum and Crescent Enterprises – the group continues to push the boundaries of business innovation while maintaining a firm commitment to sustainability and social responsibility.
Crescent Petroleum, the energy arm of the group, has made headlines in 2024 with its bold $500m investment in renewable energy projects across Egypt and Iraq. These projects, which include large-scale solar and wind farms, are expected to generate over 1 GW of clean energy, reinforcing Crescent Petroleum’s dedication to reducing carbon emissions and contributing to the region’s energy transition. As the Middle East pivots towards renewable energy, Crescent Petroleum is playing a leading role in shaping the future of the region’s energy landscape.
Expanding operations
In addition to its renewable energy initiatives, Crescent Petroleum has continued to expand its operations in traditional energy markets. The company’s presence in the oil and gas sector remains strong, particularly in Iraq, where it has been instrumental in driving economic growth and job creation through its extensive oil and gas projects. Crescent Petroleum this year signed new agreements with regional governments to further develop oil and gas infrastructure, demonstrating its long-term commitment to the region’s energy security.
On the logistics front, Crescent Group’s subsidiary Gulftainer has further solidified its status as one of the world’s largest privately-owned port operators. In 2024, Gulftainer expanded into new markets, including Saudi Arabia and Africa, where it is building state-of-the-art logistics hubs to support global trade. These expansions come at a time when the Middle East is becoming increasingly central to international supply chains, and Gulftainer’s strategic positioning allows it to capture significant market share.
Crescent Enterprises, the group’s investment arm, has had an equally impressive year. In 2024, Crescent Enterprises doubled its venture capital investments in tech, healthcare, and logistics startups across the UAE and beyond. These investments are part of Crescent Enterprises’ broader strategy to nurture innovation and support the UAE’s Vision 2030 goals, which prioritise technological advancement, economic diversification, and sustainability.
Creating value through innovation
Crescent Group’s financial performance in 2024 reflects its diversified approach and strategic investments, with revenues growing by 12 per cent. This success is underpinned by the group’s ability to balance its traditional energy ventures with forward-thinking investments in renewables, logistics, and technology. Crescent Group’s long-term vision, combined with its innovative approach and commitment to sustainability, ensures that it remains one of the UAE’s most respected and influential conglomerates.
As the group looks to the future, Crescent’s focus on creating value through innovation, sustainability, and responsible business practices will continue to drive its success across multiple sectors, both regionally and globally.
Rank: 87
Company Name: Keturah
Industry: Wellness real estate
Country: UAE
Keturah, a revolutionary luxury well-being real estate and hospitality concept, was founded by Talal Moafaq Al Gaddah in 2022. The brand made its debut in the real estate sector with the launch of The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort. The company has partnered with Delos, a pioneering New York-based wellness real estate and technology firm, to introduce the first fully certified wellness community in the MENA region.
Keturah Resort, which is conceived to combine luxury, well-being and a true sense of community, comprises 264 residences across seven buildings and 12 mansions, each featuring exclusive yacht berthing for residents. Homeowners will benefit from an impressive range of world-class facilities, including a seven-star wellness centre, The Ritz Carlton Clubhouse and Suites, a private members-only club, a women’s club, a kids club, a holistically immersive wellness centre, Michelin-star restaurants, a 550-metre promenade, sustainable and organic-focused retail spaces, 24/7 private parking with valet, and a gated community with unique views of the wildlife sanctuary, Burj Khalifa, Dubai Creek Harbor and Meydan.
The Keturah brand expanded with Keturah Reserve in Meydan, introducing the Bio Living concept, another first in the Middle East. Bio Living completely immerses residents in landscaped nature to significantly improve their physical, mental and emotional health. At Keturah Reserve, expansive living spaces flow effortlessly into lush gardens dotted with a thousand-year-old olive trees, creating a private sanctuary for residents and visitors.
Luxurious developments
Keturah Reserve will feature 93 townhouses, 90 villas, 533 units across six apartment block buildings. It was developed to foster a thriving and harmonious community with communal spaces like The Park (featuring open-air meditation and exercise zones), an outdoor pool, and women’s and men’s gyms and spas.
Just as with the architecture, activities such as the Pilates Studio, WaterBike pool, Silk Rope classes, and a rooftop meditation and yoga space are all designed to develop and strengthen the body’s core from the inside out.
The third project, Stabio Garden Living by Keturah, was announced earlier this year, which will be developed in Stabio, Switzerland, marking Keturah’s international expansion. It will feature around 180 units across 10 buildings; state-of-the-art amenities, such as a fitness area, wellness area, a kids’ indoor and outdoor play area, a co-working space; and a bicycle storage space. The project will embody the Bio Living concept and its construction is underway.
At Keturah Resort, 80 per cent of units have been sold, whereas at Keturah Reserve, all townhouses and plots have been sold. From the tranquil oasis of Keturah Resort, embraced by the Dubai Creek, to the lush, immersive experiences of Keturah Reserve, where every detail is crafted to enhance wellness and harmony with nature, Keturah creates spaces where luxury transcends the ordinary.
Rank: 88
Company Name: GEMS Education
Industry: Education
Country: UAE
In 2024, GEMS Education remains the largest and most influential private school operator in the UAE, continuing its legacy of providing world-class education across the Middle East, Europe, and Asia. With over six decades of experience, GEMS Education operates more than 60 schools in the UAE alone and is renowned for its innovative approach to education, its focus on holistic student development, and its ability to cater to a diverse international student body.
A major highlight for GEMS in 2024 is the launch of its pioneering Sustainability Academy, the first of its kind in the region. This new initiative is designed to educate the next generation of leaders on the critical importance of environmental sustainability, renewable energy, and the challenges of climate change. The academy offers a specialised curriculum that combines environmental science with practical, hands-on learning experiences. The programme has quickly gained popularity, attracting both students and educators who are passionate about creating a more sustainable future. By preparing students to be sustainability advocates and innovators, GEMS is positioning itself at the forefront of the global education landscape.
Saudi expansion
In line with the Saudi Vision 2030, GEMS continues its expansion into Saudi Arabia, where it opened three new state-of-the-art schools in 2024. These schools are part of Saudi Arabia’s ongoing efforts to strengthen its private education sector and offer high-quality learning opportunities to both expatriates and Saudi nationals. The new schools combine the national curriculum with international education standards, ensuring students receive a globally competitive education. With a focus on fostering critical thinking, creativity, and leadership, GEMS schools in Saudi Arabia are set to play a vital role in shaping the kingdom’s future workforce.
The integration of edtech has also been a key focus for GEMS, with the launch of its GEMS Digital Learning Platform. This innovative platform leverages AI to offer personalised learning plans, virtual classrooms, and gamified educational content. The platform provides students with a more interactive and tailored approach to learning, enhancing both engagement and academic outcomes. Parents and educators alike have praised the platform for its flexibility and ability to adapt to each student’s unique needs, making it a valuable tool for both classroom-based and distance learning.
Financially, GEMS Education has continued to grow in 2024, driven by rising enrolment numbers and international expansion. The company’s diverse range of educational offerings – from early childhood education to K-12 and beyond – ensures that it remains a trusted leader in the private education sector. In addition, GEMS has invested heavily in teacher training programmes and scholarships for underprivileged students, further solidifying its commitment to educational excellence and social responsibility.
With a clear vision for the future, GEMS Education’s focus on sustainability, innovation, and expanding access to high-quality education will continue to drive its success. As one of the most respected education providers in the world, GEMS is shaping the leaders of tomorrow and preparing them to tackle the challenges of an ever-changing world.
Rank: 89
Company Name: Omantel
Industry: Telecoms
Country: Oman
Omantel, the leading telecommunications provider in Oman, has continued its strong performance in 2024, bolstered by its focus on 5G expansion, digital transformation, and sustainability initiatives. As the backbone of Oman’s digital economy, Omantel plays a critical role in the country’s drive towards becoming a regional hub for technology and innovation.
One of the major highlights for Omantel in 2024 is the nationwide rollout of 5G services, making Oman one of the first countries in the region to achieve nearly full 5G coverage. This achievement has had a profound impact on both consumers and businesses, enabling faster connectivity, enhanced mobile services, and new opportunities in sectors such as smart cities, IoT, and autonomous vehicles. Omantel’s 5G home broadband services have also gained significant traction, providing high-speed internet to underserved areas across the sultanate.
DataHub initiative
In addition to its 5G efforts, Omantel has expanded its enterprise solutions portfolio this year, offering cloud services, cybersecurity, and data analytics solutions to businesses across the GCC. The company’s DataHub initiative, launched this year, provides a secure platform for businesses to manage their digital assets and leverage AI-driven insights. This service has been particularly popular among financial institutions and government entities looking to strengthen their digital capabilities.
A partner in Oman Vision 2040
Sustainability has been a major focus for Omantel in 2024, with the company committed to reducing its carbon footprint and aligning with Oman’s Vision 2040 for a greener economy. Omantel has introduced green data centres powered by renewable energy and has implemented energy-efficient technologies across its network infrastructure. The company has also partnered with international organisations to explore sustainable telecom solutions, such as solar-powered mobile towers in remote areas.
Financially, Omantel remains robust, reporting a 12 per cent increase in net profits in the first quarter of 2024. This growth is attributed to the success of its 5G services, enterprise solutions, and international investments, including its stake in Zain Group, a leading telecom operator in the Middle East.
As Omantel continues to innovate and expand, it remains a key player in Oman’s digital future. With its focus on 5G, sustainability, and enterprise solutions, Omantel is well-positioned to maintain its leadership in the region’s telecommunications sector, admired for its vision and forward-thinking approach.
Rank: 90
Company Name: Sarwa
Industry: Financial technology
Country: UAE
Sarwa, established in 2017 and headquartered in the UAE, has become one of the most admired fintech platforms in the Middle East. As a pioneering robo-advisory and investment management platform, Sarwa offers a wide range of services, including automated investment portfolios, stock and ETF trading via Sarwa Trade, cryptocurrency products through Sarwa Crypto, and high-yield cash accounts via Sarwa Save. By making investing accessible and affordable, Sarwa has positioned itself as a key player in the region’s financial technology landscape.
This year marked a breakthrough year for Sarwa, as the company achieved its first-ever quarterly profit with a net profit margin of 33 per cent in Q1. This milestone, which followed a 124 per cent increase in quarterly revenue, underscores Sarwa’s ability to navigate a challenging financial environment and its growing appeal among retail investors in the UAE and beyond.
Democratising investing
Sarwa’s success has been driven by its mission to democratise investing, allowing users to access diversified portfolios with low fees and minimum investment requirements. This model has been particularly popular among younger investors in the region, with approximately 60 per cent of Sarwa’s clients being first-time equity investors. To date, the platform has surpassed AED10bn in cumulative trading volume, cementing its position as a trusted platform for wealth building.
Targeting UHNWIs
In 2024, Sarwa expanded its product offerings by introducing new asset classes typically reserved for ultra-high-net-worth individuals, such as private equity and real estate. This move further solidifies the platform’s vision of giving all investors, regardless of portfolio size, access to the same opportunities as billionaires.
Sarwa’s growth has been backed by prominent investors, including Mubadala, Abu Dhabi Investment Office (ADQ), and 500 Global, and the company has raised over $25m in funding. With its continuous focus on innovation and client-centric services, Sarwa is poised to remain at the forefront of the Middle East’s fintech scene, empowering everyday investors to take control of their financial futures.
Rank: 91
Company Name: Rawabi Holding
Industry: Diversified
Country: KSA
Rawabi Holding stands tall as a trailblazing conglomerate with a remarkable legacy. Headquartered in Al Khobar, Saudi Arabia, this diversified enterprise has become synonymous with innovation, leadership, and excellence, particularly in the sectors of energy, contracting, and industrial services.
Founded on the principles of empowering people and driving economic growth, Rawabi Holding’s success is deeply rooted in its dedication to supporting the kingdom’s aspirations for the future. Over the years, it has evolved from its trading origins into a conglomerate that contributes significantly to Saudi Arabia’s Vision 2030 – a national blueprint designed to reduce the kingdom’s dependence on oil and transform its economy into a diversified powerhouse. This transformation has been driven by Rawabi’s visionary leadership, strategic partnerships, and a strong commitment to sustainability and innovation.
“People-first” approach
At the heart of Rawabi Holding’s philosophy is its core belief in the power of its people. Its tagline, “Powered by People,” is more than just a slogan; it represents the company’s guiding principle that its workforce is the backbone of its success. Rawabi’s dedication to fostering talent and empowering its employees to shape industries ensures that the company remains at the forefront of technological advancements and market leadership. This human-centric approach, combined with Rawabi’s deep technical expertise, is what enables the company to deliver transformative solutions to complex challenges across the energy and industrial sectors.
Rawabi Holding’s diverse portfolio spans energy, contracting, and industrial services. Its subsidiary, Rawabi Energy, is a key player in the region’s energy infrastructure, providing marine services, oilfield services, and safety and field risk management solutions. With an array of solutions, encompassing drilling, tubular and casing, mud logging, loss control, and emergency response, along with our expertise in air safety systems and innovative gas detection, Rawabi Energy delivers cutting-edge innovations that create value and drive excellence. Through partnerships with industry leaders across the globe, Rawabi continues to push the boundaries of what’s possible, providing world-class services that enhance operational efficiency and contribute to sustainable development.
In addition to its core energy and industrial services, Rawabi Holding has made significant strides in real estate through its subsidiary Magnom Properties. This division is dedicated to creating iconic developments that blend sustainability with luxury, further highlighting the company’s innovative spirit and commitment to shaping the future.
Rawabi Holding’s dedication to innovation is reflected in its ability to overcome challenges, adapt to market dynamics, and anticipate the needs of its clients. Even in the face of global economic shifts, the company has maintained its focus on creating value and driving progress, never shying away from obstacles and always finding solutions. Today, Rawabi Holding stands as a true global leader, admired for its unwavering commitment to excellence, its pioneering approach to business, and its ability to create lasting impact across industries. As it continues to grow and expand its influence, Rawabi Holding is not just shaping the future of Saudi Arabia but is also setting new standards for corporate success in the region and beyond.
Rank: 92
Company Name: Tabby
Industry: Financial technology
Country: KSA
Tabby, a leading fintech company in the Middle East’s Buy Now, Pay Later (BNPL) sector, has continued its impressive growth in 2024. Originally founded in the UAE in 2019, Tabby has since relocated its headquarters to Saudi Arabia and has become a fintech unicorn, valued at over $1.5bn. The platform allows consumers to split their purchases into interest-free payments across a growing network of more than 40,000 retailers in Saudi Arabia, the UAE, and Kuwait.
One of the most significant developments for Tabby is its preparation for an Initial Public Offering (IPO) on the Saudi Tadawul stock exchange. The IPO is expected to further boost the company’s growth, positioning it as one of the largest fintech players in the region. With 12 million customers and a strong trajectory of growth, Tabby’s IPO is seen as the next logical step in its evolution.
Expanding services
Tabby continues to innovate and expand its financial services portfolio. In September, the company announced the acquisition of Tweeq, a Saudi digital wallet provider. This acquisition allows Tabby to offer a broader suite of financial products, including digital spending accounts and enhanced money management tools. The move reflects Tabby’s ambition to evolve into a full-fledged financial services platform, catering to the needs of its growing user base.
In terms of funding, Tabby secured $700m in debt financing from J.P. Morgan in late 2023, marking the largest asset-backed facility raised by a fintech company in the Middle East. This financing, combined with Tabby’s latest Series D funding round of $200m, has bolstered its expansion efforts and cemented its status as the region’s leading BNPL provider.
Tabby’s core BNPL offering remains highly popular, with 77 per cent of users planning to use the service for essential purchases. The company has also launched Tabby+, a subscription service that offers cashback and payment flexibility, further enhancing customer engagement.
As Tabby looks toward its IPO and continues to expand its product offerings, it is set to remain a dominant force in the Middle East’s fintech sector, driving innovation in consumer finance and shopping solutions.
Rank: 93
Company Name: Thriller
Industry: Retail
Country: UAE
Thriller has emerged as a cutting-edge online marketplace that caters to sneaker enthusiasts, fashion lovers, and collectors looking for exclusive, hard-to-find items. With its innovative approach to shopping, Thriller guarantees that every item listed on its platform is always in stock, making it the go-to destination for those who want access to globally coveted products that might otherwise be sold out elsewhere.
One of Thriller’s standout features is its Authenticity Guarantee. Every product purchased through the platform is inspected by a team of expert authenticators. This verification process ensures that customers receive exactly what they expect, in the condition promised, giving them peace of mind when purchasing high-value or rare items. Whether it’s a limited-edition sneaker or a high-end fashion piece, buyers can trust that the authenticity of their purchases is verified before they even reach their hands.
The platform also empowers customers by letting them set their own prices. Through Thriller’s Buy Now and Bid options, shoppers can either purchase items immediately at the lowest listed price or place a lower bid to try and secure the product at a price they’re willing to pay. This real-time bidding system keeps customers informed with instant updates as prices fluctuate, giving them full control over their purchasing decisions.
Valuing security
Security is a top priority for Thriller. Given the high value of many of the items sold on the platform, Thriller has implemented robust security measures powered by world-renowned partners. These systems work around the clock to protect users’ information and ensure that the marketplace remains free from fraud, allowing customers to shop confidently.
Unparalleled customer service
Customer satisfaction is at the core of Thriller’s mission. With a fully staffed 24/7 support team, the platform offers unparalleled customer service, ensuring that users receive timely assistance with their orders, questions, or sales. This commitment to service distinguishes Thriller from other marketplaces, as it strives to create a seamless and satisfying shopping experience for every user.
Shopping with ease
Shopping on Thriller is streamlined into three simple steps. First, customers either place a bid or buy the item directly at the lowest ask. Once the transaction is initiated, Thriller’s team steps in to verify the authenticity of the product, checking everything from the packaging to the fine details like stitching. Once the product passes the verification process, it is shipped to the customer within one business day, ensuring fast and secure delivery.
As a platform designed for modern consumers who value convenience, security, and exclusivity, Thriller is fast becoming a favourite in the world of high-end fashion and sneaker collecting. Whether you’re chasing after the latest limited-edition release or trying to find an elusive pair of sneakers, Thriller has redefined the shopping experience by putting customers in control and ensuring they always get what they’re after.
Rank: 94
Company Name: Hilton
Industry: Hospitality
Country: UAE
When it comes to setting benchmarks in the global hospitality industry, few companies can rival Hilton’s track record. With over 100 years of history and a legacy built on innovation and excellence, Hilton has solidified itself as one of the most admired companies in the Middle East.
As for the numbers, well, they speak for themselves. Since 2019, Hilton has opened more than 50 new hotels across the Middle East, effectively doubling its footprint in just five years. Currently, the company boasts nearly 90 hotels across 11 award-winning brands, from the iconic Waldorf Astoria to the business-friendly Hilton Garden Inn. But Hilton’s ambitions don’t stop there. Its multi-brand growth strategy, aimed at catering to a diverse range of travellers, is primed to continue reshaping the region’s hospitality landscape.
Expansion plans
As part of its alignment with national strategies such as Saudi Vision 2030 and the UAE Tourism Strategy 2031, Hilton’s development pipeline includes more than 300 properties, many of which are under construction. With plans to add over 53,000 rooms across the Middle East, the company’s expansion is not only setting the stage for further growth but also creating more than 25,000 jobs, many of which will go to local talent. In Saudi Arabia alone, Hilton aims to quadruple its presence, positioning itself as a key player in the kingdom’s rising tourism industry.
Sustainable operations
Beyond the numbers, Hilton’s influence on the region’s social fabric is profound. The company’s “Travel with Purpose” ESG strategy is a cornerstone of its operations, driving initiatives that reduce food waste and champion sustainability. Hilton’s Green Ramadan campaign, which recorded a 61 per cent reduction in food waste across UAE, Saudi Arabia, and Qatar in 2023, is just one example of how the company is leading the charge on environmental sustainability. And with its goal of reducing emissions intensity by 75 per cent by 2030, Hilton’s commitment to a greener future is clear.
Empowering employees
What truly sets Hilton apart, however, is its deep integration into the communities it serves. From training local talent through partnerships with institutions like Dubai College of Tourism to its inclusive hiring policies that have seen nearly 500 people with disabilities employed across 138 properties in the region, Hilton is more than just a hotel group, it’s a trusted community partner. In fact, the company’s “Women in Leadership” programme has led to an 18 per cent growth in female general managers in the Middle East, highlighting its commitment to diversity and inclusion.
Hilton’s consistent recognition as one of the best places to work, ranking high in both regional and global lists, is another testament to its stellar reputation. Whether it’s creating job opportunities or setting new standards for luxury and sustainability, Hilton is a brand that’s not only shaping the future of hospitality but also making a lasting impact on the Middle East’s socio-economic landscape. With plans to continue its expansion, Hilton’s future in the region is brighter than ever.
Rank: 95
Company Name: VFS Global
Industry: Visa/Passport services
Country: UAE
VFS Global, headquartered in Dubai, has established itself as a leader in the outsourced visa and passport services industry. Founded by Zubin Karkaria in 2001, VFS Global was the world’s first outsourcing and technology services provider for governments and diplomatic missions, an innovation that has since grown into a dominant global operation. Today, the company operates across 153 countries, handling close to 3,400 application centres and serving 68 client governments.
What truly sets VFS Global apart is its mission of making visa processes simpler, more efficient, and entirely streamlined. With more than 292 million applications processed since its inception, VFS Global’s success story is nothing short of remarkable, a testament to its founder’s foresight and determination to revolutionise visa services. The company’s early partnership with Emirates to manage UAE visa services for its passengers in 180 countries marked the beginning of its critical role in the Middle East.
Recognising Dubai as a business epicentre, Karkaria relocated the company’s headquarters to the UAE in 2013, aligning the company with the region’s importance in global mobility. This move also highlighted Dubai’s growing role as a global hub for business and tourism. Since then, the company has expanded its operations within the UAE, managing visa services for 40 client governments through 40 visa centres, further cementing its position as an industry leader in the region.
VFS Global’s value lies in its relentless focus on efficiency, customer experience, and technology innovation. The firm continually develops new solutions to improve application processes, offering customers a seamless and stress-free experience. This focus on technological integration has allowed the company to remain competitive in an industry that demands both speed and accuracy. In the aftermath of the pandemic, VFS Global quickly adapted its services, reshaping its processes to align with new health regulations and global travel dynamics, demonstrating its agility and leadership.
Operational excellence
Karkaria’s leadership extends beyond VFS Global. He has earned numerous accolades, including the prestigious “Chevalier dans l’Ordre National du Mérite” awarded by the French Republic, recognising his contributions to France’s travel and tourism industry. Karkaria is also an executive committee member of the World Travel & Tourism Council (WTTC) and continues to be a key influencer in global travel and tourism discourse.
Under his leadership, VFS Global is not just a service provider but a strategic partner for governments, helping to enhance border security, manage cross-border mobility, and deliver efficient services to millions of people worldwide. VFS Global’s unique ability to integrate cutting-edge technology with customer-focused services has made it one of the most admired companies in the Middle East and globally.
The company’s forward-thinking approach, combined with a strong sense of responsibility towards the communities it serves, sets a gold standard in outsourced services. As Karkaria continues to steer VFS Global into new frontiers, the company remains a benchmark for operational excellence and a symbol of how innovative leadership can redefine entire industries.
Rank: 96
Company Name: Tamara
Industry: Financial technology
Country: KSA
Founded in 2020, Tamara has quickly emerged as one of the leading Buy Now, Pay Later (BNPL) platforms in the Middle East, headquartered in Saudi Arabia. The company’s growth trajectory has been nothing short of remarkable, and by 2024, Tamara reached a significant milestone by becoming Saudi Arabia’s first fintech unicorn, achieving a valuation of $1bn. This milestone was made possible after the company secured $340m in Series C funding, co-led by prominent regional investors SNB Capital and Sanabil Investments, a testament to the confidence in Tamara’s potential to reshape the financial services landscape in the region.
Tamara’s success stems from its commitment to providing seamless, user-friendly payment solutions that cater to the needs of a growing, tech-savvy population across the Middle East. Operating in Saudi Arabia, the UAE, and Kuwait, Tamara has attracted a user base of over 10 million, offering consumers the ability to split payments into interest-free instalments. This approach has made the platform incredibly popular, particularly as it aligns with Islamic finance principles by providing Sharia-compliant financial services.
The platform has built strong partnerships with more than 30,000 merchants, ranging from global brands like SHEIN, IKEA, and Jarir, to a variety of local businesses across sectors such as fashion, electronics, and home goods. These collaborations have allowed Tamara to position itself as a trusted payment option for consumers seeking convenience and flexibility. In 2024, Tamara made a significant customer-centric move by eliminating late payment fees, underscoring its commitment to transparency and ethical financial practices, further strengthening its appeal to consumers.
Enhancing customer experience
As Tamara sets its sights on the future, it plans to expand beyond its BNPL offering into broader fintech services. The company aims to introduce a suite of shopping and payment solutions that cater to both consumers and merchants. This strategic evolution is in line with Saudi Arabia’s Vision 2030, which seeks to promote financial inclusion and innovation in the kingdom. By offering innovative financial products tailored to the unique needs of an underserved and rapidly growing market, Tamara is positioning itself as a leader in the Middle East’s fintech revolution.
Tamara’s journey from startup to fintech unicorn in just a few years has been fuelled by strategic growth, strong financial backing, and an unrelenting focus on innovation. Its ability to adapt to market needs and offer ethical, transparent services has positioned it as a standout player in the region’s fintech ecosystem.
As Tamara continues to expand and diversify its offerings, it is well on its way to becoming a major force in shaping the future of financial services across the Middle East. With its strong foundation and ambitious vision, Tamara is set to play a central role in the region’s digital economy, making it one of the most admired and influential companies in the region.
Rank: 97
Company Name: Al Masaood Group
Industry: Diversified
Country: UAE
Al Masaood Group, led by Chairman Masaood Ahmed Al Masaood, is a name tantamount with progress and excellence in the Middle East, stands as one of the region’s most diversified and esteemed business conglomerates. Headquartered in Abu Dhabi, Al Masaood Group’s portfolio stretches across 18 different market sectors, making it a pillar of strength and reliability within the UAE’s economy.
Rich history
Founded over five decades ago, Al Masaood began as a modest trading house, and since then, has evolved into a sprawling industrial, commercial, and services empire. Holding the distinguished registration number one at the Abu Dhabi Chamber of Commerce, the group’s journey mirrors the UAE’s transformation from a fledgling nation to a leading economic powerhouse. Throughout its history, Al Masaood has consistently adapted and innovated, developing a business model that thrives on strategic partnerships and diverse ventures.
Operating under three main verticals – automotive, industrial, and property – Al Masaood is a trusted partner for both public and private sectors in Abu Dhabi. Its automotive dealership – Al Masaood Automobiles is the exclusive distributor for Nissan, INFINITI, and Renault in Abu Dhabi, Al Ain, and the Western Region, has been a leader in the UAE’s automotive market for over 40 years.
Beyond automotive, Al Masaood’s industrial arm – Al Masaood Group Industrial is a highly diversified business enterprise that offers a wide range of industrial solutions to major industries such as oil and gas, power, petrochemicals, utilities, marine, heavy equipment and machinery, logistics, modular construction, tyres and automotive accessories, and many more. Al Masaood Group Industrial represents major brands such as UD Trucks, Renault Trucks, Bridgestone, MTU, Volvo Penta, and others.
By aligning with such global players, Al Masaood has secured its position as a leader in delivering world-class solutions and cutting-edge services. The group’s accomplishments speak volumes; from pioneering the introduction of the Datsun to the UAE market to earning awards like the Nissan Global Dealer Award and INFINITI’s Outstanding Performance Award, as well as other notable awards from its principal brands UD Trucks, Bridgestone, TotalEnergies, and others.
In addition to its automotive arm, the group’s ventures in heavy machinery, equipment leasing, and engineering services further highlights its adaptability and commitment to addressing the UAE’s growing infrastructural needs.
A partner in the UAE’s progress
At its core, Al Masaood’s mission is not just about delivering value to shareholders, but also about contributing to the UAE’s socio-economic fabric. The group places immense emphasis on nurturing Emirati talent, ensuring their development through specialised training programmes such as the Emirati Functional Training Programme. This approach aligns with its vision to empower and uplift the national workforce, echoing the UAE’s broader aspirations for sustainable growth and economic diversification.
Furthermore, Al Masaood’s Corporate Social Responsibility (CSR) initiatives have seen it support various causes, including road safety campaigns and sponsorship of sports events like the 2019 Special Olympics World Games in Abu Dhabi. Such contributions underscore its role as not just a business leader, but a committed community partner.
Rank: 98
Company Name: Leos International
Industry: Real estate
Country: UAE
Leos International, a luxury real estate developer, has quickly gained a reputation for delivering some of the most prestigious residential projects in the UAE and beyond. Known for its attention to detail, high-quality finishes, and commitment to sustainability, Leos has established itself as a leader in the luxury real estate market. The company’s projects, which blend modern design with timeless elegance, cater to the discerning tastes of high-net-worth individuals seeking exclusive properties in prime locations.
Leos International made headlines with the launch of its flagship project, The Leos Residences, located on Palm Jumeirah. This ultra-luxury residential development offers a unique blend of opulence and sustainability, featuring smart home technologies, private beach access, and a range of wellness amenities designed to enhance the living experience. The project has been widely praised for its innovative design, which incorporates solar panels, energy-efficient systems, and sustainable building materials, setting a new benchmark for green luxury living in the UAE.
Leos International’s focus on sustainability extends beyond individual projects. In 2024, the company committed to achieving net-zero carbon emissions across all new developments by 2030. This ambitious goal aligns with the UAE’s broader sustainability initiatives and reflects the company’s commitment to being a responsible developer. To achieve this, Leos International is investing heavily in renewable energy solutions, smart building technologies, and green construction practices, all while maintaining the high standards of luxury its clients expect.
European expansion
Another major highlight for Leos International in 2024 is its expansion into Europe. The company announced the acquisition of several prime development sites in London and Paris, with plans to launch luxury residential projects in both cities. This expansion marks a significant step for Leos International, as it seeks to establish itself as a global player in the luxury real estate market. These new projects will follow the same principles of sustainability and modern design that have made Leos a household name in the UAE.
Financially, Leos International continues to perform exceptionally well, with its Palm Jumeirah project selling out within weeks of its launch in early 2024. The company has also seen strong demand for its other projects in Dubai and Abu Dhabi, driven by an influx of international buyers seeking high-quality luxury properties. With its focus on sustainability, innovation, and luxury, Leos International is poised to become one of the most admired real estate developers not just in the Middle East, but globally.
Rank: 99
Company Name: Ajman Bank
Industry: Banking
Country: UAE
Established in 2007 and listed on the Dubai Financial Market, Ajman Bank has quickly gained recognition as a full-fledged Sharia-compliant financial institution. This year, it outpaced its competitors by posting an impressive 458 per cent growth in its bottom line, one of the highest figures in the UAE banking sector. With CEO Mustafa Al Khalfawi at the helm and a record breaking nine-month profit before tax of AED313m ($85.2m) this year, Ajman Bank’s performance is not only a testament to its financial acumen but also to its core principles of integrity, trust, and transparency.
Driving sustainable development
Based in the Emirate of Ajman, the bank enjoys significant backing from the Government of Ajman, making it a key player in the emirate’s economic strategy. More than just a bank, Ajman Bank plays a pivotal role in driving sustainable development across various sectors. Its ambitious vision, rooted in a commitment to ethical banking, has made it a cornerstone of the UAE’s financial ecosystem.
Ajman Bank’s success lies in its commitment to three fundamental pillars: Service, Speed, and Specialisation. By focusing on these, the bank has not only surpassed customer expectations but has also delivered innovative solutions that set it apart from its peers. Its digital banking platform, Ajman Bank Connect, is one of the highest-rated banking apps in the UAE, offering features like real-time account monitoring, instant fund transfers, and seamless self-service options. Yet, despite this technological prowess, the bank remains deeply committed to maintaining a personal touch – something that is often lost in today’s digital-first world.
Tailored financial solutions
Innovation doesn’t stop with technology at Ajman Bank. The bank has also taken significant strides in sustainable finance. Recognising the growing importance of environmental and social sustainability, Ajman Bank is leading the charge in offering tailored financial solutions that help businesses – including SMEs – transition to sustainable models. Its advisory services focus on helping clients navigate the challenges of climate change and physical risk management, ensuring that even the smallest enterprises are equipped for the future.
Ajman Bank’s dedication to social responsibility extends to its workforce as well. The bank boasts one of the highest Emiratisation ratios in the country and has made significant progress in promoting gender diversity. This year, Ajman Bank welcomed its first female Board Member, further demonstrating its commitment to empowering women at all levels of leadership. Such initiatives have contributed to parallel improvements in both employee and customer satisfaction, proving that a happy workforce translates into better customer service.
As one of the UAE’s leading Islamic banks, Ajman Bank’s influence goes beyond the financial sphere. Its unwavering dedication to ethical principles, innovation, and sustainability has earned it a well-deserved reputation as a company to watch. With the government’s support and a forward-thinking approach to both finance and social responsibility, Ajman Bank is not just a success story – it is a blueprint for the future of banking in the Middle East.
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