Forbes Middle East - English - August 2022

THE WORLD’S 5 BIGGEST BANKS IN 2022 5 GCC EXCHANGE HOUSES GOING DIGITAL

TOP 30 BANKS 2022

WORLD’S RICHEST FINTECH BILLIONAIRES 5 MUSIC INDUSTRY ACQUISITIONS IN H1 2022

AUGUST 2022 ISSUE 119

SAEED MOHAMMED AL TAYER CEO and MD of DEWA

“GREEN HYDROGEN IS A PROMISING ENERGY SOURCE… BUT IT IS STILL UNDERDEVELOPED FOR COMMERCIAL USE.”

POWERHOUSE

AUGUST 2022 ISSUE 119

DUBAI ELECTRICITY AND WATER AUTHORITY (DEWA) RAISED A $6.1 BILLION IPO IN APRIL, MAKING IT THE LARGEST COMPANY ON THE DUBAI FINANCIAL MARKET. NOW THE CEO IS FOCUSED ON CARBON NEUTRALITY. UAE...................................................AED 15 SAUDI ARABIA.............................. SAR 15 BAHRAIN...................................... BHD 1.5 KUWAIT...................................... KWD 1.25 OMAN............................................ OMR 1.5

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6 I Sidelines Money Movers

By Claudine Coletti LEADERBOARDS

MONEY

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The World’s 5 Biggest Banks In 2022

CONTENTS

There were 292 banks on the Forbes Global 2000 list for 2022. They held collective assets worth $113 trillion—over 19% of which belong to the top five. With $22 trillion in combined assets as of April 2022, here are the world’s top five banking titans.

By Cherry Aisne Trinidad

9I

Middle East Banking M&As M&A activity in MENA increased 11% in Q1 2022, reaching a total value of $21.1 billion, according to data from Refinitiv. The most active was the U.A.E., which saw a 5% increase in M&A activity to reach a total of $4.3 billion. Here are four of the most notable Middle East M&As in banking in H1 2022.

By Joyce Abaño

10 I

5 GCC Exchange Houses Going Digital Many GCC-based exchange houses are embracing digital transformation and now process transactions through traditional branches and online apps. These are the top five, taking into account the value of their transactions in 2021, the number of app downloads, and number of users.

By Ahmed Nabil

32

20 I How Two Africans Overcame Bias To

Build A Startup Worth Billions

BILLIONAIRES

12 I

A pair of twentysomethings from Uganda and Ghana thought there was a fortune to be made bringing transnational financial services to Africa’s 1.4 billion people. With 5 million users, San Francisco-based Chipper Cash is just getting started.

By Jeff Kauflin

World’s Richest Fintech Billionaires Here’s a glance at the wealthiest heavyweights in Fintech. All five are self-made billionaires and under the age of 55. Net worths are as of July 19, 2022.

By Jamila Gandhi

32 I Right Place, Right Time Abdullah Aldabbous, Founder and CEO of MyFatoorah, hit on an opportune idea at an ideal moment when he set up the Kuwait-based digital payments gateway in 2016. Having seen business boom in recent years, he’s now thinking of new ways to innovate.

By Claudine Coletti

CEO

14 I The Great Resignation Hits The C-Suite Burnout, inflation, and fears of recession are some factors reportedly leading to a higher rate of exits at the top level.

By Cherry Aisne Trinidad ENTERTAINMENT

16 I

Arab Musicians’ International Collaborations According to the International Federation of the Phonographic Industry’s Global Music Report, music market revenues in MENA grew by 35% in 2021, making it the world’s fastest-growing region. Here are five of the region’s notable talents who have collaborated with well-known international artists.

By Samar Khouri

18 I

5 Music Industry Acquisitions In H1 2022 In June 2022, Arab music streamer Anghami acquired Dubai’s Spotlight Events. Here are the details of that deal and four other global music industry acquisitions announced in the first half of the year.

By Samar Khouri

F O R B E S M I D D L E E A S T.C O M

38 I Dreaming Big Fresh from securing $36.7 million in new funding, Muhannad Ebwini, Founder and CEO of Saudi’s HyperPay, is now looking at regional expansion. New products and a potential IPO are on the horizon.

By Layan Abo Shkier TRAVEL

72 I A Wander Through Bangkok’s

Bustling Streets.

Thailand’s famous capital city ignites all the senses as its evolving skyline entices a growing number of international visitors.

By Fouzia Azzab

76 I

Thoughts On Finance AUGUST 2022

THE MIDDLE EAST’S

THE MIDDLE EAST’S

TOP 30 BANKS

TOP 25 FINTECH COMPANIES 2022

CONTENTS

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AUGUST 2022

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August 2022

Issue 119

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CONTENTS

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INSIDE

• COVER STORY

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Powerhouse Saeed Mohammed Al Tayer, Managing Director and CEO of the Dubai Electricity and Water Authority (DEWA), led the utility provider to raise $6.1 billion in an IPO in April, making it the largest company on the Dubai Financial Market. IPO activity among stateowned companies is heating up in the Middle East.

IMAGE BY FORBES MIDDLE EAST

By Jamila Gandhi

F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

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AUGUST 2022

SIDELINES

FORBES MIDDLE EAST

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Money Movers Hands up, who always carries cash anymore? And when was the last time you went to an ATM? I can tell you my answers: not me, and I have no idea. I’m not a massive fan of online shopping, but I have a home screen full of apps that I regularly purchase items, services, and food through without ever needing to get my debit card out of my wallet. I even make investments via an app, which I top up from my bank account without needing to liaise with my bank. I haven’t succumbed to Apply Pay yet, but it’s only a matter of time.

This makes spending money and generally paying for stuff quick, easy, and almost dangerously convenient—most people I know were receiving daily deliveries during lockdown that they barely remembered ordering. This is the day-to-day experience for us today as consumers, thanks to a network of largely-invisible Fintech companies working behind the scenes to move our money around with minimal input from us.

Investments in building this level of convenience have boomed in recent years as we take to tech faster than ever before. As reported in Forbes’ Fintech 50 list this year, venture capitalists (VCs) poured $133 billion into Fintech startups globally in 2021, nearly three times more than the $49 billion they invested in 2020, according to CB Insights. VC investments in Fintech companies in Europe, the Middle East, and Africa hit $30 billion in 2021, according to a report

by KPMG —again, nearly three times more than $9.9 billion in 2020.

This growth may level out following the pandemic push to digital over the last two years, but there’s no sign of us returning to cash payments anytime soon. Digital payments are here to stay, and they are evolving more every year. It’s not just fueling a startup ecosystem; banks, exchange houses, and governments are also recognizing the need to progress and are investing vast amounts into developing their own Fintech capabilities. And it’s not hurting their own finances. The top 30 listed banks in the region saw their combined assets grow to hit $2.5 trillion by the end of 2021, compared to $2.3 trillion in 2020.

Our lists this month highlight both the entrepreneurial enterprises embracing financial technology in the Middle East and the big banks reporting record results and investing in innovation for the future. You might be surprised to see how far they’re involved in making your day-to-day lives easier. I hope you enjoy finding out more.

—Claudine Coletti, Managing Editor

F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

INNOVATING SINCE 2010 AUGUST 2022 ISSUE 119

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

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Khuloud Al Omian khuloud@forbesmiddleeast.com

Editorial

Business Development

Claudine Coletti Managing Editor claudine@forbesmiddleeast.com

Ruth Pulkury Senior Vice President - Business Development

Laurice Constantine Digital Managing Editor laurice@forbesmiddleeast.com

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Natalie Ghazaley natalie@forbesmiddleeast.com

Samar Khouri Online Editor samar@forbesmiddleeast.com

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Research

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Money

There were 292 banks on the Forbes Global 2000 list for 2022. They held collective assets worth $113 trillion—over 19% of which belong to the top five.

With $22 trillion in combined assets as of April 2022, here are the world’s top five banking titans.

Country: U.S. 2022 Global 2000 rank: 4 Total assets: $4 trillion JPMorgan, which dropped two places in the overall ranking on the Global 2000 list, is no longer America’s largest public company as investment conglomerate Berkshire Hathaway overtook the banking giant this year. Net income for Q1 2022 fell by 42% to $8.3 billion as the U.S.’s biggest lender set aside $902 million in credit reserves for potential downside risks resulting from high inflation and the Russia-Ukraine war. The net income of its corporate and investment bank, where it generates the bulk of its profits, dipped 26% to $4.4 billion in Q1 2022 as fees declined 31% due to lower equity and debt underwriting activity.

1. Industrial and Commercial Bank of China (ICBC) Country: China 2022 Global 2000 rank: 2 Total assets: $5.5 trillion

China’s presence on Forbes Global 2000 was led by ICBC, the world’s biggest bank, which for the first time lost the top spot in the overall ranking after nine straight years of being number one. ICBC is largely controlled by the Chinese government through state-owned investment vehicle Central Huijin Investment Ltd. and China’s Ministry of Finance, which held 34.7% and 31.1% of shares, respectively, as of Q1 2022. The bank’s net profit surged 5.6% to $13.5 billion in the same period.

ICBC shares plunged 9.3% this year as of July 15, when shares fell to $0.51.

3. China Construction Bank Country: China 2022 Global 2000 rank: 5 Total assets: $4.7 trillion

State-owned Central Huijin Investment owns a 57% stake in China Construction Bank. In Q1 2022, the bank’s net profit rose to $13 billion, a 5.8% growth compared to last year. By the end of the quarter, the bank’s loan balance for its house rental business grew to $24.1 billion, while borrowing customers under its inclusive finance strategy expanded to 2.09 million. China Construction Bank particularly provides loans to China’s manufacturing and infrastructure sectors as well as agriculture-related loans. Its Hong Kong-listed shares have tumbled by 9.9% this year as of July 15, when the closing price slid to $0.62.

F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

BY CHERRY AISNE TRINIDAD; ANDY FENG/ SHUTTERSTOCK.COM, KATHERINE WELLES/ SHUTTERSTOCK.COM, ANDY FENG/ SHUTTERSTOCK.COM

LEADERBOARD

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The World’s 5 Biggest Banks In 2022

2. JPMorgan Chase

Country: China 2022 Global 2000 rank: 8 Total assets: $4.6 trillion

The Chinese government owns the majority of the Agricultural Bank of China via state-controlled investment firm Huijin and the Ministry of Finance, which held 40.03% and 35.29%, respectively, as of the end of Q1 2022.

In addition to corporate and retail banking services, China’s third-largest bank supports the grains industry with agro-related offerings such as microfinancing to farmer households and personal business loans for farmers, among others. In Q1 2022, the bank’s net profit grew by 6.7% to $10.5 billion. Shares of the company fell by 7.04% this year as of July 15, down to $0.32 closing stock price.

Banking

Middle East Banking M&As M&A activity in MENA increased 11% in Q1 2022, reaching a total value of $21.1 billion, according to data from Refinitiv. The most active was the U.A.E., which saw a 5% increase in M&A activity to reach a total of $4.3 billion. Here are four of the most notable Middle East M&As in banking in H1 2022.

5. Bank of America

Country: U.S. 2022 Global 2000 rank: 9 Total assets: $3.2 trillion

BY JOYCE ABAÑO, TERO VESALAINEN/ SHUTTERSTOCK.COM, IMAGE FROM AUB BAHRAIN FACEBOOK

• Kuwait Finance House (KFH) and Ahli United Bank (AUB)

Bank of America is the world’s ninth largest public firm and the secondlargest bank in the U.S. this year. In Q1 2022, profit declined fell 12.3% to $7.1 billion. The company’s consumer banking segment, which provides credit, banking, and investment products and services to consumers and small businesses, recorded a net income surge of 11% to $3 billion, or nearly half of its overall Q1 profits. The strong growth in the bank’s consumer business overshadowed the 21% net income drop in its global banking segment as investment banking fees fell 35% as a result of an industry-wide slump in underwriting activity. Bank of America’s share price fell 30.16% this year as of July 15, down to $32.25 per share.

F O R B E S M I D D L E E A S T.C O M

In July 2022, almost four years after the transaction was first announced, KFH received the approval of the Central Bank of Kuwait to buy Bahrain’s AUB for about $11.6 billion. KFH will offer one share for every 2.695 AUB shares, which implies an offer price of over $1 per share, according to the revised terms filed on the Bahrain Bourse. The acquisition was first announced in 2019, with a value that stood at about $8.8 billion, according to Bloomberg. The deal was paused the following year during the Covid-19 outbreak when Kuwait’s central bank told KFH to reassess the agreement.

statement. In December, Capital Bank’s board of directors approved a mandatory offer to buy SGBJ, which is controlled 87.7% by Société Générale de Banque au Liban.

• Arab Jordan Investment Bank (AJIB) and National Bank of Kuwait (NBK) in Jordan In May 2022, AJIB announced it had completed its acquisition of NBK’s banking operations in Jordan for an undisclosed sum as part of the bank’s expansion strategy. The acquisition will allow NBK Jordan customers to benefit from the banking services offered by AJIB internationally.

• Capital Bank and Société Générale Bank Jordan (SGBJ)

• Ahli United Bank (AUB) and Citi Bahrain

Jordan’s Capital Bank said in February 2022 that it had agreed to acquire 100% of SGBJ in its second regional and domestic expansion within a year. The deal also includes the acquisition of SGBJ’s financial brokerage firm, whose clients are expected to join Capital Invest, Capital Bank Group’s investment arm. The move will raise the value of Capital Bank’s assets to approximately $8.5 billion, the group said in a

In April 2022, AUB agreed to acquire Citi’s consumer banking business in Bahrain. The transaction, which is subject to regulatory approval, is expected to close by the end of Q2 2022. Citi had previously announced that it would be releasing approximately $7 billion of allocated tangible common equity over time by exiting its consumer franchises in 13 markets in Asia Pacific, Europe, and MEA. AUGUST 2022

9 LEADERBOARD

4. Agricultural Bank of China

Money

Country: Kuwait Establishment: 2001 Founder: The Al Mulla Group Al Mulla Exchange offers its service across more than 180 countries via its fully-automated remittance mobile app, which is available in seven languages. The company currently has 106 branches across Kuwait. In addition to financial services, the company offers free life insurance coverage with every transaction, and so far, around 350 families of deceased customers have received a total of more than $2 million in insurance payouts. In 2010, the Al Mulla Group acquired the Omani Modern Exchange Company, which currently operates 37 branches.

Digital

Many GCC-based exchange houses are embracing digital transformation and now process transactions through traditional branches and online apps. These are the top five, taking into account the value of their transactions in 2021, the number of app downloads, and number of users.

• Al Ansari Exchange

• Alfardan Exchange

Country: U.A.E. Establishment: 1966 Founders: Rashed Al Ansari; Mohammed Al Ansari

Country: Qatar Establishment: 1970 Founders: Fahad Hussain Al-Fardan; Ali Hussain Al-Fardan

Al Ansari Exchange provides digital services through its mobile app, the eExchange portal, and smart counters in branches across the U.A.E. Money transfers performed through its app and digital channels contributed to around 14% of the company’s total transactions in 2021. It operates in the U.A.E. and Kuwait and claims to have processed 2.65 million transactions in 2021 through its digital channels. As of June 2022, its app had 2.75 million downloads. During the sixmonth Expo 2020 Dubai, the company reported 185% growth in foreign currency exchange transactions made by non-residents compared to the same period the previous year.

Alfardan Exchange allows customers to transfer money via its app and website by direct debit and track the transfer status. It has deals with more than 120 financial institutions around the world, including Western Union, Mastercard, and the Commercial Bank. Alfardan processed 530,000 transactions in 2021, worth a total of $410 million. It has 60,000 active users, and its app had over 300,000 downloads as of July 2022.

• LuLu Exchange Country: U.A.E. Establishment: 2008 Founder: Adeeb Ahamed LuLu Exchange, a subsidiary of LuLu Financial Holdings, has 249 physical branches across 10 countries and territories: the U.A.E., Kuwait, Qatar, Bahrain, Oman, India, Singapore, the Philippines, Malaysia, and Hong Kong.

Its digital payments platform, LuLu Money, enables instant money transfer to 140 countries.

F O R B E S M I D D L E E A S T.C O M

• Purshottam Kanji Exchange

BY AHMED NABIL; IMAGES FROM SOURCE

LEADERBOARD

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5 GCC Exchange Houses Going

• Al Mulla Exchange

Country: Oman Founders: Bhagvandas Purshottam Pawani; Harish Purshottam Pawani Establishment: 1983 Purshottam Kanji Exchange was one of the first licensed exchange houses in Oman. Through its 23 branches, it facilitates payments through 30 correspondent banks and money transfer operators. Today, the company employs over 147 people. Its major shareholder is Skyline International Investments.

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Billionaires

World’s Richest Fintech Billionaires Here’s a glance at the wealthiest heavyweights in Fintech. All five are self-made billionaires and under the age of 55. Net worths are as of July 19, 2022.

1. Guillaume Pousaz

40-year-old Columbian fled with his family to Costa Rica when he was nine to escape political instability and now lives in Sao Paulo, Brazil.

Net worth: $23 billion Citizenship: Switzerland In 2012, Pousaz founded Checkout.com to offer a global online payment processing solution for shops and customers. The 40-year-old CEO controls an estimated nearly two-thirds of the London-based firm. In January, the platform raised $1 billion from private investors, valuing the company at $40 billion and making Pousaz Europe’s richest tech entrepreneur. The founder dropped out of college to go surfing in California before working in Fintech. Checkout. com benefited from the pandemic; the company claims to have tripled its payment processing volume in 2020 from the prior year.

4. Chris Britt Net worth: $2.2 billion Citizenship: U.S. In 2013, Britt cofounded San Francisco-based startup Chime as a mobile banking app and debit card with no overdraft fees. Amid the pandemic in September 2020, the company raised $485 million in funding at a $14.5 billion valuation, nearly tripling its value in six months. The startup is planning to go public this year. The 49-year-old Britt had stints at payments firms Visa and Green Dot before launching Chime.

5. Vyacheslav Kim

2. Nik Storonsky

Net worth: $2 billion Citizenship: Kazakhstan

Net worth: $7.1 billion Citizenship: U.K. and Russia Russian billionaire Storonsky cofounded London-based financial services firm Revolut in 2015, which private investors valued at $33 billion in July 2021. The platform is one of Europe’s top unicorns and handles over 150 million transactions monthly for more than 18 million personal customers. The 37-year-old British citizen previously worked as a Lehman Brother and Credit Suisse quant trader. In May 2022, Storonsky revealed plans to launch his own AI-powered venture fund.

F O R B E S M I D D L E E A S T.C O M

David Velez

3. David Velez Net worth: $4 billion Citizenship: Colombia Velez cofounded Nubank, a Sao Paulo-based digital bank that has 59.6 million customers in Brazil, Mexico, and Columbia as of Q1 2022.

Established in 2013 and backed by Warren Buffett’s Berkshire Hathaway, Nubank went public as Nu Holdings on the New York Stock Exchange in December 2021.

Velez’s 23% stake in the digital bank is worth about $7 billion as of January 2022. The

Kim serves as chairman of Kaspi Bank, Kazakhstan’s largest payments and Fintech company. In October 2020, the firm made global headlines after listing on the London Stock Exchange at a $6 billion valuation, marking the largest international tech IPO in London of 2020. As of July 2022, the 53-year-old owned an estimated 23.25% stake in Kaspi Bank. Kaspi was established in 2011 as bill payments and e-wallet solution before opening up its marketplace platform for traders and online consumer finance offering in 2014.

AUGUST 2022

BY JAMILA GANDHI , PHOTOGRAPHY BY GABRIEL RINALDI FOR FORBES

LEADERBOARD

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LEADERBOARD

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CEO

The Great Resignation Hits The C-Suite The pandemic-induced “Great Resignation,” which was found most common among mid-career workers, according to an analysis published by Harvard Business Review, is increasingly reverberating among C-Suite executives, confirming the phenomenon— also known as the “Great Reshuffle”—has no exception, even as CEO pay surged back from 2020 declines.

New data by global outplacement services firm, Challenger Gray & Christmas, shows that CEO exits in U.S. companies spiked to a record during the first four months of 2022, with a total of 518 departures, an increase of 18% higher compared to the same period in the previous year. It was the highest CEO turnover that the company has recorded for the JanuaryApril period since it began tracking CEO exits two decades ago .

According to Andrew Challenger, Senior VP at Challenger Gray & Christmas, the changes in the top-level position reflect the companies’ recalibration to address rising costs for business and consumers. Inflation, staffing shortages, and fears of looming recession are also factors triggering companies to reevaluate their leadership, Challenger explains. Beyond the effects of economic challenges on CEO turnovers, however, Challenger notes in an earlier report that burnout is the main motivator for workers, including CEOs, to quit their jobs. “CEOs are just as susceptible to the poaching and resignations occurring in the labor market as any other worker,” he says.

F O R B E S M I D D L E E A S T.C O M

While CEO departures are on the rise, the compensation for the top brass bounced back significantly last year, according to research firm Equilar, suggesting that companies are attempting to keep their CEOs at the helm to navigate current uncertainties.

In 2021, the median CEO compensation in the U.S. swelled to $20 million, a 30.8% increase from 2020, according to Equilar’s most recent annual study

Tim Cook became the second-highest paid CEO in the world in 2021.

of America’s 100 largest companies. In comparison, median CEO pay in 2020 slid by 1.6% to $15.5 million from $15.7 million in 2019. While 2020’s figure presented little change from the previous year, 2021’s $20 million median award to CEOs tells a different story. Equilar argues that several companies awarded the top job holders bonuses and stock awards to help steer organizations during turbulent times. In

2021, median cash bonuses among CEOs soared 46.4% to $4.2 million while stock awards increased by 22.7% to $10.5 million.

Among last year’s top 10 highest-paid CEOs on Equilar’s ranking were tech leaders Patrick Gelsinger of Intel ($177.9 million), Tim Cook of Apple ($98.7 million), Hock Tan of Broadcom ($60.7 million) and Satya Nadella of Microsoft ($49.9 million).

Gelsinger was the highestpaid CEO, despite having run Intel for only 11 months from his February appointment last year. Cook, who leapfrogged by 54 places to become the second-highest paid chief executive, and Nadella, who dropped to fourth place, saw their total 2021 pay package increase by 569% and 12% from the previous year, respectively.

These findings illustrate just how much the pandemic has prompted companies to lure top-level talents with lucrative pays. In the process of doing so, however, the CEO-toworker pay gap widened even more in 2021, with CEOs making 254 times more than the average worker, according to Equilar.

The Great Resignation has also upended years of efforts by employers to retain their best talent as they scramble to meet more pronounced worker demands that are beyond paychecks. According to Microsoft’s Work Trend Index 2022, employees are now looking for positive culture (46%), mental health/wellbeing benefits (42%), a sense of purpose/meaning (40%), and flexible working hours (38%) in a job, among other aspects.

AUGUST 2022

BY CHERRY AISNE TRINIDAD , IMAGE BY EUGENE POWERS/ SHUTTERSTOCK.COM

LEADERBOARD

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Burnout, inflation, and fears of recession are some factors reportedly leading to a higher rate of exits at the top level.

LEADERBOARD

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AUGUST 2022

Entertainment

International Collaborations According to the International Federation of the Phonographic Industry’s Global Music Report, music market revenues in MENA grew by 35% in 2021, making it the world’s fastestgrowing region. Here are five of the region’s notable talents who have collaborated with well-known international artists.

• Nancy Ajram Ajram, one of the Middle East’s biggest stars best known for hits like “Ya Tabtab Wa Dallaa” and “Ah W Noss,” teamed up with DJ-producer Marshmello on summer collaboration track “Sah Sah” in July 2022. This was the duo’s first collaboration, but it isn’t Marshmello’s first cross-cultural collaboration with an Arab artist. In 2018, the helmeted globetrotter, whose real name is Chris Comstock, worked with Egyptian singer Amr Diab on track “Bayen Habeit (In Love).”

Diab joined forces with LebaneseCanadian Massari and American hip-hop star French Montana to recreate Amr Diab’s hit track “Nour El Ein.” In October 2018.

The music video garnered over 28 million views to date. The Lebanese singer and TV personality, who started her career in 2015, also performed a duet with Jason Derulo on “Talk Dirty To Me” as part of MBC4’s music fusion show, Coke Studio Bel 3arabi, which brings together artists from all over the world.

• Tamer Hosny Hosny added the likes of Snoop Dogg, Akon, and Shaggy to his list of collaborative bilingual singles.

Over a decade ago, the Egyptian pop singer and actor worked alongside Snoop Dogg on track “Smile.” The seven-minute-long music video had been viewed over 24 million times on YouTube as of July 2022. In 2013 Hosny teamed up with Shaggy on track “Si Al Sayed” and Akon on “Welcome To The Life” for the Egyptian superstar’s 2014 album “180°.”

• Issam Alnajjar After signing with The Weeknd’s manager, Wassim “SAL” Slaiby, and his new Universal Arabic Music in early 2021, the Jordanian singer-songwriter has gone to collaborate with Iraqi-Canadian singer-songwriter Ali Gatie and Canadian DJ duo Loud Luxury for the release of single “Turning Me Up” (Hadal Ahbek) as part of the second installment of Spotify’s RADAR MENA. In June 2021, R3hab—a Dutch producer and DJ of Moroccan descent—remixed his own version of Alnajjar’s breakout song.

F O R B E S M I D D L E E A S T.C O M

• Assala Syrian musical artist, Assala Mostafa Hatem Nasri, performed with Kool & The Kang on a bilingual version of the American band’s 1984 song “She’s Fresh” on the third season of Coke Studio Bil 3arabi. In 2019, Assala performed the official anthem of Special Olympics World Games Abu Dhabi 2019, “Right Where I’m Supposed To Be” alongside Ryan Tedder, Luis Fonsi, Avril Lavigne, Hussain Al Jassmi, and Tamer Hosny.

AUGUST 2022

BY SAMAR KHOURI

LEADERBOARD

16

Arab Musicians’

• Maya Diab

PRO M OTI O N Scan this QR code to open the website

D

irectly connected to the Mall of the Emirates—which is centrally located near many of Dubai’s biggest tourist destinations—the luxury Kempinski Hotel Mall of the Emirates offers an elegant ambiance while also being linked to one of the region’s most active malls, with hundreds of shops, restaurants, and entertainment options, as well as the unique indoor slopes of Ski Dubai within easy access.

All this has the added benefit of being entirely covered and airconditioned, giving visitors relieving respite from the sweaty midsummer heat outside.

From the first moment you enter the opulent reception, the Aspen lobby lounge is immediately accessible, which presents a comfortable environment in which to enjoy breakfast and treat yourself to a fashionable afternoon tea after a busy day. And the skiing theme is one that spreads throughout the hotel, with ski chalet-style rooms facing out onto Ski Dubai, meaning that, uniquely, guests can choose to enjoy views of the white slopes of the snow park from their room or head out to relax in the blazing sun beside the

The Kempinski Hotel Mall of the Emirates, Dubai

outdoor pool. Elsewhere in the hotel, spacious rooms and comfortable suites offer views of the Burj Al Arab.

As you would expect, all amenities are provided in the rooms, including masks, sanitizers, and even a mask refresher.

Alongside Aspen, other dining options at the hotel include authentic Spanish cuisine at Salero Tapas & Bodega, poolside drinks and shisha at Mosaic Chill, and mixed aromas from Syria, Palestine, Jordan, Southern Turkey, Lebanon, and Cyprus at Olea, a contemporary modern Levantine restaurant. The Mosaic Chill Bar also features an adults-only infinity pool, and Salero Tapas & Bodega features live entertainment by guitarists and flamenco dancers for its guests from Tuesdays to Saturdays.

The Kempinski Hotel Mall of the

The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.

Emirates is in an enviable situation, able to be a pioneer in the industry while maintaining its reputation as one of the emirate’s most family-friendly hotels, as well as a luxury destination. Other services offered by the hotel include access to an exclusive executive lounge on the eleventh floor for guests staying in executive rooms, suites, or Aspen chalets; limousine transfers from Dubai International Airport; and a fullyequipped gym and spa.

Still, it’s the proximity to one of the country’s most popular and renowned shopping malls and all it has to offer that gives this Kempinski its competitive edge.

Nowhere else can you bask in the Arabian luxury of the Middle East while enjoying the snowy slopes of Aspen. Sun, sea, sand, shopping, and snow—a special hotel making the impossible possible.

www.kempinski.com AUGUST 2022

17 LEADERBOARD

Sunshine, Shopping…

And Snow

The Kempinski Hotel Mall of the Emirates offers a varied experience for guests, from ski slopes and luxury to poolside glamor and family entertainment. With its enviable position connected to one of the busiest malls in Dubai, it’s facing stiff competition by focusing on what makes it unique.

Entertainment

5 Music Industry Acquisitions In H1 2022 In June 2022, Arab music streamer Anghami acquired Dubai’s Spotlight Events. Here are the details of that deal and four other global music industry acquisitions announced in the first half of the year.

Anghami + Spotlight Events Anghami now owns events and concert company Spotlight Events. The deal announced in June will see the Dubai-based company become Anghami’s live events arm, including offline activities and activations. Two months earlier, Arab music label Rotana Music Holding, which counts Najwa Karam, Abdul Majeed Abdullah, Wael Kfoury, and Ahlam among its starstudded portfolio, also inked a deal with Anghami, which was the first Arab technology firm to list on the Nasdaq stock exchange, to distribute its collection of original music audio and video content.

SoundCloud + Musiio In May, SoundCloud acquired Singapore-based AI music company Musiio to strengthen the artist-first platform’s music discovery features. Founded in 2007, SoundCloud is home to more than 300 million tracks from 30 million creators and has users across 190 countries.

Warner Music Group (WMG) + Qanawat Music In March, major American entertainment and record label WMG entered an agreement to purchase MENA-based music distributor Qanawat Music—a subsidiary of Qanawat FZ LLC and a music distributor in the region. The acquisition will see WMG significantly expand its regional presence and boost F O R B E S M I D D L E E A S T.C O M

Dubai’s position as a media and content creation hub. As per the deal, Qanawat Music will function as a standalone company under the WMG umbrella, led by founder Adnan Al-Obthani.

Snoop Dogg + Death Row Records In February, Snoop Dogg officially became the owner of Death Row Records. The American hip-hop mogul and entrepreneur purchased the label that launched his career in 1993 with single “Who Am I (What’s My Name)?” from investment firm Blackstonecontrolled company MNRK Music Group. After finalizing the acquisition, Snoop Dogg released his 20th studio album “B.O.D.R.” through the label.

Death Row Records was established in 1991 and previously owned by Dr. Dre and Marion “Suge” Knight.

Epic Games + Bandcamp Online record store and music community Bandcamp revealed in March that it had been acquired by North Carolina game developer Epic Games.

Led by its co-founder and CEO, Ethan Diamond, directto-fan platform Bandcamp will continue to operate as a standalone marketplace and music community. It will also work alongside Epic Games, cofounded by billionaire Tim Sweeney to expand globally as well as build its live streaming, discovery features, and payment capabilities.

AUGUST 2022

BY SAMAR KHOURI, FEATUREFLASH PHOTO AGENCY / SHUTTERSTOCK.COM

LEADERBOARD

18

PRO M OTI O N Scan this QR code to open the website

Digital Assets: Meeting the Demand

Dina Sam’an, Co-founder and Managing Director of CoinMENA, explains how the digital assets exchange came to life and how new licenses and partnerships are spurring its growth.

What is CoinMENA, and what first sparked the idea behind it?

CoinMENA is a fully onshore regulated digital asset exchange, licensed by the Central Bank of Bahrain (CBB), where users can safely buy, sell, store, and receive digital assets. My partners and I recognized there was a market need for a fully regulated digital assets exchange with strong banking relationships in the region so investors can safely gain access to this emerging asset class.

Dina Sam’an, Co-founder and Managing Director of CoinMENA

CoinMENA has recently obtained its new license from Dubai’s VARA. What does this mean for the platform moving forward?

This is a milestone for both CoinMENA and the industry as a whole. The establishment of VARA is a further indication that the industry is maturing on a regional level. Regulatory clarity is extremely important for retail and institutional investors who wish to gain safe exposure to this emerging asset class. Regulatory compliance and maintaining strong relationships with local regulators are top priorities for us.

legacy financial system with the crypto world. Visa is the largest payments network in the world and through this partnership, we’ll be able to offer a host of exclusive solutions to our users to simplify on-ramp and off-ramp services, from fiat to crypto. Our users are most excited about the release of the CoinMENA VISA Card, which can be used at millions of merchants around the world. This partnership with Visa is a huge step toward achieving our goal to be the simplest and fastest way to go from fiat to crypto, and crypto to fiat.

CoinMENA’s platform is now a part of Visa’s fintech fast track program. How does this make your customers’ lives easier?

I’m particularly excited about this partnership because it bridges the

Before co-founding CoinMENA, you already had experience in entrepreneurship. Tell us more about your background and how it helped you in establishing the cryptocurrency exchange platform.

The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.

I always knew I wanted to be an entrepreneur. I started my career working in and growing the family’s real estate business. That experience was invaluable because I was immediately thrust into the real world and learned firsthand what it takes to grow and scale a business.

When I first got into crypto, we had to lay the foundations for an industry that did not exist regionally. There was clearly a strong market demand for it, but the landscape was unregulated and that scared off many potential investors, especially institutions.

In 2019, I connected with my partners at CoinMENA, who were also thinking of launching a digital assets exchange. From the first meeting, we recognized that our interests were aligned and that our capabilities complemented each other’s perfectly. We immediately got to work, and our first priority was to secure the license from the Central Bank of Bahrain and build solid relationships with regional banks.

www.coinmena.com AUGUST 2022

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CONTRARIAN • TECHNOLOGY/ INNOVATION

By Jeff Kauflin

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Photograph by Ethan Pines for Forbes

How Two Africans Overcame Bias To Build A Startup Worth Billions A pair of twentysomethings from Uganda and Ghana thought there was a fortune to be made bringing transnational financial services to Africa’s 1.4 billion people. With 5 million users, San Francisco-based Chipper Cash is just getting started.

I

It was the summer of 2018, and Ham Serunjogi, a 24-year-old Ugandan immigrant, thought the pitch he was making to a Palo Alto venture capi­tal firm was going well. He had explained how his fintech startup, Chipper Cash, would enable African consumers to send money to each other, across national borders, more cheaply and easily than the antiquated banking system—a sort of Venmo for the continent.

Then came a question from one of the partners: “Why don’t you go look for donations and grants to fund this?” Because, Serunjogi replied, this will be a profit-making business. The clueless partner persisted: “Why don’t you talk to Unicef or an impact investing firm?” Serunjogi discreetly declines to name the firm, or to say which VC later told him that “regardless of what the metrics are, I have to apply a discount to this business because it’s in Africa.”

Those memories still sting, even though Chipper F O R B E S M I D D L E E A S T.C O M

Cash has now raised $300 million from a roster of blue-chip VCs, most recently in November at a $2.2 billion valuation. “These were things I’d have to take with a straight face. But it was outrageous, and it still is,” Serunjogi says from the San Francisco office where he, cofounder Maijid Moujaled and nearly a fifth of the company’s 350 employees are based. The two founders each have an estimated 10% stake in Chipper, translating into paper fortunes north of $200 million.

Sheel Mohnot, a former partner at 500 Startups— Chipper Cash’s first backer—chalks up some early investor resistance to ignorance about Africa. “No one was investing in Africa at the time,” he says. That has changed. Per CB Insights, venture capitalists invested $1.5 billion in African fintech companies last year, up sevenfold from 2020. Sub-Saharan Africans today have 605 million registered mobile money accounts—with which they can send cash via text message—up from 469 million in 2018. That makes the area fertile ground for more advanced consumer financial apps.

Four years after its founding, Chipper Cash has 5 million registered users in seven countries, including Uganda, Ghana and Nigeria. It offers not only lowcost money transfers but bill payment, crypto trading and the ability to buy U.S. stocks. Excluding crypto transactions, it booked more than $75 million in revenue in 2021, compared with $18 million in 2020.

The idea for Chipper Cash was seeded when highschool-age Serunjogi saw the problems his father encountered trying to move money through Africa’s ossified banking system. Serunjogi’s family lived in AUGUST 2022

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The idea for Chipper Cash was seeded when high-school-age Serunjogi saw the problems his father encountered trying to move money through Africa’s ossified banking system.

F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

Gayaza, a Ugandan town 10 miles outside Kampala, the capital. His parents owned a farm, and his father also ran an IT operation helping local businesses set up networks.

Though hardly rich, the family sent Serunjogi and his two brothers to

Little Big Picture

CASH CAPITALS

a private high school and enrolled them in a competitive swim club. In 2010, Serunjogi, then 16, made the Ugandan Youth Olympic team. After having problems completing a bank transfer, his father was forced to fly to South Africa with an envelope

Follow the Money Chipper president Maijid Moujaled (left) and CEO Ham Serunjogi (also shown on page 37) in their San Francisco headquarters, where they located for access to venture capital. When they brainstormed ideas, though, Moujaled says, their goal was always to do something for their home countries.

Only about 40% of Africa’s 1.4 billion people are considered “banked”—meaning they have access to, and use, a bank—making the continent rich territory for fi ntech startups looking to bring fi nancial access to hundreds of millions of African mobile phones. Here are some of the most and least fi nancially served nations— and the apps they’re banking on.

Morocco

Egypt

Nigeria

Kenya

South Africa

• Population (2020): 36.9 million • 29% banked • Most popular banking app: CIH (Crédit Immobilier et Hôtelier) Mobile

• 102 million • 33% banked • NBE (National Bank of Egypt) Mobile

• 206 million • 40% banked • Kuda, mobile banking

• 53.7 million • 82% banked • M-Pesa, mobile money service owned by Vodafone

• 59.3 million • 69% banked • Capitec, mobile banking

F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

PATRICK WELSH FOR FORBES

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F O R B E S M I D D L E E A S T.C O M

HOW TO PLAY IT

By Jon D. Markman

Growing smartphone adoption in Africa is creating a big opportunity in financial technology. The best way to play this trend is PayPal. The San Jose, California–based fintech operates in 200 markets globally.

Through its subsidiary Xoom, African members can send money online and transfer funds directly to banks and debit cards. The company reported in April that first-quarter total payment volume surged to $323 billion, up 13% versus a year ago. Net revenue reached $6.5 billion, up 8% year over year.

Based on global fintech growth, shares are attractive at $77.18, down from $309 last July.

Jon D. Markman is president of Markman Capital Insight and editor of Fast Forward Investing.

200 million people, and by the end of the year, it had 600,000 customers.

It also introduced a foreign-exchange markup fee of 2% to 5% to start generating revenue. As bitcoin rose from $14,000 to $20,000 in the fall of 2020, Chipper began to let users buy and sell bitcoin and ether, establishing a second lucrative line of business: trading fees. It reached a $2.2 billion valuation in late 2021, with investment from firms including Sam BankmanFried’s FTX, Ribbit Capital and Bezos Expeditions. Transactions grew from $200 million in the first quarter of 2021 to $1.6 billion 12 months later.

All that growth comes with added high-stakes challenges. One is liquidity: Chipper needs to make sure it has enough funds in each country to support instant transfers. When it doesn’t, transaction times can slow to a full day or longer. Money can solve that problem. A bigger worry is competition. Senegal-based startup Wave offers similar services (albeit in different countries so far) and notched a $1.7 billion valuation last year. Other remittance companies such as Remitly and Wise don’t yet let people send money from one African country to another, but there’s nothing stopping them from entering the market.

For now, Serunjogi is focused on maintaining Chipper’s steep growth, moving to profitability—and helping Africans while doing so. Customers benefit, he says, when they can move money easily and have new ways to invest and build wealth. “I’m a deep believer in the role of entrepreneurship and capitalism in improving the lives of people who live in developing countries.”

F I N A L T H O U GH T

“THERE IS LITTLE THAT BUREAUCRATS HATE MORE THAN INNOVATION.” —Frank Herbert

AUGUST 2022

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full of cash to pay his son’s swim coach while they were training there.

After high school, Serunjogi followed his older brother to Grinnell, a small liberal arts college in Iowa known for its strong academics, where both swam varsity. At Grinnell he met Moujaled, a Ghanaian computer science major who had started a popular student coding group. Almost immediately, the two began talking about developing an African money transfer app. But first they wanted real-world tech experience and needed work visas. So during his junior year Serunjogi sent cold emails to Mark Zuckerberg and Sheryl Sandberg and snagged an internship with Facebook, which turned into a fulltime job in Dublin after he graduated in 2016.

In the spring of 2018, Serunjogi texted Moujaled, who was working as a software engineer in San Francisco, to say it was time to get going. Serunjogi quit his job and moved into Moujaled’s studio apartment, sleeping on an air mattress in the kitchenette. The two used their combined savings of less than $30,000 and Moujaled’s ongoing salary as seed capital. They launched a test version of their app in July 2018, letting customers send money from Uganda to Ghana for free.

They took pitches to more than 50 VC firms until, in November 2018, 500 Startups agreed to invest $150,000.

Before the papers were signed, Mohnot wired $40,000 to Chipper after Serunjogi told him he was about to miss rent. “I will be eternally grateful to him for that,” Serunjogi says.

Chipper’s free, easy-to-use app was a big improvement over the available alternatives. For example, Kenya’s M-Pesa, which launched in 2007, charges 1% to 2% for many domestic transfers.

By mid-2019 Chipper Cash was available in Uganda, Ghana, Kenya and Rwanda. It soon expanded to Nigeria, Africa’s biggest market with more than

• COVER STORY •

S A E E D M O H A M M E D A L TAY E R

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POWERHOUSE

Saeed Mohammed Al Tayer, Managing Director and CEO of the Dubai Electricity and Water Authority (DEWA), led the utility provider to raise $6.1 billion in an IPO in April, making it the largest company on the Dubai Financial Market. IPO activity among state-owned companies is heating up in the Middle East.

BY JAMILA GANDHI F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

IMAGE BY FORBES MIDDLE EAST

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F O R B E S M I D D L E E A S T.C O M

Saeed Mohammed Al Tayer, Managing Director and CEO of the Dubai Electricity and Water Authority (DEWA) AUGUST 2022

On April 12, 2022,

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the Dubai Electricity and Water Authority (DEWA) became the largest company on the Dubai Financial Market (DFM), raising $6.1 billion in a long-awaited IPO and giving the firm a market cap of $33.8 billion.

“The IPO was 37 times oversubscribed, indicating institutional and retail investors’ confidence in DEWA as a leading global utility company,” says Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA. At the time of the listing, DEWA’s IPO was the largest in Europe, the Middle East, and Africa since Saudi Arabia’s Aramco raised $29.6 billion in late 2019. The Dubai government sold 18% of its stake in the state-owned utility firm, equating to nine billion shares, at $0.68 per share. The IPO attracted a total of $85.8 billion from sovereign funds, private funds, and over 65,000 individual investors.

Days after DEWA’s market debut, its neighboring counterpart, the Abu Dhabi National Energy Company (TAQA), became the top-ranking publicly-listed utility company in the Arab region, with a market capitalization of $41.9 billion based on its share price on April 19, 2022.

Globally, the market size for utility companies is expected to grow by nearly 9%, from $5.5 trillion in 2021 to $6 trillion in 2022, according to a report by ResearchAndMarkets. The market is anticipated to reach $8.1 trillion by 2026.

For investors, DEWA is a good bet.

It posted revenues of $1.4 billion in Q1 2022, a 15% increase compared to the year before. And 2021 also recorded strong financials, with revenues up 5.8% by the end of the year to reach $6.5 billion. According to the company, F O R B E S M I D D L E E A S T.C O M

“

The IPO was 37 times oversubscribed, indicating institutional and retail investors’ confidence in DEWA as a leading global utility company.

”

Saeed Mohammed Al Tayer

growth was driven by a resurgence in hospitality and commercial activities in Dubai as Covid-19 measures eased.

As of July 19, DEWA had 11,048 employees serving over 3.5 million Dubai residents. Energy demand in Dubai during the first half of 2022 increased by 6.3% compared to the same period in 2021, reaching 23,096 GWh compared to 21,729 GWh the year before. As Dubai’s only electricity and water services provider, DEWA currently has an installed capacity of 14.1 megawatts of electricity and 490 million imperial gallons of desalinated water per day.

For the CEO, however, its latest evolution is not just about raising capital, but transforming the energy sector. DEWA is investing hard in renewable and sustainable energy.

In May, the industry veteran even traveled to the World Economic Forum Annual Meeting 2022 at Davos, which gathered nearly 2,500 leaders to debate global issues and find solutions to the world’s most pressing challenges, including the ongoing geo-economic shocks and climate change.

Accelerating the Middle East’s transition to renewable energy has implications for investment across many other environment, social, and governance (ESG) areas. “By generating more energy from renewables, governments and companies in the region will help legitimize additional investment,” explains Samer Kamal, Chief Sustainability Officer at AUGUST 2022

IMAGE FROM DEWA

F O R B E S M I D D L E E A S T.C O M

around 14% by the end of 2022,” Al Tayer forecasts. Upon completion, the solar park will save over 6.5 million tons of carbon emissions annually.

DEWA’s other initiatives include a 250MW hydroelectric power plant in Hatta and the Green Hydrogen project, the first of its kind in the MENA region to use solar power to produce hydrogen.

Al Tayer is placing his bets on hydrogen as being the most impactful clean energy mode in the future. “Green hydrogen is a promising energy source for the

DEWA’s initiatives include a 250MW hydroelectric power plant in Hatta and the Green Hydrogen project, the first of its kind in the MENA region to use solar power to produce hydrogen.

future, but it is still underdeveloped for commercial use,” he adds.

Kamal agrees, highlighting the opportunities to link green hydrogen production and carbon capture to recovery and treatment. “In the mid-term, I believe solar power has great potential to impact our energy mix and drive down our carbon emissions,” he says. “That being said, I am quite excited by the rise of hydrogen in power generation. Hydrogen as an energy source has huge potential, much of which has not been considered yet.”

His projection is also echoed by data insights from APICORP, forecasting that blue and green hydrogen will dominate across the MENA region in the near term. In May, oil giant BP Plc confirmed its plans to develop a clean hydrogen AUGUST 2022

27 S A E E D M O H A M M E D A L TAY E R

U.A.E.-based Averda. “As investors begin to understand how to make money from environmentally positive investments, they will invariably seek more. This will have a cascade effect on other environmental issues, putting a spotlight on issues relating to waste, water, and food.”

For Raja Atoui, Partner at Bain & Company Middle East, cleaner power can enable increased electrification of transport and industry for consumers and businesses that wish to reduce their carbon footprints.

“These plans entail major investment and the need to ensure localization across the value chain to develop renewable generation capacity, reinforce the electric grid, and build energy storage solutions,” stresses the ESG investment expert.

Regionally, the Middle East will host two installments of the UN climate change conference over the next two years, with COP27 held in Sharm el Sheikh, Egypt, in November 2022 and COP28 in Abu Dhabi in November 2023. Overall, energy investments in MENA are expected to surge by 9% reaching $870 billion over the next five years, according to the Saudi-based Arab Petroleum Investments Corporation (APICORP), underlining how the energy transition is among the highest priorities for Middle East policymakers.

To help achieve Dubai’s clean energy and net-zero targets for 2050, DEWA has been investing in developing several mega projects. These include the world’s largest single-site solar park, the Mohammed bin Rashid Al Maktoum Solar Park, with an estimated production capacity of 5,000 MW by 2030 and investments of up to $13.6 billion. “The clean energy capacity share is currently around 11.5% of Dubai’s energy mix and is expected to reach

F O R B E S M I D D L E E A S T.C O M

Electricity Company, as well as director general of the Dubai Water Department, which was a separate organization at the time. He was tasked with improving efficiencies and examining the possibility of a merger between the two. Al Tayer eventually submitted a merger proposal to the board, which was approved and led to DEWA being formed in 1992.

“Initially there were many challenges,” he remembers. “We were subsidized, overstaffed, operating inefficiently and without systems and clear procedures. The electricity and water network required better planning.” Al Tayer undertook an organizational restructure, hired new staff,

DEWA has been investing in developing several mega projects. These include the world’s largest single-site solar park, the Mohammed bin Rashid Al Maktoum Solar Park.

established a KPI-based management model, and introduced strategic planning and enterprise-wide ERP systems. “The results are there for everyone to see,” he adds.

Among Al Tayer’s other current posts, the CEO is also vice-chairman of the Dubai Supreme Council of Energy, vicechairman of Emirates Global Aluminium, chairman of the Emirates National Oil Company, and chairman of the Dubai Future Council On Energy. “In my 35-year career in the fields of telecommunication, energy, infrastructure, oil, and gas, it is the experience of leading DEWA that I cherish most,” he says.

As the CEO leads DEWA into its next chapter as a listed company for AUGUST 2022

IMAGE FROM DEWA

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project with two of the U.A.E.’s biggest energy firms—ADNOC and Masdar—as oil producers seek to build alternative fuel solutions to curb carbon emissions.

But the U.A.E. is not alone in its aggressive targets. The Gulf’s oil producers are on a mission to spearhead a global energy transition away from fossil fuels.

“Governments across the Middle East have shown commitment towards achieving ESG leadership, and this can be illustrated by the various net-zero announcements made over the past year,” says Atoui. “For state-owned companies, it is imperative to lead by example and fully embed ESG measures in their business.”

DEWA’s performance has been surpassing major European and American utilities in several indicators. In 2021, the utility firm’s water network losses dropped to 5.3%. This is one of the leading records globally and compares to North America, where water losses stand at around 15%.

DEWA’s losses from electricity transmission and distribution networks were 3.3% compared to around 6-7% in Europe and the U.S. DEWA also raised the efficiency of fuel and production units by 90%, which is among the highest percentage worldwide, according to the company.

And while energy prices spike globally, Al Tayer says that the rise in costs will not impact the company’s operations due to long-term purchase contracts in place. “DEWA is subject to a regulated tariff and framework that helps serve the interests of various stakeholders in a balanced manner,” he explains. “Tariffs have remained stable, and no review has been found necessary for over a decade, so we don’t foresee any changes in tariff in the near future.”

Al Tayer’s journey with DEWA started before the company was even created. He was previously the deputy general manager of Etisalat, when the Dubai government selected him to become the general manager of what was then the Dubai

are among the anticipated upcoming IPOs for 2022.

Recent IPOs in Abu Dhabi and Riyadh attracted a flood of cash in Q1 2022. The U.A.E. capital saw the listing of the Abu Dhabi Ports Group, which mobilized $1.1 billion from its share sale in February.

Meanwhile, Saudi-based Nahdi Medical Co. raised $1.4 billion in its share offering in late March, while Al-Dawaa secured $496.4 million through its IPO in the same month. Tadawul received 50 applications from companies for floating IPOs this year.

However, Dubai is hot on the heels of MENA’s most active IPO markets.

“We are proud to offer investors the opportunity to participate in DEWA’s future as it supports Dubai’s growth and energy transition to carbon neutrality,” says Al Tayer.

Stay connected with our latest business news.

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

Rank Company

Country

Sales

Profit

Assets

Market value

7

Saudi Electricity (SEC)

Saudi Arabia

$18.5 billion

$3.8 billion

$126.6 billion

$29.8 billion

SEC is the region’s biggest utility company.

10

TAQA Group

U.A.E.

$12.4 billion

$1.6 billion

$49.1 billion

$41 billion

TAQA Group was established and listed on the Abu Dhabi Securities Exchange (ADX) in 2005.

13

Dubai Electricity and Water Authority (DEWA)

U.A.E.

$6.5 billion

$1.8 billion

$46.1 billion

$38.8 billion

DEWA made its debut on the Dubai Financial Market (DFM) in April 2022.

57

ACWA Power

Saudi Arabia

$1.4 billion

$198 million

$12.2 billion

$26.4 billion

ACWA Power develops, invests, and operates power, water desalination, and green hydrogen plants.

81

Qatar Electricity & Water Company (QEWC)

Qatar

$680 million

$409 million

$5.1 billion

$5.4 billion

QEWC is the main supplier of electricity and desalinated water in Qatar.

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the first time in its 30-year history, it joins DFM at a time when the Dubai bourse is bracing for another year of record listings. In November 2021, the Deputy Ruler of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, said his government approved establishing a market-maker fund worth up to $544.5 million. The committee will also launch a $272.2 million fund to support tech firm IPOs and encourage innovative financial products and solutions. In June 2022, Dubai businesspark operator, the TECOM Group, became the second of 10 planned listings as part of the government’s plans to list state-owned companies to boost trading volumes to $816.8 billion, catching up with Abu Dhabi’s ADX and Saudi’s Tadawul. Emirates Global Aluminium, Empower, and Dubai road toll firm Salik

PRO M OTI O N

U.A.E. Consumers Embrace Digital Payments

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Mastercard’s J.K. Khalil, Cluster General Manager of MENA East, reveals the payment trends emerging in the U.A.E., with digital front and center.

T

he technology J.K. Khalil, fueling the future Cluster General Manager, of payments Mastercard MENA East is already here and consumers across the globe are opening up to new and exciting ways to shop, transact, and manage their money.

Delving deep into the topic, Mastercard’s New Payments Index 2022 has unearthed a trove of valuable findings, with all things digital taking center stage.

In the MENA region, the United Arab Emirates is a case in point. According to the Mastercard study, U.A.E consumers are not just aware of emerging payment methods, they are increasingly and actively using them in their everyday lives, with 88% having used at least one in the last year. Of these These findings point to an consumers, 39% used a tappable emerging landscape where digital smartphone mobile wallet, 29% payments are on the rise and the used Buy Now Pay Later (BNPL), 20% use of cash is declining, but the used cryptocurrency, and 18% used Mastercard New Payments Index a payment-enabled wearable tech 2022 is far more nuanced than that. device. Consumers are also making Interview responses from more than purchases in increasingly diverse 35,000 adults world-wide have ways, including through voice revealed a number of global trends assistants and social media apps.

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and detailed insight into the drivers of customer behavior in the U.A.E. High awareness of BNPL installments as a budgeting tool The majority of U.A.E. consumers have heard of BNPL with 87% saying they are familiar with the concept, and almost half are already comfortable using it today. Consumers want the flexibility and convenience of BNPL, but with the sense of security associated with a trusted provider like a bank or payment network. Those that have used BNPL find it useful for emergency and big-ticket purchases, as well as increased purchasing power. Consumers also find BNPL useful for unique use cases, including as a budgeting and financial planning tool.

Deeper understanding of blockchain is key to expanding the use of cryptocurrency and NFTs Broad awareness of cryptocurrency and non-fungible tokens (NFTs) exists, but 74% of U.A.E. AUGUST 2022

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consumers agreed they would use cryptocurrency more if they understood it better. Still, about two thirds of consumers in the U.A.E. concur that NFTs and other digital assets could be good investments, and 67% have undertaken at least one crypto-related activity in the past year.

concerns. In the U.A.E., 81% of consumers know about open banking, and are using it to pay their bills, do their banking, secure or refinance loans, and make BNPL payments. Over half also feel safe using apps to send money to people or businesses from their phone, while 50% are willing to share

“U.A.E consumers are not just aware of emerging payment methods, they are increasingly and actively using them.”

Receptiveness to more direct account-to-account (A2A) payments The majority of consumers are seeking greater agility to optimize bill payments, prioritizing control, flexibility, convenience, and integrated payment technologies.

Most are open to direct account-toaccount payment options, by linking their account to a merchant site for future purchases, while 83% of U.A.E. consumers already using A2A payments have either maintained or increased their usage in the last year.

What’s more, seven in 10 consumers agree they are interested in a bill payment option that allows them to change the date they pay their monthly bills, mostly due to an irregular income. Bill payment options that allow them to pay over a period using a BNPL solution is also of interest, as well as automatic payments for their household bills.

Consumers turning to fintech and open banking to meet everyday finance needs Consumers are relying on digital finance options for their everyday financial tasks, with benefits like speed, convenience, and transparency, outweighing security

financial data with apps in order to gain access to payment tools that help them manage their money.

Biometrics offer convenience and security, though concerns remain Consumers recognize the convenience that biometrics can offer, with 71% agreeing it is easier to make payments using biometrics than a card or device. The potential for security optimization is also evident to consumers, with seven in 10 agreeing that biometrics technology is more secure than twofactor authentication when it comes to payments.

Consumers do have some concerns about what entities have access to their biometric data, but they are still open to using it given the time it saves. In fact, nearly two thirds have used biometrics for at least one purchase in the last year and 87% of consumers have used, or plan to use, their fingerprint to make a payment. Other popular biometric methods include facial recognition, palm or hand, retina scans, and voice recognition.

Emerging payments have strongest traction among more digitally native generations Younger generations have gone more digital in their purchasing

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and payments behavior, and their engagement in and usage of emerging digital payments is accelerating at a faster rate than older audiences. They are also more open to exploring emerging payment approaches like crypto, or buying virtual products in the metaverse. While security and data privacy remain a concern for them, it is less heightened than for older consumers, and they are more likely to perceive digital tools as secure.

Across the U.A.E., Gen Z is the least likely consumer base to use cash or make in-person purchases and payments. Gen Z consumers are proactively seeking out new payment methods, and nearly two thirds of them in the U.A.E. are likely to have obtained a new digital payment alternative, such as a digital wallet or click-to-pay account, compared to only 22% of Boomers.

As consumers transact digitally more than ever before, Mastercard continues to strengthen its digital payment capabilities in the U.A.E. and wider region. Its trusted technology solutions are being used for new use cases, brought to market through various partnerships with fintechs, governments, financial institutions, digital giants, and telecom operators. By tapping into multi-rail capabilities to create competitive localized solutions, Mastercard is accelerating the transfer of value in new ways, thereby advancing a bright future for inclusive commerce.

www.mastercard.com AUGUST 2022

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• TOP 25 FINTECH COMPANIES •

ABDULLAH ALDABBOUS

32

RIGHT PLACE, RIGHT TIME

Abdullah Aldabbous, Founder and CEO of MyFatoorah, hit on an opportune idea at an ideal moment when he set up the Kuwait-based digital payments gateway in 2016. Having seen business boom in recent years, he’s now thinking of new ways to innovate.

BY CLAUDINE COLETTI F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

Abdullah Aldabbous, Founder and CEO of MyFatoorah

IMAGE FROM SOURCE

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Pre-pandemic, Fintech companies were riding a slow-but-steady wave in the Middle East as traditional businesses gradually turned to digital transformation, but 2020 lit a fire under their feet. Suddenly every business needed to adopt online payments, and they needed to do it fast.

For Kuwaiti digital payments gateway MyFatoorah, the impact was gamechanging. “Pre-pandemic, things were going good, ecommerce was growing, people wanted to shift online—but not everybody,” remembers MyFatoorah’s founder and CEO, Abdullah Aldabbous.

“Once Covid hit, they shifted like lightning. The numbers were crazy.”

In 2020, MyFatoorah executed payments worth a total of $1.6 billion, up from $540 million in 2019—an increase of 196%. In 2021, this figure shot up again by 81% to hit nearly $2.9 billion. By the end of last year, the company’s app had been downloaded 255,000 times and had over 60,500 active users. Recent results have come as a relief. “We were afraid, thinking if life goes back to normal we will have a slowdown, but our numbers nearly doubled,” admits the CEO. “This is because our existing customers also grew; they never went back.”

Having been established in Kuwait in 2016, MyFatoorah today has offices in Egypt, the U.A.E., Saudi Arabia, Qatar, Bahrain, and Oman. It works remotely in Lebanon and Jordan, and it has clients in the U.S. and Europe. It has signed up a number of big-name partnerships in the last six years—its most recent being in January 2022 with U.S.-based GoDaddy, a Nasdaq-listed internet domain registrar and web hosting company. It joins a growing roster of partners, including the business registration and licensing sector of Dubai Economy, DHL, Shopyfiy, FedEx, ZidPay, Mnasati, and Aramex, among others.

For its next physical expansion, MyFatoorah is looking at North Africa F O R B E S M I D D L E E A S T.C O M

Once “ Covid hit, they shifted like lightning. The numbers were crazy.

”

Abdullah Aldabbous

or Iraq—Arab-speaking countries where existing contracts and websites can be easily made available. Also in the pipeline is a potential expansion into direct-toconsumer business. “We’re thinking of doing some sort of wallet, but not the traditional kind because there are many wallets,” reveals Aldabbous. While he doesn’t give away too many details, the CEO does say that the team’s ideas are now well into the development stage, and they plan to test their wallet in Kuwait once they have a prototype.

The small but prominent country is an emerging market for Fintech. Even prepandemic, there was evidence that the country was embracing digital payments.

According to a 2020 report from KPMG, in 2016 there were 20 million payment gateway transactions in Kuwait. This had risen to 57 million by 2019, an increase of 185%. In July 2019 alone, there were around five million payment gateway transactions in the country. A year later, in July 2020, there were over 11 million, a year-on-year growth rate of 122%. Experts agree that Kuwait is on a deliberate path to embrace innovation in payments. “Fintech evolution is typically correlated to financial inclusion in emerging economies. Both public and private entities in Kuwait have been behind the drive to digital adoption,” explains Patricia Keating, Scale Lead at PwC Ventures Practice Middle East.

Of course, what matters now is whether this growth continues. Data from Statista suggests that Kuwait could have up to 2.8 million digital payment users by 2026, out of an estimated population of 5.2 million. By comparison, the AUGUST 2022

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ABDULLAH ALDABBOUS

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35 ABDULLAH ALDABBOUS

U.A.E. could have more than eight in person or order it online million digital payment users out and have it delivered to their an estimated population of 10.6 doorstep. Around the same time, million. “The Kuwait Fintech he also began studying to take a ecosystem is beginning to flourish Graduate Management Admission with a supportive public sector and Test (GMAT) that would allow innovative private stakeholders him to apply to the top business driving to Vision 2035,” says Ahmed schools for his MBA. He met a AlKiswani, Regional Financial GMAT instructor online based in Services Partner at PwC Middle Uruguay and persuaded him to East. “Kuwait consumers are not travel to Kuwait to host a couple of only embracing digital finance, but two-week boot camps for students. it appears they are welcoming it “It was a good experience; we By the end of last year, the company’s app had made some good money,” says with open arms.” been downloaded 255,000 times and had over “The Kuwaiti consumer is very Aldabbous. It also led him onto a 60,500 active users. tech savvy; they are not reluctant one-year accelerated MBA course to try new things,” agrees Aldabbous. “Competition with INSEAD in 2015. helps a lot. If there are several companies, it It was while studying for his MBA in educates the whole market.” Among MyFatoorah’s Fontainebleau, France, that the idea for MyFatoorah regional competitors are Saudi’s PayTabs, which sparked. Aldabbous continued making transactions processed over $4 billion worth of transactions in in Kuwait remotely but struggled with complications.

2021, and fellow Kuwaiti startup UPayments, which If he wanted to buy a gift for someone, he had to processed over $689 million across more than 2.9 get a friend to go to an ATM, get cash out, go to one million transactions in 2021. However, Aldabbous place to buy something, another to collect it or get it is confident in MyFatoorah’s market share at home. delivered. The process was convoluted and expensive.

“In Kuwait, we are number one by far. Maybe two or “I thought, there is a business opportunity here. That’s three times the nearest competitor,” he insists. “In the first thing I’m going to do when I go back,” he Saudi, we’re increasing our market share; in Qatar, recalls. the competition is there from the local providers; in Aldabbous took around $10,000 of his own money Egypt, online is not as strong.” Going forward, he and founded MyFatoorah in Kuwait City in 2016, says the team plans to explore existing markets where working from a local Caribou Coffee shop. He hired MyFatoorah is not doing quite as well and look at how a “tech guy” on a percentage-of-profits deal while it could improve its performance, as well as expand he focused on sales, marketing, and onboarding into new geographies. One thing for sure is that the customers. Forgoing feasibility studies or competition company will keep developing—its founder and CEO analysis, they dove straight into creating the platform likes to keep busy. and signing up vendors. At the time, there was little Having studied for his bachelor’s degree in finance regulation in the region for Fintech. It was a new and computer information systems in the U.S., sector, and the startup was able to get things going Aldabbous returned to Kuwait looking for work in with very little capital before bringing in an income 2010. He’d hated the computer programming side of its own. To date, it has grown organically. Vendors of his degree but had discovered a real passion for slowly came on board, then so did their customers. finance. He started his career in transaction advisory Today the company employs over 200 people, and services at EY, working on valuations, M&A, and the CEO says it has not raised any external funding. due diligence. After a while though, he found himself “From the first couple of months, MyFatoorah was needing a new challenge. “For me, the learning curve profitable,” he says. “There were initiatives before got to a certain degree of plateau. My hands kept MyFatoorah, but they didn’t work because people itching me, I had to do something on the side,” he in Kuwait and the region weren’t ready for such remembers. technologies. My timing was good.”

In 2011, he took out a $100,000 bank loan and, Timing worked out once again when 2020 saw the with a partner, founded Al-Andalus Exchange Est, whole world turn to digital solutions in order to keep a physical FX exchange institute and website in business alive. MyFatoorah’s strength here was in Kuwait that enables people to exchange currency speed. Whereas traditionally, setting up a payment

ABDULLAH ALDABBOUS

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gateway required liaising with banks and developers in a process that could take weeks to complete, MyFatoorah was able to help merchants go live within hours.

It also helps that in the years since MyFatoorah was established, Kuwait has adopted a number of new regulations and initiatives to help grow its Fintech sector.

For example, in 2018, the Central Bank of Kuwait (CBK) launched its new Fintech Unit. “It was a recognition that Fintech has become the number one driver of change in Kuwait’s banking sector,” says Maher Kobeissi, PwC Middle East Director, Middle East Financial Services Consulting Kuwait. “The Fintech unit supports the government’s Fintech regulatory sandbox framework, which is designed to encourage Fintech growth and enable banking systems to test new technologies.” In 2021, CBK announced a new e-payment service to enhance its 2018 e-payments regulations. And in January 2022, it held an event to discuss new measures such as launching a new digital banking license application process, enhancing the existing Fintech framework, and enabling infrastructure to address issues around cloud regulation, cybersecurity, and Kuwait’s Vision 2035 digital

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transformation strategy. “Ultimately, regulation drives competition and helps progress. It initiates positive change,” adds Kobeissi.

For Aldabbous, the prospect of more regulation is both a risk and a benefit.

Whereas additional barriers to entry mean that incumbent players essentially have an advantage in the market, more red tape could make onboarding more difficult.

“Absolutely, you should concentrate on careful onboarding, AML, etc, but if the regulator forces you to sign physical contracts instead of digital contracts, for example, this is a setback,” he explains.

“These are discussions we are having with the banks and the central banks.”

In the meantime, MyFatoorah is focused on innovating in technology and maintaining its foothold in its strongest regional markets. The CEO likens it to gradually building a home for your family— you start with a house for two people and then add more rooms as you grow. “We invested a lot in our infrastructure. We were able to leverage our technology and build this reputation. [People say] ‘MyFatoorah, we do not remember the last time they had five minutes downtime,’” says Aldabbous.

“This is good for us.”

Funding Fintech These six U.S.-based payments startups made Forbes’ Fintech 50 list 2022 in June. We list them here in order of who got the most funding.

Company

Funding

Headquartered

Stripe

$2.4 billion

San Francisco, California

TripActions

$1.1 billion

Palo Alto, California

Plaid

$735 million

San Francisco, California

Melio

$506 million

New York, New York

Chipper Cash

$280 million

San Francisco, California

$6 million

Oakland, California

Stronghold F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

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F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

• TOP 25 FINTECH COMPANIES •

MUHANNAD EBWINI

38

DREAMING BIG

Fresh from securing $36.7 million in new funding, Muhannad Ebwini, Founder and CEO of Saudi’s HyperPay, is now looking at regional expansion. New products and a potential IPO are on the horizon.

In June 2022, Saudi Arabia-based payment gateway HyperPay confirmed its latest round of funding. Led by Mastercard, with participation from Amwal Capital Partners and AB Ventures, the deal saw HyperPay secure $36.7 million to fund its expansion, bringing its total funding raised to $55 million. For the founder and CEO, Muhannad Ebwini, this is just the beginning.

“Our plan is to go public through an IPO in two years in Saudi Arabia,” he says with confidence.

Established in 2015, HyperPay provides ecommerce businesses with a range of online payment solutions, including merchant cash advances, B2B systems, card issuing, and open banking. Recent years have witnessed impressive growth. In 2021, it executed 112 million transactions worth a total of $4.7 billion, compared to 79 million transactions totaling $2.4 billion in 2020. Headquartered in Riyadh, the company also has offices in Jordan and the U.A.E. The new funding is earmarked to help the company expand into Egypt, Bahrain, Iraq, and Oman, as well as take it public. “We were looking for strategic investors, not cash investors,” explains Ebwini. “We were looking for someone who can help us in the products side and has the know-how and support in the market.”

As part of the deal, Mastercard will provide more products to HyperPay, while the latter will

help the digital payment giant to distribute and push these products among banks, merchants, and across a variety of different sectors in the market. Meanwhile, private equity fund Amwal Capital specializes in taking companies public, so will help HyperPay prepare its financials in readiness for its planned IPO. And AB Ventures, the VC arm of Arab BLC Bank, will support HyperPay’s geographical expansion plans to countries like Algeria, Tunisia, and Palestine. “We recognize the crucial role Fintechs are playing in our world’s rapid digital transformation,” says Adam Jones, Country General Manager for MENA Central at Mastercard. “Growing the payments ecosystem is crucial for the development of a robust digital economy that is more inclusive for all.

Our partnership with HyperPay is meant to power the use of new technologies, grow digital commerce across the region, and bring practical innovation to millions of consumers.”

Jordanian entrepreneur Ebwini is no stranger to startup building and scaling. He began his career in 2001 at Maktoob.com, which was the first successful webmail service with Arabiclanguage support. Founded in Jordan in 1999 by Hussam Khoury and Samih Toukan, it was also a breeding ground for entrepreneurial talent.

Joining the company as a sales and marketing executive, Ebwini found himself working

BY LAYAN ABO SHKIER F O R B E S M I D D L E E A S T.C O M

AUGUST 2022

IMAGE FROM SOURCE

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alongside Ronaldo Mouchawar, who went on to found Souq.com and is today Vice President for Amazon in MENA, and Fadi Ghandour, who went on to found Aramex and is today Managing Partner at Wamda Capital. Khoury and Toukan are today the founders of the Jabbar Internet Group. “I learned how to innovate new ideas that are not available in the market and how to educate the market and take it to the next level with these ideas,” says Ebwini. The cofounders sold Maktoob.com to Yahoo for a reported $164 million in 2009.

Ebwini had already moved on by then, joining the National Technology Group in Saudi Arabia in 2004, which was focused on growing the burgeoning digital economy in the Arab world at that time.

It’s this role that Ebwini credits with incubating his entrepreneurial skills. The F O R B E S M I D D L E E A S T.C O M

group helped launch a range of tech-based projects, such as real-time Saudi Stock market information service Mubasher and pioneering online payment provider OneCard. “It was the age of the prepaid cards, where each service had its own prepaid card, like internet service providers, games, some websites, everything had a card,” Ebwini remembers. Prepaid cards, which consumers topped up with money, were not linked to a bank account and could be used for online purchases. “The initial idea of OneCard was to have all these prepaid cards together in one card, hence the name,” he adds. OneCard was later developed to able to be used at online checkouts, enabling users to pay directly on websites at a time when e-commerce was still an emerging market.

This sparked an idea for Ebwini. In 2010,

Muhannad Ebwini, Founder and CEO of Saudi’s HyperPay

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a much earlier stage. “It meant that we had to work really hard to educate the market,” says Ebwini. Still, in Saudi he had market knowledge and connections through his previous work, so he headed to Riyadh.

A key part of HyperPay’s service as a payment gateway is connecting digital merchants to partnering banks. Once HyperPay signs a new ecommerce merchant, it connects them with a banking partner, which provides them with a bank account that can be used with HyperPay’s gateway. According to Ebwini, in 2014 there were very few banks in Riyadh willing to acquire ecommerce business. The CEO had a job on his hands. “We started to talk to merchants and banks to convince them,”

Mastercard made a strategic investment in HyperPay to enhance its own capabilities and identify new technologies.

he remembers. “We managed to convince six banks to become acquirers between 2015 and 2018. Today, every bank in the kingdom is an online acquirer.”

In 2016, HyperPay also started working with the Saudi Central Bank (SAMA) and Saudi Payments, a payment system and a subsidiary of SAMA, to open up more payment options in the kingdom. “We implemented the first project they had— Sadad Online Payment—and now we are the only independent payment gateway that has the new Mada system and other features that Saudi Payments is pushing in the market,” says Ebwini. Through this, HyperPay gradually gained the trust of government and banks, and it started to onboard merchants.

As it gained clients, HyperPay found that some of them needed tailored AUGUST 2022

IMAGE FROM SOURCE

MUHANNAD EBWINI

40

he left Saudi Arabia and returned to Jordan, where he used his e-commerce and payments experience with Maktoob. com and OneCard, as well as his degree in computer science, to establish Gate2Play, an online aggregator for payment cards targeting international merchants in MENA specializing in online content and online games. He began approaching previous colleagues, hiring new people, and gathering initial funding from investors. “At OneCard, I was working on a 5-10% margin, while at Gate2Play I could work within a 0.2% margin,” explains Ebwini. According to the founder, Gate2Play grew steadily over the next four years, adding other services for its international digital merchants, such as localization services and community management, and signing agreements with EA Sports, Zynga, Travian, and Facebook, among others.

However, by 2014, the world had changed, and technology had moved on.

Ebwini admits that the Arab Spring uprisings of the early 2010s had taken his attention away. “We woke up in late 2013/early 2014, and technology had shifted,” he recalls. With his main clients still being online gaming platforms, he realized that fewer games were being launched on consoles and websites—the smartphone and app stores were taking over.

Understanding that his business model had to be changed to fit the new market, he traveled to Silicon Valley in San Francisco to meet mentors and learn about the new world. Returning home, he relaunched Gate2Play as HyperPay, a payment gateway serving travel, ecommerce, and retail clients. He tested his new model in Jordan, then he looked to the U.A.E. and Saudi Arabia. Whereas in 2014, credit card penetration and ecommerce were already established and growing in the U.A.E., Saudi Arabia was at

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adapted to the new normal. The online invoicing system enables merchants to create invoices, manage a billing cycle, and get paid, without any complicated setup and special website needed.

“In the first month of the lockdown, around 1,000 new clients engaged with HyperBill,” says Ebwini. “We saved many businesses from bankruptcy.”

It also introduced new sectors to the startup. “We were processing payments for the government, travel, or entertainment sectors. But all that stopped, and new categories bumped up really quickly like home appliances, electronics, and cosmetics,” he adds.

Today, HyperPay’s challenge lies in creating a business model that can cater to the needs of each new market.

But with its coffers full of new funding and IPO plans underway, it appears ready for what comes next. “I would say for the coming five years at least, we will still be doubling or tripling our numbers,” says the CEO. “I believe we are in the beginning and there is so much potential.”

Maktoob.com Alumni

IMAGES FROM SOURCE

Maktoob.com was the first successful webmail service with Arabic-language support and was sold to Yahoo! for a reported $164 million in 2009. These five entrepreneurs all worked at Maktoob.com in its early days and have gone on to found and lead other well-known successful businesses in MENA.

Hussam Khoury and Samih Toukan:

Ronaldo Mouchawar:

Founded Maktoob.com in 1998. Sold the business to Yahoo! In 2009 and founded Jabbar Internet Group in the same year.

Founded Souq.com and is today Vice President for Amazon in MENA.

F O R B E S M I D D L E E A S T.C O M

Fadi Ghandour:

Hussein Freijeh:

Founded Aramex and is today Managing Partner at Wamda Capital.

Worked for Yahoo! as Managing Director for the Middle East, Africa, and Turkey. Today is general manager for MENA at Snapchat.

AUGUST 2022

41 MUHANNAD EBWINI

solutions. “You cannot serve all merchants equally,” says Ebwini.

HyperPay set about focusing on building customized products for sectors such as insurance and aggregator companies, or for specific merchants that required a tailored solution to solve their problems.

Then 2020 hit. The onset of the global pandemic was a boost for Fintech companies. “As the world went into pandemic lockdown in 2020, and as stores closed and social distancing took hold, many retailers in the Middle East were forced to move their businesses online, embrace e-commerce and explore and adopt new ways to pay,” says Kamel Al Tawil, Managing Director of Equinix Middle East and North Africa. “This has naturally led many consumers in MENA to shift their spending habits away from more traditional forms of payment to embrace contactless tap-and-go payments and online shopping.”

HyperPay’s HyperBill service, which it initially launched in 2017, proved to be a lifeline for businesses as they

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Striding Ahead: The Journey of a Petrochemical Giant CEO Abdullah Al-Saadoon explains what makes Sahara International Petrochemical Company (Sipchem) one of the leading petrochemical giants in the world, and what it’s doing to drive sustainability.

The Sipchem-Sahara multi-billiondollar merger is considered a major milestone in the company’s history.

What have the outcomes of the merger been so far?

The Sipchem-Sahara merger followed Sipchem’s track record of delivering greenfield and brownfield projects. It was our first major merger and we overcame many challenges to deliver on its promise.

The outcome so far is clearly tied to the strategic rationale of the deal. First, it has allowed us to diversify our products portfolio, and strengthen our competitive position through enhanced market access, unrivaled product expertise, and the sharing of complementary capabilities across both companies.

Second, it has increased our scale and fortified our resilience to external challenges. This manifested itself clearly during the COVID-19 pandemic, where the merger proved a pivotal driver in our ability to record our highest net profits since the incorporation of the company.

Finally, the merger has enabled us to unlock significant synergies across the company. Back in 2019, we committed to our shareholders the delivery of 175 million SAR - 225 million SAR ($46.6 million - $60 million) in recurrent EBTIDA impact within three years of the merger deal. This target was surpassed six months ahead of schedule, reaching a synergy value of 298 million SAR

($79.5 million), and was achieved through the efforts of our teams and the benefits of our co-located assets.

In summary, I would say we are quite proud of what we have achieved – almost three years on, we have made what was originally on paper, into a reality.

Your 2021 financial results show a surge in profit. What are the reasons behind this growth?

Sipchem’s net income reached SAR 3.59 billion ($957 million) last year, compared to SAR 175.9 million ($46.9 million) in 2020 – an increase of 1,942%. It is clear that the opening of the markets following the pandemic, and the surge in product prices, were main reasons for the improved performance of most of the petrochemicals company during 2021. However, the exceptional growth Sipchem witnessed compared to peer companies is attributed to the bold decisions made at the end of 2020 and beginning of 2021.

Following the merger, we immediately began working on key top-line and bottom-line initiatives.

We optimized our portfolio, deciding to mothball three under-performing assets and bring back shares of our JV partners in others. We also invested in targeted plant reliability initiatives to maximize our production. In addition, we restructured the organization to

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reduce the number of management layers, creating a faster and more agile company ecosystem.

Two further initiatives included optimizing our fixed costs to leverage post-merger strength of both legacy companies and capitalizing on our physical presence in key markets. We achieved the latter through our two subsidiaries, Sipchem Europe in Switzerland, and Sipchem Asia in Singapore. This presence ensures we are in direct contact with our end customers in key demand markets.

You have been part of Sipchem’s growth story over the past two decades. How would you describe the evolution of the company?

Throughout our rich history, we have been able to demonstrate a sustainable and consistent growth story. The first production facility of Sipchem was the methanol plant. It was the start of the journey and I still recall visiting the site when it was simply an undeveloped plot of land.

Our journey has been shaped by four distinct phases. Phase one focused on ‘build up’, where we established our methanol, butanediol, and derivates assets.

The focus during this phase was the build-up of capabilities. We needed to establish a strong team and ground our company from the beginning in safety and executional excellence.

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Abdullah Al-Saadoon, CEO of Sahara International Petrochemical Company (Sipchem)

Phase two was about ‘ramp up’, where we established our acetyls business to further process our methanol down the petrochemical value chain. This was also around the time that Sipchem went public.

In this phase, we continued our focus on executional excellence while seeking to maximize the value of our products across the value chain.

The third phase centered on exploration, with the company utilizing its phase one and phase two products to branch into another unique and important industry within the Kingdom of Saudi Arabia.

This included our EA, PBT, EVA and GACI assets. Some of those ventures proved to be successful and others not so much. Also during this phase, we established

our commercial arm, Sipchem Marketing Company (SMC), which allowed us to offtake our own product, internalize the margin, and be closer to our end customers.

Then came the evolution phase, which saw the merger with Sahara Petrochemical Company to create one of the largest integrated petrochemical companies in the region. The focus here was on driving scale quickly and driving synergies across assets. This accelerated our trajectory on our growth journey.

We are quite ambitious, and we have a capable leadership, strong teams, and a company culture that will support us to deliver. Our pursuit for future growth opportunities is the strongest it has ever been.

The inOthis F O Rthoughts B E S M I D expressed D L E E A S T.C M advertorial are those of the client.

Sipchem is considered one of the leading petrochemical companies in the world. What has been your strategy for success and how are you aligning it with Saudi Vision 2030?

Through the first of its kind merger in the kingdom’s petrochemical sector and the exceptional postmerger performance, we have been able to build and strengthen our position and reputation in the market.

We have demonstrated results and created value thanks to the efforts of our employees. Building on the fantastic financial results of the recent year, the organization’s focus on achieving a performancebased work culture continues, as does its campaign to optimize cost AUGUST 2022

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and increase productivity. Our culture aims to build a stronger, more resilient company, with unmatched ambitions when it comes to sustainable growth and global competitiveness.

Being part of the petrochemicals industry, Sipchem has naturally aligned itself with Vision 2030’s strategic objectives through its positive impact on the sector, which is vital to the Saudi economy. Sipchem also actively encourages nationalization of its jobs, with more than 82% of our workforce consisting of Saudi nationals as of April 2022.

Another tangible manifestation of Sipchem’s alignment with Vision 2030 is our participation in the

What steps have you taken on the journey to becoming a more sustainable company?

We have always made every effort to meet all the traditional ESG metrics and expectations.

However, those expectations are evolving, whether through our customer expectations relating to our products, investor expectations relating to their investments, or country-level expectations relating to new regulations.

We recognize the changes and the importance of ensuring that we evolve our practices and build a sustainable business model. With this in mind, we have recently moved forward with a total rehaul of our sustainability strategy. This will

“The exceptional growth Sipchem witnessed compared to peer companies is attributed to the bold decisions made at the end of 2020 and beginning of 2021.”

Shareek program, a government investment program that aims to increase domestic investments in private sector companies. This has allowed us to further expand our business scope in accordance with a dynamic growth strategy that supports both domestic and international activities.

Furthermore, we are currently exploring various new business opportunities that are in line with both the Shareek program directives and our own growth strategy. The initiatives pipeline is flowing with new opportunities, and we are in the final stages of selecting the most feasible ones that would enhance the local economy and our company profitability.

include a long-term decarbonization plan for Sipchem’s various assets and products. Our sustainability targets will be announced soon after final refinements. They will include net zero carbon target dates, goals for reducing greenhouse gas emissions, low carbon footprint production, and various other essential environmental, social, and governance-related matters.

In addition to this, we have successfully implemented various initiatives that aim to reduce emissions and preserve natural resources. Such initiatives include modification of methanol production to recycle waste CO2 emissions in two of our plants, as well as from a neighboring company’s plant in Jubail Industrial City. The aim is

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to produce low carbon emission methanol and vastly reduce carbon dioxide emissions. We are also improving energy efficiency by meeting the targets set by the Saudi Energy Efficiency Center, affiliated with the Ministry of Energy, which recognized Sipchem highly for its environmental commitment.

Further initiatives include the conversion of pallets from wood to fully recyclable plastic, as well as the development of efficient wastewater and potable water management systems that enable better preservation of natural resources.

Sustainability forms a foundational pillar of our strategy, and this is where we will be driving significant capex in the coming years.

What are the company’s most prominent accomplishments regarding corporate social responsibility?

Since its establishment, Sipchem has championed several causes on our corporate social responsibility (CSR) agenda, including investments in our community, and the company allocates 1% of its annual profit to CSR initiatives. Some notable examples include orphans’ programs, local community infrastructure support, entrepreneurship and youth empowerment, environment support, and education. Our programs have covered more than 76% of the geographical map of the Kingdom of Saudi Arabia, reaching more than one million beneficiaries.

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TOP 25 FINTECH COMPANIES

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THE MIDDLE EAST’S

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TOP 25 FINTECH COMPANIES 2022

rom e-payments to open banking and crypto-assets exchanges, Fintech companies are booming across MENA, driven by high demand from a young and increasingly digital-first population.

According to a report by KPMG, investment in Fintech companies in Europe, the Middle East, and Africa (EMEA) hit $77.4 billion in 2021, across 1,859 deals, compared to $26.7 billion in 2020. VC investment in Fintech skyrocketed in the EMEA region during the last year to hit $30 billion—more than tripling from its previous high of $9.9 billion in 2020.

Millions of people in the Middle East are still underserved in banking and payments, while areas like open banking, crypto, and equity trading are gaining ground across markets such as Bahrain, the U.A.E., and Egypt.

Payment companies dominate our 2022 list of the region’s top Fintech companies. Jordan’s MadfooatCom is one of the top performers after processing over $13 billion in transactions in 2021. Egypt’s Fawry, Saudi’s PayTabs, and Kuwait’s MyFatoorah are also helping revolutionize the sector in their home countries.

Buy-now-pay-later platforms continue to draw interest, with four companies making it to the list: Saudi’s Tamara, Egypt’s ValU, and the U.A.E.’s tabby and Postpay.

Despite the unfavorable market conditions this year, crypto trading platforms are also still on the rise, with Bahrain’s Rain becoming a prominent player. The company bagged $110 million in a Series B funding earlier this year.

The U.A.E. dominates our 2022 Fintech list with eight entries, followed by Saudi Arabia and Egypt with five entries each.

Methodology Our list of “The Middle East’s Top 25 Fintech Companies 2022” is presented in alphabetical order. It is not a ranking.

We compiled the list by considering companies that are applying technology to financial sectors including payments, insurance, blockchain and cryptocurrency, digital banking, investing and wealth management, and lending and personal financing.

We excluded Fintech operations owned by exchange houses, traditional banks, governments, and telecommunication companies.

• We gathered data through primary sources, statements, and questionnaires. We took into account: • The amount of money executed through the digital channels in 2021.

• Number of app downloads and active users.

• Number of countries that the companies operate in.

• Growth over the past year.

• Examples of innovation in digital payments.

• Impact on consumers and businesses.

• Funding from venture capitalists.

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

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Beehive

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TOP 25 FINTECH COMPANIES 2022 SME-focused digital finance solutions provider Founders: Craig Moore Established in: 2014 Headquarters: U.A.E. Beehive is a peer-to-peer lending platform regulated by the Dubai Financial Services Authority. It provides digital finance solutions for SMEs, financial institutions, and investors. In 2021, the startup helped businesses borrow $120 million, a 200% growth compared to 2020. With headquarters in Dubai and offices in Saudi Arabia and Oman, the company had 15,500 users as of July 2022.

Before founding Beehive, Craig Moore was the founder and COO of Butterfly Software, a U.K.-based data analytics and migration software company that was acquired by IBM in September 2012.

AMAN Holding E-payment and financial services providers Founders: Mohamed Wahby, Hazem Moghazi Established in: 2015 Headquarters: Egypt

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A subsidiary of Raya Holding, AMAN provides e-payments, buy-now-pay-later (BNPL), microfinancing, and SME services.

The company provides services to over two million consumers daily through 170,000 POS machines. AMAN also has a super app that enables ecommerce, bill and utility payments, charity donations, and gaming, among other things. The company processed transactions of $1.3 billion in 2021 and generated revenues of $170 million. As of July 2022, the app had been downloaded 800,000 times and had over 500,000 active users.

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BitOasis Crypto-asset exchange Founders: Ola Doudin, Daniel Robenek Established in: 2015 Headquarters: U.A.E. BitOasis allows users to buy, sell, and trade cryptocurrencies, such as Bitcoin, Ethereum, and XRP, among other currencies.

BitOasis operates in the U.A.E., Bahrain, Kuwait, Oman, Saudi Arabia, Turkey, Qatar, Morocco, Egypt, Jordan, Iraq, Lebanon, and Tunisia. As of July 2022, the company had over 200,000 registered customers and an aggregate trading volume of $4 billion, of which $1.7 billion was generated in 2021. In 2021, it raised $30 million in a Series B funding round from regional and global investors.

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Eazy Financial Services Payment services provider Founder: Nayef Tawfiq Al Alawi Established in: 2016 Headquarters: Bahrain Eazy is licensed and regulated by the Central Bank of Bahrain as a provider of online payment services, payment gateways, and POS systems. In 2020, it launched its EazyPay POS terminals and the EazyPay SoftPOS app, which allows local merchants and SMEs to accept contactless payments. With 900 merchants and more than 5,692 POS terminals across Bahrain, Eazy Financial helped process transactions worth a total of $794 million in 2021.

Fawry for Banking and Payment Technology Services E-payment platform Founder: Ashraf Sabry

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Established in: 2008 Headquarters: Egypt Fawry’s primary services include enabling electronic bill payments and mobile top-ups. Through its peer-to-peer model, it enables corporates and SMEs to accept payments through websites, mobile phones, and POS systems. With a network of 36 member banks and nearly 270,000 agents, Fawry processed transactions of $8.3 billion in 2021, a 61.5% increase compared to 2020, while its “myFawry” app had five million downloads. The company had 40.5 million customers monthly as of July 2022. In 2021, ADQ acquired 12.6% of Fawry for $68.6 million and signed a rights issue for another 201.6 million shares worth $54.9 million.

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Geidea Payment service provider Founder: Abdullah Faisal Al-Othman Established in: 2008 Headquarters: Saudi Arabia

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Geidea offers digital banking technology, POS terminals, and business management solutions for both financial institutions and small businesses in retail and digital commerce. In 2021, it developed and launched a contactless mobile POS payment solution. The company employs more than 1,000 people and has 150,000 merchants. It provides support to more than 700,000 payment terminals and ATMs within Saudi. In 2021, Geidea was granted a license from the Saudi Central Bank to process end-to-end payment solutions. The company processed transactions worth $126.2 million in 2021.

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Mercury Payments Services

Payment gateway

Payment scheme

Founder: Muhannad Ebwini

Founders: Muzaffer Hamid,Muzaffar Khokhar

Established in: 2015 Headquarters: Saudi Arabia

Established in: 2016 Headquarters: U.A.E.

HyperPay offers ecommerce payment services and is launching new products such as merchant cash advance, B2B solutions, card issuing, and open banking for merchants and governments. The company processed 112 million transactions worth a combined $4.7 billion in 2021. In June 2022, the Riyadh-based company raised $36.7 million in a funding round led by Mastercard to support regional expansion into Egypt, Qatar, and Oman. The company has seven regional offices and employs 100 people.

Mercury Payments Services enables banks, government entities, and businesses to issue payment cards for ATMs and merchant outlets across the U.A.E. Its partnership with the Discover network connects it to other payment schemes, including RuPay in India, JCB in Japan, Elo in Brazil, DINA Card in Serbia, Union Pay in China, and BC Card in Korea.

This partnership means its cards are accepted at more than 59 million merchant locations and over two million ATMs in 195 countries.

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HyperPay

MadfooatCom for ePayments Company Bill presentment and payment system Founder: Nasser Saleh

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Established in: 2013 Headquarters: Jordan MadfooatCom provides online payment services and real-time bill presentation. It operates in Jordan, Palestine, and Oman and has 67,000 active users and over a million app downloads.

In 2014, the company won an exclusive tender from the central bank of Jordan to build, operate, and administrate the electronic bill presentment and payment service, eFAWATEERcom, across the country, which is connected to all banks in Jordan, as well as mobile wallets, post offices, and payment service providers.

In 2021, the company processed transactions worth $13.3 billion.

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MNT-Halan Lending, BNPL and Payments platform Founders: Mounir Nakhla, Ahmed Mohsen Established in: 2018 Headquarters: Egypt Founded as a ride-sharing and delivery app, MNT-Halan now offers digital banking services to unbanked customers, including small and micro-business lending, payments, consumer finance, bill payments, ecommerce, BNPL, and delivery services. In June 2021, Halan signed a share swap agreement with Netherlands-based MNT in a deal that allows Halan shareholders to own shares in MNT. In 2021, it raised $120 million in new funding. In June 2022, MNTHalan acquired Talabeyah, a B2B ecommerce platform that offers FMCG supplies directly to small merchants and retailers.

MyFatoorah P2P payment solutions Founder: Abdullah Aldabbous Established in: 2016 Headquarters: Kuwait MyFatoorah offers digital payment services to ecommerce merchants and business owners, including electronic invoices, QR code payments, and POS terminals. The company was first launched in Kuwait and now has operations in Egypt, the U.A.E., Saudi Arabia, Qatar, Bahrain, Oman, Turkey, Lebanon, and Jordan. It also has clients in the U.S. and Europe.

MyFatoorah processed transactions of nearly $2.9 billion in 2021, and its app has hit over 255,000 downloads. It has 60,500 active users.

MyFatoorah has also embedded shipping services in collaboration with DHL and Aramex.

Optasia Financial services provider for mobile operators and financial institutions Founder: Bassim Haidar Established in: 2012 Headquarters: U.A.E Optasia, formerly known as Channel VAS, provides financial services such as airtime credit services, micro-lending, buy-now-pay-later, and data monetization services. The AI-powered company claims to reach customers in more than 30 countries, with a focus on emerging markets in Sub-Saharan Africa, the Middle East, Asia, and Latin America. Optasia is headquartered in Dubai and supported by a technical team in Greece. In 2021, Optasia helped provide $2.8 billion in loans to consumers through its digital channels. Optasia has an average of 88 million monthly customers.

In September 2019, Development Partners International (DPI), invested $54 million in the company, which is also backed by Abu Dhabi’s Waha Capital and the South African investment company, Ethos. Ecobank, du, Vodafone, MTN, and the United Bank for Africa (UBA) are among its notable clients.

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Ottu Payment solutions company Founder: Talal AlAwadhi Established in: 2019 Headquarters: Kuwait Ottu allows businesses to integrate digital payments into their operations without having to build their own payments infrastructure. Using Ottu’s single API, companies can connect directly with multiple payment gateways, aggregators, or PSPs. The company claims to have helped process $970 million through 2.6 million transactions in 2021. Ottu was first launched in Kuwait and has expanded into Egypt, Saudi Arabia, Bahrain, Oman, Qatar, India, and the U.A.E. It empowers merchants across multiple industry verticals like airlines, hotels, education, retail, automobile, governments, and healthcare.

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Paymob Digital payments platform Founders: Islam Shawky, Alain El Hajj, Mostafa Menessy Established in: 2015 Headquarters: Egypt

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Paymob enables merchants to accept and disburse payments over 28 different methods.

The company had 100,000 active users in 2021. It operates in Egypt, Jordan, Pakistan, and Kenya. In November 2021, Paymob partnered with Mastercard to introduce tap-on-phone payments in Egypt, which is a contactless card and mobile wallet.

In May 2022, Paymob raised $50 million in funds, bringing its total funding to $68.5 million.

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Rain Crypto-asset exchange Founders: Abdullah Almoaiqel, Yehia Badawy, Adam Nelson, Joseph Dallago Established in: 2017 Headquarters: Bahrain Rain allows traders to buy, sell and store approved cryptocurrency across MENA countries, including Bahrain, the U.A.E., Kuwait, Oman, Saudi Arabia, and Qatar. In January 2022, the company secured $110 million in a funding round co-led by Paradigm and Kleiner Perkins. Rain Management was licensed as a crypto-asset service provider by the Central Bank of Bahrain in 2019. It currently operates in the GCC and Turkey. It plans to expand into Pakistan.

PayTabs Payments solutions company Founder: Abdulaziz Al Jouf Established in: 2014 Headquarters: Saudi Arabia PayTabs offers B2B ecommerce services, including digital invoicing for businesses, QR code payments, and social media payments. It currently operates in more than seven markets across the Middle East, Africa, and South Asia, including the U.A.E., Saudi Arabia, and Egypt. In 2021, PayTabs launched PT Touch, which transforms smartphones into merchant POS terminals.

The company processed over $4 billion worth of transactions in 2021, while its app recorded 10,376 downloads with 337,227 active users. In 2022, the company launched its unified payments transaction processing platform, PayTabs SwitchOn.

Postpay Buy now, pay later platform Founders: Tariq Nadeem Sheikh, Dani Molina Carmona Established in: 2019 Headquarters: U.A.E. Postpay allows shoppers to split payments across three monthly installments with no interest or fees. It works with more than 1,000 brands, such as H&M, Footlocker, and Dermalogica, as well as other regional merchants. It handled over $500 million in transactions in 2021. As of July 2022, its app had 400,000 downloads and more than a million active users. Postpay currently operates in the GCC countries, including the U.A.E. and Saudi Arabia.

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Rasan Insurtech and banking solutions Founders: Moayad Alfallaj, Suliman Alfallaj, Thamer Alfallaj Established in: 2016 Headquarters: Saudi Arabia 55 TOP 25 FINTECH COMPANIES

Rasan offers insurance and banking solutions through Tameeni Motor, Tameeni SME Health, Awalmazad Motor Auctions, and TrezaMotor Leasing.

Tameeni enables retail customers to compare insurance prices and coverage, then select and pay for a policy.

Treza supports vehicle leasing teams at banks across Saudi. Rasan has offices in Riyadh, Dubai, and Cairo. Through the platform, customers bought insurance policies worth over $674 million in 2021.

Rasan raised $24 million in a funding round led by Impact46 in November 2021.

Sarwa Online independent investment platform Founders: Mark Chahwan, Nadine Mezher, Jad Sayegh Established in: 2017 Headquarters: U.A.E. Sarwa is an investment and personal finance platform. With more than 100,000 registered users, it provides a hybrid model with access to on-demand investment experts and customer support. Sarwa Trade is a self-directed zerocommission platform that allows clients to buy and sell over 4,000 publicly traded stocks and ETFs listed on major U.S. exchanges. In August 2021, Sarwa raised $15 million in a Series B funding round.

tabby Buy now, pay later platform Founders: Hosam Arab, Daniil Barkalov Established in: 2019

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Headquarters: U.A.E. and Saudi Arabia tabby provides BNPL solutions to over 1.1 million active shoppers across the U.A.E. and Saudi Arabia, who use it to access over 3,000 brands, including Adidas, IKEA, SHEIN, and Marks & Spencer.

In 2021 alone, tabby raised $50 million in equity funding and $50 million in debt financing.

In March 2022, the company raised another $54 million led

by Saudi venture capital firm STV and Sequoia Capital India, bringing its total funding to date to over $180 million.

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Tamara Buy now, pay later platform Founders: Abdulmajeed Alsukhan,Turki Bin Zarah, Abdulmohsen Albabtain Established in: 2020 Headquarters: Saudi Arabia

Tamara allows online and in-store shoppers in Saudi Arabia, the U.A.E., and Kuwait to split payments across three installments with no fees or interest. It processed transactions worth a total of $267 million in 2021. It works with brands such as SHEIN, Namshi, IKEA, Golden Scent, and Styli. As of July 2022, Tamara’s app had 1.8 million downloads with three million active users. It has raised $116 million in funding and employs more than 200 people across the U.A.E., Saudi, Kuwait, Germany, and Vietnam.

Tarabut Gateway Open banking platform Founder: Abdulla Almoayed Tarabut Gateway is a regulated open banking platform that connects a regional network of banks and Fintechs via an API that helps facilitate and distribute personalized financial services. The company raised $13 million in seed funding in February 2021 and $12 million in November 2021. The platform has offices across Bahrain, the U.A.E., and Saudi Arabia. It established telco open banking payments with Zain Bahrain at the end of 2021. It recently announced partnerships with Riyad Bank, Saudi British Bank (SABB), Alinma Bank, and Banque Saudi Fransi. The company claims to have connected to 17.2 million bank accounts and acquired 90% bank coverage in Bahrain.

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Established in: 2018 Headquarters: U.A.E.

UPayments Payment service provider Founders: Ali AlHabshi, Nasser Al Humaidi Established in: 2016 Headquarters: Kuwait

Telr Online payment gateway Founder: Khalil Alami Established in: 2014 Headquarters: U.A.E. With a presence in the U.A.E. and Saudi Arabia, Telr enables merchants to accept digital payments in over 120 currencies and 30 languages. Other services include social commerce, QR Code payments, anti-fraud protection, BNPL, and a tool for creating an online store in minutes. Telr processed nine million transactions worth a total of $1 billion in 2021. In November 2021, it raised an equity investment of $15 million from the Indian payments and API banking solutions company, Cashfree Payments, bringing its total funding to $29 million.

valU Buy now, pay later platform CEO: Walid Hassouna Established in: 2017 Headquarters: Egypt

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valU, a subsidiary of EFG Hermes Holding, is a BNPL app that allows users to shop across more than 5,000 POS terminals and 330 websites in Egypt, with payment plans of up to 60 months. The platform saw a 140% growth in transactions in 2021. App downloads and app users hit 898,000 and 672,245, respectively, as of May 2022.

In June 2022, the Alhokair family agreed to acquire a 4.99% stake in valU through a capital injection of $12.4 million. That followed an option agreement with Amazon, whereby Amazon agreed to acquire $10 million in EFG Hermes GDRs, with the option to replace that investment into valU at a future date, translating into a stake of 4.255% of the issued share capital of valU. The company plans to expand into Saudi Arabia in 2022.

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UPayments is a payment service provider offering online invoicing systems, an ecommerce platform, property management, and a payment gateway. The company is licensed by the Central Bank of Kuwait and provides its services through its website and app. In 2021, UPayments processed over $689 million in transactions. Its app has been downloaded over 150,000 times. The company has partnerships with the National Bank of Kuwait and Zain Telecom. It currently operates in Kuwait, Qatar and Saudi Arabia.

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Why Your Next Trip Should Be To Porto Montenegro

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ocated on UNESCO protected Boka Bay, Porto Montenegro is renowned for being one of the most magical countries in Europe, and is bordered by Serbia, Albania, Croatia, and Bosnia & Herzegovina.

Its unspoilt natural beauty extends into the azure waters of the Adriatic, along 295 kilometers of coastline. Independent from Serbia since 2006, Montenegro is a young but stable democracy with an open economy.

With over 280 days of sunshine, Porto Montenegro is a short drive from Lake Skadar, the largest lake in Southern Europe, often overlooked by the tourist trail. It is also three hours’ drive to Tara Canyon, the second deepest canyon in the world. In winter and

early spring, the snow-capped mountains of Kolasin and Zabljak, reaching more than 2,000 meters high, provide the ideal setting for skiing away from Europe’s more crowded resorts.

The government of Montenegro has extended the deadline for its Citizenship By Investment (CBI) scheme until December 31, 2022. The program encourages individuals to make an investment from as little as $264,000 in an approved under-developed area, to $476,000 in developed properties like Porto Montenegro, a luxury marina village in the Bay of Kotor.

The country is also among the fastest-growing tourist destinations according to a World Tourism Organisation report. In 2019, the

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country brought in $1.2 billion from tourism alone. Foreign direct investment has also increased, with the country reporting close to $699 million in 2020.

Strategic Location Within a three hour flight of major European capitals, Porto Montenegro is a destination for businesses and entrepreneurs, as it is one of the fastest-growing economies in the Balkans. Its economy is suitable for investors with competitive tax rates for individuals and corporations, along with capital gains tax of up to 15%, and the stability of the euro currency. It’s also served by three international airports in Tivat, Podgorica, and Dubrovnik.

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Moreover, the favorable economic and political climate in Montenegro provides a real investment opportunity based on economic stability, with the euro being the official currency.

Montenegro’s recent affiliation with the North Atlantic Treaty Organization (NATO) and the European Union demonstrates the government’s continued commitment to maintaining security and stability locally and globally.

Montenegro has four UNESCO World Heritage sites including the Bay of Kotor, renowned for being the largest freshwater lake in Europe, featuring magnificent mountains for skiing. The country’s CBI program gives buyers the opportunity to make a legacy property investment in Porto Montenegro’s new urban neighborhood, Boka Place, which features SIRO, a new immersive lifestyle experience from industry leaders Kerzner International. The company is a global developer and operator of iconic destination resorts including Atlantis Resort and Residences and the ultra-luxury One & Only Resorts and Private Homes. It also grants owners a Montenegrin passport which allows freedom of movement for the main applicant and their family across 124 countries, including the Schengen Area, Russia, and Turkey. What’s more, with the country’s planned EU accession by 2025, holders will be eligible for additional benefits.

Porto Montenegro is home to the world’s first platinum-status 460-berth marina, which offers the ultimate in waterfront living for the yachting community, with tax-free fuel, 24/7 yacht assistance, seven percent marine-related tax, and a world-class yacht club.

Porto Montenegro marina utilizes the existing infrastructure of the former Yugoslav naval facility upon which it is built. It features 450 berths (with 850 planned in total), accommodating the largest superyachts in the world and providing the highest level of service The inOthis F O Rthoughts B E S M I D expressed D L E E A S T.C M advertorial are those of the client.

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and amenities, including a nearby shipyard with dry-dock and repair facilities.

In addition, the project contributed to the construction of a vibrant coastal community that includes waterfront residences, a hotel, restaurants, shops, and recreational facilities.

Activities The site is bustling with life. There are numerous bars and bistros and an eclectic selection of boutiques and international brands, such as Dior. There is also a year-round schedule of events for families, businesspeople, and crew, along with education facilities including Knightsbridge School International, a day and boarding school for children aged three to 18 years. These advantages, along with easy access to areas of outstanding natural beauty, make The thoughts this advertorial are those of the client.

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this the perfect destination for residents, boat owners, charterers, and families alike.

Established in 2010, the Porto Montenegro Yacht Club is a haven for sailing education and a venue for captains, crew, and local sailors to relax and unwind after a day on the water. Over the years, the club has grown its fleet, event calendar, and activities offering, as well as its network of reciprocal yacht clubs.

One of the main features of the marina is the 64-meter PMYC pool boasting unparalleled views over Boka Bay, which has been listed by the likes of Condé Nast Traveller as one of the world’s most iconic pools.

The club combines tradition with contemporary luxury, challenging the standards of the most prestigious yacht clubs in the world. Members have access AUGUST 2022

PRO M OTI O N Scan this QR code to open the website

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to an exclusive members lounge with an onsite restaurant and bar, nightclub, sailing and rowing facilities, gym, and tennis courts, all with five-star hospitality.

Inspired by typical Montenegrin architecture, the village offers wide waterfront promenades and winding, asymmetrical streets that weave past stone buildings to reveal hidden piazzas and alcoves. As well as inviting leisurely exploration and recreating a more traditional sense of discovery, the tree-lined streets and market squares are enlivened by al fresco cafés – an integral part of Montenegrin culture.

A combination of locally quarried stone facades and subtly colored buildings brings warmth to the scheme. Roofing follows the traditional form of natural terracotta and clay tiles, and interiors are modern, taking their inspiration from the tones and shades of the surrounding environment.

Outdoor features are integral to the overall design with balconies, gardens, and roof terraces incorporated into each building and apartment. Landscaping plays a vital role, filtering into the inner courtyards of each building from the adjacent verdant streets.

Boka Place: A key project under development Boka Place is Porto Montenegro’s latest project which will be completed by the end of 2023.

Families and individuals can create a home in the heart of Europe, known as the jewel on the Adriatic Sea, as the program allows investors to fast-track straight to a citizenship application, without having lived in the country beforehand. All applicants to CBI are required to invest in approved real estate projects in the country, such as Porto Montenegro’s urban Boka place neighborhood.

The urban neighborhood will comprise three residential areas namely Mistral, Ostro, and Sirocco.

Residents will benefit from access to SIRO, Kerzner International’s five-star hotel, the first flagship, fivestar SIRO in Boka Place, offering an immersive hotel lifestyle experience.

With fitness and wellness at the core of the brand, SIRO will feature 96 hotel rooms and 144 hotelmanaged residences, as well as 69 private residences managed by M Residences Rental Management Service.

The hotel-managed residences – housed within the buildings of Mistral, Ostro, and Sirocco – can be

The inOthis F O Rthoughts B E S M I D expressed D L E E A S T.C M advertorial are those of the client.

secured by buyers through single or multiple investments from the new Kerzner-Managed Residence portfolio to meet the CBI minimum investment threshold.

Residents of Mistral, Ostro, and Sirocco will benefit from access to SIRO’s hotel concierge services, complete with the rooftop pool and bar and full access to all health and wellness facilities. These facilities include an innovative fitness club, swimming pools, the Recovery Lab, and dedicated space for yoga.The offering also includes nutrition-led dining, revitalization treatment rooms, an infrared sauna, a flotation tank, a cryotherapy room, and a meditation hideaway.

Homeowners will also have the long-term benefit of participating in the SIRO rental pool program.

Private residences offer a total of 69 residences, with 26% of the portfolio available within the first building, Thea, reserved or sold. The final building, Alba, will be released in 2022.

www.portomontenegro.com

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THE MIDDLE EAST’S

TOP 30 BANKS

B

anks in MENA have emerged stronger from the pandemic crisis, with the top 30 listed players in the region seeing their combined assets grow in value by 13% to hit $2.5 trillion by the end of 2021, compared to $2.3 trillion in 2020, while profits climbed by 37% to over $34 billion. The aggregate market cap of the 30 banks rose to nearly $587 billion as of June 28, 2022, an increase of 23% compared to $478.7 billion a year earlier. They have combined revenues of over $107 billion.

Gulf banks dominate the 2022 list, with 25 out of the 30 based in the GCC. Qatar’s QNB Group tops the list with $300.3 billion in total assets, followed by the U.A.E.’s FAB, and Saudi’s Al Rajhi Bank and Saudi National Bank. Saudi and U.A.E. are the most represented countries in the list, with 10 and seven banks, respectively. Qatar follows with four banks, while Morocco has three.

The region’s banks are poised for further growth in 2022, fueled by higher oil prices.

According to a recent report by Fitch, high oil prices, strong economic activity, and rising interest rates are expected to help banks in the U.A.E. bring their profitability back to prepandemic levels in FY 2022. S&P Global Ratings expects rated banks across the Middle East and Africa to suffer little direct fallout from the Russia-Ukraine conflict due to their limited dealings with Russian and Ukrainian counterparties.

Methodology We collected data from Middle East banks listed on stock exchanges in the Arab world based on their reported market value, revenues, assets, and profits for 2021. Each metric was given equal weight, and banks with the same final scores were given the same rank.

We excluded banks that hadn’t disclosed their 2021 audited financial statements as of June 28, 2022. Currency exchange rates and market cap calculations were taken as of June 28, 2022.

Aggregate market value

Aggregate revenue

Aggregate profit

Aggregate assets

$586.6 billion

$107.1 billion

$34.3 billion

$2.5 trillion

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

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1. QNB Group Group CEO: Abdulla Mubarak Al-Khalifa Country: Qatar Market Value: $51.9 billion Revenues: $14 billion Profits: $3.6 billion Assets: $300.3 billion QNB is the largest bank in the Middle East and Africa and the second-largest entity in the region in terms of assets after Saudi Aramco. The group has a presence in more than 31 countries across three continents. It employs more than 27,000 people across 1,000 locations. QNB has acquired stakes in various financial institutions, including a 20% stake in Togobased Ecobank, a 38.6% stake in Jordan’s Housing Bank for Trade and Finance, 40% of the U.A.E.’s Commercial Bank International (CBI), and nearly 100% of QNB Tunisia. In April 2022, it allowed foreign ownership limit of up to 100%.

2. First Abu Dhabi Bank (FAB) Group CEO: Hana Al Rostamani Country: U.A.E. Market Value: $56.9 billion Revenues: $8.2 billion Profits: $3.4 billion Assets: $272.4 billion The U.A.E.’s largest bank, FAB was created by a merger between the First Gulf Bank and the National Bank of Abu Dhabi in 2016. Today, it has operations in 19 markets across five continents with three million customers and 6,600 employees globally. In 2021, FAB acquired Bank Audi’s unit in Egypt. It was seeking to control a majority stake in Egyptian-based financial services institution EFG Hermes Holding before withdrawing the offer in April 2022, citing global market uncertainty and volatile macroeconomic conditions.

Saudi Arabia

Banks

Market Value

Revenues

Profits

Assets

10

$286.8 billion

$31.5 billion

$13 billion

$808.8 billion

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5. Emirates NBD

Group CEO and Managing Director: Saeed Al-Ghamdi

Group CEO: Shayne Nelson

Country: Saudi Arabia

Country: U.A.E.

Market Value: $79.3 billion Revenues: $8.6 billion

Market Value: $23.4 billion Revenues: $9.8 billion

Profits: $3.4 billion Assets: $243.8 billion

Profits: $2.5 billion Assets: $187.2 billion

The largest bank in Saudi Arabia, SNB was formed by the merger of the National Commercial Bank and Samba Financial Group in April 2021. Today, it has subsidiaries and affiliates operating in eight countries. It has 11 million customers, more than 500 branches, and 476 selfservice kiosks. Saudi’s Public Investment Fund (PIF) owns 37.2% of the bank.

Emirates NBD was created by a merger between EBI and NBD. It operates in the Middle East, North Africa, and Turkey, and its international operations contributed 38% of total income in 2021. In 2021, the company’s net profit hit $2.5 billion, an increase of 34% compared to 2020. In the same year, Emirates NBD signed an agreement with Masdar to structure and help manage the first sustainable real estate investment trust (REIT) in the U.A.E., worth $258.4 million.

6. National Bank of Kuwait (NBK)

2. Al Rajhi Bank CEO: Waleed Abdullah Ali Al-Mogbel Country: Saudi Arabia Market Value: $90.7 billion Revenues: $7.1 billion Profits: $3.9 billion Assets: $166.3 billion

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Established as an exchange house in 1957 and converted to a bank in 1988, Al Rajhi is the largest bank in the region in terms of profits and market cap.

The bank has a network of over 521 branches and 212 remittance centers across the kingdom. In January 2022, it acquired IT services provider the Ejada Systems Company to expand its digital banking services. Al Rajhi Bank claims to have the largest customer base in Saudi Arabia, with over 12 million customers.

U.A.E.

Vice Chairman and Group CEO: Isam J. Al-Sager Country: Kuwait Market Value: $25.5 billion Revenues: $3.7 billion Profits: $1.2 billion Assets: $109 billion NBK has 140 branches across 14 countries. The bank employs 7,511 people globally. In February 2022, the Arab Jordan Investment Bank acquired NBK-Jordan for an undisclosed sum. In March 2022, NBK launched its Sustainable Financing Framework to integrate environmental, social, and governance standards into the bank’s operations. It has developed internal targets to reduce gross operational emissions by 25% by 2025, and it aspires to become net-zero operationally by 2035.

Banks

Market Value

Revenues

Profits

Assets

7

$123.7 billion

$30.4 billion

$9.9 billion

$772 billion

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2. Saudi National Bank (SNB)

9. Kuwait Finance House (KFH)

CEO: Tareq Al Sadhan

Acting Group CEO: Abdulwahab Iesa Alrushood

Country: Saudi Arabia

Country: Kuwait

Market Value: $27 billion Revenues: $3.6 billion

Market Value: $24.7 billion Revenues: $3.6 billion

Profits: $1.6 billion Assets: $86.9 billion

Profits: $1 billion Assets: $71.4 billion

Riyad Bank has 340 branches in Saudi Arabia, one in the U.K., an agency in the U.S., and a representative office in Singapore.

The bank employs over 6,620 people. It completed the issuance of a SAR-denominated Tier 2 capital-eligible Sukuk valued at $800 million in February 2021 and another U.S.-dollar-denominated Tier 1 capital Sukuk worth $750 million in February 2022. Riyad Bank signed an agreement with the Yanbu Chamber of Commerce and Industry in September 2021 to launch new products, initiatives, and financing solutions that can enhance the role of SMEs in achieving the Saudi Vision 2030.

KFH was the first Islamic bank to be established in Kuwait in 1977. Today, its operations extend to Bahrain, Saudi Arabia, the U.A.E., Turkey, Malaysia, and Germany. The bank has 526 global branches and employs 13,000 people.

In early July 2022, the Central Bank of Kuwait approved the acquisition of 100% of the capital shares of Ahli United Bahrain (AUB) by KFH, with KFH offering one share for every 2.695 shares of AUB. Kuwait’s General Authority for Investment owns over 24.1% of KFH, while the General Authority for Minors Affairs owns 10.48%, and the General Secretariat of Awqaf owns 7.3%.

10. Dubai Islamic Bank (DIB)

8. ADCB Group

Group CEO: Adnan Chilwan

Group CEO: Ala’a Eraiqat

Country: U.A.E.

Country: U.A.E.

Market Value: $11.3 billion Revenues: $3.2 billion

Market Value: $17 billion Revenues: $4 billion

Profits: $1.2 billion Assets: $76 billion

Profits: $1.4 billion Assets: $119.9 billion

DIB is one of the world’s largest Islamic banks. In February 2022, DIB became a member of U.A.E. Trade Connect, a commercialized blockchain platform co-created by Etisalat Digital, several banks in the U.A.E., and Avanza Innovations. DIB announced in August 2021 that it is increasing its foreign ownership limit from 25% to 40%. The Investment Corporation Of Dubai is the biggest shareholder in DIB, holding 28%.

The ADCB Group was formed in 2020 by the merger of the Abu Dhabi Commercial Bank and the Union National Bank and the acquisition of the Al Hilal Bank. Today, it has over 54 branches across the U.A.E. It signed a strategic partnership with the Abu Dhabi Residents Office in February 2022 to launch a new banking proposition for U.A.E. Golden Visas customers. In April 2022, it announced an agreement with U.A.E. Trade Connect to use the blockchain platform to help de-risk trade finance.

Qatar

Banks

Market Value

Revenues

Profits

Assets

4

$84.7 billion

$19.8 billion

$5.7 billion

$446.8 billion

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6. Riyad Bank

12. Qatar Islamic Bank (QIB) Group CEO: Bassel Gamal Country: Qatar Market Value: $14.4 billion Revenues: $2.3 billion Profits: $976 million Assets: $53.3 billion

11. Saudi British Bank (SABB) Managing Director and CEO: Tony Cripps Country: Saudi Arabia Market Value: $21.8 billion Revenues: $2.6 billion Profits: $854 million Assets: $72.6 billion SABB was established in 1978 as a Saudi joint-stock company. It provides commercial, private, and Islamic banking services to individuals and companies through 108 branches in Saudi Arabia. The bank completed a merger with Alawwal Bank in June 2019.

The HSBC Group owns 31% of SABB’s shares.

12. Banque Saudi Fransi (BSF) Acting CEO: Bader Alsalloom Country: Saudi Arabia Market Value: $15.4 billion Revenues: $2.2 billion Profits: $920 million Assets: $57.5 billion

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BSF was known as the French Banque de l’Indochine et de Suez until 1977, when foreign banks in Saudi Arabia were nationalized. The bank has 84 branches and employs more than 3,000 people. Kingdom Holding is the bank’s largest shareholder with a 16.2% stake, followed by Rashed Abdul Rahman AlRashed & Sons Group and Ram Holdings with 9.8% and 9%, respectively.

Morocco

QIB has 22 branches in Qatar and one branch in Sudan. The Qatar Investment Authority owns 17.2% of QIB. In 2022, Qatari authorities allowed QIB to raise its foreign ownership limit to 100% with immediate effect. The bank’s network includes QInvest, which is working with the Qatar Insurance Company to establish a Qatar-based company in the Islamic asset management field in 2022.

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14. Attijariwafa bank Chairman and CEO: Mohamed El Kettani Country: Morocco Market Value: $9.1 billion Revenues: $4.3 billion Profits: $630 million Assets: $61 billion Attijariwafa Bank is the largest bank in Morocco and one of the largest in Africa. The bank employs more than 20,583 people, has nearly 10.6 million customers, and operates in 26 countries. In 2021, it launched a new strategic plan @MBITIONS 2025 to boost its position as an African banking and financial group, leverage disruptive digital and Big Data technologies, and further align with international standards in terms of efficiency, risk, and compliance. In March 2022, Attijariwafa bank and the Moroccan Agency for Energy Efficiency signed an MoU to boost energy efficiency cooperation and green economy financing.

Banks

Market Value

Revenues

Profits

Assets

3

$18.2 billion

$9.1 billion

$1.2 billion

$143.8 billion

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17. Arab Bank

CEO: Abdullah bin Ali AlKhalifa

CEO: Randa Sadik

Country: Saudi Arabia

Country: Jordan

Market Value: $18.3 billion Revenues: $2 billion

Market Value: $4.5 billion Revenues: $3 billion

Profits: $723 million Assets: $46.3 billion

Profits: $315 million Assets: $63.8 billion

Alinma Bank was listed on the Saudi Exchange in 2008.

By the end of 2021, the bank had 2.9 million customers connected via its digital platforms, including 1.2 million active users of its Smart App. Saudi’s Public Investment Fund (PIF) owns 10% of Alinma Bank, making it the bank’s largest shareholder.

The Arab Bank was established in 1930 in Palestine. Its headquarters were moved to Amman in 1948. It has more than 600 branches around the world and a subsidiary Islamic bank in Sudan. The bank reported net profits of $315 million in 2021, an increase of 61% compared to 2020.

18. Commercial Bank Group CEO: Joseph Abraham Country: Qatar Market Value: $7.8 billion Revenues: $2.1 billion Profits: $633 million Assets: $45.5 billion The Commercial Bank has 30 branches in Qatar. It also owns and operates the “Diners Club” franchise in Qatar and Turkey and the Alternatif Bank in Turkey. In February 2022, the bank collaborated with the Qatar General Electricity and Water Corporation “Kahramaa” to launch a direct debit service. Joseph Abraham has been CEO of the bank since 2016, before which he was CEO of ANZ Indonesia.

16. Arab National Bank (ANB) CEO and Managing Director: Obaid A. Alrasheed Country: Saudi Arabia Market Value: $12.1 billion Revenues: $1.9 billion Profits: $579 million Assets: $51.3 billion Established in 1979, ANB has more than two million customers and 216 premises across Saudi Arabia. It also has investment banking and insurance divisions, ANB Invest and ANB Insurance. In April 2022, the bank signed a $293.3 million agreement with the SME General Authority “Monsha’at” to support SMEs and entrepreneurs with financing and banking services.

Kuwait

Banks

Market Value

Revenues

Profits

Assets

2

$50.2 billion

$7.3 billion

$2.3 billion

$180.5 billion

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15. Alinma Bank

Group CEO: Adel A. El-Labban Country: Bahrain Market Value: $9.3 billion Revenues: $1.6 billion Profits: $638 million Assets: $41.9 billion AUB was formed in May 2000 by a merger of the United Bank of Kuwait PLC and the Al-Ahli Commercial Bank B.S.C. It is one of the largest banks in the Middle East. It employs 3,294 people across eight countries. The Kuwaiti Public Institution for Social Security owns 18.9% of AUB, and Bahrain’s Social Insurance Organization owns a 10.01% stake. The bank reported $607.2 million in net profits attributable to its equity shareholders in 2021, an increase of 34% compared to 2020.

21. Banque Centrale Populaire (BCP) Chairman and CEO: Mohamed Karim Mounir Country: Morocco Market Value: $5.2 billion Revenues: $2.7 billion Profits: $279 million Assets: $47.6 billion BCP is a group of 10 cooperative banks, each focusing on a region in Morocco. Through its subsidiaries, the group operates in 24 countries. In December 2021, the bank and the National Institute of Posts and Telecommunications signed a partnership to support students. In April 2022, BCP’s Business Creation Foundation and the Regional Banque Populaire of Laayoune launched a program for small projects.

20. Masraf Al Rayan Group CEO: Fahad Al Khalifa Country: Qatar Market Value: $10.6 billion Revenues: $1.4 billion Profits: $474 million Assets: $47.8 billion Masraf Al Rayan is a Shariah-compliant bank with 15 branches in Qatar and two in the U.K. through its subsidiary, Al Rayan Bank PLC. In November 2021, Masraf Al Rayan announced the completion of a merger with Al Khalij Commercial Bank, creating one of the largest Shariah-compliant banks in the region with nearly $50 billion in total assets.

22. Abu Dhabi Islamic Bank (ADIB) Group CEO: Nasser Al A​wadhi Country: U.A.E. Market Value: $7.4 billion Revenues: $1.6 billion Profits: $634 million Assets: $37.3 billion

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ADIB provides banking services to more than a million customers, with 62 branches in the U.A.E. The bank is also present in Egypt, Saudi Arabia, Qatar, Sudan, Iraq, and the U.K. In March 2022, the bank announced that it would provide financing worth $61 million for environmentallyfriendly projects in Saudi Arabia. The bank recorded more than $634 million in net profit in 2021, an increase of 45% compared to 2020.

Bahrain

Banks

Market Value

Revenues

Profits

Assets

1

$9.3 billion

$1.6 billion

$638 million

$41.9 billion

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69 TOP 30 BANKS

19. Ahli United Bank (AUB)

23. Mashreq Bank Group CEO: Ahmed Abdelaal Country: U.A.E. Market Value: $4.4 billion Revenues: $2.5 billion Profits: $293 million Assets: $48.2 billion Mashreq Bank was founded by the Al Ghurair Group and is among the oldest banks in the U.A.E. The Al Ghurair Group remains a major shareholder in the bank through its subsidiaries. Mashreq currently operates in the U.A.E., Bahrain, Kuwait, Egypt, Hong Kong, India, Qatar, the U.K., and the U.S.

25. Bank Albilad CEO: Abdulaziz Mohammed Alonaizan Country: Saudi Arabia Market Value: $11.9 billion Revenues: $1.3 billion Profits: $450 million Assets: $29.6 billion Established in 2004, Bank Albilad provides Shariahcompliant banking services. The bank operates over 150 branches, five sales centers, and over 168 Enjaz remittance centers across Saudi Arabia. It recorded net profits of $450 million in 2021, an increase of 25% compared to 2020. The bank also owns the Albilad Investment Company and the Albilad Real Estate Company Ltd.

24. Commercial International Bank (CIB) CEO and Managing Director: Hussein Abaza Country: Egypt Market Value: $3.9 billion Revenues: $2.7 billion Profits: $713 million Assets: $26.8 billion CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. It employs 7,307 people and serves more than 1.6 million customers across 213 branches. CIB has several subsidiaries, including CVentures and the Mayfair CIB Bank in Kenya. In April, Alpha Oryx Limited—a subsidiary of the U.A.E’s ADQ—acquired an 18.6% stake in CIB for $987.5 million.

Hussein Abaza became CEO in 2017.

Jordan

26. Bank Muscat CEO: Waleed Khamis Al Hashar Country: Oman Market Value: $5.1 billion Revenues: $1.7 billion Profits: $494 million Assets: $34 billion Bank Muscat has branches in Oman, Saudi Arabia, and Kuwait, and representative offices in Dubai, Iran, and Singapore. The bank recorded net profits of $494 million in 2021, an increase of 16.1%. The bank has provided social welfare support for more than 1,080 Omani families through its “Tadhamun” program, in cooperation with the Omani Ministry of Social Development.

Banks

Market Value

Revenues

Profits

Assets

1

$4.5 billion

$3 billion

$315 million

$63.8 billion

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Chairman and CEO: Othman Benjelloun Country: Morocco Market Value: $4 billion Revenues: $2.1 billion Profits: $291 million Assets: $35.3 billion The Bank of Africa is present in more than 20 African countries and employs more than 14,900 people. It has 2,000 points of sale, serving 6.6 million customers. In 2019, the Bank of Africa and Casablanca-based business school the ISCAE Group jointly launched the “Blue Space” incubator. Located on the ISCAE campus, BlueSpace offers students and entrepreneurs tools to help develop business ideas. Moroccan billionaire Othman Benjelloun is the Chairman and CEO of the bank.

29. Saudi Investment Bank (SAIB) CEO: Faisal Abdullah Al-Omran Country: Saudi Arabia Market Value: $5.3 billion Revenues: $908 million Profits: $283 million Assets: $27.1 billion SAIB provides investment banking services for individuals and companies, as well as stock trading, asset management, leasing, mortgage, and insurance services. The bank operates through 51 branches in Saudi Arabia. The General Organization for Social Insurance is its largest shareholder, with 25.6%.

30. Bank Aljazira (BAJ) CEO and Managing Director: Naif A. Al Abdulkareem Country: Saudi Arabia Market Value: $5 billion Revenues: $1.2 billion Profits: $268 million Assets: $27.4 billion

28. Commercial Bank of Dubai (CBD) CEO: Bernd van Linder Country: U.A.E. Market Value: $3.5 billion Revenues: $1 billion Profits: $395 million Assets: $31.1 billion CBD offers retail and commercial banking products and services, as well as Shariah-compliant banking services. It has 15 branches in the U.A.E. The Investment Corporation of Dubai is CBD’s largest shareholder with 20%, followed by Al-Futtaim Private Limited with 10.5%.

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Oman

Egypt

BAJ was created in 1975 after it absorbed the activities and services of the National Bank of Pakistan. Today, the Shariah-compliant bank has 81 branches and employs 2,420 people.

Its subsidiaries include AlJazira Capital, the Aman Development and Real Estate Investment Company, the Aman Insurance Agency Company, and AlJazira Securities Limited.

Banks

Market Value

Revenues

Profits

Assets

1

$5.1 billion

$1.7 billion

$494 million

$34 billion

Banks

Market Value

Revenues

Profits

Assets

1

$3.9 billion

$2.7 billion

$713 million

$26.8 billion

F O R B E S M I D D L E E A S T.C O M

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27. Bank of Africa

• TRAVEL •

By Fouzia Azzab

Thailand’s famous capital city ignites all the senses as its evolving skyline entices a growing number of international visitors.

T

Traveling to Bangkok, the capital of Thailand, in June fulfilled a lifelong dream.

I have always wanted to experience the lively streets of a city known for being one of the most exciting destinations in Asia.

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I flew late afternoon from Dubai, and as the plane landed outside the city, Bangkok’s night sky was sparkling with lights. The journey from Bangkok airport to the Dusit Suites Hotel Ratchadamri, where I was staying, took an hour. It was 9 pm by the time I checked-in and received the room keys, but due to the time difference between Dubai and Bangkok (three hours) I decided to spend the rest of the night on Dubai time, hoping to reset my biological clock the next day.

*All expenses for this media trip were covered by Dusit International.

Dusit Central Park project, due for completion in 2025, covers 3.7 hectares, and is set to cost $1.33 billion.

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A Wander Through Bangkok’s Bustling Streets

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The Dusit Central Park project has been designed with sustainability in mind, following the principles of Feng Shui.

Despite the heat and humidity that are typical for the time of year, I dropped my bags and headed out to explore the shining streets, which were filled with the heavenly smell of street food and the non-stop cooking fires. In the morning, I got to witness the contrasting detailed beauty of the architectural design of the city’s dazzling skyscrapers.

The elegant Dusit Suites Ratchadamri is located in the heart of Bangkok’s Pathum Wan District, on a quiet street opposite the Royal Bangkok Sports Club and only 100 meters from the BTS Skytrain station.

My visit to the hotel coincided with the unveiling of another Dusit project in the same area, Dusit Central Park, and I was able to take a sneak peek at the plans for the new landmark.

The integrated project, due for completion in 2025, covers 3.7 hectares, and is set to cost $1.33 billion.

It comprises two luxury residential buildings—Dusit Residences, which will feature 160 ultra-luxury units, and Dusit Parkside, which will feature 246—in addition to a luxury shopping complex, a five-star hotel, and an office building. The entire project has been designed with sustainability in mind, following the principles of Feng Shui. All facilities are F O R B E S M I D D L E E A S T.C O M

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connected to the picturesque panoramic Lumpini Park, with views overlooking the stunning city.

The developers see the project as an iconic new landmark that will rise from the heart of Bangkok. “It will remain a symbol of the country for generations to come,” says La-ead Kovavisaruch Chief Investment Officer at Dusit International, and Director at Vimarn Suriya Co., Ltd. “The opportunity to change the course of history is not always there.” According to Kovavisaruch, 40% of the total available units have already been sold, mainly to Thai nationals. But she sees international buyers, particularly from Asia and the Middle East, as a key target market for the group.

The country is attracting a growing numbers of fans from across the world. In 2022, Thailand hopes to welcome up to 10 million international tourists and 160 million domestic ones, according to the Tourism Authority of Thailand Newsroom, forecasting annual tourism revenues of $141.1 billion. During the first five months of the year, international arrivals had reached 1.23 million. Bangkok alone welcomed nearly 250,000 international tourists in April 2022, according to Statista. The city has become one of the most visited in the world.

As a first-time visitor from the Middle East, I was excited to get out and take a proper look around. I spent my second night taking a quick stroll down Arab Street, near Nana F O R B E S M I D D L E E A S T.C O M

Plaza. It is rich with Arabic restaurants and shops where you can try Arabic food and buy products at discounted prices. I had a shawarma meal at a Syrian restaurant, then sat and relaxed in a Lebanese eatery, where the loud voices of the crowd mingled with the sound of Arabic music.

The next day, I ventured to Chinatown, which is one of the most important tourist destinations in Bangkok. The market is like a miniature Chinese city in central Bangkok, where thousands of people roam daily, most of them lovers of Chinese food, seeking a unique experience amid the noisy streets filled with music and lights.

Throughout my four-day trip I tried a variety of dishes across some of the city’s finest restaurants. I enjoyed French cuisine at J’AIME, Chinese seafood at Somboon, and traditional Thai dishes at Benjarong. Wanting to experience more typical Thai culture, I also took a tour of the Buddhist Temple of Dawn “Wat Arun” in the Bangkok Yai District, with its picturesque temples and buildings featuring designs dating back more than 250 years. The exterior design and magnificent towers of the temple were fascinating, rich with color. I entered the Buddha Temple, respecting its numerous rituals. Visitors are not permitted to step or stand on the threshold as you enter, so you must step over the ledge. A tour guide accompanied a group of us into the temple, which was a great opportunity to learn AUGUST 2022

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more about Buddhism. I wore a traditional Thai dress called a Chut Thai, distinguished by its bright colors.

After the temple tour, the heat had become tiring and I decided to take a break and try the Banbury spa at the Central Embassy. I relaxed for 90 minutes amidst soft music and dim light. It was a haven of peace and tranquility, with a massage room, bathroom, private steam room, treatment bed, and a private lounge for relaxation.

On my last day, I just had to embrace the full shopping experience in Bangkok. The city is famous for its shopping malls, offering many high-end brands at low prices. I went to the MBK Center, one of the most prominent shopping centers in the city, packed with clothes, shoes, jewelry, mobile phones, and electrical appliances. I spent more than four hours shopping, and believe me when I say it wasn’t long enough. The prices and goods were endlessly tempting, but sadly it was time to leave.

My visit to Bangkok was a trip full of unique experiences where I got to discover a different vibrant culture. I didn’t have the time to fully explore everything on offer, but I definitely plan to head back.

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• THOUGHTS ON •

Finance A bank is a place that will lend you money if you can prove that you don’t need it.

John D. Rockefeller

—Bob Hope

Beware of little expenses.

A small leak will sink a great ship.

—Benjamin Franklin

If nature were a bank, they would have already rescued it.

Automating some of your finances can be incredibly convenient and is a great way to save time, but automating everything makes it too easy to go on autopilot and forget to pay attention to your personal finances.

—Eduardo Galeano Starting out to make money is the greatest mistake in life. Do what you feel you have a flair for doing, and if you are good enough at it, the money will come.

—Alexa Von Tobel Well, I think that there’s a very thin dividing line between success and failure. And I think if you start a business without financial backing, you’re likely to go the wrong side of that dividing line.

—Greer Garson Wealth consists not in having great possessions, but in having few wants.

—Epictetus Our incomes are like our shoes; if too small, they gall and pinch us; but if too large, they cause us to stumble and to trip.

—Richard Branson The way to make money is to buy when blood is running in the streets.

—John Locke

—John D. Rockefeller

You and I come by road or rail, but economists travel on infrastructure.

As sure as the spring will follow the winter, prosperity and economic growth will follow recession.

A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.

One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute.

The thing I have discovered about working with personal finance is that the good news is that it is not rocket science. Personal finance is about 80% behavior. It is only about 20% head knowledge.

—Bo Bennett

—Suze Orman

—William Feather

—Dave Ramsey

—Margaret Thatcher

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Bob Hope

Greer Garson

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Saudi Aramco and Ajlan & Bros Holding Group have signed two agreements:

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The first regarding investment in semiconductors.

The second is a cooperation agreement to establish a plastic recycling factory.

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