Forbes Middle East - English - January 2024 by Forbes Middle East

MENA’S SERIAL STARTUP FOUNDERS SNAPSHOT: CLIMATE ACTION BUILDS IN MENA

MENA’S TOP 20 TIKTOKERS

NEW MIDDLE EAST CEOS 2023 WORLD’S TOP VENTURE CAPITAL INVESTORS

AHMED AL SHAMSI Managing Director and CEO of SWS Holding

AY CONNEC

T H OU R L A T E

ESS NEW

SIN

DECEMBER 2023 / JANUARY 2024 ISSUE 135

MEET THE TITANS HEADING THE MIDDLE EAST’S BIGGEST HOMEGROWN COMPANIES.

THE MIDDLE EAST’S

TOP CEOS 2023

“WATER, NOW MORE PRECIOUS THAN OIL, IS A GLOBAL CONCERN.”

DECEMBER 2023 / JANUARY 2024 ISSUE 135 UAE......................................................... AED 15 SAUDI ARABIA.....................................SAR 15 BAHRAIN............................................ BHD 1.5 KUWAIT............................................ KWD 1.25 OMAN...................................................OMR 1.5 QATAR....................................................QAR 15 OTHERS..........................................................$4

115

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

DECEMBER 2023 / JANUARY 2024

6 I Sidelines Hope Remains By Claudine Coletti FRONTRUNNER

10 I Blooming With over $190 million in funding, Floward’s cofounders Abdulaziz Al Loughani and Mohamed Al Arifi are reshaping the way people shop for flowers and gifts. Today, the duo is leading an IPO plan, with the startup planning to go public in the second half of 2024.

LEADERSHIP

18 I Meet The CEOs Leading The World’s

Largest Companies

From energy behemoths to financial giants, these five executives lead the world’s largest companies. Company figures are as of May 2023, and ranking follows Forbes’ 2023 Global 2000 list.

By Jamila Gandhi

20 I New Middle East CEOs 2023 These are some of the most notable Middle East-based CEO appointments in 2023.

By Sara Junaid

24 I Female Chiefs Making Historic

Appointments In 2023

This year has seen some wins for gender diversity in leadership. These 10 notable companies appointed their first women CEOs in 2023, embracing a new era of inclusivity. By Jamila Gandhi ENTREPRENEURS

25 I World’s Top Venture Capital Investors

Of 2023

These are the top five investors featured on Forbes’ 2023 Midas List, from cryptocurrency investors to global capital managers. By Jamila Gandhi

28 I MENA’s Serial Startup Founders Startups in MENA raised a total of $2 billion across 376 deals in the first 10 months of 2023, according to Wamda, spanning various sectors. Here are some founders who have founded two or more, attracting both direct foreign investments and regional investors. By Rawan Hassan STARTUPS

30 I Meet The 3 Middle East Startups That

Became Unicorns In 2023

With three new companies hitting a valuation of $1 billion or more in 2023, the Middle East now boasts a total of seven unicorns. Here are the fresh faces of the unicorn club, joining Saudi’s Jahez and the U.A.E.’s Vista Global, Kitopi, and Dubizzle Group. By Hagar Omran SOCIAL MEDIA

34 I MENA’s Top 20 TikTokers Here are MENA’s top TikTokers, according to TikTok Middle East, based on their impact and trends over the last year, including video creations, views, account growth, likes, and interactions. Numbers are as of December 13, 2023. By Sara Junaid

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

34 SUSTAINABILITY

42 I Snapshot: Climate Action Builds In MENA COP28 wrapped up in Dubai in December, with participants confident that a number of impactful decisions and commitments had been agreed. However, many countries in MENA have been taking strides towards more sustainable economies for several years. By Jason Lasrado CONTRARIAN

48 I Confessions Of A Closed-End Fund

Bargain Hunter

Retail buyers have a poor grasp of closed-end investment companies. That creates opportunities for Florida money man Erik Herzfeld. By William Baldwin

54 I Soy Sauce Scientist Peggy Cherng built PANDA EXPRESS into the McDonald’s of Chinese food by using her engineering background and big data to exponentially spice up sales—making her a multibillionaire along the way. By Chase Peterson-Withorn

104 I The $93 Trillion Wealth Transfer Boomers and their elders control $93 trillion, or two-thirds of America’s household wealth. Forbes 400 members Phil Knight, Charles Koch, Barry Diller and Harold Hamm give a master class in how to make sure your money goes to charity and children. By Matt Durot

112 I Thoughts On Experience DECEMBER 2023 / JANUARY 2024

CONTENTS

By Nermeen Abbas LEADERBOARDS

THE MIDDLE EAST’S

CONTENTS

TOP CEOS 2023

66 I Turning The Tide Ahmed Al Shamsi, Managing Director and CEO of SWS Holding, is making moves to tackle the challenges of water scarcity while growing business. With the company having recently been acquired for $463.2 million, the CEO has his eyes on further investment. By Jamila Gandhi

90 I Moving Forward Faisal Albedah, Managing Director and CEO of SAL Saudi Logistics Services, took the company public in November 2023, leading it through the year’s second-biggest IPO for Saudi Arabia, with a market capital of over $3 billion. Now, he wants to make the kingdom a global logistics hub, connecting East with West. By Rawan Hassan

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

DECEMBER 2023 / JANUARY 2024

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

DECEMBER 2023 / JANUARY 2024

December 2023 / January 2024

Issue 135

•

INSIDE •

CONTENTS

THE MIDDLE EAST’S

TOP CEOS 2023 Abdulnasser Bin Kalban CEO, Emirates Global Aluminium (EGA)

Karim Awad

Joe Kawkabani

Group CEO & Chairman of the Executive Committee, EFG Holding

Aloki Batra CEO, FIVE Hospitality

CEO, OSN Group

Sherif Beshara PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST

Group CEO, Mohamed & Obaid Almulla Group and American Hospital Dubai

CHECK OUT THE FULL LIST ON OUR WEBSITE.

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

DECEMBER 2023 / JANUARY 2024

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

DECEMBER 2023 / JANUARY 2024

SIDELINES

FORBES MIDDLE EAST

Hope Remains As we conclude 2023, we at Forbes Middle East are all looking back on what has been an incredible year. The last 12 months have seen us strive to create original, empowering, and reliable content to ensure that you, our readers, are up-to-date, well-informed, and inspired. We’ve done this by continuing to bring you the Middle East’s best in business news, startup stories, leadership journeys, and annual rankings. But we’ve also continued to innovate and create new forums and features, from ground-breaking events such as our women’s summit in May, our healthcare summit in October, and our sustainability summit in November to inaugural new lists such as our Sustainability Leaders list in October. Sustainability has been a key theme running through everything in 2023 as the U.A.E. prepared to host COP28, which came to an end on December 13 with a ground-breaking “global stocktake.” This saw nearly 200 countries officially acknowledge that global greenhouse gases need to be cut by 43% by 2030, and publicly commit to taking action to significantly increase renewable energy capabilities and efficiencies. Believe it or not, this was the first time that this many parties had ever made such a resolute declaration. While they stopped short of pledging to transition away from fossil fuels, it is still a hopeful milestone. And hope is vital in bringing people together while geopolitically, the world remains very divided. Looking to the next 12 months, continued wars in Europe and the Middle East are dampening economic forecasts, but again, hope remains. The ICAEW predicts that the Middle East’s GDP will grow 3.2% in 2024, more than its global forecast of 2.1%, and that growth will be stronger in this region than in other more advanced and emerging economies driven by the non-energy sectors. EY expects IPO activity to be robust in the Middle East in 2024, driven largely by Saudi Arabia, with 27 companies having already announced their intentions to list on Tadawul this year. Our first issue for 2024 is packed with content looking back on the last year and looking ahead to the next, exploring all these themes and more. We highlight the cream of the crop from our Top CEOs 2023 list, showcasing the top 20 leaders here, while the full list of 100 can be found on our website. These business heads are running the region’s biggest and most influential homegrown companies – check out the full list to find out more about what they’ve achieved so far and what they have planned for the future. We also reveal which Middle Eastern startups attracted the most funding in 2023, exciting investors at a time when funding overall seemed hard to come by. And we unveil the region’s most popular TikTokers. I hope you’ve had a great year and that an even better one awaits you in 2024. Enjoy the issue, and see you soon. —Claudine Coletti, Managing Editor

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

DECEMBER 2023 / JANUARY 2024

75+

2.5+

MILLION SQ. M. MANAGED SPACE

BILLION USD CONTRACTS BACKLOG

INTEGRATED FACILITIES MANAGEMENT

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

/efsme

WORKFORCE

INFRASTRUCTURE

SECURITY SERVICES

peopleofefs

25,000

LEISURE & HOSPITALITY

STAFFING SOLUTIONS

A Global Leader in delivering best-in-class Integrated Facilities Management Services across Middle East, Africa, South Asia & Europe

/c/efsfacilitiesservicesgroup

DECEMBER 2023 / JANUARY 2024

/company/efs-facilities-services-group

efsme.com

INNOVATING SINCE 2010 DECEMBER 2023 / JANUARY 2024 ISSUE 135 Dr. Nasser Bin Aqeel Al Tayyar President & Publisher nasser@forbesmiddleeast.com

Khuloud Al Omian

FORBES MIDDLE EAST

Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House

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

ruth@forbesmiddleeast.com

Fouzia Azzab Deputy Managing Editor fouzia@forbesmiddleeast.com

Fiona Pereira fiona@forbesmiddleeast.com

Amany Zaher Senior Quality Editor amany@forbesmiddleeast.com

Karl Noujaim karl@forbesmiddleeast.com

Jamila Gandhi Senior Editor jamila@forbesmiddleeast.com

Sarine Nemchehirlian sarine@forbesmiddleeast.com

Rawan Hassan Senior Translator rawan@forbesmiddleeast.com

Sarah Gadallah Hassan sarah.g@forbesmiddleeast.com

Samar Khouri Reporter samar@forbesmiddleeast.com

Upeksha Udayangani Client Relations Executive upeksha@forbesmiddleeast.com

Cherry Aisne Trinidad Senior Online Editor aisne@forbesmiddleeast.com

Tayyab Riaz Mohammed Financial Controller riaz@forbesmiddleeast.com

Research

Jason Lasrado Head of Research jason@forbesmiddleeast.com Nermeen Abbas Senior Researcher nermeen@forbesmiddleeast.com Elena Hayek Researcher elena@forbesmiddleeast.com Layan Abo Shkier Research Reporter layan@forbesmiddleeast.com Soumer Al Daas Head of Creative soumer@forbesmiddleeast.com Julie Gemini Marquez Brand & Creative Content Executive julie@forbesmiddleeast.com Mohammed Ashkar IT Manager ashkar@forbesmiddleeast.com Muhammad Saim Aziz Web Developer saim@forbesmiddleeast.com Habibullah Qadir Senior Operations Manager habib@forbesmiddleeast.com

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

Copyright© 2023 Arab Publisher House Copyright @ 2023 Forbes IP (HK) Limited. All rights reserved. This title is protected through a trademark registered with the US Patent & Trademark Office Forbes Middle East is published by Arab Publisher House under a license agreement with Forbes IP (HK) Limited. 499 Washington Blvd, 10th floor, Jersey City, NJ, 07310 Founded in 1917 B.C. Forbes, Editor-in-Chief (1917-54); Malcolm S. Forbes, Editor-in-Chief (1954-90); James W. Michaels, Editor (1961-99) William Baldwin, Editor (1999-2010) ABU Dhabi Office Office 216, Podium 2, Yas Creative Hub, Yas Island, Abu Dhabi, U.A.E. - P.O. Box 502105, info@forbesmiddleeast.com Dubai Office Forbes Middle East Studio, Warehouse No. 16, Garhoud, Dubai - U.A.E. | P.O. Box 502105, Tel: +9714 3995559 Qatar 14-DD2, Commercial Bank Plaza, West Bay, Doha, Qatar readers@forbesmiddleeast.com subscription@forbesmiddleeast.com Queries: editorial@forbesmiddleeast.com For Production Queries: production@forbesmiddleeast.com

Forbes Middle East is legally represented by Abdullah AlHaithami Advocate & Legal Consultants

Check our Sustainability Policy F O R B E S M I D D L E E A S T.C O M

P.O.Box 95561 Dubai • UAE Tel: +971 4 886 8535

www.intlawfirm.com

DECEMBER 2023 / JANUARY 2024

Since 1988

CELEBRATING

YEARS OF SUCCESS IN THE MIDDLE EAST Landscape & Waterscape Design, Build, Maintenance & Refurbishment Sports Turf Design, Build, Maintenance & Refurbishment Golf Course Design, Build, Maintenance & Refurbishment Indoor Landscaping & Green Walls Design, Build & Maintenance Largest Plant Nurseries in the Middle East Growth Mediums & Fertilizer Manufacturer

Since 1988

3500+ Employees

3000+ Projects

15 Divisions

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

+971 4 590 4000

group@desertgroup.ae

DECEMBER 2023 / JANUARY 2024

www.desertgroup.ae

WHAT ’ S NEW

•

FRONTRUNNER

Most-Funded Startups

•

WHO’S NEXT

By Nermeen Abbas

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

IMAGE FROM SOURCE

With over $190 million in funding, Floward’s cofounders Abdulaziz Al Loughani and Mohamed Al Arifi are reshaping the way people shop for flowers and gifts. Today, the duo is leading an IPO plan, with the startup planning to go public in the second half of 2024.

DECEMBER 2023 / JANUARY 2024

IMAGE FROM SOURCE

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

Abdulmajeed Alsukhan, Turki Bin Zarah, Abdulmohsen Albabtain, cofounders of Tamara.

MENA’s Most-Funded Startups 2023 MENA startups have had a tough year, with funding drying up amidst a global economic downturn. However, several GCC-based startups have successfully attracted new investments, with buy-now-pay-later platforms Tamara and Tabby securing 2023’s largest rounds of $740 million and $258 million, respectively. Here are the most funded startups in 2023, who have raised a total of $1.5 billion. 1

Tamara

Funding in 2023: $740 million Investors: Goldman Sachs, Shorooq Partners , SNB Capital, Sanabil Investments, Pinnacle Capital, Impulse, other investors. Founders: Abdulmajeed Alsukhan, Turki Bin Zarah, Abdulmohsen Albabtain Headquarters: Saudi Arabia Date of establishment: 2020 Tamara provides buy-now-pay-later (BPNL) solutions to over 10 million users across Saudi Arabia, the U.A.E. and Kuwait. It works with more than 30,000 merchants. The fintech startup joined the unicorn club in December 2023 after securing $340 million in Series C equity funding round, led by SNB Capital and Sanabil Investments. Tamara has raised a total of $500 million in equity funding and $400 million in debt financing since its inception in late 2020. It plans to launch new products and services, going beyond BNPL. 2

Tabby

Funding in 2023: $258 million Investors: Wellington Management, BluePool Capital, STV, Mubadala Capital, PayPal Ventures, Arbor Ventures, Sequoia Capital India, Endeavor Catalyst, and other investors. Founders: Hosam Arab, Daniil Barkalov

Headquarters: Saudi Arabia Date of establishment: 2019 Shopping and financial services startup Tabby allows customers in Saudi Arabia, the U.A.E., and Kuwait to split payments into several installments. With a user base of over 10 million, it works with more than 30,000 brands, including SHEIN, IKEA, Samsung, and Noon. It manages over $6 billion in annualized transaction volume, with 20% of transactions conducted via Tabby Card. In November 2023, Tabby raised $200 million in equity funding ahead of its planned IPO in Saudi Arabia and joined the unicorn club with a valuation of $1.5 billion. 3

Floward

Funding in 2023: $156 million Investors: Aljazira Capital, Rainwater Partners, STV, and other investors. Founders: Abdulaziz Al Loughani, Mohamed Al Arifi Headquarters: GCC Date of establishment: 2017 Floward offers same-day delivery of fresh-cut flowers, gifts, and products such as cakes, chocolate, accessories, and perfumes. It currently operates in over 40 cities across nine countries in the MENA and the U.K. In February 2023, Floward raised $156 million in a Series C funding round led by Aljazira Capital, Rainwater Partners, and STV ahead of its planned IPO.

DECEMBER 2023 / JANUARY 2024

FRONTRUNNER

hile most retail sectors have been embracing ecommerce since Amazon hit the world in the mid-90s, just a few years ago, if you wanted to shop for flowers and gifts in MENA, you had few options other than choosing from a limited number of small traditional retail stores. “As Arabs, we were raised with values of generosity and kindness, but these customs, traditions, and cultural aspects that are deeply rooted among all of us were lacking proper digital representation,” says Abdulaziz Al Loughani, Cofounder, Chairman, and CEO of online flowers and gifting company Floward. “Although there had been several attempts, we believed there was a missing solution to address the gift industry in the Arab world.” Floward sells fresh-cut flowers and gifts, such as cakes, chocolate, accessories, and perfumes. Having been established just six years ago, Floward today has 21 fulfilment centers and employs over 1,000 people, serving over a million customers across 40 cities in nine countries, including the GCC, Egypt, Jordan, and the U.K. It has secured a total of $190.2 million in funding from investors, including STV, Aljazira Capital, Rainwater Partners, and IMPACT46, among others. “Our process may seem simple to people, but the operations behind it are highly complex,” explains Floward’s Cofounder and Chief Operating Officer, Mohamed Al Arifi. “We purchase flowers directly from farmers and growers around the world —primarily South America, followed by East Africa and Europe—and ship them by air to our fulfilment centers. We also work with over 600 partners that offer a wide variety of gifts on the platform. When an order is placed, we arrange and deliver the flowers using our specialized refrigerated fleet.” Despite the operational challenges, the company’s sales have multiplied nearly 50 times over the past three years, according to the cofounders, and it is on track to achieve profitability in 2024. In February 2023, the Floward cofounders and their investors

Blooming Cont.

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

Mohammed Aldossary, Khaled Alsiari, cofounders of Sary.

Nana

Funding in 2023: $133 million Investors: Kingdom Holding Company, Uni-Ventures, Sultan Holding Company, Al-Jasser Holding, Red Diamond Company, Dallah Al-Baraka Group, Al-Jammaz Group, and other investors. Founder: Sami Alhelwah Headquarters: Saudi Arabia Date of establishment: 2016 Nana allows shoppers in Saudi Arabia and Egypt to buy groceries online through 150 dark stores. As of February 2023, its app has been downloaded over 10 million times. It raised $133 million in a Series C funding round in February 2023 to fuel expansion plans and add more diversified services. As of November 2023, it had fulfilled over 45 million orders and delivered over three million items. 5

HyperSpace

Funding in 2023: $55 million Investors: Galaxy Interactive, SEGA Ventures, TO Ventures, APIS Venture Partners, R Holdings, Instant Ventures, Winston Fischer, and other investors. Founders: Alexander Heller, Desi Gonzalez, Rama Allen Headquarters: Saudi Arabia, U.A.E. Date of establishment: 2021 HyperSpace builds and operates techenabled entertainment attractions. It opened its first entertainment park at Dubai’s Wafi Mall, AYA, in 2022, followed by House of Hype Riyadh,

a 60,000 square-foot park across 34 experience zones at Riyadh Boulevard in 2023. HyperSpace has raised $66 million since its establishment, with Riyadh Season—a government-backed entertainment initiative under the sovereign wealth fund—providing most of the $55 million of debt and equity. 6

Sary

Funding in 2023: $50 million Investors: Derayah, Raed Ventures, VentureSouq, Sanabil Investments, STV, Wafra, MSA Capital, Rocketship. vc, Endeavor. Founders: Mohammed Aldossary, Khaled Alsiari Headquarters: Saudi Arabia Date of establishment: 2018 B2B e-commerce platform Sary connects micro, small, and mediumsized enterprises with manufacturers and financial services providers. It serves over 100,000 businesses in Egypt, Saudi Arabia, and Pakistan. In January 2023, the company secured $50 million, bringing its total funding to $160 million. 7

XPANCEO

Funding in 2023: $40 million Investors: Opportunity Ventures (Asia) Founders: Valentyn S. Volkov, Roman Axelrod Headquarters: U.A.E. Date of establishment: 2021 Deep-tech startup XPANCEO develops invisible and weightless smart contact lenses with AR vision features using

DECEMBER 2023 / JANUARY 2024

IMAGE FROM SOURCE

FRONTRUNNER

announced plans to take the company public within 18 to 24 months, along with a pre-IPO Series C funding round of $156 million. Ahead of its IPO Plan, Floward has adopted the relevant governance requirements, including but not limited to establishing committees and adding an independent board member, and it is currently appointing financial and legal advisors. According to Al Loughani, the company is considering listing on the main market on the Saudi Exchange (Tadawul). “We believe the IPO will take place in the second half of 2024. The IPO percentage or expected proceeds have not been determined yet, but there are market regulations that require a minimum of 30% free float,” he adds. As MENA startups are increasingly heading to stock markets, Adrian Garcia-Aranyos, the President of Endeavor Global, indicates that the markets seem strong. “Analyzing the past few months/weeks in MENA, the region is looking incredibly solid,” he adds optimistically. “I have no crystal ball and there are other factors at play when deciding to IPO, but judging by the performance of these companies and the robustness of the entrepreneurs leading these ventures I have no doubt that when the time comes, they will be some of the most promising companies to potentially go public.” With plans on track, Floward’s cofounders are now focusing on solidifying the company’s position in its current markets rather than expanding into new territories. In line with its growth plans, Floward also started mergers and acquisitions activity, starting with the acquisition of Kuwait’s fragrance brand, Mubkhar. “Our focus was on solving a genuine gifting problem and building a regional brand in MENA that reflects and services the habits of the gifting culture in the Arab World,” says Al Loughani. “This model can be adopted in other verticals within the gifting industry, and we are currently reviewing several opportunities as part of our mergers and acquisition plans.” The ultimate goal behind this strategy is to distinguish the brand from competitors and offer exclusive products only on the Floward platform, especially with new

Robotic Arm Revolution Precision In Every Move

FRONTRUNNER

Task Mastery

From serving coffee to personalized gifts, our robotic arm adds flair.

Custom Perfection

Tailor your event with limitless possibilities.

Immersive Gaming

Challenge our AI in chess or in checkers for unbeatable fun.

Cinematic Memory

Elevate every moment with our Cambot, ensuring unforgettable memories.

F O R B E S M I D D L E E A S T.C OM hel lo@purpleglo.co | +971 5689 22326 | www.purpleglo.co

DECEMBER 2023|/ JANUARY Doha Dubai 2024 | Riyad h

Blooming Cont.

FRONTRUNNER

players increasingly joining the market. In recent years, a number of gifting and floral-related platforms have risen in the MENA region, including Floranow, Joi Gifts, YOUGotaGift, and sharethelove. ae. “We definitely see huge potential in the sector,” stresses Garcia-Aranyos. “We have both Floward and FloraNow, both out of Dubai, one being B2C, Floward, and the other B2B, Floranow. It is an impressive market/niche, where we do have other players within our global portfolio such as Bloomscape in the U.S. and Colvin out of Spain.” Al Loughani, however, has the benefit of experience behind him. The entrepreneur was previously the CEO and major shareholder of food delivery platform Talabat, which was acquired by Delivery Hero in 2015. In 2013, he joined the Kuwaiti government to establish the Kuwait National Fund for SME Development and served as the founding Deputy Chairman of the Board and Executive Director of the Fund, supporting hundreds of companies with a fund size of $6.5 billion. In 2017, he cofounded Faith Capital to invest in startups, particularly in the technology sector in the Arab world. “However, I still wanted to work on something with my own hands, and Floward was the result of our accumulated experiences,” he remembers. The entrepreneur teamed up with his partner, Mohamed Al Arifi, and launched Floward in 2017. The founder gathered an initial investment of $3 million from family and friends to create an online store, building a unique brand rather than just delivering a marketplace for multiple shops. The startup quickly gained traction and expanded across the region. In 2020, it raised $2.75 million from IMPACT46 and other investors and secured $27.5 million from STV and IMPACT46 in 2021. According to a study by The Insight Partners, the Middle East and Africa’s cut flowers market was valued at $1.5 billion in 2019 and is expected to reach around $2 billion by 2027. The CEO is determined to embrace this growth projection. “We will continue to lead the growth and acquire other companies in the sector,” he says confidently. “This time, I will not exit.” F O R B E S M I D D L E E A S T.C O M

novel low-dimensional materials, nano-optics, and nanophotonics instead of silicon-based technologies. In October 2023, it raised $40 million in funding from Hong Kong-based Opportunity Ventures (Asia). 8

Tarabut

Funding in 2023: $32 million Investors: Pinnacle Capital, Aljazira Capital, Visa, Tiger Global Founder: Abdulla Almoayed Headquarters: U.A.E. Date of establishment: 2018 Tarabut is a regulated open banking platform that provides a data and payments infrastructure, enabling banks, Fintechs, and lenders to create advanced financial products. It operates in Bahrain, the U.A.E., and Saudi Arabia. To date, it has covered over 80% of the Saudi market through partnerships with banks and partnered with over 90% of banks in Bahrain. In May 2023, Tarabut closed a $32 million Series A funding round, bringing its total funding to $57 million. 9

Jisr

Funding in 2023: $30 million Investors: Merak Capital, Abdullah Almunif Founders: Mohammed Akkar Al-Johi, Mohammed Aldubaikl Headquarters: Saudi Arabia Date of establishment: 2016 Jisr digitizes human resources operations in Saudi Arabia. Today, it serves over 3,000 clients with 350,000 registered employees and manages payroll transactions exceeding $2.7 billion across 16 sectors from its offices in Riyadh and Hadhramaut. In October 2023, Jisr closed a $30 million Series A Funding round from the investment firm Merak Capital. 9

SQUATWOLF

Funding in 2023: $30 million Investors: Disrupt.com, ASCA Capital Founders: Anam Khalid, Wajdan Gul Headquarters: U.A.E. Date of establishment: 2016 Founded by two Pakistani entrepreneurs,

gym-wear brand SQUATWOLF was established in the U.A.E., with its innovation hub in the U.K. It has plans to transfer the innovation hub to the U.A.E. by 2025. SQUATWOLF offers its products through its app along with third-party retailers like GoSport and Namshi, with plans to launch retail stores in 2024.

Ajras

Funding in 2023: $28 million Investors: Madarek International, other angel investors Founders: Muath Aljubailan, Abdullah Al Qarni, Ahmed Al Tamimi, Suleiman Aljarbou, Suhail Al Tamimi Headquarters: Saudi Arabia Date of establishment: 2022 Ajras connects small and mediumsized businesses seeking commercial rental spaces with property owners. The platform allows business owners to submit lease applications, then lease the space from property owners, and collect monthly rent installments from tenants, remitting payments to landlords. In November 2023, the startup raised $28 million in a seed funding round led by Madarek International in a mix of debt and equity capital. 10

Lendo

Funding in 2023: $28 million Investors: Sanabil Investments, Shorooq Partners, AB Ventures, and other investors. Founders: Osama Alraee, Mohamed Jawabri Headquarters: Saudi Arabia Date of establishment: 2019 Shariah-compliant debt crowdfunding marketplace Lendo helps pre-finance outstanding invoices for businesses in Saudi Arabia. It has processed more than 2,500 financing transactions on its platform since inception, providing over $300 million in financing to SMEs and generating $37 million in returns for investors. Lendo secured $28 million in Series B Funding Led by Sanabil Investments in December 2023, bringing its total funding to date to $35.2 million.

Methodology: To qualify, startups had to be no more than seven years old. The cut-off for funding was December 10, 2023. We excluded startups that were acquired or merged, went public, or didn’t provide sufficient information about funding and investors. The ranking is based on 2023 funding alone. DECEMBER 2023 / JANUARY 2024

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

DECEMBER 2023 / JANUARY 2024

PRO M OTI O N

Saudi Arabia And The Rise Of Cross-Border Payments Mastercard’s ‘Borderless Payments Report 2023’ reveals growing appetite for cross-border payments in Saudi Arabia, with convenience, security, and digital demand featuring among the key issues.

astercard’s ‘Borderless Payments Report 2023’ reveals that 43% of people in Saudi Arabia expect to send cross-border payments more frequently in the next 12 months, while 40% expect to receive more of these payments. Globally, the report highlights that two in five (40%) senders, and half of receivers, intend to use cross-border payments more frequently over the same period, while approximately half plan to increase the value of their transactions.

The findings from Mastercard’s third borderless payments report draw on the views of over 11,000 consumers and small businesses across 15 different markets in the Americas, Europe, the Middle East, Africa, and Asia. The report results show that speed, lower fees, and 24/7 service are the key factors for people in Saudi Arabia when choosing a brand or company to use for cross-border payments. According to the report, over half (52%) of respondents in Saudi Arabia said delivering

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

funds quickly was crucial, while 49% reiterated a preference for lower fees for sending and receiving money. Meanwhile, 44% expressed a demand for a website or an app that was designed to facilitate crossborder payments anytime, anywhere. This evident demand sits within the context of a sophisticated community of Saudi consumers and businesses that are reliant on cross-border payments to support their everyday needs. Mastercard’s latest findings show that these DECEMBER 2023 / JANUARY 2024

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

payments continue to play a vital role for many across Saudi Arabia, with its research underlining the importance of convenience and security to those served by the company. In embracing these new payment platforms, Mastercard is committed to driving financial inclusion through innovative cross-border payment solutions, recognizing the transformative power of remittances. In the process of driving financial inclusion, security is critical too. At a time when digital transformation and the digitization of financial services have placed an emphasis on greater security, 40% of the report’s Saudi respondents stressed the importance of keeping personal information

secure, with 29% calling for fraud protections to be in place. Speaking to the growth of the Saudi small and mediumsized enterprise (SME) sector, the research also highlights that 80% of SMEs in Saudi Arabia say they are actively planning to do more international business in the future, with 84% saying they are using more international suppliers and services than they were 12 months ago. Notably, 88% of SMEs say they use an app to make crossborder payments — the second highest percentage across the markets surveyed. Mastercard’s technology and innovative solutions enable its customers to move money and data quickly and securely, both domestically

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

and internationally. Its suite of remittance-related products enables payments across more than 180 countries and 150 currencies. Using Mastercard’s global network, these payments can be delivered to bank accounts and digital and mobile wallets, or can be made by card or with cash. In total, these services provide senders with access to more than 90% of the world’s banked population and in near real-time to more than 50 markets.

www.mastercard.com DECEMBER 2023 / JANUARY 2024

Leadership

Meet The CEOs Leading The World’s Largest Companies From energy behemoths to financial giants, these five executives lead the world’s largest companies. Company figures are as of May 2023, and ranking follows Forbes’ 2023 Global 2000 list.

2. Amin H. Nasser

President and CEO of Aramco • Headquarters: Saudi Arabia As the president and CEO of Aramco, Nasser leads the world’s top integrated energy and chemicals enterprise, also serving as a member of the company’s board of directors. With a career spanning four decades at the company, Nasser has held various leadership roles, including senior vice president of Upstream, overseeing significant investments in oil and gas. Beyond corporate duties, he is actively involved in international advisory boards, including the World Economic Forum’s International Business Council and MIT Presidential CEO Advisory Board.

3. Liao Lin

Vice Chairman, Executive Director, and President of ICBC • Headquarters: China Lin has served as vice chairman, executive director, and president of the Industrial and Commercial Bank of China since March 2021. With a career spanning over three decades, Lin has held key positions, including deputy general manager and chief risk officer.

4. Jinliang Zhang

Vice Chairman, Executive Director, and President of the China Construction Bank • Headquarters: China Zhang has been at the helm of the China Construction Bank since May 2022. From his role as executive director and executive vice president at the Bank of China to serving as executive director and president at China Everbright Bank, Zhang, a certified public accountant, and senior accountant, brings a robust background to his current position.

5. Shu Gu

Chairman and Executive Director, Agricultural Bank of China • Headquarters: China

1. Jamie Dimon

Chairman and CEO of JPMorgan Chase • Headquarters: U.S. Dimon became CEO of JPMorgan Chase in 2006 and also assumed the role of chairman in 2007. Following the merger of Bank One Corporation and JPMorgan Chase in 2004, Dimon became the president and COO of the combined entity. Dimon previously held roles at Citigroup, Travelers Group, and American Express.

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

Gu assumed the role of chairman and executive director at the Agricultural Bank of China in 2021, following a series of significant positions. Before taking his current role, Gu had been at ICBC since 1998, heading various departments and overseas units, including those in London and Argentina. His journey at ICBC includes serving as deputy general manager of the Accounting and Settlement Department, the Planning and Finance Department, and later as the general manager of the Finance and Accounting Department. He has also served as the President of the Shandong Branch.

DECEMBER 2023 / JANUARY 2024

BY JAMILA GANDHI; (PHOTO BY WIN MCNAMEE / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP)

LEADERBOARD

An awe-inspiring community in Meydan, with each villa boasting Bentley Home’s iconic furnishings and breathtaking views of Dubai’s skyline

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

DECEMBER 2023 / JANUARY 2024

Telecom Egypt Nasr Eldin joined Telecom Egypt in 2004 and became Managing Director and CEO in March 2023. In the first nine months of 2023, the company recorded $295 million in profit and total assets of $4.5 billion. Between May 2020 and March 2023, Nasr Eldin was Deputy ICT Minister for Global Information Infrastructure at the Ministry of Communications and Information Technology. He also serves as a member of Telecom Egypt’s board of directors, representing the Egyptian government. Nasr Eldin succeeded Adel Hamed, who had been managing director and CEO since 2019.

LEADERBOARD

Irina Zaporozhets , CEO, Eli Lilly and Company.

Leadership

New Middle East CEOs 2023 These are some of the most notable Middle East-based CEO appointments in 2023.

• Ahmed Galal Ismail

• Andrew Buckingham

Majid Al Futtaim – Holding

The Coca-Cola Company

Ismail was appointed CEO of Majid Al Futtaim – Holding in January 2023, succeeding Alain Bejjani, who had held the role for eight years. In March 2023, the company inaugurated a 6.2-megawatt-peak solar power plant in partnership with Yellow Door Energy at the Bahrain Mall. In the first half of 2023, the Majid Al Futtaim Group reported a 4.8% increase in consolidated revenue to $5.1 billion. Ismail was previously CEO of Majid Al Futtaim – Properties and CEO of Majid Al Futtaim – Ventures.

Buckingham was appointed vice president and general manager for the Middle East at The CocaCola Company in February 2023, after joining the company in 1999. The Coca-Cola Company is working with Emirates Nature – WWF to help develop traditional falaj irrigation systems in Wadi Shees, Sharjah. Before assuming his current role, Buckingham was the general manager of The Coca-Cola Company for Russia and Belarus.

• Irina Zaporozhets Eli Lilly and Company Zaporozhets assumed her position as associate vice president and general manager for the Middle East and Africa at Eli Lilly and Company in January 2023. Zaporozhets joined Lilly’s Hungary branch as a marketing associate in 2001 before adopting senior positions across its marketing, sales, HR, Six Sigma, and ethics and compliance departments in Hungary, Austria, and the U.S. She was previously the general manager for Lilly Russia and CIS from August 2017 to December 2022. F O R B E S M I D D L E E A S T.C O M

• Tayba Al Hashemi ADNOC Offshore Al Hashemi joined the ADNOC Group in 2002, became CEO of ADNOC Sour Gas in October 2020, and became CEO of ADNOC Offshore in February 2023. She previously served as the CEO of Al Yasat Petroleum. She sits on the boards of various ADNOC committees, including the gender balance committee, and is a member of the International Society of Petroleum Engineers. Al Hashemi succeeded Ahmad Saqer Al Suwaidi, who had been CEO since 2018.

• Marco Arcelli ACWA Power Arcelli became CEO of ACWA Power in March 2023. In October 2023, ACWA Power signed a $500 million head of terms agreement with EIG to collaborate in power generation, desalination, green hydrogen, and green ammonia projects across the Gulf and Uzbekistan. Arcelli is a peer reviewer for the International Energy Agency, a visiting professor at the AESE Business School in Portugal, and an executive fellow at the IESE Business School in Spain. His predecessor, Paddy Padmanathan, had been at the company since 2005.

• Tony Douglas Riyadh Air Douglas became CEO of Riyadh Air in March 2023 after stepping down as group CEO of Etihad Aviation Group in 2022. Riyadh Air is the newest national carrier of Saudi Arabia. The airline made its first appearance at the 56th AACO AGM in October 2023 and plans to launch its maiden flight in 2025. Douglas began his career at General Motors and has previously held roles at the British Airports Authority, the Abu Dhabi Airports, and the U.K.’s Ministry of Defence.

• Moosa Al-Moosa Dow Chemical Al-Moosa became president of Dow Middle East, Africa & Türkiye in April 2023 after having joined the company in 2005. Al-Moosa is also responsible for the Sadara Chemical Company, a joint

venture between Dow Chemical and Saudi Aramco. He sits on the boards of Sadara and Samco, as well as the U.S.-Saudi Business Council. He started his career as a real estate investment banking analyst at Deutsche Bank in New York in 1996. Before Al-Moosa, Luciano Poli had been the president since October 2017.

• Raja Al Mazrouei Etihad Credit Insurance (ECI) After joining ECI as managing director and acting CEO in November 2022, Al Mazrouei was appointed CEO in May 2023. Al Mazrouei was previously executive vice president of DIFC FinTech Hive, where she established FinTech Hive, a technological financial hub. She sits on the boards of the MENA and Central Asia Advisory Board at Harvard Business School, Al Masraf, the Mohammed Bin Rashid School of Government, Zand Digital Bank, Ittihad International Investment, and Al Ansari Financial Services. She succeeded Massimo Falcioni, who had been the CEO of ECI since February 2018.

• Boyd Chongphaisal GSK Chongphaisal assumed his role as vice president and general manager for the Gulf at GSK in August 2023, having joined the company in 2010. Chongphaisal was previously the president of the Pharmaceuticals Research and Manufacturers Association in Thailand and the general manager of Pfizer from 2009 to 2010. He succeeded Gizem Akalin, who was in the position from October 2020 to June 2023.

• Badr Mohammed Al-Meer Qatar Airways Al-Meer succeeded Akbar Al Baker as Group CEO of Qatar Airways in November 2023, after Al Baker’s 27-year run came to an end. In the same month, Qatar Airways announced a partnership with United for Wildlife, an initiative working against the illegal wildlife trade and fighting for the protection of endangered species. Al-Meer was previously COO of Hamad International Airport, which expanded in time for the FIFA World Cup Qatar 2022 to facilitate over 58 million passengers. DECEMBER 2023 / JANUARY 2024

BY SARA JUNAID ; IMAGE FROM SOURCE

• Mohamed Nasr Eldin

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

Quality of Life Meets Business Appeal El Gouna CEO, Mohamed Amer, explains how the stunning town has evolved into a sustainable community and one of Egypt’s most sought-after destinations for business, pleasure, and luxury living.

LEADERBOARD

ver 30 years ago, Orascom Development founder, Samih Sawiris, started with the creation of El Gouna, a true gem along Egypt’s Red Sea coast. The development came to life as a vibrant community that inspires every aspect of daily life, and it has been growing steadily ever since. Today, El Gouna spans 12km of pristine shoreline and an area of 37 million sqm, housing 9,200 residential units including villas, townhouses, and apartments, as well as 2,800 rooms across 18 hotels. For El Gouna’s CEO, Mohamed Amer, the destination serves as a prime example of an integrated town, offering year-round facilities such as residences, hotels, schools, hospital, golf courses, marinas, and essential services that cater comprehensively to residents’ needs. “It encompasses the fundamental elements one would expect in a well-rounded town while maintaining a strong commitment to environmental sustainability,” says the chief executive. “Whether your goal is to relax, explore, work, or invest, El Gouna serves as a premium living and hospitality destination,” he adds. The Red Sea destination holds strong appeal not just among residents seeking quality of life, but also among a diverse mix of professionals, with El Gouna Business Park playing a pivotal role as the town’s dedicated business district. There, companies can either opt for an entire, dedicated building for their business or share premises with other entities. Already, the corporate zone is home to a multitude of companies and banks, all of which benefit from the El Gouna lifestyle perks, with new joiners

Mohamed Amer, El Gouna CEO

expected in 2024. “We don’t just offer business opportunities; we create a space for like-minded individuals to experience the cohesion of a community, premium amenities, and a thriving workspace,” explains Amer. Adding to El Gouna’s professional pull factors are G-Space, a unique co-working environment that doubled its capacity during the COVID-19 pandemic, and G-Valley, a comprehensive ecosystem designed to nurture and propel SMEs and startups. The latter combines office spaces, residential options, commercial spaces, and conference and meeting venues, fostering an environment conducive to growth and innovation. El Gouna’s entrepreneurial spirit, outstanding facilities, and determination to support the region’s youth make it the perfect location for the Forbes Middle East Under 30 Summit, which takes place in January 2024. “Hosting entrepreneurial-related events like the Forbes Middle East Under 30 Summit in El Gouna reflects our commitment to empowering

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

young talents,” says Amer. “Providing the space for tomorrow’s leaders to get inspired and share experiences is merely one of the ways we offer a lifestyle suitable for those seeking a special place to live, work and play,” he adds. “It is also a chance for attendees to explore our vibrant community and consider establishing their professional presence here.” Beyond the upcoming Forbes Middle East event, El Gouna’s CEO extends a warm invitation to the full spectrum of enterprises, encouraging a broad range of SMEs, startups, and impact-driven companies to experience first-hand what Egypt’s Red Sea community has to offer.

www.elgouna.com DECEMBER 2023 / JANUARY 2024

PRO M OTI O N

Building Trusted Connections In The Digital Economy

Ajay Bhalla, President of Cyber & Intelligence at Mastercard, highlights the growing problem of identity fraud and explains how Mastercard Identity is fostering the trust that people and businesses need to thrive. Identity “verification

makes digital transformation possible

“

Ajay Bhalla, President of Cyber & Intelligence at Mastercard

t is no secret that the Middle East is a leader in digital transformation. According to recent research, people in Middle Eastern countries have among the highest consumer digital engagement rates in the world. However, while this seismic transformation promises economic growth, it also creates new vectors for fraud. Deloitte’s Middle East Fraud Survey highlights that the private and public sectors in the Middle East are experiencing significantly more fraud today than in years past,

propelled in part by the pandemic. Almost half (48%) of survey participants experienced more fraud year-over-year in 2021, with more than two-thirds anticipating greater fraud risks in the future. They are right to be concerned. Identity fraud is at an all-time high, according to the Identity Theft Resource Center (ITRC), a non-profit organization that supports victims of scams. ITRC research captures what victims of fraud know all too well. Victims suffer more than monetary loss; more than half report a loss of trust and nearly 90% report emotional impacts. Victims of identity fraud can be left feeling worried and violated – even depressed. These individual impacts have much wider implications. If people lose trust in the ecosystem, digitization will stall. To enable a thriving digital economy that works for everyone, everywhere, it is critical to instill trust on both sides of a digital interaction.

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

How do we build these trusted connections? It starts with digital identity. Innovation in Digital Identity Verification Identity verification makes digital transformation possible. Every time a consumer makes a purchase online or logs into an account, behind-the-scenes technology verifies their identity in real time. This happens billions of times a day around the world. As people conduct more of their lives online, this technology enables organizations and people to interact safely and seamlessly. Sophisticated digital identity solutions validate that you are who you say you are by analyzing multiple data points – such as name, email, and device IP address – without requesting additional, unnecessary information. These solutions even incorporate more novel verification methods, such as analyzing behavior to distinguish between a genuine person and a bot, with over 99% accuracy. At Mastercard, we are helping organizations worldwide – including leading digital players and financial institutions – to approve more genuine consumers while stopping fraud. Powered by identity insights, machine learning, and biometrics, Mastercard Identity fosters trusted

DECEMBER 2023 / JANUARY 2024

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

machine learning-based solutions authenticate more applicants who may be falsely declined through traditional verification practices, helping more people access financial services. Digital identity solutions should build trust, never erode it. It is important to note that we embed the highest security standards and ensure people are in control of their data.

The Promise of Digital Identity We believe that a trusted identity is a key accelerator of digital transformation. It makes secure global commerce possible, enables seamless consumer experiences, fuels financial inclusion, and fights fraud. Put simply, digital identity unlocks a wide range of possibilities. A small business owner can confidently set up their online shop. Genuine consumers – whether they are in the region or across the world – can transact quickly and securely, without needing to reintroduce themselves each time. Fraud is kept at bay, while the business grows its online storefront and provides great customer experiences. With digital identity verification, a genuine consumer with limited banking and credit history can open a bank account. These consumers

To enable a “thriving digital

economy that works for everyone, everywhere, it is critical to instill trust on both sides of a digital interaction

“

connections between people and organizations, enabling them to interact with confidence, how, where, and when they want.

are often a blind spot to traditional credit-driven identity verification practices, which require document and ID scans. For consumers without a credit history and ID, access to financial services has historically remained out of reach. Digital identity changes that. Because our technology draws on multiple identity elements and uses behavioral biometrics, it can verify identity in the absence of a credit history. Our

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

A Look Ahead Where do we go from here? To deliver on Mastercard’s vision of creating a thriving digital economy, we are expanding our partnerships in the region and worldwide. This year, we announced a partnership with the United Arab Emirates government and unveiled our latest global Center for Advanced AI and Cyber Technology in Dubai, with a focus on developing solutions to fight financial crime. We also partnered with the Rochester Institute of Technology in Dubai to empower graduates to become leaders in AI. These partnerships will not only accelerate innovation in the region, but also worldwide. Looking ahead, we will use new technologies, like AI, to aid our commitment to bringing one billion people into the digital economy by 2025. By helping organizations verify genuine customers, Mastercard Identity is empowering more people to participate in the digital economy both in the Middle East and around the world.

www.mastercard.com DECEMBER 2023 / JANUARY 2024

Leadership

Female Chiefs Making Historic Appointments In 2023 This year has seen some wins for gender diversity in leadership. These 10 notable companies appointed their first women CEOs in 2023, embracing a new era of inclusivity.

• Margherita Della Valle

• Linda Yaccarino CEO, X (formerly Twitter) Headquarters: U.S.

Group CEO, Vodafone Headquarters: U.K.

Yaccarino took the helm as CEO at X Corp. (formerly Twitter) in June 2023, becoming the first female chief of the social networking platform. She previously spent over a decade at NBCUniversal, where she led as chairman of global advertising and partnerships, overseeing a vast portfolio and generating over $100 billion in ad sales in almost 12 years. Yaccarino led a 2,000-member global team, connecting brands to millions of viewers, expanding global reach, and spearheading innovative partnerships and initiatives. Now at X, she’s the operational force behind the scenes, with the billionaire owner Elon Musk’s emphasis on product design and new technology at X.

Valle became Group CEO of Vodafone in January 2023, becoming the first woman to take the role at the telecom behemoth. She succeeded Nick Read, who left in December 2022. A member of the Vodafone Group Plc Board since July 2018, Valle previously served as group CFO from 2018 to 2023, deputy CFO from 2015 to 2018, and held various finance positions within Vodafone Italy. With a career spanning marketing, operations, and finance, Valle joined Vodafone in 1994 and played a pivotal role in the company’s growth. In July 2020, she became a non-executive director of Reckitt Benckiser Group plc.

• Stephanie Linnartz CEO & President, Under Armour Headquarters: U.S. In February, Linnartz made history by becoming the first female head in Under Armour’s history, taking on the roles of president, CEO, and board member. She previously served as the president of Marriott International, where she shaped the company’s global strategy, overseeing technology transformation and establishing partnerships with entities like the NFL, NCAA, and the MercedesAMG PETRONAS F1 team. Today, Linnartz leads the athletic performance brand’s growth strategy, emphasising brand heat, design innovation, and international sales expansion.

• Shamsa Al-Falasi CEO, Citibank, N.A. U.A.E. Regional Headquarters: U.A.E. Citibank appointed Al-Falasi as the CEO of Citibank, N.A. U.A.E.

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

Margherita Della Valle, Group CEO, Vodafone

onshore branch in April, making her the first Emirati woman to hold the role. She joined the bank as a graduate in 2004 and has since held key positions, including head of the global subsidiaries group for the U.A.E. and Iraq. With over 20 years of corporate banking experience, her journey includes serving as interim citi country officer and interim CEO of Citibank, N.A. U.A.E. onshore branch since the beginning of 2023 until April.

• Sandy Ran Xu CEO & Executive Director, JD.com Headquarters: China Ran Xu has been serving as the CEO and executive director of JD.com since May 2023, succeeding Lei Xu and becoming the first woman to hold the role. Formerly JD.com’s CFO, she joined the company in 2018 after almost 20 years with PricewaterhouseCoopers Zhong

Tian LLP. She oversaw group finance and played a crucial role in JD.com’s development. In November, she took on the additional role of CEO of the Chinese e-commerce giant’s retail arm, JD Retail.

• Hafize Gaye Erkan Governor, Central Bank of the Republic of Türkiye Headquarters: Türkiye In June 2023, President Recep Tayyip Erdoğan appointed Erkan as the head of Türkiye’s central bank, making her its first female governor. Formerly co-CEO and president at First Republic Bank and a managing director and head of Financial Institutions Group Strategies at Goldman Sachs, Erkan assumed the role of governor while facing the challenge of restoring investor confidence and navigating a cost-of-living crisis, taking over from Sahap Kavcioglu.

• Abi Tierney CEO, Welsh Rugby Union Headquarters: Wales In August 2023, the Welsh Rugby Union announced that Tierney would become its first female CEO. Currently serving as the director general for customer services at the Home Office, Tierney will assume her new position before the end of 2023. Her background as a senior civil servant includes roles at Serco as business development director, with operational responsibilities and leadership positions at the University Hospitals of Leicester, Aberdeen City Council, and IBM’s Global Services Business.

• Jaya Varma Sinha CEO & Chairperson, Indian Railway Board Headquarters: India Sinha became CEO and chairwoman of the Indian Railway Board in September 2023, making her the first DECEMBER 2023 / JANUARY 2024

BY JAMILA GANDHI; IMAGE FROM VODAFONE

LEADERBOARD

Entrepreneurs

World’s Top Venture Capital Investors Of 2023 These are the top five investors featured on Forbes’ 2023 Midas List, from cryptocurrency investors to global capital managers.

25 LEADERBOARD

woman appointed to this post. Sinha joined the Indian Railway Traffic Service in 1988 and served in various capacities in the Eastern, Northern, and South-East railways. With a career spanning over 35 years, she held key positions such as member (operations & business development) at the Railway Board and was the first woman principal chief operations manager of South Eastern Railway. Sinha is known for inaugurating the Maitri Express during her tenure in Bangladesh.

• Robyn Grew CEO, Man Group Headquarters: U.K. In September 2023, Grew became the first woman to serve as Man Group’s CEO and executive director, succeeding long-standing CEO Luke Ellis. A former Barclays Capital and Lehman Brothers banker, Grew has been with Man Group for 14 years, leading the firm’s executive committee. Her extensive experience includes managing the solutions business, overseeing trading and execution, and holding roles such as group COO, head of ESG, and general counsel. The firm manages $161.2 billion globally across various portfolio solutions as of September 2023. Grew is a qualified barrister and has been in the investment industry since 1994.

• Vanessa Hudson

BY JAMILA GANDHI; CHRISTIE HEMM KLOK FOR FORBES

Group CEO & Managing Director, Qantas Group Headquarters: Australia Hudson has been serving as managing director and the first female group CEO of Australian flagship carrier Qantas Airways since September 2023. She succeeded Alan Joyce, who accelerated his retirement to aid the company’s renewal. With 29 years at Qantas, Hudson has held various senior roles, including group CFO, chief customer officer, and senior vice president for the Americas and New Zealand. A trained accountant, she navigated Qantas through financial challenges during the pandemic, securing funding, orchestrating a $1.4 billion equity raise in mid-2020, and overseeing fleet replacement and expansion plans. F O R B E S M I D D L E E A S T.C O M

Alfred Lin, Partner, Sequoia Capital

1. Neil Shen

brokerage during his teenage years. After a move to California’s Bay Area in 2007, Malka founded Bling Nation, a payments startup that failed, and later established Ribbit Capital in 2012.

Shen serves as the founding and managing partner of HongShan, formerly Sequoia China, the Chinese arm of the U.S. venture capital giant. Renowned for backing Meituan, Pinduoduo, and ByteDance, the 55-yearold secured the top spot on the 2023 Midas List, his twelfth appearance. With a background in investment banking at Deutsche Bank Hong Kong, Chemical Bank, Lehman Brothers, and Citibank, Shen cofounded Ctrip.com before joining Sequoia. Forbes valued his fortune at $3.6 billion as of November 21, 2023.

3. Alfred Lin

Firm: HongShan Notable deal: ByteDance Headquarters: Hong Kong, China SAR Citizenship: Hong Kong

2. Micky Malka

Firm: Ribbit Capital Notable deal: Coinbase Headquarters: U.S. Citizenship: Venezuela Malka, the founder of Ribbit Capital, played a key role in major IPOs in 2021, including Coinbase, Nubank, and Robinhood. The 49-yearold recently participated in India’s PhonePe’s $100 million funding round, contributing to its $12 billion valuation. His entrepreneurial journey began with the sale of a financial

Firm: Sequoia Capital Notable deal: Citadel Securities Headquarters: U.S. Citizenship: U.S. Lin, a partner at Sequoia Capital, has led impactful investments since 2010, contributing to the success of firms like DoorDash and Airbnb. However, in 2022, Sequoia’s $225 million investment in FTX turned into a loss following the cryptocurrency exchange’s collapse. The 51-year-old also holds a board seat at Citadel Securities, which saw a $1.15 billion stake sale to Sequoia and Paradigm in January 2022. Before Sequoia, the Harvard graduate played a pivotal role in launching and managing Zappos, which was later acquired by Amazon in July 2009.

4. Richard Liu

Firm: 5Y Capital Notable deal: Xiaomi Headquarters: Hong Kong, China SAR Citizenship: China Liu is a founding partner at 5Y

Capital in China, overseeing $5 billion in global capital. The 49-year-old, with over 20 years in venture capital, enjoys ongoing success from his investment in Xiaomi, which has a market cap of over $49.3 billion as of November 21, 2023. Liu’s portfolio features notable ventures such as the cloud communications platform Agora.io, which went public in May 2021, and Horizon Robotics, an AI chipmaker with an impressive $8 billion valuation in 2022.

5. Navin Chaddha

Firm: Mayfield Fund Notable deal: HashiCorp Headquarters: U.S. Citizenship: U.S. As the managing partner at Mayfield, 52-yearold Chaddha has left a significant mark in venture capital, having invested in over 60 companies, with 18 going public and 27 being acquired. Notable among his successes are Lyft, Poshmark, and HashiCorp. Chaddha’s investments have generated more than $120 billion in equity value and contributed to the creation of over 40,000 jobs. As an Indian immigrant with a background in electrical engineering, Chaddha’s entrepreneurial journey began with the founding of VXtreme, a streaming video company, ultimately acquired by Microsoft after he left his PhD program at Stanford. DECEMBER 2023 / JANUARY 2024

PRO M OTI O N

Medical Aesthetics: A New Frontier Of Confidence And Ethical Leadership Joost Molewater de la Rive Box, General Manager of Allergan Aesthetics, an AbbVie company for the Middle East and Africa, highlights the potential within the aesthetics medicine industry and the impact his company is making, from products and treatments to training and awareness.

Joost Molewater de la Rive Box, General Manager of Allergan Aesthetics

et’s start with the definition of the Aesthetic Medicine industry. Aesthetic Medicine represents an exciting blend of healthcare and beauty, where medical knowledge and sciencebased products and technologies are used to enhance individual aesthetic goals, contributing to personal well-being. Its comprehensive approach addresses conditions such as skin laxity, wrinkles, moles, age spots, excess fat, skin discoloration, and scars among others. The pool of people exploring aesthetic possibilities is broadening as access to aesthetic procedures expands rapidly across the globe. According to the Global Aesthetic Market Study: XIX, 23 million dermal fillers as well as 19.5 million botulinum toxin and 14.6 million body

have decades “of We experience and a

rich pool of published science that supports the efficacy and safety of our products

“

procedures are predicted globally by 2025. Out of this total number of procedures, around five million are predicted for top Middle East markets by 2025—notably dermal fillers and wrinkle-relaxers—as per a 2023 report from Clarivate. Allergan Aesthetics, an AbbVie company, is a global company with more than 20 years in market leadership. We have decades of experience and a rich pool of published science that supports the

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

efficacy and safety of our products, earning us the trust of clinicians across the globe. However, to us, staying ahead of the curve means that our focus goes far beyond products. On a constantly changing landscape, we continue to review all aspects of the aesthetic experience by listening to customers and consumers to really understand evolving needs and to identify unmet areas of opportunity and any changes in aesthetic motivations and goals. We are committed to advocating for all people, striving to advance equality and diversity within our company, with our consumers and partners, and within the aesthetics industry as a whole. The Power of Confidence Ultimately, our mission is to ‘empower confidence for customers and consumers’. With the motto, Your Practice, Our Purpose, we provide a personal touch to help customers boost their capabilities, shape the future of their practice, and provide the best possible outcomes for their patients. For consumers, we focus on delivering holistic approaches to treatment that reflect individual needs and aesthetic goals as well as contributing to various awareness programs aimed at educating consumers on the world of aesthetic medicine.

DECEMBER 2023 / JANUARY 2024

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

First and Foremost, Aesthetic Medicine is a Medical Treatment Hyper-informed consumers are emerging with specific requests, and expectations influenced by social media can lead to the misguided view that treatments are beauty commodities rather than medical procedures. The industry provides medical aesthetic procedures, and this distinction is what sets it apart from conventional aesthetic treatments like massages or spas. For many, this is selfevident, but comprehending the medical nature of medical aesthetic procedures remains a challenge for some in the industry. Here, the topic of ethics also comes into play, and we are engaged in a forward-thinking collaborative program that aims to facilitate ongoing honest dialogue with industry stakeholders— officials, associations, healthcare

practitioners, and consumers—to better understand and address topics related to ethics to ensure patient care is prioritized.

We will continue “ our support towards

the empowerment of women, amplifying the voices and contributions of women, and driving impactful change

“

Committed to Quality The aesthetic industry is experiencing an era of growth, which has seen a sharp rise in the number of new products, injectors, clinics, and manufacturers entering the market. In response to the current landscape, we are committed to providing the highest quality education and training to healthcare practitioners across the world through the Allergan Medical Institute (AMI), which offers bespoke, quality educational programs to doctors to help them hone their skills and pursue the highest levels of clinical excellence. We aim to train over 78, 000 healthcare practitioners globally every year through various forums, expert-led trainings, online learning, and exclusive resources, so practitioners can confidently deliver outcomes that help their patients achieve their aesthetic goals.

Saudi Arabia & the United Arab Emirates With our scientific expertise, we are actively discussing partnership arrangements with leading scientific societies in Saudi Arabia to collectively facilitate a series of panel and industrial discussions through which we can share valuable insights into the ethical landscape, with a focus on consumer safety. The aim is to gain a better understanding of the evolving aesthetics standards in K.S.A. and to identify opportunities to drive positive change and meet the needs of industry evolution. Meanwhile, in the U.A.E., Dubai hosted the incredible Live Tour called MD Codes™ back in May, which brought unparalleled medical education and training to over 1,500 healthcare practitioners from 33 countries across the Middle East, Africa, and Eastern Europe. The tour curricula, which included theory, real-life patient case studies, and live injections, had a profound impact by enhancing the clinical practice and injection skills of the attending healthcare practitioners. We believe in our commitment to providing the highest quality education and training to healthcare practitioners,

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

since only together can we raise the bar of patient safety and ethical standards in the industry. Approaching the Future Looking ahead, we will be delving deeper into some of the trends identified in the Allergan Aesthetics ‘Future of Aesthetics’ global trends report. With consumer interest in non-surgical aesthetic treatments increasing, as highlighted in the Allergan Aesthetics ‘Consumer Beauty Insights Study 2021’, we place strong focus on supporting them through awareness programs that address individual needs and concerns. Confidence and knowledge are key in any person’s aesthetic journey. We strive to empower confidence and ensure consumers are informed as they move forward with their aesthetic journey. We will continue our support towards the empowerment of women, echoing the remarkable strides made during the First Forbes Middle East Women’s Summit in Riyadh, where we were privileged to play a key role as one of the main partners. We are committed to fostering an inclusive future, amplifying the voices and contributions of women, and driving impactful change. Furthermore, we are investing to expand our robust portfolio, introducing new products and indications, including a focus on skin quality, hydration, and collagen stimulation to ensure unmet consumer needs are prioritized. We are really excited to discover what is possible for the future.

www.allerganaesthetics.com BH-AGNA-230010

DECEMBER 2023 / JANUARY 2024

Entrepreneurs

MENA’s Serial Startup Founders • Hosam Arab

funding of $30 million as of 2021 from over five funding rounds from lead investors such as JAM Fund, Vostok New Ventures, and Endure Capital. In 2014, he cofounded Egyptian Streets after it was initially launched as a blog in 2012. Reaching more than two million people a month across its social media platforms and website.

Startups founded: Tabby, Namshi Nationality: Canadian In 2019, Arab cofounded Tabby, a buy-now-pay-later solutions provider with an annual transaction volume exceeding $6 billion, serving 10 million shoppers across Saudi Arabia, the U.A.E., and Kuwait. On November 1, 2023, Tabby became the fintech unicorn in the region with a $200 million Series D round led by Wellington Management, valuing the company at over $1.5 billion ahead of its planned IPO in Saudi Arabia. Arab previously co-founded online fashion retailer Namshi in 2011, which was fully acquired by Emaar Malls in 2019, to be later sold to Noon for a reported $335.2 million.

• Abdullah AlMoaiqel Startups founded: Rain, Tykn, BitGulf, StudentWindow Nationality: Saudi

• Sami Alhelwah Startups founded: Nana, Sadeem, Matajer, EXA Group Nationality: Saudi With more than 22 years of experience in technologydriven startups and businesses, Alhelwah cofounded the Riyadh-based online grocery platform Nana, where he currently serves as its CEO. Nana raised over $212.2 million in seven funding rounds as of 2023. Alhelwah also founded Exa Information Technology in January 2002, a Saudi private equity firm and a cloud service provider in MENA, which is currently known as EXA Group. The group has been investing in software and technology companies for over 20 years.

• Abdallah Abu Sheikh Startups founded: Astra Tech, Rizek, Barq Nationality: Jordanian In 2022, 29-year-old Abu F O R B E S M I D D L E E A S T.C O M

Yehia Badawy

Sheikh raised $500 million for consumer technology holding group Astra Tech from G42. Astra Tech acquired the fintech platform PayBy, the on-demand home services platform Rizek, and BOTIM, where Abu Sheikh currently serves as the CEO. In 2023, Abu Sheikh launched an Arabic GPT and physical and digital multi-currency cards. He also launched Barq in November 2021 to provide smart mobility solutions and is a current investor in Delivers.AI.

company raised $804 million in total funding as of 2021 from investors, including SoftBank, Chimera, and ADQ, among others, making the company one of the Middle East’s unicorns. In March 2023, it acquired Dubai-founded food and beverage group AWJ for an undisclosed sum. Darkan also founded Central Tickets in 2013 and worked with My Metro Talk Startup in the same year. He also worked with another startup called My Little Bedoo.

• Saman Darkan

• Mostafa Amin

Startups founded: Kitopi, Central Tickets Nationality: British

Startups founded: Breadfast, Egyptian Streets, and Wassel.io Nationality: Egyptian

Darkan is the cofounder and chief technology and product officer of Kitopi. He cofounded the cloud kitchen in 2018 along with cofounders Mohamad Ballout and Bader Ataya. The

Amin is the cofounder and CEO of Breadfast, the on-demand grocery delivery platform he established in 2017 with Muhammad Habib and Abdallah Nofal. It had secured

A technology entrepreneur with over 10 years of experience, AlMoaiqel is the chairman of DEMA Energy, which he joined as an early investor in 2022. He cofounded Rain in 2016, a Bahrain-based crypto-asset brokerage that had raised $110 million in December 2021, bringing its total funding to $118 million, with lead investors such as Paradigm, Kleiner Perkins, Coinbase Ventures, Global Founders Capital, and MEVP, among others. Rain Management was licensed as a regulated crypto-asset service provider by the Central Bank of Bahrain in 2019.

• Yehia Badawy Startups founded: Rain, Digital Cotton, Camp Altitude Nationality: Egyptian Yehia Badawy cofounded the Bahrain-based crypto-asset platform Rain with Abdullah AlMoaiqel, Adam Nelson, and Joseph Dallago back in 2017. He also founded the computer programming platform Camp Altitude for kids and teenagers in 2016. Previous to that, he founded Digital Cotton in 2015, a blockchain consulting company in Egypt. Deloitte, ExxonMobil, Siemens, Egyptian Steel, and Green Valley School are among his top clients. DECEMBER 2023 / JANUARY 2024

BY RAWAN HASSAN; IMAGE FROM SOURCE

LEADERBOARD

Startups in MENA raised a total of $2 billion across 376 deals in the first 10 months of 2023, according to Wamda, spanning various sectors. Here are some founders who have founded two or more, attracting both direct foreign investments and regional investors.

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

Empowering Collaboration Through Health Information Exchange

ince its launch in January 2019, Malaffi has had a profound impact on the entire healthcare ecosystem throughout Abu Dhabi. As the region’s inaugural health information exchange (HIE), it has achieved significant milestones, fostering a fully connected healthcare sector and being a key component in the digital transformation of healthcare as envisioned by Abu Dhabi’s Department of Health. Malaffi currently hosts two billion unique clinical records from all connected healthcare facilities throughout Abu Dhabi, giving over 47,000 users access to clinical data, including radiology images. The recent phase of integration with the Federal HIE, Riayati, allows Malaffi’s clinical users to access patient information from healthcare facilities in the northern emirates when required, reinforcing the continuity of patient care across the U.A.E. Almost daily, Malaffi helps users improve patient care through reduced tests and procedures, enhanced care coordination, and the avoidance of allergic reactions and drug interactions, as well as facilitating streamlined administrative procedures, resulting in cost savings. The availability of clinical data empowers critical advanced population health initiatives, touching the lives of Abu Dhabi residents and citizens. In 2022, we further harnessed the transformative potential of data to elevate clinical value. Through

Kareem Shahin, Acting CEO of Abu Dhabi Health Data Services, Malaffi

a partnership with Philips, we fully integrated an image exchange solution—an advanced feature that sets us apart on the global landscape of HIE. This collaboration not only underscores our dedication to pushing the boundaries of what is possible but also reinforces our position as a leader in healthcare technology. Through Malaffi, 52 connected healthcare facilities are sharing radiology images, enabling clinical users to access 85% of the annual volume of images generated across Abu Dhabi. By seamlessly linking radiology systems across hospitals, we are enhancing diagnostic precision, efficiency, and patient care while minimizing redundancy and radiation exposure. This facilitates precision medicine on a large scale and sets a pioneering example for global success.

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

Abu Dhabi Health Data Services is now planning to extend its expertise in the development of digital health projects. Our value proposition lies in pioneering data-driven health transformation, using advanced technology to reshape healthcare delivery. We are working on solutions that streamline data management, enable realtime analysis, and facilitate seamless information exchange, leading to improved patient care. Our expertise is grounded in collaboration with stakeholders, regulators, and partners to influence healthcare policies, ensuring a lasting impact on efficiency, quality, and accessibility on the healthcare landscape. Beyond Abu Dhabi, nations across the region are implementing their own HIEs. While each HIE is unique, the underlying principles remain constant. We plan to extend our expertise and experience to our regional counterparts, collectively contributing to the expansion and success of HIEs throughout the region and cultivating an interconnected and efficient healthcare ecosystem.

www.malaffi.ae DECEMBER 2023 / JANUARY 2024

29 LEADERBOARD

Kareem Shahin, Acting CEO of Abu Dhabi Health Data Services – Sole Proprietorship LLC (Malaffi), explains how the health information exchange platform is improving outcomes for patients and providers alike.

MENA’s Serial Startup Founders Cont.

Startups founded: NymCard, NYMGO, Splendor Telecom Nationality: Lebanese

LEADERBOARD

Onsi is the CEO and Founder of NymCard, a banking-as-a-service platform and card issuer, which had raised $35 million in funding as of 2023. Having Samsung, Verity, and Pluto among its clients, the company was certified as a principal issuer in the U.A.E by Mastercard in 2022. Onsi also founded Luxembourgbased NYMGO in 2008, an OTT international calls provider.

• Mazen AlDarrab Startups founded: Zid, eTree, Ecommerce SEA, CKSU.com Nationality: Saudi AlDrarrab is the CGO of Zid, the Saudi-based retail enabler platform he founded in 2017. The company has raised a total of $59 million in funding over three rounds, with the latest raised in October 2022. Among its investors are Elm, Arzan, Agility, MSA, Global Ventures, IMPACT46, Wa’ed Ventures, and Endeavor Catalyst.

• Ahmed Sabbah Startups founded: Telda, Swvl, Goyastores Nationality: Egyptian Sabbah is the CEO of Telda, the Egypt-based finance services app he co-founded in 2021 in partnership with Banque du Caire and Mastercard. The company has raised a total funding of $25 million, with the latest round being in October 2022, according to Crunchbase. Among its main investors is Sequoia Capital and Block Inc. Sabbah was also the cofounder and chief technical officer of the Dubai-based mobility solutions Swvl, which he F O R B E S M I D D L E E A S T.C O M

left in January 2021. A few months later, In July 2021, Swvl became the first $1.5 billion unicorn from the Middle East to be listed on the Nasdaq before its market cap fell to more than $6.5 million as of November 2023.

• Ihsan Almarzooqi Startups founded: GluCare Health, meta[bolic], Zone.health Nationality: Emirati Almarzooqi is the cofounder and managing director of Glucare Health, the U.A.E.-based startup for treating metabolic disorders established in 2020. The company had raised a total of $20 million in funding as of December 2022. Almarzooqi also cofounded the hybrid digital therapeutics company meta[bolic] in January 2023, as well as the obesity-focused platform Zone.health in the same year. He previously served as director and deputy head at Mubadala Healthcare for a decade.

• Ali Hashemi Startups founded: Amana Healthcare, GluCare Health, meta[bolic] Nationality: American Hashemi is an early-stage investor who cofounded both GluCare Health and meta[bolic] along with Ihsan Almarzooqi. He was previously the founder of the U.S.-accredited Amana Healthcare, which was acquired by Mubadala Healthcare in 2019. Ali was previously a founding member and led the Middle East healthcare practice at Booz & Company, based in Dubai. He was also a member of the healthcare practice and the private equity practice at Bain & Company, based in New York City.

Startups

Meet The Three Middle East Startups That Became Unicorns In 2023 With three new companies hitting a valuation of $1 billion or more in 2023, the Middle East now boasts a total of seven unicorns. Here are the fresh faces of the unicorn club, joining Saudi’s Jahez and the U.A.E.’s Vista Global, Kitopi, and Dubizzle Group.

• Tabby Country: Saudi Arabia Valuation: $1.5 billion Date of establishment: 2019 Date of becoming a unicorn: November 1, 2023 Fintech startup Tabby allows shoppers across Saudi Arabia, the U.A.E., and Kuwait to split payments into several installments. It was cofounded in 2019 by CEO Hosam Arab and COO Daniil Barkalov. On November 1, 2023, Tabby announced a $200 million Series D funding round, valuing the company at over $1.5 billion ahead of its planned IPO in Saudi Arabia. The funding round was led by Wellington Management, with participation from Bluepool Capital in addition to existing investors such as STV and Mubadala Capital. With the recent financing, Tabby seeks to strengthen its balance sheet to meet the increasing demand for its flagship buy now, pay later solution, which handles an annual transaction volume exceeding $6 billion. Currently, the company has 10 million users and works with over 30,000 brands.

• MNT-Halan Country: Egypt Valuation: $1 billion Date of establishment: 2018 Date of becoming a unicorn: February 1, 2023 MNT-Halan, established in 2018 by Mounir Nakhla and Ahmed Mohsen, emerged with the aim of providing digital banking services to the unbanked. It has since served over seven million customers in Egypt, including more than 1.5 million active users every quarter. This customer base comprises five million financial

clients and 2.5 million borrowers. In February 2023, MNT-Halan announced that Chimera Abu Dhabi had invested more than $200 million in equity in exchange for over 20% of the company. The company also raised $140 million through two securitized bond issuances, boosting the company’s valuation to hit the $1 billion mark. The startup also revealed a securitized bond issuance worth $130 million through Cl Capital in early November 2023.

• Tamara Country: Saudi Arabia Valuation: $1 billion Date of establishment: 2020 Date of becoming a unicorn: December 18, 2023 Tamara provides buy-now-pay-later (BPNL) solutions to over 10 million users and over 30,000 merchants across Saudi Arabia, the U.A.E. and Kuwait. The Fintech secured $340 million in a Series C equity funding round on December 18, 2023, bringing its valuation to the $1 billion mark. This round was co-led by SNB Capital, Sanabil Investments, a subsidiary of the Public Investment Fund (PIF) with participation from other investors. The recent funding round follows the company’s securing additional debt financing to upsize its warehouse facility to up to $400 million, led by Goldman Sachs and Shorooq Partners in November 2023. With those recent transactions, Tamara will have raised a total of $500 million in equity funding, and well above $400 million in debt financing since its inception in late 2020. Note: Previous Middle East unicorns, Swvl, Careem, Yalla Group, and Fawry, are either no longer members of the unicorn club or have since been acquired.

DECEMBER 2023 / JANUARY 2024

BY HAGAR OMRAN

• Omar Onsi

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

Leading The Way In The Financial Sector’s Digital Transformation Saudi Fransi for Leasing Finance has a new identity. Under the name J-B, the car leasing and financial solutions company is adding value to its brand and its customers with a digital vision and an expanded offering.

audi Fransi for Leasing Finance has a new name: J-B. A leading provider of car leasing services and Shariah-compliant financing solutions in the Kingdom of Saudi Arabia, the company recently launched the new identity as part of its brand refresh. It remains steadfast in its commitment to the financial services, knowledge, and transparency it is renowned for, but is now enhancing its offerings with a futuristic digital vision, while contributing to a sustainable and booming Saudi economy. Since the launch of Saudi Fransi for Leasing Finance more than a decade ago, the company has been keeping pace with the technological development witnessed by the Kingdom of Saudi Arabia by utilizing the latest AI tools. Now, as J-B, the firm is keen to innovate leading digital solutions in the financial sector. As a main player in the Saudi market, J-B offers world-class services to customers and aims to enrich the quality of their lives through a comprehensive offering. J-B’s strategy seeks to capitalize on the enormous potential of the Saudi fintech industry and offer financing from a modern perspective. Through the digitalization of customer journeys, the company

Mohammed Al-Sheikh, Chairman of J-B

also aims to streamline complicated and time-consuming procedures through simple, straightforward processes that improve societal financial prosperity. The brand’s evolution goes beyond just providing innovative financing options to the automotive sector; it is centered on caring for the needs of people, understanding their motivations, and helping them reach their aspirations. Tasked with fulfilling J-B’s holistic vision is a team of the industry’s brightest financial experts who are passionate about designing and delivering the best possible support and solutions.

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

This vibrant team operates according to three main values. The first is simplicity, which involves facilitating finance and avoiding complexities. The second is reliability, which requires J-B to maintain a clear vision in all operations. And the third value is pride, signifying that J-B is the result of aspirational Saudi leaders and a team that believes in the nation’s vision. The company’s new brand identity reflects a new strategy to excel in providing financial solutions to customers who demand innovation that aligns with their own ambitions. This evolution sits within a context of development and prosperity witnessed by various sectors across Saudi Arabia, with financial services counting among them. Looking ahead, J-B aims to support the ever-growing Saudi economy and its diverse sectors, while adding significant new value to the brand and its customers.

www.j-b.com.sa/en/

DECEMBER 2023 / JANUARY 2024

PRO M OTI O N

Shaping The Future Of Cancer Care In The Middle East Dr. Hesham Ahmed Abdullah, Senior Vice President, Global Head Oncology, Research and Development (R&D), GSK, explains the company’s commitment to improving cancer care in the Middle East.

cross the GSK oncology organization, we are working to bring innovative approaches to cancer research and development to address key areas of unmet needs for patients. As a physician-scientist with more than 20 years of oncology drug development experience, I have contributed to the development and registration of 12 targeted novel cancer therapies. I’m proud to now lead global R&D teams at GSK working to deliver novel medicines for patients with blood, gynecologic, lung, gastrointestinal and other solid tumor cancers. We strategically approach this important work from several angles with patients in mind. First, we focus on conditions for which the longterm prognosis has historically been poor, such as endometrial and ovarian cancers, or those for which treatment options fail to fully address patient needs, like myelofibrosis, a rare blood cancer. Additionally, we focus geographically to determine where we can have the greatest impact. As one of the world’s leading biopharmaceutical companies with 11 offices in the Middle East and Africa alone, we know that cancer is one of the fastest growing fatal diseases in the Middle East (Promoting new approaches for cancer care in the Middle East. Annals of Oncology. 2013). In the Eastern Mediterranean region, it is

Dr. Hesham Ahmed Abdullah, Senior Vice President, Global Head Oncology, Research and Development (R&D), GSK

projected that the number of new cancer diagnoses will more than triple between 2020 and 2040 (Global Cancer Observatory: Cancer Tomorrow. International Agency for Research on Cancer. 2020).

We recognize that the cancer burden is growing in the region faster than we have seen before, and the human and healthcare toll is mounting, affecting families and governments alike.

Paid program supplied by GSK. Forbes Middle East was not involved in the creation of this content. F O R B E S M I D D L E E A S T.C O M

DECEMBER 2023 / JANUARY 2024

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

Addressing this growing challenge is also personal for me. I was born in the Middle East and my family migrated to the United States shortly thereafter. I’ve had two immediate family members impacted by cancer and I closely understand the diverse challenges from a caregiver perspective. As health authorities across the Middle East wrestle with the growing cancer crisis, we want to be part of the solution. The Middle East is emerging as a key region with rapidly growing R&D capabilities and untapped potential to create a world-class clinical trial infrastructure. As we seek to optimize our research approaches from the bench to the bedside, we want to harness the scientific excellence in this region for the ultimate benefit of patients both here and across the globe. We have already begun this work by initiating cancer studies at multiple clinical trial sites across the United Arab Emirates, and we continue to work with the regional oncology community to explore additional opportunities for collaboration. These include personalized medicine approaches for cancer treatment, prognostics, and research to better understand the role of genetics in disease and how it may affect the choice of therapy or treatment. R&D efforts to discover the next generation of cancer medicine GSK’s R&D team is leading innovative work in novel therapeutic approaches, evaluating investigational agents alone and in combination with other novel therapies, including immuno-oncology (I-O) agents for the treatment of advanced cancers. We have recently

seen encouraging results with established I-O approaches and are conducting clinical studies with several next-generation investigational agents. New technologies are also helping us better pinpoint the genetic signatures of cancer, find new treatment combinations, and match the right patient to the right medicine. For example, liquid biopsies, such as circulating tumor DNA (ctDNA), can identify genetic material from tumor cells in the bloodstream. These tests can be used to help assist with patient selection and treatment optimization as well as identify the risk of early progression or recurrence (Circulating Tumor DNA: A Promising Biomarker in the Liquid Biopsy of Cancer. OncoTarget. 2016). New biomarker testing provides insights into the biological or genetic characteristics of a patient’s cancer, enabling development of treatment plans most likely to work for individual patients (Biomarker testing for cancer treatment. National Cancer Institute. 2017). We are also incorporating artificial intelligence, data science, and other tools to unlock new ways to make better medicines and personalize treatment strategies to a patient’s individual genetic profile. This focused R&D approach related to the science of the immune system, leveraging human genetics and functional genomics, combined with the emerging technological infrastructure and capabilities in the Middle East, provides a solid foundation to deliver innovation for patients with cancer in the region.

Expanding access to lifesaving care However, this work is only meaningful if these innovations reach patients who need them. GSK has an ongoing commitment to making our cancer medicines accessible to those who can benefit, as evidenced by our top rank in the Access to Medicines Index for more than 15 years. We have a strong desire to improve cancer outcomes throughout the Middle East and globally. Collaboration across government, academia, patient advocacy groups, and industry is essential to our goal to get the right medicine to the right patient at the right time. There are several wellestablished hospitals and clinical trial units across the region focused on bringing forward innovative healthcare solutions to patients. We want to help expand access and advance clinical research in these types of facilities, which can only happen if we work together toward common goals. Together, we can make significant progress in addressing the growing cancer burden in the Middle East. GSK’s deep scientific expertise across human genetics, immunology, and advanced technology, along with our track record of forging effective collaborations to support the cancer community, gives me confidence we can work with organizations in this region to advance R&D and spread hope to more families facing cancer.

Paid program supplied by GSK. Forbes Middle East was not involved in the creation of this content. F O R B E S M I D D L E E A S T.C O M

www.gsk.com NP-GBL-AOU-WCNT-230006

DECEMBER 2023 / JANUARY 2024

Social Media

MENA’s Top 20 TikTokers LEADERBOARD

a collaboration with him, featuring all-black styles. Lame was added to Fortnite’s Chapter 4 Season 4 in August 2023.

Abir El Saghir Residence: Lebanon Followers: 24.4 million Lebanese self-taught celebrity chef and lifestyle blogger El Saghir has garnered 24.4 million followers and 352.7 million likes since 2021, teaching Middle Eastern cuisine recipes. She won TikTok’s Creator of the Year and Food Creator of the Year awards in 2022 and hosted her own cooking show, “Abir’s Kitchen,” during Ramadan 2023. The program ran for 10 episodes on stc tv and Jawwy TV. El Saghir also has a YouTube channel with over 3.76 million subscribers.

Mohammed Shamsi Residence: Saudi Arabia Followers: 17.5 million Shamsi’s focus on comedy has attracted over 17.5 million followers and 481.3 million likes. His content mainly consists of comedy sketches inspired by the daily life of Arab families. He won Best Comedy Creator in the Middle East in 2019, a Short Story award in 2020, and TikTok’s Hero Of The Year and TikTok Entertainer in 2022, among others. He also has over 6.3 million followers on Instagram.

Noor Naem Residence: U.A.E. Followers: 9.1 million

Khaby Lame Residence: U.A.E. & Italy Followers: 161.8 million Senegalese-Italian Khabane “Khaby” Lame is the mostfollowed TikTok influencer in the world, accumulating 161.8 million followers and 2.4 billion likes since he started out in 2020. Before becoming a full-time influencer, he worked as a CNC machine operator in a factory near Turin. Today, he is a resident of the U.A.E. and spends considerable time there, according to TikTok. While he danced and watched video games in his early content, he rose to fame by posting silent reactions while simplifying complicated “life hacks.” In January 2022, Lame published a comic titled “Super Easy.” In June 2022, Hugo Boss announced F O R B E S M I D D L E E A S T.C O M

The “Queen of GRWM” has garnered over 9.1 million TikTok followers and 103.7 million likes since 2019. Naem also has over 20.5 million subscribers on YouTube and started her “Stars Podcast” in January 2023, which had over 22.9 million views as of December 2023. After being born in Iraq, Stars spent the majority of her childhood in Syria before moving to Türkiye for three years and then to the U.S. The now Dubai-based content creator was featured in ALDO’s Ramadan 2023 Collection campaign. She appeared on Forbes Middle East’s 30 Under 30 list in 2020.

DECEMBER 2023 / JANUARY 2024

BY SARA JUNAID; DEVIN YALKIN FOR FORBES, IMAGES FROM SOURCE

Here are MENA’s top TikTokers, according to TikTok Middle East, based on their impact and trends over the last year, including video creations, views, account growth, likes, and interactions. Numbers are as of December 13, 2023.

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

The Digital Future Of Finance

rab Financial Services (AFS) was formed in 1984 to provide payment products, services, and expertise to banks and merchants. Almost 40 years on, the company regulated by the Bahrain Central Bank now serves over 60 clients in more than 20 countries across the Middle East and Africa –.and it is heading into a whole new era of digitalization. “We have a clear strategic roadmap for AFS in place that will allow us to realize the vision we have for digital payments across the region,” says company CEO, Samer Soliman. According to the AFS chief executive, the company’s innovative technology-driven solutions are enablers for digital transaction transformation and key to making smart, intuitive, and empowering financial experiences accessible to all. Indeed, AFS digital payments solutions support every kind of customer, including businesses, fintechs, financial institutions, banks, and end users. Whoever the customer, Soliman believes that digitization starts from the core. That is why AFS’ internal processes are reinforced by AI and robotics technology that fuel innovation and help the company deliver on its promise to make the entire payments ecosystem smarter, more seamless, and more secure. Advances at AFS mirror the major transformation underway within the Middle East’s digital

Samer Soliman, CEO of Arab Financial Services (AFS)

payments ecosystem, shaped by the simultaneous evolution of both the consumer and business landscapes. For Soliman, open banking, in particular, is the game changer. “Open banking and open finance are increasingly putting the control back into the hands of customers, which allows for higher financial literacy and management between individuals,” he explains. What’s more, according to the AFS CEO, the ownership and direction of the payments innovation agenda are moving away from slow-moving industry giants and into the hands of consumers. The trend towards digital transformation across the Middle East is driven in large part by shifting consumer needs and expectations. “The demand used to be for fast and secure payments. Instead of

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

fast we now want immediate, and we demand that our purchase experience is seamless with no pain points,” says Soliman. Meanwhile, fintechs and banks are also evolving and recognizing the urgent need for their digital evolution to create value-driven experiences for their customers. With customer experience and advanced technology at its core, AFS is now approaching a new year with an ambitious pipeline of projects. In fact, according to the CEO, 2024 should prove to be a landmark year for AFS. “We have many focus areas and unique technologies we are bringing to the market,” he says. On the merchant acquiring side, AFS is looking at payments and management solutions for company owners to run their entire business, while on the banking side, the AFS portfolio continues to grow, with open APIs allowing it to adapt, innovate, and bring new ideas to market. As Soliman sees it, AFS’ open banking, digital solutions, and datadriven technologies are repositioning banks for the future.

www.afs.com.bh

DECEMBER 2023 / JANUARY 2024

35 LEADERBOARD

Samer Soliman, CEO of Arab Financial Services (AFS), explains how the company plans to remain a dominant force on MENA’s rapidly advancing digital payments landscape.

MENA’s Top 20 TikTokers Cont.

Thamer AlDairem Residence: Saudi Arabia Followers: 8.3 million

Mohammed Alnoufali Residence: Oman Followers: 8.2 million Alnoufali has accumulated 8.2 million TikTok followers and 134.4 million total likes since starting out in 2019. Now among the biggest sports creators in the region, Alnoufali has been soccer freestyling since the age of 13. He won the Best Football TikTok Creator award in 2022 at the Globe Soccer Awards.

Sarah Milad Residence: U.A.E. Followers: 7.5 million Known mainly for her lip-sync videos and comedic dubs, Milad has accumulated 7.5 million followers and 92.5 million total likes on TikTok since 2021. She hosted a segment alongside fellow content creator Ahmed AlNasheet at the Nickelodeon Kids’ Choice Awards 2023, which were held in Abu Dhabi.

Sarah Milad

Mohammed Aldharafi Residence: Saudi Arabia Followers: 5 million

Yara Aziz Residence: U.A.E. Followers: 5.5 million Since beginning her TikTok career in 2019, Aziz has garnered 5.5 million followers and 100.6 million likes on TikTok. She released her first single, “Fresh,” in March 2021, which had over 83,800 unique listeners on Spotify as of December 2023, while the music video has over 17.9 million views on YouTube. Meanwhile, her self-titled YouTube channel, where she posts longer lifestyle-related content, has over 1.14 million subscribers.

Abdullah Annan Residence: Egypt Followers: 5.5 million With content primarily focused on science and education, Annan has garnered over 5.5 million followers and 48.1 million likes on TikTok since 2020. Annan is the founder of the “Shar3-El3lom” (the Science Street) YouTube channel, where he explains scientific concepts in a simple manner and has more than 5.31 million subscribers. He is also a scientific communicator at 1001 Inventions, an international science and cultural heritage organization that raises awareness about the creative Golden Age of Arabic Science. F O R B E S M I D D L E E A S T.C O M

Aldharafi is a Saudi content creator focusing on soccer commentary and updates. He has five million followers on TikTok, with 219.4 million likes, and was nominated Top Sports Creator of the Year in 2022. In November 2023, the Saudi Arabian Football Federation invited Aldharafi to the Talent Discovery Stations Program to honor legendary Saudi players.

Mohammed Tarek Residence: U.A.E. and Egypt Followers: 4.9 million Known for his sketch comedy, challenges, and reviews, Tarek has accumulated 4.9 million followers and over 90.1 million likes on TikTok since posting regularly starting in 2022. His self-titled YouTube channel has over 601,000 subscribers and 18.4 million views. Tarek provided the Arabic voiceover for Aquaman in “DC League of Super-Pets” in 2022 and for Dr. Sanchez in 2023’s “Blue Beetle.”

Elena El Sabbagh Residence: U.A.E. Followers: 4.6 million El Sabbagh posts comedy sketches, lip-sync videos, and travel vlogs to her 4.6 million followers and has racked up over 104.4 million likes since 2021. In 2019, she was awarded first prize for the “Best Short Film on Lebanese Heritage” by The Center for Lebanese Heritage, and she won Best Comedy Creator at the TikTok MENA Creator Awards 2022.

DECEMBER 2023 / JANUARY 2024

IMAGES FROM SOURCE

LEADERBOARD

AlDairem is the biggest gaming creator and influencer on TikTok in terms of followers in the Middle East, Türkiye, Africa, Pakistan, and South Asia (METAPSA) region, according to TikTok. He presents gaming content, reviewing and streaming different gaming titles from around the world. He also features among the most followed and engaging cosplayers in the region.

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

Luxury Living, Legendary Service A collaboration between ALTA Real Estate Development and the Cipriani family has resulted in the launch of Mr. C Residences Jumeirah, an ultra-luxury development that combines Italian style with world-class service and sophistication.

LTA Real Estate Development, a global leader in real estate development, has recently completed its most prestigious project of the year, Mr. C Residences Jumeirah. The ultra-exclusive residential development represents the pinnacle of luxury living in Dubai and offers residents a new take on living in the bustling metropolis. Mr. C Residences bring a truly unique lifestyle with the best of both worlds: the comforts of a private home combined with the legendary service of the fourth generation of the Cipriani family. The development was announced just two years ago, making it one of the fastest built projects in Dubai. Yet despite the speed of construction, Mr. C Residences are uncompromising on quality and offer a range of standout features. Each unit within the development includes a unique temperature-controlled plunge pool and benefits from a state-ofthe-art smart home automation system, allowing residents to set the mood with lights, curtains, sound, and more. The project has also been designed with both style and sustainability in mind. The residences include more than 44,000 square meters of signature Cipriani millwork, while built-in drinkable water filters throughout the development have created a plastic-free haven. Adding further to the appeal of Mr. C Residences Jumeirah are the

signature triplex’s large rooftop pool with 360-degree views of the Dubai skyline, a dedicated director of residences who is available 24/7, and Bellini café, which serves authentic Italian cuisine directly to residents’ homes as well as the pool deck. Residents also have access to unparalleled privacy, exclusivity, and refinement along with lifestyle luxuries and personalized services. The development offers a 24-hour concierge service and a host of amenities including a spa, yoga room, screening room, a stunning pool deck, a private chef for hire, and butler and valet services. Mr. C Residences Jumeirah is a testament to the company’s dedication to offering unique, sophisticated, and luxurious living experiences, and is the result of a collaboration between ALTA Real Estate Development and Ignazio and Maggio Cipriani. The project’s visionary architect, Bernardo Fort Brescia, drew inspiration from natural

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

forms found in desert dunes and ocean waves to create the iconic and eye-catching design. The interiors of the residence exude a luxury yacht feel, enriched by the elegant Italian finesse of the Mr. C brand. Mr. C Residences Jumeirah caters to individuals who appreciate the finer things in life, valuing simplicity as the ultimate sophistication. It is a residence that embodies the belief that modern living is defined by attention to the smallest of details. With the completion of Mr. C Residences Jumeirah and ALTA’s commitment to excellence and innovation, the company has truly solidified its position as a leader in the real estate industry.

www.altadevelopment.ae DECEMBER 2023 / JANUARY 2024

MENA’s Top 20 TikTokers Cont.

Chahrazad Al Hajjar Residence: U.A.E. Followers: 4.5 million

Karen Wazen Residence: U.A.E. Followers: 4 million Wazen is a fashion entrepreneur and social media influencer who has accumulated over four million followers and 39.1 million likes on TikTok since 2019. She started her career in 2015 with the launch of her style blog, “Karen’s Choice.” In 2018, she launched her self-titled eyewear brand and has since collaborated with Dior Gold, Cartier, and Breitling. In January 2022, she became the first Arab person to be the face of a Robert Cavalli campaign, and in March 2022, she became a regional ambassador for Guerlain Skincare.

Mai’s Vault

Hisham Baeshen Residence: Saudi Arabia Followers: 3.2 million Saudi food blogger and chef Baeshen has accumulated over 3.2 million followers and 27.6 million likes on TikTok since 2020. In the same year, the Culinary Arts Commission commissioned him as a representative of the Saudi Ministry of Culture, putting him in charge of preparing the menu for Saudi Arabia’s 90th National Day. He also introduced Saudi cuisine to travel YouTubers Trevor James and Mark Wiens during their visit in 2022 and 2023, respectively. Baeshen appeared as a guest judge in the TV show “Top Chef” and was an ambassador for TikTok in 2020.

Hadeel Marei

Nisreen Hammoud

Residence: U.A.E. Followers: 3.7 million Marei has garnered 3.7 million followers and 57.2 million likes on TikTok since 2021. She also won the Female Star Content Creator award at the MENA Creators Awards the same year. In 2022, Marei hosted a game show alongside fellow content creators Amy Roko and Maha Jaafar called “Dare to Take Risks,” which ran on Jawwy TV for six episodes.

Shaheen Khalil Residence: U.A.E. Followers: 3.3 million Khalil is an Iraqi chef and content creator and has amassed over 3.3 million followers and 37.9 million likes on TikTok since 2020. He rose to stardom in the same year when he appeared as a contestant on Season 16 of MasterChef UK, where he ranked 14th. He established his restaurant, YABA, by Chef Shaheen in Dubai in January 2022. Before pursuing his career as a full-time chef and recipe developer, Khalil was an architect in the U.K.

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

Residence: Lebanon Followers: 2.8 million

since 2020.

Hammoud is a sports content creator with a focus on FC Barcelona. Her comedic commentary has garnered her up to 2.8 million followers on TikTok and 98.9 million likes

Bassant Dinar Residence: Egypt Followers: 2.8 million Dinar is an Egyptian-Sudanese lifestyle and beauty influencer and mental health advocate with over 2.8 million followers and 84.7 million likes accumulated on TikTok since 2020. She teaches easy-to-follow recipes in a short segment called “The Biso Way.” She is also a practicing dentist.

Mai’s Vault Residence: U.A.E. Followers: 2.5 million Mai’s Vault makes funny videos about her life as part of an Arab family, as well as giving tips on beauty routines and products. The Egyptian-American is also famous for her videos with her mother, Mama Wafaa. In her podcast, “Mai’s Vault Podcast,” she talks to famous social influencers to explore what life is like outside of being an influencer. DECEMBER 2023 / JANUARY 2024

IMAGES FROM SOURCE

LEADERBOARD

A self-taught baker and photographer, Al Hajjar has garnered over 4.5 million followers on her desserts page, “Chahrazad’s Cuisine,” on TikTok, with 117 million likes since 2021. Her YouTube channel of the same name has 648,000 subscribers and also includes vlogs about her daily life. Al Hajjar released her cookbook, “Bake and Sprinkle,” in 2022 and launched her own sprinkles line, “Pinkles” in 2020. In May 2023, Fatafeat released “Haly ya Chahrazad,” a six-episode docu-series showcasing her journey to success. She has been certified by Le Cordon Bleu Paris.

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

An Architectural Approach To Investments

Habib Wehbi, Chairman of W Ventures Holding

n Dubai’s bustling business landscape, Habib Wehbi emerged as an entrepreneur in 1996, introducing trolley advertising in local supermarkets. Since then, his journey has been nothing short of extraordinary. Today, he stands as chairman at the helm of W Ventures Holding, a conglomerate with a footprint in out-of-home (OOH) media experiences, technology, diversified investments, and financial portfolios. Through a robust global network, W Ventures Holding is strategically expanding its portfolio both within the GCC and on the global stage, leveraging its three major investment arms. At the forefront of the conglomerate is W GROUP, an influential player in media experiences and technology. Anchored by its subsidiaries, Hypermedia and DigitAll, W GROUP has revolutionized OOH media, thanks to Wehbi’s keen understanding of the pivotal role of technology in modern business.

Next is W INVEST with a laser focus on diversifying the group investment strategy. The investment holding embodies Wehbi’s belief in the potential of innovative ideas. It has strategically invested in various sectors that encompass industrial manufacturing and fabrication, health and wellness, e-commerce, and startups (music distribution, NFT ecosystems, web development, app creation, and more). The third investment arm is W EQUITY, a diverse financial portfolio including real estate funds and private equity investment. Experience Media Technology W GROUP Central to Wehbi’s success is an astute alignment of his vision with that of Dubai, which has enabled him to not only keep pace with the city’s rapid growth but also to lead the charge in OOH media digital transformation. Today, W Group stands as a preeminent tech company in OOH across the MENA region. Wehbi’s audacious ‘555’ strategy is a testament to his ambition and has set W Group on course to achieve more than $136 million in revenue within five years, leveraging five strategic business verticals. The CEO’s strategic long-term media collaborations with influential entities like Dubai’s Road and Transport Authority (RTA) and Expo City Dubai have cemented W Group’s position as a trusted partner in the dynamic OOH sector. Additionally, his partnership with prominent mall

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

developers such as Majid Al Futtaim, Aldar Properties, and Nakheel further exemplifies the breadth and depth of W Group’s influential collaborations. What sets Wehbi’s investments apart is the relentless pursuit of innovation. Wehbi’s integration of data measurement tools and smart solutions has elevated the group’s OOH media network into a powerhouse, enabling brands to craft meticulous data-driven campaigns and optimize their return on advertising spend. Furthermore, W Group’s Data Smart Technology was developed through strategic partnerships on both the regional and global levels, with the goal of introducing the technology to the U.A.E. and the broader GCC region. This initiative is set to transform the OOH and retail media landscape, ushering in a new era of datadriven experiences. Habib Wehbi’s contributions to the business landscape of the Middle East have been acknowledged by the region’s media and he is a member of YPO - Dubai Chapter, the World Out of Home Organization (WOO), the Digital Place-based Advertising Association (DPAA), and the International Advertising Association (IAA).

www.wventures.me DECEMBER 2023 / JANUARY 2024

39 LEADERBOARD

Habib Wehbi, Chairman of W Ventures Holding, is continuing in his mission to revolutionize out-of-home media experiences while expanding the group’s portfolio through its three investment arms.

PRO M OTI O N

Human-Centered Healthcare Saudi Arabia’s Hayat National Hospitals is raising the bar in patient-centric healthcare under the leadership of CEO Dr. Fouziyah AlJarallah.

s the landscape of healthcare in the Middle East continues to evolve, leaders like Dr. Fouziyah AlJarallah are at the forefront, pioneering transformative changes in the industry. As the CEO of Hayat National Hospitals in the Kingdom of Saudi Arabia, Dr. AlJarallah has consistently demonstrated strong leadership and an unwavering commitment to modernizing hospitals for optimal care, prioritizing patient comfort and improving patient experience and satisfaction as per Saudi Vision 2030.

Hayat National “ Hospitals has

undergone huge expansion across the kingdom with six working branches

“

Recognized as first Saudi woman to work as the CEO of group of mega hospitals and one of the top 100 leaders in the healthcare industry in the Middle East, Dr. AlJarallah is ambitious and inspiring, as is her vision for the future of healthcare delivery.

Dr. Fouziyah AlJarallah, CEO of Hayat National Hospitals

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

Dr. AlJarallah’s approach goes beyond the traditional model of medical care and emphasizes a holistic outlook that places the patient at the center of the healthcare journey. For the CEO, the patient experience should DECEMBER 2023 / JANUARY 2024

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

tele-radiology, and it is working on tele-cathlab and tele ICU capabilities, which will allow remote monitoring of patients and enable consultants to deliver care to patients in the comfort of their own homes.

The patient “ experience should be seamless, personalized, and empowering

“

be seamless, personalized, and empowering, with a focus on nurturing a supportive and healing environment. In particular, she underlines the significance of integrating advanced technology and innovative design concepts to create an atmosphere that promotes healing and wellness. When it comes to her core principle of human-centered care, Dr. AlJarallah highlights the importance of fostering a culture of empathy, understanding, and compassion among healthcare professionals, ensuring that patients feel respected and valued throughout their treatment journey. She believes that by prioritizing patient comfort and satisfaction, hospitals can elevate the overall quality of care and cultivate a sense of trust and confidence in the healthcare system. Moreover, Dr. AlJarallah’s leadership has been instrumental in spearheading initiatives aimed at leveraging digital innovation to enhance the healthcare experience. Embracing cuttingedge technologies and digital solutions, Hayat National Hospitals has shared in reimagined healthcare delivery, streamlining processes, improving efficiency, and empowering patients through access to information and resources. Dr. AlJarallah emphasizes the need for all her hospital branches to adapt to the digital age, providing patients with tools and platforms that facilitate seamless communication. She prioritizes complete digital integration across branches to facilitate informed decision-making and to enable the delivery of top quality care. Notably, Hayat National Hospitals has launched new projects in the areas of telemedicine and

Under Dr. AlJarallah’s leadership, Hayat National Hospitals has also adopted an electronic health records system, streamlining the management and sharing of patient information. This ensures that doctors have accurate and up to date information, thus facilitating better patient care and reducing medical errors. With Dr. AlJarallah at the helm, Hayat National Hospitals has undergone huge expansion across the kingdom, with six working branches in Riyadh, Khamis Mushiet, Jazan, Unizah, Madinah, and Abha. Now, the company is working on new projects to cover more cities, including Mahiel, Assir, Beish, and Braiydah, with a second branch also planned for Madinah. Each hospital includes stateof-the-art medical equipment, advanced diagnostic capabilities, and sustainable design principles. On the latter, Dr. AlJarallah’s commitment to sustainability and environmental responsibility is reflected in the hospital’s ecofriendly infrastructure and green initiatives, aligning with global efforts to create more sustainable healthcare facilities.

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

What’s more, in alignment with the evolving landscape of healthcare, Dr. AlJarallah advocates for proactive engagement with the community and stakeholders, stressing the importance of collaboration and co-creation in shaping the future of healthcare. She envisions hospitals as integral parts of the larger societal ecosystem, actively contributing to public health education, preventive care initiatives, and community well-being. Dr. AlJarallah’s bold vision for modernizing hospitals for optimal care encompasses a multifaceted approach that includes humancentered design, technological innovation, sustainability, and community engagement. Her unwavering dedication to prioritizing patient comfort, experience, and satisfaction sets a new standard for excellence in healthcare delivery in the Middle East. As she continues to inspire and lead, Dr. AlJarallah’s journey reflects her dedication to progress and innovation, and her determination to help propel the healthcare industry towards a future defined by superior patient care, enhanced well-being, and enduring impact. Through her visionary leadership and steadfast commitment, she is making a positive impact on the region’s healthcare landscape, ensuring that hospitals not only heal bodies but also uplift spirits, foster hope, and empower individuals to lead healthier, more fulfilling lives.

Riyadh

Khamis Mushait

Jazan

Qassim

Madinah

www.hayathospitals.com DECEMBER 2023 / JANUARY 2024

Sustainability

Snapshot: Climate Action Builds In MENA While still a highly oildependent region, MENA has been making significant efforts to diversify its economies. According to the International Monetary Fund (IMF), which compared the GCC’s dependency on oil between 2005-2010 and 20172022, there was a decrease from 48% to 31% in terms of GDP, 80% to 64% in regard to revenues, and around 72% to 61% when it comes to oil exports. However, The World Bank estimates that up to 100 million people will be at risk in MENA’s coastal cities by 2030, with a global temperature increase of 1.5 degrees leading to 2-5% of the region experiencing heat extremes for longer periods of time. Here, we take a closer look at how some MENA countries have been taking steps towards a greener future.

• The U.A.E. The U.A.E. created its Green Development Council in June 2015 to manage the U.A.E. Green Agenda 2015-2030 and to ensure collaboration between federal and local authorities and stakeholders. In 2016, it began building its Sustainable Finance Framework to formalize agreements with financial institutions to achieve a green economy in line with the goals of the agenda, which it launched in 2021. Also, in 2016, the U.A.E. Climate Change and Environment Council was established, while the U.A.E. Net Zero by 2050 Strategic Initiative was launched in October 2021. The U.A.E. Energy Strategy 2050 was launched in 2017 as the first unified energy strategy in the country and F O R B E S M I D D L E E A S T.C O M

The Saudi Green Initiative (SGI) and Middle East Green Initiative (MGI) aim to protect 30% of the kingdom’s land and sea by 2030 and plant 50 billion trees across the Middle East.

was updated in July 2023, setting goals for 2030 and ambitions to reach net zero by 2050. The updated strategy aims to increase the installed clean energy capacity from 14.2 GW to 19.8 GW by 2030. It also plans to achieve financial savings of $27.2 billion and mobilize investments between $40.8 billion and $54.5 billion by 2030. The Mohammed bin Rashid Al Maktoum Solar Park is anticipated to be the largest single-site solar park in the world, with a planned capacity of 5,000 megawatts by 2030. The fifth phase will provide clean energy to 270,000 residences in Dubai, reducing 1.18 million tonnes of carbon emissions annually. When complete, 6.5 million tonnes of carbon emissions will be reduced per year. The U.A.E. is also developing the 5,600 megawatts Barakah Nuclear Energy Plant, which launched

its first reactor in 2020 and two more in 2022. Once fully operational, this plant could provide up to 25% of the country’s electricity.

• Saudi Arabia Saudi Arabia launched its Vision 2030 in 2016, and according to the IMF, its nonoil economy averaged 4.8% in 2022. Despite lower overall growth and oil production cuts, non-oil growth is expected to remain around 5% in 2023. Saudi Arabia aims to reduce, avoid, and remove emissions amounting to 278 million tons of CO₂ per year by 2030, with a pledge to reach net-zero emissions by 2060 through a circular carbon economy approach. As of 2023, the kingdom had launched over 80 public and private sector initiatives with an investment of over $188 billion. The Saudi Green Initiative

(SGI) and Middle East Green Initiative (MGI) aim to protect 30% of the kingdom’s land and sea by 2030 and plant 50 billion trees across the Middle East. Saudi Arabia has allocated $2.5 billion in support of MGI projects and governance. Since the launch of the SGI in 2021, 43.9 million trees and shrubs have been planted, and 94,000 hectares of degraded land have been rehabilitated across the kingdom. Saudi’s Public Investment Fund is also financing sustainable development projects, issuing its first green bonds in three tranches valued at $3 billion in October 2022, and in February 2023, it completed its second green bond issuance by raising $5.5 billion. Saudi Aramco established the $1.5 billion Sustainability Fund in 2022, dedicated to balancing energy security and sustainability, including carbon capture and storage, greenhouse gas reductions, energy efficiency, nature-based solutions, digital sustainability, and the development of hydrogen, ammonia, and synthetic fuels.

• Qatar Qatar’s National Vision 2030 focuses on investing in social awareness, social technologies, and innovative agriculture, emphasizing cooperation with international environmental organizations. Sustainable finance initiatives are expected to open opportunities of $75 billion in Qatar by 2030 for sustainable investments. Qatar has two smart and sustainable cities: Lusail and Msheireb Downtown. In 2021, it introduced its plan to reduce DECEMBER 2023 / JANUARY 2024

BY JASON LASRADO, IMAGE FROM GREENINITIATIVES.GOV.SA

LEADERBOARD

COP28 wrapped up in Dubai in December, with participants confident that a number of impactful decisions and commitments had been agreed. However, many countries in MENA have been taking strides towards more sustainable economies for several years.

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

Footwear’s New Frontier

fter two years of research and development, luxury menswear marque, ZEGNA, has launched the Triple Stitch™ Vetta. Influenced by the great outdoors, the exquisitely designed shoe is an evolution of the house’s signature Triple Stitch™ Luxury Leisurewear Shoe, inspired by the mountains and trails of Oasi Zegna

– the home of ZEGNA’s values in the Alps. A hybrid between hiking and sporting styles, the Vetta is named after the Italian for ‘peak’, and results from the Italian house’s vision to create a winter shoe that combines practicality and style. Hallmarked with a trio of crosses inspired by the handmade stitches found on the

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

brand’s tailoring, the Triple Stitch™ Vetta features a reinforced heel loop, enhanced cushioning, and a Vibram® Arctic Grip™ sole, which provides increased traction in icy conditions. The Triple Stitch™ Vetta strikes the perfect balance between urban style and technical functionality, making it equally suitable for city life and outdoor adventures. The winter-ready footwear is a truly versatile addition to the modern wardrobe, grounding a dynamic selection of sophisticated everyday outfits. Its robust construction and comfortable fit offer stability and support while tackling the cold season in elevated style, ready for rugged mountain trails. A centerpiece of ZEGNA’s Luxury Leisurewear wardrobe since its introduction, the Triple Stitch™ Shoe reflects the brand’s focus on catering to the needs of modern lifestyles. Designed by Artistic Director, Alessandro Sartori, Luxury Leisurewear sees traditional craftsmanship meet modern practicality, making the wardrobe ideal for any occasion. Designed to be worn anytime and anywhere, the Triple Stitch™ Shoe is celebrated for its lightness, softness, and remarkably flexible construction.

www.zegna.com

DECEMBER 2023 / JANUARY 2024

43 LEADERBOARD

Global leader of luxury menswear, ZEGNA, continues its legacy of innovation, quality, and exceptional design with the launch of the Triple StitchTM Vetta: an outdoors-inspired evolution of the house’s iconic Luxury Leisurewear Shoe.

Climate Action Builds In MENA Cont.

• Oman Oman is undergoing structural reform following its Vision 2040 agenda, which includes components of environmental sustainability. Under this vision and its National Energy Strategy, Oman plans to scale up on renewables and improve energy efficiency. The National Strategy for Adaptation and Mitigation to Climate Change and the second nationally determined contribution acknowledges the need for energy infrastructure resilience against the impacts of climate change. In this framework, Oman has set in motion its National Adaptation Plan to prepare for long-term impacts. Oman’s National Strategy for an Orderly Transition to Net Zero lays out plans to reach net zero by 2050. While the government continues its efforts to diversify energy technologies, reliance on renewables in power generation is set to grow from 0% in 2015 to 20% by 2030 and 35-39% by 2040. In 2022, the Central Bank of Oman signed an MoU with Oman Environmental Services Holding Company be’ah), calling for collaboration in green finance, investments in ESGs, and support for FinTechfocused SMEs. Oman aims to become one of the largest green hydrogen producers and exporters globally, targeting production of one million tons by 2030.

• Egypt Egypt’s geographical position, sunny weather, and land abundance allow it to be a F O R B E S M I D D L E E A S T.C O M

Msheireb Downtown

primary location for renewable energy installations. Through its Vision 2030, it plans to reduce emissions by 37% in the electricity sector, 65% in the oil and gas sector, and 7% in the transportation sector. By 2035, it plans on increasing its renewable energy capacities to generate 42% of electricity: 14% from wind, 21.3% from PV, 5.52% from solar power, and 1.98% from hydropower. The country’s investments in renewable energy are set at $2.5 billion per year until 2030. Other prioritized projects include water desalination, electric vehicles, and agriculture, among others. Egypt is home to one of the world’s largest solar PV parks. The Benban Solar Park has 40 solar power plants, with a capacity of 50 megawatts each. In 2020, Egypt issued a sovereign green bond at $750 million for five years at a yield of 5.2%. It was the first green bond offering in MENA. In May 2023, Egypt’s Ministry of International Cooperation and the UN signed the UN Sustainable Development Cooperation Framework 2023-2027. Egypt submitted its updated Nationally Determined Contribution 2030 in June 2023, which accelerated its transition to renewables.

• Bahrain The Bahrain Economic Vision 2030 includes its Sustainable Mosque Project, which includes plans to reuse water after purification to fill irrigation tanks, water trees and mosque gardens, clean buildings, and make organic fertilizer. To reach net zero by 2060, the country launched its National Afforestation Plan 2022-2035, which aims to increase the national tree count from 1.8 million to 3.6 million by 2035, planting 270,000 trees annually. In 2022 alone, over 110,000 mangrove seedlings and 140,000 trees were planted across several governorates. In the same year, Bahrain’s national oil corporation, Nogaholding, refinanced and upsized a $2.2 billion sustainability-linked corporate credit facility.

• Kuwait The Kuwait National Development Plan 2021-2025 and the Kuwait Vision 2035 aim to reduce greenhouse gas emissions by 7.4% by 2035 through district cooling, efficient waste management, mobility networks, and renewable energy. Kuwait is expected to prepare a low-emissions

development strategy for 2050, focusing on effective waste management and recycling, and a National Energy Efficiency Action Plan to boost energy efficiency investments, highlighting green infrastructure. One such project is the XZERO City, a sustainable, net-zero community that would house 100,000 residents. In October 2022, Kuwait Investment Authority, the world’s fifth-largest sovereign wealth fund, announced it would adhere its entire portfolio to ESG standards. In November 2022, the Central Bank of Kuwait issued a sustainable finance circular to guide banks in adopting ESG finance. Boursa Kuwait published an ESG Reporting Guide in 2021 for companies listed on the stock exchange, aligning with the recommendations of the World Federation of Exchanges and the UN Sustainable Stock Exchanges Initiative, as well as sustainable development ambitions for the Kuwait National Development Plan and the “New Kuwait” vision for 2035.

• Jordan Jordan’s national plans include Vision 2025, the National Climate Change Adaptation Plan (NAP), the National Green Growth Plan, and the NDC Action Plan. Its NAP has focused measures on water resources management, agriculture and food security, biodiversity and ecosystem services, health, and urban resilience. Over 20% of Jordan’s electricity grid is powered by solar and wind. It aims to increase this reliance to 31% by 2030. It also plans to implement the National Conveyance Project in early 2024, which includes a $2.9 billion plan to provide 300 million cubic meters of desalinated water to Amman per year by 2028. DECEMBER 2023 / JANUARY 2024

IMAGE FROM MSHEIREB DOWNTOWN

LEADERBOARD

greenhouse gas emissions by 25% by 2030. The country’s National Climate Change Plan includes over 35 initiatives related to emissions reduction and more than 300 initiatives to adapt to its effects. In 2023, green spaces in Qatar covered 16.7 square kilometers, up from 3.5 square kilometers in 2015, which offsets 1,700 tons of CO₂ daily, through the “One Million Trees” initiative.

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

Preserving Life’s Most Valuable Assets Samir Atitallah, CEO of Mirabaud Middle East Limited, explains how the bicentenary private bank has emerged as a trusted ally for the U.A.E.’s family businesses.

Samir Atitallah, CEO of Mirabaud Middle East Limited

witzerland’s Mirabaud Group understands all too well the issues and intricacies of family business. The private banking group doesn’t just have a centuries-long record of working with family-owned companies – it is one. Now in its seventh generation, the family-led business has been expertly handling the banking and wealth management needs of its clients for more than 200 years, and its personalized approach combined with local expertise and market awareness have led to a growing recognition of Mirabaud in the U.A.E. “Each family office is unique, and we have a profound understanding of their individual needs and of the region’s rich culture,” says Samir Atitallah, CEO of Mirabaud (Middle East) Limited. Mirabaud Middle East is part of the international Mirabaud Group, active in wealth management, asset management, and corporate finance.

The private bank collaborates closely with each one of it clients to understand their goals and address the intricacies of succession planning. “Wealth is about more than money and we focus on preserving legacies, generating value, and contributing to the well-being of the families we serve,” Atitallah explains. In doing so, Mirabaud is also serving the economy at large. As the CEO sees it, private banks are sometimes perceived as having a narrow mandate, but to underestimate the role they play in fostering economic growth would be misguided. A seasoned finance professional, Atitallah is well-aware of the crucial role played by family offices in the region’s growth story. “We aim to add value to the societies in which we are embedded,” he says. “And what better way to contribute to the U.A.E.’s economy than to leverage our bicentenary experience to support the region’s family businesses, which contribute approximately 70% of the U.A.E.’s GDP, as per data from the U.A.E. Ministry of Economy.” Mirabaud has been present in the Middle East since 2007, becoming the first Swiss bank to obtain a Category 1 licence in 2010

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

and the only full-fledged Swiss Private Bank, before becoming the first Swiss Private Bank to expand in Abu Dhabi Global Market in 2019. The U.A.E. may be continents apart from the Swiss group’s HQ, but the Middle East is a top strategic priority for Mirabaud. Atitallah explains that the unwavering support of Nicolas Mirabaud, Managing Partner of Mirabaud, and Alain Baron, Equity Partner, in particular, has been instrumental in solidifying the company’s regional standing. Looking ahead, Mirabaud’s family business model and values will remain the driving force behind its success in the Middle East and beyond, allowing the private bank to strike the perfect balance between innovation and tradition. As Atitallah puts it, “While the entrepreneurial spirit inherent in family ownership encourages an innovative agile mindset, the respect for tradition ensures that our legacy, crafted over generations, remain the bedrock of our organization.”

www.mirabaud.com

DECEMBER 2023 / JANUARY 2024

PRO M OTI O N

Leading Teams, Enhancing Lives

effrey Henseler’s journey from a quaint Swiss village of 800 inhabitants to spearheading a multinational organization spanning five countries and catering to a global clientele, is a testament to his remarkable trajectory and growth as a leader. As the CEO of Passport Legacy, a company he founded in 2018, Henseler has remained steadfast in his commitment to delivering immigration investment solutions for international investors. Since its inception, the company has guided high-net-worth individuals through complicated processes within residency and citizen-byinvestment programs, with the clear goal of delivering life-changing benefits to these individuals, their families, and their businesses. Henseler’s inspiration to enter the world of investment migration came from his experience as an intern assigned to Dubai, and then Bahrain, at the age of 19. In Bahrain, he met a Syrian family in the process of their migration journey to Antigua and Barbuda. Witnessing the family’s joy when they received their new passports created a lasting impact on Henseler and inspired him to become an instrument of positive change for people seeking a better life in other countries. Today, Passport Legacy operates from its main headquarters in Dubai, with an international network of six offices in Lebanon, Nigeria, Pakistan, and Singapore. At the heart of the organization is a team of 40 dedicated and passionate immigration experts who provide

Jeffrey Henseler, founder and CEO of Passport Legacy

“

Passport Legacy operates from its main headquarters in Dubai, with an international network of six offices in Lebanon, Nigeria, Pakistan, and Singapore

“

Led by founder and CEO, Jeffrey Henseler, Passport Legacy has rapidly evolved into a globally trusted residence and citizenship-by-investment firm, dedicated to enhancing the lives of stakeholders worldwide.

personalized services to thousands of individuals wishing to secure their future in destinations like the U.A.E., Europe, North America, and the Caribbean. Fostering a Collaborative and Adaptive Approach Over the years, the strong standing of Passport Legacy in a competitive market can be attributed to the company’s management approach, driven by Henseler’s firm belief

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

that his team’s capabilities are the main growth driver for the business’ success. Passport Legacy has developed a progressive company culture that is closely aligned with Henseler’s personal vision and that centers on developing an environment of growth, innovation, and ethical practices. The founder’s commitment to embedding excellence and integrity in the corporate strategy is solidifying this, enabling an ecosystem where business growth and quality services co-exist harmoniously. Addressing Changes Inside and Out Undoubtedly, the investment migration industry is as fluid as the times. To stay on track with his goals while navigating the everchanging regulatory landscape, Henseler does not hesitate to adopt new strategies to keep the company agile and responsive. When faced with challenges such as market fluctuations and constant geopolitical shifts, he tackles issues head-on, implementing thorough risk assessments, seeking input from team members, and weighing the long-term implications of their decisions. Staying abreast of industry trends and technological advancements is also key and involves continuous learning within the team, networking with industry leaders, and participating in global forums. Additionally, the company invests in R&D to integrate the latest technologies into its services.

DECEMBER 2023 / JANUARY 2024

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

Funded by Passport Legacy, the orphanage now houses 50 orphans between the ages of seven and 18. Henseler strongly believes that by allowing children and teenagers to experience the safe and secure environment they have been deprived of, they have a greater chance of growing up to become responsible, independent individuals who can eventually contribute to the growth of their local communities.

Passport Legacy partnered with the local government to establish the Goodwill Mozambique Orphanage, which provides a new home for up to 50 children. Jeffrey Henseler, as the esteemed guest of honor, led the opening of the orphanage.

St. Lucia provides citizenship and the opportunity for global mobility to international investors.

The international team behind Passport Legacy prides itself on consistently providing its clientele with tailored migration solutions. Achieving this is no easy task, but Henseler’s unique operational style has enabled his team to deliver the outstanding results the company is known for. To do this, the organization places great value on a culture of continuous improvement, encourages innovation at all levels, and adapts a responsive approach to market needs. Enabling a Positive Corporate Culture and Giving Back to the World Internally, Henseler places great emphasis on the value of effective communication as a fuel for overall organizational success. Passport Legacy utilizes a mix of digital platforms and personal interactions,

holding regular team meetings and encouraging an open-door policy. As a result, wherever they operate in the world, the team members stay aligned, informed, and engaged. Being a truly international organization, Passport Legacy celebrates cultural diversity among its team members. Work-life balance is encouraged, and each member’s contribution and professional growth are highly valued. For Henseler, attracting and retaining talent is vital and the company is committed to ensuring it offers competitive benefits, a supportive work environment, and opportunities for international exposure and advancement. For Henseler, this is because human connection is the core of every action. He has cultivated this value throughout his travels to Africa, which have made him acutely aware of the realities faced by the marginalized segments of society in countries like Mozambique. Their situations have inspired the CEO to establish philanthropic activities in the country, partnering with the local government of Vilankulo to set up an orphanage called GoodWill Mozambique.

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

What Lies Ahead Despite only being active for five years, Passport Legacy’s impact has reached far and wide, serving numerous migration investors across several countries and changing their lives for the better. More importantly, the company has been the catalyst for empowering numerous individuals with freedom and opportunity and for helping to create a new chapter that will echo through the generations. For Henseler, the team will continue to stay committed to its promise of positively impacting the world. Over the next decade, his vision is to establish the company as a global leader in the investment migration industry, expanding its presence in key markets and pioneering innovative solutions by diversifying its service offerings. This includes leveraging technology to enhance the client experience and expanding its services to address emerging needs in global mobility and investment.

www.passportlegacy.com

DECEMBER 2023 / JANUARY 2024

By William Baldwin

CONTRARIAN • MONEY & INVESTING

Photograph by Mary Beth Koeth for Forbes

Confessions Of A Closed-End Fund Bargain Hunter Retail buyers have a poor grasp of closed-end investment companies. That creates opportunities for Florida money man ERIK HERZFELD.

A Closed-End Mind Erik Herzfeld at his Miami Beach office. “We’re interested in cheap funds in cheap categories.”

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

Classical economics: All actors are rational. Stocks are efficiently priced. Behavioral economics, per Nobelist Richard Thaler: Investors’ decisions are warped by emotion and ignorance. Prices can get out of line. Count Erik M. Herzfeld, a money manager specializing in closed-end funds, in the Thaler camp. He aims to buy when fund shares trade at an irrationally low percentage of liquidating value and sell at a high percentage. Unlike mutual and exchange-traded funds, closed-ends don’t do redemptions, and their prices are a matter of investor whim. “Big discounts and big premiums. It’s behavioral,” Herzfeld says. “No one reads prospectuses.” Or rather, he reads and retail investors don’t. Exuberant buyers have (as of mid-September) pushed the price of Gabelli Utility Trust to a 120% premium over the value of the stocks it owns. Evidently they’re mesmerized by the five-cents-a-share monthly dividend, not understanding that, at an annual 20% of the fund’s net asset value, the payout is not sustainable. Nor have they fully absorbed how each dividend dollar they joyfully pocket has cost them $2.20, causing an instant $1.20 loss. Herzfeld’s clients, who have entrusted $750 million to his Miami Beach firm, do not own that Gabelli fund. They do own shares of Central Securities Corporation, a wallflower that trades at a 19% discount to net assets.

DECEMBER 2023 / JANUARY 2024

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

Empowering The Future Of Business Radical-1 by Misr Italia Properties has a vision to revolutionize the way people work with a business complex that strikes the perfect work-life balance.

isr Italia Properties is making waves in the industry by introducing Radical-1, a state-of-the-art business complex located in the heart of Egypt’s New Administrative Capital. Spread over an area of 71,400 sqm and with a total investment of almost $193.9 million, Radical-1 aims to revolutionize the surrounding commercial and administrative landscape, offering an innovative business experience. At the heart of the Radical-1 experience lies the practical yet ambitious tagline: EMPOWER to DISRUPT. The brand message aims to inspire budding entrepreneurs and business owners on their path towards growth, with the complex equipping them with the necessary resources to drive forward-thinking change. Radical-1 stands as a revolutionary development in the New Administrative Capital’s IL BOSCO, situated at the heart of Mohamed Bin Zayed Street in the New Capital’s thriving hub. The development is just a stone’s throw away from major landmarks, schools,

and shopping centers. Inspired by nature and driven by a vision for a better world, Radical-1 combines contemporary design elements with breathtaking landscape interventions that overlook The Vertical Forest and the Iconic Tower. At the heart of Radical-1 lies the vision to liberate traditional work environments and seamlessly integrate cutting-edge technology solutions, all with the objective of customizing space according to business needs. The business complex comprises highly innovative smart office spaces as well as boutique office buildings. The Signature office spaces feature a set of indoor units with high ceilings and sizes ranging from 45 sqm to 144 sqm. The Signature offices also offer private signage, ground floor components, and an exclusive outdoor space, allowing companies to make the most of the surrounding amenities. The offices within Radical-1 thoughtfully integrate the modern trend of biophilic architecture, bringing the tranquility of nature

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

into the heart of the workspace. This harmonious blend of indoor and outdoor spaces fosters a healthier and more inspiring work environment. Customer satisfaction lies at the core of Misr Italia Properties’ strategy, with projects meticulously crafted based on customer insights and feedback, ensuring that their desires and aspirations are integrated into each design. Radical-1 is a testament to this customer-centric approach as it embodies the developer’s motto of ‘Inspired by You’. Radical-1 is more than just a workspace. A radically different concept, it is designed to create a holistic work-life balance. The complex offers professionals a range of entertainment options and amenities including a gym, a supermarket, and a pharmacy, as well as a selection of exceptional dining options, creating the perfect fusion of work and play. Excellence at Misr Italia Properties is further amplified by partnerships with various experts in their fields. While bringing the concept of Radical-1 to life, Misr Italia Properties enlisted renowned architecture firm Callison RTKL to develop the master plan. The architectural design of Radical-1 incorporates glass facades and curtain walls, maximizing natural light and reducing energy consumption, setting a new standard for sustainable workspaces.

www.misritaliaproperties.com DECEMBER 2023 / JANUARY 2024

PATRICK WELSH FOR FORBES

CONTRARIAN • MONEY & INVESTING

Exuberance for this fund died down soon after it opened its doors in 1929, a few weeks before the Great Crash. If investors think Central Securities is a hasbeen, they are missing something. In 1982 the old fogies running it took a flyer on Plymouth Rock, a startup home and auto insurer, at $25 a share. Plymouth is now on Central’s balance sheet at $9,500 a share, but an appraisal of this privately held company puts its value, before a discount for lack of marketability, at more than double that. Use the higher value for Plymouth and you see Central trading at a 36% discount. This fund, too, makes nice distributions, but in a mirror image of what’s going on at Gabelli, the payouts give rise to a windfall gain for fund holders. How can cheap funds like Central coexist with absurdly overpriced ones like Gabelli Utility Trust? You’d think traders would arbitrage away the discrepancies. Herzfeld’s explanation is that Wall Street’s heavyweights find the closed-end universe, with but $224 billion in assets, too small to accommodate their bets. The hedge funds you have heard about stay in the big-stakes wing of the casino, Herzfeld says. Recollecting his gambling diversions while getting a degree in financial engineering at MIT, he goes on: “I feel I am sitting at the small poker table. There are ten seats. Seven are retail. Three are professional investors. We make money on the retail guys because they are not good players.” Herzfeld, 50, got a taste of Wall Street poker early in life. His father, Thomas J. Herzfeld, started tracking closed-ends half a century ago and opened Herzfeld Advisors in 1984. At 78, the elder Herzfeld remains chairman but pays more attention to his sailboat than to the share prices he once meticulously plotted with paper and pencil; the son is president and portfolio manager. In 1990 Thaler and two other academics descended on the firm in quest of thousands of data points. In effect, they were trying to answer the question: Are closed-end investors crazy, or what? The resulting work, a seminal paper in behavioral economics, credits the teenage Erik for research assistance. When Erik Herzfeld joined the family firm in 2007, after stints trading interest rate and foreign exchange derivatives at Lehman Brothers and JPMorgan, he vowed he could make money buying underpriced funds and shorting overpriced ones. His father, mindful of the adage that the market can stay irrational longer than you can stay solvent, decreed that Erik would be doing any short sales in his personal account. “Sure enough, I lost money,” Herzfeld says.

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

HOW TO PLAY IT By William Baldwin Closed-ends are buys when their discounts, combined with payouts, are enough to make up for their expenses. Such bargains are extremely scarce. One of them: BlackRock Science & Technology Term Trust, which trades at a 19% discount and dishes out a monthly distribution that comes to 9.2% of net assets annually. Multiply 19% by 9.2% and you see a 1.7% annual windfall. That more than makes up for the outlandish 1.3% expense ratio and the silly portfolio (tech stocks with covered calls written against them). A dividend cut would lessen the attraction, but not fatally, since the fund is planning to liquidate in 2031. William Baldwin is Forbes’ Investment Strategies columnist.

The clients are doing better with a long-only strategy. The firm claims a 6.2% average annual return since 2000 on its blended stock and bond accounts, net of fees (1% for large accounts), edging out a benchmark return of 6%. The correction of 2022 widened discounts, making closed-ends look more tempting. But this is a treacherous field. Consider the many closed-end funds holding leveraged portfolios of municipal bonds. Now that overnight taxexempt borrowings cost close to 6% while muni bonds yield 4% or 5%, the leverage is making shareholders poorer. Pimco NY Municipal Income III is no bargain, even at its recent 11% discount. Why don’t fund operators end the pain by liquidating some of the bonds and paying off the loans? Perverse incentives. In many cases their fees are a percentage of gross assets, not net assets. If you want tax-exempt income, Herzfeld recommends you buy an unleveraged, low-cost exchange-traded muni fund from Vanguard or BlackRock. One of Herzfeld’s more daring plays is the Cornerstone Strategic Value Fund. Its fat payout, 22% of net asset value, has caused it to trade at a premium, sometimes a very wide one. That premium allows the fund to offer shareholders a bargain of sorts: the right to buy additional shares at a reduced premium. In the last go-round, the offer hauled in $670 million from eager customers, and their newly delivered capital had the effect of raising the fund’s net assets per share. The NAV levitation in turn puffs up performance figures for the fund, driving the fund’s market price still higher. Herzfeld is playing a greater-fool strategy, aiming to buy when Cornerstone’s premium is at the low of its historical range and sell when it’s at the high end. For conservative investors, there’s a simpler strategy. Buy closed-ends that trade at doubledigit discounts and have either low expense ratios or large payouts. Two that show up on Herzfeld’s 13F filing are Adams Natural Resources and Neuberger Berman Next Generation Connectivity. “There’s a lot of irrational exuberance,” Herzfeld says, alongside irrational pessimism. “That’s how I put food on the table for my kids.”

F I N A L T H O U GH T

“WOULDN’T ECONOMICS MAKE A LOT MORE SENSE IF IT WERE BASED ON HOW PEOPLE ACTUALLY BEHAVE, INSTEAD OF HOW THEY SHOULD BEHAVE?” —Dan Ariely

DECEMBER 2023 / JANUARY 2024

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

Luxury Experiences, Lasting Memories Christian El Khoury, General Manager of The Ritz-Carlton DIFC

he luxury hospitality market is undergoing a significant shift, with the upcoming generations of consumers seeking luxury experiences that are both authentic and personalized. Young consumers value experiences that cater to their individual preferences, and they expect luxury hotels to understand and deliver on their unique needs. Given this shift, authenticity is one of the most significant challenges of our time within the luxury segment, and The Ritz Carlton is meeting it head on. At The Ritz-Carlton DIFC, exceptional customer service grounded in authenticity is deeply rooted in our culture, guided by the principles of our credo and service values. We go beyond mere transactions, aiming to create legendary moments for our guests. Our commitment to personalized service, attention to detail, and a culture of genuine care ensures that every interaction becomes a memorable and meaningful experience. As ambassadors of excellence, our team members uphold The RitzCarlton standards, turning routine encounters into opportunities to

Christian El Khoury, General Manager of The Ritz-Carlton DIFC, highlights the growing demand for luxury experiences and explains how the hotel and its team are delivering exactly that. make a lasting impact. In essence, our approach is a blend of cultural ethos, credo, and a dedication to crafting genuine, emotional connections—setting a standard of luxury hospitality synonymous with The Ritz-Carlton legacy. In setting luxury standards, innovation is another cornerstone of The Ritz-Carlton DIFC’s commitment to excellence. We stay ahead of the curve by fostering a culture that encourages creativity and embraces technological advancements. By leveraging cutting-edge technologies, we enhance the guest experience without compromising the human touch that defines our brand. Whether it is incorporating smart room features, digital concierge services, or sustainable practices, our goal is to seamlessly integrate innovation to complement the timeless luxury that The Ritz-Carlton is renowned for. Looking ahead to the future of luxury hospitality, The RitzCarlton DIFC shines a spotlight on its remarkable team – the driving force behind our distinct culture. We foresee a future where authentic experiences take center stage,

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

and our dedicated ladies and gentlemen play a pivotal role in crafting those meaningful moments. Our commitment to developing, empowering, and fostering teamwork among our people aligns seamlessly with evolving expectations in the luxury sector. By highlighting the dedication of our team, we ensure a level of service that resonates with every guest who walks through the doors of our hotel. As we move forward, The RitzCarlton DIFC maintains its position at the forefront of luxury hospitality. Our blend of timeless traditions and innovative approaches reflects the impactful role of our exceptional team. In essence, our vision for the future is shaped by the people who breathe life into the Ritz-Carlton culture and make each guest experience a genuine testament to our lasting legacy.

www.ritzcarlton.com

DECEMBER 2023 / JANUARY 2024

PRO M OTI O N

Transforming Healthcare: From Volume To Value

Dr. Walid Abbas Zahr, CEO of Carexso, outlines the shifting healthcare paradigm and the increasingly prominent role of value-based care.

n the realm of healthcare, the concept of value stands as a crucial metric, defined as the ratio of outcomes that hold significant importance for patients to the cost incurred per patient cohort to achieve them. This framework not only ensures the delivery of maximum value but also safeguards payers against undue financial risks. Expanding on this notion, value-based healthcare (VBHC) emerges as a transformative healthcare delivery model, realigning the incentives of healthcare providers from a focus on quantity to a dedication to the quality of services rendered. The transition from a volumedriven approach to one based on value has become a necessity for healthcare systems worldwide. This shift is imperative for optimizing clinical outcomes, ensuring equitable access to healthcare, and effectively containing costs. Consider this comparison: In fee-for-service (FFS) models, providers receive compensation for the sheer number of interventions. These interventions may include medications prescribed, lab tests conducted, or procedures performed. In contrast, the VBHC model centers around reimbursement based on health outcomes. This approach focuses on factors such as patient condition improvement and the effective control of exacerbations.

with stakeholders to ensure affordability and target the right patient groups. Together, these stakeholders form a vital ecosystem for value-based healthcare.

Dr. Walid Abbas Zahr, CEO of Carexso

Crucially, VBHC extends its influence far beyond healthcare providers. Success with this model hinges on the active engagement of multiple stakeholders; patients, healthcare providers, payers, policymakers, and the pharmaceutical industry are all critical in the realm of healthcare value. Patients’ input shapes the concept of value, guiding personalized care. Healthcare professionals play a pivotal role in treatment and improving the overall patient experience. Payers and policymakers ensure reimbursement models align with value-driven care. The pharmaceutical sector provides innovative solutions, collaborating

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

Regional Dynamics Fuelling the Rise of Value-Based Healthcare Numerous factors significantly impact the adoption and execution of value-based healthcare. These dynamics are closely linked to the healthcare landscape, unmet population needs, infrastructure, economic considerations, and various other variables. Turning our gaze to the region, we find fertile ground for the development of VBHC, driven by several catalysts. GCC countries are witnessing a demographic transition with heightened aspirations for increased life expectancy. Their ambitious goal of raising life expectancy from 74 to 80 years by gaining an average of 0.43 years per annum from 2016 to 2030 reflects not only an aging populace but also an increased focus on improving overall health outcomes. This demographic shift is anticipated to lead to a surge in chronic diseases, necessitating a strategic approach to disease management. VBHC emerges as a solution, aligning seamlessly with the preventive and integrated care required for effectively addressing these emerging health challenges.

DECEMBER 2023 / JANUARY 2024

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

transition from “ Thea volume-driven

approach to one based on value has become a necessity for healthcare systems worldwide

of demographic shifts, medical innovation, and technological advancements. As countries like Saudi Arabia set ambitious health goals, VBHC emerges as a strategic and comprehensive approach to address current challenges and pave the way for a resilient, patientcentric healthcare ecosystem. Diverse Models of Value-Based Healthcare in the Region As the global healthcare landscape undergoes a significant transformation, the adoption of VBHC has gained remarkable momentum. This paradigm shift in healthcare delivery is not limited to any one region but is becoming a worldwide phenomenon. It is driven by the recognition that healthcare should focus on delivering value to patients, emphasizing quality over quantity, and fostering outcomes that matter most to individuals. This evolution is evident through the emergence of various innovative initiatives falling under the umbrella of VBHC. These initiatives are reshaping how healthcare is conceptualized, designed, and executed. One such pioneering effort are the national genome programs of Saudi Arabia (SGP), Qatar (QGP), and the U.A.E (EGP), which exemplify the potential of personalized and precision medicine. By integrating genomic data into healthcare decision-making, VBHC can be elevated to new heights, offering

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

“

The era of unprecedented medical innovation adds another layer to the dynamics propelling VBHC. The sustainability of current funding models is being questioned, prompting a closer look at the integration of genomic big data hikes into healthcare practices. This integration not only enhances the precision of healthcare interventions but also opens new avenues for personalized medicine. The influx of data, coupled with advancements in technology and analytics, is poised to revolutionize decision-making processes in healthcare. The growing connectivity landscape is driving the convergence of healthcare solutions, including mobile health, remote monitoring, and sensor-enabled medications, among others. In light of these dynamics, adopting a VBHC model emerges as an apt strategy. This approach effectively addresses the management of chronic conditions through proactive, coordinated care, continuous monitoring, and robust patient engagement. It also champions the introduction of personalized care and patient-centric approaches tailored to individual needs, preferences, and objectives. Furthermore, VBHC’s commitment to preventive care and early interventions aligns strategically with the regional focus on reducing the occurrence and progression of diseases. By aligning incentives with positive health outcomes, promoting efficient resource utilization, and ensuring justifiable and affordable healthcare costs, VBHC represents a holistic and sustainable approach to addressing the evolving healthcare landscape in the region. In conclusion, the regional dynamics fuelling the rise of VBHC underscore the alignment

tailored treatments and interventions based on an individual’s genetic profile, ultimately leading to improved health outcomes. Furthermore, the proliferation of risk-sharing or value-based agreements reflects the growing collaboration between payers and pharmaceutical/biotech companies worldwide. These agreements link reimbursement for innovative treatments to predefined clinical outcomes, emphasizing accountability and value creation in healthcare. In the region, integrated valuebased healthcare programs are using key performance indicators to assess healthcare quality across various metrics. This approach enhances the delivery of healthcare services and aligns them with the principles of VBHC. In addition, population health management programs are gaining traction as they employ data analytics and evidence-based strategies to address diverse population health needs, emphasizing resource allocation and targeted interventions. Within this ever-evolving landscape, companies like Carexso have emerged as catalysts of change. Their commitment to driving value-based care forward through innovative initiatives and their expertise in healthcare transformation have played a crucial role in fostering collaboration, accountability, and innovation within the healthcare sector. As the global journey towards VBHC continues, we anticipate more groundbreaking developments that prioritize the health and well-being of individuals worldwide.

www.carexso.com DECEMBER 2023 / JANUARY 2024

By Chase Peterson-Withorn

CONTRARIAN • ENTREPRENEURS

Photograph by Ethan Pines for Forbes

Soy Sauce Scientist Peggy Cherng built PANDA EXPRESS into the McDonald’s of Chinese food by using her engineering background and big data to exponentially spice up sales—making her a multibillionaire along the way.

The sweltering heat of July in Los Angeles isn’t slowing Peggy Cherng down. The 75-year-old billionaire cofounder of Panda Express is strolling between the sleek research buildings and Japanese Zen gardens that frame the 100acre City of Hope hospital campus, where she’s funding a $100 million program for blending Eastern and Western medicine practices. “It’s all about how we can bring the best we have as Asian-Americans to the West,” she says. Cherng should know. She emigrated from Hong Kong in the 1960s, got a doctorate in electrical engineering in the 1970s, then promptly quit a promising career developing software to use her STEM skills in an altogether different industry: fast food, creating the perfect mix of Chinese cuisine for American palates. Four decades later, what began as a single restaurant in a Southern California shopping mall has grown into a 2,400store juggernaut, dishing out more than $5 billion worth of chow mein, Beijing beef and orange chicken every year in food courts, airport terminals and drive-thru windows across the nation. Most Americans grab their Chinese food from one of two places: the momand-pop joint around the corner—or F O R B E S M I D D L E E A S T.C O M

Extra-Early AI For her 1974 doctoral thesis, Cherng developed a computer program that used an algorithm to scan digitized chest X-rays for signs of congenital heart disease. “This type of technology was called pattern recognition,” she says. “It’s now known as artificial intelligence.”

DECEMBER 2023 / JANUARY 2024

According to IBISWorld, American fastfood joints sold $362 billion worth of grub last year, up 40% from a decade ago. But catering to the masses has been a great way to make a few bucks, shillings or denarii for centuries. Here are four snapshots of takeout across the ages.

Déjà View

OLD-SCHOOL EATS A.D. 79

1300

1902

1921

Working-class Romans on the go grab quick bites at local thermopolia, the equivalent of ancient Burger Kings that served hot meals of meats and cheeses across the empire. So far 89 outposts have been uncovered in Pompeii.

Almost no one had a kitchen in medieval Colchester, England. Instead, artisans, laborers and peasants munch on pigeon pies, barley pancakes and almond pastries prepared by street vendors.

Two Philadelphians open the first “automat” (automatic restaurant), where factory workers can slip a nickel (equal to $1.80 today) into a glass case and walk away with lemon meringue pie, mac and cheese or creamed spinach.

White Castle, America’s first burger chain, opens in Wichita, Kansas, pumping out easy-toeat sliders with assembly-line efficiency—at a cost of five cents each, around 80 cents in today’s money.

University, a tiny school in small-town Kansas, where the few Asian students gravitated to one another. There she met Andrew, and the two stuck together even as she transferred to Oregon State on a scholarship and he eventually moved to L.A. to help his cousin manage a Chinese restaurant. Peggy, dreaming of becoming an inventor, got a master’s in computer science and then, in 1974, a Ph.D. in electrical engineering from the University of Missouri. Instead of becoming a professor or an inventor, she went to work for McDonnell Douglas, doing system design and helping develop battlefield simulators

FAST CASH AMONG AMERICA’S 50 LARGEST QUICK-SERVICE CHAINS, THESE FIVE RAKE IN THE MOST MONEY PER STORE EACH YEAR. PANDA EXPRESS RANKS 12TH. REVENUE PER STORE No. of U.S. locations

AVERAGE SPENT Per Transaction

SIGNATURE COMBO Cost

FIRST STORE

Chick-fil-A

$6.7 mil (2,800)

$9.00

Chicken sandwich meal ($8.85)

Atlanta, GA

Raising Cane’s

$5.4 mil (650)

N/A

The Box Combo ($10.79)

Baton Rouge, LA

Shake Shack

$3.8 mil (300)

$22.02

ShackBurger meal ($13.57)

New York, NY

Whataburger

$3.7 mil (900)

$9.48

Whataburger Whatameal ($8.39)

Corpus Christi, TX

McDonald’s

$3.6 mil (13,400)

$6.32

Big Mac meal ($8.69)

San Bernardino, CA

Panda Express

$2.4 mil (2,400)

$20.66

Orange chicken bowl ($7.90)

Glendale, CA

FRANCHISE

Sources: QSR magazine’s 2022 QSR 50 ranking, Euromonitor International. Prices based on Houston, Texas.

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

DECEMBER 2023 / JANUARY 2024

55 CONTRARIAN • ENTREPRENEURS

Panda Express, which has eaten up 43% of the Asian takeout market and has ten times as many locations as its closest competitors, sit-down chain P.F. Chang’s and hibachi grill Sarku Japan. But Panda Express’ secret sauce isn’t the sweetand-sour; it’s Cherng’s technical prowess and methodical mind. “A lot of people in the restaurant business aren’t educated as engineers,” she says. “I have an advantage.” Cherng thinks in structures and systems: how best to organize data, how to devise a menu that will scale, how to train a new hire most efficiently. It has proven invaluable. Not only did she customize the sales and analytics software that propelled Panda Express’ growth, but she has brought an engineer’s discipline to standardizing its farreaching operations and implemented a rigorous management curriculum to train Panda’s 50,000 employees to think systematically, too. Panda Express has made Cherng wealthy. Worth an estimated $3.1 billion, she is one of just 12 self-made women—and one of two self-made Asiaborn women—on The Forbes 400. Her husband, cofounder and co-CEO Andrew Cherng, 76, is worth an additional $3.1 billion. The two own 100% of the private Rosemead, California–based company but are committed to sharing the riches. Nearly half of Panda’s full-time general managers made more than $100,000 last year, the company says, with one earning $277,000. Peggy was born in Burma in 1947 but spent much of her childhood in Zhangzhou and Hong Kong. A math whiz, she landed in the U.S. at Baker

Soy Sauce Scientist Cont.

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 Transformative digital processes are changing the way businesses operate; they are the investment theme of this generation. If you don’t have an engineering Ph.D. for a founder like Panda Express does, a smart way to play the trend is Accenture, a massive, underappreciated, Ireland-based global consulting firm. It employs 732,000 people to help 9,000 clients improve growth and productivity via better data analytics, supply chain processes, operational software and C-suite strategies. Shares rose 1,500% from 2009 to 2022, then pulled back sharply. Shares are cheap enough to rally to $400 in the next 18 months, a gain of 27% from current levels. Jon D. Markman is president of Markman Capital Insight and editor of Fast Forward Investing.

Today, mall locations account for just 156 of their 2,400 U.S. restaurants and 5% of total sales. They self-funded along the way, refusing the outside financing that has most of the major chains answering to public shareholders or private equity overlords. They have also resisted franchising their stores, which helped giants like Subway and Dunkin’ Donuts balloon in size. That has meant passing up guaranteed royalties of at least 4% of sales—more than $200 million in nearly risk- and expense-free annual revenue—instead betting on their ability to operate their restaurants. “We can run them better,” Andrew Cherng says flatly. Only 165, or about 7%, of Panda’s U.S. locations are franchises, nearly all of them in airports, universities and military bases, where the Cherngs are barred by various rules from owning them themselves. It’s a lucrative strategy, as long as enough customers show up. And they do. Panda Express generated nearly $2.4 million in revenue per store last year, ranking 12th out of the top 50 U.S. restaurant chains. Over the past decade, Panda has added 800 new stores, pushing sales beyond $5 billion, up from $2.2 billion in 2014. The goal is to continue to open around 100 new restaurants a year in America, doubling revenue to $10 billion by 2028. “Panda Express is a big outlier” in Asian fast food, says Kevin Schimpf, director of industry research for food service consulting firm Techno mic. “They’re the only true national player.” There is, of course, a limit to the number of Panda Expresses America can support. That has led the Cherngs to open 105 overseas stores, where they’ve yielded some control, turning to franchi sing where supply chains and local markets are too tough to navigate without a native operator. They’ve even begun running franchises for other chains in pursuit of growth. “That’s unique,” says Joshua Long, who covers restaurants for investment bank Stephens. “But it’s pretty smart. It helps you uncover different ways to grow.” Their Panda Restaurant Group parent company operates 12 Uncle Tetsu restaurants in California as the Japanese cheesecake company’s sole U.S. franchisee, and the Cherngs run all 13 of Raising Cane’s fried chicken joints in Alaska, Hawaii and Guam. “The opportunity is still big,” Cherng says. “We plan to have more growth in the next 50 years than we did in the past 50.” F I N A L T H O U GH T

“AN IMPORTANT FUNCTION OF ALMOST EVERY SYSTEM IS TO ENSURE ITS OWN PERPETUATION.” —Donella H. Meadows

DECEMBER 2023 / JANUARY 2024

PATRICK WELSH FOR FORBES

CONTRARIAN • ENTREPRENEURS

for the Navy. A gig working on early facial and voice recognition projects at Pasadena-based Comtal, later acquired by 3M, followed. Nights and weekends, she would hostess at Panda Inn, the small Pasadena restaurant Andrew opened in 1973 with his father, using $60,000 from friends, family and an SBA loan. The turning point was New Year’s Eve 1982. The next day, UCLA played Michigan in the Rose Bowl, and ahead of the big game the family of legendary Bruins football coach Terry Donahue stopped in for dinner. “We just loved it,” recalls Terry’s brother, Pat Donahue. The family was building a mall in nearby Glendale and suggested the Cherngs open a restaurant there. Peggy was ready. Tired of trying to raise three daughters while working full-time as an engineer, she had quit her job. The Cherngs took a leap, opening the first Panda Express later that year, offering Panda Inn dishes in a speedy counter-service format. Lines stretched out the door. “They had a great restaurant,” Donahue says. “We didn’t know they also had a world-class model for the McDonald’s of Chinese food.” The Cherngs moved at Ray Kroc speed, surfing the 1980s mall wave by opening locations in new shopping centers around the country, no matter how far it stretched their supply chain. This is not how an MBA would do it. “The Harvard Business School approach would be to see if you could go from one region to another—not build stores everywhere,” says Sean Dunlop, an equity analyst at Morningstar. But the Cherngs used the Ph.D. approach. Computerized cash registers (known as pointof-sale systems) were just catching on at the big chains, but the Cherngs had been using them at Panda Inn since 1975. Not long after IBM introduced the first digital POS system, Peggy set one up herself, enabling the Cherngs to track daily sales and analyze things like whether beef was outselling pork at a time when few independent restaurateurs understood the technology, let alone saw the need for it. When managers struggled to work a compu ter, she coached them. When some of the chain’s chefs were cooking chow mein with a light sauce while others insisted on a dark one, she corralled them all into a conference room at Panda Express’ headquarters and had them fight it out until they agreed on a single recipe for every dish. By 1991, Panda Express had grown to 18 stores. But being a food court staple was already losing its luster. “It’s a captive market—but you’re not able to build your own brand,” Cherng says. “People just see you as the Chinese place.” The Cherngs took their mall profits and branched out into building freestanding stores of their own.

OMAN Gateway To The World SPECIAL REPORT

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

DECEMBER 2023 / JANUARY 2024

O M A N R EP O RT

Sohar Port and Freezone

The Infrastructure and Capabilities Shaping Omani Logistics

hen it comes to international trade, Oman needs no introduction. For more than a thousand years, the sultanate has been a gateway to the world, connecting continents and transporting goods along some of the most famous trade routes on Earth. Over the course of centuries, trading giants from Africa, Asia, and Europe have frequented Oman’s bustling ports, dealing in incense, spices, silk, and other precious commodities of the day. Now, the sultanate’s legacy as a trading hub lives on, and its leadership is on a mission to keep Oman firmly on the global logistics map. Oman is ambitious. By 2040, it aims to count among the top 10 logistics hubs in the world and has embarked on a strategy that could F O R B E S M I D D L E E A S T.C O M

see related industries contribute $36 billion to the national GDP and create up to 300,000 jobs. On course for success, the Oman Logistics Strategy 2040 is expected to transform the sector into the country’s second-largest economic contributor after hydrocarbons. Among the strategic objectives set out by Oman in recent years have been digitizing and enhancing logistics through IT investment, easing congestion, and boosting capacity, with tangible progress already made. Up in the air, routes for national airline carriers have been expanded, with Oman authorizing American carrier Jet Blue to commence a codeshare service to the sultanate with Emirates Airlines in 2022. In 2021, Oman Air also entered into a

code share agreement with Qatar Airways, providing flights to the U.S. Back on land, major road projects have been completed in recent years, including the $2.6 billion Batinah Expressway, which runs through Muscat and Sohar to Oman’s border with the U.A.E, and in July this year, the board of the Public Authority for Special Economic Zones and Free Zones (Opaz) valued the royal decree establishing Khazaen Economic City. However, while sizeable investment has been plowed into developing aviation and road links, it is Oman’s seaports that continue to dominate the logistics landscape— and with good reason. As of March 2022, imports by sea accounted for 65.5% of the country’s total, with land accounting for just over a DECEMBER 2023 / JANUARY 2024

IMAGE CREDIT: ASYAD

Oman has long been a pivotal destination along global trade and shipping routes. Now, the sultanate is bolstering its logistics legacy with cuttingedge infrastructure, investment, and business appeal.

O M A N R EP O RT

quarter and goods imported by air just 9%. Oman’s Ministry of Transport, Communications, and Information Technology has also reported a substantial increase in its maritime affairs services for the first half of 2023, with the release of 406 new services tied to maritime activities— an 81% increase compared to the same period last year. Oman is home to seven stateowned commercial ports, all of which are overseen by Asyad, the logistics arm of the Oman government, with leading private sector companies involved in day-to-day operations. Of the seven, three are deep-water ports: Sohar in the north, Salalah in the south, and Duqm, the sultanate’s flagship development project located between Muscat and Salalah along Oman’s Indian Ocean coast. Combined, the three ports connect to 86 ports in 40 countries, and capacity is building fast. As the economic strains catalyzed by the Covid-19 pandemic begin to ease, oncehalted infrastructure projects are now coming back to life, and ports and special economic zones are seeking foreign investment to finance ambitious development plans—an endeavor that is set to become easier thanks to the recently improved public-private partnerships law. Duqm, in particular, is home to an abundance of opportunity with its new port, naval base, dry dock, fisheries hub, industrial free zone, power and desalination plants, oil tank storage terminal, and oil refinery, as well as new hotels to accommodate the growing number of visitors. In May 2023, Brazilian mining company Vale signed an agreement with the Port of Duqm Company and an MoU with Saudi utility company Marafiq to develop a “mega-hub” at Duqm SEZ to F O R B E S M I D D L E E A S T.C O M

Asyad Shipping

produce low-carbon products for the steelmaking industry. Meanwhile, in 2021, Asyad built its first new ship at Duqm’s drydock, and Saudi Basic Industries Corp. and Oman’s state-owned energy company, OQ, signed an MoU relating to a potential petrochemical project. Not to be overlooked, Oman’s Salalah and Sohar ports present significant opportunities, too. Salalah is Oman’s busiest and largest port, with infrastructure capable of handling the world’s largest container vessels, as well as bulk cargo, bunkering, and warehousing facilities. For two consecutive years (2021 and 2022), Salalah ranked as the second most efficient container port in the world on the Container Ports Performance Index published by the World Bank and S&P Global. In November 2022, the continuing expansion of the port’s services hailed the introduction of a new trans-shipment connection with China and Yemen. For its part, Sohar’s free zone, which hosts the sultanate’s largest operating oil refinery, continues to lead downstream manufacturing in Oman and has ambitions to attract additional manufacturing and distribution facilities.

Matching Oman’s state-of-theart port infrastructure is a growing reputation for world-class service. In 2020, Oman ranked top for port calls according to the United Nations Conference on Trade and Development, with the time taken to handle a ship’s containers averaging 12.5 hours. Oman has also successfully reduced the cost, time, and effort required to transport goods via road using the TIR system—a procedure that enables goods to move across international borders under customs control without payment of the duties and taxes typically due at importation. In addition, shipping inspections have been streamlined, one-stop shops have been established to manage coordination and customer service, and customs and other agencies are operational 24/7 to facilitate round-the-clock clearance. When it comes to service, Asyad is Oman’s undisputed leader, with a portfolio that includes a fleet of 80 modern vessels, three of the world’s most efficient deep ports, one dry port, two free zones, an economic zone, and an extensive road network. The company’s offerings also include Asyad Express, which operates last-mile delivery services from a 3,000-square-meter fulfillment center. As a $4 billion enterprise backed by an initial $26 billion in government infrastructure spending, Asyad attracts customers and investors in search of state-of-the-art logistics facilities and manufacturing capabilities and is supporting Oman on its journey to becoming one of the world’s leading logistics hubs. For centuries, if not millennia, Oman has played an integral part in the story of global trade. Now, with vision, investment, and a solid strategy firmly in place, that role looks set to continue as the country builds a logistics sector to rival the best in the world. DECEMBER 2023 / JANUARY 2024

PRO M OTI O N

A New Force Rises: Oman’s Powerhouse Redefining Logistics In Mena And Beyond Oman’s global integrated logistics provider, Asyad Group, has evolved into an unstoppable force that is reshaping the logistics landscape in MENA, taking on heavy hitters, and setting benchmarks for global success.

Asyad Line

n the short, rocky years when established players stumbled in the face of a pandemic, geopolitical crises, and market volatility, Asyad, a four-billion-dollar newcomer turned back-to-back challenges into rare opportunities to build and expand an integrated logistics ecosystem that spans continents. Asyad’s journey of success and exponential growth has culminated in the business becoming the fourth biggest logistics company in MENA, enabling regional and global trade. Pivotal to this phenomenal success was integration. Asyad built an exceptional business model predicated on integrating all the facets of its business from infrastructure to products, to brand and culture. From the outset, Asyad’s culture centered around innovation and

“The group positioned itself as more than an integrated solution provider; it molded its assets and capabilities to efficiently cover the entire logistics journey of its clients” integration across the board, from brand and touchpoints to products and services. With this culture, the group created a seamless, holistic customer journey supported by a diverse asset portfolio. Today, that portfolio comprises three deep ports, an 80-plus vessel fleet, a worldclass drydock, a last-mile doorstep delivery arm, and a set of highly attractive free and economic zones, ensuring a strong Asyad presence in every link of the supply chain. Asyad’s integrated business model that carried the group to regional and global recognition focused primarily on integrating its assets from coast to coast and promoting efficiencies and synergies

F Othoughts RBESMID D L E E A S T.C O Madvertorial are those of the client. The expressed in this

between its various arms. Additionally, the logistics disruptor ensured a culture that promoted agility in decision making to maintain a robust, dynamic architecture while adopting the right commercial mindset to approach planning and investment. These prescient strategies allowed the group to introduce tailored solutions that catered to standard demand as well as niche industries and actors across the globe searching for a trusted logistics brand. To epitomize customer centricity in its signature approach to logistics, the group positioned itself as more than an integrated solution provider; it molded its assets and capabilities to efficiently cover the entire logistics DECEMBER 2023 / JANUARY 2024

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

journey of its clients and enable them to focus on growth and expansion, all while acting as a reliable partner imbedded into their business models. Maintaining its commitment to an integrated logistics offering, Asyad began to reap the rewards of its client-oriented approach. By 2022, Asyad’s growth numbers were staggering: a CAGR of 24% in revenue and 89% in profit since 2016 backed by a strong balance sheet with over four billion dollars in assets. This double-digit growth in revenue and net profit year-onyear was a remarkable display of consistency that placed Asyad Group among the top revenue generators in a region booming with wealth, mega development projects, and fiercely competitive logistics and investment scenes. Maintaining such rapid growth was not simply a fortuitous outcome. It was the result of a diligently diversified portfolio, acute market foresight, and carefully devised strategies that capitalized on the abundant resources and innate advantages of Oman. Financially, Asyad adopted a forward-thinking strategy that safeguarded its performance, maintaining a healthy debt-to-equity ratio, securing a cash-rich position, and proactively identifying and mitigating risks. The group’s exceptional management and efforts to maintain financial sustainability earned it global recognition, receiving the prestigious title of the Best Treasury Management Company in the Middle East awarded by the Association of Corporate Treasurers (ACT). With the aim of hedging against the cyclicality of the logistics business, Asyad has been keen on keeping adequate cash balances that serve as a shield to fend off various market threats, and a spear to swiftly and timely enter new markets and seize investment

Asyad Express Last Mile Delivery

“Asyad’s journey of success and exponential growth has culminated in the business becoming the fourth biggest logistics company in MENA” opportunities based on its targeted acquisition plans. The source of the group’s financial flexibility goes beyond its cash-ready stance; it is enabled by advanced risk analysis capabilities that help the business respond to challenges free of excessive debt burdens. Combining fiscal prudency and financial agility, Asyad’s strategy resulted in a 79% growth in shareholder equity between 2016-2022. Parallel to securing financial health and robustness, Asyad advanced its regional and global success by combining a proactive approach to market needs with strategic investments in quality assets and data-based targeting of select markets. Impactful mergers and acquisitions were undertaken to both anticipate and respond to changes in customer demands, whether by extensively expanding current capabilities, such as purchasing state-of-the-art vessels and acquiring a floating dock, or unlocking new logistics areas such as developing cold chain capabilities through the sizeable acquisition of Al Ameen Stores and Refrigeration LLC. Throughout a decade of operational and financial success, Asyad Group remained true to its core value of sustainability and its quest to shape a greener future for logistics, deploying innovative and

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. The inOthis

impactful sustainability initiatives. As early as 2019, Asyad accessed green financing initiatives by financing two vessels through the Sustainability Link Loan via Standard Chartered. The group also developed its own finance ESG framework showcasing its commitment to raising future financing in green sustainable products. In addition, Asyad Group partnered with emission reduction and waste management private entities to decarbonize logistics and promote an eco-friendly industry. Other strategic partnerships were executed with global corporations to analyze Oman’s prospects and competitiveness in the clean energy business and lay the groundwork for Oman’s nascent hydrogen industry, in a bid to transform Asyad’s major ports into global hubs for clean energy. Through commitment to integration, innovation, and bullish expansion, Asyad Group quickly rose to the top of MENA’s logistics. Today, Oman’s logistics giant continues to push the boundaries of success, making great strides to become a major global contender connecting continents and powering trade.

www.asyad.om DECEMBER 2023 / JANUARY 2024

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

A Culture Of Integration Driving Operational Success

From ports to last-mile delivery, Oman’s Asyad Group is stamping its mark on the global integrated logistics landscape.

Asyad Fulfilment Centre

ustomer-centered culture, active expansion, and integration count among the key drivers of success at Asyad Group, and they permeate every asset and every aspect of the business. Just some of the group’s shining examples of success include Asyad’s ports, shipping arm, and drydock that have all developed into regional and global models of integrated efficiency. The full range of maritime solutions from the regional logistics powerhouse includes three ports globally recognized for their efficiency, one of the largest drydocks in the Middle East, and a diversified fleet of ocean-going vessels. The vessels operate on Asyad’s extensive sea transport network connecting Oman’s maritime gateways to over sixty countries and 200 ports across the globe. Asyad began its maritime journey with a mid-sized commercial fleet of 45 ships, but thanks to a targeted investment strategy, the group’s colors were flying across oceans on board 80 vessels in less than a decade. The fleet’s growth went

beyond size, as the group focused heavily on diversifying its shipping business, moving away from the strict reliance on traditional oil and gas transportation and entering the bulk and container shipping markets. Today, the Oman-based maritime arm operates a fleet that includes very large crude carriers (VLCCs), very large ore carriers (VLOCs), product tankers, liquified natural gas (LNG) carriers, chemical carriers, liquified petroleum gas (LPG) tankers, and dry bulk carriers. Asyad has consistently continued to bolster its advanced capabilities, most recently by ordering two fifth-generation LNG carriers. This formidable shipping capacity is complemented by an expanding maritime network that connects Oman’s ports with the biggest trade hubs and largest consumer markets. Asyad Line now operates 13 monthly voyages connecting 33 ports of call through four direct lines: the India Express service, the Red Sea service, the Far East Express, and Oman Gulf Express.

F Othoughts R B E S M Iexpressed D D L E E A S T.C O Madvertorial are those of the client. The in this

The impact of these rapid expansions has been felt across MENA, as Asyad plays a crucial role in catalyzing trade and arming industry actors with reliable direct maritime solutions. However, Asyad’s push for a larger maritime footprint has not been confined to the Middle East; the group is actively expanding into neighboring markets in Asia and establishing a presence in countries like Singapore. Another crown jewel in the group portfolio is Asyad Drydock. In 2022, the drydock handled over 200 projects and recorded over $30 million in net profit, while expanding its capabilities by acquiring a new floating dock that will increase the yard’s annual capacity to 240 ships. Meanwhile, Asyad Express has also experienced significant growth. The year 2023 saw the group’s lastmile delivery arm record 50% growth in volume and partner with global e-commerce tycoons, including Amazon and the UK’s parcel delivery giant, Evri. With cross-cutting growth, Asyad Group has reached a new level of integrated success. The new global contender has risen to regional prominence and is now making its presence known across the world’s logistics landscape.

www.asyad.om DECEMBER 2023 / JANUARY 2024

Oman 63

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

DECEMBER 2023 / JANUARY 2024

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

Pioneering Green Mobility 64

Logistics powerhouse, Asyad Group is at the forefront of establishing Oman as a leader in green mobility, working tirelessly to position the nation as a key instigator for global change.

ith sustainability at its core, Asyad Group is not just participating in the transformation of the logistics industry; it is leading it, by integrating concrete actions for environmental care into the DNA of its corporate ethos. Asyad has woven sustainability into the very fabric of its operations. Asyad Drydock The group’s steadfast hydrogen sector as the key to commitment is evident unlocking a green future. Asyad is not only in its approach to mobilizing its freezones, ports, and decarbonizing logistics but also manufacturing-enabled drydock in its financial strategies, which to construct a world-class green include a strong focus on green hydrogen ecosystem that covers the investments. Such initiatives are end-to-end hydrogen value chain pivotal to Oman’s strategic role and transforms Oman’s Duqm region in solving global environmental into a global hub for green hydrogen challenges. Asyad’s comprehensive and clean energy. approach highlights its ambition In Duqm, Asyad Drydock – guided to lead by example, reaffirming by Asyad Group’s green strategy its status as an innovator in green – is banking on its high-capacity mobility and a central hub for workshops and technical prowess, sustainable progress. as it develops heavy manufacturing Asyad pursues these ambitious capabilities to produce the goals through substantial initiatives necessary hardware for the green and investments that align with hydrogen industry, starting with wind Oman’s national objective of net turbines. Oman’s flagship drydock zero emissions by 2050 and the UN’s is also located in Duqm Freezone, Sustainable Development Goals. where large swathes of land have The group has so far taken the lead already been allocated for mega in international green incentives, hydrogen production projects. accessing green financing by Both Duqm and Salalah freezones securing $35 million in funding are taking major strides to enable through sustainability-linked loans. Oman to realize its goal of producing In its pursuit of sustainability on one million tons of ammonia by 2030. a global scale, Oman’s logistics Salalah Freezone is already home powerhouse identified the nascent F Othoughts R B E S M Iexpressed D D L E E A S T.C O Madvertorial are those of the client. The in this

to major green hydrogen and ammonia international joint ventures, including SalalaH2 that is targeting total production capacities of 430,000 tons per annum. With manufacturing and production plans in progress, transporting hydrogen is also in Asyad’s crosshairs. The has group partnered with the industry’s biggest global names to conduct a joint feasibility study in preparation for future plans to transform Duqm and Salalah ports into vital green fuel bunkering centers and powerful hubs that transport green hydrogen across oceans. Asyad Group has also joined the UN Global Compact while unrelenting efforts to promote global citizenship have earned the group - represented by its CFO Muhsin Al Rustom - a place in exclusive international forums such as the CFO coalition for the SDGs, as well as global recognition on Forbes Middle East’s Sustainability Leaders list. With ambitious plans, immense resources, and strong values, Asyad is on an unstoppable quest to shape a green future through clean energy, clean trade, and clean logistics.

www.asyad.om DECEMBER 2023 / JANUARY 2024

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

DECEMBER 2023 / JANUARY 2024

• COVER STORY •

AHMED AL SHAMSI

TURNING THE TIDE

Ahmed Al Shamsi, Managing Director and CEO of SWS Holding, is making moves to tackle the challenges of water scarcity while growing business. With the company having recently been acquired for $463.2 million, the CEO has his eyes on further investment.

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

DECEMBER 2023 / JANUARY 2024

Ahmed Al Shamsi, Managing Director and CEO of SWS Holding

PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST

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

DECEMBER 2023 / JANUARY 2024

AHMED AL SHAMSI

Although water covers roughly 70% of our planet, a growing global population and changes in weather are stressing our water systems and endangering our ecosystems. According to the World Wide Fund for Nature, the magnitude of the worldwide water crisis looms large and could cost an estimated $58 trillion annually in economic value, food security, and sustainability. In response, industry leaders are recognizing the problem and looking for solutions. “Water, now more precious than oil, is a global concern due to issues of scarcity,” emphasizes Ahmed Al Shamsi, Managing Director and CEO of the AbuDhabi-based Sustainable Water Solutions Holding Company (SWS Holding). With the global water and wastewater treatment market size poised to reach $572.2 billion by 2032, according to forecasts by Precedence Research, water companies play a critical role in pioneering sustainable solutions to invest in circularity. UNICEF data reveals that 11 out of the world’s 17 most water-stressed countries are located in MENA. By 2030, there could be less than 500 cubic meters of water per person in MENA per year, a critical scarcity level that worsens with population growth, according to the World Bank. Despite having joined the water industry only two years ago, Al Shamsi is acutely aware of the urgency and vast scale of the challenge. “The absence of clean, fresh water, coupled with inadequate provisions for safe water disposal and treatment, exposes individuals to numerous diseases,” he says. “It’s challenging to comprehend the plight of those forced to work with unhygienic water. This disparity in access to water underscores the significance of our mission.” SWS Holding’s investment portfolio encompasses everything from ground-up projects to rehabilitation and operation, as well as the acquisition of existing assets. Established in 2005, the conglomerate has been a subsidiary of the Abu Dhabi Developmental Holding Company (ADQ) since 2019. It provides irrigation systems to Saadiyat Beach Golf Club, Al Nahdha Farm, F O R B E S M I D D L E E A S T.C O M

Al Wathba Palace, Municipalities, and Qasr Al Emarat and provides recycled water to over 5,000 farms in Abu Dhabi. In 2022, SWS saved around $700,000 by eliminating 71 pumping stations and adopting costeffective sustainability measures. In May 2023, SWS Holding repositioned its brand, intensifying its international presence and expanding its services to offer comprehensive, sustainable water solutions, as well as announcing a partnership with the Khalifa Economic Zones Abu Dhabi (KEZAD Group), a subsidiary of AD Ports Group, to develop and operate a polished water processing plant in KEZAD Musaffah. A month later, in June, the Abu Dhabi National Energy Company (TAQA) signed an agreement to acquire SWS Holding for $463.2 million, uniting water desalination services and recycled water networks. “The strategic acquisition of SWS Holding is an important step in TAQA’s accelerated delivery of its growth agenda,” said Jasim Husain Thabet, TAQA’s Group CEO and Managing Director, in a statement at the time. “By bringing the management of recycled water together with TAQA’s water desalination activity and our recycled water network, we can do even more to support the net zero target by 2050.”

“With a firm foundation in place, I believe we are prepared to tackle the challenges of water scarcity with greater laser precision.” SWS Holding’s local project portfolio includes Abu Dhabi Sustainable Water Solutions Company (SWS), which is exclusively responsible for wastewater collection, treatment, and reuse. Operating through an over 12,000 km network, supported by 295 pumping stations and 42 treatment plants, ADSWS collects over 1.3 million m3 of wastewater daily. This comprehensive system helps relieve pressure on natural water resources, advancing sustainability and generating added value. Water treatment conglomerate Veolia is another prominent player with expertise in water desalination. In June 2023, the French group signed a contract to design and deliver one of the world’s largest energyefficient desalination plants in Abu Dhabi. “Treated wastewater in the Arab region, which has reached around 10 billion m3/year, constitutes a significant renewable water source,” explained Mahmoud Abu-Zeid, President of the Arab Water Council, in

DECEMBER 2023 / JANUARY 2024

IMAGE FROM SOURCE

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

work together to address scarcity and effectively manage the water-energy nexus,” emphasizes Lisa Wee, Global Head of Sustainability at AVEVA. “Beyond dialogue, enhanced integration of water data has a key role to play in helping the sector achieve production efficiency gains and optimize investment decisions to promote regional water security and slow global warming.” For Al Shamsi, driving the U.A.E.’s green agenda forward has consistently remained his top professional priority. The chemical engineering graduate began his career in 1999 with Atheer, ADNOC, as a process engineer before taking a role at the General Holding Corporation (SENAAT) between 2001 and 2007, serving as a project manager and senior lead auditor.

SWS announced a partnership with the (KEZAD Group), a subsidiary of AD Ports Group, to develop and operate a polished water processing plant in KEZAD Musaffah.

In 2008, Al Shamsi joined Borouge, where he spent 12 years, last acting as the senior vice president for the Middle East and Africa. In December 2019, he was appointed acting CEO at ADNOC Distribution for over a year, where he oversaw its transformation and revenue growth, upgraded its operations, and developed new platforms for value creation following its IPO in 2017. Transitioning from his background in the oil and gas sector, Al Shamsi embarked on a new professional journey, stepping into the water industry with SWS. “When I joined the company in 2021, I was filled with anticipation as we embarked on a phase

DECEMBER 2023 / JANUARY 2024

69 AHMED AL SHAMSI

a statement at the time. “Technical and technological efforts must be exerted to properly manage its use, whether in agriculture or in the artificial recharging of groundwater aquifers.” In 2022, SWS signed an MoU with Uzsuvtaminot JSC to develop the largest wastewater treatment plant in Taskent, Uzbekistan, able to serve an estimated 2.3 million people. The expected financial close for this project is set before the first half of 2024. Another agreement with the Kazakhstan Investment Development Fund focuses on the rehabilitation of existing wastewater treatment plants and the construction of new ones. “We are in continuous exploration mode and in a learning phase,” says Al Shamsi. “How can we upgrade our systems? How can we make life easy for our end users? How can we offer efficient and affordable services? These are problems we are tackling to support our vision of becoming a global pioneer in sustainable water solutions.” It’s essential to recognize that increasing the affordability and accessibility of water can create a chain reaction. Recent data from UNICEF underscores that one in three children, totaling 739 million globally, reside in areas exposed to high or very high water scarcity, with the looming specter of climate change exacerbating this crisis. Projections indicate that by 2050, an additional 35 million children will confront elevated levels of water stress, with MENA and South Asia experiencing the most significant upheavals. Importantly, the repercussions extend beyond the realm of childhood. The far-reaching consequences of global water scarcity, including loss of life, food insecurity, geopolitical instability, and the potential for armed conflict, require international cooperation. “As growing populations, rapid urbanization, and the effects of climate change continue to place stress on the supply of clean water, it’s critical that the international community

AHMED AL SHAMSI

of growth and expansion,” he recalls. “Seeing the depth of impact we could make in water sustainability and circularity regionally and globally was truly inspiring.” After conducting a thorough initial assessment of the company’s position in the water industry with a focus on serving the U.A.E.’s green agenda, the next step was to rethink processes. Al Shamsi regularly engages with external parties such as government authorities, regulators, and key industry stakeholders to foster collaboration and ensure values are aligned. “Building and nurturing these relationships is essential to the water industry’s success,” he states. “It also helps us stay up-to-date with industry trends and position ourselves strategically in the market.” Still, fostering curiosity within the teams to explore valuable digital solutions and encouraging better adoption has been a significant aspect of Al Shamsi’s strategy. “Shifting mindsets within the organization to embrace digitalization is an ongoing process, requiring effective change management,” he says. “Before reaching out to the community, we had to first encourage our team to be forward-thinking and search for value-driven

Stay connected with our latest business news.

digital solutions that will contribute to efficiency in operations.”Education training for employees is one-way SWS ensures that they are coping with new processes, an ongoing strategy that is specially made available to those over the age of 60. Stefan Umiastowski, Senior Vice President and Market Head for India, Middle East, and Africa at Ecolab, backs the knowledge delivery element to foster water stewardship and deliver science-based solutions. “Any decision maker in any industry will make the right business decision if they understand the reality and urgency of the water issue, and they know solutions exist,” he adds. “The more knowledge gained on solutions and actions available to address this critical topic, the more successful we will all be.” Although his two years at SWS witnessed substantial progress, Al Shamsi recognizes that the journey of impact is ongoing, and he is determined to explore opportunities for growth within the U.A.E., GCC, and overseas. “Increasing water accessibility is a crucial success factor, both tangible and in terms of commercial value,” insists the CEO. “With a firm foundation in place, I believe we are prepared to tackle the challenges of water scarcity with greater laser precision.”

Top 10 Environmental Service Companies In The Middle East 2023 Here are the firms leading environmental services in the region, according to our Middle East Sustainability Leaders ranking, released in October 2023. Rank

Company

Abu Dhabi Future Energy Company – Masdar

U.A.E.

BEEAH Group

U.A.E.

Oman Environmental Services Holding Company (be’ah)

Oman

Tadweeer

Saudi Arabia

AMEA Power

U.A.E.

Saudi Investment Recycling Company (SIRC)

Sustainable Water Solutions Holding Company (SWS Holding)

U.A.E.

Infinity

Egypt

Egyptian Company for Solid Waste Recycling (ECARU)

Egypt

KarmSolar

Egypt

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

Saudi Arabia

DECEMBER 2023 / JANUARY 2024

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

Timur Ilgaz, Cluster General Manager of Arjaan Dubai Media City, Centro Barsha Dubai, and DAMAC Hills 2 Hotel - Edge by Rotana, shares insight into the hospitality industry and the sustainability and passion driving his company’s success.

ustainability is front and center of corporate agendas across industries today, and hospitality is no exception. For Timur Ilgaz, Cluster General Manager of Arjaan Dubai Media City, Centro Barsha Dubai, and DAMAC Hills 2 Hotel - Edge by Rotana, ensuring his hotels do their part to protect the planet is a top priority. From energy efficiency to water conservation to reducing food waste, the GM and his team are on a mission to build sustainability into the everyday operations of their hotels, making lasting and meaningful results. As just one example, the company’s Chef Eye initiative for food waste is a tech-fueled solution that evaluates daily consumption patterns and recommends precise quantities for the following day. Each of Ilgaz’s hotels also partners with charitable organizations to run initiatives such as visits to laborers’ camps during Ramadan, and festive dinners for children with special needs. Sustainability is not just part of the job for Ilgaz, it is a part of his life. “My dedication to community and sustainability extends beyond the hospitality sector,” he says. “In my role as Vice President of the Turkish Business Council - Dubai and Northern Emirates, I actively seek out opportunities to advance sustainability and community initiatives, to make positive impact both the local and industry levels.”

Timur Ilgaz, Cluster General Manager of Arjaan Dubai Media City, Centro Barsha Dubai, and DAMAC Hills 2 Hotel - Edge by Rotana

Alongside his role as a sustainability champion, Ilgaz is tasked with the daily responsibilities that come with managing three hotels. Dealing with different owners, management styles, and guest needs, requires daily hat-switching— something he tackles through careful planning, building a strong team, and adapting to changing requirements. For Ilgaz, the job is as enjoyable as it is demanding. “By embracing the variety, I find joy in making sure each place keeps its special touch,” says the general manager. “Dubai is a dynamic environment where challenges turn into opportunities, and the satisfaction comes from seeing each hotel thrive in its way.” Beyond the walls of Ilgaz’s three hotels, the industry at large is thriving too. As the impact of Covid-19 continues to subside, the U.A.E.

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

continues to be a popular destination for tourists, exhibitors, and investors alike, with Dubai in particular known for its luxurious hospitality offering. “After the pandemic, Dubai quickly recovered, and is now recognized as a safe and secure place for tourists and businesses,” confirms the cluster general manager. With Dubai’s hospitality industry thriving and open for business, Ilgaz is well placed to continue driving business at his hotels and building on a long and successful career. For others looking to enter the industry, the seasoned hospitality professional points to the need for a genuine passion for service. “Before diving in, cultivate a deep love for the industry and willingness to accommodate diverse needs,” stresses the general manager. As Ilgaz sees it, education and experience are indeed crucial, but it is passion that propels individuals to create memorable guest experiences. Of course, thriving in hospitality requires resilience, positivity, and commitment, but for the general manager, success is built on the authentic desire to make others feel welcomed and valued, turning a job into a lifelong vacation.

www.rotana.com

DECEMBER 2023 / JANUARY 2024

71 ANTHONY NAKACHE

Sustainability And The Secrets Of Great Hospitality

PRO M OTI O N

The Future Of Clinical Research In The Middle East And Africa Mohamed Mostafa, CEO of PDC, explains how his organization is pioneering clinical research in the untapped MEA region and addressing unmet medical needs.

n clinical research, the main goal is to design a study that would be able to lead to a valid and meaningful scientific conclusion of the safety and effectiveness of the most promising innovations in patient care. In an ever-changing world shaped by technological advancements, we make it our mission to enable patients to access innovative therapies and provide healthcare options through clinical research. With parts of the Middle East and Africa (MEA) home to excellent hospitals, experienced physicians, and state-of-art infrastructure, the region offers the perfect ground for conducting the research and development programs of sponsors, and for filling the gap when it comes to unmet healthcare needs. As a full-service clinical research organization (CRO) covering MEA, the top priority at PDC-CRO is promoting the region and enabling biotechnology companies, ‘big pharma’, and venture capital funds to invest in clinical studies and to deliver life changing therapies that improve health.

Mohamed Mostafa, CEO of PDC

The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M

The History, Footprint, and Offering The company started its journey back in 2012. Then, in 2020, I took over as CEO and expanded focus beyond GCC borders to include the untapped potential of the wider Middle East

DECEMBER 2023 / JANUARY 2024

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

We make it our “mission to enable

patients to access innovative therapies and provide healthcare options through clinical research

“

and Africa region. I also put a robust quality management system in place and brought on board an army of experienced resources. Today, PDC-CRO covers 30+ countries across MEA, with the company headquarters well established and rooted in Dubai. Currently, our largest operations are located in the United Arab Emirates, Saudi Arabia, Egypt, and Lebanon, along with Jordan and North Africa. We also have a well-established footprint in Sub-Saharan Africa across many nations such as Ghana, Mali, Sierra Leone, Tanzania, Ethiopia, Nigeria, Kenya, and South Africa. With a truly bespoke approach, PDC has a track record of breaking new ground when it comes to service provision. Our comprehensive offering relates not just to clinical operations, but also to project management, regulatory services, data management, medical writing, and study-related biometrics. We were also the first company ever to introduce site management services into the region. A major catalyst for growth in the Middle East and Africa region in the field of research and development was the recent Covid-19 pandemic, which opened the eyes of governments and populations to the importance of research. PDCCRO’s clinical studies in the area of vaccines, which involved more than 120,000 patients, have given the confidence to pharmaceutical and biotechnology companies to conduct more research development programs and partner with PDC in the region. Today, our partnerships include master service agreements and statements of collaboration with more than 20 top global pharmaceutical players.

A Solid Strategy: Direct to Market Despite being well-equipped for research with the existence of robust infrastructure, countries in the Middle East and Africa still face hardships in attracting pharmaceutical and biotechnology companies. To bridge the gap, PDC-CRO has been active in promoting the region and generating investment at global events and conferences. Our strategy focuses on relaying the message about the advantages of the Middle East and Africa and the value added when conducting research development programs in the region, rather than marketing the services we offer. To overcome the varying levels of GDP and the different languages spoken across MEA, PDC-CRO subdivides the region between territories and clusters. Leading the way are the U.A.E. and K.S.A. which offer incredible infrastructure and medical resources, as well as leading experts and governmental institutions that are driving forward innovative therapies. A Niche CRO: Advantages Throughout the years, PDC-CRO has become renowned as the niche CRO of the region. This

The thoughts expressed in this advertorial are those of the client.

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

comes with many advantages, including the ability to leverage prior experience, our personnel training, and our background. Therapeutic experience is also one of the key factors that makes our model the preferred choice among some sponsors, along with the ease with which we integrate into the sponsor’s strategic perspective and program goals. AI: The Technological Approach to Operations New technologies are the future. Already, PDC-CRO has shifted all paper records to electronic data and has initiated a breakthrough in integrating systems with hospitals. This enhances quality and credibility in conducting trials and partnering with technology solution providers, as AI and data mining solutions allow oversight and an accurate understanding of the patient population within each hospital. This approach offers an enhanced overview to regulators and pharmaceutical companies, informs health economic outcomes and health technology assessments, improves the administration of medicine, and enables insurers to better understand claims and reimbursements. Looking ahead, PDC sees decentralized clinical trials as the future and we are laying the groundwork for the company to become a major player in the region, focusing on Real World Evidence (RWD) and implementing AI.

www.pdc-cro.com DECEMBER 2023 / JANUARY 2024

THE MIDDLE EAST’S

TOP CEOS 2023

TOP CEOS 2023 Localization and Growth Boost CEO Success In MENA

any Middle East-based CEOs have more power and responsibilities than CEOs in other regions as they head companies that are monopolies or duopolies in the Arab world and market leaders globally. This phenomenon is partly due to GCC countries investing their sovereign wealth into large domestic businesses. The region’s biggest banks, telecoms, industrial, oil and gas, mining, and even hospitality companies are owned by the government. This makes the role of the CEO even more challenging. As well as managing a profitable business, the CEO also needs to focus on the vision of the government. Many of these leaders also head government bodies, and some are also ministers or cabinet ministers. In 2023, the region’s top CEOs have focused on sustainability, consolidation, and growth. Saudi Arabia, in particular, invested across sectors. Accelerated corporatization boosted economies, and the consolidation of government companies saw larger corporations emerge. A number of large IPOs in the region also unlocked value for companies. Global events also contributed to burgeoning corporate profits, including the FIFA World Cup Qatar 2022 and COP28 in Dubai. Our third annual list of the top 100 CEOs in the Middle East features leaders representing 22 nationalities. Emiratis dominate with 23 entries, followed by Egyptians with 19 and Saudis with 18. This is a positive sign for localization, with most large companies now headed by local executives. The banking sector has the most entries, with 17, followed by real estate and construction with 14 and telecommunications with nine. Among the CEOs on this year’s list are the head of the world’s largest oil company, the head of the world’s largest LNG producer, the head of the world’s busiest international airport, and the head of the world’s largest international airline. Combined, the 100 CEOs managed revenues of over $1 trillion in 2022. The companies are collectively worth more than $5 trillion.

Methodology To create this ranking, we sent out questionnaires and collected information from stock market disclosures, industry reports, annual reports, financial statements, and other primary sources. Only CEOs of companies headquartered in MENA were considered. We ranked the CEOs based on: • The impact that they have had on the region, their country, and the markets that they serve. • The CEO’s overall experience and time in their current role. • The size of the company in terms of revenues, assets, and market cap. • The achievements and performance of the CEO in the last year. • The innovations and initiatives that the CEO has implemented. CHECK OUT THE FULL LIST OF 100 CEOS ON OUR WEBSITE.

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

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

DECEMBER 2023 / JANUARY 2024

CHECK OUT THE FULL LIST ON OUR WEBSITE.

THE MIDDLE EAST’S

TOP CEOS 2023

We’ve scanned the markets to find the most influential leaders of the region’s most successful homegrown companies. Check out our website for the full ranking of the top 100 industry heads.

Isam Jasem Al-Sager

James Michael Lafferty

Chairman & Group CEO, National Bank of Kuwait (NBK Group)

CEO, Fine Hygienic Holding (FHH)

Ahmed Al Shamsi Managing Director & CEO, SWS Holding

Suresh Vaidhyanathan CEO, Abu Dhabi Food Hub- KEZAD & CEO - Special Projects, Ghassan Aboud Group

Carlos Wakim

PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST

CEO, Bloom Holding

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

DECEMBER 2023 / JANUARY 2024

TOP CEOS

THE TOP 20 1

Amin H. Nasser

• President & CEO

Company: Saudi Aramco Country: Saudi Arabia Nationality: Saudi Sector: Energy Saudi Aramco is the world’s largest crude oil producer, with a market cap of $2.2 trillion as of November 21, 2023. Nasser is leading efforts to produce cleaner energy through investments in next-generation fuel-engine interfaces, crude oil-to-chemicals processes, clean energy startups, and the Oil and Gas Climate Initiative. Nasser is also a member of the International Advisory Board of the King Fahd University of Petroleum and Minerals, the board of trustees of the King Abdullah University of Science & Technology, and the World Economic Forum’s International Business Council, among others. In July 2023, one of the world’s top asset managers, BlackRock, elected Nasser to join its board as an independent director.

Sultan Al Jaber

• Group CEO & Managing Director

Company: ADNOC Group Country: U.A.E. Nationality: Emirati Sector: Energy Al Jaber has been leading ADNOC since 2016. The group is investing in technology that turns CO2 into rocks. The group jointly owns Masdar with TAQA Group and Mubadala and operates a hydrogen business that produces over 300,000 tonnes of hydrogen per year. Al Jaber is also the U.A.E. Minister of Industry and Advanced Technology, the president-designate of the COP28 in Dubai, and the chairman of Masdar. In 2023, ADNOC listed two subsidiaries, ADNOC Gas and ADNOC Logistics & Services, on the Abu Dhabi Securities Exchange, bringing the group’s IPOs to six since 2017, which have raised $8 billion collectively.

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

IMAGES FROM SOURCE

TOP CEOS 2023 • THE TOP 20

Amin H. Nasser

Sultan Al Jaber

DECEMBER 2023 / JANUARY 2024

Saad Sherida Al-Kaabi

• Chairman & Chief Executive Company: Emirates Airline & Group Country: U.A.E. Nationality: Emirati Sector: Aviation The Emirates Group recorded revenues of $32.6 billion and assets worth $46.9 billion as of the end of the 2022/23 financial year. The group’s businesses include Emirates Airline, which operates across 150 destinations and six continents, and dnata, which operates across 173 cities and airports. The group employed 108,996 people as of September 2023. Al Maktoum is also the president of Dubai Civil Aviation Authority and the chairman of Dubai Airports and Dubai Holding.

Nawaf S. Al-Sabah 6

• Deputy Chairman & CEO Company: Kuwait Petroleum Corporation (KPC) Country: Kuwait Nationality: Kuwaiti Sector: Energy

Saad Sherida Al-Kaabi 4

Al-Sabah joined KPC in 1999 and assumed his current role in March 2022. KPC’s subsidiaries include the Kuwait Oil Company, KNPC, and the Petrochemical Industries Company. Al-Sabah was previously the president and CEO of KPC Holdings (Aruba) AEC, CEO of the Kuwait Foreign Petroleum Exploration Company, and head of KPC’s Washington Office.

• Deputy Chairman & President & CEO

Company: QatarEnergy Country: Qatar Nationality: Qatari Sector: Energy Al-Kaabi became President and CEO of QatarEnergy in 2014, 28 years after joining the company while he was still a university student. In October 2023, QatarEnergy signed a long-term LNG sale and purchase agreement with Eni to supply up to one million tonnes of LNG annually from Qatar to Italy. In 2018, Al-Kaabi was appointed as Qatar’s Minister of State for Energy Affairs. QatarEnergy’s revenues for 2022 stood at $52 billion, and its profit for the year was $42.5 billion.

Sultan Ahmed Bin Sulayem 7

• Group Chairman & CEO Company: DP World Country: U.A.E. Nationality: Emirati Sector: Logistics

Isam Jasem Al-Sager 5

• Vice Chairman & Group CEO Company: National Bank of Kuwait (NBK Group) IMAGES FROM SOURCE

Country: Kuwait Nationality: Kuwaiti Sector: Banking Al-Sager joined NBK in 1978 and

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

assumed his current role as the Group CEO in 2014. As of Q3 2023, the bank had $119.2 billion in assets. In October 2022, NBK launched its global women leadership initiative, NBK RISE. In October 2023, it launched the “Bankee” financial literacy program for schools in cooperation with MoE and Nazaha. Al-Sager is also the chairman of the board of several NBK subsidiaries, including NBK (International), and a board member of Watani Wealth Management.

Isam Jasem Al-Sager

Bin Sulayem joined DP World in 1982. In October 2023, it signed a 30-year concession agreement with the Tanzania Ports Authority to operate and modernize Dar es Salaam Port, with an initial investment of more than $250 million that could increase to $1 billion during the concession period. DP World recorded revenues of $9 billion in the first half of 2023, an increase of 14% compared to H1 2022. Bin Sulayem is also the chairman of the Ports, Customs, and Free Zone Corporation.

DECEMBER 2023 / JANUARY 2024

77 TOP CEOS 2023 • THE TOP 20

Ahmed bin Saeed Al Maktoum 3

Olayan Alwetaid 8

Olayan Alwetaid

• Group CEO

Company: stc Group

Company: e&

Country: Saudi Arabia

Country: U.A.E.

Nationality: Saudi

Nationality: Egyptian

Sector: Telecommunications

Alwetaid became Group CEO at stc in 2021. In October 2023, stc Group signed an MoU with Korean digital transformation company KT and Hyundai E&C to help enhance Saudi Arabia’s digital infrastructure over the next 50 years. In the same month, the group’s subsidiary, Saudi Cloud Computing Company, formed a partnership with SAP to host SAP’s data centers locally to augment country-wide data security. In H1 2023, stc recorded a net profit of $1.6 billion, a 2.4% increase compared to the same period of 2022. Alwetaid was previously the CEO of stc Bahrain.

Dowidar has been leading e&, formerly known as the Etisalat Group, since 2020. The company transformed and rebranded from a telecommunication provider into a technology and investment conglomerate in February 2022. Today, e& operates in 16 countries across the Middle East, Asia, and Africa, with 167 million subscribers. In August 2023, it extended its operations into Central and Eastern Europe by acquiring a controlling stake in PPF Telecom in Bulgaria, Hungary, Serbia, and Slovakia. The group recorded revenues of $10.9 billion in the first nine months of 2023. Dowidar joined the group in 2015 as group COO, having previously worked with Vodafone Group.

Syed Basar Shueb 9

Abdulla Mubarak AlKhalifa 11

• CEO & Managing Director

Company: International

• Group CEO

Holding Company (IHC)

Company: QNB Group

Country: U.A.E.

Country: Qatar

Nationality: Emirati

Nationality: Qatari

Sector: Investments Shueb has been at the helm of IHC since 2019. In February 2023, IHC announced the acquisition of a 55% majority stake in Reach Employment Services in a $85.8 million transaction. It also increased its stake in India’s Adani Enterprises to more than 5% ($1.7 billion) in October 2023. In the first nine months of 2023, IHC reported revenues of $11.7 billion and assets worth $65.9 billion. Shueb also holds leadership positions at Reem Finance, Chimera Investment, and K-TIG, among others, and is also vice chairman of Alpha Dhabi Holding.

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

Sector: Banking

Hatem Dowidar

Al-Khalifa joined the group in 1996 and assumed his current role in November 2018. In the first nine months of 2023, QNB Group’s net profit increased by 8% to $3.3 billion, and its total assets increased by 4% to $326 billion. In September 2023, the group announced a banking partnership with Expo 2023 Doha, contributing to its green financing strategies. QNB Financial Services (QNBFS), a subsidiary of the QNB Group, received official recognition from the Qatar Stock Exchange in June 2023 for implementing and launching the exchange’s new trading system.

DECEMBER 2023 / JANUARY 2024

IMAGES FROM SOURCE

TOP CEOS 2023 • THE TOP 20

Hatem Dowidar 10

Nadhmi Al-Nasr

information technology officer in 2014, and deputy CEO in 2019.

Company: NEOM

Country: Saudi Arabia

• Chairman & Managing

• CEO

Nationality: Saudi

Osama Rabie

Director

Company: Suez Canal Authority (SCA)

Al-Nasr has been at the helm of NEOM since July 2018. In October 2023, the NEOM Investment Fund invested $100 million into Pony.ai, an autonomous driving company, and established a joint venture for autonomous technology solutions to develop, manufacture, and deliver autonomous driving services, advanced vehicles, and smart vehicle infrastructure in NEOM and key markets in MENA. Al-Nasr began his career at Saudi Aramco in 1978. In 2009, he was appointed by Royal Decree to serve on the advisory board of the Supreme Economic Council, and in 2017, he was appointed interim president of the King Abdullah Petroleum Studies and Research Center.

Country: Egypt Nationality: Egyptian Sector: Logistics Rabie assumed his current role at the SCA through a presidential decree in 2019. The number of ships passing through the Suez Canal increased by 17.6% to reach about 26,000 ships in the 2022/23 fiscal year. The SCA recorded revenues of $9.4 billion in 2022/23, an increase of 34.7% from the year before. In October 2023, it signed a $1.5 billion memorandum of cooperation with Qatari dairy producer Baladna to initiate projects that guarantee food security for Egypt. This includes establishing a cattle farm with 20,000 dairy cows to produce 300 million liters of milk annually and cultivate an extensive 113,000-hectare expansion.

Abdulrahman Al-Fageeh

13 Abdulrahman

Al-Fageeh • CEO

Paul Griffiths

Company: SABIC

Country: Saudi Arabia

• CEO

Nationality: Saudi

Company: Dubai Airports

Sector: Industrials

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

Country: U.A.E. Nationality: British Sector: Aviation Paul Griffiths

Waleed Abdullah Al-Mogbel

• Managing Director & CEO

Company: Alrajhi Bank Country: Saudi Arabia Nationality: Saudi Sector: Banking Al-Mogbel was appointed CEO of Alrajhi Bank in 2020 and became Managing Director and a board member in 2022. The bank serves more than 14.5 million customers with a network of 513 branches around Saudi Arabia. It ended Q3 2023 with total assets of $213.7 billion and net income of $3.3 billion. Al-Mogbel previously held several roles at the bank, including CFO, chief operations and

Griffiths is responsible for the operation and development of Dubai International Airport and Dubai World Central. He joined Dubai Airports as its first CEO in October 2007. DXB traffic surpassed 2019 levels during the first half of 2023, with 41.6 million passengers, cargo volumes of 853,500 tonnes, and 201,800 flights. The airport is expected to welcome to 85 million travelers by the end of 2023. Before moving to Dubai, Griffiths was managing director of London’s Gatwick Airport. DECEMBER 2023 / JANUARY 2024

IMAGES FROM SOURCE

Al-Fageeh was appointed CEO of SABIC in March 2023. In September 2023, SABIC and SINOPEC announced the commercial operation of a new polycarbonate plant at their joint venture SINOPEC SABIC Tianjin Petrochemical Co., which will primarily cover the Greater China region. Al-Fageeh is also the chairman of the SABIC Agri-Nutrients Company and the Nusaned Investment Company and a member of the board of directors of the Boao Forum for Asia. SABIC recorded revenues of $28.4 billion in the first nine months of 2023, a decrease of 26% compared to the same period in 2022.

79 TOP CEOS 2023 • THE TOP 20

Sector: Real Estate & Construction

Hana Al Rostamani

Saeed Mohammed Al Tayer

• Group CEO

• Managing Director &

Company: First Abu Dhabi Bank (FAB)

CEO

Country: U.A.E.

TOP CEOS 2023 • THE TOP 20

Sector: Banking Al Rostamani was named Group CEO of FAB in 2021, becoming the first female CEO of a U.A.E.based bank. The bank’s total assets stood at approximately $323 billion in Q3 2023. In October 2023, FAB signed a digital currency cooperative agreement with the Bank of China at the Belt & Road Forum for International Cooperation to better serve the U.A.E.-China digital currency corridor. It also completed pilot testing with J.P. Morgan’s Coin Systems for blockchain-based cross-border payments. Al Rostamani also sits on the boards of the AW Rostamani Group.

Country: U.A.E. Nationality: Emirati Sector: Utilities

Saeed Mohammed Al Tayer

Yasser Zaghloul 18

• Group CEO

Company: NMDC Group Country: U.A.E.

20 Ahmed

Nationality: Egyptian /Maltese

Galal Ismail • CEO

Sector: Real Estate & Construction Zaghloul became the Group CEO of NMDC in 2009. He introduced the “Let’s Grow Together” initiative in March 2023, in collaboration with the Abu Dhabi Chamber of Commerce and Industry, to promote business opportunities with Abu Dhabi-based suppliers and assign them to mega projects across the country. In October 2023, the NMDC group announced the official launch of its new brand identity, which will applied to all the group’s subsidiaries. Zaghloul is also a member of the General Board of Control of Water U.A.E, the World Organization of Marine Construction and Dredging – Brussels/Belgium, and the General Supervisor and Sponsor for the World Conference of CEDA – Brussels/Abu Dhabi.

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

Al Tayer has been at the helm of DEWA since its inception in 1992. DEWA intends to increase its water desalination capacity to 730 million imperial gallons per day by 2030, up from 490 million in 2023. DEWA has invested up to $4.3 billion in the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tonnes annually. Al Tayer is also vice chairman of the Dubai Supreme Council of Energy and Emirates Global Aluminium and is the chairman of Dubal Holding and the ENOC group.

Company: Majid Al Futtaim – Holding Country: U.A.E. Nationality: Egyptian Sector: Diversified

Yasser Zaghloul

Ismail was appointed CEO of Majid Al Futtaim Holding in January 2023 after serving as the CEO of Majid Al Futtaim Properties since 2018. For the first half of 2023, the group reported revenues of $5.1 billion, a 4.8% increase compared to the same period in 2022. The group also achieved a reduction of 82% in single-use plastic consumption in the same period. Ismail previously served as CEO of Majid Al Futtaim Ventures and worked with Booz Allen Hamilton in Dubai and Procter & Gamble in Egypt and Germany.

DECEMBER 2023 / JANUARY 2024

IMAGES FROM SOURCE

Company: Dubai Electricity and Water Authority (DEWA)

Nationality: Emirati

Join the #1 financial centre for a sustainable future When you join the number one financial centre in the Middle East, Africa and South Asia, you will work with us to drive a more sustainable future. Our industry leading approach includes powering the Dubai Sustainable Finance Working Group, which is the first initiative of its kind in the UAE. We also have an active year-long Path to COP28 campaign with the Global Ethical Finance Initiative which has led the industry towards supporting a sustainable future. We are proud that more than 80 per cent of our clients already include environmental, social and governance principles in their decision making. Sustainability is incorporated into everything we do, and we are committed to being a catalyst for good.

Join the number one: difc.ae/make-enquiry

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

DECEMBER 2023 / JANUARY 2024

TOP CEOS 2023

THE MIDDLE EAST’S

TOP CEOS 2023 Check out our website for the full ranking of the top 100 industry heads.

22 Abdulnasser Bin Kalban

• CEO

Company: Emirates Global Aluminium (EGA) Country: U.A.E. Nationality: Emirati Sector: Industrials Bin Kalban was appointed CEO of EGA in 2020. In June 2023, the company signed agreements at the “Make it in the Emirates Forum” to potentially attract over $272.5 million in industrial investments, including one with Sunstone to develop a new carbon anode manufacturing facility in the U.A.E. Kalban joined the Dubai Aluminium (DUBAL) in 1996. DUBAL merged with Emirates Aluminium (EMAL) to form EGA in 2013.

Abdulnasser Bin Kalban

Sherif Beshara

• Group CEO

Company: Mohamed & Obaid Almulla Group and American Hospital Dubai

Country: U.A.E. Nationality: Egyptian Sector: Diversified

Sherif Beshara

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

Beshara assumed his current role in 2018. The Mohamed & Obaid Almulla Group has businesses in the real estate, hospitality, and healthcare sectors, with the American Hospital Dubai being the company’s flagship healthcare destination. In November 2023, the American Hospital launched its sustainable practices initiative. The initiative comprises scope 1 and 2 in phase one, with scope 1 covering American Hospital’s direct CO2 emissions and scope 2 covering its indirect use of energy.

DECEMBER 2023 / JANUARY 2024

PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST

TOP CEOS 2023

54 Karim Awad

• Group CEO & Chairman of the Executive Committee Company: EFG Holding Country: Egypt Nationality: Egyptian Sector: Banking and Financial Services

83 TOP CEOS 2023

Awad has been in his current role since 2013, having joined EFG Holding in 1998. In the first nine months of 2023, EFG Holding reported revenues of $338 million and a profit of $67.6 million. In November 2023, EFG Hermes’ investment banking division completed advisory for Orascom Development Egypt’s subsidiary Orascom for Real Estate for a syndicated 10-year loan agreement of $193.8 million to finance its leading project in Cairo. Awad is also the chairman of the company’s Executive Committee. Karim Awad

65 Tarek Youssef

Hosni • CEO

Company: Jamjoom Pharma Country: Saudi Arabia Nationality: Canadian Sector: Pharmaceuticals Hosni assumed his current role in 2021. He led the Jamjoom Pharma listing on the Saudi Exchange (Tadawul) in June 2023. The company had a market cap of $2.1 billion as of November 23, 2023. Hosni is expected to inaugurate two new manufacturing facilities in Saudi Arabia and Egypt. He was previously the regional president for Africa and the Middle East at Pfizer and commercial director for Egypt and Sudan at GSK.

67 James Michael

Lafferty • CEO

Company: Fine Hygienic Holding (FHH) Country: U.A.E. Nationality: American Sector: Consumer Goods Lafferty has over 34 years of experience working in leading multinational corporations across the globe, including Procter & Gamble, The Coca-Cola Company, and British

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

Tarek Youssef Hosni

DECEMBER 2023 / JANUARY 2024

TOP CEOS 2023

American Tobacco. He joined FHH in 2018, where he oversees more than 2,500 people. In April 2023, FHH acquired the beauty and cosmetics Egyptian company Easy. In March 2023, FHH launched “eon,” an allnatural supplement brand of herbal blends. In 2022, FHH also launched the second phase of its “Passionately Handmade” initiative in collaboration with Egypt’s Misr El Kheir Foundation and aligned with Egypt’s Vision 2030 for sustainable development.

Said Zater

• Managing Director & Group CEO Company: Contact Financial Holding Country: Egypt Nationality: Egyptian Sector: Financial Services Zater was appointed to his current position at Contact Financial Holding in 2020, where he oversees 2,500 people. The company reported 44% and 62% growth across its financing portfolio and gross written premiums divisions, respectively, in the first nine months of 2023. The group also reported operating income growth of 39% and 54% across its financing and insurance divisions, respectively. The group recently launched its new mobile application, ContactNow. Zater also sits on boards of Sarwa Insurance Company, Sarwa Life Insurance, and Motor Care Egypt.

Said Zater

69 Ahmed Al Shamsi

• Managing Director & CEO

Company: Sustainable Water Solutions Holding Company (SWS Holding) Country: U.A.E. Nationality: Emirati Sector: Utilities Al Shamsi has been in his current role since June 2021. In May 2023, SWS rebranded to become the Sustainable Water Solutions Holding Company (SWS Holding) to enhance its international presence and expand the business’s scope. At the same time, it also took ownership of the Abu Dhabi Sustainable Water Solutions Company, formerly known as the Abu Dhabi Sewerage Services Company. In June 2023, TAQA Group entered into an agreement to acquire SWS Holding. Al Shamsi is also the chairman of UPP.

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

Talal Moafaq Al Gaddah

70 Talal Moafaq Al Gaddah

• Senior Executive Vice Chairman

Company: MAG Group Holding Country: U.A.E. Nationality: Syrian Sector: Diversified Al Gaddah joined MAG as CEO in 2014 and assumed his current role in 2019. He oversees 147 people. Al Gaddah has 12 years of industry experience. In 2022, he developed Keturah, a luxury well-being real estate and hospitality concept, and launched the $816.9 million Keturah Reserve in Meydan in November 2022 with a bio-living concept.

DECEMBER 2023 / JANUARY 2024

TOP CEOS 2023

11TH - 13TH JANUARY | 2024

INSPIRING YOUNG LEADERS Visit our Website and

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

DECEMBER 2023 / JANUARY 2024

77 Carlos Wakim

• CEO

Company: Bloom Holding Country: U.A.E. Nationality: Brazilian /Lebanese Sector: Real Estate & Construction Wakim joined Bloom Holding in 2021 to oversee Bloom Properties, Bloom Hospitality, Bloom Facilities Management, and Bloom Landscape. In 2022, Bloom Holding launched Bloom Living in Abu Dhabi, covering 2.2 million sqm and featuring more than 4,500 homes. It also launched a joint venture with New Era Education and New Giza Real Estate Development to launch an international school in Egypt. Wakim is the chairman of the Executive Committee for Bloom Education and chairman of the board of governors of Brighton College U.A.E. schools.

Suresh Vaidhyanathan

Aloki Batra

87 Suresh

Vaidhyanathan

• CEO, Abu Dhabi Food Hub- KEZAD & CEO - Special Projects, Ghassan Aboud Group Company: Ghassan Aboud Group Country: U.A.E. Nationality: Indian Sector: Diversified Vaidhyanathan leads GAG’s public-private projects with AD Ports Group, namely the Abu Dhabi Food Hub and the Global Auto Hub. He also spearheads the group’s digital platforms in the automotive and FMCG industries. Previously, he served as the group COO and CFO of Yas Holding.

Joe Kawkabani

• CEO

Company: OSN Group Country: U.A.E. Nationality: Lebanese Sector: Entertainment Kawkabani joined OSN Group as CEO in April 2022. He leads almost 1,000 people from the company’s Dubai headquarters. OSN+ saw a 40% year-on-year increase in engagement in 2022 and is one of the top three paid streaming apps in Egypt, Saudi Arabia, and the U.A.E. In November 2023, KIPCO’s subsidiary, OSN, reached a deal to combine its platform, OSN+, with Anghami Inc., backed by an investment of up to $50 million from OSN in Anghami. The deal will bring together over 120 million registered users and 2.5 million paying subscribers. Kawkabani is also the Group CIO at the Kuwait Projects Company (Holding) – KIPCO.

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

94 Aloki Batra

• CEO

Company: FIVE Hospitality Country: U.A.E. Nationality: Indian Sector: Hospitality Since assuming his current role in 2017, Batra has increased the revenue of FIVE Palm Jumeirah by 150%, according to the CEO. He established The Penthouse, Cinque, and Maiden Shanghai at the FIVE Palm Jumeirah, along with Soul Street. He also launched the music festival LUVYA in 2019 and The Mansion at the FIVE Jumeirah Village. Batra joined the company as a Managing Director in 2010.

DECEMBER 2023 / JANUARY 2024

PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST

TOP CEOS 2023

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

Meet One Of MENA’s Fastest Growing Fintechs By achieving a huge $353 million in transactions in just four months, Astra Tech is emerging as one of the largest financial technology players in the region.

o say Astra Tech has been busy over the past few years would be an understatement. In 2022, the consumer technology holding group acquired PayBy, Rizek, and the Voice over Internet Protocol (VoIP) app, Botim, before launching its groundbreaking ‘Ultra app’ under the Botim umbrella. Now, just one year on, the MENA-based fintech giant is making an impact with Botim once more – this time on the U.A.E.’s remittances landscape. Since its launch in January 2023, Botim’s fintech, PayBy, has witnessed an exceptional increase in remittances, with transactions growing 41-fold. With transactions exceeding AED 1.3 billion (more than $353 million) in the space of just four months, the company has emerged as a dominant player in the U.A.E. remittances market and has positioned itself as a financial powerhouse with capabilities to rival those of traditional banks. Entry into the financial services market adds to Botim’s growing portfolio of services. With operations in 155 countries, the company now offers free end-toend encrypted VoIP calling while seamlessly integrating additional services such as international money transfers, bill payments, U.A.E. visa services, and more. Behind Botim’s rapid transformation is an expansion of its user base, which now exceeds 150 million users, demonstrating a significant surge in adoption.

Abdallah Abu Sheikh, Co-founder of Astra Tech and CEO of Botim.

On a quarter-by-quarter basis, the PayBy-powered Ultra app has witnessed a 75% increase in the number of transactions across its fintech offerings since the start of the year. The most substantial remittance corridors are from the U.A.E. market to India, followed by Pakistan, and the Philippines. The platform has also recorded a 98% success rate on all processed transactions to date. These achievements come as a result of Botim’s strategic acquisitions and partnerships, including a recent collaboration with Fawry in Egypt and the acquisition of Y Finance in the Philippines. To facilitate crossborder financial transactions, Botim also strategically joined forces with MoneyGram at the start of the year

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

to establish itself as a pivotal player in the remittance industry. Enhancing its capabilities even further, Astra Tech recently partnered with Mastercard to introduce Botim-branded multicurrency prepaid cards. The initiative is part of Astra Tech’s ongoing mission to enable transactions for billions of users worldwide through a network of strategic partnerships and integrations. Astra Tech’s strategic acquisitions and innovative solutions reaffirm the platform’s commitment to revolutionizing the remittance landscape and pioneering transformative financial services for users worldwide. In the U.A.E., where over five million migrants are sending $42 billion every year back to their home countries, Botim’s success in the remittances space represents a vital step in the development of a digital-first U.A.E. economy, seamlessly combining innovation and inclusivity. Now, as the digital landscape continues to evolve, the company remains dedicated to reshaping fintech accessibility and experiences while championing a more connected and empowered future.

www.astratech.ae DECEMBER 2023 / JANUARY 2024

PRO M OTI O N

Protecting The Planet Starts At Home

Mourad Alem, General Manager, South East Europe, Middle East, and Africa at Whirlpool Corporation, explains how the home appliances giant is making a sustainable impact.

hirlpool Corporation is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. Fulfilling our vision requires us to think of home not just in terms of the four walls around it, but also the planet that sustains us. Our enduring commitment to sustainability has been a cornerstone of our identity for over half a century. In 1969, we took an important step by establishing the first environmental office, a milestone that marked the beginning of our journey towards a more eco-conscious and responsible future. Since that moment, Whirlpool Corporation has been at the forefront of eco-friendly initiatives. Our approach to sustainability guides us through the significant challenges that our planet and our consumers face. We are driven by a long-term vision and are ready to embrace improvements in our operations to make our production more sustainable. We are actively working to reach the net zero emissions target from our manufacturing and supply chain operations by 2030. Here, our efforts are driven by action throughout our business, from the implementation of energyefficient manufacturing processes and the utilization of renewable

Mourad Alem, General Manager, Southeast Europe, Middle East, and Africa at Whirlpool Corporation

energy sources to designing and manufacturing high-performance appliances that have a reduced impact on people and the planet. Water conservation is a significant part of our sustainability efforts. We focus on creating appliances that use less water while maintaining high performance, such as high-efficiency dishwashers and washing machines.

The in this F Othoughts R B E S M I expressed D D L E E A S T.C O Madvertorial are those of the client.

Whirlpool places strong emphasis on recycling and using sustainable materials in its products too. In fact, the company operates two product refurbishment centers in Europe – one in the U.K. and one that recently opened in Italy. These centers are dedicated to reconditioning appliances which are then reintroduced to the market for sale.

DECEMBER 2023 / JANUARY 2024

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

In Middle East and Africa, we have embarked on a mission to raise awareness of our ecofriendly initiatives. Beyond delivering products with minimal environmental impact, our approach extends to economic benefits for consumers. Our Whirlpool brand is designed for our consumers’ wellbeing thanks to the 6TH SENSE technology in our home appliances that ensures a seamless and sustainable experience. Our Fresh Care models of washing machines and washer dryers showcase impressive savings—up to 60% in energy, and 35% in water. Beyond this, 90% of Fresh Care components are potentially recyclable, reinforcing our dedication to resource conservation. Meanwhile, our Supreme Clean dishwashers, equipped with Natural Dry and 6TH SENSE technology, offer remarkable water savings of up to 50% as well as a 15% reduction in energy consumption. Consumers in the Middle East are increasingly interested in such sustainable products due to a heightened awareness of environmental issues supported by government initiatives and incentives for sustainable practices. Looking to the future, we continue to invest in research and development to create new technologies and designs that further our sustainability goals.

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

DECEMBER 2023 / JANUARY 2024

• TOP CEOS IN THE MIDDLE EAST •

FAISAL ALBEDAH

MOVING FORWARD

Faisal Albedah, Managing Director and CEO of SAL Saudi Logistics Services, took the company public in November 2023, leading it through the year’s second-biggest IPO for Saudi Arabia, with a market capital of over $3 billion. Now, he wants to make the kingdom a global logistics hub, connecting East with West.

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

DECEMBER 2023 / JANUARY 2024

Faisal Albedah, Managing Director and CEO of SAL Saudi Logistics Services

IMAGE FROM SOURCE

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

DECEMBER 2023 / JANUARY 2024

FAISAL ALBEDAH

When Saudi Arabia was announced as the host of Expo 2030 in November 2023, Faisal Albedah, Managing Director and CEO of SAL Saudi Logistics Services, was one of many business leaders in the kingdom to celebrate the win. “This is a big milestone for Saudi and the logistics sector,” he stresses. “This global event will undoubtedly generate immense cargo and logistics requirements.” When the U.A.E. hosted Expo 2020 in Dubai from October 2021 to March 2022, it welcomed 24 million visitors. The country saw a 31.8% increase in revenues in 2022 thanks to its non-oil sectors, specifically trade, tourism, and logistics. DP World, which played an integral role in fulfilling the event’s supply chain needs, handled 13.7 million TEU through Jebel Ali in 2021, up 1.9% from the year before. With an ambitious goal to handle 4.5 million tons of air cargo by 2030, Saudi Arabia is now elevating its logistics sector from a supporting role to a driving force of economic development. This has been evident this year, with Saudi Arabia rising 17 places in the World Bank’s annual Logistics Performance Index (LPI) in 2023, ranking 38 out of 139 countries. “Logistics was always a side dish. Now it’s a main dish thanks to Vision 2030,” adds Albedah. To achieve this vision, Saudi Arabia, being the crossroads of three continents, launched the National Industrial Development and Logistics Program in 2019 to become a global logistics hub by increasing high efficiency, quality, and speed. The kingdom also unveiled its master plan for logistics centers in 2023 to grow the kingdom’s logistics market to $15.31 billion, contributing 10% to its GDP by 2030. “The kingdom plans to develop 56 logistics centers as part of its master plan for logistics,” says Ayman Elbanan, Head of Project Logistics at CEVA Logistics in Saudi Arabia and Bahrain. “To make this happen, it needs to rely on its local capabilities. This is where a player such as SAL takes an essential role in driving growth.”

This is not the only good news the CEO has received recently. SAL, which is 49% owned by the Saudi government through the Saudi Arabian Airlines Corporation, has had a very good year. In October 2023, the four-year-old company launched its IPO on Saudi Exchange (Tadawul) and saw its shares jump 30% in its trading debut, raising $678 million and making it Saudi Arabia’s second-biggest IPO of the year, following the $1.2 billion IPO of oil driller, the ADES Holding Company, in September 2023. “From the start, I had a clear mission: to take [the company] global and take it public. The IPO was a success. It was covered 72 times by institutions, 16 times by retail,” explains the CEO. SAL had a market cap of over $3 billion as of November 2023. Headquartered in Jeddah, with 18 branches located in different cities, including its four key locations Riyadh, Jeddah, Dammam, and Medina, SAL—which stands for Sea, Air, and Land—provides airside and landside cargo handling services and other support services for airlines, as well as sea freight operations. Its logistics solutions services include special projects and customs clearance and warehousing, prioritizing four

“Now we are ready. We have the rotation, we have the infrastructure, we have the regulations, and most importantly, we have the mindset and the technology for Saudi Arabia to be the leading connecting logistics hub in the region.”

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

industries: the public sector, automotive and aerospace, events and entertainment, and healthcare, all through its 3 PL (Party Logistics), 4PL, and 5PL operations. “This is the role we’re playing as a national logistics champion, by helping all the small and medium enterprises to get involved in mega cargo handling through our outsourcing operations,” says Albedah. SAL is currently servicing more than 150 countries, including a wide network of global logistics service solutions covering Europe, the Middle East, Africa, Asia, the U.S., South America, and South Africa through its international partners. Some of these partnerships include Germany’s Lufthansa Technik Logistik Services, the U.K.’s Menzies Aviation, and Microsoft Arabia, among others. Recognizing the role maritime transportation plays in the industry, accounting for almost 90% of national trade volume in 2021, SAL signed an agreement with the Saudi Ports

DECEMBER 2023 / JANUARY 2024

industries. Facing these challenges paid off. SAL generated profits of more than $73 million in 2021. According to Mordor Intelligence, Saudi Arabia’s freight and logistics market was valued at $22.95 billion in 2019 and is expected to reach $23.83 billion in 2023, marking a 3.83% increase. While Albedah has only been at the helm of the company since 2022, the seasoned leader has a commanding presence and over two decades of experience in the logistics and supply chain industry. “I was lucky to start my career with a global mindset,” he insists. His journey began in 2001 at GE Healthcare, where he assumed various roles working across the healthcare supply chain in Saudi Arabia. In 2010, he moved to Dubai, joining Baxter International to cover the MENA region. When Saudi Arabia announced its Vision 2030 in 2016, he headed back to his home country to play a key role in the privatization of Diaverum, which at the time operated around 40 clinics in Saudi Arabia. Keen to contribute to the realization of Saudi’s Vision 2030, Albedah joined Saudi Customs in 2017. “I started my career with the government inspired by His Royal Highness and Vision 2030,” reveals the CEO. Albedah spearheaded the creation of the Trade Facilitation Vertical, a program that significantly streamlined customs clearance procedures from 14 days to less than 24 hours. At the same time, he led the Trading Across Border Committee, and in 2019, he began a one-year advisory role with the Ministry of Municipal and Rural Affairs. In February 2020, Albedah became a board member at SAL and took a role as the secretary-general of the Logistics Services Committee NIDLP Program under the Ministry of Transport and Logistics Services, where he played a crucial role in developing the National Transport and Logistics Strategy. In 2021, he became The CEO of the Saudi Export Development Authority, where he promoted non-oil exports and launched the “Made in Saudi” initiative. He also played a role

Saudi Arabia’s Top 3 IPOs in 2023 This year saw 29 MENA IPOs, as of November 2023 raising $5.8 billion in funds, according to EY’s MENA IPO Eye Q3 2023 report. Here are the Top 3 IPOs in Saudi Arabia in 2023. Company

Industry

IPO proceeds

Market Cap as of December 13, 2023

ADES Holding Company

Oil drilling

$1.2 billion

6.7 billion

SAL Saudi Logistics Services

Logistics

$678.4 million

$3.3 billion

Jamjoom Pharma

Healthcare

$336 million

$2 billion

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

DECEMBER 2023 / JANUARY 2024

93 FAISAL ALBEDAH

Authority (Mawani) in November 2023 to establish a logistics park at Jeddah Islamic Port, with a total area of 54,000 square meters, as part of launching SAL’s new business fulfillment unit. In the financial year ending December 2022, the company handled 721,722 tonnes of cargo across the kingdom and recorded annual revenues of $325 million. Operating in 18 international and domestic airports, the company intends to begin providing passenger handling services in 2024, such as the loading and unloading of passengers’ luggage. However, the journey hasn’t been all smooth sailing. SAL was first established in 2019 by the Saudi Arabian Airlines Corporation, following a strategic decision to separate its cargo ground handling operations from its core cargo airline business, Saudi Airlines Cargo. A few months later, the global pandemic hit, almost halting the industry. Before the pandemic, a balanced split existed between cargo transported within passenger aircraft (belly cargo) and dedicated freighters, but the pandemic’s impact on passenger travel led to a drastic reduction in belly cargo capacity. This shift forced cargo demand to gravitate toward airlines operating dedicated freighters, shrinking the cargo volume by 20% in 2020 compared to the previous year. While the past two years have seen a steady recovery in air cargo traffic, it still remains 13.6% below pre-pandemic levels. SAL, however, managed to survive, thanks in part to the 77-year legacy of its predecessor. “SAL was carved out of Saudi Airlines Corporation’s cargo ground handling division. That experience and the capabilities that were built during that time helped us during the pandemic in handling all those supplies with big care and assisting the hospitals with their vaccine shipments,” explains Albedah. It also opened phase 1 of a renovation project with state-of-the-art cold chain facilities in 2020. This meant SAL was ready to handle shipments of vaccines and healthcare equipment, as well as servicing other

FAISAL ALBEDAH

in changing the name of the Ministry of Transport as part of the National Logistics Committee to the Ministry of Transport and Logistics Services in 2021. Albedah took the helm at SAL in February 2022, tasked with the challenge of transforming the company into a global logistics champion. Albedah’s vision for SAL extends beyond going public; he is determined to establish the company as a recognized global leader in the logistics industry. To support its ambitious growth plans, SAL is investing $400 million, with $160 million already committed to phase 1 in Jeddah and Riyadh, with phase 2 involving a further investment of $240 million to expand SAL’s infrastructure capabilities. With the logistics industry now undergoing a rapid transformation driven by digitization and advancements in technology, SAL also recognizes a surge in online retail, establishing dedicated terminals in its Riyadh and Jeddah locations to efficiently handle the growing volume of e-commerce-led shipments, which currently stands at around 78,285 tons entering the country by air. This proactive approach has enabled SAL to stay ahead of the curve to meet the demands of this rapidly expanding sector, which doubled in value from $4.8 billion in 2019 to $9.6 billion in 2021, with expectations to grow more than 250% by 2030. “By adapting to evolving trends and embracing e-commerce, major players like SAL are meeting current demands and positioning themselves as integral partners in the growing digital economy,” says Ali Hammoud, CEO of Midas Group. “The Increased demand for efficient logistics services, especially with the upcoming Expo 2030, is expected to drive innovation and expansion in the logistics sector. This could lead to job creation, new technologies, and enhanced supply chain capabilities.” Amidst the advancements in AI and data analytics, SAL is also leveraging technology to streamline its operations and enhance customer service. Data consolidation, tracking, tracing, and process digitization are key pillars of SAL’s strategy, enabling the company to optimize its supply chain and provide real-time visibility to its customers. F O R B E S M I D D L E E A S T.C O M

In Numbers: The Saudi Logistics Sector 2023

$32.9 billion The Saudi freight and logistics market size is estimated at $23.83 billion in 2023, and is expected to reach $32.9 billion by 2029.

5.52% Expected CAGR of Saudi freight and logistics market by 2029.

6.96% Projected CAGR for Saudi sea and inland waterways by 2029, making it the fastestgrowing segment by mode of transport.

$133.15 billion planned to be invested by the government in infrastructure development, including ports, airports, and rail, by 2030.

38 Saudi Arabia’s rank in the World Bank’s annual Logistics Performance Index (LPI) in 2023.

Stay connected with our latest business news.

“We have cargo handling as our core business, and we expanded into more logistic solutions on October 21, which is catered toward 3PL, 4PL, and 5PL, and by the end of this year, we’re going to start on B2B fulfillment,” says Albedah. Looking ahead, SAL is committed to providing end-to-end solutions to its clients, with a projected growth of 40% for cargo handling, 11% for logistics solutions, and 13% for fulfillment for 2023. “We want to be the main player in all these key sectors,” he adds. However, other factors must be considered. “External economic factors like trade tensions can impact demand, influencing projected growth,” adds Hammoud. “Previously, economic shocks were expected to happen every seven years; however, nowadays, not a single year passes without a new shock, whether economically or geopolitically.” Currently, SAL stands as the largest provider of cargo handling services in Saudi Arabia, according to the CEO, handling 95% of the country’s inbound and outbound air cargo as of 2022. SAL’s main competitor last year was SATS, the first specialized international cargo handler to operate in the kingdom. Other major players in the market include Tamer Logistics, Kerry Logistics, Agility Logistics, Almajdouie Logistics, and Bahri. While organic growth remains a primary focus for SAL, the company is also open to inorganic growth opportunities in the future. For now, though, the focus is on supporting the numerous mega-projects underway in Saudi Arabia, particularly in e-commerce and trade, as well as exploring solar energy solutions, waste management measures, and transitioning to an electric fleet to reduce CO2 emissions. As Albedah continues his journey heading a now-public company, SAL is poised to play a defining role in shaping the future of logistics in Saudi Arabia and beyond. “Logistics is the backbone of any economy,” says the CEO. “Now we are ready. We have the rotation, we have the infrastructure, we have the regulations, and most importantly, we have the mindset and the technology for Saudi Arabia to be the leading connecting logistics hub in the region.”

DECEMBER 2023 / JANUARY 2024

QATAR

Realizing The Vision

Q WORLD / SHUTTERSTOCK.COM

SPECIAL REPORT

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

DECEMBER 2023 / JANUARY 2024

Q ATA R R EP O RT

Qatar: Realizing The Vision

overing a little over 11,586 square kilometers and with a population of less than three million people, Qatar may be small, but on the regional and international stages, it is a force to be reckoned with. Qatar’s evolution into a diverse and multifaceted nation has not occurred by chance. As the world’s third-largest natural gas exporter and the second-largest exporter of liquefied natural gas F O R B E S M I D D L E E A S T.C O M

(LNG), it has built its economy on a foundation of hydrocarbons. However, as the global community pushes for a sustainable future, the Gulf state is executing a deliberate campaign of profound transformation. Adding shape to the diversification effort is the Qatar National Vision 2030, a blueprint that aims to develop the country into an advanced society capable of sustaining its own development and of providing a high standard

of living for its people. Specifically, the framework addresses several major challenges: modernization and preservation of traditions, meeting the needs of current and future generations, managing the size and quality of the expatriate labor force, and striking a balance between economic growth, social development, and environmental protection. With several years to go before the 2030 deadline, oil and gas still dominate, accounting for DECEMBER 2023 / JANUARY 2024

Q WORLD / SHUTTERSTOCK.COM

The GCC state of Qatar is demonstrating that it not only has vision, but also the capabilities to bring it to life.

Q ATA R R EP O RT

over 70% of government revenue, more than 60% of GDP, and roughly 85% of export earnings. But Qatar’s leaders are turning their attention to a mix of up-andcoming sectors as it looks to its economic future – and with good reason. At the current rates of production, fossil fuels will run out in a matter of decades. As for the present economic situation, there is no denying that the GCC nation is an outstanding performer. In 2022, Qatar recorded a GDP of $225.3 billion, translating to a GDP per capita of $78,219 and making it one of the richest countries on Earth. The year 2022 also saw Doha host the FIFA World Cup, a global sporting event that reportedly drew 3.4 million visitors, additional revenue, and the eyes of the world to Qatari shores. After some initial skepticism, broad consensus indicates that Qatar delivered an outstanding experience to fans marked by excellent organization and worldclass infrastructure and facilities. Among the sectors to benefit from the FIFA World Cup have been tourism and hospitality— both of which have gained momentum in its wake. A year on from the biggest event on the global football calendar, Qatar is continuing to build on its growing reputation as a destination for luxury travel, cultural immersion, and international events. According to Statista, the country’s revenue from travel and tourism is projected to reach almost $1.13 billion this year and is expected to grow at a compound annual growth rate of 11.13% between 2023 and 2027. Supporting the growth of not just tourism but of sectors across the board in Qatar is Hamad International Airport (HIA). The state-of-the-art airport has met F O R B E S M I D D L E E A S T.C O M

with incredible success since opening in April 2014. Despite stiff competition from the region’s other major international airports, HIA has transformed Qatar into a truly global transport hub, with the national flag carrier, Qatar Airways, proving a popular choice among travelers both from home and abroad. According to HIA’s statistics, the airport welcomed a total of 10,315,695 passengers in Q1 2023—a 44% year-on-year increase—and handled over 540,000 tons of cargo. During the same period, aircraft movements also increased compared to last year, with a total of 56,417 arriving and departing from the airport. Like HIA, Hamad Port is another cornerstone of Qatar’s economic strength and has managed to compete against other regional heavyweights. Covering 29 square kilometers, the port is one of the largest in the Middle East, with an annual capacity of 7.5 million twenty-foot equivalent units. In addition to offering expanded capacity through three container terminals, Hamad Port, which is operated by Mwani Qatar, is playing a key role in the country’s economic diversification and competitiveness efforts. Alongside general cargo traffic, it handles a variety of specialist imports, including livestock, automobiles, and bulk grain, and it is set to host a base for offshore and marine support vessels. A further testament to Qatar’s vision and to its ability to realize huge feats is the development of flourishing agriculture and farming activities. From June 2017 to March 2018, domestic production of meat, dairy products, and crops increased by 400%, according to the Ministry of Municipality

and Environment (MoME). Now, Qatar aims to become 90% self-sufficient in dairy, 70% in vegetables, 30% in red meat, 65% in green fodder, and 100% in fresh poultry, among other targets. According to the U.S.-Qatar Business Council, the MoME is supporting farming in the country with a program that will provide $2.75 million to $3.3 million to 140 farms with free greenhouses as part of the ministry’s food security strategy. From food security to advancements in aviation, ports, and tourism, sustainability is an ever-present issue as Qatar builds its new future. In an effort to turn intentions into action, the country established The Ministry of Environment and Climate Change in 2021, which is tasked with protecting the environment, preserving its resources, and reducing emissions that cause climate change. The Qatar Foundation has also launched several sustainability initiatives that range from developing solar capabilities to turning rubbish into art and taking a stand on single-use plastics. The foundation’s efforts are channeled through multiple entities, including the non-profit research and advocacy center Earthna, Hamad Bin Khalifa University, and the Qatar Environment and Energy Research Institute, among others. Already, Qatar has made tangible sustainability progress, with the carbon-neutral FIFA World Cup a prime example. In November this year, the eighth edition of Qatar Sustainability Week took place, with the aim of engaging the community in sustainability-related activities to achieve the global sustainability goals of Qatar National Vision 2030. DECEMBER 2023 / JANUARY 2024

Q ATA R R EP O RT

Advanced technology will be critical to Qatar’s national campaign for sustainability and for the growth of the economy at large. To bolster its tech capabilities, the country launched a new AI digital center in partnership with Microsoft in June 2023. The center, located at the National Museum of Qatar, is part of the National Skilling Program, which aims to create a skilled workforce for the country’s rapidly growing economy. The economy is also bolstered by a thriving banking sector, with Qatar Financial Centre home to a strong lineup of international banks and financial institutions. F O R B E S M I D D L E E A S T.C O M

The special economic zone offers tax breaks and other incentives to businesses, giving the state both local and global appeal. Manufacturing, too, is a growing industry. Driven mainly by cement, refined petroleum goods, chemicals, fertilizers, and basic iron and steel, the industry promises to play a vital role in the development of Qatar’s infrastructure and economy as the country grows from strength to strength. While economic diversification continues apace, gas will remain central to a national economy that the IMF expects to grow at 2.49% in 2024. In November 2022, Qatar signed several long-term

supply agreements, including the first Qatari-German LNG supply contract and a record-breaking deal with China. The landmark $60 billion agreement for purchases of LNG will see Qatar Energy send Sinopec four million tons of the gas per year starting in 2026. The China contract is set to last for 27 years, hinting that hydrocarbons will continue to drive Qatar’s economic growth for decades to come. Yet, the forward-looking GCC nation is demonstrating that fossil fuel revenue does not come at the expense of sustainability or ambition as it brings its national vision to life. DECEMBER 2023 / JANUARY 2024

ICNTTBLUE / SHUTTERSTOCK.COM

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

DECEMBER 2023 / JANUARY 2024

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

Pioneering Sustainability And Growth In Qatar’s Diversifying Economy 100

Aamal, one of Qatar’s largest and most diversified companies, is shouldering the responsibility of building a sustainable future.

hile the GCC remains hugely important to the world’s energy systems, increasing levels of international investment and the global focus on climate change mean that environmental, social, and governance (ESG) considerations have now become central to aspects of corporate decisionmaking in the region. As one of Qatar’s leading listed companies, Aamal has been quick to recognize the importance of ESG to ensuring an ethical, resilient, and prosperous future for the business and its stakeholders. Taking a best practice approach to ESG not only ensures regulatory compliance but is also beneficial in terms of a company’s customer relationships, capital raising, employee recruitment, and social license to operate. This alignment with ESG best practice is a challenging process that requires a robust strategic framework. Aamal address these challenges through a strict focus on four key pillars: Business Ethics and Transparency, Serving Communities, Empowering the Workforce, and Environmental Protection. For some time now, companies have talked in general terms about the need to eradicate bad practices such as exploitation, corruption, and discrimination. However, more recently there has been a recognition that companies need to ‘walk the walk’, not just ‘talk the talk.’ At Aamal, this is being achieved through yearly ESG reporting covering the multifaceted performance and progress

Aamal Vice Chairman and MD,Sheikh Mohamed F. Al Thani, and Aamal CEO, Rashid Al Mansoori, with members of QCTF, Aamal management team and Aamal Ride participants.

of all its subsidiaries, as well as a confidential whistle blowing channel. Aamal also works hard to serve its communities through leveraging innovative partnerships and company-wide initiatives to contribute to the Qatar National Vision 2030. Initiatives such as this year’s inaugural Aamal Ride event are a powerful example of how collaboration with public institutions can allow businesses to create a positive social impact outside of their core business activities. In this instance, Aamal partnered with the Qatar Cycling and Triathlon Federation to encourage community participation in sport and exercise, key factors in improving both physical and mental wellbeing within the country. Being a good employer has become more important than ever. To enhance the personal development of its employees and the wider Qatari workforce, Aamal provides education and training opportunities across the many industries in which it operates. For example, Aamal’s subsidiary, Ebn Sina Medical, collaborates with Qatar University and North

FThe O Rthoughts B E S M I D Dexpressed L E E A S T.CinOthis M advertorial are those of the client.

Atlantic University to fund a scholarship program for students in pharmaceutical studies. Another Aamal subsidiary, Doha Cables, provides regular internships to help young people transition into electrical engineering. In terms of the environment and sustainability, the focus is on reducing waste and inefficiency. Already, Aamal’s overall greenhouse gas emissions have been reduced to 13,210 tons of CO2eq, while subsidiaries have implemented processes to reduce waste. For instance, Aamal Cement recycles 12% of the water and 85% of the paper used in its factories. Looking to the future, it will be vital for companies to create, develop, and invest in, a wealth of ESG opportunities, always striving to exceed expectations and deliver sustainable value.

www.aamal.qa DECEMBER 2023 / JANUARY 2024

101

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

DECEMBER 2023 / JANUARY 2024

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

102

Setting Benchmarks For Global Hospitality

Al Rayyan Tourism Investment (ARTIC) is driving diversified and sustainable strategies as it aims to set new standards in the world of hospitality.

he post-pandemic recovery in global travel means that the growth prospects for the global hospitality industry are now looking stronger than ever. With the worldwide hotels market expected to grow by more than 4% a year to reach $483.40 billion by 2027, according to Statista, the opportunities for hospitality investment companies to grow and unlock value are huge. Nevertheless, the industry remains highly competitive. Rapidly changing guest expectations, new concepts, and emerging segments mean that players must adapt quickly to become market leaders. A focus on new trends such as technology, branded residences, and sustainability will be crucial. With an investment portfolio comprising over 35 renowned and iconic properties in prime locations, Al Rayyan Tourism Investment (ARTIC) has positioned itself at the forefront of many of these developments. Taking an entrepreneurial approach to identifying new hospitality assets, ARTIC’s success demonstrates the power of diversified and sustainable strategies.

One of ARTIC's properties, the iconic Marriott Marquis City Center Doha Hotel.

Geographic and business diversification is a major strength of any investment portfolio and is vital to balancing risks and optimizing returns. At ARTIC, this has been achieved in part through the geographic spread of its portfolio across North America, MENA, and Europe, as well as investment in other synergy generating assets, including four shopping malls. ARTIC’s experience has also underscored the importance of key industry relationships. By leveraging partnerships with world leading hospitality operators, ARTIC has been able to capture trending sector opportunities, with the company’s investment into branded residences a prime example. Here its collaboration with the likes of Marriott International have helped create distinctive residential experiences with best-in-class facilities and design, positioning ARTIC as a leading player in a new, high-growth segment. Sustainability is also an essential consideration within the hotel investment industry. As well as pressure from national governments, NGOs and investors, hotel owners are strongly incentivized to improve their sustainability credentials from both profitability and guest satisfaction perspectives. Individuals are now increasingly aware of the sustainability impact of their activities, meaning hotels and branded residences that can offer

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

Tarek M. El Sayed Managing Director and CEO

reduced or positive net impact will become destinations of choice. Furthermore, the elimination of waste and efficiency increases have a clear financial as well as moral rationale. Such improvements, while costly in the short term, add a notable valuation premium to hotels and branded residency assets, reducing long-term operating costs and providing resilience against future energy price increases or new regulatory requirements. Recognizing these benefits, ARTIC has developed a best practice sustainability plan directing investment into sustainable technologies, partnerships with sustainable suppliers, engagement with stakeholders, and the regular measuring of its impact. This approach has been applied across The Ritz Carlton and JW Marriott branded residences of Al Jazi Developments. Initiatives implemented include the completion of a pedestrian community and the recycling of household water for use in landscaping. Looking forward, ARTIC continues to leverage its strong partnerships and implement a diversified and sustainable strategy, setting the benchmark for the global hospitality industry.

www.artic.com.qa DECEMBER 2023 / JANUARY 2024

Setting Benchmarks in Global Hospitality ‫ﻋــﻼﻣــــــﺔ ﻓــﺎرﻗــــــﺔ ﻓﻲ ﻋـــــــــﺎﻟـﻢ اﻟﻀﻴــﺎﻓــــﺔ‬

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

artic_qa

@artic_qa

ARTICQA

Al-Rayyan-Tourism-Investment-Company

103

artic.com.qa

DECEMBER 2023 / JANUARY 2024

Phil and Travis Knight

THE FORBES 400 • THE TREND

104

THE TREND

$93 TRILLION TRANSFER

THE W E A LT H

BY MATT DUROT

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

DECEMBER 2023 / JANUARY 2024

BOOMERS AND THEIR ELDERS CONTROL $93 TRILLION, OR TWO-THIRDS OF AMERICA’S HOUSEHOLD WEALTH. FORBES 400 MEMBERS PHIL KNIGHT, CHARLES KOCH, BARRY DILLER AND HAROLD HAMM GIVE A MASTER CLASS IN HOW TO MAKE SURE YOUR MONEY GOES TO CHARITY AND CHILDREN. PHOTOGRAPH BY ETHAN PINES FOR FORBES

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

DECEMBER 2023 / JANUARY 2024

THE FORBES 400 • THE TREND

105

106

Charles and Chase Koch

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

DECEMBER 2023 / JANUARY 2024

Speaking in August from his home in the center of the state,

CHARLES AND CHASE KOCH BY GUERIN BLASK FOR FORBES

he estimates that because of wildfires, visibility out his windows is limited to 100 yards. “It’s the most beautiful state in the world, so to have it devastated by smoke is heartbreaking. I’ve spent a little money looking into it, and controlling these fires on the West Coast is very doable.”

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

A bold claim. But Knight admits there’s a task he’s finding much harder than anticipated: giving away the bulk of his $39.5 billion fortune. “Identifying smart philanthropic bets has not been as easy as I might wish, and I expect that my successors and advisors will have a lot of wood to chop when I am no longer able to source new ideas,” he muses. “I’m not in a hurry.” Knight is focused on ensuring family and philanthropy—not the taxman—get his wealth. There is a theoretical 40% estate tax looming, but like other members of The Forbes 400, he’s determined it won’t take a big bite from his fortune. “That’s the art form. I talk to my financial advisor all the time, and that’s one of the subjects we talk about endlessly,” he says. “My philosophy is that if I do this right, the charities I give to will use that money better than the government will. So I give to them with a completely clear conscience.” So far he has donated $3.4 billion, mainly to the University of Oregon (a science center and basketball arena), Oregon Health & Science University (a cancer research center) and Stanford (international grad student fellowships, a business school building and research on cognitive decline). America’s Baby Boomers (born between 1946 and 1964), along with surviving members of older generations, are about to fuel the greatest wealth transfer of all time. In the U.S. today, according to the Federal Reserve, Boomers control a stunning $75 trillion and their elders another $18 trillion of the nation’s $141 trillion in total household wealth. Yes, some middle-class retirees will spend their savings and die broke. But wealth in the U.S. has become increasingly concentrated, with the richest 1% holding 31% of net assets—meaning most onepercenters (minimum net worth $10 million) will leave plenty to their children, grandchildren and favorite causes. That’s particularly true for the very richest. Out of 88 million living Americans born before 1965, Forbes has identified 572 U.S. billionaires—the 0.0007%. We estimate they have a collective net worth of $3.9 trillion to pass on. The death tax? “Only morons pay the estate tax,” former Goldman Sachs president Gary Cohn famously quipped while serving as President Donald Trump’s chief economic advisor. Make no mistake, the estate tax used to be a real revenue raiser. But a quartercentury of political, regulatory and court decisions—and the ingenuity of private lawyers—have eviscerated it. Congress has raised the amount that a married couple can pass on to heirs without owing estate or gift taxes from $1.35 million in 2000 to almost $26 million this year. The full $26 million can now even go into a generation-skipping or dynasty trust—meaning it can grow in value for grandkids (or later generations) without any further gift or estate tax owed. Plus, any assets someone still owns at death get a step-up in basis, so no capital gains tax is due on appreciation to that point.

DECEMBER 2023 / JANUARY 2024

107 THE FORBES 400 • THE TREND

“There’s four seasons in Oregon: fall, winter, spring and smoke,” laments Nike cofounder Phil Knight, 85.

THE FORBES 400 • THE TREND

108

The result: Only 0.04% of deaths resulted in estate taxes in 2020, down from 2.18% in 2000. True, under current law, the estate exemption will fall by about half in 2026, when the temporary Trump tax cuts from 2017 expire. But the IRS has agreed that if that happens, it won’t attempt to claw back (and then tax) money already transferred during life using the larger exemption. For billionaires and centimillionaires, even more relief comes from an alphabet soup of wealth transfer techniques, used in ever more creative and aggressive combinations: GRATs, FLPs, IDGTs, GSTs, CLTs, ILITs, IDFs. Some plans get extra juice from intrafamily loans. Others deeply discount the value of transferred assets based on theories of why lack of marketability or control makes them worth less. In their annual menus of taxthe-rich ideas, Presidents Barack Obama and Joe Biden have proposed clamping down on some of these ploys. But that didn’t happen while Democrats held both houses of Congress. It’s a nonstarter now. One way the rich have long been applauded for avoiding taxes is through philanthropy—far easier to love than a loophole. Industrialist Andrew Carnegie, who campaigned for the modern estate tax, gave away nearly 90% of his

and TV whiz cum internet entrepreneur Barry Diller, who is the poorest at $4.1 billion—and the only Democrat. Diller is candid and unrepentant about having used a tax-saving technique he considers bad policy. “You live within the tax code, and if it says you can do this or that, and it’s in the broad mainstream, why would any sentient person act another way?”

CHARLES KOCH

climbs the stairs just before the sun comes up in Wichita, Kansas, to his third-floor office at the headquarters of Koch Industries, the $125 billion (2022 revenue) conglomerate of which he’s chairman and co-CEO. Overlooking him is a bust of his father, company founder Fred Koch, who died in 1967 at age 67. Charles was 32 when he took the reins. Asked why he still works at 87, Koch invokes psychologist Abraham Maslow’s hierarchy of human needs, the highest of which is self-actualization. Then he segues into a more down-to-earth explanation. “I have retired friends at the club I belong to in Palm Springs who play nine holes every morning, have lunch and play gin all afternoon. If I did that, I’d put a bullet in my HAROLD HAMM, FOUNDER, CONTINENTAL RESOURCES head. I wouldn’t need to because I’d be dead in six months. That’s not money—about $6 billion in current terms—before his death living.” Koch’s son Chase, 46, says his father’s in 1919, leaving the balance to the nonprofit Carnegie Corp. passion for both business and social change keep “The man who dies thus rich dies disgraced,” he wrote in his him going. “He works out six days a week and he’s 1889 essay “The Gospel of Wealth.” pretty healthy, knock on wood.” In a toned-down modern version of that, Warren Buffett, That hasn’t kept Koch from nearly completing Bill Gates and Melinda French Gates in 2010 created the his plans for after he’s gone. He has already Giving Pledge, which requires signers to devote the majority transferred to Chase and to daughter Elizabeth, of their wealth to charitable causes during life or at death. 47, equal amounts of his nonvoting Koch shares. Since then, 104 current American billionaires worth $1.5 After Charles’ death, Chase will get all his father’s trillion (including 77 born before 1965 who are worth $950 voting stock, giving him 42% control. (The heirs billion) have signed. But not all giving is purely charitable. to Charles’ brother David, who died in 2019, also Recently, a new breed of “social welfare” nonprofits has have 42%.) started clouding the meaning of philanthropy, since these This past March, Dave Robertson, 61, a organizations can engage in unlimited issue lobbying and Koch Industries lifer, was named co-CEO with substantial direct political activity—things traditional Charles. A transition figure to Chase? “I don’t charities can’t do. want to take anything off the table,” says Chase, Here, four members of The Forbes 400 share the moves who was promoted to executive vice-president they’ve made to cement their legacies and ensure their in March. But he adds that his current role wealth goes to family and favored causes—techniques that heading up Koch Disruptive Technologies, a can work for those of lesser means, too. The four are aged venture capital subsidiary, is where he can “add 77 to 87, making them members of the (pre-Boomer) Silent the most value” now. “We don’t think about it as Generation. They were anything but silent when discussing a family business. We think about it more as a their legacies. Our professors are Knight; Charles Koch, the meritocracy. As soon as we start thinking about it free-market libertarian worth $54.5 billion; Harold Hamm, like ‘the next Koch needs to have this role or that the truck driver turned fracking king worth $25.2 billion; role,’ I think we’re in trouble.”

“You want to get it to the point where when you die, your heirs don’t have to sell the company to pay taxes.”

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

DECEMBER 2023 / JANUARY 2024

THE FORBES 400 • THE TREND

109

BARRY DILLER AND ALEX VON FURSTENBERG BY GUERIN BLASK FOR FORBES

Barry Diller and Alex von Furstenberg Charles Koch says his kids didn’t get all his nonvoting shares; the rest will go to fund his charities and causes, after his wife, Liz, 78, is provided for. He hasn’t signed the Giving Pledge and won’t disclose the family/charity split. But he has already made a big, and previously unreported, move. Last year he gave $4.3 billion of nonvoting Koch stock to Believe in People, a Wichita-based not-for-profit created under section 501(c)(4) of the tax code, a broad category of “social welfare” organizations that includes everything from volunteer fire companies to the National Rifle Association and the American Civil Liberties Union. In contrast to a traditional 501(c)(3) charity, a C4 can own an entire company indefinitely and (so long as these activities support its principal purpose) engage in an unlimited amount of lobbying; get directly involved in politics; and benefit private individuals. There’s no income tax or estate tax deduction for giving money to a C4, as there is to a C3, but in 2015 Congress made a crucial tweak to the law that a Koch lobbyist promoted. That change exempted transfers to a C4 from the gift tax. So a living billionaire (or anyone else) can therefore give a C4 a big gift of highly appreciated stock without paying either gift or capital gains tax. The C4 can then sell the stock, capital gains tax–free, or hold on to it indefinitely, reaping the dividends. While a few billionaires have put their entire companies into C4s, Koch’s $4.3 billion gift to Believe in People is the largest, in dollar terms, to a C4 that we know of. The C4 is run by Chase, Robertson and Brian Hooks, who coauthored Charles Koch’s fourth book, Believe in People: Bottom-Up Solutions for a Top-Down World (2020). Hooks, 45, also heads Stand Together, a network of Koch-funded charities and policy F O R B E S M I D D L E E A S T.C O M

organizations. In addition, in 2020, Koch donated $975 million of nonvoting shares to CCKc4, a C4 run by Chase. The two newly funded C4s have as their stated purpose advancing human progress as defined in Koch’s books. Under the separate Stand Together umbrella: the nearly two-decadeold Americans for Prosperity, a C4 “grassroots” organization that has spent tens of millions a year on policy and politics, including opposing President Obama’s reelection. A political action committee affiliated with AFP (AFP Action) is now opposing both Biden and Trump. Koch, the staunch libertarian, has supported an array of policies that includes cutting taxes and regulations, criminal justice reform and marijuana legalization. While emphasizing that he doesn’t make the decisions at AFP or AFP Action, he offers this shot: “What I think is very dangerous, very destructive for our country is that both parties are becoming increasingly authoritarian.”

AFTER spending his summer yachting in the Mediterranean, Barry Diller, the founder and chairman of internet and media conglomerate IAC, returned to his Manhattan office this September to argue that the tax code is unfair DECEMBER 2023 / JANUARY 2024

THE FORBES 400 • THE TREND

110

to those who can’t afford a yacht. “This idea that capital deserves protection while working people’s salaries don’t is a monstrosity,” he says. One giveaway to the rich the 81-year-old particularly hates: the grantor retained annuity trust, a popular tool for transferring appreciating assets to heirs tax-free. “GRATs should be abolished,” he says. “I’ve never heard any reason for them that has any social underpinning.” But they’re now mainstream, so he has used them. In addition to the $400 million of stock in Expedia (it was spun off from IAC) Diller currently holds in GRATs, he has transferred more than $1 billion of other assets through GRATs to different trusts for his heirs. “I’m in the center lane on this,” he says. “We don’t have lawyers looking for [new loopholes]. Some of my friends spend an excruciating amount of time on this. We don’t do that.” One variation: the Walton GRAT, also known as a zeroedout GRAT. Walmart cofounder Bud Walton’s ex-wife, Audrey Walton, won a tax court case in 2000 allowing it. A parent puts stock or other assets in a trust for his kids and takes back an annuity (which can pay out in stock) calculated to equal the present value of everything he just put in the trust—assuming, that is, that the assets grow no faster than a low statutory interest rate, known as the 7520 rate. That rate was an absurdly low 1.6% a year for GRATs set up in February 2022, before the Federal Reserve started raising rates. If the GRAT assets grow faster than 1.6%, there’s real wealth left in the trust for the kids (even though the parent got all his money back), gift tax–free. Because this works only if the parent outlives the term of the GRAT, this is typically done with a series of overlapping GRATs lasting two to ten years. A side benefit: The parent pays any income tax owed by the GRAT (on stock dividends or capital gains, say), effectively increasing what’s left for the kids. Although he’s a Giving Pledge signatory, Diller still plans to leave his kids big bucks. “I believe that what Warren Buffet and others have said about not leaving your children wealthy because it ruins ambition is wrongheaded,” says Diller, who grew up in an upper-middle-class family in Beverly Hills, dropped out of college and started in the mailroom at the William Morris Agency. “They’re either ambitious or they’re not. I don’t believe money particularly motivates ambition anyway.” He himself was the wunderkind CEO of Paramount Pictures and then Fox before deciding at 50 that he wanted to own his own company. He involves his kids in his charity work, too. “Before [the Giving Pledge] was public, Warren Buffett called and asked if we’d consider being in the initial group. I said, ‘I’ll ask my son, since he’s the one most directly affected,’ ” he recalls. That son is Prince Alex von Furstenberg, 53, one of two children from his wife’s first marriage (to a German prince). Diller married Diane von Furstenberg, the famed fashion designer, in 2000. “He’s kind of an idiot savant of investing,” Diller says of Alex, who manages the Diller–von Furstenberg family office and who urged his stepfather to sign the pledge. So far, Diller has doled out $430 million to charity, including more than $300 million to develop Little Island, a public park on an artificial island in the Hudson River off Manhattan, with garden paths and an amphitheater. It opened in 2021 after years of legal challenges and cost F O R B E S M I D D L E E A S T.C O M

overruns. The park was Diller’s baby. “I’ve always loved public art and public spaces,” he says. Alex and his sister, Princess Tatiana von Furstenberg, 52, along with their mother, serve on the board of the family’s charitable foundation; each, Diller insists, has veto power over major spending. As for the kids’ charitable interests, Alex has already spent millions of his own money promoting plans to help poor Americans build wealth. “He cares so much about inequality,” Diller says.

“THE ESTATE TAX is a big consideration,” Phil Knight says candidly. “I suppose that’s one big reason I’m giving most of it away, because I can get more bang for my buck that way than the other way.” The other way, of course, is a chunk going to Uncle Sam in the form of estate or gift taxes. Oregon, where he’s the richest resident, also has a 16% estate tax he’s keen to avoid. The Beaver State has benefited from his philanthropy, however, with Knight’s alma mater, the University of Oregon, the largest recipient so far. He ran track there, served a year in the Army, earned a Stanford MBA, surfed and sold encyclopedias in Hawaii on his way to Japan (where he secured U.S. import rights to a line of running shoes) and became a CPA—all before starting Nike in 1964 with his college running coach. He dismisses accusations that he has wielded excessive influence at the school. But he isn’t oblivious to criticism; it explains why he hasn’t signed the Giving Pledge. “I thought with local media being quick to criticize, they would look and say ‘You’re not giving it away very fast.’ “I don’t want to rush it. I’ve elected to focus on big causes that can have a big impact,” he adds. “It’s a bit the opposite of [Amazon founder Jeff Bezos’ ex-wife] MacKenzie Scott, who has quickly contributed so much to hundreds of different charities and done a lot of good. But there’s a lot of them in a hurry.” Responsibility for continuing his charity, Knight says, will fall first to Penny, his wife of 55 years, who “is 10 years younger than I am and in better shape.” Then son Travis, 50, will make decisions. A former rapper (stage name: Chilly Tee), Travis now runs Laika, an Oregonbased animation studio his father gained control of in 2002. In his 2016 memoir, Shoe Dog, Knight expressed regret about not spending more time with his two sons while building Nike. (His older son, Matthew, died while scuba diving in 2004.) Now he’s spending time with Travis, talking DECEMBER 2023 / JANUARY 2024

HAROLD HAMM BY ETHAN PINES FOR FORBES

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

DECEMBER 2023 / JANUARY 2024

111 THE FORBES 400 • THE TREND

philanthropy. That process, Knight concedes, “is actually barefoot, worked as an oil field truck driver in its infancy now, because we just started over the last after high school, began drilling wells when he couple of years to talk about those things. I’m still making was 25 and went on to lead America’s fracking the decisions, but he’s at my elbow while I’m making them.” revolution. Travis has been learning the ropes at Nike, too. In 2015 he He says his top priority right now is generating joined the board as part of a succession plan; his dad stepped cash to pay off the $4.3 billion he borrowed down the next year. “I’ve always felt that my position on the to take Continental private in a $27 billion board is sort of as a guardian of the culture,’’ Travis says. Knight used GRATs to move shares now worth $3.8 billion to a trust in Travis’ name. Another Knight maneuver, involving a family LLC called Swoosh, has brought the total value of shares transferred to trusts for his heirs to $4.4 billion, according to securities filings and an analysis by Bob Lord, a tax attorney and senior advisor to Patriotic Millionaires, a group favoring higher taxes on the rich. While Travis’ trust now has voting control of the family’s nearly 20% stake (worth $29.8 billion) in Nike, 85% of the shares are technically owned by Phil Knight. Lord points out that he could use Harold Hamm testamentary charitable lead annuity trusts (CLATs)—a well-established option—to reduce or eliminate estate tax on this remaining wealth. As with a Walton GRAT, a CLAT (enterprise value) LBO last November. By then, can be “zeroed out.” The charities get annuity payments for a he had already transferred half the family’s fixed number of years calculated to exhaust the present value of Continental stake (now worth an estimated $25 the assets put into the CLAT—assuming they don’t earn more billion) to trusts benefiting his five children. than that low 7520 interest rate. If they do earn more, heirs are That took 25 years of working with lawyers and a left with the trust’s remaining assets at the end, without any complicated series of transactions that involved estate taxes. A spokesman for Knight acknowledges CLATs a family LLC, loans to the trusts and valuation are a “viable option,” but adds that “no such plan is presently discounts. “The biggest key is to start early, when contemplated.” the company is small, before the growth has Knight could also leave those shares to his wife estate occurred and the value is created,” he says. “You tax–free (under the unlimited marital exemption) and defer want to get it to the point where when you die, further planning to her. When asked what percentage of his [your heirs] don’t have to sell the company to pay wealth he’ll leave to charity, he tells Forbes, “It’s certainly taxes.” Going private wasn’t an estate planning way more than 51%. It’s certainly not 90%. It’s somewhere in move, he notes, but an economic decision based between. Ultimately those final decisions will be decided after on the market acting “like oil and gas didn’t exist I’m gone. Penny and Travis are on the same page, and they anymore after 2020.” will make the decisions on a lot of the amount that’s given.” So far, Hamm has donated around $200 million—less than 1% of his wealth—to charity for diabetes research, an energy institute and other causes. In 2011, he signed the Giving Pledge with his second wife; three years later he wrote her a “MONEY DOESN’T $975 million divorce settlement check and swore never to remarry. He’s no keener to share with the drive him at all,” says Shelly Lambertz, Continental Resources’ IRS. “I haven’t seen anything to lead me to believe chief culture and administrative officer, of her 77-year-old that the government has done very well with the father, Harold Hamm, the business’ founder. “He loves the money America has already given them.” company. It’s his first and favorite child. His identity.” Hamm, the 13th child of Oklahoma sharecroppers, picked cotton Additional reporting by Chris Helman

• THOUGHTS ON •

Experience

THOUGHTS

112

“Experience is a good teacher but she sends in terrific bills.”

“All knowledge hurts.” —Cassandra Clare “I think of myself as a beginner. Sometimes that’s the whole joy.”

—Minna Antrim “Failure is the condiment that gives success its flavor.”

—Wayne Thiebaud “Men are wise not in proportion to their experience but to their capacity for experience.”

—Truman Capote “In order to rise from its own ashes, a phoenix must first burn.”

—George Bernard Shaw

—Octavia Butler

“The mind once enlightened cannot again become dark.”

“The years teach much which the days never know.”

—Thomas Paine

—Ralph Waldo Emerson “Good judgment comes from experience, and experience comes from bad judgment.”

“We glory in tribulations also, knowing that tribulation worketh patience; and patience, experience; and experience, hope.”

—Rita Mae Brown

—Romans 5:3-4

“The trouble with experience is that by the time you have it, you’re too old to take advantage of it.” —Jimmy Connors “The best way to suppose what may come is to remember what is past.” —Lord Halifax “Experience is not what happens to a man; it is what a man does with what happens to him.” —Aldous Huxley F O R B E S M I D D L E E A S T.C O M

Thomas Paine

“A moment’s insight is sometimes worth a life’s experience.” —Oliver Wendell Holmes “Inexperience is what makes a young man do what an older man says is impossible.” —Herbert V. Prochnow

“It is easy, when you are young, to believe that what you desire is no less than what you deserve.” —Jon Krakauer “We live and learn, but not the wiser grow.” —John Pomfret

SOURCES: NAKED TRUTH AND VEILED ILLUSIONS, BY MINNA ANTRIM; EXPERIENCE, BY RALPH WALDO EMERSON; POLITICAL, MORAL AND MISCELLANEOUS THOUGHTS AND REFLECTIONS, BY LORD HALIFAX; THE PROFESSOR AT THE BREAKFAST-TABLE, BY OLIVER WENDELL HOLMES; REASON, BY JOHN POMFRET; A LETTER ADDRESSED TO THE ABBE RAYNAL ON THE AFFAIRS OF NORTH AMERICA, BY THOMAS PAINE; CITY OF BONES, BY CASSANDRA CLARE; ALMA MATER, BY RITA MAE BROWN; TEXTS AND PRETEXTS, BY ALDOUS HUXLEY.

FINAL THOUGHT “Never say die until you’ve done it.”

—Malcolm Forbes

DECEMBER 2023 / JANUARY 2024

113

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

DECEMBER 2023 / JANUARY 2024

114

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

DECEMBER 2023 / JANUARY 2024