Forbes Middle East - English - June 2021

WOMEN LEADING GLOBALLY LISTED COMPANIES THE WORLD’S 10 LARGEST PUBLIC COMPANIES

GLOBAL

2000

COMPANIES THAT MINTED NEW BILLIONAIRES GCC COMPANIES DEBUTED ON STOCK EXCHANGES

JUNE 2021 ISSUE 105

HATEM DOWIDAR Etisalat Group, Group CEO

“YEARS OF INVESTMENT IN PREPARING THE NETWORK REALLY PAID OFF” THE MIDDLE EAST’S

JUNE 2021 ISSUE 105

TOP 100 LISTED COMPANIES

THE REGION’S MOST VALUABLE BUSINESSES HAVE SEEN THEIR COMBINED MARKET VALUE JUMP TO $3 TRILLION.

UAE.......................................................... AED 30 SAUDI ARABIA......................................SAR 30 BAHRAIN................................................. BHD 3 KUWAIT................................................ KWD 2.5 OMAN....................................................... OMR 3 QATAR..................................................... QAR 30 OTHERS............................................................$8

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8 I Sidelines Market Metrics

By Claudine Coletti LEADERBOARDS

CONTENTS

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BILLIONAIRES

12 I

3 Companies That Minted New Billionaires In 2020

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A record 493 individuals joined Forbes’ World’s Billionaires list this year, with some that particularly benefited from their company’s performance.

Here are three companies that created new billionaires last year. Net worths are as of May 13, 2021.

By Jamila Gandhi STOCK MARKETS

14 I

6 GCC Companies Debuted On Stock Exchanges In 2020 The global pandemic stalled Initial Public Offering (IPO) activity last year, with market volatility reaching its highest levels since the 2008 financial crisis. But these six IPOs managed to make it despite the challenges.

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By Jamila Gandhi CEO

18 I

Top 5 Women Leading Globally Listed Companies Spanning industries from healthcare to banking, here are the top five female CEOs leading publicly-listed companies on Forbes’ Global 2000 list 2021. They served a combined average of a decade working at their companies before being appointed to the C-suite.

By Jamila Gandhi GLOBAL 2000

20 I

Meet The World’s 10 Largest Public Companies In May, Forbes released its Global 2000 list for 2021, revealing the world’s largest and most valuable companies.

By Layan Abo Shkier

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The World’s Largest Technology Companies In 2021: Apple’s Lead Widens As Coinbase, DoorDash Storm Into Ranks

By Jonathan Ponciano STOCK MARKETS

26 I Middle East-Based Companies Listed

On Foreign Exchanges

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Standing Strong

From lower volatility, exposure to more liquidity, to arguably better visibility, multiple factors may tempt a company to list its business on a foreign exchange. Here are five regional companies that opted for an international Initial Public Offering (IPO).

While facing significant challenges, Bassel Gamal, Qatar Islamic Bank’s Group CEO, has delivered solid profits while reshaping the Sharia-compliant lender into a technology-driven player.

By Jamila Gandhi

By Samuel Wendel

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CONTENTS

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TOP 100 LISTED COMPANIES IN THE MIDDLE EAST 2021

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JUNE 2021

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June 2021

•

6 CONTENTS

Issue 105

COVER STORY

34

Speeding Ahead

INSIDE

•

Group CEO of Etisalat, Hatem Dowidar, has his work cut out as the 5G era begins. While the company reigns as one of the world’s fastest mobile networks, he’s plowing capital into digital investments.

By Samuel Wendel

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

JUNE 2021

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JUNE 2021

SIDELINES

FORBES MIDDLE EAST

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Market Metrics Now that we’ve reached the time of year where listed companies have reported their financial statements for 2020/21, we can finally stop speculating on the impact of the global pandemic on the bottom line for these businesses and instead take a look for ourselves. As such, this month’s sidelines are a lot more math-heavy than usual—and I must give a shout-out to our research team, who actually did all the math. The results of a month’s worth of analysis show that overall, for the Middle East’s listed companies, it’s an unsurprisingly mixed bag, with profits and sales down from last year but market and asset value on the rise.

When our research team started exploring the region’s markets in early May to analyse the Middle East’s listed companies, they looked across 11 stock exchanges in the Arab world and found 1,170 companies listed on them. Excluding double-listed companies, GDRs, and companies based outside the Middle East, there were 1,136 companies to consider. Our cut-off for this month’s ranking of the Top 100 Listed Companies In The Middle East was May 3, 2021, by which time 903 of those 1,136 companies had disclosed their audited 2020 financial statements. To help with comparison, last year there were 1,149 companies to consider, and 851 of them had disclosed their financial statements within the deadline for the annual list.

Interestingly, when comparing the results of last year’s 851 eligible companies and this year’s 903, we found that aggregate net profits fell 40%, from $162.1 billion last year to $96.8 billion this year, even though this year’s cohort contained more companies. Aggregate sales also fell 14.1% to hit $701.9 billion, compared to $817.1 billion last year. That’s a pretty big sign of a very bad 12 months.

However, market value metrics tell a different story. Comparing last year’s 1,149 listed companies with this year’s 1,136, we found that aggregate market value had gone up 31.4% from $2.6 trillion to $3.4 trillion. For the U.A.E. companies alone, aggregate market value went up by 73.2% from $194.4 billion last year to $336.6 billion. For Saudi companies, it went up by 27.7% from $2 trillion to $2. 6 trillion. This is a pretty good sign of a positive outlook. This time last year, we were still in the grip of COVID-19; now, we are very much hopeful that we on our way out of it.

As countries and markets continue to recover throughout 2021 and into 2022, many reports suggest that global economies—including the Middle East’s—can look forward to a post-pandemic boom. Businesses and individuals everywhere will be hoping they’re right.

—Claudine Coletti, Managing Editor

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

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• LEADERBOARD • Billionaires

3 Companies That Minted New Billionaires In 2020 A record 493 individuals joined Forbes’ World’s Billionaires list this year, with some that particularly benefited from their company’s performance. Here are three companies that created new billionaires last year. Net worths are as of May 13, 2021.

1. Moderna HQ: Massachusetts, U.S. SECTOR: Healthcare

Moderna was established in 2010 and went public in December 2018. The company develops drugs and vaccines using messenger RNA. In December, Moderna’s COVID-19 vaccine—with reported efficacy of 95%—was the second to be approved by regulators in the U.S. after the Pfizer-BioNTech vaccine.

Stéphane Bancel NET WORTH: $4.9 billion CITIZENSHIP: France

Bancel became CEO of Moderna in 2011 after leaving his previous job as CEO of French diagnostics firm BioMérieux. He became a billionaire in April after the stock jumped on the vaccine news. Bancel owns about 8% of the biotech firm.

Timothy Springer NET WORTH: $2.3 billion CITIZENSHIP: U.S.

An immunologist and professor of biological chemistry and molecular pharmacology at Harvard University, Springer was a founding investor in Moderna in 2010 when he put about $5 million into the fledgling company. The active biotech investor owns a 3.5% stake in Moderna.

Robert Langer NET WORTH: $1.8 billion

Citizenship: U.S.

Robert Langer

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Langer is a scientist and professor of chemical engineering at the Massachusetts Institute of Technology (MIT), where he leads his namesake Langer Lab. He was a founding investor in Moderna in 2010, where he owns a 3% stake and has never sold a share.

JUNE 2021

BY JAMILA GANDHI; ROBERT S. LANGER AND LAURA LANGER PHOTO BY MIIKKA SKAFFARI / GETTY IMAGES VIA AFP

LEADERBOARD

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HQ: San Francisco, U.S. SECTOR: Food and beverage

Established in 2013, restaurant delivery app DoorDash connects 18 million customers with 390,000 restaurants and merchants. In April 2021, DoorDash had 56% of all meal delivery sales in the U.S., according to Bloomberg Second Measure, compared to 21% for Uber Eats and 18% for GrubHub. The company went public on the New York Stock Exchange in December 2020.

3. Snowflake HQ: San Mateo, U.S. SECTOR: Cloud

Cloud database company Snowflake had an IPO in September 2020, which became the world’s largest software IPO in history. The firm was founded in 2012 and took two years to develop the software.

Stanley Tang NET WORTH: $1.5 billion CITIZENSHIP: U.S.

Co-founder Tang serves as the head of labs at DoorDash. The 28-year-old owns an estimated 4% of the company. He was listed in Forbes 30 Under 30 Consumer Technology in 2015.

Andy Fang NET WORTH: $1.5 billion CITIZENSHIP: U.S.

Fang is DoorDash’s head of consumer engineering and owns roughly a 4% stake in the company.

The 28-year-old was listed in Forbes 30 Under 30 Consumer Technology in 2015.

Tony Xu TONY XU PHOTO BY KIMBERLY WHITE / GETTY IMAGES VIA AFP; FRANK SLOOTMAN, IMAGE FROM SNOWFLAKE

NET WORTH: $2.1 billion CITIZENSHIP: U.S.

Xu serves as CEO and owns 4.6% of DoorDash plus options. The 36-year-old was born in China and moved to the U.S. at age five.

Frank Slootman

Frank Slootman NET WORTH: $1.7 billion CITIZENSHIP: U.S.

CEO Slootman joined Snowflake in 2019 and owns about 10% of the company. A veteran at taking companies public, Snowflake’s IPO was the third for the 62-year-old Dutchborn leader.

Benoit Dageville NET WORTH: $1.5 billion CITIZENSHIP: U.S.

Dageville, co-founder and President of Products, was the biggest individual winner in Snowflake’s IPO. He owns an estimated 8% of the company. The 54-year-old has a PhD in computer science and is a named inventor on more than 80 patents.

Thierry Cruanes NET WORTH: $1.5 billion CITIZENSHIP: U.S.

Co-founder Cruanes serves as CTO at Snowflake. The 53-year-old has a PhD in computer science and holds over 40 patents.

Bob Muglia NET WORTH: $1.1 billion CITIZENSHIP: U.S. Tony Xu

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13 LEADERBOARD

2. DoorDash

Muglia was the CEO of Snowflake until he stepped down in 2019. He owns roughly 1.4% of Snowflake stock and sold half to Berkshire Hathaway as part of Snowflake’s IPO. JUNE 2021

Stock Markets

The global pandemic stalled Initial Public Offering (IPO) activity last year, with market volatility reaching its highest levels since the 2008 financial crisis. But these six IPOs managed to make it despite the challenges.

The GCC witnessed six IPOs in 2020, compared to nine in 2019, according to PwC. Of these six, three occurred in the first quarter of 2020. Combined, the six raised $1.7 billion in proceeds. Saudi’s Tadawul was the most active GCC stock market, accounting for 66.7% of the total listings with four GCC IPOs debuting on the exchange.

The GCC’s largest IPO in 2020 was Saudi healthcare provider Dr. Sulaiman Al Habib Medical Services, raising $700 million. Another Saudi conglomerate, retailer BinDawood Holding, followed with proceeds of $585.2 million.

In Q4 2020, QLM Life & Medical Insurance Company was the first IPO on the Qatar Stock Exchange since Q4 2019.

The company listed on the bourse in January 2021.

Last year also saw the listings of Boursa Kuwait Securities Company and Shamal Az-Zour Al-Oula Power and Water Company after their IPO issuances in late 2019.

The region also witnessed a series of new initiatives, including Tadawul’s launch of its F O R B E S M I D D L E E A S T.C O M

Dr. Sulaiman Al Habib Medical Services IPO SIZE: $700 million SECTOR: Healthcare COUNTRY: Saudi Arabia DATE: March 2020

BinDawood Holding

Dr. Sulaiman Al Habib Medical Services

derivatives market in Q3, to attract foreign investors. The stock market’s first exchangetraded derivatives product is the MT30 Index Future, based on the MSCI Tadawul 30 Index.

The U.A.E. government also declared it would be developing a single regulator to oversee the non-bank financial sector by merging the Insurance Authority with the Central Bank and distributing competencies and authorities between the Securities and Commodities Authority and the licensed securities and commodities markets.

Nasdaq Dubai also announced that it will be launching a Growth Market in 2021 for small and medium-sized

businesses if they are valued below $250 million.

Meanwhile, the Bahrain Stock Exchange is setting up a delivery-versuspayment model, enabling better protection of client assets, investor protection, settlement, and disclosure enhancements.

What to watch for The Saudi bourse has begun preparing for its IPO, inviting proposals from banks to pitch for their roles in its planned share sale.

Tadawul CEO Khalid Al Hussan had said in January 2021 that they have a twoyear timeframe for the IPO and that plans would be unveiled this year.

Here’s a closer look at the GCC-based IPOs that were announced in 2020.

IPO SIZE: $585.2 million SECTOR: Retail COUNTRY: Saudi Arabia DATE: October 2020

QLM Life & Medical Insurance Company IPO SIZE: $181 million SECTOR: Insurance COUNTRY: Qatar DATE: December 2020

Yalla Group IPO SIZE: $144.8 million SECTOR: Technology BOURSE: NYSE DATE: September 2020

Amlak International IPO SIZE: $116 million SECTOR: Financials COUNTRY: Saudi Arabia DATE: July 2020

Sumou Real Estate IPO SIZE: $8 million SECTOR: Real estate COUNTRY: Saudi Arabia DATE: May 2020 JUNE 2021

BY JAMILA GANDHI; IMAGE FROM HABIB MEDICAL GROUP TAKHASSUSI BRANCH LINKEDIN

LEADERBOARD

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6 GCC Companies Debuted On Stock Exchanges In 2020

LEADERBOARD

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PRO M OTI O N

This Is How 5G Impacts Industries

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Ashok Bhola, General Manager of Gulf Business Machines (GBM) Dubai & Northern Emirates, explains how 5G is changing the world of business, and how it is embracing an opportunity not to be missed.

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he technology landscape has changed beyond recognition over the decades. Back in the 1970s and 1980s, punched cards, green screens, and analog devices ruled the day, and inordinately large IBM mainframes housed in dedicated rooms had to be water cooled to prevent overheating. Today, things couldn’t be more different; workplaces are now populated

with systems and devices that were once the stuff of Hollywood sci-fi, and quantum leaps in data and connectivity continue to disrupt the business world, with 5G technology at the forefront of change.

To say that 5G is going to revolutionize the world of work is no exaggeration. As the rollout of fifth generation network technology picks up pace, the Internet of Things (IoT) will advance and the

TheF O thoughts this advertorial are those of the client.

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market for IoT devices with edge computing possibilities will truly take off. What’s more, all of this will happen at lightning speed: 5G technology has the potential to be 100 times faster than current longterm evolution (LTE) networks.

As potential starts to become a reality, it is not just individual companies that stand to gain from the proliferation of 5G, but entire industries and economies too.

JUNE 2021

PRO M OTI O N

According to a study from Nokia, industries that are 5G-enabled could contribute $8 trillion to global gross domestic product (GDP) by 2030, with healthcare, manufacturing, and energy and utilities counting among the sectors with the highest maturity.

Nokia’s research also found that more than 90% of companies in the transportation and mining sectors have invested in 5G, or plan to do so.

As investments in 5G and IoT capabilities ramp up, the impact on companies and consumers will be profound, not least in the retail space. In the years ahead, the number of retail outlets will fall as appetite for online shopping increases and in-store technologies including self-checkout systems grow in scale and sophistication.

Retail giants like Walmart, Carrefour and few local companies have already introduced convenient self-checkout options, giving customers more choice, and changing the way they shop.

Retail banking will be affected too. Already, numerous bank branches have closed in Dubai and beyond as banks undergo a digital journey that is transforming their online services and automated teller machines (ATMs). New age technologies allow banks to formulate innovative products and personalized offerings that align with customer expectations and enable them to strengthen customer engagements. And just as digital transformation will impact demand for brick-and-mortar shopping outlets, it is also likely to lead to a decline in demand for branch tellers and cashiers in the retail banking sector.

Of course, retail and banking are not the only sectors to feel the impact. Jobs in manufacturing will also take a hit as automation of processes increases. Meanwhile,

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

the fact that 5G technology delivers faster data speeds and allows IoT devices to communicate, means working from home will become easier, with knock on effects for industries such as commercial real estate.

Still, the adverse impacts will be outweighed by the benefits. For one thing, many jobs in the health, engineering and artistic fields will remain intact and may even be enhanced by greater connectivity.

Then, 5G itself will contribute to a spurt in other advanced technologies, including those relating to artificial intelligence.

As 5G makes its debut across the GCC, GBM is working on significant projects in AI, blockchain, advanced video analytics and cloud technologies in Dubai and the Northern Emirates.

In fact, the race is on; the UAE’s Telecommunications Regulatory Authority (TRA) is mandating the move to 5G technology in all inhabited areas of the UAE by 2025, so the clock is ticking.

In many ways, Dubai has had a head start. The Dubai government, which started its e-government initiatives in the early 2000, has focused for years on making the emirate a data hub by attracting hosting companies with big data centers and cloud services. It was also one of the first governments to create an AI hub to incubate new technologies.

More broadly, the total number of 5G mobile network subscriptions across MENA is expected to reach 130 million by 2026, constituting 15% of total mobile users in the region. And 5G deployment is happening as we speak. According to the November 2020 edition of the ‘Ericsson Mobility Report’, commercial 5G deployments took place across the region during 2019

5G technology has the potential to be 100 times faster than current long-term evolution (LTE) networks and 2020, and 5G subscriptions were expected to reach close to 1.4 million, mainly in the Gulf countries, by the end of last year.

From a business cost perspective, the faster 5G takes off the better.

Increasingly, companies are looking to technologies relating to IoT, analytics, cloud, blockchain and security to help cut their operating costs and boost efficiency. From airlines and hospitality to retail and banking, the need to cut budgets and accelerate digital transformation was already pressing, but it has been accelerated even further by COVID-19.

The pressures of the pandemic and the rapid pace of technological change are making companies realize the importance of reengineering their business processes and embarking on their own journeys towards digitalization.

In particular, as customers gravitate online with mobile devices powered by 5G, the corporate sector’s top priority now is to offer a secure and pleasant online experience to their customers, complete with easy access, navigation and reliability.

This is the next major challenge of digitization, but the rewards make the effort well worthwhile.

We at GBM, are accelerating our transformation in technology requirements in these areas to meet the challenges of the future.

www.gbmme.com

JUNE 2021

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CEO

Top 5 Women Leading Globally Listed Companies Spanning industries from healthcare to banking, here are the top five female CEOs leading publicly-listed companies on Forbes’ Global 2000 list 2021. They served a combined average of a decade working at their companies before being appointed to the C-suite.

1. Jessica Tan

Jane Fraser

Co-CEO, Executive VP, Ping An Insurance Group CITIZENSHIP: Singapore COMPANY RANK ON GLOBAL 2000: 6

Tan first joined the Chinese finance insurance giant Ping An in 2013 as group CIO and became the group’s co-CEO in 2018.

Until February 2021, Tan was also the company’s COO. Before joining Ping An, she was a global partner at McKinsey & Company. The Singaporean holds master’s degrees in electrical engineering and computer science from the Massachusetts Institute of Technology. Ping An ranks as the top insurer globally according to Forbes, boasting 218 million customers at year-end 2020, up 9% from the start of the year.

2. Jane Fraser CEO, Citigroup CITIZENSHIP: U.S. COMPANY RANK ON GLOBAL 2000: 16

In February 2021, Fraser was appointed as the CEO of Citigroup, making her the first female CEO in the banking firm’s history. She joined Citi in 2004 in the corporate and investment banking division and has F O R B E S M I D D L E E A S T.C O M

since served in multiple departments and positions.

Prior to working at the US-headquartered bank, Fraser was a partner at McKinsey & Company. The 54-year-old has an MBA from Harvard Business School and a master’s degree in economics from Cambridge University.

3. Karen Lynch President and CEO, CVS Health CITIZENSHIP: U.S. COMPANY RANK ON GLOBAL 2000: 37

After over three decades of healthcare industry experience, Lynch became the CEO of CVS Health in

February 2021. She joined the company in late 2018 as executive vice president.

Lynch’s immediate priorities include leading the firm’s national response to the COVID-19 pandemic and improving the health of communities. Her career began with Ernst & Young as a certified public accountant. The 58-yearold has an MBA from Boston University.

4. Mary Barra Chair and CEO, General Motors CITIZENSHIP: U.S. COMPANY RANK ON GLOBAL 2000: 47

GM’s CEO since 2014,

Barra, is the firm’s first female CEO and the first woman to lead any major automaker in the U.S. She began her career with GM as a General Motors Institute co-op student at the Pontiac Motor Division in 1980. Having earned $21.6 million in 2019, the 59-year-old has the highest compensation of a Detroit Big Three automaker leader. GM has consistently scored highly in gender equity reports; in 2018, it was one of only two global businesses with no gender pay gap.

5. Safra Catz CEO, Oracle Corp.

CITIZENSHIP: U.S. COMPANY RANK ON GLOBAL 2000: 71

Catz has served as CEO of software firm Oracle since September 2014, when founder and fellow billionaire Larry Ellison stepped down from the role. She joined Oracle in 1999 and is credited with spearheading Oracle’s aggressive acquisition strategy, helping close more than 130 acquisitions. The 59-year-old also serves as a director of The Walt Disney Company and previously served as a director of HSBC Holdings plc.

JUNE 2021

BY JAMILA GANDHI; IMAGE CREDIT: CITIGROUP

LEADERBOARD

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PRO M OTI O N

Bahrain’s Yara Jameel Salman continues to expand her medical and aesthetics portfolio with another signature Hospitalia venue about to open its doors.

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his past year will go down in history for being the year of the COVID-19 pandemic, but for Yara Jameel Salman it also marks a milestone on her journey towards becoming a global business leader. In a matter of weeks, the young Bahraini medical entrepreneur is due to open her second Hospitalia By Yara center, continuing to delve into the world of beauty, medicine, and aesthetics.

Yara has been in the public eye since the young age of 17 when she launched Yara Beauty Lounge, the largest and very first beauty lounge on Bahrain’s Amwaj Islands, offering a wide array of hair, nail, massage, tanning, and facial services.

Since then, Yara has made numerous headlines, particularly when she opened Farmacia By Yara, one of the first robotic pharmacies in the region. Yara’s investments in new and emerging technologies to support her main establishment, Hospitalia by Yara, have also been highlighted by the media.

Hospitalia By Yara was founded back in 2016, and five years on, the luxury cosmetic and medical center is growing fast. Hospitalia

By Yara specializes in the fields of hyperbaric oxygen, dermatology, dentistry, weight loss, and cryotherapy, with each treatment designed to address prominent cosmetic and medical concerns. The state-of-the-art center offers a long list of world-class FDA approved services including Emsculpt, TrusculptFlex, Fat Freeze, Ultherapy, Dermalux, and MiraDry. What’s more, Hospitalia by Yara is also Bahrain’s official and exclusive franchisee of Reviv, the leading global brand in intravenous wellness therapies and booster shots.

Hospitalia By Yara is renowned for many things: its team of highly skilled and top performing talent, its inclusive and diverse workplace culture, its inventive solutions, and its future-forward, one-of-a-kind aesthetic.

Heavily influenced by biophilic design, the exterior fuses with the interior. The place is, quite literally, a breath of fresh air. The word “nature” permeates every level of the Hospitalia experience, with dozens of indoor olive trees and vertical plant walls. The interior is

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

contemporary and minimalistic, with vast open spaces, sleek clean lines, and a concise color palette of mostly black-and-white, with tones of nature.

The new Hospitalia branch will be located at the heart of Riffa, seconds away from the city’s most prominent landmark, the clock tower roundabout. There, clients can indulge in a day of awardwinning treatments, followed by sublime signature dishes and beverages at Haûte Health By Hospitalia, a modern café concept and lifestyle brand that promotes holistic nutrition, which will be located right next door. The café features Instagram-worthy interiors and a beautiful open-air terrace where guests can sit back, relax, and experience sweeping views of the city. From pampering to coffee made to perfection, Hospitalia By Yara has it all.

www.hospitaliabyyara.com www.yaraonline.co

JUNE 2021

19 LEADERBOARD

A Medical Empire In The Making

Global 2000

In May, Forbes released its Global 2000 list for 2021, revealing the world’s largest and most valuable companies.

Compared to 2020’s ranking, the collective market value of the world’s top companies has increased by 47% to $79.8 trillion, with total assets surging by 11% to $223 trillion.

However, profits and revenues are suffering, falling by 24% to $2.5 trillion and 6% to $39.8 trillion, respectively.

Here are the world’s largest top 10 public companies. All numbers are as of April 16, 2021.

1. Industrial & Commercial Bank of China Ltd. (ICBC) China • Banking MARKET VALUE: $249.5 billion

ICBC engages in the provision of commercial banking and financial services.

The company was founded in 1984 and is headquartered in Beijing, China.

2. JPMorgan Chase

U.S • Diversified Financials MARKET VALUE: $464.8 billion JPMorgan Chase & Co. is a financial holding company. It provides financial and investment banking services. The company was founded in 1968 and is headquartered in New York, NY.

3. Berkshire Hathaway

U.S. • Diversified Financials MARKET VALUE: $624.4 billion Berkshire Hathaway, Inc. provides property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing, and services. The company was founded by Oliver Chace in 1839 and is headquartered in Omaha, NE. F O R B E S M I D D L E E A S T.C O M

Steven Paul Jobs, Ronald Gerald Wayne, and Stephen G. Wozniak on April 1, 1976 and is headquartered in Cupertino, CA.

6. Bank of America

U.S. • Banking MARKET VALUE: $336.3 billion Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. The company was founded by Amadeo Peter Giannini in 1904 is headquartered in Charlotte, NC.

6. Ping An Insurance Group 4. China Construction Bank China • Banking MARKET VALUE: $210.4 billion

China Construction Bank Corp. engages in the provision of financial services to corporate and personal customers. The company was founded in October 1954 and is headquartered in Beijing, China.

China • Insurance MARKET VALUE: $211.2 billion

Ping An Insurance (Group) Co. of China Ltd. engages in the provision of financial products and services. It operates through the following segments: Insurance, Banking, Trust, Securities, Other Asset Management, Technology, and Others. The company was founded by Ming Zhe Ma on March 21, 1988 and is headquartered in Shenzhen, China.

5. Saudi Arabian Oil Company (Saudi Aramco)

9. Agricultural Bank of China

Saudi Arabian Oil Co. engages in the exploration, production, transportation, and sale of crude oil and natural gas. The company was founded on May 29, 1933 and is headquartered in Dhahran, Saudi Arabia.

The Agricultural Bank of China engages in the provision of international commercial banking and financial services. The company was founded on July 10, 1951 and is headquartered in Beijing, China.

6. Apple

10. Amazon

Saudi Arabia • Oil & Gas Operations MARKET VALUE: $1.9 trillion

U.S. • Technology Hardware & Equipment MARKET VALUE: $2.2 trillion Apple, Inc. engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other variety of related services. The company was founded by

China • Banking MARKET VALUE: $140.1 billion

U.S. • Retailing MARKET VALUE: $1.7 trillion Amazon.com, Inc. engages in the provision of online retail shopping services. The company was founded by Jeffrey P. Bezos in July 1994 and is headquartered in Seattle, WA. Country • Industry • Market value JUNE 2021

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Meet The World’s 10 Largest Public Companies

Inside The Global 2000

Global Imbalance Roughly 75% of companies on the Global 2000 are based in just 10 countries.

After the U.S. and China, Japan, the U.K., and South Korea are home to the most listmakers.

588

• China & Hong Kong

324

• Japan

217

• United Kingdom

77

• Canada

61

• South Korea

58

• France

57

• Germany

51

• India

50

• Taiwan

43

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• United States

21

Top Industries

Banks 14.8% Diversified Financials 7.1%

With nearly $108 trillion in combined assets, the banking industry continues to dominate the Global 2000. And as real estate values mount, construction companies took a larger slice of the pie this year.

Construction 6.8% Insurance 5.6% Oil & Gas 5.05% Other 60.7%

China Rising While the U.S. has seen its Global 2000 dominance diminish over the years, China’s company count has risen or stayed constant each year since the list launched in 2003, with a record 350 Chinese firms (including those from Hong Kong) making the 2021 list, up from 324 in 2020. The U.S. added only two new companies, for a total of 590. China’s relatively quick economic recovery from the pandemic, its sizzling IPO market and its growing tech businesses fed its surge.

776

751

711

693

659 598

49

53

64

89

109

133

536 536

162

167

536

167

543

182

563

206

579

232

587

249

565

262

560

575

291

309

588

324

590

350

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Preparing For An Omnichannel Future The Mastercard New Payment Index reveals a strong appetite for digital payments—a reminder to businesses that it’s time to expand their offerings.

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ith rising consumer interest around new payment technologies, the expectation is now on businesses to adapt to digital life and the changing face of retail.

According to the Mastercard New Payments Index, more than three in four UAE consumers (76%) say that they prefer to shop at small businesses that have an online presence as well as in-person service.

The study reveals that the adoption of new payment technologies is growing, and that consumer appetite for new, fast, and flexible digital experiences is on the up. In fact, the study findings show that 97% of UAE consumers will consider using at least one emerging payment method, such as cryptocurrency, biometrics,

contactless, or QR code, in the next year. This trend coincides with the COVID-19 pandemic.

Early in the crisis, stores closed and social distancing took hold, forcing retailers worldwide to move their businesses online, embrace e-commerce, and explore new ways to pay.

Commenting on the changing landscape of retail and payments, Girish Nanda, Mastercard’s country manager for the UAE and Pakistan, explains that consumers today expect convenience, and that it is up to businesses - including small enterprises - to respond to the demand by preparing for an omnichannel future. “We foresee that speed and security will play an even more important role in delivering these needs and we expect continued growth of new solutions to provide a seamless payment experience,” says Nanda.

“Together with our partners we are working to enable the ease of acceptance of emerging payments that are coming out strong in a post-pandemic world,” he adds.

Responding to consumers According to the Mastercard New Payment Index, 78% of UAE

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shoppers are more excited to shop at retailers that can offer the latest payment methods, while an equal proportion say they are more likely to be loyal to retailers who offer multiple payment options.

Digital wallets, in particular, have become increasingly popular thanks to the innovation and agility of the UAE banking sector. In fact, 42% of UAE consumers say they currently use a digital wallet and more than six in 10 (66%) say they plan to use one within the next year.

As one way to address this consumer preference for fast, touch-free payment experiences, many merchants are turning to contactless payments. Already, 88% of in-person transactions are now contactless in the UAE, with most merchant categories seeing an increase as a share of total inperson transactions year-over-year in the first quarter of 2021.

This behavior shift is reinforced by the desire for consumer choice, with 83% of study participants saying that they expect to make purchases when they want and how they want. As the demand for emerging payments and choice continues, so too does the need for a wider range of payment solutions, relevant insights, and related products.

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Cryptos, QR codes, and biometrics Today consumers can buy, sell, and trade cryptocurrency as a commodity or investment. What’s more, they are increasingly showing interest in being able to make everyday purchases using crypto assets. As global attention on digital currencies continues to grow, 50% of people in the UAE say they plan to use cryptocurrency in the next year, with more than half (63%) noting that they are more open to using it than they were a year ago. In light of growing demand, Mastercard announced earlier this year that it would start supporting select cryptocurrencies directly on its network. However, while consumer interest in cryptocurrency—especially floating digital currencies such as Bitcoin—is high, work is still required to ensure consumer choice, protection, and regulatory compliance.

Perceptions of safety and convenience have been front and center for people over the past year, with 55% of UAE consumers saying they plan to use biometric verification methods like gait or walk assessments, or fingerprint authorization.

Furthermore, 68% of consumers reportedly feel safer using biometrics to verify a purchase than entering a pin.

Against this backdrop, growing markets are leveraging QR-based options as a clean and convenient way to interact with merchants, while 56% of people in the UAE expect to use more payment technologies like QR codes in the next year. Nearly 70% of consumers find that QR codes are cleaner and more convenient for inperson payments, and that they also have significant potential to reduce the cost of payment acceptance and increase financial inclusion.

East and North Africa (MENA) are unanimous in their acceptance of digital payments—a reality that has been galvanized by the pandemic. In fact, over two-thirds of respondents (65%) agree that they have now tried a new payment method that they would not have tried under normal circumstances.

Contactless technology was the digital catalyst to explore new payment options because of its fast, secure, and touch-free experience.

Between the first quarter of 2020 and the same period in 2021, more than 100 markets saw contactless as a share of total in-person transactions grow by at least 50%.

Now, more than a year into the COVID-19 pandemic, contactless is showing its staying power and dynamism. In the first quarter of 2021 alone, Mastercard saw one billion more contactless transactions worldwide as compared to the same period of 2020. Looking ahead, all signs point to a continued growth path for contactless, with nearly seven in 10 consumers globally expected to use a contactless card this year.

With this interest and consumer demand also comes a greater expectation on businesses to provide multiple ways to shop and pay. In fact, 61% of MENA consumers say they will avoid businesses that do not accept electronic payments of any kind. Here, the call to action is clear: to ensure their future success and to meet the demands of consumers, businesses must expand their options at checkout and prepare for an omnichannel future.

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Digital payments accelerate across the region Consumers across the Middle

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Global 2000

The World’s Largest Technology Companies In 2021:

Apple’s Lead Widens As Coinbase, DoorDash Storm Into Ranks

After massive pandemic gains and blockbuster public-market debuts, technology firms tightened their grasp on global business and got bigger than ever over the past year, claiming a record 177 spots on this year's Global 2000, Forbes' annual ranking of the world's largest public companies.

Apple heads up the technology ranks for the sixth-straight year, F O R B E S M I D D L E E A S T.C O M

climbing two spots to No. 6 on the overall list, as surging demand in China helped iPhone sales crush expectations and lifted annual profits to a record $63.9 billion—making Apple the most profitable company in the world. The Silicon Valley firm is also worth more than any other company in the world, boasting a market value of nearly $2.3 trillion when the Global 2000 was tallied

on April 16.

Fellow smartphonemaker Samsung Electronics reclaimed the No. 2 spot in tech after slipping to No. 4 last year, rising five spots to No. 11 overall thanks to a pandemic-led boom in the company's home appliance sales. Those revenues are expected to remain strong due to the recovering global economy. Despite short-term headwinds to its semiconductor business

from a global chip shortage, Samsung posted revenue over the past year of more than $200 billion.

Holding steady at No. 13 in the overall list, Alphabet claims the No. 3 spot in tech after sharing the position last year with software giant Microsoft, which slips to No. 4 in tech and No. 15 overall. Both companies shattered Wall Street earnings expectations JUNE 2021

BY JONATHAN PONCIANO FORBES STAFF; APPLE PARK - DRONEANDY / SHUTTERSTOCK.COM

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The World's Largest Tech Companies In 2021 1. Apple

2. Samsung Electronics

COUNTRY: South Korea SALES: $200.7 billion MARKET VALUE: $510.5 billion

3. Alphabet

COUNTRY: U.S. SALES: $182.4 billion MARKET VALUE: $1.5 trillion

4. Microsoft Corporation COUNTRY: U.S. SALES: $153.3 billion MARKET VALUE: $2 trillion

over the past year, but Alphabet's dominance in the digital ad space helped its profit soar nearly 17% to $40.3 billion, outpacing Microsoft's earnings growth of about 11%.

Internet giant Tencent rounds out the top five with its highest placing yet, jumping 21 spots to land at No. 29 overall. The only Chinese company among the world's 20 largest tech firms, Tencent posted the biggest sales and profit gains out of any firm in the top 20. Another beneficiary of the booming digital ad market, annual sales soared 28% to nearly $70 billion, while profits skyrocketed 72% to $23.3 billion.

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he year's highest debut is Chinese fintech Lufax, one of more than two dozen tech newcomers on the Global 2000. Like many others appearing for the first time, Lufax lands on the list after a highly anticipated public-market debut. The digital lender raised $2.2 billion in October and now sports a $40 billion market cap, ranking No. 500 overall and No. 40 for tech.

Crypto exchange Coinbase marks the biggest debut for a U.S. firm after its F O R B E S M I D D L E E A S T.C O M

direct listing in April briefly catapulted its market cap to more than $100 billion. It's joined by a crop of other buzzy young American firms that are new to this year's list after going public in the last two years, including delivery service DoorDash, online photosharing board Pinterest and cloud companies Snowflake, Datadog and Crowdstrike.

In total, about 81 of the world's largest tech companies are based in the United States, far more than any other country. China, Japan and Taiwan are other tech hotspots, claiming stake to 26, 15 and 13 companies on the list, respectively.

Altogether, the technology companies on Forbes' Global 2000 come from 22 different nations and represent a staggering $17.9 trillion in market value—surging 73% year over year to nearly a third of the value of the entire U.S. stock market. The firms posted nearly $3.3 trillion in combined annual sales, up from about $3 trillion last year, when 161 tech companies made the list. Assets and profits also swelled, climbing 19% and 11%, respectively, to $5.2 trillion and $434.7 billion.

5. Tencent Holdings

COUNTRY: China SALES: $70 billion MARKET VALUE: $773.8 billion

6. Facebook

COUNTRY: U.S. SALES: $86 billion MARKET VALUE: $870.5 billion

7. Intel Corporation

COUNTRY: U.S. SALES: $77.9 billion MARKET VALUE: $263.7 billion

8. IBM

COUNTRY: U.S. SALES: $73.6 billion MARKET VALUE: $119.4 billion

9. Taiwan Semiconductor Manufacturing Co.

COUNTRY: Taiwan SALES: $48.1 billion MARKET VALUE: $558.1 billion

10. Oracle Corporation

COUNTRY: U.S. SALES: $39.7 billion MARKET VALUE: $227.7 billion JUNE 2021

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COUNTRY: U.S. SALES: $293.9 billion MARKET VALUE: $2.3 trillion

Stock Markets

Middle East-Based Companies Listed On Foreign Exchanges From lower volatility, exposure to more liquidity, to arguably better visibility, multiple factors may tempt a company to list its business on a foreign exchange. Here are five regional companies that opted for an international Initial Public Offering (IPO). to $144.8 million after the underwriters exercised their over-allotment option.

Founded in 2016, the company’s flagship mobile app, Yalla, features Yalla rooms, a mirrored online version of majlis or cafes.

Al Noor Hospitals Group (ANHG) RAISED: $311 million BOURSE: LSE SECTOR: Healthcare

In June 2013, ANHG listed on the London Stock Exchange, raising gross proceeds of approximately $311 million. On admission, the company was valued at an estimated $1 billion.

As a result of the merger of Mediclinic International with ANHG in February 2016, the ANHG facilities were rebranded under the Mediclinic name.

Finablr

Anghami

Pay. In 2018, the fintech firm processed more than 150 million transactions, managing $114.5 billion in volumes for its customers.

Network International

RAISED: $394 million BOURSE: LSE SECTOR: Fintech

RAISED: $1.4 billion BOURSE: LSE SECTOR: Fintech

Finablr, a global platform for payments and foreign exchange, launched its IPO at the London Stock Exchange in April 2019, valuing the company at approximately $1.5 billion at the time. Established in 2019, the U.A.E.-based payments group operates several foreign exchanges and digital payment companies, including brands like UAE Exchange, Xpress Money, Unimoni, Remit2India, and Bayan

Dubai-based payments processor Network International listed on the London Stock Exchange in April 2019.

On admission, the digital commerce firm achieved a market capitalization of $2.8 billion, having raised $1.4 billion. In 2020, the group processed over $33 billion in total process volume (TPV) for more than 80,000 merchants and processed 758 million issuer transactions on over

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16 million cards for over 200 financial institutions.

Established in 1994, Network International was founded as a wholly-owned subsidiary of Emirates NBD Bank. Today, the company has operations in Egypt, Jordan, South Africa, and Nigeria, with headquarters in Dubai.

Yalla Group RAISED: $144.8 million BOURSE: NYSE SECTOR: Entertainment

Entertainment and social networking platform Yalla Group announced the pricing of its IPO for a total offering size of approximately $139.5 million in September 2020, becoming the U.A.E.’s first tech unicorn to list on a New York bourse. A month later, the figure climbed

RAISED: via SPAC BOURSE: Nasdaq SECTOR: Entertainment

Lebanon-born music streaming platform Anghami announced that it was listing on Nasdaq via the Special Purpose Acquisition Company (SPAC), Vista Media Acquisition Company, at a valuation of $220 million, in March 2021.

The transaction is expected to close in Q2 2021. The milestone also made nineyear-old Anghami only the second Middle Eastern firm on a U.S. bourse since logistics giant Aramex went public in 1997. Anghami is targeting a headcount growth from the current 120 to 150 by year-end. It also reported that revenues had jumped 80% over the past three years and that it expects them to increase five-fold over the next three years.

JUNE 2021

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A RTI FI C I A L I NTE LLI G E N C E S PEC I A L R EP O RT

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The impact of artificial intelligence (AI) on the global economy can already be felt, with the Fourth Industrial Revolution transforming all sectors. From virtual healthcare to traffic management and personalized shopping, the applications of AI in our everyday life are numerous and growing.

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A

ccording to a 2018 report

by PwC, the potential impact of AI on the global economy is estimated to be up to $15.7 trillion by 2030. With the contribution to Middle Eastern economies alone estimated to be $320 billion by 2030, the race to bank on the opportunity and become the regional hub for AI has started.

The report reveals that the U.A.E. is set to reap the largest gains from AI in relative terms, with a contribution of nearly 14% of 2030 GDP ($96 billion). Saudi Arabia, however, takes the lead in absolute terms, with a $135.2 billion contribution to 2030

GDP (12.4%). The economies of Bahrain, Oman, Qatar, and Kuwait could grow by $45.9 billion (8.2% of GDP) by 2030. It is predicted that the retail and public sectors, including education and healthcare, will see the largest gains.

Oxford Insight’s Government AI Readiness Index 2020 report ranked five Arab economies in the top 50, which measures the capacity of governments to implement AI in the delivery of their public services. The U.A.E. ranked highest from the region at 16th place, while Qatar, Saudi Arabia, Bahrain, and Oman were also among the top 50.

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Implementing AI Intelligently

PRO M OTI O N

Back To School

Stasa Podgorsek, AI Business Lead at Microsoft Middle East & Africa, explains how the company’s AI Business School is bringing organizations up to speed on the benefits and uses of artificial intelligence. tracks—Education, Finance, Healthcare, Government, Manufacturing and Retail— our content is tailored to a broad range of industries.

AI is dynamic and ever-evolving, how are you helping organizations to stay up to date when it comes to AI technology?

AI is fueling digital transformation across industries and evolving at an accelerated pace. We act as a trusted partner to many leading organizations on this path to digital transformation, and through AI Business School we inspire other leaders to take the step forward.

AI Business School is a master class series for business leaders who want to gain real insights from other executives across industries and business functions about how they have overcome the challenges of implementing and using AI in their organizations. Microsoft keeps the content evolving and relevant to any leader, no matter the company size. What’s more, with six

There is a need for every department within an organization to understand how to integrate AI into their operations and how to get the best out of it. How do you help businesses to do this?

The ability to integrate AI into the fabric of a business is what is going to accelerate the value that the organization gains from the technology. Building an AIpowered organization starts with understanding the benefits of adopting AI, setting the right strategy, and enabling an AI-ready culture to innovate responsibly.

AI Business School builds content aligned to these key pillars: AI Strategy, AI Culture, Responsible AI, Scale AI, AI for Business Users and AI Tech for Leaders. This targeted content helps to ensure that any stakeholder can get involved and actively participate in AI adoption.

How do you design a plan that is unique for every organization?

The main reason organizations struggle with AI adoption is not technological. Sure, there could be a lack of technical skills, but there is often also an inability to define

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and narrow down how AI will be used in the business, how it aligns to the corporate strategy, and how security and governance concerns can be managed internally as a result of AI usage. The AI Business School sections address these key fundamental topics, while also bringing in the industry lens. From there, Microsoft internal consulting services and a vast partner network of independent software vendors and solution providers ensure the path to adoption is agile and customized to a customer’s needs.

Technological transformation is becoming integral to the strategies of every enterprise. How do you support businesses in adopting and implementing AI? When it comes to AI adoption, AI Business School is definitely one of our flagship learning platforms, from a strategy and business leader perspective. We also have Microsoft Cloud Society, which focuses on upskilling the IT personnel of a company and getting them certified on Data and AI. In essence, we help to make sure that an organization has the technical know-how to support their ideation and implementation processes.

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A RTI FI C I A L I NTE LLI G E N C E S PEC I A L R EP O RT

Here are some of the Middle East’s most notable AI strategies and initiatives:

The U.A.E.

The U.A.E. has led the AI movement in the Middle East for years and it is now at the core of its national strategy. According to a report by Microsoft, the U.A.E. spent $2.1 billion in AI investments between 2008 and 2018 and had signed around 160 AI deals. This substantial investment

In order to ensure the “highest levels of responsibility and good governance” in the application of AI solutions, the Dubai government, specifically Smart Dubai, launched an AI Ethics Advisory Board, which aims to be an ethical AI toolkit for AI users.

Overall, the U.A.E. expects this strategy, especially its national AI program B.R.A.I.N., to save the government around $3 billion and boost the economy by $182 billion.

Saudi Arabia

had built the foundation for a burgeoning AI regional hub.

In 2017, the U.A.E. government launched the U.A.E. Strategy for Artificial Intelligence 2031, which aims to build a smart government, as well as integrate AI in various sectors, including transport, renewable energy, education and healthcare. One of the most prominent and timely examples would be Abu Dhabi Airports’ recent deployment of a robot to disinfect airport terminals, limiting contamination risks. The strategy also included the formation of an AI Council and the appointment of the world’s first state minister for artificial intelligence, Omar bin Sultan Al Olama.

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an AI-specialized joint venture in partnership with Abu Dhabi-based cloud computing company Group 42 (G42) in 2020, with the aim to develop AI solutions in the oil and gas industry.

In an effort to ensure that this strategy is passed on to generations to come, the U.A.E. government also formed the Mohamed bin Zayed University of Artificial Intelligence in 2019, which is a graduatelevel, research-based academic institution that offers specialized AI degree programs for local and international students. In the judiciary sphere, the Abu Dhabi Judiciary Academy has added courses on the use of AI in legal professions, as well as virtual courts.

The formation of the Saudi Data & AI Authority in 2019 has kickstarted one of the most ambitious AI programs in the region. The establishment of the government agency was closely followed by Saudi’s hosting of the Global AI Summit, where it launched Saudi’s National Strategy for Data and AI in 2020.

The kingdom has made one of the biggest financial commitments to the AI initiative in the region, promising to attract $20 billion in FDI and local investment in data and AI. It also set more ambitious goals such as training 20,000 data experts and launching 300 active startups by 2030.

Following the summit, Saudi Arabia signed a series of partnership agreements with international tech companies to advance AI in the kingdom, including with global brands such as Huawei and Alibaba Cloud.

But perhaps Saudi Arabia’s biggest AI-powered project to date is Crown Prince Mohammed bin Salman’s passion project, NEOM. The project includes a multi-billion-dollar mega-city, The Line, which will use AI technologies and data to make life in the city more efficient and improve transportation and freight operations.

The project is set to contribute $48 billion to domestic GDP by 2030 and create 380,000 jobs.

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In the private sector, U.A.E.-based companies and startups are readily implementing AI technologies in order to streamline their businesses and enhance customer experience.

In 2019, retail conglomerate Majid Al Futtaim partnered with Los Angelesbased technology company, I.AM+, founded by global music artist will.i.am, to introduce AI-powered conversational and contextual voice assistants in its business. Meanwhile, state oil giant ADNOC launched

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PRO M OTI O N

Preparing Banks For Digital Life

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ver the last two decades the internet has disrupted all industries, and banking and finance is one of the main sectors to reap the rewards. However, in order to enjoy the benefits of digitization, organizations must first embrace change.

Specifically, modern financial institutions are confronting three major forces of change: technology advancement, rising customer expectations, and regulatory scrutiny. Critical to successfully managing this fundamental change is the adoption of transformational technologies, including artificial intelligence (AI), cloud capabilities, and blockchain.

Already, these technologies are driving disruption across the banking industry, and Microsoft is behind many of the latest advancements. With millions of digital transactions taking place every day, banks generate huge amounts of data and Microsoft is helping them to use it to improve security, efficiency, and customer experience, as well as manage risk.

Enhancing the customer experience With digitization eliminating the need for paper-based documentation, banks can rapidly onboard new customers. Meanwhile,

Yasar Yilmaz, Financial Sector Industry Lead, Microsoft Middle East & Africa, explains how the global tech giant is helping banks to embrace change. the ability to deliver great telemetry coupled with Microsoft’s advances in AI and machine learning mean banks can personalize and tailor the customer experience. Digital assistants can also enable them to serve and advise customers in real time. Banks are now able to compete with newer fintech too, by modernizing their systems with the support of Microsoft technologies.

Managing risk Microsoft helps to improve risk management by helping banks to leverage scalable compute and analytics that can power modeling, insight, and regulatory reporting.

Robotics Process Automation (RPA) can also bring together processes to perform risk reporting and stress testing, while many banks are employing AI to assess risk for credit scoring. For their part, new startups are providing new sources of data that can be used to assess risk and improve insurance underwriting.

Protecting against financial crime When it comes to combatting financial crime, Microsoft is a formidable partner. Its solutions help banks to eliminate siloed approaches to monitoring and screening, identify and report suspicious activities, and protect themselves and their customers

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against criminal activity. Microsoft tools also make it easier for organizations to respond to the newest criminal topologies and enable banks to deploy enhanced data analytics for ongoing risk scoring.

Data security Trust is central to Microsoft’s mission and the company adheres to one of the strictest standards of data security in the industry. Microsoft does not share business customer data with its advertiser-supported services, nor does it mine such data for marketing or advertising.

This policy is backed by official agreements and reaffirmed by the adoption by many Microsoft services of the world’s first international code of practice for cloud privacy.

Additionally, Microsoft does not engineer back doors into its products for governments, and it does not provide any government with encryption keys, or the ability to break encryption. Furthermore, Microsoft proactively collaborates with customers and regulators on shaping compliance.

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Qatar

Established in 2010, the Qatar Computing Research Institute (QCRI), part of the Hamad bin Khalifa University, was formed to transform Qatar from a hydrocarbon-based economy to a knowledge-based economy.

Recognizing the increasing importance of AI, QCRI established the Qatar Center for Artificial Intelligence (QCAI), as part of the country’s National Artificial Intelligence Strategy. This strategy included forming an Artificial Intelligence Committee, which received Qatari government approval earlier this year, as well as the development of a strong academic AI curriculum.

Qatar has also been one of the regional advocates of AIpowered solutions when it comes to combating COVID-19. The QCRI had deployed a data-processing platform Rayyan, which allows healthcare experts and researchers working against COVID-19 to accumulate and process large amounts of virus-related information, according to the Oxford Business Group. The government launched a new app called Ehteraz, which uses GPS and Bluetooth to help diagnose F O R B E S M I D D L E E A S T.C O M

and track COVID-19 cases, informing users if they come into contact with someone that has tested positive.

Bahrain

The smallest GCC state took one of its most prominent steps towards AI readiness late last year with the launch of Bahrain’s first AI academy.

The launch came as a result of a collaboration between Bahrain Polytechnic, Microsoft and Tamkeen, with 38 participants in its first cohort.

Egypt

While adoption of AI outside the GCC has been slower, Egypt has

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been making substantial efforts to catch up with its neighbors.

According to PwC’s report, AI will contribute $42.7 billion (7.7% of GDP) to Egypt’s economy by 2030. In terms of spending, Egypt has reportedly invested a total of $241 million on AI between 2008 and 2018, and signed 100 AI deals, according to a report

by Microsoft.

In November 2019, the Egyptian government formed the National Council for Artificial Intelligence which is in charge of outlining, implementing and governing AI strategy in close coordination with the public and private sectors, as well as academic institutions. In the same year, the government launched Egypt’s first AI college in Kafr El Sheikh.

In order to support the startup ecosystem, the Planning and Economic Development Ministry announced the launch of state backed Rowad 2030, an AI startup incubator. Cairo-based companies have made AI a significant part of their business. The most notable of those would be Elves, an AI-powered human concierge service app, as well as video analytics firm Avid Beam, which was ranked among the world’s top AI developers, according to CIO Review.

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A RTI FI C I A L I NTE LLI G E N C E S PEC I A L R EP O RT

PRO M OTI O N

Off The Scale

Microsoft is on a mission to solve some of the world’s biggest challenges with an initiative that combines state-of-the-art infrastructure and a whole new class of AI.

A

I at Scale is a new initiative by Microsoft that includes developing a new class of large, centralized artificial intelligence (AI) models that can be scaled and specialized across industries and product domains. The initiative also involves creating state-of-the-art hardware and infrastructure to power this new class of models. In essence, the system works at unprecedented levels of complexity to solve some of today’s biggest challenges.

To achieve this next level of intelligence, even larger and more sophisticated models must be in place. These models will need to be built on massive amounts of data, requiring intensive compute power, time, and resources. They must also enable users to leverage the progress made in one case so that

similar models can be scaled and applied across various scenarios.

To enable AI at Scale, Microsoft worked on three key areas: infrastructure, model size, and deployment. In terms of infrastructure, the tech giant needed to rethink both its computer hardware and its networking, leading to investments in the best AI accelerators including the latest NVidia graphics processing units (GPUs) as well as InfiniBand networking. As for model size, Microsoft found that larger AI models performed better at tasks, meaning they needed to train the largest models possible. However, while large models lead to higher accuracy, they are expensive to deploy—a problem that Microsoft first had to overcome.

Today, AI is bound by limitations of infrastructure, effectiveness of

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

machine learning models, and ease of development. AI at Scale expands beyond these limitations to allow rapid acceleration of AI innovation. What’s more, Microsoft has built one of the top five publicly disclosed supercomputers, which will be vital in leveraging data with billions of parameters. AI at Scale will allow organizations to use supercomputing capabilities for everything from manufacturing cars to finding new oil repositories or assisting in the development of lifesaving medicines.

The goal, Microsoft says, is to make its resources widely available, so that developers, data scientists, and business customers can benefit from the power of AI at Scale. In just one example, earlier this year, Microsoft gave researchers access to the largest publicly available AI language model in the world, the Microsoft Turing model for natural language generation.

These collective AI efforts are resulting in breakthroughs that will help to solve some of the world’s hardest challenges and amplify our own ingenuity. Critically, organizations will not need to allocate huge resources to benefit from AI at Scale. Microsoft has reimagined AI and made much of its related technologies available on Microsoft cloud computing service, Azure, for any organization to use.

Looking ahead, with access to this world-class technology, companies will be able to fast-track the AI development cycle and deliver unprecedented business value at unprecedented pace, quality, and price performance.

www.microsoft.com/ai JUNE 2021

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SPEEDING AHEAD

Group CEO of Etisalat, Hatem Dowidar, has his work cut out as the 5G era begins. While the company reigns as one of the world’s fastest mobile networks, he’s plowing capital into digital investments.

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

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Hatem Dowidar, Group CEO of Etisalat

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At the helm of Etisalat, a $52 billion market cap telecom with 156 million subscribers spread across 16 countries, Group CEO Hatem Dowidar fixates on a simple way of measuring the Abu Dhabi-based firm’s performance. “The key thing that we look at is the speed of the network,” he explains.

Dowidar, who officially became Group CEO in December 2020 after leading Etisalat’s international business, must like what he’s seeing. Etisalat’s mobile network in the U.A.E. was the world’s fastest last year, according to Ookla, the U.S. company behind Speedtest, a platform tracking over 10 million consumer-initiated tests globally each day. Etisalat earned that distinction while facing surging demand for connectivity during COVID-19 lockdowns as well as competition from Dubai-based telecom, du. (It should be noted that Etisalat uses Ookla’s services, as do other industry players).

Despite its fast network, however, Etisalat is facing slow growth prospects in the U.A.E., which still contributes to over half of its revenues. Overall, Etisalat recorded $14.1 billion in sales across the group in 2020, down about 1% compared to 2019, but revenue growth mainly came from international operations, specifically in Egypt and from Maroc Telecom. Meanwhile, revenues were down 5% in the U.A.E for the year. The pandemic was partially to blame, which impacted tourism and saw restrictions lifted on competing voice services like Zoom, but the U.A.E. is also already a highly-penetrated mobile market, and subscriber growth has leveled off in recent years.

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Still, 2021 has provided a boost on the liquidity front, with Etisalat’s share price rising after announced in January that it was increasing its foreign ownership limit from 20% to 49%. The group’s market cap has risen nearly 30% since then to surpass $50 billion. “Etisalat benefits from an ironclad balance sheet,” says Ziad Itani, executive director of equity research at Arqaam Capital, which tracks the company.

Against that backdrop, Etisalat—which is the region’s second-largest operator after Saudi Telecom—is now focused on emphasizing the digital space as a prime driver for sustainable growth across all markets. Etisalat is preparing for the next era of growth in mature markets, including the U.A.E. and Saudi Arabia, where it has a presence through Mobily.

Emerging markets should also continue providing solid earnings, but the focus there remains on 4G and the potential for ongoing core revenue growth.

Meanwhile, the telecom industry in the GCC is transitioning to the digital world as data traffic rises, propelled by WhatsApp, Tik Tok, Zoom, and beyond.

That shift is creating new opportunities while also eating into traditional business lines.

“Where we are now, I think, is a point of rethinking business models, rethinking what is important,” says Dowidar. To support data traffic and build new revenue streams, the group has channeled considerable capital expenditures ($11.7 billion over the last five years) towards building digital capabilities and data centers, enhancing network capacity and speed, and 5G deployment. It has launched a dedicated unit, Etisalat Digital, focused on the Internet of Things, cloud, and A.I, among others. In 2020, Etisalat Digital completed the acquisition of cybersecurity firm Help AG’s business in the U.A.E. and Saudi.

ICT should be a major driver for Etisalat’s growth in the coming years, according to Nishit Lakhotia, head of research at Bahraini investment bank SICO, who sees the group as well ahead of most peers in embracing technology shifts. “Its technological investments will give it an edge to capitalize on the ICT growth and opportunities in the digital space,” says Lakhotia. In particular, he sees Etisalat’s ongoing investments in 5G, and fiber roll out in the U.A.E. and Saudi Arabia as driving data revenues higher and growing its enterprise segment, which can offset declines in its core voice business.

Of course, 5G will be pivotal in the coming years.

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“We have that low gearing as a company,” says Dowidar. “We have the liquidity to invest, and we have the flexibility to invest.” That’s allowing it to continue investing into fiber, 5G, and additional spectrum.

But don’t expect big M&A moves soon, especially considering the scarcity of opportunities in the sector currently. Etisalat, says Dowidar, does not go for rapid investments that could affect its core, avoiding what he calls a “roller-coaster type of investments strategy.” He points to its acquisition of Maroc Telecom in 2014, which he says Etisalat approached in a very measured way. “We have seen a very positive return on that investment,” says Dowidar.

Meanwhile, analysts expect the upcoming Expo 2020 Dubai to provide a boost for Etisalat’s domestic performance in 2021. Billed as the biggest event ever in the Middle East, Etisalat will be center stage as a key sponsor. The Expo was Etisalat’s first major commercial 5G customer, inking a deal in 2018 to deploy services at the mega-project. This gives the telecom a golden opportunity to showcase its network speeds and 5G. It’s the next step in a long-running evolution. Founded in 1976, Etisalat was the first Middle East operator to establish a mobile network—now, at Expo, it will offer a glimpse of how it is building for the future.

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which is expected to deliver unprecedented speeds across mobile devices. Regionally, the group only lags 5G deployment when compared to players in small markets, such as Kuwait and Qatar. Still, 5G’s takeover will take time, with telecom industry group GSMA predicting that MENA will have 60 million mobile 5G connections by 2025, still just a sliver of the overall market.

Like many industry execs, Dowidar speaks effusively about 5G. He sees it soon powering everything from driverless cars zooming between Abu Dhabi and Dubai to doctors performing remote operations. For now, Etisalat is still building the infrastructure to make that happen. 2020 saw the group launch fixed 5G services in the U.A.E and the arrival of more 5G handsets. Meanwhile, in Saudi Arabia, Mobily made its first successful 5G voice call in 2020 while acquiring additional spectrum and increasing coverage to reach 50 cities.

Ultra-fast 5G network technology reached about 40% of the population in the U.A.E. last year. As of March 2021, the U.A.E. overall had the world’s fastest mobile network, according to Ookla. “Years of investment in preparing the network really paid off,” says Dowidar.

Currently, 5G’s contribution to revenues is small, but it is making an impact. “We see a lot of the traffic of data starting to move to 5G,” says Dowidar. “That enables the network to carry a lot more traffic.” Real promise should come from creating services and features for enterprise customers, with 5G offering opportunities to create revenue streams that never existed before.

Here Etisalat is already working on several big projects. Last year it tested 5G use cases with the Dubai Police, Abu Dhabi National Oil Company, and DP World.

Of course, developing 5G and other infrastructure isn’t cheap, but Dowidar believes Etisalat occupies an enviable position compared to other operating groups, thanks to how it expanded in recent years.

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into a new era, Dowidar is bringing 30 years of experience to his new role. He initially became acting CEO in May 2020 after then CEO Saleh Al Abdooli stepped down for what the group cited as personal reasons.

Dowidar’s appointment also came alongside other key changes at top positions in Etisalat, including the resignation of longtime CFO Serkan Okandan. That saw other promotions, including new CFO Karim Bennis and new Chief Transformation Officer Obaid Bokisha, while the group also brought in Chief Human Resources Officer Dena Al Mansoori from the U.A.E.’s central bank.

joined Procter & Gamble in Egypt, a career arc that saw him learning to understand consumers and their habits.

From there, Dowidar became marketing director at Vodafone Egypt in 1999, during the company’s early days. He rose through the ranks at Vodafone Group, taking on a variety of leadership posts. In 2009, he became CEO of Vodafone Egypt, a role pitting him against Etisalat’s Egyptian subsidiary, then coincidentally led by his future boss Saleh Al Abdooli. By 2014, Dowidar became Vodafone’s group chief of staff, based in London and reporting to its CEO.

“Where we are now, I think, is a point of rethinking business models, rethinking what is important.”

For many reasons, Dowidar was a natural candidate for CEO. He previously served as Etisalat’s acting boss during a leadership transition in 2016, and as head of international operations he led its largest segment by subscribers. And even before joining the company, he had a wealth of experience in the telecom industry, both regionally and globally.

Hailing from Egypt, Dowidar was interested in telecommunications as a student, studying communications and electronics engineering at Cairo University. However, he got his start in 1991 working as a sales engineer in Egypt at an aerospace subsidiary of Daimler-Benz. He soon eyed a different path. “I like working with customers more, and I like being more involved in commercial decisions,” says Dowidar. So he switched gears to marketing and F O R B E S M I D D L E E A S T.C O M

He joined Etisalat in 2015 as its group COO and within a year took over its international operations.

That saw him managing markets from Pakistan to Morocco and well over 100 million subscribers.

He delivered years of steady international subscriber growth and progress, including the launch of 4G in Egypt in 2017.

Now, as Group CEO, Dowidar must capitalize on new opportunities as the 5G era unfolds. He certainly looks positioned to deliver—in December 2020, the same month Etisalat confirmed him as Group CEO, the company claimed that it had achieved the world’s fastest 5G download speed of 9.1 gigabits per second using a prototype device. That’s 30 times faster than 4G’s average. If that’s a sign of things to come, then the world’s speediest mobile network could get even faster.

TOP 5 TELCOS Here are the Middle East’s top five telecom companies from Forbes Middle East’s list of the Top Listed Companies 2021.

• stc Group CEO: Olayan M. Alwetaid Country: Saudi Arabia Sales: $15.7 billion Profits: $3 billion Assets: $32.5 billion

• Etisalat Group CEO: Hatem Dowidar Country: U.A.E. Sales: $14.1 billion Profits: $2.8 billion Assets: $36.2 billion

• Zain Group Group CEO and Vice Chairman: Bader Nasser Al-Kharafi Country: Kuwait Sales: $5.4 billion Profits: $692.5 million Assets: $16.3 billion

• Ooredoo Group Managing Director: Aziz Aluthman Fakhroo Country: Qatar Sales: $7.9 billion Profits: $391 million Assets: $24.1 billion

• Etihad Etisalat

(Mobily)

CEO: Salman Bin Abdulaziz Al Badran Country: Saudi Arabia Sales: $3.7 billion Profits: $209 million Assets: $10.2 billion

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• TOP 100 LISTED COMPANIES •

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STANDING STRONG While facing significant challenges, Bassel Gamal, Qatar Islamic Bank’s Group CEO, has delivered solid profits while reshaping the Sharia-compliant lender into a technology-driven player.

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

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Bassel Gamal, Qatar Islamic Bank’s Group CEO

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Globally, the $2.2 trillion Islamic banking industry seems to be facing up to economic challenges, with S&P Global Ratings predicting that it could grow 12% in the next two years. However, Bassel Gamal, Group CEO of the Qatar Islamic Bank (QIB), believes it must still fight a key battle—that of public perception. Many people in some key markets still think Islamic banking is only for those interested in Sharia-compliant products.

“That’s a very limited way of looking at things,” says Gamal. And growing market share means changing that misconception. “You have to invest in people; you have to invest in technologies,” says the Group CEO. “You have to invest in building relationships with the clients.”

His approach is delivering results for QIB. Since Gamal became CEO in 2013, the Doha-based bank has delivered eight straight years of growth, with its profits and customer base more than doubling in that time.

QIB, founded in 1982, currently has a 42% share of Qatar’s Islamic banking sector and a 12% slice of the crowded domestic banking sector overall. It had $47.9 billion in assets and a total income of $2.2 billion in 2020, making it the second-largest player in Qatar after regional giant QNB and the GCC’s fourth-largest Islamic lender by total assets. It also posted more positive earnings in Q1 2021.

It even recorded a positive performance while operating in challenging conditions. Facing turmoil from the COVID-19 pandemic, the bank doubled its provisions in 2020 to cover anticipated losses but still recorded slight growth. Its profits rose nearly 1.3% reaching $831 million, but key industry counterparts delivered mixed results. Dubai Islamic Bank and Kuwait Finance House—the region’s second and F O R B E S M I D D L E E A S T.C O M

third largest Islamic banks, respectively—saw dips in profitability and income. Saudi’s Al Rajhi Bank, one of the world’s largest Islamic lenders, recorded strong results.

QIB displayed good resilience to the economic shock in Qatar in 2020, says Mohamed Damak, senior director of financial institutions ratings at S&P Global Ratings. Looking ahead, Damak expects QIB’s assetquality indicators to deteriorate only slightly, with non-performing financings reaching about 3% of total financings by the end of 2022, compared to 1.4% last year. He believes QIB’s capitalization will continue to support its credit profile. “QIB will continue to enjoy a robust franchise in Qatar with manageable exposures to external risks in its funding profile,” he says.

QIB has followed a conservative lending approach over the years. The strategy has helped insulate it from significant economic pressure on various sectors in Qatar. The pandemic came after the country had already adjusted to a regional blockade that began in 2017, forcing its businesses to adapt to a difficult operating environment. While that has now been lifted, QIB is continuing its conservative approach in 2021 amidst ongoing fallout from the pandemic, having more than doubled provisions in Q1 2021 compared to last year.

It also helps that Gamal has modernized QIB’s business in recent years, overseeing consistent investments in technology and online banking capabilities. QIB has steadily introduced new digital banking services, from instant personal financing on its mobile app to a digital wallet allowing instant transfers to other users. It was especially active last year, introducing a flurry of services helping retail and corporate customers bank remotely.

Those moves appear to be making an impact. Gamal ticks off statistics: customers opened around 80% of QIB’s new accounts last year through mobile banking, while April 2021 saw roughly 50% of QIB’s personal financing sales come through its app. The bank has continued adding to its digital platform in 2021, including a new customer service chatbot and updates to its online corporate banking.

Of course, QIB isn’t the only regional Islamic bank adopting technology. For example, Al Rajhi Bank had 7.9 million active digital users in 2020, an increase of 39%. Years of investments in IT systems and digitization helped the GCC banking industry avoid major disruptions last year. Gamal expects customers to continue using digital services at higher rates and is planning more investment in this area.

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before, according to S&P Ratings, triggered by Global Ratings. Saudi profitability pressures Arabia helped drive caused by the pandemic. growth, but Qatar also Gamal—a selfcontributed thanks to described advocate projects around the 2022 of mergers and World Cup. Still, assetconsolidation—foresees quality indicators may expansion in QIB’s continue deteriorating future, although he among industry players, doesn’t provide specific and the cost of risk should details. He has focused remain high, while low on improving market interest rates could impact share locally in recent sector profitability in 2021 years, but there’s a limit to and beyond, according to QIB’s growth potential in Damak. “However, strong Qatar. There are markets and stable capital buffers, Gamal would like to enter Qatar’s economy is looking ahead to positive times thanks to major good funding profiles, once QIB can defend upcoming events, such as the FIFA World Cup 2022. and expected government its position locally. “As support should continue long as it creates value,” to support banks’ creditworthiness in 2021,” he adds. he says. “I will not burn my fingers in countries that Islamic finance is growing at a faster rate than wouldn’t help the creation of value.” traditional banking, and market share has increased Those are words spoken by an executive with over due to the pandemic, says Asad Ahmed, Managing 30 years of industry experience. Yet, Gamal today Director at consulting firm Alvarez & Marsal Middle admits his career came as somewhat of a surprise. “I East. But old challenges remain, including the lack of was supposed to be an engineer,” he says. liquidity instruments in the market and differences in Growing up in Egypt, Gamal’s elder brothers were interpretation by Sharia boards. “The Islamic finance engineers, and his father expected him to join them. industry’s growth potential remains high, but limited He applied to local engineering universities but instead public awareness of Islamic financial products are part got accepted onto an economics and political science of the challenges the industry faces currently,” says course. “It all changed because I wasn’t accepted in Ahmed. Still, as banks and financial institutions play engineering university in Cairo,” he says. a sizable role in the COVID-19 pandemic recovery, He began his career at the Commercial International the entire sector is repositioning to focus on reaching Bank in Egypt in 1990, where he stayed for over a consumers through new tactics. “This shift has decade. There he learned from Adel El-Labban, the also created an opportunity for the Islamic finance bank’s managing director. When El-Labban eventually industry,” Ahmed adds. joined Ahli United Bank in Bahrain, he asked his That should be good news for Gamal, who protégé to join him. Gamal accepted, moving to the Gulf believes the industry has come a long way in the past in 2001. decade. Simultaneously, it appears the drawdown of In 2004 Gamal moved to Doha, Qatar, to serve as geopolitical tensions is opening doors. Gamal explains Deputy CEO of Ahli Bank, in which Ahli United had a that QIB is reviving old relationships with regional stake. By 2006 he was Ahli Bank’s CEO, a role he held businesses and institutions that hadn’t been very active. until early 2009. He then returned to Bahrain, serving In a positive sign, in January 2021, HSBC Bank Middle as Senior Deputy Group CEO of Ahli United’s banking East completed its first Islamic trade facility in the group. But he’d grown fond of Qatar. region by linking up with QIB in a transaction valued So, when QIB offered him a job, he took it, becoming at $100 million.

CEO in early 2013. He didn’t have experience in Islamic Still, QIB is losing its title as Qatar’s second-largest banking, but that didn’t faze him. “Banks are banks,” he lender, thanks to a merger announced in 2021 between says. QIB then had about $20 billion in total assets, with Al Khalij Commercial Bank and Islamic bank Masraf profits of around $340 million.

Al Rayan. And Qatar’s crowded banking landscape He joined as QIB’s board was eying larger could see more consolidations, according to Fitch changes. The bank’s profits had trended down for

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“You have to invest in people; you have to invest in technologies, You have to invest in building relationships with the clients.” years following the 2008 global financial crisis. It had also been led by an acting CEO for multiple years while beginning to restructure the organization and some affiliates.

Gamal’s appointment helped start a multiple-year effort to turn around QIB’s business and build a stable, modern institution. That included a push to upgrade services and improve operations through technology. “The bank was lagging behind in terms of investment in technology,” says Gamal. He quickly began addressing this. QIB launched a revamped website within a few months as part of an overhaul of digital channels, which came after unveiling a new mobile app in early 2013.

Meanwhile, QIB remained active in financing projects and businesses, providing funding that year for Qatar Rail and Gulf Cement Company, among others.

Internationally, it saw progress on restructuring and launched a new foreign branch in Sudan in 2013. The following year it had repositioned its UK arm to focus on private banking and real estate.

In 2014 it explored acquiring a strategic stake in Turkey’s Bank Asya, although that fell through.

As CEO, Gamal delivered almost immediate results, with QIB’s profits rising 7.6% in 2013, alongside an uptick in income. The next few years saw earnings only improve. On the technology front, QIB overhauled its core banking F O R B E S M I D D L E E A S T.C O M

system across all business lines by 2016, which helped build a foundation for larger-scale plans around client-facing digital services.

Then 2017 brought with it some regional political tensions, which saw an outflow of nondomestic deposits in Qatar’s banks.

However, the government stepped in, placing significant deposits to support sector liquidity, according to Fitch Ratings. QIB also tapped international debt capital markets through Sukuk issuances reaching $2 billion that year.

Throughout this, QIB’s earnings have kept trending up, and digital banking has remained a core strategy pillar. The lender began a new initiative in 2018 intended to upgrade the digital experience for customers and make services available around the clock. It even launched instant personal financing through its app, allowing eligible customers access to funds in a few clicks. According to QIB, it was the world’s first Islamic bank to offer this service.

This means that when COVID19 arrived, QIB was operating on solid footing, underpinned by a technology platform capable of serving customers in a remote world. “We became a customercentric bank,” says Gamel. “I think that was a key component in our ability to grow.” As the shackles of the pandemic slowly lift, the Group CEO will be hoping for more solid growth in the months to come.

NOTABLE MERGERS Over the last year, the Middle East’s banking sector has witnessed some notable consolidations. Here are some of the biggest in the banking sector.

Masraf Al Rayan and Al Khalij Commercial Bank Date of merger: 2021 (Not yet finalized) Size of assets after merger:

$47 billion National Commercial Bank (NCB) and Samba Financial Group Date of merger: March 2021 Size of assets after merger:

$239 billion Oman Arab Bank (OAB) and Alizz Islamic Bank (AIB) Date of merger: July 2020 Size of assets after merger:

$8.3 billion Dubai Islamic Bank (DIB) and Noor Bank Date of merger: January 2020 Size of assets after merger:

$81.7 billion

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Aesthetics Has A New Face 46

Specialist plastic surgeon, Dr. Riad Roomi, explains how the You New Plastic Surgery Clinic in Dubai is making client dreams come true through an ‘awake system’ that delivers outstanding results with zero bruising, minimal downtime, and no general anesthetic.

What is the awake system?

As it sounds, the awake system is a way of doing aesthetic plastic surgery procedures while the patient is awake. At its core is a specially formulated local anesthetic. In the mid-1980s, American dermatologist, Dr Jeffry Klein, invented a namesake local anesthetic called the Klein Formula. It was a simple formula that involved diluting the local anesthetic drug, Lidocaine, with a large volume of normal saline and then adding the drug, Adrenaline.

The formula enabled surgeons to numb large body areas and carry out many procedures, while patients were awake.

This way of working is also called the tumescent technique—a Greek term meaning ‘to swell’. By injecting the tumescent solution, we render the operative area totally numb and bloodless. After the procedure, the patient then rests for an hour or two, before leaving to recuperate in the comfort of their own home.

This kind of technique marks a departure from the past. In years gone by, most procedures required general anesthetic and hospital admission, which carried the risk of cross-infection in addition to the risks associated with general anesthesia. Then, of course, there was the cost of hospital charges.

Does the patient need any sleep medication in addition to the local anesthetic?

It depends on the procedure, and patients’ choices. Generally speaking, a relaxant medicine in the form of a tablet is sufficient to eliminate the patient’s anxiety, if they experience any. The relaxant leaves the patient feeling sleepy

TheF O thoughts this advertorial are those of the client.

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but conscious, and it helps to keep the anesthetic solution in the tissues, while also slowing down the shift of the anesthetic into the blood circulation.

I must emphasize that using local anesthetic to carry out

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aesthetic procedures is a blend of science and art. Calibration of the various drugs used, the dose of each drug, the method of injection—or infiltration—and the instruments used, all involve a steep learning curve. However, when a surgeon masters each of these skills, the advantages are phenomenal.

Can you give some examples of the procedures that can be done under the awake system?

Liposuction of different body areas, fat transfer, mini tummy tuck, gynecomastia reduction (male breasts), face lifting, blepharoplasty (eyelids tucking), and Otoplasty (pinning back of the ears) are all examples.

It is known that liposuction and other similar procedures almost always lead to bruising, which usually lasts one to two weeks. How can zero bruising be achieved by your technique?

The zero bruising technique is not mine and I do not claim credit for its introduction. However, I confidently say that during the last 30 years of my practice, I have refined the technique and managed to eliminate some of the side effects that may occur.

In essence, the zero bruising technique involves applying a layer of self-adhesive foam to the area that had been treated, before applying compression garments.

This ensures that no blood escapes under the skin and that no bruising develops as a result. I actually have photographic evidence of the advantage of the adhesive foam in preventing bruising in a liposuction patient. After seeking the patient’s consent, I cut a small window in the foam before applying it onto the skin. When the foam was removed, the whole area had no bruising whatsoever, except for the skin under the cut-out window.

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As with any innovation, however, doctors faced some teething problems when the foam was first introduced. Specifically, some patients developed a mild allergy to it, characterized by itchiness and occasional blistering of small areas of the skin. My contribution to improving the technique and minimizing the side effects involved liberally applying a botanic solution onto the skin, thus creating a barrier between the skin and the glue of the foam.

How long do you leave the adhesive foam on, and does it hurt when you remove it?

The foam usually stays on for two days, but it can be left on for up to three days. It is important to be aware that leaving it longer may cause some itchiness. There is hardly any pain when you remove the foam, it merely feels like gently peeling a sticky plaster off the skin.

What are the other advantages of the adhesive foam that you use?

After liposuction, it is essential to apply a compression garment such as a girdle. These garments have to be tight to compress the area pending healing. However, without the foam, they can get wrinkled or creased, resulting in impressions being left on the skin, which can be difficult to treat. The foam helps to distribute the compression more evenly and it acts as a cushion to absorb any unwanted extra pressure.

Are there any disadvantages of the foam?

Mild itchiness is the worst complaint.

This can be triggered by taking a shower in the first two days, which may make the foam wet and itchy. It is important to avoid getting the foam wet. I advise patients that, rather than showering, they can maintain personal hygiene by towel cleaning.

“After the procedure, the patient then rests for an hour or two, before leaving to recuperate in the comfort of their own home.”

Dr. Roomi trained in aesthetic plastic surgery in the UK and the US. He had his own private practice in London for many years before moving to Dubai. He also regularly served as an examiner on the American Board of Cosmetic Surgery.

Dr. Roomi has six UK and US patents for various inventions. One of his innovations, the ReadyStitch Wound Closure Device, competed with around 4,000 inventions to win first prize in the Toshiba Year of Invention Competition in the UK in 1989. The same year, he was also awarded the Richardson Gold Medal in the UK’s House of Lords.

Adding to Dr. Roomi’s achievements, his name appears in a book entitled The Best of British Men, published in 1993.

www.younewclinic.com

JUNE 2021

47

THE LIST

48

TOP 100 LISTED COMPANIES IN THE MIDDLE EAST 2021

L

ast year was a tough one for companies worldwide, with almost every sector suffering a hit from the pandemic. This has reflected on their performance, and executives have had to make hard decisions that most had not faced before. The Middle East was no exception.

It is within this context that we release our annual ranking of the top 100 listed companies in the Middle East for 2021, featuring the biggest and the most valuable and profitable companies in the region.

Most are not as valuable or profitable as they were last year. The aggregate sales of the 100 companies in 2021 stand at $550 billion, while aggregate net income reached $91 billion—a drop of 17.9% and 38.5%, respectively, compared to the 2020 list. It’s worth noting that revenues had also decreased in last year’s list for 57% of the companies, with 67% showing a decrease in net income.

On the brighter side, companies’ stocks are showing a rebound this year as more positive sentiment hits the markets. Business leaders are expecting better performance in 2021 compared to 2020. As a result, the aggregate market value of the 100 companies stands at $3 trillion, an increase of 30.4% compared to a year ago. The aggregate value of assets increased 2.9% to reach $3.6 trillion. In total, 93% of the companies showed an increase in their market value compared to 2020, and 62% of the companies were able to increase the value of their assets.

Saudi Arabia dominates the list with 37 companies led by Saudi Aramco at #1, followed by the U.A.E. with 20 companies led by the First Abu Dhabi Bank at #4. In third place is Qatar, with 17 companies led by QNB at #2.

The banking and financial services sector is the most represented in the list with 42 entries. Five of the top 10 companies are banks. The real estate and construction and industrials sectors are joint second with 10 entries each.

Telecommunications is third with nine entries.

Methodology

We collected data from listed stock exchanges in the Arab world and ranked companies based on: • Market value • Sales • Assets and profits Listed subsidiaries of other listed companies were excluded. We also excluded companies that hadn’t disclose their 2020 audited financial statements as of May 3, 2021.

Currency exchange rates and market cap calculations were taken as of April 29, 2021.

Year

Total sales

Total profits

Total assets

Total market value

2021

$550 billion

$91 billion

$3.6 trillion

$3 trillion

2020

$670 billion

$148 billion

$3.5 trillion

$2.3 trillion

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

JUNE 2021

49

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

JUNE 2021

IN THE MIDDLE EAST 2021

2. QNB GROUP

G

Group CEO: Abdulla Mubarak Al-Khalifa

•Qatar •1964 •Banks & Financial Services SALES: $13.5 billion PROFITS: $3.3 billion ASSETS: $281.6 billion MARKET VALUE: $45.4 billion

The QNB Group is the Middle East and Africa’s biggest bank in terms of assets. When it was established in 1964, it was Qatar’s first locally-owned commercial bank. The Qatar Investment Authority owns more than 50% of QNB’s shares. The bank operates in 31 countries either directly or through its subsidiaries. Over the last year, the bank’s assets grew by 9%, but net profit fell 16%. Abdulla Mubarak Al-Khalifa became acting CEO in November 2018 and CEO in 2019. He is also a board member at Ooredoo.

3. SAUDI NATIONAL BANK (SNB) G

CEO and Managing Director: Saeed Alghamdi

1. SAUDI ARAMCO

•Saudi Arabia •2021 •Banks & Financial Services

G

President and CEO: Amin H. Nasser

SALES: $6.6 billion PROFITS: $3.1 billion ASSETS: $159.9 billion MARKET VALUE: $67.8 billion

•Saudi Arabia •1933 •Energy

SALES: $229.9 billion PROFITS: $49 billion ASSETS: $510.5 billion MARKET VALUE: $1.9 trillion

Saudi Aramco is the world’s largest oil company and the Middle East’s most valuable company—it was the only major listed oil firm to post a profit in 2020. It is over 98% owned by the Saudi government and is the country’s main source of revenue. It engages in the exploration, production, transportation, and sale of crude oil, natural gas, and chemicals. In June 2020, Saudi Aramco acquired 70% of SABIC for $69.1 billion. Amin H. Nasser, President and CEO of Saudi Aramco, has been with the company for 30 years. He ranked #1 on Forbes Middle East’s list of the Top CEOs In The Middle East 2021.

G

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

IN GLOBAL 2000 LIST

NEW

SNB was formed on April 1, 2021, by the merger of the National Commercial Bank, which was Saudi’s biggest bank in terms of assets, and the Samba Financial Group, which evolved from Citibank. It is now the largest commercial bank in Saudi and the most valuable bank in the Middle East in terms of market cap. It also owns both NCB Capital and Samba Capital & Investment Management, which together form the biggest asset manager, brokerage, and investment bank in Saudi Arabia.

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

ARAMCO; QNB; THE NATIONAL COMMERCIAL BANK - ALAHLINCB (@ALAHLINCB / FACEBOOK)

THE LIST

50

TOP 100 LISTED COMPANIES

7. SAUDI ELECTRICITY

G

Group CEO: Hana Al Rostamani

CEO: Fahad bin Hussein Al-Sudairi

•U.A.E. •2017 •Banks & Financial Services

•Saudi Arabia •1999 •Utilities

SALES: $7.6 billion PROFITS: $2.9 billion ASSETS: $250.2 billion MARKET VALUE: $42.3 billion

SALES: $18.3 billion PROFITS: $807 million ASSETS: $129.4 billion MARKET VALUE: $28.9 billion

FAB, the U.A.E.’s largest bank, was formed in 2017 by the merger of the First Gulf Bank and the National Bank of Abu Dhabi. Mubadala is the largest shareholder in the company through the Abu Dhabi Investment Council. In January 2021, FAB agreed to buy the Egyptian business of Lebanon’s Bank Audi, making it one of the largest foreign banks in Egypt with total assets of more than $8.1 billion post-acquisition. That same month, Hana Al Rostamani was named Group CEO of FAB. She was the top-ranked woman on Forbes Middle East’s list of the Top CEOs In The Middle East 2021 at #19.

5. EMIRATES NBD

Saudi Electricity was formed in 1999 when the Saudi government merged all electricity distribution companies in the country to create one entity and a monopoly. It is the largest utility company in the Middle East. Saudi’s Public Investment Fund is the largest shareholder in the company, with a 74.3% stake. Saudi Aramco owns 6.9%. In April 2021, Saudi Electricity completed a project to install 10 million smart meters across Saudi Arabia to increase the efficiency of the transmission process. Fahad bin Hussein Al-Sudairi has been CEO since 2018, before which he was CFO of the company.

G

Group CEO: Shayne Nelson

•U.A.E. •2007 •Banks & Financial Services SALES: $9.7 billion PROFITS: $1.9 billion ASSETS: $190.1 billion MARKET VALUE: $21.4 billion

Emirates NBD was formed in 2007 by the merger of the National Bank of Dubai and Emirates Bank International.

Today it is Dubai’s largest bank by assets, employing more than 25,000 people.

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and CEO of the Emirates Group, is chairman of the bank. Shayne Nelson has been CEO since 2013. Before joining Emirates NBD, Nelson served in Singapore as the CEO of Standard Chartered Private Bank.

6. AL RAJHI BANK

G

•Saudi Arabia •1957 •Banks & Financial Services FAB; EMIRATES NBD; AL RAJHI BANK; SAUDI ELECTRICITY COMPANY; STC

8. SAUDI TELECOM COMPANY (stc) G Group CEO: Olayan M. Alwetaid

•Saudi Arabia •1998 •Telecommunications

SALES: $15.7 billion PROFITS: $3 billion ASSETS: $32.5 billion MARKET VALUE: $67.7 billion

stc is the biggest telecom operator in Saudi Arabia in terms of revenue. In January 2021, stc, in partnership with Saudi Aramco, announced the launch of Dammam 7, a new supercomputer that will be among the top 10 most powerful in the world. Olayan M. Alwetaid was appointed Group CEO in January 2021, and began working in the role in March. Previously he was senior VP for the consumer sector and the CEO of stc Bahrain.

CEO: Waleed A. Al-Mogbel

SALES: $5.6 billion PROFITS: $2.8 billion ASSETS: $125 billion MARKET VALUE: $65.9 billion

Al Rajhi Bank was originally established in 1957 as an exchange house by the Al Rajhi family. It became the Al Rajhi Banking Corporation in 1988 and changed its name to Al Rajhi Bank in 2006. In 2020, the bank’s active users for digital transactions increased 39% to 7.9 million. The bank’s subsidiaries include investment bank Al Rajhi Capital, insurance broker Al Rajhi Takaful Agency, and microfinance company Emkan Finance. Waleed Abdullah Al-Mogbel became CEO of Al Rajhi bank in 2020. He has a PhD in accounting and auditing, and 23 years of experience in the banking and finance sector.

Saudi Arabia

G

Companies

Sales

Profits

Assets

Market Value

37

$369.7 billion

$62.6 billion

$1.5 trillion

$2.4 trillion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

51 THE LIST

4. FIRST ABU DHABI BANK (FAB)

9. ETISALAT GROUP

G

Group CEO: Hatem Dowidar

•U.A.E. •1976 •Telecommunications SALES: $14.1 billion PROFITS: $2.8 billion ASSETS: $36.2 billion MARKET VALUE: $50.1 billion

Headquartered in Abu Dhabi, Etisalat was established over 40 years ago as the U.A.E.’s first telecommunications services provider. Today, it has 156 million subscribers in 16 countries across the Middle East, Asia, and Africa, as of March 2021. Hatem Dowidar became Group CEO of Etisalat Group in December 2020 He was previously CEO of Etisalat International from March 2016. He joined the company in September 2015 as Group COO.

10. TAQA GROUP

G

Group CEO and Managing Director: Jasim Husain Thabet

•U.A.E. •2005 •Energy SALES: $11.2 billion PROFITS: $822.5 million ASSETS: $49.8 billion MARKET VALUE: $41.6 billion

Abu Dhabi Power Corporation (ADPower) and TAQA merged in July 2020, making the TAQA Group one of the top 10 integrated utility companies in Europe, the Middle East, and Africa in terms of regulated assets.

The company has operations in the U.A.E. as well as Canada, Ghana, India, Iraq, Morocco, Netherlands, Oman, Saudi Arabia, the U.K., and the U.S. In December 2020, TAQA and its partner companies completed the financial closing of the AI Dhafra Solar Photovoltaic Independent Power Producer project, which will be the world’s largest single-site solar power plant. CEO and Managing Director Jasim Husain Thabet also serves on the board of Etihad aviation and Abu Dhabi Ports.

U.A.E.

Companies

Sales

Profits

Assets

Market Value

20

$80.1 billion

$14.1 billion

$929.9 billion

$280.8 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

FORBES MIDDLE EAST; TAQA GROUP

THE LIST

52

11. SABIC

G

CEO and Vice Chairman: Yousef Abdullah Al-Benyan

•Saudi Arabia •1976 •Industrials SALES: $31.2 billion PROFITS: $335 million ASSETS: $78.8 billion MARKET VALUE: $99.2 billion

53 THE LIST

SABIC is among the world’s largest petrochemicals manufacturers, with operations in over 50 countries and a global workforce of over 33,000 people. In 2002, it acquired DSM’s petrochemical business in Europe, with manufacturing facilities in the Netherlands, Germany, and the U.K. In 2006, SABIC acquired Huntsman Petrochemicals (UK) and renamed it SABIC UK Petrochemicals.

In 2007, it acquired GE Plastics. Yousef Abdullah Al-Benyan has been Vice-Chairman and CEO of SABIC since 2015. Previously he was the CFO of the company.

12. RIYAD BANK

G

CEO: Tareq A. Al Sadhan

•Saudi Arabia •1957 •Banks & Financial Services SALES: $3.6 billion PROFITS: $1.3 billion ASSETS: $82.7 billion MARKET VALUE: $21.3 billion

Riyad Bank has a network of 341 branches in Saudi Arabia, as well as a branch in the U.K., an agency in the U.S., and a representative office in Singapore. The bank employs 5,200 people. In April 2021, the bank bought a 53-floor office tower in Saudi’s King Abdullah Financial District that will serve as its new headquarters. In May 2021, Riyad Bank signed a memorandum of understanding with Bab al-Khair Medical Services, which aims to establish the kingdom’s first non-profit hospital.

13. ADCB GROUP

G

Group CEO: Ala’a Eraiqat

•U.A.E. •2020 •Banks & Financial Services SALES: $4.6 billion PROFITS: $1 billion ASSETS: $111.9 billion MARKET VALUE: $11.9 billion

SABIC; RIYAD BANK; ADCB GROUP

The ADCB Group was formed in 2020 by the merger of the Abu Dhabi Commercial Bank and the Union National Bank, and the acquisition of the Al Hilal Bank. It is the third biggest bank in the U.A.E. with more than a million customers. It follows a U.A.E.-centric growth strategy and has not expanded aggressively overseas. Ala’a Eraiqat has been CEO of the bank since 2009. He is also chairman of its subsidiaries, Al Hilal Bank and Abu Dhabi Commercial Properties. Mubadala is the bank’s largest shareholder, and its CEO, Khaldoon Al Mubarak, is also chairman of ADCB Group.

Qatar

Companies

Sales

Profits

Assets

Market Value

17

$41.4 billion

$8.3 billion

$568.6 billion

$151.4 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

15. DUBAI ISLAMIC BANK (DIB)

G

Group CEO: Adnan Chilwan

•U.A.E. •1975 •Banks & Financial Services

SALES: $3.6 billion PROFITS: $860 million ASSETS: $78.8 billion MARKET VALUE: $8.8 billion

DIB acquired Noor Bank in 2020 to become one of the world’s largest Islamic banks. In April 2021, DIB listed its $500 million Sukuk on Nasdaq Dubai, with a total value of $6.3 billion. Group CEO, Adnan Chilwan, also serves as the president commissioner at Panin Dubai Syariah Bank, and as chairman at DIB Bank Kenya Ltd.

14. KUWAIT FINANCE HOUSE (KFH) G

Acting Group CEO: Abdulwahab Iesa Alrushood

•Kuwait •1977 •Banks & Financial Services SALES: $3.6 billion PROFITS: $612 million ASSETS: $71.5 billion MARKET VALUE: $20.5 billion

KFH was the first Islamic bank to be established in Kuwait in 1977. Today its largest shareholders include the Kuwait Investment Authority and the Kuwait Awqaf Public Foundation. It employs around 15,000 people. The bank has now surpassed the National Bank of Kuwait to become the most valuable company in Kuwait. In May 2021, KFH launched a digital wallet service enabling payments to be made through electronic devices and wearables.

16. ATTIJARIWAFA BANK

G

Chairman and CEO: Mohamed El Kettani

•Morocco •2004 •Banks & Financial Services SALES: $4.5 billion PROFITS: $420 million ASSETS: $64.5 billion MARKET VALUE: $10.3 billion

Attijariwafa Bank is the largest bank in Morocco and the sixth largest in Africa by total assets.

It has a network of 5,548 branches in 25 countries across the Middle East, Europe, the U.S., and north, west, and Central Africa. Last year, the bank committed around $3.3 billion to support 100,000 SMEs through the pandemic. Moroccan holding company Al Mada is the largest shareholder in the bank. Chairman and CEO, Mohamed El Kettani, is an Officer of the Order of the Throne of Morocco’s King Mohammed and an Officer of the Order of Legion of Honor of the French Republic.

Bahrain

Companies

Sales

Profits

Assets

Market Value

7

$10.1 billion

$1 billion

$129.2 billion

$17.9 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

KFH; DIB; ATTIJARIWAFA BANK

THE LIST

54

17. EMAAR PROPERTIES

G

Group CEO: Amit Jain

•U.A.E. •1997 •Real Estate & Construction SALES: $5.4 billion PROFITS: $921 million ASSETS: $31.7 billion MARKET VALUE: $7.3 billion

Emaar Properties is among the largest real estate companies in the Middle East. It developed Dubai Downtown, home to the Burj Khalifa and Dubai Mall. In 2020, Emaar’s profits decreased 58% to $921 million. The company entered e-commerce in 2019 by acquiring Namshi, which increased its revenues by 28% in 2020.

THE LIST

55

18. QATAR ISLAMIC BANK (QIB) G Group CEO: Bassel Gamal

•Qatar •1982 •Banks & Financial Services SALES: $2.2 billion PROFITS: $831 million ASSETS: $47.9 billion MARKET VALUE: $11.3 billion

QIB is the largest Islamic bank in Qatar, with a market share of over 40% in the country’s Islamic banking sector. In 2021, it launched a new PoS device for cashless payments on delivery. Qatar Investment Authority owns 17.1% of the bank. In October 2020, QIB closed a $750 million fiveyear Sukuk with a profit rate of 1.9% per year, under its $4 billion Trust Certificate Issuance Program, which listed on Euronext Dublin.

19. ZAIN GROUP

G

Group CEO and Vice Chairman: Bader Nasser Al-Kharafi

•Kuwait •1983 •Telecommunications

EMAAR PROPERTIES; BASSEL GAMAL, IMAGE FROM SOURCE; ZAIN GROUP

SALES: $5.4 billion PROFITS: $692.5 million ASSETS: $16.3 billion MARKET VALUE: $8.8 billion

Zain operates across seven countries in the Middle East and Africa, serving around 48.5 million active customers, and employing more than 7,500 people. In 2020, the company launched commercial 5G services in Bahrain, and completed the sale and leaseback of Zain Kuwait’s 1,620 towers for $130 million. The Kuwait Investment Authority is a major shareholder, owning 24.2% of the company as of March 2021. Group CEO and Vice Chairman Bader Nasser Al-Kharafi is also a board member of Boursa Kuwait, and a member of the board for the UN High Commission for Refugees.

Kuwait

Companies

Sales

Profits

Assets

Market Value

7

$19.1 billion

$1.4 billion

$180.6 billion

$43.4 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

20. BANQUE SAUDI FRANSI G

CEO and Managing Director: Rayan Mohammed Fayez

SALES: $2.3 billion PROFITS: $412 million ASSETS: $51.7 billion MARKET VALUE: $12.5 billion

Banque Saudi Fransi was previously known as the French Banque de l’Indochine et de Suez, until 1977 when foreign banks in Saudi Arabia were nationalized.

The bank has 84 branches and more than 3,000 employees. In 2020, it signed an agreement with Baud Telecom Co. to launch an electronic signature service. In 2021, it became the mandated lead arranger and key financier in the Red Sea Development Company. Rayan Mohammed Fayez was appointed Managing Director and CEO of Banque Saudi Fransi in 2018.

22. OOREDOO GROUP •Qatar •1987 •Telecommunications

SALES: $7.9 billion PROFITS: $391 million ASSETS: $24.1 billion MARKET VALUE: $6.3 billion

Ooredoo is the largest telecom company in Qatar. It was founded in 1949 as Qatar National Telecom Service, which built the first telephone exchange in Doha. Today it is an international communications company with a customer base of more than 100 million in 12 countries across the Middle East, North Africa, and Southeast Asia. Ooredoo has set up more than 70 live 5G sites in Qatar, and it has started to deploy 5G networks in Kuwait and Oman. Aziz Aluthman Fakhroo became managing director of Ooredoo Group in 2020. He is also deputy undersecretary for Financial Affairs at Qatar’s Ministry of Finance.

21. ARAB NATIONAL BANK (ANB) G

CEO and Managing Director: Obaid A. Alrasheed

• •

23. ALINMA BANK

•

Saudi Arabia 1979 Banks & Financial Services

G

CEO and Managing Director: Abdullah bin Ali Al-Khalifa

•Saudi Arabia •2006 •Banks & Financial Services

SALES: $2.1 billion PROFITS: $552 million ASSETS: $48.1 billion MARKET VALUE: $9.1 billion

SALES: $1.9 billion PROFITS: $524 million ASSETS: $41.8 billion MARKET VALUE: $10.6 billion

ANB has more than two million customers and 279 premises across Saudi Arabia. It has investment banking and insurance divisions, called ANB Invest, and ANB Insurance, respectively. ANB’s net profit decreased by 31.5% in 2020 compared to 2019. In February 2021, Obaid Al-Rasheed was appointed CEO of ANB. He had previously been the executive vice president for private banking and retail banking at ANB since 2011, with more than 30 years of banking experience.

Egypt

G

Managing Director: Aziz Aluthman Fakhroo

Alinma Bank is 10% owned by Saudi’s Public Investment Fund, which is the largest shareholder in the bank. In 2020, Alinma Bank reported an increase of 18.9% in its assets, and a decrease of 22.4% in net profits. Abdullah Al-Khalifa became CEO and Managing Director of the bank in 2020. He previously held leadership positions at Samba Financial Group, Al-Rajhi Bank, and Banque Saudi Fransi.

Companies

Sales

Profits

Assets

Market Value

5

$9.8 billion

$1.5 billion

$45 billion

$10.4 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

BANQUE SAUDI FRANSI; OOREDOO GROUP; ALINMA BANK

THE LIST

56

•Saudi Arabia •1977 •Banks & Financial Services

CEO: Hussein Abaza

•Egypt •1975 •Banks & Financial Services SALES: $3 billion PROFITS: $654 million ASSETS: $27.3 billion MARKET VALUE: $5.6 billion

CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. Today, it has 6,900 employees serving more than 1.4 million customers, including Egypt’s 500 largest corporations, online and at across 207 branches. The bank’s net profits declined 13% in 2020. Hussein Abaza became CEO in 2017, after serving six years as the CEO of Institutional Banking.

25. ALMARAI

G

CEO:Abdullah Al Bader

•Saudi Arabia •1977 •Food & Beverages SALES: $4.1 billion PROFITS: $516 million ASSETS: $8.6 billion MARKET VALUE: $14.3 billion

Almarai is one of the world’s largest vertically-integrated dairy companies, and one of the region’s largest food and beverage manufacturing and distribution companies. It has five divisions: dairy, bakery, juice, infant nutrition, and poultry. In 2020, Almarai reported an increase of 7.7% in net profits. Its market value also increased from $12.5 billion in April 2020 to $14.3 billion in April 2021.

Abdullah Al Bader was appointed general manager of the bakery division in 2015 before becoming CEO in March 2021.

26. MASRAF AL RAYAN (MAR)

G

Group CEO: Adel Mustafawi

•Qatar •2006 •Banks & Financial Services

SALES: $1.4 billion PROFITS: $599 million ASSETS: $33.3 billion MARKET VALUE: $9.2 billion

MAR is a Shariah-compliant bank with 17 branches in Qatar and five in the U.K. through its subsidiary, Al Rayan Bank PLC. The Qatar Investment Authority and Qatar Armed Forces Investment Portfolio are the largest shareholders in the company. MAR entered into a merger agreement with Al Khalij Commercial Bank to form an entity with combined assets worth around $47 billion as of the end of September 2020. Adel Mustafawi has been its Group CEO since 2006.

27. AHLI UNITED BANK (AUB)

G

Group CEO and Managing Director: Adel A. El-Labban

•Bahrain •2000 •Banks & Financial Services

CIB; ALMARAI; MASRAF AL RAYAN; AHLI UNITED BANK

SALES: $1.8 billion PROFITS: $486 million ASSETS: $40.1 billion MARKET VALUE: $7 billion AUB was formed in May 2000 by a merger of the United Bank of Kuwait PLC and the Al-Ahli Commercial Bank B.S.C. It is one of the largest banks in the Middle East with a workforce of more than 4,000 serving 151 branches across eight countries. In 2020, AUB reported a decrease of 38% in profits compared to 2019. AUB has signed the UN’s Principles for Responsible Banking, which align global banking practices with the Sustainability Development Goals. Adel A. El-Labban has been the company’s Managing Director and CEO since 2000.

Morocco

Companies

Sales

Profits

Assets

Market Value

3

$8.2 billion

$728 million

$116.1 billion

$20.7 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

57 THE LIST

24. COMMERCIAL INTERNATIONAL BANK (CIB) G

28. INDUSTRIES QATAR (IQ)

30. ALDAR PROPERTIES

G

Managing Director and Chairman: Saad Sherida Al-Kaabi

CEO: Talal Al Dhiyebi

•Qatar •2003 •Industrials

•U.A.E. •2005 •Real Estate & Construction

SALES: $2 billion PROFITS: $552 million ASSETS: $9.9 billion MARKET VALUE: $22.4 billion

IQ was incorporated as a Qatari joint stock company in 2003. The IQ Group currently owns 80% of Qatar Petrochemical Company and 50% of Qatar Fuel Additives Company Limited. It also wholly owns the Qatar Steel Company and the Qatar Fertilizer Company.

In 2020, IQ reported a decrease of 22% in net profits compared to 2019. Saad Sherida Al-Kaabi is also Qatar’s Minister of State for Energy Affairs and the deputy chairman, president, and CEO of Qatar Petroleum.

29. COMMERCIAL BANK

ALDAR Properties is the largest real estate developer in Abu Dhabi. It is behind some of the emirate’s largest projects, including the ALDAR building, which is shaped like a coin, Yas Island, and Ferrari World. In 2021, ALDAR became the most valuable real estate developer in the U.A.E. In 2020, the company achieved a 0.4% increase in profits compared to 2019. In October 2020, it signed an MOU with ADQ to develop and manage government capital projects worth $10.9 billion.

G

Group CEO: Joseph Abraham

•Qatar •1974 •Banks & Financial Services SALES: $2 billion PROFITS: $357 million ASSETS: $42.2 billion MARKET VALUE: $6 billion

The Commercial Bank is today one of the leading banks in Qatar with 29 branches. It also owns and operates the “Diners Club” franchise in Qatar and Turkey, and the Alternatif Bank in Turkey, and it has strategic partnerships with the National Bank of Oman and the United Arab Bank U.A.E. In 2020, the Commercial Bank reported a decrease in net profits of 35%. Joseph Abraham has been CEO of the bank since 2016, before which he was CEO of ANZ Indonesia.

31. BANQUE CENTRALE POPULAIRE (BCP) G

Chairman and CEO: Mohamed Karim Mounir

•Morocco •1961 •Banks & Financial Services SALES: $2.9 billion PROFITS: $144 million ASSETS: $49.9 billion MARKET VALUE: $5.9 billion

BCP is a group of 10 cooperative banks, each focusing on a region in Morocco. Through its subsidiaries the group operates in 24 countries. In March 2021, BCP announced the creation of the “Gender Bond”—the country’s first microfinance project geared towards women. In June 2020, Managing Director and Head of International Global Banking, Kamal Mokdad, was chosen as the president of the board of the Casablanca Stock Exchange.

Jordan

Companies

Sales

Profits

Assets

Market Value

2

$3.4 billion

$374 million

$56 billion

$6.3 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

INDUSTRIES QATAR; JOSEPH ABRAHAM, IMAGE FROM SOURCE; ALDAR

THE LIST

58

SALES: $2.3 billion PROFITS: $526 million ASSETS: $10.9 billion MARKET VALUE: $7.5 billion

32. ARAB BANK

35. BANK MUSCAT

SALES: $2.8 billion PROFITS: $195 million ASSETS: $54.4 billion MARKET VALUE: $3.6 billion

SALES: $1.7 billion PROFITS: $424 million ASSETS: $32.3 billion MARKET VALUE: $3.6 billion

CEO: Nemeh Sabbagh

G

CEO: Waleed Khamis Al Hashar

•Oman •1982 •Banks & Financial Services

Arab Bank was established in Jerusalem in 1930, with 15,000 Palestinian Pounds in capital and seven investors. Today headquartered in Jordan, it has over 600 branches across five continents. In 2020, the bank’s assets increased by more than 6% compared to 2019. In June 2020, the Arab Bank introduced contactless technology to some of its ATMs in Jordan. It also donated $25 million in 2020 to help mitigate the impact of the pandemic.

Bank Muscat has branches in Oman, Saudi Arabia and Kuwait, and representative offices in Dubai, Iran, and Singapore. In 2020, it further expanded its network to 173 branches across Oman. The bank donated money to Oman’s Ministry of Health in 2020 to support the fight against the pandemic. In April 2021, it contributed around $2.6 million to help buy COVID-19 vaccines.

33. ABU DHABI ISLAMIC BANK (ADIB) G

COO and Acting Group CEO: Sandeep Chouhan

•U.A.E. •1997 •Banks & Financial Services

SALES: $1.6 billion PROFITS: $437 million ASSETS: $34.8 billion MARKET VALUE: $4.8 billion ADIB is Abu Dhabi’s largest Islamic bank. Outside of the U.A.E., it operates in Saudi Arabia, the U.K., Sudan, Iraq, and Egypt. ADIB recorded a 1.4% increase in assets in 2020. The bank raised its foreign ownership limit in July 2020 from 25% to 40% to increase the diversity of its shareholders. In April 2021, ADIB donated over $272,000— equivalent to a million meals—to the U.A.E.’s 100 Million Meals campaign.

36. SAVOLA GROUP Group CEO: Waleed Khalid Fatani

•Saudi Arabia •1979 •Food & Beverages SALES: $5.8 billion PROFITS: $272 million ASSETS: $7.2 billion MARKET VALUE: $5.7 billion

34. ETIHAD ETISALAT (MOBILY)

The Savola Group operates through its two entities: Savola Foods, and Savola Retail. It manages grocery stores and produces food products in 50 countries. The company has made more than 200 investments and holds stakes in dairy company Almarai, the Herfy Food Services Company, and the Al Kabeer Group of Companies, among others. The company also owns 98.8% of Panda Retail. Savola Group recorded $272.3 million in profit in 2020, 55.5% higher than 2019. The Savola World Foundation has donated around $2.7 million to support the fight against the pandemic.

CEO: Salman Bin Abdulaziz Al Badran

SANDEEP CHOUHAN, IMAGE FROM SOURCE; MOBILY; BANK MUSCAT; SAVOLA GROUP

•Saudi Arabia •2004 •Telecommunications

SALES: $3.7 billion PROFITS: $209 million ASSETS: $10.2 billion MARKET VALUE: $6.3 billion

In 2004, Mobily became the second mobile operator to launch in Saudi Arabia. Its major stakeholders are the Etisalat Emirates Group and the General Organization for Social Insurance, which own 27.9% and 6.9%, respectively. In 2020, the company recorded profits of $208.9 million compared to $8.3 million in 2019. In January 2021, Mobily collaborated with Nokia to pilot 4G and 5G fixed wireless access network slicing on its live commercial network.

Oman

Companies

Sales

Profits

Assets

Market Value

2

$8.2 billion

$1 billion

$52.5 billion

$5.1 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

59 THE LIST

•Jordan •1930 •Banks & Financial Services

37. BANK ALBILAD

39. SAUDI INVESTMENT BANK (SAIB)

CEO: Abdulaziz Mohammed Alonaizan

•Saudi Arabia •2004 •Banks & Financial Services

CEO: Faisal Abdullah Al-Omran

•Saudi Arabia •1976 •Banks & Financial Services

SALES: $1.2 billion PROFITS: $360 million ASSETS: $25.5 billion MARKET VALUE: $7.5 billion

Bank Albilad offers Islamic Shariahcompliant banking services across Saudi Arabia. It provides investment products through Albilad Capital and international remittance services through Enjaz. In 2020, the bank achieved 11.2% growth in its total assets. In March 2021, Bank Albilad and five other Saudi-based banks signed Saudi’s largest ever financing deal in aviation, valued at around $3 billion.

The bank also donated over $266,500 to the National Campaign for Philanthropy in April 2021.

SALES: $1 billion PROFITS: $261 million ASSETS: $26.6 billion MARKET VALUE: $3.7 billion

SAIB offers Shariahcompliant and traditional products across Saudi Arabia, with 85% of its transactions occurring through digital and mobile banking. In 2020, SAIB recorded profit of $261.2 million, compared to $63.8 million in 2019. In May 2021, the bank signed a strategic partnership agreement with the King Faisal University.

38. AGILITY

CEO and Vice-Chairman: Tarek Abdulaziz Sultan Al-Essa

•Kuwait •1979 •Logistics SALES: $5.4 billion PROFITS: $172 million ASSETS: $7.5 billion MARKET VALUE: $6.6 billion

40. NATIONAL SHIPPING COMPANY OF SAUDI ARABIA (BAHRI)

Agility has become one of the largest logistics companies in the region with 26,000 employees working across more than 100 countries.

In January 2021, the company invested around $35 million into the IPO of SPACs Queen’s Gambit Growth Capital and Queen’s Gambit Holding. Agility donated $130,000 to “Feena Khair” to support Bahrain’s fight against the pandemic. It also facilitated the urgent movement of 1.2 million doses of COVID-19 vaccine into Indonesia. According to the company, it has committed to investing $100 million to help SMEs move online through its digital logistics platform, Shipa.

Banks & Financial Services

•Saudi Arabia •1978 •Logistics

SALES: $2.2 billion PROFITS: $430.4 million ASSETS: $5.6 billion MARKET VALUE: $4 billion

Bahri is the national shipping carrier of Saudi Arabia, with operations spanning five business units. It is one of the biggest shipping conglomerates in the world with a fleet of at least 89 vessels. Saudi’s Public Investment Fund and Saudi Aramco are major shareholders in the company, with 22.5% and 20% ownership, respectively. In 2020, the group reported profits of $430.4 million, a 151% increase from 2019. The company also signed an agreement in 2020 to establish the National Grain Company, which is a joint venture with the Saudi Agricultural and Livestock Investment Company, to build a terminal for handling grains at Yanbu Commercial Port.

Companies

Sales

Profits

Assets

Market Value

42

$110.1 billion

$24.5 billion

$2.4 trillion

$472.2 billion

G

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

CEO: Abdullah Al-Dubaikhi

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

BANK ALBILAD; AGILITY; SAIB; BAHRI (NEW IMAGE ATTACHED FOR SAIB)

THE LIST

60

41. COMMERCIAL BANK OF DUBAI (CBD) CEO: Bernd van Linder

•U.A.E. •1969 •Banks & Financial Services

SALES: $1.1 billion PROFITS: $305 million ASSETS: $26.5 billion MARKET VALUE: $3 billion

61 THE LIST

With $26.5 billion worth of assets, CBD provides both conventional and Shariah-compliant banking services through a network of 15 branches across the U.A.E. Last year, the bank’s digital users base grew by 41% and the number of active users increased by more than 60%. In November 2020, CBD listed a six-year AT1 conventional bond worth $600 million on Nasdaq Dubai, which was its first listing on Nasdaq. The bank has joined the Community Solidarity Fund to support the U.A.E. government in its fight against the pandemic.

43. DOHA BANK Group CEO: R. Seetharaman

•Qatar •1979 •Banks & Financial Services SALES: $1.2 billion PROFITS: $193 million ASSETS: $28.4 billion MARKET VALUE: $2.2 billion

Doha Bank is one of the largest commercial banks in Qatar, with branches in Kuwait, the U.A.E., and India, as well as offices in Japan, China, Nepal, Germany, Canada, and the U.K. It operates 24 domestic branches, seven electronic branches, and an active mobile unit. Qatar Investment Authority owns 17.1% of the bank. In March 2021, the bank completed a $500 million five-year senior unsecured bond. Last year, the bank donated more than $82,000 to help the victims of the Beirut port explosion.

44. SAUDI INDUSTRIAL INVESTMENT GROUP (SIIG)

42. NAKILAT

CEO: Abdullah Al-Sulaiti

•Qatar •2004 •Logistics

CEO: Abdulrahman Saleh Alismail

•Saudi Arabia •1996 •Petrochemicals

CBD; NAKILAT; DOHA BANK; SAUDI INDUSTRIAL INVESTMENT GROUP

SALES: $1.1 billion PROFITS: $318.6 million ASSETS: $9 billion MARKET VALUE: $4.8 billion

SALES: $1.6 billion PROFITS: $88.8 million ASSETS: $5.1 billion MARKET VALUE: $4.3 billion

Nakilat operates the world’s largest liquefied natural gas (LNG) shipping fleet, comprising of 74 LNG carriers. Qatar’s LNG supply chain is one of the main sources of revenue for the country. The company was awarded the Sword of Honour from the British Safety Council for three years in a row. CEO Abdullah Fadhalah Al-Sulaiti joined Nakilat in February 2011 as deputy managing director. He was previously shipping manager at Qatargas from 2006.

Real Estate & Construction

Companies

Sales

Profits

Assets

Market Value

10

$15.1 billion

$1.6 billion

$102.3 billion

$47.8 billion

G

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

SIIG owns 50% of the Tadawul-listed company Petrochem and 50% of three joint ventures: the Saudi Chevron Phillips Company, the Jubail Chevron Phillips Company, and the Aromatics Distribution Company.

In April 2021, SIIG completed an initial economic feasibility study to merge its business with the National Petrochemical Company (Petrochem). The companies have started the reciprocal due diligence and begun to negotiate the terms and conditions of the proposed transaction. SIIG has appointed HSBC Saudi Arabia as its financial advisor.

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

45. GULF BANK

47. SAUDI BRITISH BANK (SABB) G

CEO: Antoine Daher

•Kuwait •1960 •Banks & Financial Services

CEO and Managing Director: Tony Cripps

•Saudi Arabia •1978 •Banks & Financial Services

SALES: $807.5 million PROFITS: $95.7 million ASSETS: $20.3 billion MARKET VALUE: $2.1 billion Established in 1960 in Kuwait with 50 employees and $6 million in capital, Gulf Bank today is one of the country’s largest conventional banks by assets. Its biggest shareholder is the Alghanim family, which owns 32.7% of the bank, worth $686 million as of May 2021. Behbehani Investment owns 5.4%, while the Public Institution for Social Security owns 5.5%.

SALES: $2.6 billion PROFITS: $-1.1 billion ASSETS: $73.7 billion MARKET VALUE: $16.8 billion

SABB was formed as a subsidiary of HSBC in Saudi Arabia. HSBC is still a major shareholder in the bank. The bank has around 80 branches in Saudi Arabia and one branch in London. The bank provides services in investment banking, commercial banking, private banking, and Islamic banking. In 2019, SABB completed its merger with Alawwal Bank, creating Saudi’s fourthlargest bank in terms of assets. Tony Cripps became Managing Director and CEO in May 2021.

46. ADNOC DISTRIBUTION CEO: Bader Saeed Al Lamki

•U.A.E. •1973 •Retail

SALES: $4.4 billion PROFITS: $662 million ASSETS: $3.4 billion MARKET VALUE: $15.4 billion

Established in 1973, ADNOC Distribution is the U.A.E.’s largest fuel and convenience retailer and is the sole retail fuel operator in Abu Dhabi. With more than 420 retail service stations across the emirates, ADNOC Distribution records over 20 million visits a month. Bader Saeed Al Lamki became CEO in May 2021.

48. SAUDI ARABIAN MINING CO. (MA’ADEN)

G

Acting CEO: Abdulaziz bin Asker Al Harbi

•Saudi Arabia •1997 •Industrials

SALES: $4.9 billion PROFITS: $-226 million ASSETS: $25.8 billion MARKET VALUE: $18.8 billion Founded in 1997, Ma’aden is the largest mining company in the Middle East. It was wholly owned by the Saudi government until 2008, when half of its shares were floated on Tadawul.

In June 2018, Saudi’s Public Investment Fund increased its shareholding to 67.2%.

Telecommunications

Companies

Sales

Profits

Assets

Market Value

9

$59.5 billion

$8.5 billion

$151.9 billion

$152.6 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

GULF BANK; BADER SAEED AL LAMKI, TABREED; TONY CRIPPS, HSBC; MA'ADEN

THE LIST

62

51. EMIRATES INTEGRATED TELECOMMUNICATIONS COMPANY (du) Acting CEO: Fahad Al Hassawi

•U.A.E. •2006 •Telecommunications

du has a foreign ownership of 0.82%, but in February 2021 the telecom operator raised its foreign ownership limit to 49%. In May 2021, the company signed longterm financing agreements with a group of banks worth over $1 billion to support its future operations. Last year, du created an e-Shop for U.A.E. SMEs to support digital transformation.

49. OMANTEL

CEO: Talal Said Al Mamari

•Oman •1999 •Telecommunications SALES: $6.5 billion PROFITS: $596 million ASSETS: $20.1 billion MARKET VALUE: $1.5 billion

Omantel is the largest telecom services provider in Oman. In December 2019, it introduced 5G for home internet subscribers across Muscat, Al Batinah North, and Al Batinah South, as well as Al Buraimi and Musandam. Omantel owns 21.9% of Kuwait’s Zain Group, making it the second-largest shareholder. Omantel assisted Oman’s Ministry of Health during the pandemic by launching a virtual clinic in the Royal Hospital. Before becoming CEO in 2014, Talal Said Marhoon Al Mamari was CFO at the company.

50. INTERNATIONAL HOLDING COMPANY (IHC) G CEO and Managing Director: Syed Basar Shueb

•U.A.E. •1998 •Investments

OMANTEL; IHC; FAHAD AL HASSAWI, WAM; PETRO RABIGH

SALES: $1.9 billion PROFITS: $821 million ASSETS: $3.8 billion MARKET VALUE: $45 billion IHC’s market value increased from about $7.1 billion in April 2020 to $45 billion in April 2021, a growth of over 600%. The company has investments in diversified operating companies. Palms Sports and Cine Royal Cinema are among the company’s investments. CEO and Managing Director Syed Basar Shueb is also the founder of District Cooling, which was established in 2006.

Industrials

President and CEO: Othman Ali Al Ghamdi

•Saudi Arabia •2005 •Petrochemicals SALES: $5.8 billion PROFITS: $-1 billion ASSETS: $18.8 billion MARKET VALUE: $4.8 billion

Rabigh Refining & Petrochemical Company (Petro Rabigh) was founded as a joint venture between Saudi Aramco and Japan’s Sumitomo Chemical.

Around 25% of the company’s plant funding comes from its public listing, with the rest being equally divided by Aramco and Sumitomo Chemical. In October 2020, both founding companies announced they will lend their joint venture around $2 billion to help it overcome the pandemic, with Sumitomo Chemical giving around 37.5% of the loan and Saudi Aramco funding the rest of it.

Companies

Sales

Profits

Assets

Market Value

10

$46.8 billion

$1.4 billion

$136.2 billion

$160.2 billion

G

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

52. PETRO RABIGH

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

63 THE LIST

SALES: $3 billion PROFITS: $393 million ASSETS: $4.3 billion MARKET VALUE: $8.1 billion

53. QATAR FUEL (WOQOD)

56. MASHREQBANK GROUP (MASHREQ)

CEO and Managing Director: Saad Rashid Al-Muhannadi

•Qatar •2002 •Retail

Group CEO: Ahmed Abdelaal

•U.A.E. •1967 •Banks & Financial Services

SALES: $3.6 billion PROFITS: $200 million ASSETS: $3.2 billion MARKET VALUE: $5 billion

Founded by the Al Ghurair Group in 1967, Mashreq is among the oldest banks in the U.A.E. Today, it also has offices in Europe, Asia, Africa, and the U.S. The Al Ghurair Group remains a major shareholder in the bank through its subsidiaries. In October 2020, Mashreq signed a long-term digital payments strategic partnership with noon.com, and launched a co-branded e-commerce credit card in the U.A.E.

54. JARIR MARKETING COMPANY

CEO and Vice-Chairman: Abdulkarim Bin Abdulrahman Al-Agil

•Saudi Arabia •1979 •Retail

SALES: $2.5 billion PROFITS: $268 million ASSETS: $1.1 billion MARKET VALUE: $6.4 billion

The Jarir Marketing Company was founded as a small bookstore 47 years ago. Today, it has expanded to 65 showrooms across Saudi Arabia, Kuwait, Qatar, and the U.A.E. selling consumer IT products, electronics, office supplies, and books.

In May 2021, it opened its 56th store in Saudi. In 2020, the company recorded $2.5 billion in sales, a growth of around 10.5% compared to 2019. In April 2020, the company contributed $5.3 million toward Saudi Arabia’s Health Endowment Fund to support its effort in fighting the pandemic.

55. DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP Group CEO: Nasser Al Haqbani

•Saudi Arabia •1995 •Healthcare

SALES: $1.6 billion PROFITS: $276 million ASSETS: $2.5 billion MARKET VALUE: $14.1 billion

The Dr. Sulaiman Al Habib Medical Services Group has 23 healthcare facilities and hospitals serving more than three million patients across Saudi Arabia, the U.A.E., and Bahrain. In March 2020, the group raised $700 million by issuing 52.5 million shares through an IPO. The group operated critical ICU facilities to treat COVID-19 patients and rolled out PCR testing facilities in Saudi Arabia. It announced the establishment of a new maternity and pediatric hospital in 2020, as well as a new hospital project in the Al-Kharj Governorate. It is currently developing a private medical city in Saudi Arabia.

Retail

Companies

Sales

Profits

Assets

Market Value

6

$15.1 billion

$1.6 billion

$11.6 billion

$35.1 billion

G

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

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

WOQOD; JARIR MARKETING CO.; DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP; MASHREQ

THE LIST

64

SALES: $2.4 billion PROFITS: $-328 million ASSETS: $43.2 billion MARKET VALUE: $3.1 billion

Woqod is Qatar’s sole fuel and oil distribution and marketing company. It has 107 petrol stations across the country, with the latest opened in April 2021. Last year, the company featured a piece of art in one of its petrol stations as part of its participation in Qatar’s “Jedairat” initiative, which was established

by Qatar Museums to promote curated murals and street art in Doha.

57. ALBARAKA BANKING GROUP (ABG)

59. QATAR INTERNATIONAL ISLAMIC BANK (QIIB)

SALES: $2.2 billion PROFITS: $166 million ASSETS: $28.2 billion MARKET VALUE: $259 million

SALES: $703 million PROFITS: $258 million ASSETS: $16.8 billion MARKET VALUE: $3.8 billion

Group CEO: Mazin Manna

CEO: Abdulbasit Ahmed A. Al Shaibei

•Bahrain •1978 •Banks & Financial Services

•Qatar •1991 •Banks & Financial Services

60. EZDAN HOLDING GROUP

58. BUPA ARABIA FOR COOPERATIVE INSURANCE

Managing Director: Thani bin Abdullah Thani Al Thani

•Qatar •1960 •Real Estate & Construction

CEO: Tal Nazer

SALES: $343 million PROFITS: $95.6 million ASSETS: $13.6 billion MARKET VALUE: $12.7 billion

•Saudi Arabia •1997 •Insurance

Ezdan Holding Group was founded in 1960 by Thani bin Abdullah Al-Thani, who is still a majority shareholder of the company. It was publicly listed on the Qatar Stock Exchange in 2007. The group owns more than 29,000 real estate units in Doha and Al Wakrah, which are run by the Ezdan Real Estate Company. It owns three hotels and three malls in Qatar. The company also has investments in sectors including banking, healthcare, and insurance.

AL BARAKA BANKING GROUP; BUPA ARABIA; QIIB; EZDAN HOLDING GROUP

SALES: $2.9 billion PROFITS: $186 million ASSETS: $3.1 billion MARKET VALUE: $3.7 billion

Established as a joint venture between Bupa and Saudi Arabia’s Nazer Group, Bupa Arabia has become one of the region’s biggest listed insurance companies.

In August 2020, Bupa increased its shareholding in Bupa Arabia to 43.2% by acquiring 4% of Nazer Group’s stake in the company for $134 million. The Nazer Group currently owns 9% of the company. CEO Tal Nazer serves on the boards of several organizations, including the Financial Academy and Endeavor Saudi Arabia. He is also the chairman of Najm for the Insurance Services Company.

Petrochemicals

Companies

Sales

Profits

Assets

Market Value

5

$9.6 billion

$-599 million

$35.8 billion

$25.7 billion

G

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

65

QIIB is 16.6% owned by the Qatar Holdings Company, a subsidiary of the Qatar Investment Authority.

Since its formation in 1991, QIIB has grown to be the third-largest listed Islamic bank in Qatar by total assets. It has developed a network of 15 branches and operates through three business segments: personal banking, corporate banking, and treasury and investments. In 2020, it became the first Islamic bank in Qatar to launch a card for domestic workers.

THE LIST

Islamic wholesale bank Al Baraka Banking group (ABG) operates over 700 branches across 17 countries including Jordan, Egypt, Tunis, Bahrain, and Germany. The group’s founder, Sheikh Saleh Abdullah Kamel, passed away in 2020 and was succeeded by Abdullah Saleh Kamel. Mazin Manna was appointed as the CEO and president of the group in January 2021. ABG also launched the Islamic Commodity Murabaha financing facility in 2020, in collaboration with the Bahrain Bourse and the Central Bank of Bahrain.

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

61. BARWA

Group CEO: Abdulla Jobara Al Romaihi

•Qatar •2006 •Real Estate & Construction

Group CEO: Salem Khalaf Al Mannai

•Qatar •1964 •Insurance

SALES: $2.8 billion PROFITS: $34.6 million ASSETS: $11.7 billion MARKET VALUE: $2.3 billion

SALES: $453 million PROFITS: $334 million ASSETS: $9.1 billion MARKET VALUE: $3.5 billion

Barwa is 45% owned

by Qatari Diar Real Estate, a subsidiary of the Qatar Investment Authority. The company operates 3.6 million square meters of built space, with residential, commercial, industrial, logistical, and multi-purpose assets. In 2020, Abdullah Jubara Al Rumaihi became Group CEO. It has been chosen to build eight public schools across Qatar for the Ministry of Education and Higher Education.

QIC has nine companies, with operations in Qatar, Kuwait, Oman, the U.A.E., and Malta.

In 2020, one of the company’s subsidiaries, QLM, raised an IPO on the Qatar Exchange, offering 60% of its share capital—it was the country’s first IPO since 2019.

QIC currently holds 25% of the company’s shares. The company reported profits of $34.6 million in 2020, an 80% drop compared to 2019.

64. TELECOM EGYPT

CEO and Managing Director: Adel Hamed

•Egypt •1854 •Telecommunications

62. BANK ALJAZIRA CEO and Managing Director: Naif A. Al Abdulkareem

•Saudi Arabia •1975 •Banks & Financial Services SALES: $1.2 billion PROFITS: $9 million ASSETS: $24.6 billion MARKET VALUE: $4.2 billion

Shariah-compliant Bank Aljazira provides personal banking, corporate banking, investment banking, private banking, money transfer, and treasury services. The bank currently operates 78 branches in Saudi Arabia. In late 2020, the bank announced the appointment of Naif Al Abdulkareem as CEO, who previously served on the boards of HSBC Saudi Arabia and SABB Takaful. The bank recorded profits of $9 million in 2020, a drop of 96.6% compared to 2019.

Insurance

Telecom Egypt owns 45% of Vodafone Egypt.

In 2020, the company reported a 23.7% increase in revenues.

It also invested $764.1 million into improving the quality of internet services in Egypt, bringing the value of the company’s infrastructure investments over the past five years to $2.9 billion. In March 2021, the company announced plans to launch the Hybrid African Ring Path by 2023, which is a new subsea system that will outline the African continent, connecting coastal and landlocked African countries to Europe.

Companies

Sales

Profits

Assets

Market Value

3

$7.7 billion

$325 million

$18.6 billion

$8.5 billion

G

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

SALES: $2 billion PROFITS: $310 million ASSETS: $5.4 billion MARKET VALUE: $1.2 billion

IN GLOBAL 2000 LIST

NEW

COUNTRY

ESTABLISHED

SECTOR JUNE 2021

BARWA; BANK ALJAZIRA; QIC; TELECOM EGYPT

THE LIST

66

63. QATAR INSURANCE COMPANY (QIC)

65. ABDULLAH ALOTHAIM MARKETS (ALOTHAIM MARKETS)

67. AL KHALIJ COMMERCIAL BANK (AL KHALIJI) Group CEO: Fahad Al Khalifa

•Qatar •2007 •Banks & Financial Services

•Saudi Arabia •1980 •Retail

SALES: $631 million PROFITS: $188 million ASSETS: $15.5 billion MARKET VALUE: $2.1 billion

SALES: $2.3 billion PROFITS: $122 million ASSETS: $1.3 billion MARKET VALUE: $3.2 billion

AlOthaim Markets is a subsidiary of family conglomerate Al-Othaim Holding Company, which currently owns 27.6% of the company. It operates wholesale, retail, and grocery stores, with 240 retail stores located in Saudi Arabia and 44 in Egypt. In 2020, the company opened 11 new stores and was added to the MSCI Saudi Arabia Standard Index. It currently employs over 15,500 people. In April 2021, it announced that it had entered a consortium with Allana International and United Feed Manufacturing to bid for one of two milling companies offered for privatization by the Saudi Grains Organization.

68. SAHARA INTERNATIONAL PETROCHEMICAL CO (SIPCHEM) CEO: Abdullah Al-Saadoon

•Saudi Arabia •1999 •Petrochemicals

66. AHLIBANK

CEO: Hassan Ahmed AlEfrangi

•Qatar •1983 •Banks & Financial Services SALES: $560 million PROFITS: $187 million ASSETS: $13.1 billion MARKET VALUE: $2.5 billion

ALOTHAIM MARKETS; AHLI BANK; AL KHALIJI; SIPCHEM

Al Khalij has four branches in Qatar and three overseas. The Qatar government owns more than 47% of the bank. In January 2021, the bank and Masraf Al Rayan entered into a merger agreement to create one of the largest Sharia compliant banks in Qatar, with combined assets worth $47 billion. Following the merger, Al Khalij Commercial Bank’s business will be absorbed into Masraf Al Rayan’s business. Chairman Hamad Bin Faisal Bin Thani Al-Thani will become vice chairman of the board of the merged entity and the chair of the executive committee.

SALES: $1.4 billion PROFITS: $15.2 million ASSETS: $6.3 billion MARKET VALUE: $5.3 billion

Sipchem is a chemical manufacturer with a market presence in more than 40 countries. In 2020, it produced over four million metric tons of chemicals. It was included in the MSCI Emerging Markets Index in 2019. Abdullah Al-Saadoon was appointed CEO of Sipchem in December 2020. The company donated more than $533,000 to Saudi Arabia’s Ministry of Health as part of the COVID-19 pandemic relief effort.

Ahlibank is the seventhlargest bank in Qatar in terms of assets as of 2021, and is 47.7% owned by the Qatar Investment Authority. The bank operates a network of 14 branches throughout Qatar. In 2020, the bank issued the fourth tranche of its EMTN bond for $500 million to the international debt capital market. It also announced a five-year strategic partnership with Visa. Hassan Ahmed AlEfrangi became CEO in 2020. He previously served as Group CEO of Qatar General Insurance & Reinsurance Co.

Investments

Companies

Sales

Profits

Assets

Market Value

3

$4.7 billion

$443 million

$51.4 billion

$54.1 billion

G

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67 THE LIST

CEO: Abdulaziz Abdullah Al Othaim

69. NATIONAL BANK OF RAS AL-KHAIMAH (RAKBANK) CEO: Peter England

•U.A.E. •1976 •Banks & Financial Services

RAKBANK is 49.3% owned by the government of Ras Al-Khaimah and is publicly traded on ADX. The bank offers personal and banking services throughout 27 branches in the U.A.E. and employs over 3,400 people. It also offers Sharia-compliant personal and business banking services via RAKislamic. In 2020, the bank reported profits of $138 million, a drop of 53.9% from 2019. It also signed a 10-year strategic partnership with MetLife to provide life insurance solutions to customers. CEO Peter England has announced that he will retire in 2021.

70. NATIONAL BANK OF BAHRAIN (NBB) CEO: Jean-Christophe Durand

•Bahrain •1957 •Banks & Financial Services

SALES: $523 million PROFITS: $134.5 million ASSETS: $11.6 billion MARKET VALUE: $3 billion

NBB operates through a network of 29 branches across Bahrain, Saudia Arabia, and the U.A.E. Bahrain’s sovereign wealth fund Mumtalakat owns 44% of the bank’s shares. In 2020, the bank successfully acquired 78.8% of Bahrain Islamic Bank. It pledged $6.6 million to Bahrain’s national campaign to fight the pandemic.

CEO Jean-Christophe Durand is also a board member for Gulf Air, the Bahrain Telecommunications Company (Batelco), and Bahrain Islamic Bank.

71. ALUMINIUM BAHRAIN (ALBA) CEO: Ali Al Baqali

•Bahrain •1968 •Industrials

SALES: $2.8 billion PROFITS: $25.9 million ASSETS: $6.3 billion MARKET VALUE: $2.2 billion

Alba is the Middle East’s largest producer of aluminum. Since 1990, Alba has invested more than $589 million in environmental conservation. These projects have focused on waste management and reducing the emissions of harmful gasses. To save energy, the company uses the steam from the cooling process of aluminum to generate additional power. CEO, Ali Al Baqali, has been with the company for two decades. He became CEO in February 2020.

Logistics

Companies

Sales

Profits

Assets

Market Value

3

$8.7 billion

$922 million

$22.1billion

$15.4 billion

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RAKBANK; NBB; ALBA

THE LIST

68

SALES: $1.1 billion PROFITS: $138 million ASSETS: $14.4 billion MARKET VALUE: $1.8 billion

72. BINDAWOOD HOLDING COMPANY

73. LAFARGEHOLCIM MAROC

SALES: $1.4 billion PROFITS: $119 million ASSETS: $1.3 billion MARKET VALUE: $3.4 billion

SALES: $790 million PROFITS: $169 million ASSETS: $2.3 billion MARKET VALUE: $4.6 billion

CEO: Ahmad Abdulrazzaq BinDawood

CEO: George Michos

•Morocco •2015 •Industrials

BinDawood Holding Company operates through two retail arms: BinDawood Stores and Danube Stores. It operates across 74 hypermarkets and supermarkets in Saudi Arabia and employs over 10,000 people. It plans to open its first international store in Bahrain in 2021. The company was founded by the BinDawood family, who are also majority shareholders of the company. In 2020, BinDawood Holding went public on the Saudi Stock Exchange, raising $585 million with a market value of $2.9 billion. It was the second major listing to take place in Saudi Arabia following the outbreak of COVID-19.

LafargeHolcim Maroc was formed in 2015 by the $1 billion merger of Lafarge Ciments and Holcim Maroc. Today, it is the biggest listed industrial company in Morocco in terms of market cap and the country’s largest building materials manufacturer. The company helped construct the Noor Ouarzazate Solar Complex, which is the largest concentrated solar power plant in the world.

LafargeHolcim Maroc expects its new plant, located southwest of Agadir, to be operational in summer 2021 with initial investments of $300 million.

74. THE COMPANY FOR COOPERATIVE INSURANCE (TAWUNIYA) CEO: Abdulaziz Hassan ALBoug

BINDAWOOD HOLDING; LAFARGEHOLCIM MAROC; ABDULAZIZ HASSAN ALBOUG, IMAGE FROM SOURCE

•Saudi Arabia •1986 •Insurance

SALES: $1.9 billion PROFITS: $105 million ASSETS: $3.8 billion MARKET VALUE: $2.6 billion Tawuniya offers more than 60 types of insurance, capturing more than 24% of the insurance market in Saudi Arabia. It also employs more than 1,447 people operating a sales network of more than 60 branches and settling more than 10 million claims annually. In 2021, Tawuniya launched a COVID-19 travel insurance program.

Utilities

Companies

Sales

Profits

Assets

Market Value

3

$19.5 billion

$1.3 billion

$137.8 billion

$36.3 billion

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69 THE LIST

•Saudi Arabia •2011 •Retail

75. BAHRAIN TELECOMMUNICATION COMPANY (BATELCO) CEO: Mikkel Vinter

•Bahrain •1982 •Telecommunications

Batelco is 36.6% owned by Bahrain’s sovereign wealth fund, Mumtalakat. Outside of Bahrain, the company has direct and indirect investments across 14 countries, including Jordan, the Maldives, Egypt, and Saudi Arabia. The company recently launched Bahrain’s largest commercial sector data center covering an area of over 12,000 square meters. In 2020, it announced 95% nationwide 5G coverage across Bahrain. It contributed $9.3 million to the country’s pandemic relief effort.

76. ARABIAN CENTRES COMPANY (ACC) CEO: Faisal Abdullah Al Jedaie

•Saudi Arabia •2005 •Real Estate & Construction SALES: $586 million PROFITS: $171 million ASSETS: $4.8 billion MARKET VALUE: $3.1 billion ACC owns and operates 21 shopping malls and commercial centers across Saudi Arabia, with gross leasable area of 1.2 million square meters. In 2020, the company recorded 110.7 million visitors and $586 million in sales. In March 2021, the company acquired 25.5% of VogaCloset Limited, the owner and operator of an online shopping platform, for $18.4 million. A month later, it signed a construction contract with Lynx Contracting Company for Madinah Walk in Al-Madinah Al-Munawarah.

The project is expected to add about 57,000 square meters to ACC’s gross leasable areas.

78. TALAAT MOUSTAFA GROUP HOLDING (TMG) CEO and Managing Director: Hisham Talaat Mostafa

•Egypt •1970 •Real Estate & Construction SALES: $900 million PROFITS: $105 million ASSETS: $7.5 billion MARKET VALUE: $751 million

77. BANK OF BAHRAIN AND KUWAIT (BBK) Group CEO: Abdulrahman Ali Saif

TMG is Egypt’s largest listed real estate company in terms of assets and market cap. The group’s largest project is Madinaty, a city that can accommodate 700,000 residents. TMG is also developing the 5,000-acre Capital Gardens, with a total investment of more than $50 billion. The city is expected to accommodate more than 600,000 people once complete. TMG has a land portfolio of 74 million square meters, and the company says it has already developed 50%.

•Bahrain •1971 •Banks & Financial Services SALES: $467 million PROFITS: $140 million ASSETS: $10 billion MARKET VALUE: $2 billion

With assets worth around $10 billion as of December 2020, BBK has branches in Bahrain, Kuwait, and India, with representative offices in the U.A.E. and Turkey.

Last year, the bank launched its digital platform “BBK BanKey” to provide cash management services for its clients. BBK opened a digital branch in City Center Bahrain last year, and it is planning to open two more in 2021. BBK has donated around $8 million to the “Fina Khair” national campaign to support those impacted by the pandemic.

Energy

Companies

Sales

Profits

Assets

Market Value

2

$241.1 billion

$49.8 billion

$561.4 billion

$1.9 trillion

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BATELCO; ARABIAN CENTRES COMPANY; BBK; TALAAT MOUSTAFA GROUP HOLDING

THE LIST

70

SALES: $1 billion PROFITS: $170 million ASSETS: $2.7 billion MARKET VALUE: $2.6 billion

79. DAMAC PROPERTIES

81. ELSEWEDY ELECTRIC

SALES: $1.3 billion PROFITS: $-283 million ASSETS: $5.7 billion MARKET VALUE: $2 billion

Elsewedy Electric was established by the Elsewedy family in 1938 as a small trading business in Cairo. It started its first cable production plant in 1984. Today, it is a global provider of energy, digital, and infrastructure solutions. In February 2021, one of the company’s subsidiaries, Rowad Modern Engineering, signed a $93.2 million contract with the Star-Light Company for Urban Development and Tourism for the construction of the Kattameya Creeks compound in New Cairo. Three brothers—Ahmed, Sadek, and Mohammed Ahmed Sadek Elsewedy—own 67.7% of the company, worth $782.6 million.

Managing Director: Ahmed Ahmed Sadek El-Sewedy

•Egypt •1938 •Industrials

Chiarman: Hussain Sajwani

•U.A.E. •2002 •Real Estate & Construction

SALES: $3 billion PROFITS: $211 million ASSETS: $3.5 billion MARKET VALUE: $1.2 billion

80. KIPCO GROUP

Executive Vice Chairman: Faisal Al Ayyar

•Kuwait •1975 •Investments

KIPCO; ELSEWEDY ELECTRIC; KINGDOM HOLDING COMPANY

SALES: $2.5 billion PROFITS: $28.9 million ASSETS: $34.4 billion MARKET VALUE: $1.1 billion

The Kuwait Projects Company (KIPCO) Group comprises over 60 companies and employs over 16,000 people in 24 countries.

Its companies span several sectors such as banking, real estate, media, and insurance. These include a majority ownership in the Burgan Bank Group, the Gulf Insurance Group, and OSN. In 2020, KIPCO increased its share in OSN from 60.5% to 87.6%. Burgan Bank also issued a $500 million bond in the international debt market, which was four times oversubscribed. KIPCO and its companies donated $8.2 million to help fight the pandemic.

Food & Beverages

CEO: Talal Ibrahim Almaiman

•Saudi Arabia •1996 •Investments

SALES: $274 million PROFITS: $-407 million ASSETS: $13.2 billion MARKET VALUE: $8 billion

Kingdom Holding Company owns a wide range of investments in hotels, real estate, banking, and media. It has investments in well-known brands, including Twitter, Four Seasons, Uber, Careem, Deezer, Accor, and Flynas.

In November 2020, one of its subsidiaries, the Kingdom Investment and Development Company, sold 54.5% in the Care Shield Holding Company to the Dallah Healthcare Company for $80 million. Alwaleed Philanthropies has spent more than $4 billion on social welfare projects. In 2020, it donated $30 million to help fight the pandemic.

Companies

Sales

Profits

Assets

Market Value

2

$9.9 billion

$789 million

$15.8 billion

$20 billion

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82. KINGDOM HOLDING COMPANY

IN GLOBAL 2000 LIST

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THE LIST

Damac Properties builds residential, commercial, and leisure properties. It has delivered around 33,000 units and has another 33,000 under construction. The company’s revenues increased 6% in 2020, but it made a net loss of $283 million, compared to $10 million in 2019. In 2020, DAMAC Properties introduced online home design and virtual 3D tours of its properties. Billionaire Hussain Sajwani is the chairman of the company.

71

83. QATAR ELECTRICITY & WATER

86. COMMERCIAL BANK OF KUWAIT (AL-TIJARI)

Managing Director and General Manager: Mohammed Nasser Al-Hajri

•Qatar •1990 •Utilities

•Kuwait •1960 •Banks & Financial Services

Qatar Electricity and Water is the country’s main supplier of electricity and desalinated water. The Qatar government owns approximately 60% of the company.

In 2021, the company, through its joint venture Nebras Power, expanded into Ukraine through the acquisition of six solar projects and a partnership agreement with UDP Renewables and UFuture. It also signed an agreement with Unique Hotel and Resorts to acquire 24% of Unique Meghnaghat Power Limited in Bangladesh.

SALES: $590 million PROFITS: $163,000 ASSETS: $14.6 billion MARKET VALUE: $3.3 billion

The Commercial Bank of Kuwait is the second oldest bank in Kuwait.

In 2020, it implemented smart teller and deposit machines equipped with NFC verification technology. The bank contributed $33.5 million to a CBK Fund to support Kuwait’s efforts to fight the pandemic.

CEO, Elham Yousry Mahfouz, ranked #16 on Forbes Middle East’s Power Businesswomen 2021 list.

84. ARAB BANKING CORPORATION (BANK ABC) Group CEO: Khaled Kawan

•Bahrain •1980 •Banks & Financial Services

SALES: $1.3 billion PROFITS: $-75 million ASSETS: $30.4 billion MARKET VALUE: $901 million

Bank ABC is present across 15 countries in the Middle East, Europe, North America, Latin America, and Asia.

Its major shareholders are the Central Bank of Libya and the Kuwait Investment Authority. It is the second-largest listed Bahraini company by assets, worth $30.4 billion.

In January 2021, Bank ABC entered into an agreement to acquire a 99.4% stake in BLOM Bank Egypt, which values BLOM Bank Egypt at $427.5 million.

87. JABAL OMAR DEVELOPMENT COMPANY CEO: Khalid Al-Amoudi

•Saudi Arabia •2007 •Real Estate & Construction

85. MESAIEED PETROCHEMICAL HOLDING COMPANY (MPHC)

SALES: $47 million PROFITS: $-357 million ASSETS: $6.9 billion MARKET VALUE: $7.3 billion

Chairman: Ahmad Saif Al-Sulaiti

•Qatar •2013 •Petrochemicals

The Jabal Omar Development Company is the most valuable listed real estate company in Saudi Arabia, with a $7.3 billion market cap. The company’s flagship project is Jabal Omar, a multi-use real estate mega-development project covering more than two square kilometers within walking distance of the Grand Mosque in Makkah. In December 2020, the company sold 2,572 square meters of the project to the AIMS Investment Company for $221.3 million.

SALES: $179 million PROFITS: $146 million ASSETS: $4.4 billion MARKET VALUE: $6.7 billion

Mesaieed is an integrated producer of petrochemicals in Qatar. It owns 49% of the Qatar Chemical Company and the Qatar Chemical Company II, and 55.2% of the Qatar Vinyl Company. In Q1 2021, it recorded $245.3 million in revenues, a 73% increase, and net profits of $104 million, an increase of 564%.

Chairman Ahmad Saif Al-Sulaiti is also an executive vice president of operations at Qatar Petroleum, chairman of Woqod, and vicechairman of Nakilat.

Healthcare

Companies

Sales

Profits

Assets

Market Value

2

$2.1 billion

$426 million

$3.5 billion

$18.8 billion

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QATAR ELECTRICITY AND WATER; BANK ABC; MPHC; AL-TIJARI; JABAL OMAR DEVELOPMENT COMPANY

THE LIST

72

CEO: Elham Yousry Mahfouz

SALES: $710 million PROFITS: $325 million ASSETS: $4.7 billion MARKET VALUE: $5.2 billion

88. ORASCOM CONSTRUCTION PLC CEO: Osama Bishai

•U.A.E. •1950 •Real Estate & Construction SALES: $3.4 billion PROFITS: $97.1 million ASSETS: $3.8 billion MARKET VALUE: $665 million

73 THE LIST

Orascom Construction focuses on infrastructure, industrial, and high-end commercial projects in MENA, the U.S., and the Pacific Rim. In Q1 2021, the company added $660.4 million in new contracts, pushing its estimated consolidated backlog to $5.4 billion as of March 31, 2021. In 2020, the company secured an $800 million deal to develop the first phase of Cairo subway’s fourth line in partnership with the Mitsubishi Corporation. It also signed a $64 million contract with Emaar Misr to build the Vida Marina Hotel & Yacht Club in Marassi, Egypt.

89. ADVANCED PETROCHEMICAL COMPANY President and CEO: Fahad Salem Al Matrafi

•Saudi Arabia •2005 •Petrochemicals

90. MOUWASAT MEDICAL SERVICES

CEO and Vice Chairman: Nasser Sultan Fahed AlSubaie

•Saudi Arabia •1974 •Healthcare

SALES: $595 million PROFITS: $159 million ASSETS: $1 billion MARKET VALUE: $4.7 billion

The Advanced Petrochemical Company manages an integrated complex in Al-Jubail city to produce Propylene & Polypropylene. In April 2021, the company signed engineering, procurement, and construction contracts worth $485 million with Tecnimont S.p.A and Tecnimont Arabia Ltd. for the construction of two PP Plants in Jubail II, Saudi Arabia. It also signed procurement and construction contracts worth $1.2 billion with Samsung Engineering Co., Ltd. and Samsung Saudi Arabia Co., Ltd. for the construction of a PDH Plant in Jubail II.

SALES: $545 million PROFITS: $150 million ASSETS: $973 million MARKET VALUE: $4.7 billion

Mouwasat Medical Services was established in Dammam, Saudi Arabia, in 1974 by Mohammad Sultan Al-Subaie.

In 1975, Mouwasat Dispensary was launched, followed by Mouwasat Hospital, which opened in 1988. The company today has six hospitals and specialized medical centers in Saudi Arabia with $973 million in assets by the end of 2020.

Brothers Mohammed and Nasser Sultan Al-Subaie own 35% of Mouwasat Medical Services, valued at $1.7 billion as of May 2021.

ORASCOM CONSTRUCTION PLC; ADVANCED PETROCHEMICAL COMPANY

91. SOUTHERN PROVINCE CEMENT COMPANY (SPCC)

CEO: Aqeel Fotaees Saeed Kadasah

•Saudi Arabia •1978 •Industrials

SALES: $441 million PROFITS: $162 million ASSETS: $1.1 billion MARKET VALUE: $3.1 billion

SPCC is considered one of the biggest cement companies in the Middle East. It owns three factories in Saudi Arabia in Jazan, Assir, and Makkah. Saudi’s Public Investment fund owns 37.4% of the company and is its largest shareholder.

Saudi’s General Organization for Social Insurance owns 10.8% of the company.

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92. SHARJAH ISLAMIC BANK (SIB)

94. EASTERN COMPANY

SALES: $548 million PROFITS: $110 million ASSETS: $14.6 billion MARKET VALUE: $1.2 billion

Established in 1920, the Eastern Company trades in tobacco products and has direct investments in real estate, industrial machinery, and packaging products.

Hany Aman has been Managing Director and CEO since 2018. Previously he worked in Henkel for 11 years and had a stint with Coca Cola.

CEO: Mohammed Abdullah

•U.A.E. •1975 •Banks & Financial Services

SIB was initially founded as the National Bank of Sharjah and converted to Islamic banking in 2002. In 2020, it reported an increase of 15.5% in total assets compared to 2019, but a decrease of 25.6% in net profits. SIB launched a community initiative in Ramadan that distributed 4,000 food baskets for families in need, among other initiatives. Mohammed Abdullah has been CEO of SIB since January 2007.

•Egypt •1920 •Retail

SALES: $924 million PROFITS: $242 million ASSETS: $1.3 billion MARKET VALUE: $1.7 billion

95. NATIONAL BANK OF FUJAIRAH (NBF) CEO: Vince Cook

•U.A.E. •1982 •Banks & Financial Services

SALES: $526 million PROFITS: $-129 million ASSETS: $10.9 billion MARKET VALUE: $2.6 billion

NBF has 15 branches and three subsidiaries under its umbrella: NBF Financial Services FZC, NBF Capital Ltd, DIFC, and NBF Markets (Cayman) Ltd. In 2020, it partnered with Ripple, an enterprise blockchain company for cross-border money transfers. The government of Fujairah owns 40.8% of the bank, making it the largest shareholder. The Easa Saleh Al Gurg Company owns over 21.5%. In March 2020, NBF appointed Raja Al Gurg, Vice Chairperson and Managing Director of the Easa Saleh Al Gurg Group, as Deputy Chairperson of NBF.

93. ARAB POTASH COMPANY (APC)

President and CEO: Maen F. Nsour

•Jordan •1956 •Industrials

ARAB POTASH COMPANY; EASTERN COMPANY; VINCE COOK, IMAGE CREDIT: WAM

THE LIST

74

CEO and Managing Director: Hany Aman

SALES: $643 million PROFITS: $179 million ASSETS: $1.6 billion MARKET VALUE: $2.7 billion

APC operates under a concession from the Government of Jordan that grants it exclusive rights to extract, manufacture and market minerals from the Dead Sea until 2058. APC is the eighth largest potash producer worldwide by volume of production and the sole producer of potash in the Arab world. It produces 2.3 million tons of potash annually and exports to over 30 countries.

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96. AL AHLI BANK OF KUWAIT (ABK) Group CEO: George Richani

•Kuwait •1967 •Banks & Financial Services

SALES: $801 million PROFITS: $-231 million ASSETS: $16.1 billion MARKET VALUE: $1.2 billion

ABK has 30 branches in Kuwait, three branches in the U.A.E., and 43 branches in Egypt. In coordination with the Kuwait Association for the Care of Children in Hospital and the Bayt Abdullah Children’s Hospice, ABK helped give Girgai’an bags to children in hospitals in 2021. George Richani became Group CEO in November 2020, with more than 37 years of experience in banking.

99. TABREED

SALES: $519 million PROFITS: $5 million ASSETS: $8.2 billion MARKET VALUE: $3 billion

SALES: $474 million PROFITS: $156 million ASSETS: $3.6 billion MARKET VALUE: $2.2 billion

CEO: Khalid Al Marzouqi

•Saudi Arabia •1994 •Real Estate & Construction

•U.A.E. •1998 •Utilities

Dar Alarkan has developed 15,000 housing units and 500,000 square meters of luxury retail space. Based in Riyadh, Dar Al Arkan has projects in Saudi Arabia and Bosnia, as well as an integrated digital real estate brokerage firm that buys and sells properties in 11 countries. In 2020, the company reported a 94% decrease in net profits compared to 2019.

Anand Raheja has been CEO of the company since May 2019, having been promoted from his previous role as CFO.

98. NATIONAL INDUSTRIALIZATION CO. (TASNEE) CEO: Mutlaq H. Al-Morished

•Saudi Arabia •1985 •Industrials

SALES: $606 million PROFITS: $-119 million ASSETS: $5.9 billion MARKET VALUE: $3.4 billion

National Industrialization Co. (Tasnee) is one of Saudi Arabia’s largest industrial companies and one of the world’s largest investors in titanium dioxide.

It is 6.2% owned by Alwaleed bin Talal’s Kingdom Holding Company, making it the largest shareholder.

The company has donated over $266,500 to EHSAN, the national platform for charitable work. Before becoming CEO, Mutlaq H. Al-Morished was president of the Saudi Petrochemical Company.

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THE LIST

97. DAR ALARKAN CEO: Anand Raheja

ABK; DAR ALARKAN; TASNEE; SAUDI CEMENT

75

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Tabreed is one of the region’s largest district cooling companies. Its infrastructure projects include the Sheikh Zayed Grand Mosque, the Burj Khalifa, Dubai Mall, Dubai Opera, Dubai Fountain, Ferrari World, and the Jabal Omar Development in Makkah, alongside several other hotels, hospitals, residential and commercial towers. Khalid Al Marzouqi became CEO in May 2021.

100. SAUDI CEMENT CEO: Mohammed Ali Al-Garni

•Saudi Arabia •1955 •Industrials SALES: $419 million PROFITS: $120 million ASSETS: $981million MARKET VALUE: $2.6 billion

Saudi Cement Company manufactures and supplies clinker and cement across the kingdom. Last year, it produced 6.4 million tons of cement compared to 5.7 million tons in 2019, a 12.3% increase, while its total production of clinker dropped by 2% to 6.3 million tons. In March 2020, Saudi Cement donated $1.3 million to the Endowment Health Fund to help fight the pandemic. CEO, Mohammed Ali Al-Garni, has been working in the cement industry for 30 years. He is also a board member of the World Cement Association.

ESTABLISHED

SECTOR JUNE 2021

• THOUGHTS ON •

Perseverance “Success is the result of perfection, hard work, learning from failure, loyalty, and persistence.”

“If your determination is fixed, I do not counsel you to despair. Few things are impossible to diligence and skill. Great works are performed not by strength, but perseverance.”

—Colin Powell “Throughout human history, in any great endeavour requiring the common effort of many nations and men and women everywhere, we have learned—it is only through seriousness of purpose and persistence that we ultimately carry the day. We might liken it to riding a bicycle. You stay upright and move forward so long as you keep up the momentum.”

—Ban Ki-moon “Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.”

—Samuel Johnson “I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature.”

—John D. Rockefeller Marie Curie

“Perseverance is failing 19 times and succeeding the 20th.”

—Julie Andrews

“I think the most important trait for an entrepreneur is persistence. When you try to do something new and difficult, you are more likely to fail than to succeed.

“Some people mistake grit for sheer persistence— charging up the same hill again and again. But that’s not quite what I mean by the word ‘grit.’ You want to minimize friction and find the most effective, most efficient way forward.

You might actually have more grit if you treat your energy as a precious commodity.”

—Trip Adler

—Reid Hoffman

—Pele

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

“Retaining culture takes effort and persistence and discipline. It’s a commitment, not a flag.

You can’t just pull it out and wave it about when it’s convenient.”

“There are two ways of attaining an important end, force, and perseverance; the silent power of the latter grows irresistible with time.”

—Sophie Swetchine

—Alexandra Fuller “Life is not easy for any of us. But what of that? We must have perseverance and above all confidence in ourselves. We must believe that we are gifted for something and that this thing must be attained.”

—Marie Curie

FINAL THOUGHT “Failure is success if we learn from it.”

—Malcolm Forbes

JUNE 2021

IMAGE FROM WIKIPEDIA

THOUGHTS

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In line with HM King Salman bin Abdulaziz Al Saud and HRH Prince Mohammad bin Salman’s 2030 Vision for the Kingdom of Saudi Arabia, Ajlan & Bros Holding Group has embarked on a significant diversification, both regionally and globally.

We aim to support the modernization of Saudi Arabia, whilst providing avenues for private investment and local employment opportunities.

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

JUNE 2021

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