Forbes Middle East - June 2023 - English

MENA TOURISM STARTUPS 2023 NEWS MEDIA LAYOFF TRACKER

EGYPT’S TOP 50 LISTED COMPANIES

MENA’S SUPER STREAMERS 5 RETAIL GIANTS FILING FOR BANKRUPTCY

JUNE 2023 ISSUE 129

RAMI EL-DOKANY

Executive Chairman of the Egyptian Exchange

“THERE IS A CHALLENGE, AND WE ARE WORKING ON IT. WE HAVE TO RESOLVE THE FOREIGN CURRENCY ISSUE.”

THE MIDDLE EAST’S

JUNE 2023 ISSUE 129

TOP 100 LISTED COMPANIES 2023

AS GLOBAL HEADWINDS CONTINUE TO APPLY PRESSURE, MEET THE LEADERS STEERING THE REGION’S 100 BIGGEST PUBLIC COMPANIES AND $3.8 TRILLION IN TOTAL MARKET VALUE.

Stay connected with our latest business news.

UAE...........................................................AED 15 SAUDI ARABIA...................................... SAR 15 BAHRAIN.............................................. BHD 1.5 KUWAIT..............................................KWD 1.25 OMAN.................................................... OMR 1.5 QATAR..................................................... QAR 15 OTHERS........................................................... $4

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T H E A R T O F E L E VAT I O N By bringing together purpose, design, and service, we empower the future of luxury living, transforming the spaces you inhabit into unique, exceptional masterpieces.

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O M N I YAT. C O M

JUNE 2023

8 I Sidelines Staying Strong

By Claudine Coletti LEADERBOARDS

CONTENTS

2

SPORT

12 I Meet Mo Salah, The World’s

Highest- Paid Arab Athlete

With $53 million in total earnings, Egypt’s Mohamed Salah ranked as the highest-paid Arab athlete on Forbes’ 2023 list of the World’s Highest-Paid Athletes. Here’s a glimpse into the life of the legendary sportsman.

By Jamila Gandhi ENTERTAINMENT

14 I MENA’s Super Streamers It’s not just international platforms such as Netflix, Amazon Prime Video, and Disney+ entertaining the masses in the Middle East. Here are four of the most popular MENA-based video streaming services.

By Amr Abdelhamid STARTUPS

16 I MENA Tourism Startups MENA startups attracted $1.1 billion in funding in Q1 2023, according to Wamda, with the travel-tech sector accounting for $9 million. Here are four regional travel startups revitalizing the market.

By Rawan Hassan

30 I Gold Rush Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Centre (DMCC), has been with the sprawling free zone since it was established and has witnessed it grow to become the world’s biggest physical gold market. While he’s opening up to new trade, he’s still betting big on the yellow metal.

By Jason Lasrado

TECHNOLOGY

18 I Middle East Firms Using ChatGPT Here’s a look at some notable Middle East businesses getting on the ChatGPT bandwagon and how they’re using it.

By Joyce Abaño RETAIL

20 I 5 Retail Giants Filing For Bankruptcy

In 2022

Between growing debt, dwindling sales, inflation, and changing customer preferences, many retailers have become vulnerable. Here’s a look at some retail giants that filed for bankruptcy in 2022.

By Jamila Gandhi MEDIA

21 I 2023 News Media Layoff Tracker Staffers at a number of news media companies have faced layoffs as part of cost-cutting measures in a scenario reminiscent of the early pandemic. Here’s a timeline of some major outlets that have downsized since the start of 2023.

By Samar Khouri

96 I Thoughts On Mentoring F O R B E S M I D D L E E A S T.C O M

64 I Banking Boom U.A.E.-based bank Mashreq saw its profits hit $1 billion in 2022, leading a booming year for the country’s banks. Group CEO, Ahmed Abdelaal, is looking to tech and talent for future growth.

By Layan Abo Shkier JUNE 2023

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JUNE 2023

THE MIDDLE EAST’S

EGYPT’S TOP 50 LISTED COMPANIES 2023

CONTENTS

4

TOP 100 LISTED COMPANIES 2023

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

JUNE 2023

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Final Closing Announcement | March 2023 Founded in 1996, Carmel is one of the nation’s leading specialists in real estate investment management, focusing on U. S. multifamily development, renovation and debt investments.

Through it s ver tically integrated platform, Carmel seeks to achieve superior risk-adjusted returns across var ying market cycles by investing in relatively supply- constrained, high barrier-to-entry markets in the United States . Since it s founding, Carmel has bought and renovated or developed, or is in the process of renovating or developing, more than 50,000 apartment units and has made 22 debt investments with a combined estimated Gross Value of more than $19.5 billion.

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carmelpartners.com

JUNE 2023

June 2023

Issue 129

•

CONTENTS

6

INSIDE •

COVER STORY

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Moving Forward Rami El-Dokany, Executive Chairman of the Egyptian Exchange and Secretary General of the Arab Federation of Capital Markets, has been overseeing the North African country’s stock exchange as the economy struggles. Still, he’s been striving to reposition EGX as a leading stock market regionally.

By Hagar Omran

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

JUNE 2023

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

JUNE 2023

SIDELINES

FORBES MIDDLE EAST

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Staying Strong This month, we release our tenth annual list of the Middle East’s biggest listed companies, and once again, it comes at a time of volatility, with the ramifications of the continuing war in Ukraine, global unrest, and rising inflation putting pressure on stock markets and businesses worldwide. Tech, retail, and media are just some of the industries that have faced layoffs and bankruptcies. But in the face of this, the Middle East remains fairly steadfast. While the aggregate market value of the 100 companies on our list has dropped around 5% since last year, revenues, profits, and assets are on the up, rising 38.5%, 37.7%, and 9.5%, respectively.

According to the Arab Federation of Capital Markets, EFG Holding reported that last year, the GCC significantly increased its contribution to global IPOs. In 2022, around 23% of the $91 billion worldwide total—or $21 billion—was raised by companies from the region, compared to just 2% in 2021. This is expected to continue in 2023, led by increasing interest in the Middle East as a fertile and secure ground for growth. Data from PwC suggests that, in Q1 2023, the GCC generated its second-highest Q1 proceeds from IPOs since 2015, despite having fewer IPOs than in previous years. Q1 2023 saw $3.3 billion in proceeds from nine IPOs—six in Saudi, two in the U.A.E., and one in Oman—compared to $4.9 billion from 15 IPOs in Q1 2022.

The Middle East’s biggest IPO in Q1 2023 was that of the U.A.E.’s ADNOC Gas, which was listed on the Abu Dhabi Securities Exchange in March, raising approximately $2.5 billion from over 3.8 billion shares, or 5% of the company’s total issued share capital. However, the region’s biggest stock exchange is still Saudi Arabia’s Tadawul, which had a market cap of $2.94 trillion as of the end of April 2023, compared to ADX’s $762.8 billion.

This month, we speak to the head leading the region’s eighth-largest stock exchange, Rami El-Dokany, Executive Chairman of the Egyptian Exchange, which had a market cap of $36.9 billion as of the end of April. While the country is battling rising interest rates and a plummeting currency, he’s trying to tempt private companies to its exchange to help bolster growth and protect the economy. We also take a company view by speaking to Ahmed Abdelaal, Group CEO of Mashreq, one of the region’s biggest and best-performing listed banks, which has seen its profits surge 252% in the last year. And we ask Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Centre free zone and the Dubai Gold and Commodities Exchange, where he thinks the safer investments are.

We also take a look back at some highlights from our incredible Women’s Summit in Riyadh last month. Hope you enjoy the issue.

—Claudine Coletti, Managing Editor

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JUNE 2023

Sport

Meet Mo Salah, The World’s Highest-Paid Arab Athlete With $53 million in total earnings, Egypt’s Mohamed Salah ranked as the highest-paid Arab athlete on Forbes’ 2023 list of the World’s Highest-Paid Athletes. Here’s a glimpse into the life of the legendary sportsman.

Mo Salah—known to his fans as the “Egyptian King”—is the 28th highest-paid athlete in the world and the fifth highestpaid soccer player in 2023.

The 30-year-old plays as a forward for Premier League club Liverpool and now resides in the U.K. He first joined Liverpool in July 2017, signing a five-year deal with the club.

In October 2020, he scored his 100-goal for Liverpool, becoming the third fastest player to do so in club history.

In September 2021, he became the fifth quickest player to score their 100th Premier League goal in the competition’s history, doing so in 162 matches.

Salah helped Liverpool end a 30-year wait to be crowned domestic champions in 2020 after winning the Premier League title.

He won the Premier League Golden Boot award three times for the 2017-18, 20182019, and 2021-22 campaigns.

In July 2022, the Liverpool No.11 signed a new three-year contract with the club, tying him to the team until summer 2025.

In the 2022-23 season, Salah played 50 games and scored 30 goals, of which 10 were winning goals, as of May 25, 2023.

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

In the same season, he overtook Robbie Fowler to become the club’s all-time Premier League goals leader.

Salah helped Egypt reach the Africa Cup of Nations final in 2022.

In 2021 adidas honored Salah’s ability to unite people through sport in its “Impossible Is Nothing” campaign and projected him onto the Burj Khalifa’s façade.

Salah has previously played for Italy’s AS Roma, London’s Chelsea FC, Italy’s ACF Fiorentina,, and Switzerland’s FC Basel. He signed his firstever contract with Egypt’s El Mokawloon or the Arab Contractors Sporting Club.

As of 2023, the footballer had hauled in $35 million in on-field earnings, including prize money, salaries, and bonuses, and $18 million from endorsements, appearances, licensing income, and other business endeavors, according to Forbes. adidas, Gucci, Pepsi, and Vodafone Egypt are some of the star’s sponsors and partnerships.

In 2020, Salah was listed among Forbes’ Highest-Paid Celebrities 100 ranking.

Salah was featured on Forbes’ 30 Under 30 Europe list 2022.

JUNE 2023

BY JAMILA GANDHI ; PHOTO BY OLI SCARFF / AFP

LEADERBOARD

12

LEADERBOARD

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

JUNE 2023

Entertainment

MENA’s Super Streamers Shahid Headquarters: U.A.E. Launched: 2011 Subscribers: Over three million

Shahid is a streaming service run

by MBC GROUP, offering Arabic content to its subscribers across MENA, including exclusive Shahid Originals, Shahid Premieres, Arabic movies, and live TV channels, as well as international offerings, sports, kids’ content, and more than 40 FAST channels. Its recent notable works include Rashash, the Saudi version of the global mockumentary The Office, Family Matters, Room 207, and Casa Street, the first Moroccan Shahid Original. With over three million subscribers as of April 2023, Shahid’s top markets are Saudi Arabia and Egypt. Shahid has partnerships with Sony PlayStation MENA, Samsung TV MENA, LG MENA, and telecom companies, including stc in Saudi, Zain Group in Saudi, Kuwait, and Iraq, and Vodafone in Egypt.

STARZPLAY Headquarters: U.A.E. Launched: 2014 Subscribers: 2.9 million

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

STARZPLAY Arabia launched as the first Starz-branded SVOD outside the U.S. Today, it has 2.9 million subscribers, with over five million monthly views in 19 countries across MENA and Pakistan, with U.A.E., Saudi Arabia, and Kuwait are its top markets.

In 2022, E-Vision and ADQ acquired a majority equity stake of 57% in the company based on a valuation of $420 million. In 2023, STARZPLAY signed a multi-year partnership with WATCH IT to showcase Arab talent on its platform. It offers a wide range of content, including Hollywood movies, TV shows, documentaries, original content, and live sports coverage of the Italian League (Serie A), the UFC, and all major cricket series. The platform’s top-performing categories are Western, Turkish historical dramas, Anime, and Arabic series.

OSN+ Headquarters: U.A.E. Launched: 2022 Active users: Over two million

OSN+ is the subscription-based streaming service of the OSN Group.

It offers exclusive English movies and series from major global studios, including HBO, NBC Universal, Paramount+, Endeavor Content, MGM, and Sony, as well as original Arabic content in 22 countries across MENA. The platform’s top-performing categories are fantasy drama, comedy, crime, Turkish series, and Western content. With over two million active monthly users and more than 10 million downloads for its app as of April 2023, the U.A.E., Saudi Arabia,

Kuwait, and Egypt are its top markets.

In March 2023, OSN announced the extension of its long-term exclusive partnership with HBO, making OSN the exclusive home for HBO programming across MENA.

WATCH IT Headquarters: Egypt Launched: 2019 Subscribers: NA

WATCH IT is a subscription VOD service that streams Arabic content including TV shows, movies, series, and originals of WATCH IT and Maspero.

It was launched by one of Egypt’s largest media production companies, United Media Services (UMS) in 2019 to display classic Egyptian artworks, movies, and the Ramadan series.

Its App downloads exceeded five million on Google Play as of April 2023. It has partnerships with many companies including Vodafone Egypt, STARZPLAY, and valU.

Global Streaming Players

By Subscribers Company

Subscribers as of December 2022

Netflix

230.75 million

Disney+

161.8 million

Warner Bros Discovery

96.1 million

Note: Amazon Prime Video didn’t disclose its subscribers’ numbers JUNE 2023

BY AMR ABDELHAMID

LEADERBOARD

14

It’s not just international platforms such as Netflix, Amazon Prime Video, and Disney+ entertaining the masses in the Middle East. Here are four of the most popular MENA-based video streaming services.

Ministry of Civil Aviation

The Egyptian Holding Company for Airports and Air Navigation

Cairo Airport Company

About the Project

Applicant Requirements:

The general objective of the project is the establishment and operation of a commercial business center (commercial administrative service). The project will be implemented through a concession system based on the design-buildfinance-operate-transfer (DBFOT) model for the long-term contract. An area of approximately 39,000 square meters within Cairo International Airport City, overlooking the main entrance of the airport from Al-Nasr Road and Sheraton Heliopolis, has been allocated for the business center.

Scope of Works (a) Design and implementation in accordance with the criteria stipulated in the tender documents and the draft concession contract, which will be submitted later to interested and qualified companies. (b) The funding structure of the project. (c) The establishment, operation, management, and maintenance of the commercial administrative service center during the concession period. (d) Transfer of assets to Cairo Airport Company at the end of the concession contract period.

When submitting an expression of interest, the applicant must: (a) Be a registered legal entity, capable of carrying out the tasks of the project. (b) Provide documents indicating the legal registration of the company, including the commercial register, etc. (c) Have experience of not less than three years in establishing and managing commercial centers and have implemented and managed a similar project (supporting documents to be attached). (d) Provide financial statements for the past three years, approved by a certified external auditor. (e) Submit a brochure about the investor to demonstrate its ability, experience, organizational structure, and marketing capabilities. (f) Include in the EOI (i) a vision and concept, (ii) an initial work plan, (iii) an expected construction timeframe, (iv) the proposed processing level, and (v) a management and marketing plan, among other information.

Interested applicants may form a consortium or joint venture to meet the eligibility criteria. In this case, a branch of the company should be established in Egypt to implement the project management. The applicant shall submit the expression of interest, supported by the data and documents required in the advertisement. Applicants may be invited to provide clarifications and explanations relating to the ideas and proposals set out in their EOIs. Qualified companies shall be selected based on the criteria and requirements mentioned above and shall obtain tender documents before submitting financial and technical proposals. The procedures are subject to the regulations of the purchase and sale system and their procedures for Cairo Airport Company. The EOI to participate, accompanied by the aforementioned required documents, shall be submitted to the headquarters of the commercial sector in Cairo Airport Company - 11776 P.O. / Egypt (End of Orouba Road - Cairo Airport - Terminal 1, Exclusive Service Building, Second Floor - Office of the Accountant / Head of the Commercial Sector). Please note that submitting an expression of interest shall not create obligations for either party.

EOI SUBMISSION DEADLINE: JUNE 22, 2023 For enquiries, communication, and follow-up requests, contact

(+202) 22681269 | Fax: (+202) 22654119

Hossam.Soliman@Cairo-Airport.com HeadofCommercial.Sector@Cairo-Airport.com

www.cairo-airport.com F O R B E S M I D D L E E A S T.C O M

JUNE 2023

15 LEADERBOARD

Expression of interest (EOI) for the establishment and operation of a commercial business center (Commercial-Administrative-Service) at Cairo International Airport City

Startups

MENA Tourism Startups DHARMA Founded: 2021 Headquarters: U.A.E. Established by Nisma Benani, Charaf El Mansouri, Leah Howe, and Brice Carpentier in 2021, the Abu Dhabi-based startup builds, co-creates, and operates travel experiences for “passion tourism” and wellness retreats. The B2B2C platform had raised a total of $4.9 million so far over three funding rounds, as of April 2023. The startup is backed by Pernod Ricard’s Convivialite Ventures, Mubadala’s Hub71, and Flat6Labs. In January 2022, DHARMA partnered with Eric Cantona, the former captain of Manchester United, to launch a travel brand. The company has launched a number of travel brands, including luxury fitness brand Equinox, travel media publication Culture Trip, and cryptocurrency unicorn Bitso, according to Forbes.

Turismo Founded: 2020 Headquarters: Qatar Founded by Nada Farouk and Zeba Rahman in 2020, Turismo is a localised superapp for domestic tourism in MENA, with operations in Qatar and Egypt. The startup is seeking to digitize the industry by providing a localized online booking and ticketing platform for on-ground and virtual travel and entertainment experiences for both tourists and expats. The AI and AR F O R B E S M I D D L E E A S T.C O M

Muatasam Aulaqi cofounded NomuHub in 2017, embracing the concept of “travel with a purpose.”

powered app, available for iOS and Android services, had recorded more than 1,000 downloads on Google Play and over 8,000 on App Store as of April 2023, offering personalized end-toend experiences, including discovering hidden local gems, booking services, and a digital wallet. The app generates commissions from its service providers.

Turismo launched its official website in November 2022, introducing more than 75 experiences in Qatar during FIFA World Cup 2022 through the platform.

Gathern Founded: 2017 Headquarters: Saudi Arabia Founded by Latifa Altamimi and Faisal Alanazi in 2017, Gathern is a peer-to-peer

(P2P) vacation rental marketplace allowing customers to rent various housing spaces directly from the owner. It has more than 58,000 properties in more than 217 cities and provinces around Saudi Arabia, as of April 2023. In May 2021, Gathern closed a $6 million Series A funding round led by STV, along with existing and new investors. In April 2022, Gathern closed a pre-Series B round and announced a partnership with Mohammed & Musaab Abdullah Al-Ajlan Investment Company. In February 2023, Gathern was chosen among the selected companies in the Saudi Unicorns National Program that support and enables high-growth technology companies to reach the unicorn stage.

NomuHub Founded: 2017 Headquarters: Oman Muatasam Aulaqi cofounded NomuHub in 2017, embracing the concept of “travel with a purpose.” It offers tourism packages across countries including Zanzibar, Morocco, Sri Lanka, Kenya, Bali, and Nepal that enable travellers to explore destinations while giving back to the communities they are visiting by building schools, engaging in community development programs, and offering medical camps, among other activities. Since its inception, NomuHub has brought in more than $5 million in revenues by hosting trips for nearly 5,000 travellers as of October 2022.

It raised nearly $200,000 in funding in 2019 but has otherwise been self-funded.

JUNE 2023

BY RAWAN HASSAN; IMAGE FROM NOMUHUB

LEADERBOARD

16

MENA startups attracted $1.1 billion in funding in Q1 2023, according to Wamda, with the travel-tech sector accounting for $9 million. Here are four regional travel startups revitalizing the market.

EXCLUSIVE, VIBRANT & AUTHENTIC

LEADERBOARD

17

Embark on a journey of discovery on the shores of the Arabian Sea where authentic expressions,

breathtaking panoramas, and immersive experiences await your luxurious stay at Alila Hinu Bay.

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

JUNE 2023

Middle East Firms Using ChatGPT LEADERBOARD

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Here’s a look at some notable Middle East businesses getting on the ChatGPT bandwagon and how they’re using it.

Dubai Electricity and Water Authority (DEWA) Sector: Utilities DEWA announced in February 2023 that it wants to use ChatGPT to enrich its services and the experiences of its customers, employees, and other stakeholders. By April, the technology had been integrated into its system as part of its strategy to employ AI technologies across its operations.

e& Sector: Telecom U.A.E.-based telecommunications firm e&, formerly Etisalat Group, announced in April 2023 that it had partnered with Microsoft to integrate Azure OpenAI’s GPT into its systems. In the first phase of the deployment, e& will integrate GPT Service capabilities into its internal operations, including HR chatbot and decisionmaking processes.

Astra Tech Sector: Technology In April 2023, U.A.E.-based consumer technology holding firm Astra Tech in partnership with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) launched the first Arabic Chat GPT in the Middle East and Africa region and integrated it into its BOTIM app, a messaging and voice-over-internet

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

protocol solution. According to Astra Tech, the GPT has the potential to revolutionize access to services through conversational commerce.

Abwaab Sector: Ed-tech Jordan-based educational technology startup Abwaab announced in May 2023 that it had integrated OpenAI’s ChatGPT to equip its students with a more personalized and rich testprep experience, allowing them to receive immediate, customized feedback on open-ended questions.

talabat Sector: Food delivery To enhance the user experience of its customers, food delivery giant talabat announced in May 2023 that it had provided “talabat AI”, a ChatGPT-powered AI tool for its mart grocery orders, where users can request information, including recipe ingredients, items available on talabat mart, and nutritional information, making their grocery shopping experience quick and straightforward.

Yanzo Sector: Consumer Technology Text-based personal assistant Yanzo said in February 2023 that it had incorporated ChatGPT into its conversational concierge service. The service, which

operates over WhatsApp, allows users to send requests such as picking up a document or organizing a birthday party. According to Yanzo, humans used to read and respond to each request, but now it is ChatGPT communicating with the users.

Virtuzone Sector: Legal In February 2023, business management consultant Virtuzone launched its SWYFT Plan tool, an automated business plan builder powered by OpenAI’s ChatGPT that allows users to generate a complete business plan in less than 10 minutes. The feature is programmed to make it easier for entrepreneurs, especially those who do not use English as their first language, to create business plans that comply with criteria and requirements set by free zone authorities and banks in the U.A.E.

Palazzo Versace Dubai Sector: Hospitality Palazzo Versace Dubai announced in May 2023 that it plans to launch an AI-powered chatbot, in collaboration with Asksuite and integrated with ChatGPT functionality, to improve the experience of its guests. The five-star hotel said in a statement that its customized omnichannel guest automation chatbot

Almosafer Sector: Travel Travel platform Almosafer will be integrating OpenAI’s ChatGPT on its mobile booking platforms, the Saudi Arabia-based firm said in May 2023. During the pilot phase, the tool will be introduced to a limited customer base where they can use it in their flight search and to help them plan their trip post-booking.

The travel company is also testing a voice search function powered by ChatGPT that will allow customers to search for the best flight options in English and Arabic by recording their flight search requests.

The fear is real Can AI tools like ChatGPT replace humans? Goldman Sachs said in a report released in March 2023 that it could cause significant disruption for the labor market and impact about 300 million jobs. A MITREHarris Poll, however, showed that about 78% of respondents in the U.S. are still wary of AI and are concerned it can be used for malicious intent.

JUNE 2023

BY JOYCE ABAÑO; VESNAART/ SHUTTERSTOCK.COM

Technology

named ORA is programmed to reduce response time and provide enhanced customer support based on the online user behavior of the guests.

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

Alison Rehill-Erguven, CEO of Saudi shopping center developer, Cenomi Centers, explains how she and the company are embracing the empowerment of women and nurturing a new generation of female talent.

How has your personal journey influenced your leadership style?

I’ve always been incredibly passionate about fashion, retail, and consumer behavior, and I believe that this is reflected in the decisions I’ve made throughout my career. When you love what you do it shows, and it naturally influences your approach to leadership. It’s important for me to transfer the knowledge and skills that I’ve acquired to my team, and to empower them to realize their full potential.

What steps have you taken to support female empowerment?

As a woman and a leader, I fully acknowledge the significance of fostering female empowerment, not only within our company but also within the retail industry.

Women have a key role to play in the realization of Saudi Vision 2030 and the government has stressed the need for companies to create more employment opportunities for women. At Cenomi Centers, we are dedicated to supporting the fulfillment of this objective.

Women make up nearly 50% of the workforce in retail and I have personally expressed my commitment to filling at least 40% of leadership positions in our organization with women by 2025.

We have also taken proactive steps towards achieving

more resilient industry. All this said, I believe that some of my biggest achievements are yet to come. I hope that under my tenure, Cenomi Centers will become synonymous with retail in the Kingdom and that we will continue to create malls and communities that celebrate the Kingdom’s rich heritage whilst looking forward to its promising future.

Alison Rehill-Erguven, CEO of Cenomi Centers

our inclusivity ambitions by offering new opportunities to women, implementing fair pay, delivering training programs, and collaborating with organizations that advocate for women’s empowerment. This commitment has been publicly acknowledged, as Cenomi Centers has been named as a “Best Place to Work” in Saudi Arabia.

With over two decades of experience in the shopping center and real estate industry, what has been the most rewarding aspect of your career so far?

Supporting talented female employees to rise through the ranks is always a rewarding aspect of my job. Equally, I’m proud to drive business growth, which further fuels the evolution of retail towards becoming an even greater and

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

What advice would you give to women who aspire to reach leadership positions in the industry?

My advice to young women is to never give up learning. The moment you cease to learn is the moment you become complacent.

I would also advise women to seek out mentorship from people they admire. By learning from those who have already walked their path, ambitious women can better understand how to navigate the challenges and opportunities that their own careers present. Finally, cultures are not imposed but built, and I urge all women to build the work culture they want and need in order to shine.

www.cenomicenters.com

JUNE 2023

19 LEADERBOARD

Shaping Saudi Retail: The Female Dimension

Retail

5 Retail Giants Filing For Bankruptcy In 2022 Between growing debt, dwindling sales, inflation, and changing customer preferences, many retailers have become vulnerable. Here’s a look at some retail giants that filed for bankruptcy in 2022.

BH Cosmetics Sector: Beauty In January 2022, Los Angelesbased BH Cosmetics filed for Chapter 11 bankruptcy.

The direct-to-consumer brand admitted in court papers it faced “increased competition” in the beauty category, rising material costs, and supply chain disruptions, amongst other challenges, according to a report by WWD. Launched in 2009, the company produced vegan and cruelty-free cosmetics and cemented several celebrity collaborations, including with Doja Cat and Iggy Azalea.

The company also had large creditors based in China that were owed over $5.9 million. In February 2022, BH Cosmetics was bought out of bankruptcy by U.K.-based Revolution Beauty Group, which acquired certain BH intellectual property assets and inventory for $3.9 million, consolidating the retailer into the group’s operations

Missguided Sector: Apparel British retailer Missguided fell into administration in May 2022 over unpaid debts, equivalent to Chapter 11 bankruptcy in the U.S. The fast fashion business was established in 2009 as a pure-play digital retailer and struggled to make a profit in the last few years, according to a BBC report.

In December 2021, Alteri Investors acquired a 50% stake in the brand in an F O R B E S M I D D L E E A S T.C O M

attempt to help with its debt.

Once a popular label with Generation Z consumers, Missguided was hit by cost surges, delivery disruption, and reduced demand during the pandemic. Saved by collapse again, billionaire Mike Ashley’s Frasers Group bought Missguided out of administration for nearly $24 million in June 2022, one month later the company changed its name to MGL Realisations (2022) Limited.

Revlon Sector: Beauty Cosmetics titan Revlon filed for Chapter 11 bankruptcy in June 2022, attributing the move to challenging macroeconomic issues, including heavy debt load, supply chain disruptions, and surging costs. The New Yorkheadquartered company

was founded in 1932 and went public in 1996. Revlon had $3.3 billion of long-term debt as of December 2021, and was too cash-poor to make timely payments to its suppliers in its cosmetics supply chain. However, after securing the support of all its major creditor groups, a settlement deal was announced in February 2023.

In May 2023, Revlon emerged from bankruptcy as a private company after cutting over $2.7 billion in debt, leaving it with nearly $1.5 billion of outstanding debt. Revlon’s lenders took ownership of the company in exchange for debt reduction, erasing any existing shareholder equity value.

Future Retail Sector: Retail chain operator An Indian court accepted

in July 2022 the Bank of India’s petition to admit debt-ridden retail chain operator Future Retail into the bankruptcy resolution process. The brick-andmortar company was established in 1987 under Manz Wear. The bankruptcy proceedings ensued after Future Retail defaulted on loans and its lenders rejected a $3.2 billion buyout

by Reliance Retail amid a legal battle with Amazon. As of April 2023, 49 prospective bidders had submitted their interests to acquire the company through the corporate insolvency resolution process, including Reliance Retail, Jindal Power, WHSmith Travel, and Gordon Brothers & Payard Investments’ Consortium.

M&Co Sector: Apparel In December 2022, Scottish label M&Co fell into administration for the second time after collapsing in 2020. As of early November 2022, M&Co had around $15 million of overdue supplier payments.

Its trading performance was affected by high inflation, increasing the company’s cost base, and a costof-living crisis impacting consumer behavior. In February 2023, AK Retail Holdings acquired the brand for an undisclosed amount.

However, the purchase did not include physical stores, resulting in the closure of all M&Co stores by the end of April.

JUNE 2023

BY JAMILA GANDHI ; EYEMATTER/ SHUTTERSTOCK.COM

LEADERBOARD

20

Media

2023 News Media Layoff Tracker January 12 Around 75 staffers at both MSNBC and NBC News were reportedly laid off across divisions as part of a broader structural reorganization.

Layoffs reportedly hit The Walt Disney Company’s broadcast news division, ABC News.

January 20 Vox Media, the owner of The Verge and New York magazine, cut 7% of its workforce across departments, CEO Jim Bankoff reportedly told staff in a memo.

January 24 The Washington Post revealed it let go of 20 staffers and discontinued its video game and esports vertical, Launcher.

February 9

BY SAMAR KHOURI ; KONSTANTIN YOLSHIN/ SHUTTERSTOCK.COM

Billionaire Rupert Murdoch’s media company News Corp shared plans to cut 5% of its employees, or 1,250 positions, across all businesses by year-end after earnings fell short.

March 23 NPR let go of around 10% of its workforce, including members of the All Things Considered team, and cancelled four podcasts. NPR’s largest layoff since the 2008 recession is part of a push to reduce a reported budget deficit of over $30 million.

March 30 Layoffs also reportedly hit The Walt Disney F O R B E S M I D D L E E A S T.C O M

Company’s broadcast news division ,ABC News, rolling out 50 staff reductions that includes several senior executives, amid the entertainment conglomerates’ companywide cuts.

April 20 BuzzFeed CEO Jonah Peretti announced in a companywide email that BuzzFeed’s news division would shutter and aim to consolidate the “profitable” Huffington Post moving forward.

April 20 A spokesperson at digital

media organization Insider Inc.,formerly known as Business Insider, confirmed to Forbes it would also slash around 10% of its workforce in an effort to “keep our company healthy and competitive.”

April 24 ESPN began the process of reducing an undisclosed number of its staff, according to the Sports Business Journal, including communications vice president Mike Soltys and Russell Wolff, as part of The Walt Disney Company’s strategy to eliminate around 7,000 jobs.

21 LEADERBOARD

Staffers at a number of news media companies have faced layoffs as part of cost-cutting measures in a scenario reminiscent of the early pandemic. Here’s a timeline of some major outlets that have downsized since the start of 2023.

April 27 VICE Media Group said it will lay off over 100 of its employees and shut down its flagship TV news show Vice News Tonight, the Group co-CEOs reportedly told employees in a memo. The embattled company filed for Chapter 11 bankruptcy protection more than two weeks later.

May 9 MTV’s news division MTV News signed off for good, amid parent company Paramount Global’s laying off some 25% of its workforce, according to a company memo obtained by various outlets.

JUNE 2023

• COVER STORY •

R A M I E L- D O K A N Y • E G X

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MOVING FORWARD

Rami El-Dokany, Executive Chairman of the Egyptian Exchange and Secretary General of the Arab Federation of Capital Markets, has been overseeing the North African country’s stock exchange as the economy struggles. Still, he’s been striving to reposition EGX as a leading stock market regionally.

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

JUNE 2023

Rami El-Dokany, Executive Chairman of the Egyptian Exchange and Secretary General of the Arab Federation of Capital Markets

IMAGE FROM SOURCE

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

JUNE 2023

R A M I E L- D O K A N Y • E G X

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The Egyptian economy has had a tough year, with the ramifications of the Russian invasion of Ukraine severely pressuring its foreign reserves as global prices have soared. The country’s net international reserves dropped by 15.4% from February 2022 to hit $34.66 billion by the end of May 2023. Its annual core inflation rate also hit 38.6% in April, up from 11.9% a year earlier, driving monetary policy decision-makers to raise interest rates for main operations to 18.75%, up from 8.75% before the war began. In response, the Egyptian Exchange (EGX) has launched several initiatives over the past nine months to attract more private sector companies—both large corporations and SMEs—to the stock market, given their importance as a driver of the country’s sustainable growth, particularly during the current challenging economic situation.

Between August 2022 and May 2023, EGX listed six companies with a total of $16.9 million in issued capital, bringing the total number of companies on EGX to 244—216 on the main market and 28 on the SME market. In November 2022, Lotus for Agricultural Investments and Development was listed on the SME market with $1.8 million in issued capital.

In December 2022, the Damietta Container & Cargo Handling Company and Port Said Container & Cargo Handling registered on the main market as temporary listings, with $6.5 million and $5.3 million in issued capital, respectively. General Warehouses of Egypt registered on the SME market with $809,061. Fitness Prime and DIGITIZE for Investment and Technology were registered in March 2023, with $2.14 million and $387,651 in issued capital, respectively. As of June 2023, EGX had a total market cap of $36.5 billion.

“Joining EGX is a dream for many people. It has been and will always be a glamorous organization where the best of the best works,” says Rami El-Dokany, Executive Chairman of EGX and Secretary General of the Arab Federation of Capital Markets (AFCM). He’s currently focusing on attracting new sectors to EGX, such as renewables and technology.

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

The listing of Fitness Prime, the Egyptian franchise of Gold’s Gym, introduced the wellness and fitness sector to EGX. EGX is also in continuous discussions with the Ministry of Finance, the General Authority for Investment (GAFI) and Free Zones, and the Egyptian Cabinet to enhance the investment environment.

Current discussions with the Ministry of Finance are focused on easing dividend taxes for a parent company and its subsidiaries and removing the tax on every subsidiary’s dividend.

“There are two points of view on the dividends’ taxes issue. The first is to boost the attractiveness of companies’ listings and trading as investors always prefer to ease the taxes burden, while the other point of view is to apply the dividend’s taxes as a symbolic contribution to the country’s revenues,” says Sherif Samy, Former Chairman of the Financial Regulatory Authority (FRA). “The dividend’s taxes range from 5% to 10% according to the period and other technical conditions. I don’t think the trading will shoot up the second day these taxes are eased.”

“Joining EGX is a dream for many people. It has been and will always be a glamorous organization where the best of the best works.”

On May 17, 2023, the Egyptian government announced a set of decisions to attract more private sector companies and refresh FDIs, including working on a national tax policy document for the next five to ten years to ensure the stability of tax legislation.

The government is also setting a clear strategy for investment in Egypt in cooperation with the World Bank and the International Finance Corporation (IFC). GAFI will create a single online platform for firms’ establishment, operation, and settlement. The platform will make it easier for investors to obtain the necessary approvals and permits.

Giving more space to the private sector, the Egyptian government also plans to sell stakes in 32 state-owned enterprises by the end of Q1 2024, whether by selling shares to strategic investors or EGX IPOs. In May 2023, the Ministry of Finance sold a 9.5% stake in Telecom Egypt for over $121 million, bringing its share to 70%.

Likewise, the U.A.E.’s National Paints acquired 80.7% of Egypt’s state-owned Paint and Chemicals Industries for about $25 million during the same month.

JUNE 2023

PHOTO BY KHALED DESOUKI / AFP

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

oversubscribed by more than 15 times, with the number of subscribers surpassing 7,000 investors.

EGX isn’t responsible for gold pricing, although it does show the gold price as a guide to investors.

Ahmed Abou El-Saad, Head of Regional Asset Management at Azimut for the Middle East, North Africa, and Türkiye, believes that gold investment funds have great potential, especially as EGP value is declining. “Egyptians seek to protect their savings against the high level of inflation and depreciation,” he says. “Our az-Gold, the first tranche of the fund, offers clients banking transactions to invest in gold, so people don’t have to carry cash to buy gold like in traditional purchasing. Azimut manages assets worth $90 billion globally and $323 million in Egypt and aims to launch new precious metals in the next phase.

EGX established a clearing house specialized in derivatives trading in cooperation with the FRA

in May 2023. EGX and FRA are also developing regulatory frameworks, business models, and organizational structures to develop the carbon market and ease access to climate finance for firms.

Egypt announced a carbon credit trading initiative in Sharm El-Sheikh during COP27 in November 2022.

“The learning curve that we experienced prior to introducing this scheme delayed the implementation process. There aren’t best practices in this area, especially in the stock markets,” says El-Dokany.

El-Dokany is also boosting the technological aspect of the stock market. In March 2023, EGX launched the CORBEH innovation hub in cooperation with the FRA to act as a platform to discover and support promising technology-based ideas. CORBEH will work with regulators and policymakers to identify JUNE 2023

25 R A M I E L- D O K A N Y • E G X

To keep attracting new joiners to the stock market, EGX and FRA are looking at simplifying the listing procedures on the EGX by a mutual committee by examining the best practices applied in the Middle East. But is this the time for new IPOs on EGX? The right time depends on the government committee’s vision, according to El-Dokany. “For example, e-Finance, the biggest IPO in EGX’s history, occurred in 2021 while the market was in a downtrend, and the same case applies to the offering of Telecom Egypt in 2005,” he adds. Attracting foreign investors to the IPOs of state-owned enterprises requires offering a price discount because the exchange rate isn’t stable.

The Egyptian pound’s fluctuating exchange rate was and is still one of the key economic difficulties due to the shortage of foreign currencies. EGP declined against USD by 40.8% in a year, bringing the exchange rate for the greenback to EGP 30.94 on May 21, 2023.

However, turning a curse into a blessing, EGX appears to have benefited from the fluctuating local currency and people’s increasing awareness to invest their money and hedge against high inflation. The number of investors in EGX hit 176,000 at the end of 2022 and is expected to jump to 250,000 by the end of 2023, supported by the activity of trading platforms. “The bright side is that EGX is the third largest stock market in the Arab region in terms of the total value of shares traded, with $59 billion in 2022, after Tadawul with $455.5 billion, and ADX with $123 billion,” says El-Dokany, while declining to disclose expected figures for 2023.

With plans to suspend the EGX50 EWI Index, EGX has many indices for companies—including the EGX30 Index, TAMAYUZ Index, EGX100 EWI Index, EGX70 EWI Index, EGX30 TR, EGX 30 Capped Index, and SP/EGX ESG—and seeks to launch a new shariahcompliant index before the end of 2023. EGX is now discussing with S&P the main components of the index. EGX30, the main index, has shot up by 62.8% since El-Dokany assumed his current role, hitting 16,745.5 points on May 17, 2023, up from 10,287.3 points on August 25, 2022.

In May 2023, Azimut Group launched Egypt’s first gold investment fund, the Azimut Precious Metals Fund. The new fund, regulated by the FRA, is co-founded by two private companies, Azimut Egypt and Evolve Investment Holding, and is managed by Azimut. In June, the fund concluded the initial subscription of $4.9 million, which was

R A M I E L- D O K A N Y • E G X

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opportunities to modernize the regulatory framework for the capital market and for NBFIs. It will provide necessary capacity building and management expertise and help in securing funds. “We are now working on a digital sandbox version with the U.A.E.based company, Fintech Galaxy, while the physical space will be in July 2023,” reveals El-Dokany.

But EGX can’t ignore the negative effects of foreign currency shortage following investor feedback about low FX liquidity in Egypt. Global equity index provider MSCI announced in May 2023 that it would apply special treatment to Egyptian securities listed in its indexes. There are three companies currently on the index: the Commercial International Bank, EFG Holding, and the Eastern Company. “There is a challenge, and we are working on it. We have to resolve the foreign currency issue,” El-Dokany admits, asserting that the exchange rate stability is important to attract foreign investors for direct and indirect investment.

Using his regional connections, El-Dokany also wants to add EGX to the Tabadul platform, a regional exchange hub that was created in 2021 by the Abu Dhabi Securities Exchange and the Bahrain Bourse before it was restructured as the region’s first digital exchange hub in 2022. In January 2023, the

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Muscat Stock Exchange joined the platform.

“We are discussing with the Arab Monetary Fund joining Tabadul as a mediator to encourage the Arab investors to trade in EGX in the investors’ currency, and AMF will settle the deals. Yet this proposal is still under study,” says El-Dokany, asserting that joining Tabadul will unlock investment opportunities in Egypt.

He draws on extensive experience in his analysis. The executive chairman has spent about 20 years in banking, corporate strategy, and private equity, as well as co-founding multiple Fintechs, such as payment platform Inclusion and startup acceleration fund Pride Capital. In 2019, El-Dokany was nominated to become Secretary General of the AFCM in Lebanon.

The federation comprises 43 entities related to Arab capital markets, with a total of 1,541 listed companies and a market cap of $3.68 trillion as of 2022. AFCM’s annual revenues rose from $177,000 in 2019 to over $660,000 in 2022, an increase of 273%. El-Dokany was appointed executive chairman of EGX in August 2022.

And while leading two busy foundations may be daunting for some, El-Dokany is taking it all in his stride. “I don’t act like a boss,” he says. “We all cooperate to get the work perfectly done.”

World’s Top 5 Stock Exchanges

MENA’s Top 5 Stock Exchanges

(Market caps as of March 2023.)

(Market caps as of March 2023.)

Stock Exchanges

Market cap

Stock Exchanges

Market cap

1

New York Stock Exchange

$25.15 trillion

1

Saudi Exchange

$2.66 trillion

2

NASDAQ

$18.99 trillion

2

Abu Dhabi Securities Exchange

$740.98 billion

3

Shanghai Stock Exchange

$7.24 trillion

3

Qatar Stock Exchange

$162.77 billion

4

Euronext

$6.72 trillion

4

Dubai Financial Market

$162.3 billion

5

Japan Exchange Group

$5.6 trillion

5

Boursa Kuwait

$147 billion

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

Source: Arab Federation of Capital Markets JUNE 2023

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

The Dawn of the Ultra App Abdallah Abu-Sheikh, Founder of Astra Tech, explains how the company is raising the bar in mobile applications with the introduction of the BOTIM ultra app, as the era of super apps comes to an end.

Can you tell us more about BOTIM’s ultra app and how it differs from a super app?

BOTIM is a game-changer in the mobile app industry, as its base use case comes from communications, resulting in better unit economics and higher user stickiness and frequency. Importantly, the ultra app builds on existing communication patterns, resulting in a streamlined user experience.

By contrast, super platforms often have service-based use cases that are highly operational and built on poor unit economics. Such super platforms also typically require users to adapt to new behaviors and interfaces.

What is the significance of BOTIM’s ultra app for the region and globally?

For the first time, a platform combines messaging, e-commerce, payments, and video services in one place, providing a unique experience to users. With over 140 million users worldwide, our ultra app also has global reach and is the largest regional consumer tech platform available.

With so many different features integrated into one app, how do you ensure a seamless user experience and avoid overwhelming users with information and options?

Historically, apps have demanded that users learn completely new behaviors to operate their platforms. However, we are building everything on top of chat,

which means users don’t have to learn new skills or download multiple apps. What we are doing is democratizing technology and giving every user an equal chance to use the app, regardless of their technological, financial, or demographic background.

What are the key features of BOTIM’s ultra app and how does it benefit users?

BOTIM’s ultra app has several key features that benefit users. First and foremost, with BOTIM GPT, we are now offering pioneering executional artificial intelligence.

Instead of just asking questions, we have enabled our users to execute commands such as ordering coffee or pulling up directions directly through the app—a feature that will save our users countless hours. The BOTIM GPT feature uses advanced AI to execute tasks through conversation. Users can ask for the weather in a country in Arabic, schedule flights, and make restaurant reservations.

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

Then there are the ultra app’s fintech, e-commerce, and video services features. The BOTIM fintech feature allows users to send and receive money from their contacts within the app. It also facilitates international transfers, with plans to add small loans and micro-lending for SMEs. As for e-commerce, the app provides access to over 100,000 stores and allows users to browse and purchase through an integrated messaging system, making it simpler to use than traditional e-commerce platforms.

Last but not least, the ultra app provides video services including tutoring and telemedicine assistance. Users can access doctors on video, get prescription delivery, and receive patient care through the app, making it easier for them to get the medical care they need.

www.astratech.ae

JUNE 2023

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

The Home of Saudi Hospitality 28

Aldert van Zyl, General Manager of Radisson Blu Hotel, Riyadh Convention and Exhibition Center, explains how the hotel is redefining hospitality in the Saudi capital through a blend of innovation, personalized service, and commitment to local culture.

As the new general manager of Radisson Blu Hotel, Riyadh Convention and Exhibition Center, how do you plan to embrace the “Yes I Can!” service philosophy and create unforgettable experiences for guests in the heart of Saudi Arabia’s capital?

I am committed to instilling a service culture that goes beyond the ordinary. Embracing the ‘Yes I Can!’ philosophy means empowering our team members to take ownership of guest experiences, anticipating their needs, and delivering personalized service with genuine care.

I understand that today’s travelers seek more than just a place to stay; they crave unforgettable moments and connections that leave a lasting impression. That’s why we go above and beyond to curate experiences that exceed our guests’ expectations. Whether it’s surprising them with thoughtful gestures or customizing their stay based on their preferences, our goal is to create indelible memories.

What sets Radisson Blu Hotel apart from other hotels in Riyadh?

What truly sets us apart is our deep understanding of the local nuances and the ability to curate experiences that resonate with our guests on a personal level. At Radisson Blu, we take immense

Aldert van Zyl, General Manager of Radisson Blu Hotel Riyadh Convention and Exhibition Center

pride in our commitment to the local community. We have made it a priority to employ Saudi nationals, who bring rich cultural insights and warm hospitality to create unforgettable experiences.

In fact, Saudi nationals make up the majority of our guest-facing team.

By having a team that reflects the diversity and authenticity of Riyadh, we can recommend hidden gems in the city, organize cultural immersions, and showcase authentic Saudi Arabian cuisine.

Every aspect of our guests’ stay is carefully crafted to reflect the essence of Riyadh and provide a genuine connection to the local culture.

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

Under your leadership, how will Radisson Blu showcase the rich heritage of Riyadh while looking to the future?

We go beyond surface-level representation and instead seamlessly blend tradition with innovation. Our aim is to curate authentic experiences that bring the city’s historical landmarks, vibrant cultural festivals, and flavorful local cuisine to life. Our commitment to showcasing Riyadh’s rich heritage is not simply a marketing strategy; it is a genuine desire to connect our guests with the soul of the city.

Through thoughtful collaborations with local business owners, cultural organizations, and community initiatives, we curate experiences that leave a lasting impression and create a meaningful connection to Riyadh’s vibrant past and promising future. For example, we are launching a brand collaboration with Nikon Middle East, giving Saudi Arabia’s emerging content creators a series of free workshops to highlight the spectacular history, architecture, and lifestyle of Riyadh. The goal is to also provide entrepreneurs with access to topnotch instructors and state-of-theart photography as well as equip them with the skills and knowledge they need to create impactful content that can help elevate their brands and grow their businesses.

JUNE 2023

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

How do you envision the hotel becoming a hub for the city’s entrepreneurs and what measures will you take to maintain Radisson Blu as a top choice for business guests in Riyadh?

I envision Radisson Blu Hotel, Riyadh Convention and Exhibition Center becoming a hub for the city’s entrepreneurs by creating an environment that fosters networking, collaboration, and innovation. Our thoughtfully designed spaces cater to business events, offering cutting-edge facilities for productivity and creativity.

Our hotel is attached to the Riyadh Convention and Exhibition Center, which offers 20,000 square meters of indoor and outdoor space. In addition to this, the hotel offers nine distinctive meetings and events spaces equipped with high technology video walls and other hybrid facilities that are perfect for conducting business. The hotel is also planning to create a podcast room for budding or established podcasters with state-of-the art audio hardware. Users of the podcast room can get unlimited coffee to keep the creative juices flowing.

We also plan to offer shared working spaces with daily rates for startup founders and freelancers. These spaces provide a quiet environment for work and networking, with unlimited coffee, snacks, business center services, high-speed WIFI, valet parking, complimentary printing services, and one hour of complimentary meeting room use.

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How do you plan to incorporate technology and innovation into hotel operations?

Innovation and technology drive our seamless guest experience at Radisson Blu. Our unified technology platform, EMMA, tracks guest preferences across our hotel group, offering a 360-degree view of individual relationships. We go beyond automation, enhancing every touchpoint. Streamlined check-in/out processes and smart in-room amenities anticipate guest needs for personalized comfort. Effective communication is paramount, with optimized channels ensuring easy access to information and assistance.

Mobile apps, virtual concierge services, and interactive platforms create a responsive connection. By embracing technology, we enhance efficiency and deliver a digitally connected experience that meets evolving traveler expectations.

Our commitment to staying ahead reflects our dedication to a hasslefree and memorable stay.

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

How will you leverage your extensive experience in the hospitality industry to elevate Radisson Blu’s commitment to luxury and comfort?

I am committed to elevating Radisson Blu’s commitment to luxury and comfort to new heights at the Radisson Blu Riyadh Convention and Exhibition Center.

Service excellence is at the forefront of our mission, and we will go above and beyond to exceed guest expectations. By enhancing our facilities, incorporating innovative design elements, and curating unique offerings, we will redefine the standards of hospitality in Riyadh. Our goal is to create an unforgettable and truly exceptional experience for every guest, leaving them with cherished memories and a desire to return.

www.radissonhotels.com

JUNE 2023

• FEATURES •

30 A H M E D B I N S U L AY E M • D M C C

GOLD RUSH

Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Centre (DMCC), has been with the sprawling free zone since it was established and has witnessed it grow to become the world’s biggest physical gold market. While he’s opening up to new trade, he’s still betting big on the yellow metal.

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

JUNE 2023

IMAGE FROM SOURCE

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Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Centre (DMCC).

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

JUNE 2023

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E

Ever since Dubai first emerged as a trading hub for gold, pearls, and textiles, among other things, back in the mid-twentieth century, the trading of commodities—raw materials or primary agricultural products—has become a vital element of its economy.

As of May 2023, the emirate accounted for around 25% of the global gold trading market, with much of it coming from within the Dubai Multi Commodities Centre (DMCC). The free zone has four operational gold refineries, with a fifth due to open this year.

“We are literally the largest physical gold market in the world, and we’re going to continue to grow,” says Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC and the Dubai Gold and Commodities Exchange (DGCX).

Having been with DMCC since it was formed in 2001, the chairman has been instrumental in making the free zone a key driver of trade and Dubai the commodity trading capital of the Middle East.

Today, over 100,000 people live and work in the DMCC free zone master development of Jumeirah Lakes Towers in Dubai, a 200-hectare 87-tower business and residential community. In Q1 2023, 708 new companies registered in DMCC, a new record and an 8.4% increase compared to Q1 2022.

Last year was the business district’s most successful ever, with 3,049 new business registrations, taking the total number of companies registered there to over 22,000. Roughly 10% of Dubai’s GDP flows through DMCC. “The DMCC ecosystem is playing a vital role in promoting global agricultural trade and has become the lifeblood of the India-Africa-Middle East agri corridor,” says Sudhakar Tomar, President of India Middle East Agri Alliance, a multilateral platform that invests in Agri-startups. “Its world-class infrastructure, enabling environment, and agrispecific initiates have effectively connected buyers and sellers in the agricultural industry, enabling F O R B E S M I D D L E E A S T.C O M

efficient trade execution and access to a global network of participants.”

DMCC’s subsidiary, DGCX, is the only Shariahcompliant exchange in the Middle East that trades gold futures and physical gold. In 2022, it traded gold commodities worth $10.2 billion and reported a 78% growth in total volume compared to 2021, making it the biggest commodity exchange in the region. However, it is still trailing large international exchanges. In 2022, DGCX recorded 8.2 million contracts, compared to 134.2 million contracts on the London Metal Exchange. “The high costs of connecting into Dubai for international traders have put Dubai at a disadvantage compared to other global financial centers and has seen some leave Dubai altogether,” explains Bin Sulayem. “These costs are particularly significant for high-volume traders who need large bandwidth in order to extract value.

Reducing connectivity costs into Dubai would be a huge benefit to local markets by enabling more activity from international players.”

“We are literally the largest physical gold market in the world, and we’re going to continue to grow.”

Despite this, in 2022, Dubai became the world’s largest trade hub for rough diamonds and one of the top spots for polished diamonds. “We beat Antwerp as the number one rough diamond trade center. We’re making ground on polished diamonds,” says Bin Sulayem. This has been helped by the government-backed Dubai Diamond Exchange—the only bourse in the GCC affiliated with the World Federation of Diamond Bourses— which recorded $19.8 billion in trade in the first half of 2022. “DMCC is today the center of the universe for the diamond industry,” says Shaunak Shastree, Managing Director of the International Gemological Institute (IGI) for the Middle East and Africa. “IGI has been an integral part of this journey since the beginning of DMCC two decades ago. I am perpetually marveled by the vibrant pace of activities, which make DMCC an aspiring benchmark for other diamond centers to follow.”

Away from precious metals and stones, DMCC is also one of the largest re-exporters of tea in the world.

The purpose-built DMCC Tea Centre, which opened JUNE 2023

IMAGE FROM SOURCE

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

companies. Despite the global financial crisis, in 2009, over 2,000 companies registered in the free zone—and on average, roughly the same amount registered annually between 2009 and 2020, according to Bin Sulayem.

However, it hasn’t all been smooth sailing. In 2016, Bin Sulayem represented the U.A.E. as the chairman of the Kimberley Process, an international group of 85 countries tasked with regulating the global diamond trade. At the time, it was the first and only time

DMCC Coffee Centre, which opened in 2019, offering green bean storage and the processing, roasting, packing, and delivering of coffee, targeting coffee farmers, exporters, traders, roasters, and retailers.

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an Arab country had been appointed to the annual chairmanship. When Dubai’s chairmanship was announced, the organization’s civil societies declared a boycott, with their main concern being transfer pricing, whereby diamonds are priced below market value in order to pay fewer royalties and taxes to the countries producing them before being sold at market price from places like Dubai. In response, Bin Sulayem announced that the Organization for Economic Cooperation and Development would collaborate with the Kimberley Process to create a universally-recognized pricing method for rough diamonds. This initiative helps countries that rely on diamond exportation for their income, enabling them to sell diamonds at a more valuable price.

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33 A H M E D B I N S U L AY E M • D M C C

in 2005, spans 23,731 square meters and moved over 33,900 metric tonnes of tea in 2022, representing over 3,500 containers of bulk tea. It also produced 8,200 tonnes of packaged tea, including 400 million tea bags, a 27% increase compared to 2021.

The center can store up to 5,000 metric tonnes of bulk teas at any given time.

And DMCC is expanding Dubai’s resources, expertise, and influence in the world of coffee, with the DMCC Coffee Centre, which opened in 2019, offering green bean storage and the processing, roasting, packing, and delivering of coffee, targeting coffee farmers, exporters, traders, roasters, and retailers. Looking to the future of commodities, the DMCC Crypto Centre, which opened in 2021, today hosts over 550 crypto firms and claims to be the largest ecosystem of crypto and blockchain companies in MENA. Bin Sulayem joined DMCC in 2001 and became Chief Operating Officer in April 2002. By 2003, there were around 24 companies registered in DMCC, and from late 2003 to early 2004, much of its infrastructure was initially financed by an Islamic Gold Bond, including Almas Tower, a 360-metertall skyscraper at the center of Jumeirah Lake Towers.

“I owe a lot to the gold industry for building the diamond, gold, and silver tower (Almas Tower) and financing DMCC. We raised $200 million through the Shariahcompliant gold sukuk or gold bond,” says Bin Sulayem. Almas Tower was originally planned to include a 20-story hotel but became a 63-story office tower. By the end of 2004, the tower was on the market and eventually sold out to DMCC members in seven hours, according to the CEO. “I refused to engage with speculators, big brokers, just directly to our members,” he adds. He is now overseeing the development of DMCC’s latest real estate project, the Uptown Dubai district.

Bin Sulayem was made executive chairman of DMCC in 2007, and by 2008, it had more than 1,400 registered

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34

He also faced a challenge in 2017 when the U.A.E. was planning to introduce VAT for the first time, including in the trading of commodities such as precious metals and stones. Bin Sulayem was one of the highest-profile voices to lobby against the decision, which was reversed in 2020.

“Import duties on rough and polished diamonds would have killed the market,” he explains. “This nation was founded on the principles of a tax-free environment for import and re-export.” He became CEO of DMCC in 2019.

The U.A.E. will chair the Kimberley Process again in 2024. Ahead of that, Bin Sulayem is now preparing for the Lab-Grown Diamond Symposium in 2023. He equates the lab-grown diamond industry to the cultured pearls that disrupted the pearling industry in the last century. Lab-grown diamonds cost less to manufacture, have a lot more versatility than traditional diamonds, and can be used for a wider range of designs and other applications in other industries, such as semiconductors and electric vehicles.

“Diamonds can make devices much smaller because they dissipate heat faster. They are used for rocket science, for space, but

I find it hard to believe they will be an important component of future electric cars,” he confides. “But if I don’t capture the factories, the businesses now, they will settle somewhere else, and then it’s too late to promote and make these diamonds more mainstream.”

In the meantime, the commodities expert remains bullish on the future of gold as an asset. In 2012, Bin Sulayem released the U.A.E.’s first bullion gold coin with an image of Sheikh Khalifa Bin Zayed. Since then, he has launched coins featuring Sheikh Mohamed Bin Zayed with an image of Abu Dhabi’s Louvre Museum, Sheikh Mohammed Bin Rashid with an image of the Museum of the Future, and Sheikh Hamdan Bin Mohammed Bin Rashid with an image of the Palm Jumeirah. He believes everyone should hold some gold.

“Gold was always seen as this commodity that’s good for big banks, and sometimes government transactions, and it’s too much to handle for the normal person. That’s not really the case,” he stresses. “It’s a way of protecting yourself from inflation.

It’s a way of protecting yourself from the currency crashes.

“Gold is not going anywhere.”

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Top Gold Producers According to the World Gold Council, these were the top 10 gold-producing countries in 2021.

Country

Gold production in 2021

Country

Gold production in 2021

1

China

332 tonnes

6

Ghana

129.2 tonnes

2

Russian Federation

330.9 tonnes

7

Peru

127.3 tonnes

3

Australia

315.1 tonnes

8

Mexico

124.5 tonnes

4

Canada

192.9 tonnes

9

Indonesia

117.5 tonnes

5

The U.S.

186.8 tonnes

10

South Africa

113.6 tonnes

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

JUNE 2023

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

Crafting Exceptional Experiences, Time and Again Hani Selim, General Manager of Kempinski Hotel & Residences, sets out the hotel’s approach to delivering the ultimate guest experience.

The Ladies in Red have become an iconic symbol of Kempinski Hotel & Residences Palm Jumeirah. How do they embody the hotel’s service culture and contribute to the guest experience?

The Ladies in Red serve as esteemed hotel ambassadors, embodying the brand’s unwavering dedication to the highest standards of hospitality and service excellence. Their role is pivotal in guaranteeing a seamless and exceptional guest experience from the initial prearrival communication to the follow-up interactions after the stay. As gracious hosts and reliable guides, the Ladies in Red collaborate closely with their fellow team members to craft a customized itinerary, ensuring an unforgettable journey for Kempinski’s esteemed guests.

In what ways does Kempinski Hotel & Residences Palm Jumeirah go above and beyond to exceed guest expectations and create rewarding experiences?

A distinguishing trait of the Lady in Red is her unwavering commitment to discerning her guests’ requirements.

She remains vigilant for hints that allow her to add a touch of enchantment to each guest’s stay, ensuring a truly unforgettable experience.

As General Manager at Kempinski Hotel & Residences Palm Jumeirah, how do you ensure that the service culture remains consistent across all guest interactions, and how can you improve it even further?

Offering regular feedback and recognition to team members is a smart leadership strategy, as it reinforces the significance of our hotel’s service culture. This approach also serves as a motivating factor, encouraging other associates to excel in their roles and embrace the same commitment to exceptional service.

Hani Selim, General Manager, Kempinski Hotel & Residences Palm Jumeirah

In our industry, achieving outstanding guest satisfaction is paramount, and this journey begins with selecting the right candidate. We seek individuals who not only possess the essential skills, experience, and attitude but who also resonate with our hotel’s DNA, values, and objectives.

I emphasize the importance of providing our team members with comprehensive training and development programs. This approach ensures that they fully grasp the hotel’s unique personality and are wellequipped to address challenges and implement prompt corrective actions to deliver a beautiful performance.

What challenges have you faced in maintaining a high level of service at Kempinski Hotel & Residences Palm Jumeirah, and how have you overcome them?

We have encountered several challenges, including balancing cost control with maintaining service quality and consistency, continuously adapting to evolving guest preferences, and navigating the intensely competitive hotel industry.

When it comes to balancing cost and quality, we have devised costmanagement approaches, such as optimizing pricing structures, minimizing expenditures, and executing efficient operational procedures. As for guest preferences, one example is the growing demand for eco-friendly and sustainable lodging. This demand requires us to integrate sustainable practices into our operations and provide environmentally conscious amenities.

Meanwhile, to stay ahead in a competitive industry, we consistently monitor market trends and guest preferences and devise innovative strategies to set our hotel apart. These strategies involve creating tailored services, seasonal amenities, and imaginative marketing campaigns.

www.kempinski.com/en/palm-jumeirah The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.

JUNE 2023

35

TOP 100 LISTED COMPANIES

36

THE MIDDLE EAST’S

TOP 100 LISTED COMPANIES 2023

A

t this time of high inflation and global unrest, stock markets have been under pressure, with the MENA region not immune to the trajectory. In 2023, the aggregate market value of the Middle East’s Top 100 Listed Companies has decreased marginally by 5%, from $4 trillion in 2022 to $3.8 trillion.

However, the value of the aggregate sales for these 100 companies has jumped 38.5% to $1.1 trillion, with profits increasing by 37.7% to hit $277.7 billion. The value of their aggregate assets has also risen by 9.5% to $4.6 trillion as of 2022 end.

GCC countries dominate 91% of the list, with Saudi Arabia being the most represented with 33 entries, followed by the U.A.E. with 28, Qatar with 16, and Kuwait with nine.

The world’s largest oil and gas giant, Aramco, retains the top spot with $604.4 billion in sales and a market value of $2.1 trillion, followed by SABIC, Qatar’s QNB Group, and the Saudi National Bank. The U.A.E.’s International Holding Company jumped from the #12 rank in the 2022 list to the fifth spot this year, with $235.9 billion in market value and total assets of $62.1 billion.

Despite the fallout from the collapse of Silicon Valley Bank, the banking and financial services sector still dominates, with 42 entries holding a total of $3 trillion in assets and generating $45.4 billion in net income. However, the energy sector— led by Aramco—generated the bulk of the profits, hitting $162.4 billion in 2022.

The 2023 list welcomes several newly-listed entities, including Qatar’s Dukhan Bank, U.A.E.-based Multiply Group, and Americana Restaurants, along with Saudi Aramco Base Oil Company (Luberef) and Marafiq.

Methodology

We collected data from listed stock exchanges in the Arab world and ranked companies based on their reported sales, assets, and profits for 2022 and market value as of April 30, 2023. Each metric was given equal weight, and companies with the same final scores were given the same rank.

We excluded companies that hadn’t disclosed their 2022 full-year audited financial statements as of April 25, 2023.

Currency exchange rates were taken as of April 30, 2023.

Year

Total market value

Total sales

Total profits

Total assets

2023

$3.8 trillion

$1.1 trillion

$277.7 billion

$4.6 trillion

2022

$4 trillion

$794 billion

$201.7 billion

$4.2 trillion

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

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TOP 100 LISTED COMPANIES

37

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

JUNE 2023

3

QNB Group

• Group CEO: Abdulla Mubarak Al-Khalifa

Country: Qatar Sector: Banks & Financial Services Market Value: $38.8 billion Sales: $18.4 billion Profits: $4 billion Assets: $326.7 billion

1

Aramco

• President and CEO: Amin H. Nasser Country: Saudi Arabia Sector: Energy

Market Value: $2.1 trillion Sales: $604.4 billion Profits: $161.1 billion Assets: $664.8 billion Aramco was the world’s largest oil company and third most valuable company as of May 15, 2023. In March 2023, the company completed the acquisition of Valvoline Global Operations for $2.65 billion. It also acquired a 10% stake in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion to expand its downstream presence in China. In April 2023, the Saudi government transferred 4% of Aramco’s shares to the kingdom’s sovereign wealth fund’s fully-owned subsidiary Sanabil Investments, while the state remains the largest shareholder, retaining 90.2%.

4

Saudi National Bank (SNB)

• Acting CEO: Talal Ahmed Al Khereiji

Country: Saudi Arabia Sector: Banks & Financial Services Market Value: $59 billion Sales: $11.2 billion

2

Profits: $5 billion Assets: $252.1 billion

SABIC

• CEO: Abdulrahman Al-Fageeh

Country: Saudi Arabia Sector: Industrials Market Value: $74.3 billion Sales: $52.9 billion Profits: $6.3 billion Assets: $83.5 billion SABIC is among the world’s largest petrochemical manufacturers, with operations in around 50 countries and a global workforce of over 31,000 people as of 2022. It works through four businesses, covering petrochemicals, agri-nutrients, specialties, and metals, with production at 65 manufacturing sites and sales across more than 100 countries. In June 2020, Aramco acquired the government’s 70% stake in SABIC for $69.1 billion. SABIC appointed Abdulrahman Al-Fageeh as CEO in March 2023.

Saudi Arabia

As of December 2022, SNB employed 15,906 people across 494 branches and 16 retail service centers in Saudi Arabia and four overseas branches in Bahrain, the U.A.E., Qatar, and Singapore.

As of 2022, it had over 12.2 million customers across eight countries.

SNB acquired a 9.88% stake in Credit Suisse for $1.5 billion in late 2022 but lost nearly $1.2 billion on its investment after UBS’s acquisition of Credit Suisse in March 2023.

SNB says that this will have no impact on its growth plans as it constitutes less than 0.5% of SNB’s total assets and 1.7% of its investment portfolio. Saudi’s Public Investment Fund owns 37.2% of SNB.

Companies

Total market value

Total sales

Total profits

Total assets

33

$2.8 trillion

$798.5 billion

$204.7 billion

$2 trillion

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TOP 100 LISTED COMPANIES

38

Established in 1964, QNB is the largest bank in Qatar. It is a Qatari-owned commercial bank, with 51.9% owned by the Qatar Investment Authority. The group has a presence in more than 28 countries across three continents.

It employs 28,000 people serving over 27 million customers. In November 2022, QNB signed a strategic partnership agreement with SADAD Payment Solutions to develop electronic payments in Qatar. It also partnered with Ajlan & Bros Holding to develop its digital banking presence in Saudi Arabia.

International Holding Company (IHC)

Saudi Electricity Company (SEC)

Country: U.A.E. Sector: Investments

Country: Saudi Arabia Sector: Utilities

7

• CEO and Managing Director: Syed Basar Shueb

• CEO: Khaled bin Hamad Al-Gnoon

Market Value: $235.9 billion Sales: $13.9 billion

Market Value: $27.3 billion Sales: $19.2 billion

Profits: $8.9 billion Assets: $62.1 billion

Profits: $4 billion Assets: $127.9 billion

IHC was established in 1998 to help diversify and develop the non-oil commercial sectors in the U.A.E. Its investments span diversified sectors, including real estate, construction, agriculture, healthcare, food and beverage, and energy. In January 2023, IHC announced investing $400 million into the Adani Enterprises Further Public Offering through its subsidiary Green Transmission Investment Holding RSC Limited. Sheikh Tahnoon bin Zayed Al Nahyan has been the chairman of IHC since April 2020. By the end of 2022, the company had 482 subsidiaries and employed more than 85,000 people across more than 20 countries.

SEC is the region’s biggest utility company, the main producer of electricity, and the sole owner of transmission and distribution networks throughout Saudi Arabia, serving around 10.9 million customers, with 298,702 gigawatts of total electricity sold in 2022. In August 2022, the company announced that it had secured $3.6 billion in financing facilities, followed by another $2.7 billion local syndicated facility in February 2023 to finance general corporate purposes, including capital expenditure. The Saudi Public Investment Fund owns a 74.3% stake in the company.

8

First Abu Dhabi Bank (FAB)

• Group CEO: Hana Al Rostamani

Country: U.A.E. Sector: Banks & Financial Services 6

Market Value: $42.7 billion Sales: $10.4 billion

Al Rajhi Bank

• CEO and Managing Director: Waleed Abdullah Al-Mogbel

Country: Saudi Arabia Sector: Banks & Financial Services Market Value: $82 billion Sales: $10.3 billion Profits: $4.6 billion Assets: $203.3 billion

IMAGES FROM SOURCE

Established as an exchange house in 1957 and converted to a bank in 1988, Al Rajhi is the largest bank in the region in terms of market cap. In December 2022, Al Rajhi partnered with the Tatweer Education Technologies Company, a stateowned company specializing in educational technologies, to develop digital financial solutions for the education sector and its employees. As of December 2022, the bank had 13.3 million active customers and employed 19,964 people across 557 branches.

U.A.E.

Profits: $3.7 billion Assets: $302.3 billion FAB, the U.A.E.’s largest bank, was created by a merger between the First Gulf Bank and the National Bank of Abu Dhabi in 2016. It has a presence in 20 markets, with more than three million U.A.E. customers and 6,765 employees globally, as of December 2022. In 2022, FAB facilitated over $7 billion in financing for sustainable projects across the energy supply, buildings, transportation, waste, water, and food sectors. In December 2022, FAB’s Magnati collaborated with PayRow Net to establish a digital payment platform for Dubai’s Ports Sector.

Companies

Total market value

Total sales

Total profits

Total assets

28

$738.7 billion

$146.9 billion

$47.5 billion

$1.2 trillion

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39 TOP 100 LISTED COMPANIES

5

Emirates NBD

11

• Group CEO: Shayne Nelson

• Group CEO: Olayan Mohammed Alwetaid

Market Value: $24.3 billion Sales: $12.8 billion

Market Value: $59.2 billion Sales: $18 billion

Profits: $3.5 billion Assets: $202 billion

Profits: $3.3 billion Assets: $36.6 billion

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

In 2022, it served over 17 million customers in 13 countries in the MENAT region through a network of 879 branches. In February 2023, Emirates Islamic, the Islamic subsidiary of Emirates NBD Group, issued a dirhamdenominated sukuk valued at $272.5 million, following its $272.5 million dirhambond sale in January 2023. The Government of Dubai owns 55.8% of Emirates NBD through the Investment Corporation of Dubai.

stc Group is one of the largest telecom operators in Saudi Arabia. The group increased its capital from $5.3 billion to $13.3 billion in July 2022 through the issuance of bonus shares. In October 2022, stc received a non-binding offer from Saudi’s Public Investment Fund, which owns a 64% stake in the group, to buy 51% of stc’s subsidiary, Telecom Towers Company (TAWAL), at a valuation of $5.9 billion. As of May 2023, the stc Group had invested more than $933.3 million in social, educational, and health initiatives.

Country: U.A.E. Sector: Banks & Financial Services

TOP 100 LISTED COMPANIES

40

stc Group

10

Country: Saudi Arabia Sector: Telecommunications

TAQA Group

• Group CEO and Managing Director: Jasim Husain

12

Country: U.A.E. Sector: Utilities

• Group CEO: Hatem Dowidar

Thabet

e&

Country: U.A.E. Sector: Telecommunications

Market Value: $99.5 billion Sales: $13.6 billion Profits: $2.2 billion Assets: $49.4 billion

Market Value: $56.8 billion Sales: $14.3 billion

Established in 2005, TAQA Group became one of the largest integrated utility companies in the EMEA region in 2020 when it merged with the Abu Dhabi Power Corporation (ADPower), taking over most of its power and water generation, transmission, and distribution assets.

Today, the group has a presence in 11 countries, including the U.A.E., Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the U.K., and the U.S. In January 2023, TAQA joined ADNOC Distribution to establish a mobility joint venture, E2GO, to build and operate electric vehicle infrastructure in the U.A.E. In February 2023, TAQA Group acquired a 5% stake in ADNOC Gas.

Profits: $2.9 billion Assets: $39.5 billion

Qatar

Emirates Telecommunications Group was established as Emirates’ telephone company and rebranded to e& in 2022, as it transformed into a technology and investment group.

It serves 164 million subscribers across 16 countries in the Middle East, Asia, and Africa. In April 2023, the group signed a binding agreement with Uber Technologies to acquire a majority stake of 50.03% in Careem’s super-app business in exchange for an investment of $400 million in the company. In 2023, the group increased its stake in Vodafone Group to 14.6%, with the Group CEO Hatem Dowidar joining the Vodafone board as a nonexecutive director.

Companies

Total market value

Total sales

Total profits

Total assets

16

$134.3 billion

$53.1 billion

$12.7 billion

$625.3 billion

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9

13

Alpha Dhabi Holding (ADH)

• Group CEO and Managing Director: Hamad Al Ameri Country: U.A.E. Sector: Investments

Market Value: $59.9 billion Sales: $10.9 billion Profits: $2.9 billion Assets: $35.7 billion A subsidiary of IHC, ADH has more than 150 subsidiaries across healthcare, renewable energy, petrochemical, real estate, construction, and hospitality. In January 2023, Alpha Dhabi and Mubadala formed a joint venture to co-invest up to $2.5 billion in global credit markets over the next five years. In April 2022, Alpha Dhabi increased its shareholding of Aldar, becoming its parent company. The company held 31.63% of Aldar as of 2022 end. As a result of the company’s acquisition activity, its total assets jumped by 176.7% to $35.7 billion in 2022.

Country: Kuwait Sector: Banks & Financial Services

Mohammed Al Tayer

16

Financial Institutions Officer: Abdulwahab Iesa Alrushood Market Value: $35.4 billion Sales: $5.2 billion

• CEO and Managing Director: Saeed Country: U.A.E. Sector: Utilities

Profits: $1.4 billion Assets: $120.7 billion

Market Value: $33.8 billion Sales: $7.4 billion Profits: $2.2 billion Assets: $49.2 billion

KFH was the first Islamic bank to be established in Kuwait in 1977. Today, it has operations in 10 countries with 631 branches. In 2022, KFH acquired Ahli United Bank Bahrain for $10.9 billion, bringing its total assets to $120.7 billion, up from $71.4 billion in 2021. It also became dual-listed on both the Boursa Kuwait and the Bahrain Bourse. Kuwait’s government owns 38.4% of KFH’s shares through the Kuwait Investment Authority, the Public Institution for Social Security, the Public Authority for Minors Affairs, and the Kuwait Awqaf Public Foundation.

DEWA was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department. DEWA’s subsidiary, EMPOWER, was listed on the DFM in November 2022. The group also includes Mai Dubai, Digital DEWA, and Etihad ESCO. As of 2022, the company’s installed generation capacity stood at 14.5 GW, with two GW of this capacity representing renewable energy. Its installed desalinated water production capacity stood at 490 MIGD. In 2022, DEWA’s electric vehicle charging network expanded to 350 chargers with 620 charge points across Dubai, and it plans to grow this network to 1,000 chargers by 2025.

Saudi Arabian Mining Company (Ma’aden) 15

• CEO: Robert Wilt

Country: Saudi Arabia Sector: Industrials Market Value: $45.5 billion Sales: $10.7 billion Profits: $3.2 billion Assets: $29.8 billion

IMAGES FROM SOURCE

Ma’aden is the largest mining company in the Middle East. It is 67.2% owned by Saudi’s Public Investment Fund. In January 2023, the company signed two joint venture agreements with Barrick Gold (Singapore) and Barrick Gold (T7), affiliates of Barrick Gold Corporation, to explore Jabal Sayid South and Umm Ad Damar. In February 2023, Ma’aden’s board of directors recommended raising the capital by $3.3 billion, a 50% increase.

The capital increase should be approved by competent authorities and an extraordinary general assembly in June 2023.

Kuwait

Companies

Total market value

Total sales

Total profits

Total assets

9

$94 billion

$25.9 billion

$5 billion

$389.4 billion

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TOP 100 LISTED COMPANIES

• Acting Group CEO and Group Chief Treasury and

Dubai Electricity and Water Authority (DEWA)

14

Kuwait Finance House (KFH)

41

17

ADCB Group

• Group CEO: Ala’a Eraiqat

Country: U.A.E. Sector: Banks & Financial Services Market Value: $17.6 billion Sales: $5.6 billion Profits: $1.8 billion Assets: $135.5 billion

18

Riyad Bank

• CEO: Tareq Al-Sadhan

Country: Saudi Arabia Sector: Banks & Financial Services Market Value: $24.1 billion Sales: $4.7 billion Profits: $1.9 billion Assets: $95.9 billion Riyad Bank has 338 branches in Saudi Arabia, one in the U.K., an agency in the U.S., and a representative office in Singapore.

The bank employs over 5,593 people. Its profits grew by 16.5% in 2022 to $1.9 billion, while its total assets hit $95.9 billion, an increase of 10.4% compared to 2021. In October 2022, it completed the issuance of a SAR-denominated additional tier 1 capital sukuk worth $1 billion. Saudi’s Public Investment Fund is the bank’s largest shareholder, with a 21.8% stake.

National Bank of Kuwait (NBK) 18

• Vice Chairman and Group CEO: Isam Jasem Al-Sager

Country: Kuwait

Saudi Awwal Bank (SAB – ‫)األول‬

• Managing Director and CEO: Tony Cripps

Country: Saudi Arabia Sector: Banks & Financial Services

Sector: Banks & Financial Services Market Value: $26 billion Sales: $4.9 billion Profits: $1.7 billion Assets: $118.7 billion Established in 1952, NBK operates through 138 branches across 13 countries, of which seven are in the Middle East. NBK also offers alternative investments through its NBK Capital subsidiary, which as of November 2022, had executed over $91 billion worth of investment banking mandates since its establishment in 2005. Under the bank’s pledge to achieve carbon neutrality by 2060, it installed 12 electric vehicle charging stations at different levels of the multi-story car park attached to its green headquarters in 2022. The bank also joined the United Nations Global Compact in February 2023.

Morocco

20

Market Value: $19.8 billion Sales: $3.6 billion Profits: $1.3 billion Assets: $83.9 billion SABB was established in 1978 as a Saudi joint-stock company. In 2019, it merged with Alawwal Bank and changed its name to Saudi Awwal Bank (SAB – ‫ )األول‬in April 2023. It provides financial and banking services through 109 branches. The bank serves 1.3 million retail customers. In September 2022, the bank completed the sale and transfer of certain lines of business from HSBC Saudi Arabia to the Alawwal Invest Company in a deal valued at $320.9 million. The HSBC Group owns 31% of the bank.

Companies

Total market value

Total sales

Total profits

Total assets

4

$23.7 billion

$13.1 billion

$1.8 billion

$156.8 billion

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42

The ADCB group was formed in 2020 through the merger of the Abu Dhabi Commercial Bank and the Union National Bank and the acquisition of the Al Hilal Bank. Today, it has over 115 branches and employs more than 8,400 people across the U.A.E., Egypt, and Kazakhstan. In September 2022, ADCB raised $500 million with its debut green bond to support the financing of low-carbon initiatives. In January 2023, it signed the U.A.E. Climate-Responsible Companies Pledge. The Mubadala Investment Company owns 60.20% of the group through its whollyowned subsidiary, the One Hundred and Fourteenth Investment Company.

22

Dubai Islamic Bank (DIB)

• Group CEO: Adnan Chilwan

Country: U.A.E. Sector: Banks & Financial Services Market Value: $11 billion Sales: $3.8 billion Profits: $1.5 billion Assets: $78.5 billion

21

Emaar Properties

• Founder and Managing Director: Mohamed Alabbar Country: U.A.E. Sector: Real Estate & Construction Market Value: $14.3 billion Sales: $6.8 billion Profits: $2.2 billion Assets: $36 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. Emaar has operations in Egypt, India, Pakistan, Türkiye, and Saudi Arabia. In August 2022, the company fully acquired Dubai Creek Harbour from Dubai Holding for $2 billion, paid equally in cash and shares of Emaar Properties, making Dubai Holding the second largest shareholder of Emaar with a 7.5% stake.

23

Industries Qatar (IQ)

• Chairman and Managing Director: Saad Sherida Al-Kaabi Country: Qatar Sector: Industrials

Market Value: $21.5 billion Sales: $5.2 billion Profits: $2.4 billion Assets: $12.4 billion

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IQ was incorporated as a Qatari joint stock company in 2003. The IQ Group currently owns 80% of the Qatar Petrochemical Company and 50% of the Qatar Fuel Additives Company Limited. It also wholly owns the Qatar Steel Company and the Qatar Fertilizer Company. In August 2022, the company signed a $1.06 billion agreement to build the world’s largest blue ammonia facility (Ammonia-7) by the Qatar Fertilizer Company.

Jordan

Companies

Total market value

Total sales

Total profits

Total assets

3

$12 billion

$7.8 billion

$2.4 billion

$70.2 billion

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

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DIB is one of the largest Islamic banks in the Middle East, with more than five million customers globally and over 10,000 employees. In 2022, DIB’s net profit grew by 26% to reach $1.5 billion, marking the highest net income in its history. In February 2023, DIB issued a $1 billion sustainable sukuk, following the issuance of a $750 million sustainable sukuk in November 2022.

In January 2023, DIB launched Islamic auto financing for Tesla customers in the U.A.E. DIB acquired Noor Bank in a share swap deal in 2020. The Investment Corporation Of Dubai is DIB’s largest shareholder, with a 28% stake.

24

Attijariwafa bank

26

• Chairman and CEO: Mohamed El Kettani

• CEO: Bader Alsalloom

Market Value: $8.6 billion Sales: $4.5 billion

Sector: Banks & Financial Services

Profits: $740 million Assets: $62.6 billion

Market Value: $12.4 billion Sales: $2.8 billion

Attijariwafa bank is the largest bank in Morocco and one of the largest in Africa. As of April 2022, it had 10.6 million customers, with operations in 26 countries.

The group expanded its footprint in 2022, launching a subsidiary in Chad called Attijari bank Tchad and opening a representative office in China. In June 2022, it partnered with Finastra to take part in “Hack to the Future,” an international Fintech movement that aims to establish sustainable and inclusive finance.

Profits: $953 million Assets: $61.9 billion

Country: Morocco Sector: Banks & Financial Services

24

Alinma Bank

• CEO: Abdullah Ali Al Khalifa

Country: Saudi Arabia Sector: Banks & Financial Services Market Value: $17 billion Sales: $2.7 billion

Country: Saudi Arabia

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

The bank has 82 branches and employs 3,105 people across Saudi Arabia. In November 2022, BSF issued $700 million in USDdenominated notes under the mediumterm note program.

The bank’s total assets reached $61.9 billion in 2022.

Prince Alwaleed bin Talal’s Kingdom Holding Company is the bank’s largest shareholder, with a 16.2% stake.

Profits: $960 million Assets: $53.4 billion Established in 2006, Alinma Bank recorded $53.4 billion in total assets in 2022, an increase of 15.5% compared to 2021, while its net income grew 32.8% to $960 million. By the end of 2022, Alinma was serving 3.93 million customers in Saudi Arabia.

In February 2023, the bank’s board of directors approved the purchase of a maximum of five million of its shares to be allocated within the Employee Stock Long-Term Incentive Plan.

Saudi’s Public Investment Fund is the bank’s largest shareholder, with a 10% stake.

27

Qatar Islamic Bank (QIB)

• Group CEO: Bassel Gamal

Country: Qatar Sector: Banks & Financial Services Market Value: $11.6 billion Sales: $2.5 billion Profits: $1.1 billion Assets: $50.5 billion Established in 1982, QIB has 23 branches in Qatar and one branch in Sudan, with investments in the U.K. and Lebanon. The group has stakes in a number of Qatari Shariahcompliant financial services companies, including QInvest, Beema, and Al Jazeera Finance.

In October 2022, QInvest and the Qatar Insurance Company established the Epicure Islamic Investment Management Company in Qatar. QIB’s net profit grew by 12.7% to hit $1.1 billion in 2022, while its total assets stood at $50.5 billion, a 5.1% decrease compared to 2021. The Qatar Investment Authority is QIB’s largest shareholder, with a 17.2% stake.

Bahrain

Companies

Total market value

Total sales

Total profits

Total assets

3

$8.3 billion

$7.9 billion

$1.5 billion

$56.3 billion

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

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Banque Saudi Fransi (BSF)

28

Arab National Bank (ANB)

• CEO and Managing Director: Obaid Alrasheed

Country: Saudi Arabia Sector: Banks & Financial Services Market Value: $11.1 billion Sales: $2.6 billion Profits: $818 million Assets: $56.7 billion Established in 1979, ANB has 127 branches and 75 remittance centers in Saudi Arabia and one branch in the U.K. It recorded net profits of $818 million in 2022, an increase of 41.2% compared to 2021. The bank’s total assets also grew by 10.5% to $56.7 billion. Its subsidiaries include ANB Capital, which provides financial advisory, asset management, and brokerage services, among others. The Jordanbased Arab Bank owns 40% of ANB’s shares.

30

TOP 100 LISTED COMPANIES

45

Ooredoo Group

• Managing Director and Group CEO: Aziz Aluthman Fakhroo

Country: Qatar Sector: Telecommunications Market Value: $8.4 billion Sales: $6.2 billion Profits: $758 million Assets: $17 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. In 2022, the group had a customer base of 56 million. In January 2022, Ooredoo Group and CK Hutchison completed a $6 billion merger of their telecommunication units in Indonesia, forming the second-biggest mobile telecoms company in the country.

The Qatar Investment Authority is the major shareholder of Ooredoo, with a 53.49% stake.

29

Mashreq

• Group CEO: Ahmed Abdelaal

Country: U.A.E. Sector: Banks & Financial Services Market Value: $6.6 billion Sales: $3.4 billion Profits: $1 billion Assets: $54.1 billion

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Founded in 1967 by the Al Ghurair Group, Mashreq currently has branches in the U.A.E., Bahrain, Kuwait, Egypt, Hong Kong, India, Qatar, the U.K., and the U.S. In June 2022, Mashreq issued $300 million in additional tier 1 notes. In November 2022, it signed a strategic partnership with Bank Al Habib Limited Pakistan to offer free remittance transfers from the U.A.E. to Pakistan. The bank’s net profits jumped by 252% in 2022 to hit $1 billion. The Al Ghurair Group is the major shareholder in the bank through its subsidiaries, with over 70.7% ownership.

Oman

Companies

Total market value

Total sales

Total profits

Total assets

2

$7.3 billion

$8.8 billion

$1.2 billion

$53.5 billion

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

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31

Aldar Properties

• Group CEO: Talal Al Dhiyebi

Country: U.A.E. Sector: Real Estate & Construction Market Value: $11.6 billion Sales: $3 billion Profits: $856 million Assets: $16.7 billion

SABIC Agri-Nutrients Company 32

• CEO: Abdulrahman A. Shamsaddin

Country: Saudi Arabia Sector: Industrials Market Value: $16.9 billion Sales: $5.1 billion Profits: $2.8 billion Assets: $7.2 billion

32

The SABIC Agri-Nutrients Company was formerly known as the Saudi Arabian Fertilizer Company.

It provides agri-nutrient products, including urea, ammonia, and nitrogen-based inorganic products.

In April 2023, it completed the acquisition of 49% stake in ETG Inputs Holdco Limited (EIHL) to benefit from EIHL’s presence across Sub-Saharan Africa. In November 2022, SABIC Agri-Nutrients and Aramco shipped the world’s first commercially accredited low-carbon blue ammonia to South Korea. The company is 50.1% owned by SABIC, while it owns 100% of National Chemical Fertilizer Co. (Ibn Al-Baytar), 50% of Al-Jubail Fertilizer Co. (Al-Bayroni), and 100% of SABIC Agri-Nutrients Investments Co.

Zain Group

• Group CEO and Vice Chairman: Bader Nasser Al-Kharafi Country: Kuwait Sector: Telecommunications Market Value: $8 billion Sales: $5.6 billion Profits: $733 million Assets: $16.2 billion Zain operates in Kuwait and seven other countries in the Middle East and Africa, serving 53 million customers. The Kuwait Investment Authority owns 24.57% of the company, and Oztel Holding owns 21.9%. In January 2023, the group entered into a 15-year agreement to sell and lease back, as well as the management rights of the passive physical infrastructure of its 4,968 tower portfolio in Iraq to TASC Towers Iraq for $180 million. In February 2023, ZainTech, the ICT solutions powerhouse of Zain Group, completed the acquisition of BIOS Middle East, a provider of managed private cloud services in the region.

Egypt

Companies

Total market value

Total sales

Total profits

Total assets

2

$6.5 billion

$3.7 billion

$857 million

$36.2 billion

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

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46

Aldar Properties is one of the largest real estate developers in MENA and has been behind some iconic projects in the U.A.E., such as Yas Island, Ferrari World, and Reem Island. In 2022, the company’s total capital deployment into recurring income assets reached $2.02 billion. In July 2022, it signed an agreement with Mubadala to acquire four commercial towers in Abu Dhabi Global Market on Al Maryah Island for $1.2 billion.

In December 2022, it partnered with Mubadala to acquire Al Maryah Tower, a commercial office property located on Al Maryah Island, for $122.6 million. Early in 2023, it acquired Al Fahid Island for $681.2 million. In August 2022, Apollo acquired an 11.1% minority stake in Aldar Investment Properties, a subsidiary of Aldar Properties, for $400 million.

34

Abu Dhabi Islamic Bank (ADIB)

• Group CEO: Nasser Al Awadhi

Country: U.A.E. Sector: Banks & Financial Services Market Value: $11.2 billion Sales: $2.1 billion Profits: $985 million Assets: $45.9 billion

35

Commercial Bank

• Group CEO: Joseph Abraham

Country: Qatar Sector: Banks & Financial Services

Established in 1974, Commercial Bank operates in Qatar and has a presence in Türkiye through its fully-owned subsidiary, Alternatif Bank. It owns and operates the Diners Club franchise in Qatar and Türkiye.

In June 2022, Commercial Bank closed a $750 million Asian syndicated term loan facility.

In 2022, the bank recorded $772 million in net profits, an increase of 22% compared to 2021, while its total assets hit $46.5 billion. The Qatar Investment Authority owns 16.8% of the bank.

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Arab Bank

• CEO: Randa Sadik

Country: Jordan Sector: Banks & Financial Services Market Value: $4.1 billion Sales: $3.5 billion Profits: $544 million Assets: $64.5 billion Arab Bank was established in 1930 in Palestine. It moved its headquarters to Amman in 1948. The bank operates through 73 branches in Jordan and 129 branches abroad. Its subsidiaries include Europe Arab Bank, Arab Bank Australia, Arab Sudanese Bank, and Arab Tunisian Bank. In 2022, Arab Bank’s net income grew by 73.1% to $544 million, and its total assets stood at $64.5 billion.

Bank Albilad

• CEO: Abdulaziz Mohammed Alonaizan

Profits: $772 million Assets: $46.5 billion

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

36

37

Market Value: $6.5 billion Sales: $2.6 billion

Banks &financial services

47

Country: Saudi Arabia

Sector: Banks & Financial Services Market Value: $11.1 billion Sales: $1.8 billion Profits: $555 million Assets: $34.5 billion Established in 2004, Bank Albilad provides Shariah-compliant banking services. It operates through 105 branches and employs 4,494 people across Saudi Arabia. The bank’s total assets were worth $34.5 billion in 2022, an increase of 16.9% compared to 2021, while its net profits increased 23.4% to $555 million.

In August 2022, Bank Albilad established the Enjaz Payment Services Company, with a share capital of $53.3 million. It also owns the Albilad Investment Company and the Albilad Real Estate Company.

Companies

Total market value

Total sales

Total profits

Total assets

42

$567.5 billion

$149 billion

$45.4 billion

$3 trillion

New

Returnees

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TOP 100 LISTED COMPANIES

ADIB provides banking services to a million customers. It has 146 branches and employs 5,000 people across the U.A.E., Egypt, Saudi Arabia, Qatar, Sudan, Iraq, and the U.K. In January 2023, ADIB acquired 9.6 million shares in ADIB Egypt from the National Investment Bank, bringing its ownership to 52.6%. The bank has facilitated $1.7 billion in sustainable project financing and saved five million sheets of paper in 2022 through its ongoing Al Ghaf paperless program. The Emirates International Investment Company holds 39.4% of ADIB’s shares.

• CEO: Abdullah Albader

Etihad Etisalat Company (Mobily)

Market Value: $15.7 billion Sales: $5 billion

Country: Saudi Arabia Sector: Telecommunications

38

Almarai

40

• CEO: Salman Bin Abdulaziz Al Badran

Country: Saudi Arabia Sector: Food & Beverages Profits: $474 million Assets: $8.6 billion

Profits: $442 million Assets: $10.6 billion Mobily was the second mobile operator to be launched in Saudi Arabia. It is 28% owned by e& and has six subsidiaries in India, Saudi Arabia, the U.A.E, and Bahrain.

In March 2022, Mobily Pay received the Saudi Central Bank’s (SAMA) license to conduct payments and Electronic Wallets Businesses. By the end of 2022, Mobily expanded its 5G services to cover more than 80% of the kingdom’s six largest cities.

41

Fertiglobe

• CEO: Ahmed El-Hoshy

Country: U.A.E. Sector: Industrials Market Value: $8.7 billion Sales: $5 billion Profits: $1.8 billion Assets: $5.5 billion

39

Established in 2019 as a strategic partnership between ADNOC and OCI Global, Fertiglobe is currently the world’s largest seaborne exporter of urea and ammonia combined and the largest producer of nitrogen fertilizers by production capacity in MENA. It operates four production facilities located across the U.A.E., Egypt, and Algeria, with an annual production capacity of 6.7 million metric tons of urea and merchant ammonia.

In November 2022, the company announced the start of the first phase of the green hydrogen plant in Egypt, which is planned to deliver up to 15,000 tons of green hydrogen to produce up to 90,000 tons of green ammonia annually.

Emaar Development

• CFO: Sunil Grover

Country: U.A.E. Sector: Real Estate & Construction Market Value: $6 billion Sales: $3.1 billion Profits: $1.2 billion Assets: $11.6 billion Emaar Development has been part of Emaar Properties since its inception in 1997. When Emaar Properties later restructured its business, it transferred its real estate development division and activities to Emaar Development, which then went public in 2017. The company is responsible for freehold communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, and Arabian Ranches. It has a land bank of 290 million square feet in the U.A.E. Emaar Properties owns 79.2% of the company.

Industrials

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

Companies

Total market value

Total sales

Total profits

Total assets

10

$186.1 billion

$92 billion

$20.1 billion

$162 billion

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TOP 100 LISTED COMPANIES

48

Market Value: $9.2 billion Sales: $4.2 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 operates in many countries, including Egypt, Jordan, the U.S., Argentina, and other GCC countries. In February 2023, Almarai’s subsidiary, Almarai Investment Holding, acquired PepsiCo’s 48% stake in International Dairy and Juice Limited (IDJ) to increase Almarai’s shareholding from 52% to 100% for $68 million. In November 2022, the company announced an investment of $1.2 billion in Saudi Arabia to expand poultry production. Saudi Arabia is the major contributor of sales for the group, followed by the U.A.E. and Egypt.

42

Banque Centrale Populaire (BCP Group)

• Chairman and CEO: Mohamed Karim Mounir

Country: Morocco Sector: Banks & Financial Services Market Value: $4.6 billion Sales: $2.8 billion Profits: $349 million Assets: $49.7 billion

43

ADNOC Distribution

44

Masraf Al Rayan

• CEO: Bader Al Lamki

• Group CEO: Fahad Al Khalifa

Market Value: $14.9 billion Sales: $8.7 billion

Market Value: $6.7 billion Sales: $2 billion

Profits: $748 million Assets: $4.4 billion

Profits: $375 million Assets: $46 billion

ADNOC Distribution, a major fuel distributor in the U.A.E., increased its total station network to 568 stations in both the U.A.E. and Saudi Arabia by the end of 2022 after adding 68 stations during the year. The company plans to open 25-35 new stations in 2023. In February 2023, ADNOC Distribution acquired a 50% stake in TotalEnergies Marketing Egypt for over $200 million. In 2023, the company agreed with TAQA Group to establish a mobility joint venture, E2GO, to build and operate electric vehicle infrastructure in the U.A.E. Abu Dhabi National Oil Company (ADNOC) is the parent company of ADNOC Distribution, with an 77% stake.

Established in 2006, Masraf Al Rayan is a Shariah-compliant bank with a presence in Qatar, the U.K., the U.A.E., and France.

In April 2022, Masraf Al Rayan announced the launch of its sustainable financing framework to offer ESG-linked funding opportunities to investors. The bank completed its merger with the Al Khaliji Commercial Bank in 2021, marking the first merger of publicly-listed banks in Qatar.

The Qatar Investment Authority owns 15.9% of the bank.

Country: U.A.E. Sector: Retail

Country: Qatar Sector: Banks & Financial Services

45

Bank Muscat

• CEO: Waleed Khamis Al Hashar

Country: Oman Sector: Banks & Financial Services Market Value: $5.3 billion Sales: $1.9 billion Profits: $521 million Assets: $33.2 billion

IMAGES FROM SOURCE

Established in 1982, Bank Muscat operates in six countries, with 173 branches in Oman, one branch each in Saudi Arabia and Kuwait, and three representative offices in the U.A.E., Singapore, and Iran. The bank is the largest in Oman by total assets, which stood at $33.2 billion in 2022. It has 2.4 million customers.

In October 2022, the bank sold its 27.29% stake in SICO Capital KSA (previously Muscat Capital) and acquired an additional 2.76% stake in SICO Bahrain, increasing its stake to 13.14%. The Omani bank is listed on the Muscat, London, and Bahrain Stock Exchanges.

Telecommunicatios

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

Companies

Total market value

Total sales

Total profits

Total assets

9

$160.4 billion

$64.7 billion

$9.7 billion

$158.8 billion

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49 TOP 100 LISTED COMPANIES

The BCP Group has a presence in 32 countries, including 18 countries in Africa. The group serves nine million clients. In 2022, the BCP Group launched its first digital banking offering for children aged 12-17, called SWIPE. Its foundation Attawfiq Microfinance financed 142,000 people in 2022, carrying out income-generating activities worth more than $191.4 million.

JUNE 2023

46

ACWA Power

• CEO: Marco Arcelli Country: Saudi Arabia Sector: Utilities

Market Value: $30.5 billion Sales: $1.4 billion Profits: $394 million Assets: $13.1 billion

47

ADNOC Drilling

• CEO: Abdulrahman Abdulla Al Seiari Country: U.A.E. Sector: Energy

Market Value: $18.7 billion Sales: $2.7 billion Profits: $802 million Assets: $5.5 billion The ADNOC Drilling company raised its total rig fleet to 115 after adding 16 new drilling units in 2022. The new fleet additions helped boost the company’s onshore revenue by about 27% to $1.45 billion in 2022. The company aims to expand its fleet to at least 142 rigs by 2024 as part of its accelerated oil production capacity target of five million barrels per day by 2027. ADNOC owns an 84% stake in the company, while Baker Hughes Holding SPV retains its 5% shareholding of ADNOC Drilling, which debuted in ADX in October 2021 with a $1.1 billion IPO.

Sahara International Petrochemical Co. (Sipchem) 48

• CEO: Abdullah Al-Saadoon

Commercial International Bank (CIB)

Market Value: $7.7 billion Sales: $2.7 billion

Abaza

49

• CEO and Managing Director: Hussein

Country: Saudi Arabia Sector: Petrochemicals Profits: $1.1 billion Assets: $6.3 billion

Country: Egypt

Sipchem operates in the polymer and petrochemical sectors across more than 40 countries. The company’s existing manufacturing facilities produced 4,159 million metric tons of products in 2022.

It has 17 subsidiaries in Saudi Arabia, the Netherlands, and Singapore, including Sipchem Chemicals Company, and Sipchem Asia PTE Ltd.

Sector: Banks & Financial Services

Real estate & Construction F O R B E S M I D D L E E A S T.C O M

Market Value: $5.2 billion Sales: $2.1 billion Profits: $523 million Assets: $20.6 billion CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. Today, it employs 7,700 people and serves two million customers across 190 branches and 21 units. In January 2023, CIB acquired the remaining 49% stake of Mayfair CIB in Kenya for a total transaction value of $40 million. CIB has several subsidiaries, including CVentures, Damietta Shipping, and Commercial International for Finance.

In April 2022, Alpha Oryx Limited—a subsidiary of the U.A.E.’s ADQ— acquired an 18.6% stake in CIB for $987.5 million.

Companies

Total market value

Total sales

Total profits

Total assets

6

$42.1 billion

$17.3 billion

$4.8 billion

$87.3 billion

New

Returnees

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TOP 100 LISTED COMPANIES

50

As a developer, investor, and operator of power generation, water desalination, and green hydrogen plants, ACWA Power is responsible for fulfilling 30% of Saudi’s water needs. In 2022, the company added 2.4 million cm3/day of water desalination capacity through four desalination plants in the kingdom, Bahrain, and the U.A.E. ACWA Power’s global network extends to 12 countries. The company’s overall portfolio of power generation and water desalination projects was worth $74.8 billion as of March 23, 2023. In February 2023, the company raised $480 million through a Sukuk offering under its $1.3 billion Sukuk program.

50

Aluminum Bahrain (Alba)

52

• CEO: Ali Al Baqali

• Chairman of the Managing Board: Abdeslam

Market Value: $3.9 billion Sales: $4.9 billion

Country: Morocco Sector: Telecommunications

Profits: $1.1 billion Assets: $7 billion

Market Value: $7.1 billion Sales: $3.5 billion

Alba is the Middle East’s largest producer of aluminum, with a production of more than 1.6 million metric tonnes in 2022. The company is dually listed on Bahrain Bourse and London Stock Exchange, and it is 69.38% owned

by Bahrain Mumtalakat Holding Company, while SABIC Industrial Investments Company owns 20.62%. In January 2023, Alba started its Solar Farm Project, which consists of around 11,300 solar panels to be fixed on its building over 37,000 m2, with a capacity of more than six megawatts per year. Two months later, it secured a sustainable financing loan of $4.3 million to establish its Solar Farm Project from the Bank of Bahrain & Kuwait (BBK).

Profits: $361 million Assets: $6.5 billion

Ahizoune

Country: Bahrain Sector: Industrials

Maroc Telecom is the main telecommunications provider in Morocco, with operations in 11 countries across Africa, including Benin, Burkina Faso, Côte d’Ivoire, Gabon, Mali, Mauritania, Niger, Central African Republic, and Togo.

By the end of March 2023, it had more than 75 million customers. The company is listed on the Casablanca Stock Exchange and Euronext Paris. e& is the major shareholder with a 53% stake, while Morocco owns 22%.

51

Country: Morocco Sector: Banks & Financial Services

• CEO: Talal Said Al Mamari

Market Value: $3.4 billion Sales: $2.2 billion

Country: Oman Sector: Telecommunications

Profits: $351 million Assets: $38 billion

Market Value: $1.9 billion Sales: $7 billion

Bank of Africa has a presence in 32 countries throughout Africa, Europe, Asia, and North America. It employs nearly 14,900 people across 2,000 branches serving 6.6 million customers.

Bank of Africa is committed to the environment and sustainable development, notably through the BMCE Bank Foundation, which promotes education and community development in rural areas in Morocco and sub-Saharan Africa.

Profits: $724 million Assets: $20.4 billion Omantel is a joint-stock company listed on the Muscat Stock Exchange. The company has investments in more than 20 submarine cable systems and operations in seven landing stations. It was also the first company in the GCC to lay a submarine cable in Europe. In March 2023, Omantel joined the U.A.E.’s du to build a new submarine cable named the Oman Emirates Gateway linking Oman and the U.A.E. Omantel owns a 21.9% stake in the Zain Group.

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

Bank of Africa

• Chairman and CEO: Othman Benjelloun

Omantel

Investments

51 TOP 100 LISTED COMPANIES

53

IMAGES FROM SOURCE

Maroc Telecom

Companies

Total market value

Total sales

Total profits

Total assets

6

$319.3 billion

$30.4 billion

$19.1 billion

$166 billion

New

Returnees

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Emirates Islamic

56

• CEO: Salah Amin

• CEO and Vice-Chairman: Tarek Sultan

Market Value: $11.1 billion Sales: $1.1 billion

Market Value: $5.1 billion Sales: $2.8 billion

Profits: $338 million Assets: $20.4 billion

Profits: $284 million Assets: $10.9 billion

Emirates Islamic provides Shariahcompliant financial services across 42 branches in the U.A.E. In September 2022, the bank signed an MoU with B2B eMarketplace, Tradeling, to strengthen the SME economy in the U.A.E. In February 2023, the bank completed the issuance of an AED-denominated sukuk valued at $272.3 million, and launched a global FinTech accelerator campaign in collaboration with the innovation platform, Plug and Play Abu Dhabi. Emirates Islamic is 99.9% owned by Emirates NBD Group.

Agility is a public shareholding company incorporated in 1979 and listed in both Boursa Kuwait and Dubai Financial Market. The group provides logistics services, customs digitization services, remote infrastructure services, fuel logistics, and property and commercial facility management in more than 65 countries. In April 2023, Agility entered into multi-year funded equity collar agreements with Morgan Stanley Bank, Citibank, National Association, and Goldman Sachs Bank Europe SE, allowing it to drawdown up to $1.1 billion in relation to shares, representing up to 7.5 million worth of Agility’s stake in DSV. In August 2022, the company acquired a 100% equity interest in U.K.-based aviation services provider John Menzies Limited for $777 million.

Country: U.A.E. Sector: Banks & Financial Services

TOP 100 LISTED COMPANIES

52

Agility

55

Country: Kuwait Sector: Logistics

AD Ports Group

Commercial Bank of Dubai (CBD) 57

• Managing Director and Group CEO: Mohamed Juma Al Shamisi

• CEO: Bernd van Linder

Country: U.A.E. Sector: Logistics Market Value: $9.5 billion Sales: $1.5 billion

Country: U.A.E. Sector: Banks & Financial Services

Profits: $350 million Assets: $10.5 billion

Market Value: $3.6 billion Sales: $1.3 billion

AD Ports Group’s business model includes economic cities and free zones, ports, maritime, logistics, and digital clusters. The group plans to invest over $4.1 billion from 2023 to 2027 to expand Khalifa Port and its connectivity, continue diversification, and boost remaining activities. AD Ports Group inked seven M&A transactions in 2022 totaling $1.6 billion as part of its growth strategy. It purchased an 80% stake in Dubaibased Global Feeder Shipping for $800 million. AD Ports Group became the world’s largest independent feeder company by vessels owned, with a fleet of 35 vessels. The group also plans to purchase five bulk carriers and three crude oil tankers at a total value of $260 million.

Utilities

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

Profits: $497 million Assets: $31.6 billion CBD offers retail and commercial banking products and services, as well as Shariah-compliant banking services.

In September 2022, it partnered with Sharaf DG Energy to enable customers to adopt clean energy by installing Solar PV Systems for their homes from Sharaf DG Energy via a sustainable and digital financing option from CBD. The Investment Corporation of Dubai is the largest shareholder in CBD, with a 20% stake.

Companies

Total market value

Total sales

Total profits

Total assets

6

$200.2 billion

$44.2 billion

$9.5 billion

$253.7 billion

New

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54

Kingdom Holding Company (KHC)

Saudi Investment Bank (SAIB)

Country: Saudi Arabia Sector: Investments

Country: Saudi Arabia Sector: Banks & Financial Services

58

60

• CEO: Faisal Abdullah Al-Omran

Market Value: $8.2 billion Sales: $665 million

Market Value: $4.4 billion Sales: $1.2 billion

Profits: $1.9 billion Assets: $14.2 billion

Profits: $402 million Assets: $29.1 billion

KHC is a global investment company with a diversified portfolio that includes flynas, Citigroup, Banque Saudi Fransi, Kingdom Hotel Investments, and Four Seasons. In 2022, KHC completed an investment program of $3.4 billion between Q2 2020 and Q2 2022.

The company invested $283.5 million in the U.K.-based company Phoenix Group in 2022, in addition to $73 million in May 2023, increasing its stake from 4% to 5%.

In July 2022, it invested $269 million in M&G PLC, one of the largest insurance and asset management companies in Europe.

It invested an additional $60.9 million in May 2023, increasing its ownership from 5.3% to 6.4%.

SAIB provides investment banking services for individuals and companies, as well as stock trading and asset management, among other services. It operates through 51 branches in Saudi Arabia. In January 2023, SAIB increased the size of its tier 1 capital sukuk issuance program from $533.3 million to $1.3 billion. The bank recorded net profits of $402 million in 2022, an increase of 42% compared to 2021. The General Organization for Social Insurance is its largest shareholder, with a 25.6% stake.

58

Savola Group

61

• Group CEO: Waleed Khalid Fatani

• Acting Group CEO: Ahmed Hashem

Country: Saudi Arabia Sector: Food & Beverages

Country: Qatar Sector: Banks & Financial Services

Market Value: $4.5 billion Sales: $7.5 billion

Market Value: $4.6 billion Sales: $1.3 billion

Profits: $231 million Assets: $7.9 billion

Profits: $344 million Assets: $29.2 billion

IMAGES FROM SOURCE

Established in 1979, Savola Group operates in food and retail.

It’s retail chain Panda has 187 retail outlets, 182 in Saudi Arabia and five in Egypt.

The company has a presence in nearly 50 countries. Savola owns 34.52% of Almarai, 49% of Herfy Foods Services Co., and 29.99% of Kinan International for Real Estate Development Co. In 2022, it sold its stakes in Knowledge Economic City Company and Knowledge Economic City Developers Company Limited to Taiba Investment Company for $122.4 million.

Logistics

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

Dukhan Bank

Dukhan Bank was incorporated in 2008 under the name Barwa Bank and commenced operations in 2009 as a full-service Shariahcompliant bank. It rebranded to Dukhan Bank in October 2020, following a merger with the International Bank of Qatar in 2019. The bank was listed on the Qatar Stock Exchange in February 2023 with a free float of 33.34% and a market cap valuation of $6.3 billion. The General Retirement and Social Insurance Authority is its largest shareholder, with a 24.5% stake.

Companies

Total market value

Total sales

Total profits

Total assets

5

$27.6 billion

$8.7 billion

$1.6 billion

$41.4 billion

New

Returnees

JUNE 2023

53 TOP 100 LISTED COMPANIES

• CEO: Talal Ibrahim Almaiman

62

Bank AlJazira (BAJ)

• CEO and Managing Director: Naif A. Al Abdulkareem Country: Saudi Arabia Sector: Banks & Financial Services Market Value: $4.3 billion Sales: $1.4 billion Profits: $296 million Assets: $30.9 billion

Emirates Integrated Telecommunications Company (du) 63

• CEO: Fahad Al Hassawi

Country: U.A.E. Sector: Telecommunications Market Value: $6.2 billion Sales: $3.5 billion Profits: $332 million Assets: $4.5 billion du’s mobile phone subscriber base increased by 9.4% in Q1 2023, hitting 8.2 million customers. Since its establishment in 2005, du’s key activities are offering mobile and fixed services, broadband connectivity, and IPTV services to people, homes, and businesses across the U.A.E. Emirates Investment Authority is the company’s biggest shareholder, with a 50.1% stake. In 2023, du agreed with Omantel to link Oman and the U.A.E. through a newly activated 275km international fiber optic submarine cable. The company cooperated with e& to deliver telecommunications infrastructure for Aldar Properties’ major projects as part of the Taawun infrastructure deployment initiative.

Dr. Sulaiman Al Habib Medical Services Group (HMG) 64

• Group Acting CEO and CFO: Faisal Al Nassar Country: Saudi Arabia Sector: Healthcare

Market Value: $27.5 billion Sales: $2.2 billion Profits: $450 million Assets: $3.4 billion HMG started operations in 1995 as a medical complex in the Olaya area in Saudi Arabia. Today, the company has 22 medical facilities with a total of over 1,900 beds. The company’s hospitals are in Saudi Arabia, the U.A.E., and Bahrain. It also has research and development facilities in Jordan and Sri Lanka. HMG’s hospitals and medical facilities treated more than 5.3 million patients in 2022. It is establishing six projects at a total cost of $2.1 billion to add 1,556 beds to the current capacity by 2025. The company employs more than 14,000 people, including over 3,200 physicians. Faisal Al Nassar has been the Group CFO since 2011 and Group Acting CEO since November 2022.

Energy

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

Companies

Total market value

Total sales

Total profits

Total assets

3

$2.2 trillion

$609.9 billion

$162.4 billion

$672.6 billion

New

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TOP 100 LISTED COMPANIES

54

BAJ was created in 1975 after it absorbed the activities and services of the National Bank of Pakistan. Today, the Shariah-compliant bank has 82 branches and 54 Fawri Remittance Centres. The bank employs 2,421 people. Its subsidiaries include AlJazira Capital, the Aman Development and Real Estate Investment Company, AlJazira Securities Limited, and BAJ Sukuk Tier 1 Limited.

Qatar Fuel (WOQOD)

67

• Managing Director and CEO: Saad Rashid

• CEO: Abdullah Al-Sulaiti

Country: Qatar Sector: Retail

Market Value: $6 billion Sales: $1.2 billion

Market Value: $4.5 billion Sales: $8.2 billion

Profits: $395 million Assets: $8.8 billion

Profits: $303 million Assets: $4 billion

Nakilat was established in 2004. It is a shipping and maritime company providing the transportation link in Qatar’s Liquefied Natural Gas supply chain. In March 2023, Nakilat raised its nonQatari ownership limit to 100%. Qatar Navigation (Milaha) owns 36.25% of Nakilat, while Qatar General Retirement and Social Insurance Authority has a 14.07% stake in the company.

The company’s fleet comprises 69 LNG carriers, with a combined carrying capacity of more than nine million cubic meters, constituting about 10% of the global LNG fleet carrying capacity. The company jointly owns 1 FSRU vessel and four very large gas carriers, bringing the overall fleet to 74 vessels.

Al-Muhannadi

Country: Qatar Sector: Logistics

Founded in 2002, WOQOD is the only fuel retailer in Qatar. In Q1 2023, the company increased its operating stations to 128 and installed 10 electric charging points in seven petrol stations in cooperation with KAHRAMAA. WOQOD’s subsidiaries include the Qatar Jet Fuel Company, WOQOD Vehicles Inspection, WOQOD Marine Services, and WOQOD International.

QatarEnergy owns 20% of WOQOD, while the General Retirement & Social Insurance Authority has a 15.9% stake in the company. Saad Rashid Al-Muhannadi has been leading the company since April 2017.

National Marine Dredging Company (NMDC) 66

• Group CEO: Yasser Zaghloul

Boubyan Bank

Country: U.A.E. Sector: Industrials

68

Market Value: $4.9 billion Sales: $2.9 billion

• Vice-Chairman & Group CEO: Adel Abdul

Profits: $355 million Assets: $4.4 billion NMDC executes engineering, procurement, and construction contracts, dredging contracts, and associated land reclamation operations in the U.A.E.’s territorial waters. The company was established in 1979 in Abu Dhabi and today employs 11,908 people. Its fleet includes 27 dredges, 83 support crafts, and 19 vessels.

The corporation operates in Bahrain, Egypt, Saudi Arabia, India, Kuwait, Maldives, and East Africa. In 2022, NMDC was awarded $1.5 billion in energy EPC contracts in the U.A.E. with ADNOC, as well as $680.7 million in regional projects with Aramco. The company also won a $272.3 million project for canal dredging with Egypt’s Suez Canal Authority.

IMAGES FROM SOURCE

Nakilat

Petrochemicals

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

Wahab Al-Majed

Country: Kuwait Sector: Banks & Financial Services Market Value: $8.6 billion Sales: $1 billion Profits: $177 million Assets: $25.7 billion Established in 2004, Boubyan Bank is an Islamic bank based in Kuwait with 48 branches and 2,266 employees. It has three subsidiaries: the Bank of London & The Middle East (BLME Holdings), Boubyan Capital Investment Company, and Boubyan Takaful Insurance Company.

In 2022, the bank’s net profit reached $177 million, an increase of 13% compared to 2021.

The National Bank of Kuwait & Group owns 60.1% of Boubyan Bank’s shares as of December 2022.

Companies

Total market value

Total sales

Total profits

Total assets

3

$21.1 billion

$5.1 billion

$1.7 billion

$15.6 billion

New

Returnees

JUNE 2023

55 TOP 100 LISTED COMPANIES

65

69

Bupa Arabia

• CEO and Managing Director: Tal Nazer Country: Saudi Arabia Sector: Insurance

Market Value: $7.1 billion Sales: $3.6 billion Profits: $230 million Assets: $3.8 billion

Jordan Phosphate Mines Company (JPMC) 71

• CEO: Abdel Wahab Al Rowwad

Country: Jordan Sector: Industrials Market Value: $4.1 billion Sales: $2.5 billion Profits: $1 billion Assets: $2.9 billion JPMC has activities in mining and phosphate fertilizer manufacturing. In 2022, JPMC’s phosphate production reached 11.3 million tons through four mines located in Jordan, an increase of 12.4% compared to 2021. In 2022, the company sold its share in Arkan Company for Constructions for $7.3 million. Indian Potash Limited is the main shareholder in the company, with a 27.4% stake. In May 2022, JPMC signed agreements with a number of Indian phosphate and phosphate fertilizer companies and manufacturers worth $1.5 billion.

National Shipping Company of Saudi Arabia (Bahri) 70

• CEO: Ahmed Ali Alsubaey

Country: Saudi Arabia Sector: Logistics Market Value: $4.1 billion Sales: $2.3 billion Profits: $310 million Assets: $6.1 billion Bahri is one of the largest providers of maritime services globally. It operates in oil, chemicals, logistics, dry bulk, marine, and ship management. In 2022, the group acquired an additional 40% of Bahri Bolloré Logistics, increasing its ownership to 100%. In 2023, Bahri signed an agreement with the “Shareek” program to support the company’s efforts to enter and invest in the gas transportation sector at an expected cost of $408 million. Saudi’s Public Investment Fund and Saudi Aramco Development Co are the company’s major shareholders.

Retail

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

Companies

Total market value

Total sales

Total profits

Total assets

3

$28.4 billion

$19.3 billion

$1.3 billion

$9.7 billion

New

Returnees

JUNE 2023

IMAGES FROM SOURCE

TOP 100 LISTED COMPANIES

56

Bupa Arabia was established in 1997 as a joint venture between the British United Provident Association Limited and Saudi’s Nazer Group. Bupa Investments Overseas Limited owns 43.3% of the company, while Saudi Nazer Group has a 7.34% stake. In March 2023, Bupa Arabia received final approval from the Saudi Central Bank (SAMA) to sell its new insurance product, “Bupa Premium Residency,” in the kingdom. On December 22, 2022, Bupa Arabia’s extraordinary general assembly approved a 25% capital increase to $400 million. In 2022, the company’s earned net premiums grew by 20% to $3.4 billion.

Saudi Aramco Base Oil Company (Luberef) 72

• President and CEO: Tareq Alnuaim Country: Saudi Arabia Sector: Energy

Market Value: $5.2 billion Sales: $2.8 billion Profits: $527 million Assets: $2.3 billion Luberef is one of the largest base oil producers in the world. It operates two production facilities in Saudi Arabia with a total annual production capacity of approximately 1.3 million metric tonnes of base oils. It also produces various by-products such as asphalt, marine heavy fuel oil, slack wax, bright stock extract, and sulfur, as well as white products such as ultra-low sulfur diesel, naphtha, and drilling fluid. At the end of 2022, the company listed 30% of its shares on the Saudi Stock Exchange in an IPO. Saudi Aramco owns 70% of Luberef’s shares. In February 2023, Luberef signed a $148 million EPC contract with Petrojet for Yanbu facility expansion (Growth II).

National Bank of Ras Al Khaimah (RAKBANK)

Qatar Electricity & Water Company (QEWC)

Country: U.A.E. Sector: Banks & Financial Services

Mohammed Nasser Al-Hajri

73

74

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• Group CEO: Raheel Ahmed

• General Manager and Managing Director:

Market Value: $2.4 billion Sales: $1.1 billion

Country: Qatar Sector: Utilities

Profits: $317 million Assets: $18.1 billion

Market Value: $5.1 billion Sales: $748 million

RAKBANK provides retail, commercial banking, and treasury services through a network of 20 branches. In 2022, RAKBANK joined AMF’s Buna payment platform to allow customers to send and receive cross-border multicurrency payments. It also signed an MoU with the Abu Dhabi Global Market (ADGM) in November to provide preferential banking services to ADGM-licensed entities. Around 99% of the bank’s financial transactions were processed through digital channels in 2022. RAKBANK is 49.3% owned by the government of Ras Al Khaimah. Its net profit soared by 53.4% in 2022 to hit $317 million.

Profits: $481 million Assets: $7.6 billion

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

QEWC was established to own and manage power generation and water desalination stations. Today, it supplies up to 55% of Qatar’s electricity and up to 73% of the country’s water. By the end of 2022, the company sold its 49% stake in Siraj Energy Company to QatarEnergy, giving QatarEnergy complete ownership of the company. In July 2022, the RasLaffan Operating Company, a fully-owned subsidiary of QEWC, acquired Qatar Holding Company’s 40% stake in Nebras Power Company for $530 million, giving QEWC full ownership of Nebras.

Companies

Total market value

Total sales

Total profits

Total assets

2

$20.2 billion

$12.5 billion

$705 million

$16.4 billion

New

Returnees

JUNE 2023

TOP 100 LISTED COMPANIES

57

Qatar International Islamic Bank (QIIB) 75

77

• Group CEO: Antoine Daher​

• CEO: Abdulbasit Ahmed Al Shaibei

Country: Kuwait Sector: Banks & Financial Services Market Value: $2.4 billion Sales: $1.4 billion

Country: Qatar Sector: Banks & Financial Services Market Value: $4 billion Sales: $761 million

Profits: $191 million Assets: $23.4 billion

Profits: $295 milllion Assets: $15.5 billion

The Burgan Bank Group was established in 1977 by the government of Kuwait and privatized in 1997. Today, it has 127 branches and 284 ATMs across Kuwait, Türkiye, Algeria, and Tunisia. In February 2023, the Burgan Bank Group completed the sale of its 51.8% stake in the Bank of Baghdad to Jordan Kuwait Bank for $125 million. In December 2022, the Capital Markets Authority granted Burgan Bank Group initial approval to offer its clients investment advisory, unregistered securities brokerage, and investment portfolio management. The bank’s net profit soared 20.5% in 2022 to $191 million. The Kuwait Projects Company (Holding), known as KIPCO, owns 64.3% of the bank.

Established in 1990, QIIB provides personal and corporate Islamic banking solutions across 17 branches in Qatar.

In October 2022, QIIB established the Takaful Insurance Company in Morocco in cooperation with the Atlanta Insurance Company, CIH Bank, and Qatar Islamic Insurance Company. The bank also holds 40% of Moroccan Umnia Bank.

The Qatar Investment Authority is the largest shareholder in QIIB, with a 16.62% stake.

76

78

solutions by stc

• President and CEO: Mohammed Berki Al Zuabi

• CEO: Omer Abdullah Alnomany

Country: Saudi Arabia Sector: Utilities

Country: Saudi Arabia Sector: Technology

Market Value: $4 billion Sales: $1.7 billion

Market Value: $9.1 billion Sales: $2.3 billion

Profits: $226 million Assets: $6.5 billion

Profits: $281 million Assets: $2.7 billion solutions by stc offers connectivity, cloud services, system, and cybersecurity integration.

It also covers digitization and technology integration across real estate, education, oil & gas, telecom, banking, and government sectors.

In April 2023, solutions by stc acquired 100% of the Contact Center Company, a business process outsourcing (BPO) company in Saudi Arabia, with an enterprise value of $120 million. In 2022, it also acquired 88.19% stakes in Giza Systems and 34% of Giza Arabia, with an enterprise value of $158 million. Following these acquisitions, the company now has a presence in over 35 Saudi cities, as well as a regional footprint in Cairo, Dubai, Doha, Nairobi, Dar-es-Salaam, Abuja, Kampala, and New Jersey. stc owns 79% of the company’s shares.

Insurance

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

Marafiq

Marafiq provides a full package of utility services, including potable water, seawater cooling systems, and sanitary and industrial wastewater treatment, power generation, transmission, and distribution to industrial, commercial, residential, and governmental sectors in Jubail and Yanbu. In November 2022, the company listed 29.24% of its shares on the Saudi Exchange in an IPO. The Royal Commission for Jubail and Yanbu, Saudi’s Public Investment Fund, the Saudi Aramco Power Company, and SABIC are the major shareholders, with 17.5% each.

Companies

Total market value

Total sales

Total profits

Total assets

2

$10.6 billion

$6.5 billion

$334 million

$8.9 billion

New

Returnees

JUNE 2023

IMAGES FROM SOURCE

TOP 100 LISTED COMPANIES

58

Burgan Bank Group

79

Zain KSA

81

Gulf Bank

• CEO: Sultan Bin Abdulaziz Al-Deghaither

• Acting CEO & Deputy CEO: Waleed Mandani

Market Value: $3.6 billion Sales: $2.4 billion

Market Value: $3 billion Sales: $925 million

Profits: $147 million Assets: $7.6 billion

Profits: $202 million Assets: $22.4 billion

Zain KSA provides telecom services, 5G networks, digital payment services, cloud computing, IoT solutions, fiber services, drones, and digital entertainment to 8.6 million subscribers in Saudi Arabia. It is a subsidiary of the Zain Group. In 2022, Zain KSA approved the sale of its 80% majority stake in 8,069 passive tower infrastructure for $807 million to a PIF-led consortium. In 2023, Zain KSA signed an agreement with Shareek to launch a number of hyper-scale data centers to drive the kingdom’s transition into the digital economy.

Established in 1960, Gulf Bank today operates over 50 branches across Kuwait. In January 2023, Gulf Bank and Kamco Invest issued a KWD-dominated corporate bond worth nearly $537 million for the Kuwait Projects Company (Holding), known as KIPCO. In 2022, the bank recorded net profits of $202 million, an increase of 46.8% compared to 2021. Alghanim Trading Co. is the largest shareholder, with a 32.75% stake.

Country: Kuwait Sector: Banks & Financial Services

82

59 TOP 100 LISTED COMPANIES

Country: Saudi Arabia Sector: Telecommunications

Dubai Investments

• Vice Chairman and CEO: Khalid Bin Kalban Country: U.A.E. Sector: Investments

Market Value: $2.8 billion Sales: $1.2 billion Profits: $426 million Assets: $5.6 billion

Arab Potash Company (APC) 80

Dubai Investments invests in markets worldwide, including real estate, healthcare, education, finance, industrial, and retail. It has more than 34 subsidiaries and associate companies, with 3,500 people. In April 2022, Dubai Investments entered a deal to divest a 50% stake in Emirates District Cooling to Actis at a corporate valuation of $1 billion. In January 2023, the company acquired a 9% equity stake in U.K.-based Monument Bank Limited. The Investment Corporation of Dubai is the major shareholder, with an 11.5% stake.

• President and CEO: Maen F. Nsour Country: Jordan Sector: Industrials

Market Value: $3.8 billion Sales: $1.8 billion Profits: $847 million Assets: $2.9 billion

IMAGES FROM SOURCE

APC is one of the largest potash producers worldwide and the only producer of potash in the Arab world. In 2022, the company produced 2.684 million tons of potash, and its net profit increased by 177% to $847 million, the highest net profit in APC’s history. The company’s whollyowned subsidiaries include KEMAPCO and Numeira. APC also holds stakes in Jordan Bromine, Jordan Industrial Ports, and Nippon Jordan Fertilizer.

Man Jia Industrial Development is the major shareholder, with a 28% stake.

Aviation

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

Companies

Total market value

Total sales

Total profits

Total assets

1

$2.8 billion

$1.4 billion

$333 million

$3.9 billion

New

Returnees

JUNE 2023

83

QNB ALAHLI

• CEO: Mohamed Bedeir

Country: Egypt Sector: Banks & Financial Services Market Value: $1.3 billion Sales: $1.6 billion Profits: $335 million Assets: $15.6 billion

84

Multiply Group

85

Barwa Real Estate Group

• Group CEO & Managing Director:

• Group CEO: Abdulla Jobara Alromaihi

Country: U.A.E. Sector: Investments

Market Value: $2.7 billion Sales: $710 million

Market Value: $10.2 billion Sales: $306 million

Profits: $316 million Assets: $11 billion

Profits: $5.1 billion Assets: $11.2 billion

Barwa obtained its commercial license in November 2005. Qatari Diar Real Estate Company, owned by Qatar Investment Authority, is the biggest shareholder of Barwa, with a 45% stake. In 2022, Barwa sold its 24.4% stake in the Al Imtiaz Investment Group for $103 million. The company owns a 20% stake in the QSE’s recently listed Damaan Islamic Insurance Company, “BEEMA.” In 2022, Barwa’s land bank hit 5.5 million square meters, with 5.4 million square meters in Qatar, where 80% of it is owned. Its portfolio includes 14,069 residential units and villas and more than 448,000 square meters for warehouses and workshops.

Samia Bouazza

Country: Qatar Sector: Real Estate & Construction

Multiply Group is a subsidiary of IHC. It was listed on ADX in December 2021. Multiply Group has two arms, Multiply and Multiply+. Multiply operates and invests in four verticals, including mobility, energy and utilities, media and communications, and beauty and wellness, while Multiply+ is its investment arm. In April 2023, Multiply Group signed a binding agreement to acquire a 55% majority stake in Media 247 for $50 million. In 2022, it acquired 80% of International Energy Holding LLC for $381.5 million. The group’s investments include stakes in Emirates Driving Company, Viola Communications, TAQA Group, DEWA, Borouge, and Getty Images.

Yanbu National Petrochemical Company (YANSAB) 86

• President and CEO: Mohammed A. Bazaid

Country: Saudi Arabia Sector: Petrochemicals Market Value: $6.7 billion Sales: $1.9 billion Profits: $110 million Assets: $4.4 billion YANSAB manufactures petrochemical products in its complex in YANBU Industrial City. The company is 51% owned by SABIC. It aims to reduce its CO2 emissions by at least 20% by 2030, in line with the Saudi Green Initiative.

The company announced the reopening of its Turnaround complex in March 2023 after completing its biggest maintenance exercise since starting commercial operations in 2010. The financial impact of the 52-day activity is estimated at $102.7 million, affecting its Q1 and Q2 2023 results.

Healthcare

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

Companies

Total market value

Total sales

Total profits

Total assets

1

$27.5 billion

$2.2 billion

$450 million

$3.4 billion

New

Returnees

JUNE 2023

IMAGES FROM SOURCE

TOP 100 LISTED COMPANIES

60

In 2013, Qatari QNB Group acquired the majority stake in Egypt’s NSGB Bank and changed its name to QNB ALAHLI. Today, it owns a 94.97% stake in QNB ALAHLI. It provides services for 1.4 million customers through a network of 232 branches in Egypt, 893 ATMs, and 56,000 POS. QNB ALAHLI has four subsidiaries: QNB ALAHLI Leasing, QNB ALAHLI Life Insurance, QNB ALAHLI Asset Management Egypt Company, and QNB ALAHLI Factoring. In March 2023, the bank launched its first green retail-financing program in cooperation with the European Bank for Reconstruction and Development, the European Union, and the Green Climate Fund.

The Company for Cooperative Insurance (Tawuniya)

Commercial Bank of Kuwait (Al-Tijari)

87

• Acting CEO: Othman Yousef Alkassabi

• CEO: Elham Yousry Mahfouz

Country: Saudi Arabia Sector: Insurance

Country: Kuwait

Market Value: $3.5 billion Sales: $3 billion

Sector: Banks & Financial Services

Profits: $104 million Assets: $5 billion

Market Value: $3.3 billion Sales: $605 million Profits: $240 million Assets: $14.1 billion

Tawuniya offers more than 60 types of insurance to its customers in Saudi Arabia, including medical, motor, fire, property, engineering, casualty, marine, aviation, Takaful, and liability insurance. The company’s whollyowned subsidiaries include Teejan Al- Khaleej and Tree Digital Company, while it holds a 50% stake in United Insurance Company and a 45% stake in Waseel Application Service Provider Limited. The General Organization for Social Insurance owns 25.9% of Tawuniya.

Air Arabia

• Group CEO: Adel Abdullah Ali Country: U.A.E. Sector: Aviation

Kuwait Projects Company (Holding) -KIPCO 91

Market Value: $2.8 billion Sales: $1.4 billion Profits: $333 million Assets: $3.9 billion Air Arabia operates a fleet of 68 Airbus A320 and A321 aircraft to over 190 routes across the Middle East, Africa, Asia, and Europe. In 2022, the company added 24 new routes to its global network and served more than 12.8 million passengers from its seven hubs in the U.A.E., Morocco, Egypt, Armenia, and Pakistan, an increase of 90% compared to 6.8 million passengers in 2021. As a result, the company’s net profit increased by 69.8% to $333 million.

Sharjah Asset Management Company is the largest shareholder in the company, with an 18.6% stake.

89

Doha Bank

• Acting CEO: Gudni Stiholt Adalsteinsson

Country: Qatar Sector: Banks & Financial Services Market Value: $1.3 billion Sales: $1.3 billion Profits: $210 million Assets: $26.8 billion Established in 1979, Doha Bank serves more than 470,000 active customers. It has overseas branches in Kuwait, the U.A.E., and India and representative offices in Japan, China, Singapore, South Africa, South Korea, Australia, Türkiye, the U.K, Canada, Germany, Bangladesh, Sri Lanka, and Nepal. In January 2023, the bank launched its Q-Trade platform to allow customers to buy and sell stocks listed on the Qatar Stock Exchange. The Qatar Investment Authority holds a 17.15% stake.

Technology

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

61

The Commercial Bank of Kuwait is the second oldest bank in Kuwait, operating through banking and investment activities.

It also provides brokerage services through its subsidiary, the Al-Tijari Financial Brokerage Company.

Al Sharq Holding Company owns 23.9% of the bank. It has an 7.3% stake in Boubyan Bank as of April 9, 2023.

TOP 100 LISTED COMPANIES

87

IMAGES FROM SOURCE

90

• Group CEO: Dana Nasser Al Sabah Country: Kuwait Sector: Investments

Market Value: $2.2 billion Sales: $3.5 billion Profits: $54 million Assets: $37.3 billion KIPCO is a holding company that focuses mainly on investments in financial services, media, and real estate. It lately expanded into new sectors, including energy, foodstuff, healthcare, manufacturing, and logistics. In November 2022, KIPCO completed its merger by amalgamation with Qurain Petrochemical Industries, bringing the total issued capital to $1.64 billion. In April 2023, the company signed a binding agreement to sell its 46.32% stake in Gulf Insurance Group to Fairfax Financial Holdings for $860 million. KIPCO’s subsidiaries include Burgan Bank, United Real Estate Company, and Jassim Transport & Stevedoring Company.

Companies

Total market value

Total sales

Total profits

Total assets

1

$9.1 billion

$2.3 billion

$281 million

$2.7 billion

New

Returnees

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National Industrialization Company (Tasnee) 92

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• Group CEO: Sael Al Waary

Country: Bahrain Sector: Banks & Financial Services

• CEO: Mutlaq Al Morished

Market Value: $809 million Sales: $2.4 billion

Market Value: $2.4 billion Sales: $1 billion

Bank ABC offers international wholesale banking services through a network of 145 branches across five continents and 15 countries. Following the acquisition of a 99.5% stake in BLOM Bank Egypt in 2021, the bank merged its two Egyptian subsidiaries, BLOM Bank Egypt and Bank ABC Egypt, in January 2023. In the same month, the bank closed a three-year $75 million term loan facility for the Industrial Bank of Kuwait. The bank’s net profit increased by 63.3% to $209 million in 2022.

The Central Bank of Libya and the Kuwait Investment Authority are its major shareholders.

Profits: $209 million Assets: $36.6 billion

Country: Saudi Arabia Sector: Industrials Profits: $290 million Assets: $6.6 billion Tasnee was founded in 1985. It is one of Saudi Arabia’s largest industrial companies and one of the world’s largest investors in titanium dioxide.

Alwaleed bin Talal’s Kingdom Holding Company is the largest shareholder in Tasnee, with a 6.2% stake.

It constitutes about 10% of the global titanium sponge production, with an annual output of 15.5 KT, which is used in aviation, nuclear submarines, missiles, and satellite industries. In Q1 2023, the company signed an MoU with the Saudi’s Ministry of Investment and Boeing to develop a titanium value chain in the Kingdom.

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National Bank of Bahrain (NBB)

• Group CEO: Usman Ahmed

Country: Bahrain Sector: Banks & Financial Services Market Value: $3.6 billion Sales: $610 million Profits: $188 million Assets: $12.7 billion Established in 1957, NBB operates in Bahrain, the U.A.E., and Saudi Arabia. The bank owns 78.8% of the Bahrain Islamic Bank, which operates under an Islamic retail banking license. In 2022, NBB reported a 28.5% increase in net profits to $188 million, compared to $145.9 million in 2021. It also partnered with SWIFT to introduce Swift-Go payment solutions to its customers. Usman Ahmed assumed his role as Group CEO of NBB in January 2023.

Dar Al Arkan

• Chairman: Yousef Al Shelash Country: Saudi Arabia

Sector: Real Estate & Construction Market Value: $4.6 billion Sales: $1 billion

Americana Restaurants

Profits: $118 million Assets: $8.9 billion

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Dar Al Arkan operates in Saudi Arabia, with a global presence through its international business arm, Dar Global, which manages a portfolio of at least ten projects across the Middle East and Europe. In February 2023, Dar Global was listed on the London Stock Exchange with a valuation of $600 million. In July 2022, Dar Al Arkan issued a $400 million Sukuk listed on the Euronext Dublin and Nasdaq Dubai. In November 2022, Dar Global signed an agreement with the Trump Organization to develop Trump residential villas, a hotel, and a golf course in a $4 billion AIDA project in Oman.

• CEO: Amarpal Sandhu

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Country: U.A.E. Sector: Retail Market Value: $9 billion Sales: $2.4 billion Profits: $263 million Assets: $1.3 billion Americana Restaurants is one of the largest out-of-home dining and quick-service restaurant operators, with a portfolio of 12 global brands. It employs over 40,546 people. The company operates 2,228 stores across 12 countries in MENA and Kazakhstan as of Q1 2023. In December 2022, Americana Restaurants raised $1.8 billion from its IPO by selling 30% of the company’s total issued share capital. It is dual-listed on ADX and the Saudi Exchange. Adeptio AD Investments Ltd – which is equally owned indirectly by Saudi’s PIF and Mohamed Alabbar, the founder of Emaar Properties – holds a 66.03% stake in Americana Restaurants.

Returnees

JUNE 2023

IMAGES FROM SOURCE

TOP 100 LISTED COMPANIES

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Bank ABC

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Qatar Navigation (Milaha)

• Interim Group CEO: Mohammed Abdulla Swidan Country: Qatar Sector: Logistics

Market Value: $2.9 billion Sales: $903 million Profits: $279 million Assets: $5 billion

Ahlibank

• CEO: Hassan Ahmed AlEfrangi

Country: Qatar Sector: Banks & Financial Services Market Value: $2.7 billion Sales: $630 million Profits: $212 million Assets: $13.3 billion Ahlibank was established in 1983 as a public shareholding company. Today, it has a network of 14 branches and 89 ATMs across Qatar. In April 2022, Ahlibank and the Qatar Development Bank signed an enhanced Al Dhameen program agreement to support SMEs and micro-enterprises in Qatar. In the same month, the bank launched a new direct payment service in cooperation with the General Tax Authority to facilitate tax payments for its customers. The Qatar Investment Authority owns 47.71% of the bank.

Mesaieed Petrochemical Holding Company (MPHC) 98

• Chairman: Ahmad Saif Al-Sulaiti

Country: Qatar Sector: Petrochemicals

100

Emirates Steel Arkan Group

• Group CEO: Saeed Ghumran Al Remeithi

Country: U.A.E. Sector: Real Estate & Construction Market Value: $2.9 billion Sales: $2.6 billion Profits: $139 million Assets: $3.1 billion Emirates Steel Arkan was formed in October 2021, by the merger of Arkan Building Materials Company and Emirates Steel Industries. The Group supplies its products within the U.A.E. and exports to more than 70 markets across the U.S., Europe, Asia, the Middle East and North Africa. It’s steel and building materials have been used in some of the U.A.E’s most iconic construction projects, including the Burj Khalifa, Emirates Palace, and Etihad Towers. The Group’s net profit reached $139 million in 2022, compared to a loss of $202.8 million in 2021. Emirates Steel Arkan is majority owned by ADQ, which has a 87.5% stake.

Market Value: $6.8 billion Sales: $490 million

IMAGES FROM SOURCE

Profits: $485 million Assets: $4.9 billion Incorporated in 2013 and listed on the Qatar Stock Exchange less than one year later, MPHC operates in two segments: petrochemicals and chlor-alkali. QatarEnergy is the founder of MPHC and holds a 65.45% stake in the company. MPHC’s production facilities are mainly located in Qatar.

MPHC holds 49% each in Q-Chem I and Q-Chem II and 55.2% of the issued share capital of Qatar Vinyl Company Limited (QVC). QVC is engaged in the production of a range of chlor-alkali products. It is implementing the first PVC project in Qatar with a total project cost of $279 million. The construction of the project is expected to be completed in mid-2025.

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Milaha operates through five strategic business areas: Maritime & Logistics, Capital, Gas & Petrochem, Marine & Technical Services, and Offshore Marine.

In 2022, Milaha signed a five-year contract with QatarEnergy worth more than $384.6 million to provide engineering, procurement, construction, and installation services for offshore projects in Qatar. Governmentowned QatarEnergy owns 8.6% of Milaha, while it owns 36.3% of Qatar Gas Transport Company Limited (NAKILAT).

• TOP 100 LISTED COMPANIES •

AHMED ABDELAAL • MASHREQ

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BANKING BOOM

U.A.E.-based bank Mashreq saw its profits hit $1 billion in 2022, leading a booming year for the country’s banks. Group CEO, Ahmed Abdelaal, is looking to tech and talent for future growth.

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

JUNE 2023

Ahmed Abdelaal, Mashreq, Group CEO

IMAGE FROM SOURCE

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AHMED ABDELAAL • MASHREQ

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With the collapse of the US-based Silicon Valley Bank and Signature Bank at the beginning of 2023, the year did not seem too promising for the global banking sector. However, it looks like MENA-based banks, especially those in the GCC, are doing relatively well, unlike their Western counterparts. According to a report

by Moody’s published in March 2023, broad franchises and sovereign footprint are helping make GCC lenders immune to the financial unrest in the U.S. “When we see evidentiary pressure happening globally, then disruption is bound to impact you wherever you are, but this is where the fundamentals of your economy come to play. Being in this part of the world today is a privilege,” says Ahmed Abdelaal, Group CEO of U.A.E.-based Mashreq.

According to the banking veteran, who draws on over 30 years of industry experience, the support of the region’s governments, the strong fundamentals of the economy, and the investor-friendly and welcoming environment are among the factors that are minimizing the impact of the global financial turmoil and are helping entities like Mashreq to grow further.

Many of the most valuable Dubai-based banks ended 2022 on a good note. Emirates NBD, the second most valuable bank in the U.A.E. as of February 2023, saw its profits surge by 39.8% in 2022 compared to 2021, while Dubai Islamic Bank saw a 26% hike in its net profits. However, Mashreq has boomed significantly, posting a 252% surge in net profits in 2022 to hit $1 billion compared to $292.9 million in 2021.

Mashreq’s chairman AbdulAziz Al Ghurair called 2022 “a transformative year” when announcing its financial results. And this year, it seems to be hitting the ground early, posting a net profit of $438 million Q1, a 163% hike compared to Q1 2022. Earlier this year, the bank was the sixth most valuable bank in the U.A.E., and the nineteenth in MENA, with a market value of $7.2 billion as of February 28, 2023, and operations in the GCC, North Africa, Asia, the U.K., the F O R B E S M I D D L E E A S T.C O M

U.S., India, Pakistan, Hong Kong, and mainland China.

Last year was also full of major milestones for Mashreq. In February 2022, it invested an undisclosed amount in NymCard, a U.A.E.-based Banking-as-aService (Baas) provider. A month later, in March, it launched NEOPAY, a new subsidiary to consolidate all of its digital payments business, which processes POS and e-commerce annual volumes of over $22 billion of annualized volume across retail, government, and hospitality. In 2022, Mashreq also invested $10 million in U.A.E.-based Fintech startup Cashew, integrating it into NEOPAY to expand its buy-now-pay-later offering. Fintech has a promising future in the region.

“We estimate that MENAP fintech revenue could increase almost threefold, from $1.5 billion in 2022 to an amount between $3.5 billion and $4.5 billion in 2025, which would boost Fintech’s share of financial services revenue from less than 1% to approximately 2% to 2.5%,” says Sheinal Jayantilal, Partner at McKinsey & Company.

“Challenges are just temporary obstacles.

With the right resources, the right team, and the right mindset, we can overcome any adversity we encounter.”

Mashreq is not alone in investing in Fintech. Investor funding in the Middle East, North Africa, and Pakistan (MENAP) increased by 36% annually between 2017 and 2022, according to MAGNiTT. However, Mashreq’s approach to collaboration rather than traditional joint ventures and mergers/acquisitions stands out. According to McKinsey & Company, less than 50% of financial institutions in MENAP are partnering with a Fintech startup compared to 85% globally.

In July 2022, Mashreq launched a $300 million Additional Tier 1 offering, which attracted orders of more than $500 million. And in August 2022, it launched a non-banking business services platform called Mashreq Business Banking Value Added Services to support SMEs. The platform currently allows users to receive discounts and offers from 12 SMEs, such as Emirates HR, Letswork, Bayzat, and Wannago, among others.

Most recently, in January 2023, Mashreq received a no-objection certificate to establish its digital banking operations, under the digital regulatory framework JUNE 2023

IMAGE FROM SOURCE

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67 AHMED ABDELAAL • MASHREQ

issued by the State Bank of Pakistan, as part of its retaining talents that match your strategic ambitions expansion plans. Sustainability is also a core focus and understand the cultural aspects of the journeys of Mashreq. It facilitated more than $15.5 billion and the experiences that you are developing is a key of sustainable finance between January 2021 and challenge that we are facing right now and is being December 2022, including wastewater treatment faced by everyone.” projects worth $1.36 billion, and it was the only bank To manage this challenge, Mashreq has introduced from the region to be an official supporter of COP27, several initiatives. In 2021, the bank opened two new which was held in Egypt in November 2022. centers of excellence in Egypt and Pakistan, leveraging Abdelaal joined Mashreq in 2017 as head of the on its pre-existing center in India that was opened in corporate and investment banking group, and he 2012, creating its Mashreq Global Network. Employees assumed his current position in 2019. He previously in these three locations collaborate with the bank’s held several positions at HSBC Bank, ABN AMRO teams from the Middle East and global financial hubs Bank N.V., Arab African International Bank, American to deliver innovative products and digital solutions.

Express, and Arab Bank. Since he assumed the “This has given us access to a significant pool of talents leadership of Mashreq, the banking industry and in those three important markets,” says Abdelaal. the world has faced numerous challenges, from the U.S.China trade war to the Covid-19 pandemic, to Russia’s invasion of Ukraine, and today’s financial unrest. Equipped with his multigeographical experience, as well as his background with both local and international banks, the Egyptianborn CEO has helped in guiding Mashreq to the safe shores between 2019 and today.

However, the bank’s performance is not only driven by the region’s stability or the CEO’s experience, but also by strategic decisions.

“These were centered around our commitment to innovation, investment, regional and global expansions, and most importantly, our readiness to embrace change,” says Abdelaal. He also attributes the group’s success During the pandemic, Mashreq shifted to a to its employees and people. “Despite the fact that distributed workforce model, where it moved a our reliance on AI and technology keeps growing, “significant” number of its employees to those centers people will remain the critical ingredient for any of excellence, which now house more than 60% of the success. They are the ones behind innovation. So, for bank’s intellectual capacity across all functions and us, having some of the best talents globally, joining businesses. The CEO says that this model allowed the organization, and driving the strategic growth has Mashreq to also achieve geographical diversity, by helped to a great extent.” hiring employees from both main cities and rural areas But finding the right talent has not been an easy task within those countries, offering them the flexibility in a post-pandemic era, where digitization has to work remotely. In 2022, the company also become essential to every organization. This has introduced a six-month returning mothers Stay connected created pressure on intellectual talent, according with program. “Diversity was another solution that our latest business news. to Abdelaal. Describing it as “one of the most helped us to counterbalance the impact of the significant challenges,” Abdelaal says that this significant pressure on talent,” says Abdelaal. is a current global issue, where entities seeking Looking ahead, and with 2023 declared the to innovate and digitize have a limited pool of year of sustainability by the President of the talent that covers their needs. “Finding and U.A.E. Sheikh Mohamed bin Zayed Al Nahyan,

AHMED ABDELAAL • MASHREQ

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Mashreq is now gearing up to support COP28 in Dubai in November 2023 and aims to increase the amount of sustainable finance that it facilitates to reach $30 billion by 2030. “We view our sustainability efforts as a way to give back to our community and to humanity as a whole,” says Abdelaal.

Although the GCC economies are projected to grow at a slower pace of 2.5% in 2023 and 3.2% in 2024, compared to 7.3% in 2022, according to a recent World Bank Gulf Economic Update, Mashreq has a new “Rise Every Day” brand identity to leverage. Announced in September 2022, Mashreq is now shifting its approach to a collaborative, digital-first approach focused on building a banking-as-a-service (BaaS) ecosystem.

“BaaS enables banks to offer a wide range of completely new financial products and services to their customers and end consumers; sometimes using alternative channels like Non-Banking Financial Institutions, who want to embed financial services within their customer and consumer journey’s,” says Arjun Vir

Stay connected with our latest business news.

Singh, Head of Financial Services for MENA at Arthur D. Little. The global BaaS market size was valued at $637.40 billion in 2022 and is projected to reach $6.9 trillion by 2030, adds Singh. In the U.A.E., Baas “is poised to experience significant growth due to banks’ appetite to explore innovative business models, leveraging their advanced digital capabilities as well as the emergence of tech companies, including Fintechs, and consumers’ advanced digital proficiency,” says Nader Haddad, Principal with Strategy& Middle East.

“Our banking as a service innovation agenda is so crucial because it revolves around the shift from selling products and services to the creation of experiences,” says Abdelaal. “The challenges we face today are not just about responding to change, but more importantly, about managing changes in priorities.

“Challenges are just temporary obstacles.

With the right resources, the right team, and the right mindset, we can overcome any adversity we encounter.”

Most Valuable Banks 2023 These are MENA’s top five most valuable banks in 2023, according to Forbes Middle East’s ranking that was published in April.

Name

Country

Market value

1

Al Rajhi Bank

Saudi Arabia

$75 billion

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

2

Saudi National Bank (SNB)

Saudi Arabia

$56.4 billion

SNB’s net profit hit $5 billion in 2022, an increase of 46.5% compared to 2021, with over 12.2 million customers across eight countries.

3

QNB Group

Qatar

$42.8 billion

In 2022, QNB’s assets hit $326.7 billion, with net profits of $4 billion, an increase of 9% compared to 2021. It employs 28,000 people serving over 27 million customers.

U.A.E.

$42.4 billion

In 2022, FAB had total assets worth $302.5 billion, and it facilitated over $7 billion in financing for sustainable projects across the energy, buildings, transportation, waste, water, and food sectors.

Kuwait

$37.5 billion

In 2022, KFH acquired Ahli United Bank Bahrain for $10.9 billion, bringing its total assets to $120.7 billion, up from $71.4 billion in 2021. It has operations in 10 countries with 631 branches.

4

5

First Abu Dhabi Bank (FAB)

Kuwait Finance House (KFH)

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

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

Oman’s High Perfumery House Amouage celebrates a 40-year legacy of innovation, heritage, and craftsmanship.

For exactly four decades, Oman’s international high perfumery house, Amouage, has been creating some of the most finely crafted and exquisite perfumes in the world.

Founded in 1983, the company started its journey with a vision to create a high quality brand that would pay tribute to Oman’s rare ingredients and ancient art of perfumery. Ever since, Amouage has been building on its heritage of quality and craftsmanship, all the while innovating and moving forward, delighting clientele and connoisseurs every step of the way.

The history of Amouage began with Gold, the brand’s debut fragrance that came in an iconic 24-carat gold plated and refillable bottle. Acclaimed nose, Guy Robert, used rare and high quality ingredients sourced from around the world to create the perfume, including frankincense from Dhofar

in the southern region of Oman, the rare rock rose from the country’s Al Hajar mountains, and the valuable ambergris from the Sea of Oman.

After the launch of Gold, the perfume house’s fragrances became His late Majesty Sultan Qaboos’ gift of choice. He would offer exquisite Amouage perfumes to guests from overseas, and thus, ‘The Gift of Kings’ was born.

Today, while celebrating its 40th anniversary, Amouage is one of the leading and trailblazing brands in the global ultra-niche perfume market, with an exclusive distribution network that spans 86 countries. It has earned a reputation for bringing true craft and artistry to over 50 unrivalled creations that are composed by world-renowned perfumers from Paris, Grasse, Geneva, and New York. As for sales, the high perfumery house has been achieving record figures in the

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

United States of America and China and has standalone boutiques in iconic cities around the world, with each store tailored to each unique location.

At the same time, the brand stays firmly rooted in its home country of Oman. A tranquil gem on the southeastern tip of the Arabian Peninsula, the sultanate is known for its warm hospitality, cultural heritage, and diverse and breathtaking natural beauty.

Among Oman’s many and inspiring heritage assets are the natural treasures used in Amouage perfumes and its distinct vernacular architectural style.

Oman is also where the brand manufactures its fragrances and where its flagship boutique is located at the Mall of Oman, where visitors can explore Amouage’s creations. The architectural concept created for the boutique is based on an interaction between modernity and tradition. Behind the crystalline glass façade, the curated boutique’s space is home to a stunning artistic depiction of a solar eclipse in the Omani desert.

Since inception, Amouage has stayed true to its vision and to its roots. By constantly innovating while celebrating the richness of its Omani heritage, the brand has become one of the most wellestablished high perfumery houses in the world.

www.amouage.com

JUNE 2023

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EGYPT’S TOP 50 LISTED COMPANIES

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EGYPT’S TOP 50 LISTED COMPANIES 2023

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vents last year, including Russia’s invasion of Ukraine and the rising rate of inflation, put Egypt’s economy in severe trouble, leading to a foreign currency dry-up. The Egyptian pound has lost around 50% of its value against the dollar over the last 15 months.

These economic challenges have also left their mark on our annual list of Egypt’s Top 50 Listed Companies, with the value of aggregate sales for the 50 companies (in USD) falling by 16.3% to $32.7 billion.

Profits also saw an 8.9% decrease to $4.9 billion, while the value of their total assets tumbled from $142 billion in 2021 to $109.2 billion in 2022, a 23.3% drop. Meanwhile, the combined market cap of the top 50 increased by 6.7% to $30.4 billion, with the main index (EGX30) jumping by 20% during the first five months of 2023.

Banking and financial services continue to dominate the list with 16 entries, followed by real estate and construction with eight and industrials with seven. Egypt’s largest listed bank, CIB, retains the top spot with a market value of $5.2 billion and total assets of $20.6 billion, followed by QNB ALAHLI and Telecom Egypt. Ranked 10th, Orascom Construction tops in terms of sales after generating $4.2 billion, followed by Elsewedy Electric (#4) with $3 billion in sales in 2022.

Methodology

We collected data from the Egyptian Exchange and ranked companies based on their reported sales, assets, and profits for 2022 and market value as of April 30, 2023. Each metric was given equal weight, and companies with the same final scores were given the same rank.

We excluded companies that hadn’t disclosed their 2022 full-year audited financial statements as of April 25, 2023.

Currency exchange rates were taken as of April 30, 2023.

Year

Total market value

Total sales

Total profits

Total assets

2023

$30.4 billion

$32.7 billion

$4.9 billion

$109.2 billion

2022

$28.5 billion

$39.1 billion

$5.4 billion

$142.2 billion

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

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Commercial International Bank (CIB) 1

• CEO and Managing Director: Hussein Abaza

Market Value: $5.2 billion Sales: $2.1 billion Profits: $523 million Assets: $20.6 billion CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank.

Today, it employs 7,700 people and serves two million customers across 190 branches and 21 units. In January 2023, CIB acquired the remaining 49% stake of Mayfair CIB in Kenya for a total transaction value of $40 million.

CIB has several subsidiaries, including CVentures, Damietta Shipping, and Commercial International for Finance.

In April 2022, Alpha Oryx Limited—a subsidiary of the U.A.E.’s ADQ— acquired an 18.6% stake in CIB for $987.5 million.

2

QNB ALAHLI

3

Telecom Egypt

• CEO: Mohamed Mahmoud Bedeir

• Managing Director and CEO: Mohamed Nasr Eldin

Market Value: $1.3 billion Sales: $1.6 billion

Market Value: $1.3 billion Sales: $1.4 billion

Profits: $335 million Assets: $15.6 billion

Profits: $297 million Assets: $3.9 billion

In 2013, Qatari QNB Group acquired the majority stake in Egypt’s NSGB Bank and changed its name to QNB ALAHLI. Today, it owns a 94.97% stake in QNB ALAHLI. It provides services to 1.4 million customers through a network of 232 branches, 893 ATMs, and 56,000 POS. QNB ALAHLI has four subsidiaries: QNB ALAHLI Leasing, QNB ALAHLI Life Insurance, QNB ALAHLI Factoring and QNB ALAHLI Asset Management Egypt Company. In March 2023, QNB ALAHLI launched its first green retail-financing program in cooperation with the European Bank for Reconstruction and Development, the European Union, and the Green Climate Fund.

Telecom Egypt provides mobile, fixed lines, and data services. The company owns 45% of Vodafone Egypt. In January 2023, it received approval from the National Telecom Regulatory Authority to obtain an additional 5MHz of spectrum in the 1,800MHz band for $125 million. In June 2022, Telecom Egypt signed six new commercial and strategic agreements with Etisalat Misr worth $549.5 million. In May 2023, the Egyptian government sold an additional 9.5% stake in Telecom Egypt in the secondary market for $121.2 million, bringing its ownership down to 70%.

Sector: Banking and financial services

Banking and financial services F O R B E S M I D D L E E A S T.C O M

Sector: Telecommunications

Companies

Total market value

Total sales

Total profits

Total assets

12

$9.6 billion

$7.5 billion

$1.5 billion

$69 billion JUNE 2023

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EGYPT’S TOP 50 LISTED COMPANIES

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Sector: Banking and financial services

4

Elsewedy Electric

• Group president and CEO: Ahmed Elsewedy Sector: Industrials

Market Value: $1.2 billion Sales: $3 billion Profits: $186 million Assets: $3.7 billion Elsewedy Electric operates in key business lines, including wires and cables, electrical products, turnkey projects, meters, transformers, and renewables. With 31 production facilities in 15 countries, it exports to over 110 countries worldwide.

In April 2023, Elsewedy Electric collaborated with Urbacon Trading and Contracting Company to build the Zliten power plant in Libya, at a value of $870 million. In January 2023, Elsewedy Cables Qatar announced that it will establish new underground extra high voltage cables for Qatar General Electricity & Water Corporation “Kahramaa” with a project value exceeding $328 million. The Elsewedy Family owns 68.1% of the company.

Egypt Kuwait Holding (EKH)

6

Ezz Steel

• CEO: Sherif El-Zayat

• Managing Director: Hassan Nouh

Market Value: $1.4 billion Sales: $1.1 billion

Market Value: $707 million Sales: $2.7 billion

Profits: $362 million Assets: $2 billion

Profits: $215 million Assets: $2.1 billion

EKH works across six sectors: petrochemicals, fertilizers, gas distribution, electricity generation and distribution, upstream oil and gas, and non-banking financial services. Its portfolio includes Sprea Misr, AlexFert, NatEnergy, Delta Insurance, and Bedayti. In March 2023, The company acquired an additional 13.12% stake in Bawabet Al Kuwait Holding Company for $66.4 million, bringing its total shareholding in the company to 84.79%. As a result of this acquisition, its total shareholding in Alexandria Fertilizers Company increased from 61.57% to 69.42%. EKH is dual listed on the Egyptian Stock Exchange and Boursa Kuwait.

Ezz Steel is one of the largest steel producers in the Middle East and North Africa. In 2022, the company produced 3.2 million tons of rebar and wire rod, and 1.8 million tons of flat steel used in engineering industries. The company, which has four plants across Egypt, is dual listed on the Egyptian Stock Exchange and the London Stock Exchange. The company’s founder, Ahmed Ezz, owns 60.7% of Ezz Steel. The company owns 64.1% of AL Ezz Dekheila Steel Co. – Alexandria.

Sector: Investments

Sector: Industrials

Faisal Islamic Bank of Egypt (FIBE) 7

• Governor: Abd El Hamid Aboumoussa Sector: Banking and financial services

Market Value: $621 million Sales: $602 million Profits: $156 million Assets: $5 billion

IMAGES FROM SOURCE

FIBE provides retail and corporate banking services and investment activities through 41 branches across Egypt. It employs more than 1,700 people and had over 1.9 million customer accounts as of the end of 2022. The bank’s net profit hit $156 million in 2022, an increase of 60% compared to 2021. The Al Awqaf Egyptian Authority is the largest shareholder in the bank with 15.35%, followed

by Ithmaar Bank with 14%.

Real Estate & Construction F O R B E S M I D D L E E A S T.C O M

Companies

Total market value

Total sales

Total profits

Total assets

8

$2.9 billion

$6.6 billion

$583 million

$15.3 billion JUNE 2023

EGYPT’S TOP 50 LISTED COMPANIES

5

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Talaat Moustafa Group Holding (TMG Holding) 8

• CEO and Managing Director: Hisham Talaat Moustafa Sector: Real Estate & Construction

Market Value: $648 million Sales: $642 million Profits: $72 million Assets: $5.3 billion TMG Holding is the largest listed real estate company in Egypt with $5.3 billion in assets as of 2022. It currently has a land bank of 74 million square meters, of which 30 million is yet to be developed. Among its flagship projects are Al Rehab City, which covers over 9.9 million square meters and hosts 200,000 residents, and Madinaty, which covers over 33.6 million square meters of land with 700,000 target residents, as well as Noor city, and Celia.

TMG Holding also owns four hotels in Sharm El Sheikh, Alexandria, and Cairo.

10

Orascom Construction

• CEO: Osama Bishai

Sector: Real Estate & Construction Market Value: $390 million Sales: $4.2 billion Profits: $134 million Assets: $3.5 billion Orascom Construction was established more than 73 years ago by late billionaire Onsi Sawiris, the father of the Arab world’s current richest billionaire Nassef Sawiris. In 2022, the company signed new awards worth $3.6 billion, of which $2.3 billion were in the Middle East and $1.3 billion were in the U.S. In May 2022, the company, in a consortium with Siemens Mobility and The Arab Contractors, signed the second phase of Egypt’s first high-speed rail system to expand the network to 2,000 kilometers, with a share of $1.2 billion.

Misr Fertilizers Production Company (MOPCO) 8

• Chairman and Managing Director: Mohamed Sobhy Sector: Industrials

Market Value: $1.3 billion Sales: $610 million Profits: $235 million Assets: $1.4 billion MOPCO produced approximately two million tons of urea product and 1.2 million tons of ammonia product in 2022. It also exports urea to Europe, Latin America, Asia, Africa, and North America. In August 2022, the Saudi Egyptian Investment Company acquired a 25% stake in MOPCO, to become the second largest shareholder after the Egyptian Petrochemicals Holding Company (ECHEM), which owns a 30.75% stake. In February 2023, MOPCO,ECHEM, and Norwegian company Scatec signed an agreement for the production of green ammonia from green hydrogen.

Industrials

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

Companies

Total market value

Total sales

Total profits

Total assets

7

$6.8 billion

$10.2 billion

$1.2 billion

$11.1 billion JUNE 2023

IMAGES FROM SOURCE

EGYPT’S TOP 50 LISTED COMPANIES

74

Al Ezz Dekheila Steel Co. – Alexandria (EZDK) 11

13

• Group CEO: Karim Awad

• Managing Director: Raed El-Beblawy

Sector: Banking and financial services Market Value: $687 million Sales: $581 million

Market Value: $583 million Sales: $2.4 billion

Profits: $71 million Assets: $3.4 billion

Profits: $208 million Assets: $2.1 billion

EFG Hermes Holding is one of the largest financial institutions in MENA. It rebranded to EFG Holding in May 2023 to reflect the group’s expansion across financial services. Today, it operates across 12 countries, including Egypt, the U.A.E., Saudi Arabia, Kuwait, the U.S., and the U.K. In April 2023, the company completed its exit from Oman with a plan to exit from Pakistan and Jordan. The company had AUMs of over $3.5 billion, as of the end of 2022, with its investment bank division concluding 32 deals valued at $14.3 billion. In 2023, it completed advisory on the $2.5 billion IPO of ADNOC Gas on ADX. It has recently increased its authorized capital from $194 million to $970 million.

Previously known as Alexandria National Iron and Steel Co, AL Ezz Dekheila Steel Co.– Alexandria is a subsidiary of Ezz Steel. It is one of the largest steel manufacturing facilities in Egypt, with $2.4 billion in sales in 2022. Ezz Steel owns 64.1% of AL Ezz Dekheila Steel Co.– Alexandria, the National Investment Bank owns 8.2%, and the National Bank of Egypt owns 5.8%.

The company’s subsidiaries include Ezz Flat Steel, Ezz Rolling Mills, and the Hadid for Industry, Trading, and Contracting Company (Contrasteel). The company acquired 18% of Egyptian Steel in 2022.

Abu Qir Fertilizers and Chemical Industries Company (AFC) 12

• Chairman and CEO: Abed Ezz El Regal Sector: Industrials

Market Value: $2 billion Sales: $528 million Profits: $293 million Assets: $723 million AFC produces and markets nitrogen fertilizers, chemical products and other related materials in Egypt and abroad. As of the fiscal year ended June 2022, the company’s total production reached 2.2 million tons and it exported to 40 clients across 24 markets. It owns three plants that produce ammonia, urea, ammonium nitrate, and liquid fertiliser. ADQ’s Alpha Oryx Limited Company is the major shareholder with 21.5%, followed by the Saudi Egyptian Investment Company with 19.8% and the Egyptian General Petroleum Corporation with 19.1%. In 2022, the company announced a $1.2 billion project with a production capacity of 1,200 tons per day of ammonia, 1,830 tons per day of sulfuric acid, and 2,400 tons per day of granular ammonium nitrate.

Financial services

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

14

EMAAR Misr

• CEO: Mostafa El Kady

Sector: Real Estate & Construction Market Value: $451 million Sales: $476 million Profits: $212 million Assets: $2.4 billion EMAAR Misr plans and constructs urban areas in Egypt. It is affiliated with Emaar Properties, which owns an 87% stake. In mid2022, the company signed a partnership contract with Eagle Hills Egypt, to develop a residential, touristic, and commercial project in the North Coast, and acquired a 25% stake in Eagle Hills. In July 2022, the company launched the first phase of SOUL project in North Coast, with an expected investment cost of $1.7 billion.

Companies

Total market value

Total sales

Total profits

Total assets

4

$2 billion

$377 million

$82 million

$1.5 billion JUNE 2023

75 EGYPT’S TOP 50 LISTED COMPANIES

Sector: Industrials

IMAGES FROM SOURCE

EFG Holding

• CEO: Hany Aman

Housing & Development Bank (HDB)

Market Value: $1.2 billion Sales: $554 million

Hassan Ghanem

Eastern Company

17

• Executive Chairman and Managing Director:

Sector: Retail

EGYPT’S TOP 50 LISTED COMPANIES

76

Profits: $130 million Assets: $864 million

Sector: Banking and financial services

The Eastern Company is the only local manufacturer of cigarettes in Egypt.

In May 2022, the company got the approval to acquire 24% of the United Tobacco Company.

The Holding Company for Chemical Industries owns 50.95% of the company’s shares. The company’s revenues increased by 7% in the fiscal year ended June 2022.

Market Value: $309 million Sales: $402 million

16

Profits: $88 million Assets: $3.5 billion

GB Corp

• CEO: Nader Ghabbour Sector: Automotive

Market Value: $215 million Sales: $963 million Profits: $341 million Assets: $1.1 billion In January 2023, GB Auto Group rebranded to GB Corp, which provides its services through two main entities: GB Auto, which operates the core automotive business, and GB Capital, which oversees the operations of the group’s non-bank financial service providers. With over 25 brands in its portfolio, the group sold 38,103 cars in Egypt and Iraq in 2022. In February 2023, the company’s subsidiary MNT-Halan announced an equity investment of $200 million from Chimera Abu Dhabi in exchange for over 20% of the company. It also sold a 45% stake in GB Lease to Chimera in 2022.

Petrochemicals

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

HDB was established in 1979, with a focus on housing and urban development, before transforming into a full-fledged commercial bank with 99 branches and 430 ATMs across Egypt. The bank’s total assets increased by 35.2% to $3.5 billion in 2022, while its net profit hit $88 million in 2022, an increase of 34.4% compared to 2021. The New Urban Communities Authority is the main shareholder in the bank, with a 29.8% stake.

As of December 2022, the bank had 10 subsidiaries, including El Tameer for Real Estate Asset Management and Holding Co. For Investment and Development.

Abu Dhabi Islamic Bank (ADIB-Egypt) 18

• CEO and Managing Director: Mohamed Aly Sector: Banking and financial services

Market Value: $271 million Sales: $405 million Profits: $71 million Assets: $3.8 billion ADIB Egypt was created in 2007 when ADIB and the Emirates International Investment Company acquired the National Bank for Development.

It provides Shariahcompliant financial services across 70 branches and employs more than 2,251 people.

In December 2022, the National Investment Bank sold 7.6% of its 10% stake in ADIB Egypt for $17.5 million, while the Abu Dhabi Islamic Bank-UAE purchased NIB’s remaining 2.4% stake, increasing its ownership in ADIB Egypt to 52.6%. The bank recorded $71 million in net profits in 2022, an increase of 51% compared to 2021.

Companies

Total market value

Total sales

Total profits

Total assets

4

$1.4 billion

$1.1 billion

$125 million

$1 billion JUNE 2023

IMAGES FROM SOURCE

15

Egypt Aluminum (Egyptalum)

Export Development Bank of Egypt (EBank)

Sector: Industrials

Sector: Banking and financial services

21

• Executive Managing Director: Mahmoud Agour

• Chairman: Ahmed Galal

Market Value: $586 million Sales: $468 million

Market Value: $231 million Sales: $305 million

Profits: $81 million Assets: $420 million

Profits: $43 million Assets: $3.2 billion

Egyptalum started as a small factory with six pot rooms. Today, it has 12 pot rooms and a total production capacity of 320,000 tons annually.

The company’s net profit jumped to $81 million in 2022, an increase of 8,746% compared to 2021. In September 2022, the company announced that it will offer 65% of its capital increase, totalling $300 million, to an Arab sovereign fund.

It plans to add a new production line with a capacity of 100,000 tons per year along with establishing an aluminium foil facility. Metallurgical Industries Holding is the company’s main shareholder with a stake of 89.8%.

EBank started operations in 1983 to boost Egyptian exports in sectors such as agriculture, industrials, and commerce. It also provides banking services through 44 branches and employs 1,580 people across Egypt. Its subsidiaries include Egypt Capital Holding, Beta Capital Holding for Financial Investments, and the Export Credit Guarantee Company of Egypt. Stateowned banks control about 84% of EBank, with the National Investment Bank holding a 40.8% stake, Banque Misr holding 23.1%, and the National Bank of Egypt holding 19.8% as of March 2023.

20

Crédit Agricole Egypt

• Managing Director: Jean-Pierre Trinelle Sector: Banking and financial services

Market Value: $416 million Sales: $262 million Profits: $78 million Assets: $2.4 billion

IMAGES FROM SOURCE

Credit Agricole Egypt provides corporate, retail, and investment banking services. It employs more than 2,576 people across 84 branches. The bank owns 99.99% of the Egyptian Housing Finance Company. In September 2022, the Credit Agricole Group in France increased its shareholding in the bank from 60.45% to 65.25%. In 2022, Credit Agricole Egypt’s net profit increased by 50.2% to $78 million.

Pharmaceuticals

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

Companies

Total market value

Total sales

Total profits

Total assets

3

$247 million

$965 million

$47 million

$855 million JUNE 2023

77 EGYPT’S TOP 50 LISTED COMPANIES

19

Orascom Development Egypt (ODE) 22

• Group CEO: Omar El Hamamsy

Sector: Real Estate & Construction Market Value: $344 million Sales: $332 million Profits: $62 million Assets: $914 million ODE is the largest subsidiary of Orascom Development Holding. It develops fully-integrated destinations, including hotels, residential units, leisure facilities and supporting infrastructure. ODE owns a land bank of 50.25 million square meters and 24 hotels with a total of 4,932 rooms across four destinations: El Gouna, Taba Heights, Makadi Heights, and Byoum. It has also launched O West. Early in 2023, ODE signed a master agreement with Egyptian authorities for the remaining 17.4 million square meter land bank in El Gouna for $112 million.

Palm Hills Developments (PHD) 23

• Chairman and Group CEO: Yasseen Mansour Sector: Real Estate & Construction

Market Value: $198 million Sales: $440 million Profits: $42 million Assets: $1.6 billion PHD has a land bank of over 29 million square meters. It had delivered 13,564 units within its developments as of 2022. The company has projects under development across Egypt in West Cairo, East Cairo, North Coast, and Alexandria, with a total sales backlog of over $776 million. Founder, Group CEO and Chairman Yasseen Mansour has a net worth of $1.3 billion, according to Forbes World’s Billionaires 2023 ranking. Mansour-Maghraby Investment and Development Company is the major shareholder, with a 41.5% stake.

23

alBaraka Bank Egypt

• Vice Chairman and CEO: Hazem Hegazy Sector: Banking and financial services

Market Value: $196 million Sales: $285 million Profits: $57 million Assets: $2.8 billion The bank offers Shariah-compliant financial services across 33 branches and employs 1,161 people. In 2022, the bank’s net profit jumped to $57 million, an increase of 55.3% compared to 2021. By the end of 2022, the bank increased its capital to $164.5 million from $60 million in 2021. The Bahrain-based Al Baraka Banking Group is the major shareholder of alBaraka Bank Egypt, with a 73.7% stake.

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

Companies

Total market value

Total sales

Total profits

Total assets

2

$783 million

$615 million

$52 million

$393 million JUNE 2023

IMAGES FROM SOURCE

EGYPT’S TOP 50 LISTED COMPANIES

78

• Chairwoman: Yasmine Khamis

Sidi Kerir Petrochemicals Company (SIDPEC)

Market Value: $363 million Sales: $428 million

Sector: Petrochemicals

Oriental Weavers

27

Sector: Industrials

Profits: $31 million Assets: $620 million

Market Value: $550 million Sales: $280 million

The Oriental Weavers Group manufactures carpets and rugs. The group distributes its products across 130 countries, with 26 production facilities in Egypt, the U.S., and China and distribution hubs in the U.K., U.S., and U.A.E. It produced 144.5 million meters of carpet in 2022 with 63% of its revenues generated from export sales in the 2022 financial year. In December 2022, Farida and Yasmine Khamis transferred their combined 24.62% stake in Oriental Weavers Carpet to London-based FYK limited, which is fully owned by the two sisters.

Egyptian Gulf Bank (EGBANK)

Alexandria Mineral Oils Company (AMOC) 28

Market Value: $439 million Sales: $596 million

Sector: Banking and financial services

Market Value: $219 million Sales: $287 million Profits: $27 million Assets: $2.8 billion EGBANK was established to support developmental projects in Egypt and the Arab world. It currently provides corporate, retail, and investment banking services through 60 branches across Egypt and employs 2,057 people. The bank owns the Egyptian Gulf Holding Company for Financial Investments.

The Misr Insurance Company is the bank’s main shareholder, with an 11% stake.

IMAGES FROM SOURCE

SIDPEC produces ethylene, polyethylene, Butene-1, and LPG. The company has 12 distributors in Egypt, as well as international distributors in the U.A.E., the U.S., France, the U.K., Austria, China, and Germany, among other countries. In 2022, the company produced 273,000 tons of ethylene and 227,000 tons of polyethylene.

It recoded $40 million in net profits in 2022, an increase of 131.3% compared to 2021.

The Egyptian Petrochemicals Holding Company is the main shareholder with a 20% share.

Sector: Petrochemicals

• Vice Chairman and Managing Director: Nidal Assar

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

Profits: $40 million Assets: $285 million

• Chairman and CEO: Amr Lotfy

26

Investments

• Chairman and CEO: Mohamed Ibrahim

Profits: $39 million Assets: $159 million AMOC is a second stage refinery, operating two complexes in Alexandria, with a designed capacity of 1.35 million tons, producing LPG, naphtha, gasoil, fuel oil, lube base oils, and wax. The company’s net profit increased by 143.9% to $39 million in 2022. It owns 86.45% of the Alexandria Waxes Company.

The Alexandria Petroleum Company owns 20.8% of the company.

Companies

Total market value

Total sales

Total profits

Total assets

2

$1.5 billion

$1.7 billion

$376 million

$2.6 billion JUNE 2023

79 EGYPT’S TOP 50 LISTED COMPANIES

25

29

Suez Canal Bank

• Chairman and Managing Director: Hussein Refaie

Sector: Banking and financial services Market Value: $117 million Sales: $233 million Profits: $34 million Assets: $2.4 billion Established in 1978, Suez Canal Bank provides retail, corporate and investment banking services through 49 branches across Egypt. It employs 1,442 people.

The bank’s net profit increased by 72% to $34 million in 2022. The Arab International Bank owns 41.5% of the bank, the Libyan Foreign Bank holds 27.7%, and the Suez Canal Authority (Pension Fund) owns 10%.

Alexandria Container & Cargo Handling Company • Executive Managing Director: Alaa Mohamed Ibrahim

Société Arabe Internationale de Banque (saib)

Market Value: $1.3 billion Sales: $92 million

Tarek ALkholy

29

Sector: Shipping & Transportation Services

32

• Chairman and Managing Director:

Profits: $66 million Assets: $181 million

Sector: Banking and financial services

Alexandria Container & Cargo Handling Company operates two main terminals: the Alexandria Terminal, with a capacity of 500,000 TEUs, and the El-Dekheilla Terminal, with a capacity of a million TEUs. The company handled nearly 840,000 containers in the fiscal year 2021/22. In April 2022, Alpha Oryx Limited—a subsidiary of ADQ—acquired a 32% stake in the company in a deal valued at $186.1 million.

Market Value: $58 million Sales: $425 million

31

Raya Holding

• CEO and Managing Director: Ahmed Khalil Sector: Investments

Profits: $30 million Assets: $3.5 billion saib offers conventional and Shariah-compliant banking services. It also has several mutual funds, including the saib Fund 2, El Rabeh Fund, Youmy Fund, and the Sanabel Islamic Fund. The bank had 39 branches and employed over 1,700 people as of 2022.

The Arab International Bank is the major shareholder with a 50.4% stake, while the Arab Contractors Investment Company holds 17.3%, and Misr Insurance Company owns a 11.3% stake.

Market Value: $169 million Sales: $660 million Profits: $14 million Assets: $671 million Raya Holding was founded in 1999 through the merger of seven national IT companies. It currently operates in different areas, including IT, consumer electronics and home appliances trading, data center outsourcing services, smart buildings, food and beverage manufacturing and trading, among other sectors.

The company employs more than 15,250 people, with a customer base spanning Egypt, Saudi Arabia, the U.A.E., Bahrain, Poland, and Nigeria, as of September 2022. The investment conglomerate manages 38 subsidiaries, including the e-payment and financial services provider company Aman Holding.

Retail

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

Companies

Total market value

Total sales

Total profits

Total assets

2

$1.4 billion

$777 million

$141 million

$977 million JUNE 2023

IMAGES FROM SOURCE

EGYPT’S TOP 50 LISTED COMPANIES

80

Juhayna Food Industries

34

Edita Food Industries

• Vice Chairman and CEO: Seif Thabet

• Chairman and Managing Director: Hani Berzi

Market Value: $410 million Sales: $367 million

Market Value: $373 million Sales: $248 million

Profits: $21 million Assets: $206 million

Profits: $31 million Assets: $187 million

Sector: Food and Beverages

Sector: Food and Beverages

Established in 1983 by the Egyptian businessman Safwan Thabet, Juhayna Food Industries manufactures, processes, and packages dairy, juice, and cooking products. The company has four facilities, a network of distribution centers serving more than 136,000 retail outlets nationwide, and a 500-feddan, fully-owned dairy farm covering a sizeable portion of the company’s raw milk needs. Seif Thabet was appointed vice chairman and CEO in February 2023.

Edita manufactures branded baked snack products.

Its brands include Todo, Molto, Bake Rolz, Bake Stix, Freska, Oniro and MiMix. The company produced 127,100 tons of snack foods in 2022 with over 3.5 billion packs sold. In April 2022, Edita inaugurated its first overseas production facility in Morocco where it recorded $5.7 million in revenue and sold 84.3 million packs in its first full year of operations. The company derived 92.9% of its revenue from Egypt and 7.1% from regional export markets in 2022.

35

Madinet Masr

• President and CEO: Abdallah Sallam Sector: Real Estate & Construction

Market Value: $242 million Sales: $172 million Profits: $23 million Assets: $452 million

IMAGES FROM SOURCE

Madinet Masr is a real estate developer with a land bank of 9.6 million square meters. As of 2022, the company had 15 projects across two main developments: Taj City, which is a mixed-use development project on 3.6 million square meters of land in the Eastern Suburbs of Cairo, and Sarai, which has a total area of 5.5 million square meters near the New Administrative Capital. Taj and Sarai are set to become home to almost 32,000 families. In March 2023, the company rebranded from Madinet Nasr for Housing & Development to Madinet Masr, as part of its strategy to expand nationally and regionally.

Automotive

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

Companies

Total market value

Total sales

Total profits

Total assets

1

$215 million

$963 million

$341 million

$1.1 billion JUNE 2023

81 EGYPT’S TOP 50 LISTED COMPANIES

33

Egyptian Chemical Industries Company (Kima) 37

• Executive Managing Director: Abdel-Majeed Hegazy

Sector: Petrochemicals Market Value: $309 million Sales: $144 million Profits: $21 million Assets: $446 million Established in 1956, Kima produces chemical products such as urea fertilizer, liquid ammonia, high density ammonium nitrate and ferro silicon. In May 2023, it signed an MOU to set up a new line to produce nitric acid and nitrates, with investments amounting to $280 million, in addition to $32.3 million in local funding, in cooperation with an Emirati company. The Holding Company for Chemical Industries is Kima’s largest shareholder with a stake of 69.8% as of March 2023.

Egyptian Satellites Company (Nilesat) 38

• Chairman and CEO: Sameh Katta Sector: Media

Market Value: $193 million Sales: $100 million

Six of October Development & Investment Company (SODIC) 36

• General Manager: Ayman Amer Sector: Real Estate & Construction

Market Value: $193 million Sales: $252 million Profits: $17 million Assets: $982 million SODIC is a mixed-use developer with a land bank of 16 million square meters across three geographies in Egypt. In 2022, SODIC sold 2,873 units, generating gross contracted sales of $688.2 million, an increase of 87% compared to 2021. SODIC’s total backlog of unrecognized revenue stood at $1.1 billion as of March 2023. Aldar Properties and ADQ own 85.5% of SODIC.

39

Profits: $39 million Assets: $650 million Nilesat was the first company in Egypt to operate and control satellites in geostationary orbit. It launched Nilesat-101, Nilesat-102, and Nilesat-201 between 1998 and 2010. In June 2022, the company launched its fourth satellite, the Nilesat 301 communications satellite, from Florida, on board a SpaceX Falcon 9 rocket.

The new satellite will deliver communications and satellite broadband services to Egypt and neighboring countries in North Africa and the Middle East.

CI Capital Holding

• Managing Director and Group CEO: Hesham Gohar Sector: Financial services

Market Value: $159 million Sales: $126 million Profits: $28 million Assets: $771 million CI Capital is a diversified financial services group, providing investment banking, securities brokerage, research, asset management, custody, leasing, and microfinance services. The company’s asset management arm saw its assets under management grow by 254% in 2022 to hit $1.7 billion. The group’s advisory business concluded eight transactions in 2022 with an aggregate deal size of $485 million.

In May 2023, CI Capital acted as a joint financial advisor and a bookrunner in the $121.2 million follow-on sale of 9.5% share of Telecom Egypt.

Healthcare

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

Companies

Total market value

Total sales

Total profits

Total assets

1

$489 million

$117 million

$17 million

$171 million JUNE 2023

IMAGES FROM SOURCE

EGYPT’S TOP 50 LISTED COMPANIES

82

40

eFinance Investment Group

• Chairman and CEO: Ibrahim Sarhan

Sector: Financial services Market Value: $1.1 billion Sales: $85 million Profits: $26 million Assets: $192 million The eFinance Investment Group’s flagship subsidiary is eFinance for Digital Operations, which processes the Egyptian government’s G2G, G2B, and G2C payments. In 2022, the third-party acquiring platform processed a total of $77.6 billion in payments and collections for the Egyptian government. PIF’s Saudi Egyptian Investment Company is the largest shareholder with a 25% stake, while the National Investment Bank owns 21.8%, and four entities—Banque Misr, the National Bank of Egypt, the Egyptian Banks Company, and Egyptian Company for Investment Projects —each own 6.7%. In April 2023, the group kicked off its international expansions with the signing of an MoU with Saudi’s Thiqah Business Services.

Fawry for Banking and Payment Technology Services 42

• Cofounder and CEO: Ashraf Sabry

Sector: Financial services Market Value: $625 million Sales: $74 million Profits: $11 million Assets: $208 million Fawry’s primary services include enabling electronic bill payments and mobile top-ups.

Through its peer-to-peer model, it enables corporates and SMEs to accept electronic payments through websites, mobile phones, and POS systems. With a network of 36 member banks and more than 280,000 agents, Fawry serves 49.4 million users and processed transactions of $6.8 billion in 2022. In November 2022, the company’s subsidiary, Fawry Microfinance, launched a digital loan request and tracking mobile app, Tamweelak Fawry, while it plans to launch BNPL service in 2023.

ADQ is the largest shareholder, with a 12.6% stake.

Egyptian International Pharmaceutical Industries Company (EIPICO) 43

Integrated Diagnostics Holdings (IDH) 41

• Group CEO: Hend El Sherbini Sector: Healthcare

Market Value: $489 million Sales: $117 million Profits: $17 million Assets: $171 million

IMAGES FROM SOURCE

IDH’s operations network extends beyond Egypt to Jordan, Sudan, and Nigeria. As of December 2022, IDH had 552 lab branches, up by 50 branches compared to 2021. It completed 32.7 million tests in 2022. The company served 8.7 million patients last year, a 16% decrease compared to 2021.

El Sherbini has been the IDH Group’s CEO since 2012. The company is listed on the London Stock Exchange.

Media

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

• Chairman and Managing Director: Ahmed Kelani

Sector: Pharmaceuticals Market Value: $108 million Sales: $128 million Profits: $21 million Assets: $219 million EIPICO manufactures over 400 pharmaceutical products covering 25 therapeutic classes, including antibiotics, lyophilized products, and spansule capsules. The company was established in 1980 and started production in 1985. EIPICO operates two factories and is in the process of completing its third facility, EIPICO 3, which is designed to produce biological and biosimilar products. EIPICO’s total exports amounted to about $52 million in 2022, constituting a market share of nearly 25% of total Egyptian pharmaceutical exports.

Companies

Total market value

Total sales

Total profits

Total assets

1

$193 million

$100 million

$39 million

$650 million JUNE 2023

EGYPT’S TOP 50 LISTED COMPANIES

83

44

Egypt Gas

• Chairman and Managing Director: Wael Gowayed

Sector: Utilities Market Value: $104 million Sales: $227 million Profits: $10 million Assets: $418 million Egypt Gas was established in 1983 to focus on natural gas activities. It is 83.2% owned by the Egyptian Natural Gas Holding Company. The company doubled its authorized capital to $65 million in March 2023. In 2022, Egypt Gas added 450,000 home customers bringing its total number of clients to six million. It also provided gas delivery to 697 commercial establishments, boosting the total number to 7,375 facilities. Egypt Gas increased its revenue by 30% in 2022 to hit $227 million.

Contact Financial Holding 45

• Managing Director and Group CEO: Said Zater

Sector: Financial services Market Value: $135 million Sales: $92 million Profits: $17 million Assets: $301 million Contact Financial Holding is a non-banking financial services provider offering consumer and corporate financing and insurance services. It recently launched the rebranded version of the Contact App, ContactNow. The app’s total registered users hit 304,000 in December 2022, with more than 256,000 new registrations completed throughout 2022 alone. ContactNow plans to add payment and investment services to its roster in the second half of 2023. The average number of monthly users of the company’s AI-based pricing tool, contactcars.com, hit 1.3 million in 2022.

Shipping & Transportation Services F O R B E S M I D D L E E A S T.C O M

Companies

Total market value

Total sales

Total profits

Total assets

1

$1.3 billion

$92 million

$66 million

$181 million JUNE 2023

IMAGES FROM SOURCE

EGYPT’S TOP 50 LISTED COMPANIES

84

Misr Al-Gadida For Housing & Development

Minapharm Pharmaceuticals

Sector: Real Estate & Construction

Sector: Pharmaceuticals

• Managing Director and CEO: Tamer Nasser

• Chairman and CEO: Wafik Bardissi

Market Value: $430 million Sales: $58 million

Market Value: $78 million Sales: $117 million

Profits: $21 million Assets: $160 million

Profits: $20 million Assets: $220 million

Misr Al-Gadida For Housing & Development has been specialized in master-planned communities in Egypt since its inception in 1906. Its footprint projects include Heliopolis, New Heliopolis, Heliopark, Al-Obour City, Maryland Park, and Granada City. It pursues investors to operate the 11,112 square meter historic city of Granada in Cairo’s Heliopolis suburb.

The Holding Company for Construction & Development owns a 72.25% stake in the company, making it the largest shareholder.

Minapharm Pharmaceuticals’ history dates back to the 1950s, when the first privatelyowned factory in Egypt, Heliopolis Pharmaceutical Laboratories was established. It stopped its activities in the 1960s and was re-established as Minapharm Pharmaceuticals in 1992. Minapharm employs over 1,400 people. In 2023, it received regulatory approval from the Paul-Ehrlich Institute for a phase 1 multi-center clinical trial in Germany for its Adalimumab biosimilar.

47

Ibnsina Pharma

• Vice Chairman and Managing Director: Mohsen Mahgoub Sector: Pharmaceuticals

Market Value: $61 million Sales: $720 million Profits: $6 million Assets: $416 million Ibnsina Pharma had a 23% share of the Egyptian pharmaceutical distribution market in December 2022. It distributed pharmaceuticals for more than 350 companies locally and internationally to about 47,000 clients in 2022 through a network of 65 operational sites and a fleet of 803 vehicles. Ibnsina Pharma plans to focus on exports, targeting four African countries: Ghana, Kenya, Rwanda, and Tanzania. It tapped into the hospital business with the acquisition of El Shorouk Hospital in 2022.

Egyptian Financial & Industrial Company (EFIC) 48

• Managing Director: Abdul Azim Al Abbasi Sector: Petrochemicals

Market Value: $116 million Sales: $119 million Profits: $24 million Assets: $149 million EFIC was established in 1929 and is considered one of the largest Egyptian companies producing phosphate fertilizers. It produces chemical materials, manures, and agricultural fertilizers. Banque Misr sold its 9.98% stake in the company in August 2022 for around $5 million. Metallurgical Industries Holding company is the largest shareholder with a 27.1% stake, while MidFirt Misr owns 25.7% of the company.

Telecommunications

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MM Group for Industry and International Trade (MTI) 50

• CEO: Khaled Mahmoud Sector: Retail

Market Value: $193 million Sales: $223 million Profits: $11 million Assets: $113 million MTI operates various business lines, such as consumer electronics, automotive, telecommunication, seamless pipes, and tractors.

The company’s geographical coverage has access to over 40,000 points of sale. It has partnerships with global brands, including Samsung, Vodafone, Huawei, Range Rover, Jaguar, Maserati, Bentley, Carrier, and Bosch. Rolaco EGB Investment boosted its 14.87% stake in MTI to 15.02% in January 2023.

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$1.4 billion

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$3.9 billion

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Celebrating Success

A stunning gala dinner and recognition ceremony at the Bujairi Terrace in the heart of Historical Diriyah celebrated listees from Forbes Middle East’s women-focused lists: The Middle East’s 100 Most Powerful Businesswomen 2023, Women Behind Middle Eastern Brands 2022, and Women Behind Middle Eastern Tech Brands 2022.

These 21 inspirational women collected awards: • Shaista Asif, Cofounder & Group COO of PureHealth Group • Dalia El Baz, Executive Deputy Chairman at the National Bank of Egypt • Sima Ganwani Ved, Founder & Chairwoman of the Apparel Group • Pakinam Kafafi, CEO of TAQA Arabia • Areej Mohsin Haider Darwish, Chairperson of ACERE at Mohsin Haider Darwish • Lujaina Mohsin Haider Darwish, Chairperson of ITICS at Mohsin Haider Darwish • Rita Maria Zniber, Chairman & CEO of Diana Holding • Reem Asaad, Vice President for the Middle East and Africa at Cisco F O R B E S M I D D L E E A S T.C O M

• Hoda Mansour, Board Member and Head of Sustainability Committee, Commercial International Bank • Hilda Louca, Founder & CEO of MITCHA • Poonam Bhojani, CEO of Innoventures Education • Nour Al Hassan, Founder & CEO of Tarjama • Dina Sam’an, Founder & Managing Director of CoinMENA • Julie Barbier-Leblan, Founder and CEO of Merit Incentives • Mona Kattan, Founder of Kayali Fragrances • Rayan Al Sulaimani, CEO of Atelier Zuhra • Sara Onsi, Founder & Creative Director of Sara Onsi • Marmar Halim, Founder & Creative Director of Marmar Halim • Razan Alazzouni, Founder of Razan Alazzouni • Doaa Gawish, Founder & CEO of The Hair Addict • Arwa Alammari, Founder & Creative Director at ArAm JUNE 2023

Event Coverage

Khuloud Al Omian, CEO And Editor-in-Chief Of Forbes Middle East

Event Chair: H.H. Princess Noura bint Faisal Al Saud

Forbes Middle East Women’s Summit 2023

The Forbes Middle East Women’s Summit 2023 in Riyadh saw over 500 delegates, speakers, and VIPs gather to network and debate the most pressing topics affecting their lives and businesses, as well as share their motivational to build confidence, inspire others, and support empowerment.

T

he ground-breaking summit— chaired by H.H. Princess Noura Bint Faisal Al Saud—delivered a series of expert programming from women across all sectors and walks of life. Introducing the event on day two, Editor-in-Chief and CEO of Forbes Middle East, Khuloud Al Omian, said, “Everything in our life is a kind of story, and we are just storytellers. I believe that the story we are creating here is about sharing our knowledge, passion, love, care, ideas, solutions, and more.

Remember, we are stronger together.”

H.H. Princess Noura Bint Faisal Al Saud, Founder of Saudi Fashion Week, spoke about the importance of alignment and cooperation, saying, “Our common aim is to get to know each other better in order to seek alignments and maybe work together for common goals.”

Day One: Setting The Scene The summit launched with Historical Diriyah providing the backdrop for a picturesque sunset reception and an exclusive guided tour at the Al-Turaif F O R B E S M I D D L E E A S T.C O M

UNESCO World Heritage Site. The evening culminated in an exclusive dinner held in front of Salwa Palace, where speakers and partners converged against the setting sun.

Day Two: Embracing Empowerment On day two, Yusra Mardini began by telling her story of how she became an Olympic swimmer, having arrived in Europe as a refugee from Syria in 2015.

“People are still crossing and making horrific journeys, just for a chance of a better life,” she said, crediting sport with focusing her on her future.

“Sport made me who I am today, and education helped.”

Founder of Bukhash Brothers Co, Anas Bukhash, spoke of his personal journey and how he began studying something he didn’t like before going into the corporate world. “There’s nothing wrong in exploring as it teaches us what we don’t like,” he said. “Focus on what you do for a living that doesn’t feel like a job. We need to wake up happy.”

Group COO at PureHealth, Shaista Asif, talked about how technology is completely changing the healthcare industry and our lifespan potential.

“Technology is as important as oxygen in our survival in the future,” she explained. “AI will be the real intelligence.”

When discussing how to leverage initiative and intuition to overcome challenges, SVP & Group Country Manager for the GCC at Visa, Dr. Saeeda Jaffar, the Founder of Augmento.com, Wesley Pabis, the Creator of Partnerships Lead for MEA and Turkey at Meta, Moon Baz, and CIB Board Member and Head of the Sustainability Committee, Hoda Mansour, talked through their own journeys to success. “Nothing comes by luck; you put in the hard work,” said Mansour. Jaffar explained how Visa is encouraging young leaders, saying, “We try to provide solutions to businesses to be able to accept payments, the second thing is education and awareness, and JUNE 2023

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Group picture of the Forbes Middle East Women’s Summit

the third is driving and creating the ecosystem.” Pabis worked in construction before setting up his own business. “For women, there are so many more possibilities in the tech space now.

Women are thriving,” he said, crediting the importance of EI. “You’re laying the ground for future leaders. This comes with challenges that make you make tough decisions sometimes,” shared Baz. “It’s about finding the balance. You need to prioritize what you need at that time.”

When discussing how transformational leadership is vital to sustaining a family business with CNBC’s Hadley Gamble, the Chairperson of ITICS at Mohsin Haider Darwish, Lujaina Mohsin Darwish, shared how her father had prepared his daughters to take over his legacy. “We thought, how can we make our father not miss a son?” she explained. “The way he mentored us, the way he made us understand that climbing the ladder is not easy. Now we are training the new generation.” Director and Owner of Al Faris International School, Sahar Hamad Al Marzouki, said, “One of our jobs is to make leaders of the future. We need to speak their language.” She explained that the new generation needs a new F O R B E S M I D D L E E A S T.C O M

way of thinking from educators. “We have to know how to teach these kids in the right way for them.”

Vice President for EEMEA at Allergan Aesthetics, Agnes Lim, spoke about the evolution of the industry: “In the past, aesthetics was about vanity, about superficiality; I think this has changed,” she said. “Today, we think about ensuring confidence and emotional well-being.”

CEO of Cenomi Centers, Alison Rehill-Erguven, also spoke about female empowerment. “By the time you’re into your 30s and 40s, if you’ve chosen the path of getting married and having children, we lose a huge number of women from the workplace,” she explained. She’s exploring how to stop this loss of talent. “If we can remove some stress and provide flexibility, I think we can keep women in the workplace for longer.”

Director of Biomolecular Restoration, Nutrition & Lifestyle at The Küsnacht Practice, Dr. Antoinette Sarasin Gianduzzo, talked the crowd through the practice of reverse aging. “If you can prevent the disease of diabetes, you can prevent the disease of aging,” she insisted. “We need to look into testing

Agnes Lim, Vice President of EEMEA at Allergan Aesthetics

Amira Sajwani Managing Director of Sales & Development at DAMAC Properties JUNE 2023

Event Coverage Yazeed Al Saud, Founder of +966, emphasized how Saudi is providing for young leaders and revealed that one of her biggest challenges was her age. “I started when I was 18. People have always underestimated me,” she shared. “They would judge the book by the cover. However, I turned it into an opportunity.”

Founder of Kayali Fragrances, Mona Kattan, and Activist and Fashion Model, Halima Aden, explored championing representation in beauty with moderator UNDP Goodwill Ambassador Muna Abu Sulayman. When talking about cofounding and scaling Huda Beauty, Kattan said, “Being born into a world where social media was present really helped. If we’d created [Huda Beauty] 20 years ago, I don’t think we could have done it so fast.” She feels the pandemic helped her own fragrance brand. “We launched in 2018, but covid definitely helped it grow because people really wanted to change how they felt in their own homes,” she shared. Aden also told her story as a

pioneering Hijab-wearing model. “If you want to do fashion, you need to be strong and know exactly who you are,” she emphasized.

Revealing how she overcame adversity to reach the big screen, Actress Maguy Abu Ghosn, said, “People told me no, but I achieved everything I wanted to do.” Talking through her story, she inspired the crowd to follow their dreams, insisting, “No one has the right to decide on our behalf. Only god can tell us if you can or can’t.”

CMO at The Diriyah Company, Kiran Haslam, and CEO of Kerten Hospitality, Marloes Knippenberg, debated the repackaging of the future of Saudi’s tourism and hospitality industries with moderator, Online Editor at Forbes Middle East, Samar Khouri. “The energy in Riyadh is palpable,” said Haslam.

“You know great things are going to happen. The secret is to understand that it’s going to have an effect on the rest of the world.” Knippenberg agreed and highlighted how Kerten Hospitality was playing its part, saying, “As a

Tarek Youssef Hosni, Chief Executive Alison Rehill-Erguven, Chief Executive Officer at Cenomi Centers Officer at Jamjoom Pharma

Dr. Antoinette Sarasin Gianduzzo, Director of Biomolecular Restoration, Nutrition & Lifestyle at The Küsnacht Practice F O R B E S M I D D L E E A S T.C O M

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what is the key process individually of aging. [We can create] a tailored, personalized, reserve-aging program.”

Presenting a workshop on fashion empowerment, Celebrity Stylist and Owner of #StyledByCed, Cedric Haddad, was joined on stage by models wearing classic business styles with a new flair, as well as new designs by top designers. He talked through how making certain fashion choices can change your sense of confidence and comfort.

Founder and Chairwoman of the Apparel Group, Sima Ganwani Ved, talked about how the company had accelerated its ecommerce business during the pandemic. “What would have taken us three years, we did in three intense months,” said Ved. She then went on to talk about gender bias. “In order for us to change the rules without leaving the arena, I believe we need to focus on empowerment, mentorship, and support.”

Discussing creative entrepreneurship, Her Highness Princess Loulwa Bint

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Talal Al Ajmi, Founder & CEO at VI Markets

Sham Zhabi, Founder at Dao Derma

Ramia Farrage, Senior Producer and Presenter, Forbes Middle East, Shaista Asif, Group Chief Operating Officer at PureHealth

Yusra Mardini, Syrian Olympian Swimmer

firm supporter of Saudi Arabia’s 2030 vision, we are fully committed to playing an active and crucial role in its realization.”

Unraveling the myths of the entertainment industry, Actress Meryem Uzerli spoke to Actress and TV Host Mahira Abdel Aziz. “I was shooting a show day and night; it looks a lot easier from the outside than the inside,” said Uzerli. “After three years, I decided to leave. In my 20s, I was so much after pleasing people. I was over my limits for so long.” She revealed that she had to learn what her boundaries were. “It’s ok to say no; we are often so scared to say no.”

CEO of Jamjoon Pharma, Tarek Youssef Hosni, spoke about empowerment and engagement in

debated with Senior TV Presenter at the MBC Group Sara Murad about how entertainers can build credibility to go global. “Success is hard, but sustainability is harder,” said Albahiti. Al Ghandour pointed out that being open to external forces is key, saying, “There’s nothing better than being authentic and happy with yourself, accepting your vices, and not allowing anyone to underestimate you.” Hajjar agreed, saying, “Stability and consistency are the challenges.”

Partner at Bain and Company, AnneLaure Malauzat, explored advancing gender equity in the Middle East workforce with International Presenter Sally Moussa. She went through data that found that gender biases are impeding women from

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

the pharma industry with moderator, International Presenter Sally Moussa, saying, “I don’t think about if it’s a woman or a man when I think about whom to give a role to.”

Explaining her take on why women are the ultimate multi-taskers, Actress & TV Host Mahira Abdel Aziz asked the question, “Is how we benchmark ourselves based on what men do?” She talked about how to break the glass ceiling by embracing the achievements and capabilities of women. “We need to start unlearning all the beliefs passed on to us by society. We need to ditch the ‘Good Girl Syndrome.’”

TV Presenter and Actress Nour Al Ghandour, Opera Singer and Vocal Coach Sawsan Albahiti, and Cofounder of HuManagement, Hady Hajjar,

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Event Coverage

Sima Ganwani Ved, Founder and Chairwoman, at Apparel Group

Esin Güral Argat, Vice President at Gürok Group

Mona Kattan, Founder of Kayali Fragrances

advancing in their careers. “We have proof from the GCC that organizations have more productivity if women are on the team,” said Malauzat.

General Manager at Microsoft Qatar, Lana Khalaf, and TV Presenter at MBC and MTV, Annabella Hilal, looked into strategies for achieving gender equality and promoting diversity and inclusion with Global Keynote Speaker & Founder of Humanizing Brands, Mariam Farag.

“When I wanted to start programming, everyone told me no, you should be in sales because of how you look and talk,” revealed Khalaf. Hilal also experienced similar biases. “I was sometimes judged for my looks; people thought it was easy for me because of how I looked,” she shared. “This is not true at all; I have worked very hard.”

on digitizing the journey of an individual as well as a broker,” she described.

“Tech is coming across all industries.”

Vice President of the Gürok Group, Esin Güral Argat, gave her insights on gender equality and how women are changing the game in non-traditional industries and hospitality. “Prejudice continues to create roadblocks in girls’ lives,” she said. “Our priority as leaders should be to enable women to play an active role in the digital world.”

Founder and Creative Director at SB Creations, Selma Benomar, and CEO of Basil Soda Fashion House, Denise Soda, spoke to Senior Presenter at Forbes Middle East, Nancy Bahmad, about style, confidence, and authenticity, describing with emotion where they found their inspiration. “Without love, you cannot do anything. I had a goal, and I had to reach it. I have passion,” said Soda, as she revealed how deeply her late husband had supported and influenced her. “We have a lot of mentors; my first was my mother,” said Benomar as she described her own journey. “It was hard to leave a successful career to start something from scratch.”

Presenting a workshop on trading, Founder and CEO of VI Markets, Talal Al Ajmi, shared with the crowd how the industry is attracting and opening up to women. “In 2015, there were very few female traders; now, more than 40% of traders are women,” he explained. “We have to be keen to deliver the right information.”

Vice President at Ignition Kuwait, Lama Al Oraiman, and astronaut and

CEO of the Deep Space Initiative, Sara Sabry, shared their unique take on progress towards sending Arabs into space with Senior Presenter Lubna Abdulaziz. Sabry, who arrived on stage in her astronaut suit, described how it felt to find out she had been selected to travel to space. “When I heard the news, I was so shocked. The period after that, I felt like I was telling the story of someone else,” she shared. However, she soon became prepared. “I had a lot of psychological training, so when it happened, instead of being anxious, I felt excited,” she added. Oraiman spoke about how far the Arab world has come to make a mark on international progress in space exploration. “We have to understand how important the role of space is,” she stressed. “In the Arab world, we have launched into space, and now we are more developed.”

Founder of Etijah Coaching and Consulting, Dina Shabib, and the Founder of Smartista, Amnah Yaqoub, explored strategies for entrepreneurs to build resilience, perseverance, and success with Visa’s Ali Bailoun. “As an entrepreneur with limited knowledge of planning and coding for a tech startup, it was challenging to build a team, especially hiring remotely,” said Yaqoub as she recalled her entrepreneurial journey. “There’s a lot of challenges we face as women when we enter the workplace. There are challenges all the time,” said Shabib. “I don’t take them as big challenges very much anymore.”

Lighting the way for female founders, the Founder of JRN Consultancy, Ruwaida Abela Northern, Cofounder

Day Three: Positivity & Confidence Day three kicked off with Managing Director of Sales & Development at DAMAC Properties, Amira Sajwani, and CEO at TAQA Arabia, Pakinam Kafafi, debating how women contribute to sustainable and transformative change with CIB Board Member and Head of the Sustainability Committee, Hoda Mansour. “Working in male-dominated industries is quite different,” noted Mansour. “Energy was always a male-dominated industry, which is now changing a lot,” agreed Kafafi. “You cannot live without energy.

For me, it was passion. Every day you have something new.” Sajwani explained how she was taking a different angle on real estate. “I just launched my prop-tech, and it focuses F O R B E S M I D D L E E A S T.C O M

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Manar El Amin, CEO at Sparkle Media Service, Ruwaida Abela Northern, Founder of JRN Consultancy, Sonal Vara-Parmar, Founder and CEO of IAM Entertainment, and Sara Al Ayed, Co-Founder and Partner at TRACCS

Kiran Haslam, Chief Marketing Officer at Diriyah Company

Susanne Mikhail, Regional Director at UN Women Arab States

Sara Sabry, CEO at Deep Space Initiative

and Partner at TRACCS, Sara Al Ayed, and the Founder and CEO of IAM Entertainment, Sonal Vara-Parmar, spoke to the CEO of Sparkle Media Services, Manar El Amin. “I think the media has distorted what we can and cannot do. You cannot achieve everything in one day,” stressed Al Ayed.

“You set the pace. Women supporting each other; women supporting women’sbusinesses. Let’s really come together and rally together.” Northern agreed that women need more balance and realistic goals. “I think we need to change what we perceive as a hard worker. We need to try to change what we can achieve. It’s unrealistic to think we need to be chained to our desk nine to five to achieve these tasks,” she explained. Vara-Parmer agreed, saying, “It’s about being adaptive and changing with what’s happening globally. The pandemic taught us how to pivot. I believe in working smarter and not harder.”

Guinness World Record Holder, Athlete, and Fitness/Life Coach, Dareen Barbar, inspired the crowd by telling her story of how she found purpose after losing one of her legs and found the strength to pursue her dreams and exceed all expectations. “I thought that my disability was ugly and painful, and to cover it. But I reset my mind by identifying the limiting beliefs that were stopping me. I replaced the ‘I can’t’ with ‘I can’ through practice and effort,” she emphasized to the enthralled audience before receiving a standing ovation. “View failures and setbacks as opportunities for learning and growth. The best version of yourself is there, ready to be discovered, and when you discover it, how awesome the change will be. Do not allow society to categorize you.”

Group Chief Commercial Officer at Shahid MBC Group, Natasha Matos-Hemingway, discussed women’s leadership and the rise of

streaming platforms in MENA with Senior Producer and Presenter at Forbes Middle East, Ramia Farrage, acknowledging that being a thriving female leader in a booming industry is not easy, but is very rewarding.

“Being the number one streamer in the MENA region, we don’t say that lightly; it does come with a strong responsibility,” she mused.

Founder of Dao Derma, Sham Zhabi, told the room, “Beauty to me comes from within truly beautiful, authentic and original people no matter what their proportions are. To me, working along with standards was not part of my protocol. I wanted to change that,” as she talked about embracing inner beauty and rejecting plastic surgery pressures.

As she told her story about pivoting from banking to education, Director & Owner of the Al Faris International School, Sahar Hamad Al Marzouki, told Senior Producer & Presenter at

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Event Coverage

Nancy Bahmad, Senior Presenter at Forbes Middle East, Denise Soda, Chief Executive Officer at Basil Soda Fashion House, and Selma Benomar, Founder and Creative Director at SB Creations

Actress Maguy Abu Ghosn

Dr. Saeeda Jaffar is the SVP & Group Country Manager for GCC, Visa

H.H. Princess Loulwa Bint Yazeed Al Saud, Founder of 966+

Forbes Middle East Ramia Farrage that she used every challenge and doubt as inspiration to forge a new path. “It was a challenge every day.

Every day they punched me, I bounced stronger. These punches made me think. I wanted to create thinking; I wanted an interesting education. We are facilitators,” she emphasized.

Renowned beauty icon and Founder of Kayali Fragrances, Mona Kattan, presented a masterclass on looking and feeling empowered. She shared a selection of tips and affirmations for finding confidence and happiness in yourself, saying, “Confidence is not given; it’s built just like anything. It’s a muscle you have to strengthen continuously. The more you believe in yourself, the more comfortable you are celebrating everyone. Everyone is on their own path.”

As they explored the junction between fashion and luxury auto, Fashion designer Razan Alazzouni and

Bespoke Lead Designer at Rolls-Royce Motor Cars, Michelle Lusby, described to the Founder of Humanizing Brands, Mariam Farag, how they begin creating a new piece of art. “I start with embroidery when I find a subject or emotion,” said Alazzouni. “My mum used to love to dress up. I feel that it’s very important to have your personality reflected in your style.” For Lusby, it all starts with a conversation.

“I start with colors, where they are from, and their favorite place. We’re not talking about a car, we’re talking about a piece of art,” she explained.

“In the Middle East, it’s really an expression of who you are. More women are coming into the private office at Goodwood and Dubai.”

Miss Universe Bahrain 2022, Evlin Khalifa, and Miss Lebanon 2022, Yasmina Zaytoun, spoke to Content Producer at Forbes Middle East, Jayda Shoukry, about how where they find purpose in winning their crowns.

“Miss Lebanon is one of the most important stations but not the final destination. It’s the bridge to reach my goals, my personal, humanitarian, and professional level,” said Zaytoun.

Khalifa echoed her sentiments. “It is not just a beauty competition, it’s a platform where women stand for their rights,” she insisted. “The competition is about our focus and beliefs. It needs strength and power and confidence in yourself as well.”

In the last session of the day and the summit, Regional Director at UN Women Arab States, Susanne Mikhail, delved into surging women’s employment in the Arab world. “The reality is that many women all over the world, including the Arab states, don’t have an enabling environment,” she shared. “We have a large-scale program together with 22 Arab states to increase women’s participation in the labor force by 5% in a relatively short period of time.”

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94 Ramia Farrage, Senior Producer and Presenter, Forbes Middle East, Natasha MatosHemingway, Group Chief Commercial Officer at Shahid MBC Group

Hoda Mansour, Board Member and Head of Sustainability Committee, Commercial International Bank, Pakinam Kafafi CEO at TAQA Arabia and Amira Sajwani Managing Director of Sales & Development at DAMAC Properties

Mariam Farag, Global Keynote Speaker & Founder of Humanizing Brands, Annabella Hilal, TV Presenter at MBC and MTV and Lana Khalaf, General Manager at Microsoft Qatar

Cedric Haddad, Celebrity Stylist and Owner of #StyledByCed F O R B E S M I D D L E E A S T.C O M

Hady Hajjar, Co-Founder at HuManagement

Dareen Barbar, Guinness World Record Holder, Athlete, and Fitness/Life Coach

Meryem Uzerli, Turkish-German Actress

Jayda Shoukry, Content Producer at Forbes Middle East, Evlin Khalifa, Miss Universe Bahrain 2022, and Yasmina Zaytoun, Miss Lebanon 2022 JUNE 2023

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• THOUGHTS ON •

Mentoring “Who cannot give good counsel? ’Tis cheap, and it costs them nothing.”

“Mentors have a way of seeing more of our faults than we would like. It’s the only way we grow.”

—Robert Burton

—George Lucas

“While I made my living as a coach, I have lived my life to mentor, and to be mentored.”

“In the absence of a perfect universal mentor, books and other texts are the best and cheapest stand-ins, always available to those who know where to look.”

—John Wooden “We all have a better guide in ourselves, if we would attend to it, than any other person can be.”

—John Taylor Gatto “The mind is not a vessel to be filled, but a fire to be kindled.”

—Jane Austen “Advice is seldom welcome, and those who want it the most always like it the least.”

—Plutarch “Whether you turn to the right or to the left, your ears will hear a voice behind you, saying ‘This is the way; walk in it.’ ”

—Lord Chesterfield “The recommendation when I’m mentoring folks—I always tell them, take a risk.”

—Ginni Rometty “I have lived some 30 years on this planet, and I have yet to hear the first syllable of valuable or even earnest advice from my seniors.”

—Henry David Thoreau “The delicate balance of mentoring someone is not creating them in your own image but giving them the opportunity to create themselves.”

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

Steven Spielberg

“Without access to mentors, many of us are not prepared for the game. It’s as if we’re trying to play soccer on a baseball diamond.”

—Brenda Harrington “Teach them the quiet words of kindness, to live beyond themselves. Let your spirit move through them softly.”

—Pat Conroy

—Isaiah 30:21 “A wise parent humors the desire for independent action, so as to become the friend and advisor when his absolute rule shall cease.”

—Elizabeth Gaskell “It is perfectly fine with me that what for one man is precious wisdom for another sounds like foolery.”

—Hermann Hesse

SOURCES: ANATOMY OF MELANCHOLY, BY ROBERT BURTON; WALDEN, BY HENRY DAVID THOREAU; THE PRINCE OF TIDES, BY PAT CONROY; ACCESS DENIED, BY BRENDA HARRINGTON; MANSFIELD PARK, BY JANE AUSTEN; NORTH AND SOUTH, BY ELIZABETH GASKELL; SIDDHARTHA, BY HERMANN HESSE; THE UNDERGROUND HISTORY OF AMERICAN EDUCATION, BY JOHN TAYLOR GATTO.

FINAL THOUGHT

“The really big executive rejoices when others grow big.”

—B.C. Forbes

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