IN NUMBERS: BEHIND THE WEALTH THE NEXT WAVE OF MIDDLE EAST TRAVEL TRENDS
THE $100 BILLION CLUB
THE RICHEST WOMEN IN THE WORLD 2024 MENA’S 4 GROUNDBREAKING HOTEL OPENINGS
KABIR MULCHANDANI Founder and Chairman of FIVE Holdings
“AN INTEGRAL PART OF BEING AN ENTREPRENEUR IS TAKING RISKS.”
AY CONNEC
ST
S
ST
T H OU R L A T E
ESS NEW
PLUS: TOP 100 TRAVEL & TOURISM LEADERS 2024
WI
SIN
MEET THE 29 RICHEST BUSINESS PEOPLE IN THE MIDDLE EAST, WITH A COLLECTIVE WEALTH OF $100.9 BILLION.
D
BU
MAY 2024 ISSUE 139
RICHEST BILLIONAIRES
TE
THE MIDDLE EAST’S
MAY 2024 ISSUE 139 UAE.............................................................. AED 15 SAUDI ARABIA.......................................... SAR 15 BAHRAIN..................................................BHD 1.5 KUWAIT..................................................KWD 1.25 OMAN........................................................ OMR 1.5 QATAR......................................................... QAR 15 OTHERS............................................................... $4
84
F O R B E S M I D D L E E A S T.C O M
MAY 2024
85
F O R B E S M I D D L E E A S T.C O M
MAY 2024
8 I Sidelines Titans & Travellers
By Claudine Coletti FRONTRUNNER
CONTENTS
2
BILLIONAIRES
10 I The $100 Billion Club The number of people with dozen-digit fortunes is soaring. BY CHASE PETERSON-WITHORN LEADERBOARD
14 I The Richest Women in the World 2024 Women account for just over 13% of the world’s billionaires. They are richer than ever before.
26
By Samantha Kroontje
16 I In Numbers: The Middle East’s
Billionaires 2024
Meet the region’s wealthiest individuals, according to the Forbes World’s Billionaires List 2024. All net worths are as of March 8, 2024.
By Jamila Gandhi HOSPITALITY
18 I MENA’s 4 Groundbreaking Hotel
Openings in 2024
From transcending the physics of architecture to fusing conservation into memorable entertainment, here are four new luxurious properties in MENA opening in 2024, as featured in Forbes’ 2024 Most Anticipated Hotel Openings.
By Jamila Gandhi TRAVEL
20 I The Next Wave of Middle East
Travel Trends
Here’s what travelers in the Middle East are looking forward to in their upcoming trips.
By Mariam Moursi CONTRARIAN
STRATEGIES
22 I The New Goal Standard JORGE MAS took a risk with a lucrative bet on Lionel Messi and quickly transformed Inter Miami into MLS’s second billiondollar franchise. But now the clock is ticking.
By Justin Birnbaum TECHNOLOGY/INNOVATION
26 I Riches from Rags Investors have blown billions of dollars on loss-making luxury clothing resale firms. VINTED, an unlikely startup from Lithuania, finally cracked the code. By Iain Martin
F O R B E S M I D D L E E A S T.C O M
74 FEATURES
74 I Watching Out for the Wealthy Faisal Al-Hamad, CEO of Kuwait-based NBK Wealth, has been leading the NBK Group’s client-centric businesses under a unified umbrella since 2021. With over $20 billion in assets under management, he’s now planning for expansion. By Hagar Omran LIFESTYLE
78 I The Enduring Allure of Arab Hospitality According to UN Tourism, the Middle East witnessed a significant surge in tourist arrivals in 2023, with a 22% increase compared to pre-pandemic times. Travelers are flocking to various cities across the region in search of a warm reception. Here, we explore the origins of Middle Eastern hospitality. By Fouzia Azzab
80 I Thoughts On Inequality MAY 2024
3
F O R B E S M I D D L E E A S T.C O M
MAY 2024
THE MIDDLE EAST’S
TOP 100 TRAVEL & TOURISM
LEADERS 2024
RICHEST BILLIONAIRES
CONTENTS
4
THE MIDDLE EAST’S
38 I Empire Building Hussain Sajwani, Founder and Chairman of the DAMAC Group, has built a property empire and accumulated over $5 billion in wealth since establishing the group in 1982. As he continues to seek out new opportunities, he’s also supporting the next generation as they follow in his footsteps. By Claudine Coletti
F O R B E S M I D D L E E A S T.C O M
MAY 2024
5
F O R B E S M I D D L E E A S T.C O M
MAY 2024
May 2024
Issue 139
•
CONTENTS
6
INSIDE •
COVER STORY
46 Party With Purpose New Forbes billionaire Kabir Mulchandani, Founder and Chairman of FIVE Holdings, is building an entertainment ecosystem with a sustainable footprint. Now, he’s talking IPO plans. By Hannah Stewart
F O R B E S M I D D L E E A S T.C O M
MAY 2024
Ministry of Civil Aviation Egyptian Holding Company for Airports and Air Navigation
Cairo Airport Company
7
Within the framework of the Government of the Arab Republic of Egypt encouraging Egyptian, Arab and foreign capital to Invest and create more job opportunities to establish projects to develop the national economy, Cairo Airport Company announces the launch of a public bidding through the two-envelope system (technical and financial) among major national, Arab and foreign investment companies suitable for establishing (commercial / economic / tourism / administrative / sports activities) for the occupancy and use of the following: Area in square meters
Location
Activity
39000
Overlooking Al-Nasr Road and Al-Oruba Road
Commercial / Administrative / Service
• The bidding documents can be obtained from the Commercial Transactions Terminal No. (1)Fourth floor -Building 101, as of Wednesday, 15/5/2024, by a written request and payment of (50,000 pounds), only fifty thousand Egyptian pounds the price of the bidding documents. • Payment of EGP 1,000,000 (one million Egyptian pounds), in cash, by bank cheque / approved cheque, or by a letter of guarantee issued by an accredited bank which letter is unconditional and irrevocable, and valid for a period of four months starting from the date of the technical envelope opening session to cover the validity period of the submitted offer and any subsequent extension thereof, provided that the bid bond is completed to the equivalent of six months of the value at which the bid will be awarded, and the occupancy and usufruct fees as a performance bond valid throughout the license period. • The said plot of land is set to be inspected at 12 pm on Sunday 26/5/2024. • Bids must be submitted no later than Wednesday 12/6/2024 (for submitting the technical and financial envelope) at exactly twelve o’clock noon. Any bid received after this date will be rejected, provided that Thursday 13/6/2024 is the date for opening the technical envelope. • This bidding is governed by the provisions and procedures of Cairo Airport Company purchase and sale regulations.
For inquiries, call +2022652051; +2022654730; +201006590446; +201275359558; +201003855850 Or via email HeadofCommercialSector@Cairo-Airport.com
F O R B E S M I D D L E E A S T.C O M
MAY 2024
SIDELINES
FORBES MIDDLE EAST
8
Titans & Travellers This month, we reveal one of the biggest lists on our calendar, highlighting the Middle East’s billionaires for 2024. Derived from Forbes’ 38th annual World’s Billionaires list, these are the region’s richest people, excluding Saudi Arabia, which was absent from the global list for the seventh consecutive year. This year, we have included not only Arab billionaires but also those billionaires who are both based here and conduct their main business from the Middle East. There are 29 billionaires on our list in 2024, with a collective wealth of $100.9 billion. Globally, there are more billionaires today than have ever been recorded by Forbes previously. In 2015, there were 1,826 billionaires worldwide, worth a collective $7.05 trillion. This year, there are 2,781 billionaires, and their wealth has nearly doubled since 2015 to $14.2 trillion in 2024, a $2 trillion increase compared to last year. Among the 263 new billionaires this year are pop icon Taylor Swift, NBA legend Magic Johnson, and fashion designer Christian Louboutin. The Middle East has also seen some new entries in 2024, including Kabir Mulchandani, Founder of FIVE Holdings and owner of the Pacha Group, who joined the global list this year with a net worth of $2 billion. In this month’s issue, we speak to him about the philosophy behind his brand that has seen him join the ranks of the world’s richest people. We also explore the more than 40-year journey behind the U.A.E.’s richest real estate billionaire, Hussain Sajwani, Founder of the DAMAC Group, and look at how his children are following in the family footsteps. At the same time, this month, we reveal the Middle East’s top 100 leaders in travel and tourism, which has become one of the region’s most important sectors over the last couple of decades and is still growing. In 2023, inbound leisure arrivals for the Americas, Europe, Asia-Pacific, and Africa were all still considerably less compared to 2019, with the Middle East the only region to show growth compared to pre-pandemic levels, with arrivals up 22% above 2019, according to UN Tourism. In the U.A.E.—which accounts for 54 entries on the list—tourism contributed nearly $45.5 billion or 9% to GDP in 2022 and is expected to contribute up to 15% by 2031, according to the country’s Ministry of Economy. Last year, it had already grown to $59.9 billion and 11.7% of GDP, according to the World Travel & Tourism Council. Saudi Arabia, which has 19 entries on our list, announced last year that it plans to invest $800 billion in growing its tourism sector over the following ten years. I hope you enjoy getting to know more about the leaders behind this region’s burgeoning tourism ambitions as they entice travelers to its shores, as well as the ultra-rich titans taking their places once again among the global elite.
—Claudine Coletti, Managing Editor
F O R B E S M I D D L E E A S T.C O M
MAY 2024
INNOVATING SINCE 2010 MAY 2024 ISSUE 139
Dr. Nasser Bin Aqeel Al Tayyar President & Publisher nasser@forbesmiddleeast.com
9
Khuloud Al Omian khuloud@forbesmiddleeast.com
Editorial
Business Development
Claudine Coletti Managing Editor claudine@forbesmiddleeast.com
Ruth Pulkury Senior Vice President - Business Development
Laurice Constantine Digital Managing Editor laurice@forbesmiddleeast.com
ruth@forbesmiddleeast.com
Fouzia Azzab Deputy Managing Editor fouzia@forbesmiddleeast.com
Fiona Pereira fiona@forbesmiddleeast.com
Amany Zaher Senior Quality Editor amany@forbesmiddleeast.com
Karl Noujaim karl@forbesmiddleeast.com
Jamila Gandhi Senior Editor jamila@forbesmiddleeast.com
Sarah Gadallah Hassan sarah.g@forbesmiddleeast.com
Rawan Hassan Senior Translator rawan@forbesmiddleeast.com
Maher El Zein maher@forbesmiddleeast.com
Samar Khouri Reporter samar@forbesmiddleeast.com
Upeksha Udayangani Client Relations Executive upeksha@forbesmiddleeast.com
Cherry Aisne Trinidad Senior Online Editor aisne@forbesmiddleeast.com
Anam Imtiaz Junior Client Relations Executive anam@forbesmiddleeast.com
Research
Tayyab Riaz Mohammed Financial Controller riaz@forbesmiddleeast.com
Jason Lasrado Head of Research jason@forbesmiddleeast.com Nermeen Abbas Senior Researcher nermeen@forbesmiddleeast.com Elena Hayek Researcher elena@forbesmiddleeast.com Layan Abo Shkier Research Reporter layan@forbesmiddleeast.com Soumer Al Daas Head of Creative soumer@forbesmiddleeast.com Julie Gemini Marquez Brand & Creative Content Executive julie@forbesmiddleeast.com Mohammed Ashkar IT Manager ashkar@forbesmiddleeast.com Muhammad Saim Aziz Web Developer saim@forbesmiddleeast.com Habibullah Qadir Senior Operations Manager habib@forbesmiddleeast.com
FORBES US Chairman and Editor-In-Chief Steve Forbes CEO and President Michael Federle
Copyright© 2023 Arab Publisher House Copyright @ 2023 Forbes IP (HK) Limited. All rights reserved. This title is protected through a trademark registered with the US Patent & Trademark Office Forbes Middle East is published by Arab Publisher House under a license agreement with Forbes IP (HK) Limited. 499 Washington Blvd, 10th floor, Jersey City, NJ, 07310 Founded in 1917 B.C. Forbes, Editor-in-Chief (1917-54); Malcolm S. Forbes, Editor-in-Chief (1954-90); James W. Michaels, Editor (1961-99) William Baldwin, Editor (1999-2010) ABU Dhabi Office Office 216, Podium 2, Yas Creative Hub, Yas Island, Abu Dhabi, U.A.E. - P.O. Box 502105, info@forbesmiddleeast.com Dubai Office Forbes Middle East Studio, Warehouse No. 16, Garhoud, Dubai - U.A.E. | P.O. Box 502105, Tel: +9714 3995559 Qatar 14-DD2, Commercial Bank Plaza, West Bay, Doha, Qatar readers@forbesmiddleeast.com subscription@forbesmiddleeast.com Queries: editorial@forbesmiddleeast.com For Production Queries: production@forbesmiddleeast.com
Forbes Middle East is legally represented by Abdullah AlHaithami Advocate & Legal Consultants
Check our Sustainability Policy F O R B E S M I D D L E E A S T.C O M
P.O.Box 95561 Dubai • UAE Tel: +971 4 886 8535
www.intlawfirm.com MAY 2024
FORBES MIDDLE EAST
Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House
WHAT ’ S NEW
FRONTRUNNER
10
•
FRONTRUNNER
•
WHO’S NEXT
By Justin Birnbaum
BY CHASE PETERSON-WITHORN. ILLUSTRATION BY BEN KIRCHNER
Billionaires
THE $100 BILLION CLUB The number of people with dozen-digit fortunes is soaring. (From left) Bernard Arnault, Steve Ballmer, Mukesh Ambani, Jeff Bezos and Elon Musk
F O R B E S M I D D L E E A S T.C O M
MAY 2024
$12
$9
$6
$3
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
$0
1. Bernard Arnault $233 Billion • LVMH • France The richest person in the world for the second year in a row. Arnault’s wealth grew by 10% in 2023 thanks to another record year for his luxury conglomerate, LVMH, which owns Louis Vuitton, Christian Dior and Sephora. Last year, the fashion giant announced $16.5 billion in net profit on $94 billion in revenue. Arnault cemented his succession plan to keep family control in January, when he proposed adding his sons Alexandre and Frédéric to LVMH’s board, where they would join his two eldest children, Antoine and Delphine.
2. Elon Musk $195 Billion • Tesla, SpaceX • U.S. Musk is a long way from November 2021, when he became the first person ever worth $300 billion. Since then, he has gained and lost the “world’s richest” title several times over as his bold bets have either taken flight (SpaceX’s valuation has soared 80% to $180 billion) or fizzled (X, née Twitter, is worth some 70% less than when he bought it in October 2022, and shares of Tesla have slipped 57% since late 2021). In January, a Delaware judge voided his 2018 award of Tesla stock options, worth $46 billion today. Forbes has discounted the shares by 50% pending Musk’s appeal. MAY 2024
FRONTRUNNER
11
Total Wealth ($trillions)
$15
2006
F O R B E S M I D D L E E A S T.C O M
THE SUPER-RICH KEEP GETTING SUPER-RICHER. THE COMBINED NET WORTH OF THE PLANET’S BILLIONAIRES HAS SKYROCKETED BY 545% OVER THE PAST TWO DECADES, TO $14.2 TRILLION— QUADRUPLE THE 111% RISE IN WORLD GDP.
2005
PATRICK WELSH FOR FORBES
T
There are some things that only money can buy, such as membership in the $100 Billion Club—the elite class of billionaires who have 12-figure fortunes. This year, a record 14 people worldwide qualify. That’s up from six last year and just one in 2020. Many of them struck it rich by starting tech companies. As a group, the World’s Billionaires are 120% richer than they were a decade ago. But these 14, whose wealth is up 255% over the same stretch, have done much better than the average billionaire. Their net worths have far outpaced inflation (up 32%) and the broader stock market (S&P 500 up 182%), placing them in the company of NFL franchises (up 257%) in terms of skyrocketing value. These 14 are worth $2 trillion in all, meaning just 0.5% of the world’s 2,781 billionaires hold 14% of all billionaire wealth. It wasn’t long ago that $100,000,000,000 seemed out of reach, even for the billionaire set. In 1987, when Forbes published its first global wealth ranking, we found just two people, both Japanese tycoons, worth more than $10 billion (about $27 billion in today’s dollars, a sum that would rank 69th on the 2024 list). It took the dot-com bubble to create the first centibillionaire, Bill Gates, whose Microsoft shares briefly pushed him beyond 11 figures in 1999 before the crash chopped his net worth nearly in half. No one would come close for almost two decades, even as markets soared before and after the Great Recession. Jeff Bezos finally cracked the code anew in late 2017, becoming the second $100 billionaire when Amazon rocketed toward $1 trillion in market capitalization. Still, it took until 2021 for the $100 Billion Club to expand beyond Bezos, when Elon Musk, Bernard Arnault and Bill Gates made the grade. Now, with megawealth surging around the globe, membership is getting more common by the day. A 15th person, L’Oréal heiress Françoise Bettencourt Meyers (worth $99.5 billion), is knocking on the door, with tech mogul Michael Dell ($91 billion) not far behind her. But for the moment, here is the full roster of Earth’s most exclusive club, from least to most super-rich. (Net worths are as of March 8, 2024.)
TRILLIONS UPON TRILLIONS
3. Jeff Bezos $194 Billion • Amazon • U.S.
FRONTRUNNER
12
The Amazon founder struck gold this year, in terms of both wealth and sunshine. He’s $80 billion richer, thanks to a 93% jump in his e-commerce leviathan’s stock. Meanwhile, he spent $150 million buying homes on Miami’s “billionaire bunker” island as part of a move to sunny, tax-friendly Florida after three decades in drizzly Seattle.
4. Mark Zuckerberg $177 Billion • Facebook • U.S. What a run it’s been for the Meta CEO. After the social media giant’s stock plunged 75% from its 2021 peak, Zuckerberg laid off almost a quarter of its staff while maintaining huge bets on AI and the metaverse. Shares nearly tripled over the past year, making Zuck, at 39, the wealthiest he has ever been.
5. Larry Ellison $141 Billion • Oracle • U.S. A decade after stepping down as Oracle’s CEO, Ellison is still chairman, CTO and its largest shareholder, with 40% of the company. Oracle stock is up 34%, and it threw off more than $1 billion (pretax) in dividends to Ellison over the last 12 months, helping make him $34 billion wealthier. His other ventures aren’t faring as well: His stake in X is worth less than a third of the $1 billion he paid for it, and Project Ronin, a cancer software startup he cofounded in 2018, is set to shut down.
6. Warren Buffett $133 Billion • Berkshire Hathaway • U.S. Buffett, whose longtime business partner Charlie Munger died at 99 in November, found himself in a rare feud over the past year, locking horns with fellow billionaire Jimmy Haslam over the price of Berkshire Hathaway’s acquisition of Haslam’s truck stop chain, Pilot Travel Centers. The parties settled in January, and Berkshire bought the last 20% of Pilot for $2.6 billion. Shares of Berkshire are at record highs, up 30% from last year.
7. Bill Gates $128 Billion • Microsoft • U.S. Despite being nearly the wealthiest he’s ever been, Gates ranks the lowest he has since 1992 thanks to stiff competition at F O R B E S M I D D L E E A S T.C O M
the top, a costly 2021 divorce and the $59 billion he has given to charity. The Microsoft cofounder was the world’s richest person for 18 of the 23 years from 1995 to 2017.
8. Steve Ballmer $121 Billion • Microsoft • U.S. The Los Angeles Clippers owner will move his team—the NBA’s fifth-most valuable—to a new stadium this summer: the (privately financed) $2 billion Intuit Dome, near LAX airport. Ballmer’s fortune surged by $40 billion since last year, due in part to the Clippers’ higher value but mostly thanks to soaring Microsoft shares.
9. Mukesh Ambani $116 Billion • Diversified • India Ambani became the first Asian member of the $100 Billion Club this year, thanks to the booming shares of his conglomerate, Reliance Industries. In March, he hosted a star-studded three-day gala at a Reliance refining complex to celebrate his youngest son Anant’s upcoming July wedding. Rihanna performed for 1,600 guests, including Mark Zuckerberg, Bill Gates and Ivanka Trump. Ambani's Reliance Industries owns Network18, which is a licensee of Forbes Media.
11. Sergey Brin
including one in Fiji and another in Puerto Rico. Brin came out of semi-retirement to submit changes to Google’s AI chatbot models last year and was listed as a “core contributor” when Gemini was released in December.
12. Michael Bloomberg $106 Billion • Bloomberg LP • U.S. In August, Bloomberg LP appointed Vlad Kliatchko as CEO, its first chief executive since 2014, when Bloomberg returned after three terms as mayor of New York. He is also making long-term plans for his money. Last April, the 82-year-old cofounder of the financial technology and media giant publicly committed to donating his 88% stake to Bloomberg Philanthropies, which funds causes like climate change prevention and public health, when he dies, if not sooner.
13. Amancio Ortega $103 Billion • Zara • Spain Ortega’s fortune has swelled by $26 billion since last year, pushing his net worth to 12 digits on the back of a 43% jump in shares of his clothing retailer, Inditex, which runs the Zara fast fashion chain. Ortega’s real estate portfolio, which includes logistics, residential and office properties mostly in Europe and North America, is now worth $20 billion and rents to tenants including Apple, Amazon and Walmart.
$110 Billion • Google • U.S.
14. Carlos Slim Helú
10. Larry Page
$102 Billion • Telecom • Mexico
$114 Billion • Google • U.S. The Google cofounders are now four years removed from day-to-day operations but remain the tech giant’s biggest individual shareholders. Page has mostly shied from public view, spending time on his five reported private islands,
Slim ranked as the richest person in the world from 2010 to 2013, worth $74 billion at his peak. Though there are now 13 others ahead of him, he’s still wealthier than he’s ever been thanks to a surge in the Mexican peso and a 60% jump in share price for his industrial conglomerate, Grupo Carso.
Editors: Grace Chung, Rob LaFranco, Chase Peterson-Withorn Country Editors: Russell Flannery, Jane Ho, Naazneen Karmali Wealth Team: Richard J. Chang, Kerry A. Dolan, Matt Durot, Annika Grosser, Monica Hunter-Hart, John Hyatt, Luisa Kroll, Samantha Kroontje, Sylvan Lebrun, Phoebe Liu, Devin Martin, Jemima McEvoy, Andrea Murphy, Segun Olakoyenikan, Hyunsoo Rim, Giacomo Tognini, Natalie Wu, Nicole Xu, Gigi Zamora and reporters at Forbes-licensed editions in the Czech Republic, Hungary, Israel, Kazakhstan, Romania, Russia, Slovakia, Ukraine and Affärsvärlden of Sweden Reporters: Dan Alexander, Sonya Angraini, Anna Bánáti, Nina Bambysheva, Justin Birnbaum, Ionut Bonoiu, Andreas Bornefeld, Jonathan Burgos, Kenrick Cai, Nilgun Cavdar, Matt Craig, David de Jong, Katarzyna Dębek, Marisa Dellatto, Steven Ehrlich, Amy Feldman, Klaus Fiala, Linus Gisborn, Konstantin Gnenny, Milán Golovics, Agnes Golya, Gloria Haraito, Joakim Hellquist, Christopher Helman, Alvaro Hernandez Zorrilla, Enyi Hu, Max Jedeur-Palmgren, John Kang, Shanshan Kao, Otto Klaar, Sergei Klebnikov, Alex Konrad, Zuzana Krajíčková, Zdravko Krstanov, Carl-Johan Kullving, Caroline Le Ridou, Zinnia Lee, Chengbo Liu, Anthony Livebrant, Julie Lu, Simone Melvin, Jonathan Moreland, Anis Shakira Mohd Muslimin, Lan Anh Nguyen, Cecilia Nikpay, Lucia Okšová, Robert Olsen, Phisanu Phromchanya, Juraj Proubský Marella Putri, Anu Raghunathan, Yessar Rosendar, Leonard Schoenberger, Aidyn Shagiyev, James Simms, Petr Šimůnek, Chloe Sorvino, Marine Strauss, Åsa Swee, Jessica Tan, Hank Tucker, Ozer Turan, Simran Vaswani, Catherine Wang, Yue Wang, Ardian Wibisono, Will Yakowicz and Itai Zehorai Research: Sue Radlauer Photo Research: Gail Toivanen, Amanda Whitlock Database: Ken Barney, Dmitri Slavinsky
MAY 2024
13
Hockey sticks and techtonic shifts—change happens gradually then all at once. Conventional models of leadership, business and entrepreneurship now face storms of transformations: new administrations and elections worldwide, geopolitical and trade tensions, volatile economic conditions, energy transitions, wildly accelerating tech—the list goes on. Amid this tumult, the 22nd Forbes Global CEO Conference will gather insights from top CEOs, thought leaders, entrepreneurs and investors as they create new paradigms to move forward, survive and thrive. For more information, please visit forbesglobalceoconference.com or email info@forbesasia.com.sg
CO-HOST SPONSORS
PRINCIPAL SPONSOR
CORPORATE SPONSORS
F O R B E S M I D D L E E A S T.C O M
MAY 2024
Billionaires
The Richest Women in the World 2024
Women account for just over 13% of the world’s billionaires. They are richer than ever before. Women occupy a small but growing slice of Forbes’ World Billionaires list. This year 369 out of 2,781 billionaires or 13.3% are women, up from 337 in 2023, when women accounted for 12.8% of the list. Together they are worth nearly $1.8 trillion, about $240 billion more than last year. The world’s richest woman for the fourth consecutive year is L’Oréal heiress Françoise Bettencourt Meyers. Her fortune jumped $19 billion in the past 12 months, putting her net worth at $99.5 billion, the biggest gain of any woman on the 2024 list, but just short for her to become the first woman to crack the swelling ranks of the $100 billion club. For more than two decades, either a Bettencourt or a Walton heiress has ranked No. 1 among all women. Bettencourt Meyers first took the top spot in 2019, two years after the death of her mother Liliane Bettencourt, who had held the title for six of the years from 2006 to 2017. Walmart founder Sam Walton’s only daughter, art devotee Alice Walton, the second richest woman in the world, was the richest woman in 2018 and 2020. Her sister-in-law Christy Walton ranked above her for seven years after the death of her husband John Walton in a helicopter crash; her fortune was later split up between her and her son Lukas. Nine of the 10 richest women inherited their fortunes, either from fathers, husbands or in one case, mother. MacKenzie Scott is the only one in the F O R B E S M I D D L E E A S T.C O M
top 10 to get her fortune via divorce. The ex-wife of Jeff Bezos, Scott, who is worth $35.6 billion, is up $11.2 billion from last year despite working at a whirlwind pace to give it away. The billionaire philanthropist recently donated $640 million to over 300 nonprofits, bringing her total lifetime philanthropic giving to $17.3 billion. Had she not been so generous, she would be worth $69 billion and rank as the third richest woman on the list, not fifth as she is now. Rafaela Aponte-Diamant, cofounder of one of the world’s largest shipping companies, is once again the richest selfmade woman on Forbes’ list. She’s also the seventh richest woman on the list and the only one of the 10 ten richest women who is self-made. This year 100 women on the list are self-made, by which we mean they founded or cofounded a company or built their fortune themselves, as opposed to inheriting it. Another 200 women inherited their fortunes, while 69 women are working to expand the successful businesses they inherited. Abigail Johnson, the richest woman who inherited and is growing her company, is the tenth richest woman in the world this year, up from 11th richest last year. The Fidelity Investments CEO took over for her father in 2014 and helped boost revenue to a record $28.2 billion in 2023. There are 46 new women who earned a spot on the 2024 list, some on account of stock rallies and others through
1. Françoise Bettencourt Meyers & family $99.5 Billion • L’Oréal • France
2. Alice Walton $72.3 Billion • Walmart • U.S.
3. Julia Koch & family $64.3 Billion • Koch Industries • U.S.
4. Jacqueline Mars $38.5 Billion • Candy, pet food • U.S.
5. MacKenzie Scott $35.6 Billion • Amazon • U.S.
6. Savitri Jindal & family $33.5 Billion • Steel • India
7. Rafaela Aponte-Diamant $33.1 Billion • Shipping • Switzerland & Italy
8. Miriam Adelson & family $32 Billion • Casinos • U.S.
9. Gina Rinehart $30.8 Billion • Mining • Australia
10. Abigail Johnson $29 Billion • Fidelity Investments • U.S. MAY 2024
BY SAMANTHA KROONTJE; ILLUSTRATION BY HEVAN CHAN FOR FORBES; PHOTOS, FROM LEFT: AMANDA GORDON/BLOOMBERG; ZABULON LAURENT/ZUMA PRESS/NEWSCOM; JÖRG CARSTENSEN/PICTURE ALLIANCE/GETTY IMAGES
LEADERBOARD
14
inheritance. The richest new women are two sisters, Märta Schörling Andreen and Sofia Högberg Schörling of Sweden. Their father, billionaire investor Melker Schörling, died in December 2023 and he left his fortune to his daughters, age 39 and 45. Each is worth $5.6 billion. Two other newcomers are from the tech sector: Michelle Zatlyn, cofounder of cybersecurity company Cloudflare, and Lisa Su, who heads semiconductor firm Advanced Micro Devices; both women benefited from surging shares at their respective companies in the past year. The most notable newcomer of all is pop star Taylor Swift, whose Eras Tour earned her an estimated $190 million after tax, helping make her the first billionaire musician bankrolled solely by performances, recordings and a lucrative half-billion dollar music catalog. She debuted as a billionaire in October. Here are the top 10 richest women in the world.
Unlock Choice, Not Commitment.
info@furnisure.me www.furnisure.me F O R B E S M I D D L E E A S T.C O M +971585756247
15
A Symphony of Style & Flexibility MAY 2024
Billionaires
In Numbers: The Middle East’s Billionaires 2024 • $100.9 billion
• 7 billionaires
20 of the 29 Middle East-based billionaires are Arab, making up nearly 69% of the Middle East’s Billionaires 2024 list. The 29 individuals are collectively worth $100.9 billion, with over 53% ($53.7 billion) of the combined net worth for the Arab billionaires.
Seven billionaires attribute their wealth to various, diversified sectors.
• $2.5 billion With a fortune of $2.5 billion, Algeria’s Issad Rebrab & family is the only Arab food tycoon. He founded Cevital, Algeria’s biggest privately-held company, which owns one of the largest sugar refineries in the world.
• 6 billionaires have the same net worth as of 2023, while 15 listees witnessed a year-on-year spike in their fortune.
• $8.8 billion Egypt’s Nassef Sawiris is still the richest Arab in the world, with a net worth of $8.8 billion—his wealth has surged by $1.4 billion since March 2023.
• 1 Russian/8 Indian One Russian and eight Indianorigin individuals constitute the non-Arab, Middle East-based billionaires on the ranking.
• $1.5 billion Nassef Sawiris is still the richest Arab in the world, with a net worth of $8.8 billion
• $11.8 billion The six Lebanese billionaires have a collective net worth of $11.8 billion.
• $18.4 billion The five Egyptian billionaires have a combined net worth of $18.4 billion.
• 39 year
• $12.3 billion
The richest Middle East-based billionaire is also the youngest— 39-year-old Pavel Durov. The Russian-origin listee and Telegram founder is the sole tech billionaire on the list.
Three Emirati billionaires feature on the 2024 list, with a combined net worth of $12.3 billion.
• 50 years
Four families with multiple listees appear on the list. Lebanon’s Hariri clan and Egypt’s Mansour brothers have the highest representation, with three entries each.
Only four billionaires are under 50 years of age.
• $31.7 billion Combined, the eight individuals of Indian origin are worth $31.7 billion. Retail tycoon M.A. Yusuff Ali is the wealthiest, with a net worth of $7.6 billion. F O R B E S M I D D L E E A S T.C O M
• 4 families
• $3.9 billion Five Arab billionaires are listed with joint family wealth. Abdulla bin Ahmad Al Ghurair
& family are the richest, with $3.9 billion.
• 7 years Forbes excluded billionaires from Saudi Arabia in its 2024 ranking for the seventh consecutive year.
• $4.8 billion Two newcomers—both Indians—join the elite cohort in 2024. The only female billionaire in the Middle East, Renuka Jagtiani leads retailing giant Landmark Group and has a net worth of $4.8 billion. Meanwhile, real estate mogul Kabir Mulchandani, owner of FIVE Holdings, controls a fortune of $2 billion.
• $2 billion At 94, Mohamed Al Fayed died in August 2023, making him the only Arab who dropped off the list. As of April 2023, he had a fortune worth $2 billion.
The richest Arab jeweler is Robert Mouawad, with a net worth of $1.5 billion. The Lebanese billionaire inherited the family’s eponymous high-end jewelry business, which his grandfather founded in Beirut in 1890.
• $1.4 billion Othman Benjelloun & family — valued at $1.4 billion—is the only active banker on the list. He serves as Chairman and CEO of Bank Of Africa.
• $3.5 billion Shamsheer Vayalil, founder and chairman of Burjeel Holdings, stands as the wealthiest Middle East-based healthcare tycoon, with an estimated fortune of $3.5 billion. His net worth got a boost from the October 2022 listing of Burjeel Holdings.
• 6 Lebanese 5 Egyptian Lebanese and Egyptian billionaires make the highest number of billionaires in the region, with six and five, respectively. MAY 2024
BY JAMILA GANDHI ; KEVIN DIETSCH/GETTY IMAGES/AFP
LEADERBOARD
16
Meet the region’s wealthiest individuals, according to the Forbes World’s Billionaires List 2024. All net worths are as of March 8, 2024.
LEADERBOARD
17
A world of your own making The most bespoke private island experience A collection of 26 immensely private beach and ocean houses and residences exist beyond the bounds of time; where nothing is fixed, and anything is possible. Where you are free to set your own beat. Free to do – and to be – as you please. www.thenautilusmaldives.com
F O R B E S M I D D L E E A S T.C O M
MAY 2024
Hospitality
MENA’s 4 Groundbreaking Hotel Openings in 2024 From transcending the physics of architecture to fusing conservation into memorable entertainment, here are four new luxurious properties in MENA opening in 2024, as featured in Forbes’ 2024 Most Anticipated Hotel Openings. • The St. Regis Red Sea Resort
• One&Only One Za’abeel
Country: Saudi Arabia
Country: U.A.E.
In January 2024, St. Regis Hotels & Resorts unveiled The St. Regis Red Sea Resort, marking the kingdom’s first private island resort in the Red Sea. Situated on Ummahat Islands within the Al Wajh Lagoon, the resort’s architecture is by Kengo Kuma, and its interiors are by Kristina Zanic Consultants. Accessible via chartered boat or seaplane from the Red Sea International Airport, the resort features 90 beachfront and overwater villas powered by 100% renewable energy generated by solar power and interiors developed in accordance with LEED platinum certification guidelines.
• Four Seasons Hotel Rabat at Kasr Al Bahr Country: Morocco Nestled along the Atlantic, Four Seasons Hotel Rabat is set to be a luxurious resort within Morocco’s capital, housed within the historic Kasr Al Bahr, or “Palace by the Sea.” Developed by Four Seasons Hotels and Resorts and Atlantic Coast Hospitality, a subsidiary of Q Holding, it was originally constructed as the summer residence for Sultan Moulay Slimane in the 18th century, this grand estate spans five hectares and transformed to comprise 11 buildings, six heritage and five new buildings. Expected to open in mid-2024, the hotel is expected to have 200 rooms and suites and an indoor saltwater pool oasis. F O R B E S M I D D L E E A S T.C O M
One&Only One Za’abeel officially opened its doors as the first urban vertical resort by Kerzner International in January 2024. The grand opening was marked with a starstudded three-day event from February 9 to 11. The celebrations included performances by Jennifer Lopez, Mark Ronson, and Idris Elba, along with a 3D light projection that set three Guinness World Records. The iconic H-shaped structure is designed by acclaimed architects Nikken Sekkei and features two skyscrapers connected by The Link—the world’s longest cantilever—housing the U.A.E.’s longest infinity pool. Guests also have access to culinary experiences from six of the world’s finest chefs, including Anne-Sophie Pic.
• Nujuma, a Ritz-Carlton Reserve Country: Saudi Arabia Nujuma, a RitzCarlton Reserve, is set to emerge in May 2024 within the Blue Hole cluster of the Red Sea’s Ummahat Islands, offering a private island experience. Developed by Marriott International and The Red Sea Development Company, this inaugural Ritz-Carlton Reserve property in the Middle East features 63 modern villas inspired by shells, showcasing found objects, local art, and seafacing pools. The resort also boasts an indoor-outdoor spa, a conservation center, and the Galaxea Diving Center. Designed by Foster + Partners.
MAY 2024
BY JAMILA GANDHI; IMAGE FROM SOURCE
LEADERBOARD
18
19 LEADERBOARD
Bringing luxury scents to your world. Discover the essence of sophistication with Touch of Oud. Let our fragrances transport you to a realm of elegance and refinement, making every moment memorable.
F O R B E S M I D D L E E A S T.C O M
@touchofoud www.touchofoud.com
MAY 2024
Travel
The Next Wave of Middle East Travel Trends Here’s what travelers in the Middle East are looking forward to in their upcoming trips. International tourism is set to be back on track to pre-pandemic levels by 2024 after hitting $1.4 trillion in 2023, according to the UNWTO. Despite current geopolitical tensions, the Middle East showed a significant recovery in international tourist arrivals in 2023 and was the only region to overcome pre-pandemic levels, with arrivals 22% above 2019. Research from the Marriott Bonvoy 2024 Future Travel Trends reveals that 78% of respondents in Saudi Arabia and 83% of respondents in the U.A.E. are now willing to pay extra for environmentallyfriendly accommodation. Hospitality service providers can take advantage of this. Bahrain International Airport, one of the biggest green buildings in Bahrain, is working to cut its carbon emissions and plans to reduce the country’s energy consumption by 6% by 2025. Travelers are also extra aware of the importance of supporting local communities, with 79% and 88% of respondents in Saudi Arabia and the U.A.E., respectively, thinking accommodation providers and holiday companies should support the local population where they offer holidays. In April 2024, the Royal Society for the Conservation of Nature in Jordan and Leaders International launched a two-year project called “NatureWorks” to promote environmental awareness and sustainable tourism and empower local communities F O R B E S M I D D L E E A S T.C O M
Europe is the most in-demand destination among travelers from EMEA for 2024, with 53% seeking to head to Europe for the summer holiday
12% of EMEA travelers seeking a visit to the region, a 1% increase from last year. Bangkok emerged as the highest-ranked long-haul destination, with an average trip length nearing 15 days. In contrast, demand to visit North America over the summer saw a 4% year-onyear decline.
In Numbers EMEA Travelers
53% 53% are opting to explore Europe in summer 2024.
in Eastern Badia including the Al-Shaumari Wildlife Reserve and Al-Dahek Reserve. Solo travel is becoming increasingly popular, especially in the U.A.E., according to Hilton’s 2024 Trends Report, with 61% of respondents considering a solo trip in the near future. And domestic trips are also on the rise. According to Mariott Bonvoy, 49% of respondents in the U.A.E. and 51% in Saudi Arabia have over five domestic trips every year. In 2023, Saudi Arabia welcomed 79.3 million domestic tourists, a 2% increase from the year before, according to Saudi Arabia’s Ministry of Tourism. Where users used AI, more than nine in 10 respondents across the U.A.E. and Saudi Arabia noticed its influence on their travel, citing influences on aspects such
as location, accommodation, and transport. In March 2024, Qatar Airways developed its first AI-powered digital human cabin crew, Sama 2.0, to provide its passengers with curated experiences.
• Destinations for summer 2024 Europe is the most in-demand destination among travelers from EMEA for 2024, with 53% seeking to head to Europe for the summer holiday, a 4% increase compared to last year, according to Skyscanner Partners’ latest Horizons report. Destinations in Spain and Greece make up six of the top 10 popular global destinations for EMEA travelers in 2024, with average trip lengths ranging from six to eight days. Southeast Asia also emerged as popular, with
12% 12% want to visit Southeast Asia in the summer of 2024.
4% Demand to visit North America saw a 4% yearon-year decline.
6 Destinations in Spain and Greece make up six of the top 10 popular global destinations.
15 Bangkok emerged as the highest-ranked longhaul destination, with an average trip length nearing 15 days. Source: March 2024’s Horizons report by Skyscanner Partners
MAY 2024
BY MARIAM MOURSI; GISCARD MATAR/ SHUTTERSTOCK.COM
LEADERBOARD
20
Ministry of Civil Aviation Egyptian Holding Company for Airports and Air Navigation
Cairo Airport Company
Within the framework of the Government of the Arab Republic of Egypt encouraging Egyptian, Arab and foreign capital to Invest and create more job opportunities to establish projects to develop the national economy, Cairo Airport Company announces the launch of a public bidding through the two-envelope system (technical and financial) among major national, Arab and foreign Investment companies suitable for establishing (commercial / economic / tourism / administrative / sports activities) for the occupancy and use of the following: Area in square meters
Location
Activity
37242
The ring road in the direction linking with Al-Fariq Al-Shazli axis
Commercial / Administrative / Services / Stores/ Specialized Exhibitions
• The bidding documents can be obtained from the Commercial Transactions Terminal No. (1) Fourth floor - Building 101, as of Wednesday, 15/5/2024, by a written request and payment of (20,000 pounds), only twenty thousand Egyptian pounds the price of the bidding documents. • Payment of EGP 200,000 (two hundred thousand Egyptian pounds), in cash, by bank cheque / approved cheque, or by letter of guarantee issued by an accredited bank, which letter is unconditional and irrevocable, and valid for a period of four months starting from the date of the technical envelope opening session to cover the validity period of the submitted offer and any subsequent extension thereof, provided that the bid bond is completed to the equivalent of six months of the value at which the bid will be awarded, and the occupancy and usufruct fees as a performance bond valid throughout the license period. • The said plot of land is set to be inspected at 12 pm on Sunday 26/5/2024. • Bids must be submitted no later than Wednesday 12/6/2024 (for submitting the technical and financial envelope) at exactly twelve o’clock noon. Any bid received after this date will be rejected, provided that Thursday 13/6/2024 is the date for opening the technical envelope. • This bidding is governed by the provisions and procedures of Cairo Airport Company purchase and sale regulations.
For inquiries, call +2022652051; +2022654730; +201006590446; +201275359558; +201003855850 Or via email HeadofCommercialSector@Cairo-Airport.com
F O R B E S M I D D L E E A S T.C O M
MAY 2024
LEADERBOARD
21
DARE TO DO DIFFERENTLY
•
C O N T R A R I A N • S T R AT EG I E S
22
By Justin Birnbaum
CONTRARIAN •
STRATEGIES
Photograph by Mary Beth Koeth for Forbes
The New Goal Standard
JORGE MAS took a risk with a lucrative bet on Lionel Messi and quickly transformed Inter Miami into MLS’s second billion-dollar franchise. But now the clock is ticking.
F O R B E S M I D D L E E A S T.C O M
MAY 2024
PATRICK WELSH FOR FORBES
Inside the AquaDome, a spherical atrium on the largest cruise ship in the world, Jorge Mas settles into his seat for what promises to be an extravagant show. Inter Miami’s billionaire owner is aboard Royal Caribbean’s Icon of the Seas to unveil his Major League Soccer club’s record-setting jersey sponsorship with the cruise company and witness the vessel’s naming ceremony. He looks on as the talent takes the stage, including an award-winning Scottish cover band, aquatic acrobats and the day’s biggest draw: Argentine soccer star Lionel Messi. For Inter Miami, such fanfare was once unfathomable. Ten months ago, it was a last-place club in American professional soccer’s highest tier, valued just above league average at $600 million, with minimal global fame despite being partly owned by David Beckham. Now, “you have to be under a rock to not know that Lionel Messi plays at Inter Miami,” the 61-year-old Mas says. Securing Messi didn’t come cheap—even if his Inter Miami salary is far less than the reported $400 million–a-year offer the Argentine star spurned from the Saudi Pro League. Mas says Messi will earn between $50 million and $60 million in guaranteed money annually, with the potential for more through individual revenue sharing deals with Apple and Adidas. Messi also has an option to take ownership in the club, which does not require a buy-in if exercised. But the South Florida-based franchise has already proven the reward was more than worthy of the financial risk. In 2023, with just a half-season of Messi, Inter Miami more than doubled its revenue to $118 million. The club expects that to soar past $200 million this year thanks to Messi-fueled ticket sales, lucrative advertising partnerships and an unprecedented global preseason tour. Messi’s arrival also doubled subscriptions last year on the league’s Apple TV streaming service, and teams hosting Inter Miami scored massive gate revenue increases. Forbes estimates Inter Miami is now the second-most valuable club in MLS, at just over $1 F O R B E S M I D D L E E A S T.C O M
By William Baldwin Sports fans can back up their passions with investment money. A share of Madison Square Garden Sports gives you a piece of the New York Knicks and the New York Rangers. The publicly traded Manchester United cuts you into a famous if recently disappointing soccer franchise. Atlanta Braves Holdings owns the baseball team. With these outfits you see scarcely any earnings, to say nothing of dividends, but there is the hope of a capital gain if whatever billionaire controlling the business gets bored and finds another billionaire willing to overpay for the team. That prospect seems more likely in Atlanta than in New York or Manchester. William Baldwin is Forbes’ Investment Strategies columnist.
MAY 2024
23 C O N T R A R I A N • S T R AT EG I E S
I
HOW TO PLAY IT
billion, and Mas’ roughly 80% stake has boosted his already sizable fortune to $1.7 billion. Inter Miami’s dramatic rise is the result of Mas’ unwavering, once irrational belief that he would eventually land the eight-time Ballon d’Or winner. But as much as Messi’s arrival opened a window of opportunity for his team, Mas is faced with an immediate challenge—the 36-year-old Messi can’t play forever, and his inevitable departure threatens to undo Inter Miami’s progress. “We understand the opportunity ahead of us,” Mas says. “[We need] to make sure that we [keep] fans, Messi or no Messi.” In retrospect, Mas is an unlikely architect of, arguably, the most significant deal in U.S. soccer history, considering the sport was hardly his first love. The Miami native and son of Cuban refugees grew up a baseball fanatic and aspired to play in college before, Mas says, a knee injury derailed his dream. Instead, he studied business at the University of Miami and later joined his father, Jorge Mas Canosa, a legendary leader in the Cuban exile community, at his family’s construction company. The younger Mas ushered in an evolutionary period for the firm, bringing in computers and automating its billing systems. When Hurricane Andrew decimated South Florida in 1992, he seized the opportunity to rebuild the state’s infrastructure. It laid the groundwork for a reverse merger that created MasTec in 1994. Today, the NYSE-traded firm generates $12 billion in revenue annually. Like many ultrarich sports fans, Mas often fantasized about owning a team. “The holy grail would have been being the owner of the [NFL’s Miami] Dolphins, but life has taken me where it should,” he says. His moment came in 2018, following an unsuccessful bid to buy MLB’s Miami Marlins. MLS commissioner Don Garber cold-called Mas, seeking a local partner to join Beckham in bringing an expansion team to South Florida. He mulled the offer, knowing it would be a risky investment, as most MLS clubs have traditionally lost money. However, after meeting with the former England captain and discussing their shared vision, Mas agreed to join the new ownership group. “I knew that he had enormous passion for our sport, loves his city and had a grand vision for what MLS in Miami could be,” Garber says. “So it was kind of love at first sight.” Even before Inter Miami debuted in 2020, Mas aimed to attract the best players in the world; he started meeting with Messi’s agent and father, Jorge Messi, in September 2019. His pursuit took him through Rosario, Argentina; Doha, Qatar; Barcelona and Paris as rumors surged that the
SportsMoney
TOP OF THE MLS TABLE The five most valuable MLS teams of 2024.
2. Inter Miami FC
$1.03 BIL KEY OWNERS: Jorge Mas*, Jose Mas, David Beckham 3. LA Galaxy
$950 MIL KEY OWNERS: Philip Anschutz* 4. Atlanta United FC
$900 MIL KEY OWNERS: Arthur Blank*
1. Los Angeles FC
5. New York City FC
KEY OWNERS: Bennett Rosenthal*, Brandon Beck, Larry Berg, Peter Guber
KEY OWNERS: City Football Group (Sheikh Mansour)
$1.2 BIL
F O R B E S M I D D L E E A S T.C O M
$850 MIL
*Billionaire
Pink and Serious Green Thanks to the arrival of Lionel Messi (front row left), Inter Miami’s new jersey sponsorship with Royal Caribbean cruise lines is the most lucrative in league history.
even though he’ll be pushing 40. Either way, it shouldn’t affect Inter Miami’s partnership revenue in the short term—Mas planned for many of the club’s deals to expire around Messi’s arrival so it could sign more lucrative ones, which he says will last well beyond the star’s tenure. In the past few months, Inter Miami has added multiyear pacts with JPMorgan Chase and Duracell, in addition to the deal with Royal Caribbean. Just as Pelé joining the Cosmos in 1975 brought other international soccer stars to New York, Mas is banking Inter Miami’s future on its ability to draw other top players to his team. “Money [is] no consideration,” he says. And Miami does have certain advantages—warm weather, cultural appeal, no state income tax and proximity to home for Latin and South American players. By 2027, Mas expects MLS will have “between 12 to 20 of the top 100 players in the world.” It’s a crucial time, too, as the league hopes to capitalize on the 2026 World Cup, which will be held in 16 cities across North America. Its media deal with Apple could be the most critical element. At an undisclosed subscriber threshold, the tech giant will share revenue with MLS beyond the $2.5 billion guaranteed over 10 years. “I feel a responsibility to help the league first,” Mas says. “This wasn’t only an Inter Miami thing, it’s a leaguewide thing. I’ll continue pushing as hard as I can for the overall benefit and health and growth of the league.” FI N AL TH OU GH T
“SOCCER IS SIMPLE, BUT IT IS DIFFICULT TO PLAY SIMPLE.” —Johan Cruyff
MAY 2024
PHOTO BY CHRIS ARJOON / AFP
C O N T R A R I A N • S T R AT EG I E S
24
Argentine would remain in Europe or decamp to Saudi Arabia. Mas’ tenacity was rewarded last June when Messi announced his next destination, creating a surge of fandom in South Florida. “More people feel connected to our city or want to be connected with our city in a deeper way,” says Craig Robins, a prominent Miami real estate developer. “Miami became a soccer city.” But Messi’s limitations have already become apparent. In October, the Chicago Fire drew 62,124 fans to Soldier Field to see MLS’s newest superstar, only for him to be ruled out due to injury minutes before kickoff. He also sat out the sold-out Hong Kong leg of the club’s preseason tour in February, drawing intense criticism from disappointed fans. A packed 2024 competition schedule only increases the urgency for Mas to plot his franchise’s future beyond Messi. When Messi will hang up his MLS cleats is unclear. He’s under contract for 2024 and 2025, with an option for 2026, and Mas is “highly confident” his star will stay the additional year,
25
F O R B E S M I D D L E E A S T.C O M
MAY 2024
CONTRARIAN • TECHNOLOGY/INNOVATION
By Iain Martin
C O N T R A R I A N • T E C H N O L O G Y/ I N N O VAT I O N
26
Photograph by Andrejs Zavadskis for Forbes
Riches from Rags Investors have blown billions of dollars on loss-making luxury clothing resale firms. VINTED, an unlikely startup from Lithuania, finally cracked the code.
T
Thomas Plantenga bet the future of Vinted on a television advertisement. The secondhand clothing resale app was burning $1 million per month and had less than a year of cash left when Plantenga made an $800,000 gamble on French television. F O R B E S M I D D L E E A S T.C O M
It was May 2016, and Plantenga had recently been hired to save the eight-year-old Lithuanian startup. After its founding at a college party in 2008, Vinted had grown rapidly as people from 10 countries used its platform to buy and sell secondhand clothes. But it was free for users, barely covering its server costs with advertising, and an attempt in 2014 to bolt on a Poshmarkstyle 20% sales commission resulted in a user revolt. Traffic almost halved overnight. The Netherlands-born Plantenga, who had never been
Goodwill Hunting Streetwear staples Adidas and Nike, and French womenswear brand Sezane, are the top movers on Vinted’s Europe-wide secondhand marketplace, says CEO Thomas Plantenga.
MAY 2024
PATRICK WELSH FOR FORBES
F O R B E S M I D D L E E A S T.C O M
HOW TO PLAY IT By John Dobosz Goodwill Industries dominates U.S. secondhand merchandise sales, but smaller players occupy lucrative niche positions in categories like clothing and sporting goods. Minneapolis-based Winmark franchises five brands in “gently used” retail: Plato’s Closet, Play It Again Sports, Once Upon a Child, Style Encore and Music Go Round. Royalties from more than 1,200 franchised stores make up 84% of total revenue, which rose 2.3% last year to $83 million. Net income was up 2% to $40 million. Quarterly dividends have grown 32% annually since 2014, and Winmark has paid special dividends in each of the past four years. Billionaire hedge fund manager Jim Simons’ Renaissance Technologies owns 5.1% of outstanding shares. John Dobosz is editor of Forbes Billionaire Investor, Forbes Dividend Investor and Forbes Premium Income Report.
signup process flooded the site with inventory. Plantenga’s tweaks also meant that sellers were often lured into browsing, then buying. A few clicks and a new coat or handbag will be in the mail without the hassle of auction bidding. “Thomas’ insight was that the sellers were the most valuable thing on the platform, and you can’t tax them,” Mikuckas says. Another key advantage, especially in urban Europe, where most people lack front porches for package deliveries: Vinted offers cheaper deliveries to neighborhood stores that get a small fee. Bodegas across Europe are filled with clothes stuffed in garbage bags with Vinted labels (Plantenga’s no-frills budget doesn’t stretch to free packaging). Its environmentally conscious young customers don’t care. Beyond Vinted’s startup rivals, there’s the granddaddy of online resale—eBay, which GlobalData estimates sold $11 billion worth of clothing last year. Vinted is less than half the size of Japanese app Mercari, which recorded revenue of $1.1 billion last year. Etsy tried to muscle into the clothing resale game with a $1.6 billion takeover of London-based Depop in 2021, while European players Zara and H&M are building out nascent in-house resale operations. Poshmark now has the backing of South Korean search giant Naver, which bought the site in October 2022. Even Chinese fast-fashion giant Shein, which churns out $3 bikinis, jumped into the resale game in 2022. These challenges, if anything, seem to inspire Plantenga, who sees an IPO in the cards. Going public would be a crowning achievement for the serial entrepreneur, who built his first company, a boat rental marketplace, in 2010. That business, started with a classmate from the Netherlands’ Eindhoven University of Technology, where he earned a master’s in engineering, was a modest hit, but it landed him on the radar of OLX, the Dutch Craigslist rival. As head of emerging markets, Plantenga transformed himself into an internet marketplace Mr. Fix-it who parachuted into Argentina, Kenya and Dubai to help build the classifieds giant’s now $1.6 billion revenue. “He’s the best operator I know,” says Fabrice Grinda, OLX’s cofounder and a Vinted investor. In 2014, Plantenga teamed up with Grinda to start another Craigslist rival called Sell It, which they eventually sold off to Spanish competitor Wallapop in November 2015 for a handful of shares. By then Plantenga had built enough of a reputation for fixing stuff that he got the phone call when Insight Partners investor Elodie Dupuy needed help with a floundering investment, MAY 2024
27 C O N T R A R I A N • T E C H N O L O G Y/ I N N O VAT I O N
to Lithuania, signed up for a five-week gig as a consultant in May 2016. He ended up becoming Vinted’s CEO 18 months later. “They had the best retention and engagement numbers I have ever seen. Then they applied the Poshmark model and everything collapsed,” says Plantenga, 40. His prescription was tough medicine: He closed most Vinted offices outside Lithuania, axed half the staff and slashed fees by 75%. “I became persona non grata in Vilnius—twice I was kicked out of an Uber because [the driver was] a friend of someone I got fired,” he says. His last recommendation to Vinted’s three cofounders—Milda Mitkute, Justas Janauskas and Mantas Mikuckas—was perhaps the most shocking. “I was advising them to burn all the cash on TV, and there were rumors I had been hired by the competition to destroy the company,” he says. After a TV blitz in Germany, the app’s strongest market at the time, failed to juice sales, Vinted was running out of options. Its burnedout founders were willing to bet it all. “It was better to do something big and bold than have a slow death,” says Mikuckas, 39. Camped out in Vinted’s office at the time, a cavernous Soviet-era avionics factory with rain dripping through the roof, Plantenga and Vinted’s cofounders anxiously watched the numbers come in. They didn’t have to wait long. Within seconds of the French ads airing, downloads soared. Seven years later, Vinted is one of Europe’s largest consumer marketplaces, with over $600 million of revenue in 2023. It now counts 100 million users globally. Last year, it posted its first annual profit—at least $20 million— distinguishing it from its loss-making American cousins including The RealReal (valued at $360 million), ThredUp ($200 million) and Poshmark (sold for $1.2 billion). Vinted became the Baltic nation’s first unicorn in 2019 when it raised $140 million at a $1.1 billion valuation, and sales have since grown sixfold. “Vinted is the leading company in this space by a wide margin,” says Deven Parekh, managing director of Insight Partners and a former Vinted board member. Vinted’s fees start at 70 cents and are capped at 8%. Rival platforms like Poshmark take a cut starting at 20%, but Vinted keeps costs low by pushing the messy business of sorting, listing and shipping on its users. “You can upload with three clicks, and there is no fee for sellers. They have captured the market from a sellers perspective,” says GlobalData analyst Louise Deglise-Favre. Vinted’s splashy ad campaigns and slick
Riches from Rags Cont.
C O N T R A R I A N • T E C H N O L O G Y/ I N N O VAT I O N
28
Vinted. Before Plantenga arrived, the startup had raised $60 million from big names like Insight and Accel after early success as a word-of-mouth hit on desktop. Vinted further boomed after the trio of cofounders launched a mobile app in 2012 that gained traction among fashion mavens. But popularity was not translating into financial success. After Plantenga’s shock therapy, Vinted’s user numbers and listings increased. But the business was still on life support. Plantenga, who had stayed long past his initial gig with no contract, took the reins as CEO in November 2017 from Vinted’s exhausted cofounders. “We bonded as a team, but break-even was only the first step,” Mikuckas says. All the Vinted cofounders have now stepped back from the company. The pandemic’s e-commerce boom pitched Vinted into a battle for Britain, Europe’s largest e-commerce market, with Etsy, which had just bought Depop. “If we didn’t give everything we had, Etsy would have gotten a taste of how to beat
Little Big Picture
WELL WORN
Vinted buyers may be giving old clothes new life, but the average garment gets ditched after about four years, according to researchers at Oslo Metropolitan University. Pricier threads like suits and dresses tend to stick around long enough to go out of style, while a pair of jeans gets changed out nearly as fast as a pair of socks. Average lifespan of your duds: Suits Dresses Coats Skirts Jackets/Blazers Jumpers/Sweaters Blouses/Shirts Pants T-shirts Bras Jeans Underpants Socks 0 Years
2
4
6
8
us,” says Plantenga, who plowed more money into advertising and kept fine-tuning delivery options until Vinted finally cracked the U.K. Plantenga has no plans to let Vinted’s momentum go to waste. Denmark and Finland just went live, and befitting a man who trained as an engineer, Plantega has a mathematical formula to plot which country to target next. In each new outpost, Vinted has plans to hammer advertising and streamline shipping to get every user as active as those in its French heartland. “Now it’s a machine that rolls with countries that are cashflow-positive financing new countries,” he says. One market that doesn’t fit his formula for now is the United States. There the market is fragmented between eBay, the likes of Poshmark and specialist players like GOAT for sneaker geeks and Rebag for Birkin aficionados. “eBay was the OG, but it had so many pain points all these rivals popped up,” says Oliver Chen, retail analyst with Cowens. “The question for the industry is should they all merge together?” That hasn’t stopped Plantenga from trying. Vinted made its first pass at the U.S. in 2013. That failed. It tried again in 2021. No go. Plantenga calls the American market “immature.” Earlier this year, he mothballed its Canadian operations. “If I knew what it took, I would get it done,” he says, laughing at what seems to be a frequent question. With America on hold, Plantenga is gunning to move Vinted upstream and grab a slice of the luxury resale market. He pushed for the recent $30 million acquisition of rival Rebelle, which has its own designer authentication team to battle counterfeits, in a move that should see Vinted’s average order size and fees skyrocket. “Vinted is a brand for regular people and regular clothing, but we were able to grow the luxury segment massively fast,” he says. “Fashion items costing over 1,000 euros are the fastest-growing segment we have at the moment.” You wouldn’t know it from Plantenga’s own threads. On a tour of Vinted’s Vilnius HQ, he’s sporting a secondhand hole-pocked T-shirt and parachute trousers. One thing missing from the office: racks of clothes. “We are a tech company, not a clothing company,” he says with a shrug. FI N AL TH OU GH T
Source: Consumption Research Norway (SIFO), Oslo Metropolitan University.
F O R B E S M I D D L E E A S T.C O M
“OURS IS A CULTURE AND A TIME IMMENSELY RICH IN TRASH AS IT IS IN TREASURES.” —Ray Bradbury
MAY 2024
PRO M OTI O N Scan this QR code to open the website
Transformational Living Through the Design of Space Keturah Reserve by MAG incorporates nature into the built environment, creating a serene living experience set against the stunning landscape of Dubai.
Talal Al Gaddah, the Founder and CEO of Keturah.
K
eturah Reserve by MAG is an innovative luxury residential development in Mohammed Bin Rashid City, District 7, Meydan, Dubai. It is the first residential development in the Middle East to immerse residents in nature through ‘bio living’. The project offers transformational living through the design of space where nature is incorporated into the built environment to improve occupants’ physical, mental, and emotional health. Rooted in biophilic design, bio living at Keturah Reserve creates the perfect synergy between the interior design, architecture, and landscape, completely respecting the surrounding ecosystem. Keturah Reserve by MAG features 93 townhouses, 90 villas, and 540 units across six apartment block buildings. The project was developed to foster a thriving and harmonious community with communal spaces like The Park, which features openair meditation and exercise zones, along with an outdoor pool and women’s and men’s gyms and spas.
Complementing the architecture, activities and facilities such as the Pilates studio, water bike pool, silk rope classes, and rooftop meditation and yoga space are all designed to develop and strengthen the body, inside and out. Keturah Reserve’s homes are angled to capture and maximize natural daylight, gently diffusing it throughout the interior without heat or glare. Meanwhile, double-volume interior spaces increase the flow of naturally cooled air, reducing the need for air conditioning. The open-plan spaces are also designed without corridors or hallways, with custom-designed furniture and fixtures produced for each space to optimize the flow. Both interiors and architecture are crafted from the same raw materials and colors to create seamless connections with the surrounding desert landscape. Travertine, wood, and bronze link the inside with the outside. The muted color palette of bleached bone, champagne, and bronze further introduces the natural landscape inside the home. Lush
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
growing nature is visible from every vista, including olive trees, palm trees, green walls, balcony planters, and rooftop gardens. The vision of Keturah Reserve is to become a beacon for future luxury wellbeing developments and to redefine luxury living by showcasing how thoughtful design, imbued with a deep respect for nature, can significantly enhance the quality of life. At Keturah Reserve, new luxury is all about experience and giving people a space to connect with their family, with themselves, and with all aspects of their life. Beautifully crafted in collaboration with a trusted developer, the unique development offers authentic value at every touchpoint that will endure for generations. For MAG, Keturah is set to revolutionize the sector, and this is just the beginning of its transformative journey.
https://keturah.global/ keturahreserve/ MAY 2024
29
THE MIDDLE EAST’S RICHEST BILLIONAIRES
30
RICHEST BILLIONAIRES 2024
I
t’s been a banner year for the mega-wealthy. Forbes found an unprecedented 2,781 billionaires around the globe for this year’s World’s Billionaires list—141 more than in 2023 and 26 more than the previous record, set in 2021. The super-rich are also richer than ever, with their combined wealth hitting $14.2 trillion—$2 trillion more than just a year ago and $1.1 trillion above the previous record, also set in 2021. The Middle East billionaires’ collective wealth amounted to $100.9 billion. Billionaires from Saudi Arabia were excluded from Forbes’ global list for the seventh consecutive year. Pavel Durov—the founder and owner of the messaging app Telegram—is the richest man in the Middle East, with a net worth of $15.5 billion in 2024, up from $11.5 billion in 2023. Egyptian billionaire Nassef Sawiris is still the richest Arab in the world and ranked second in the Middle East after Durov, with a net worth of $8.8 billion. His wealth has risen by $1.4 billion compared to 2023, with one of his most valuable assets being a nearly 6% stake in sportswear maker adidas. He also runs OCI, one of the world’s largest nitrogen fertilizer producers, with
F O R B E S M I D D L E E A S T.C O M
plants in Texas and Iowa. The U.A.E. is home to the highest number of billionaires on the list as well as cumulative wealth, with a total net worth of $55.1 billion. Seven of the U.A.E.-based billionaires are Indian nationals. Six billionaires are Lebanese, with a combined net worth of $11.8 billion. They include fine Jewelry tycoon Robert Mouawad and the three brothers of former billionaire and prime minister of Lebanon Saad Hariri, Bahaa, Ayman, and Fahed Hariri. And five billionaires are Egyptian, with a combined net worth of $18.4 billion. They are brothers Mohammed, Youssef, and Yasseen Mansour, and Nassef and Naguib Sawiris. Kabir Mulchandani, Founder of the real estate and hospitality firm FIVE Holdings, is the newest member of the billionaires list, with a net worth of $2 billion. This list is an extract of the Forbes’ 38th annual World’s Billionaires List. Our list features all citizens of MENA countries, as well as expats whose business interests primarily lie in the region. Middle Eastern residents whose source of wealth is outside of the region have not been included.
2,781
billionaires
around the globe for this year’s World’s Billionaires list. With combined wealth hitting
$14.2
trillion
The richest of all is Bernard Arnault, who holds the No. 1 spot for the second year in a row. The French luxury goods kingpin is worth an estimated
$233
billion
Pavel Durov—is the richest man in the Middle East, with a net worth of
$15.5
billion
Egyptian billionaire Nassef Sawiris is still the richest Arab in the world, with a net worth of
$8.8
billion The Middle East billionaires’ collective wealth amounted to
$100.9 billion
MAY 2024
BERNARD ARNAULT, PHOTOGRAPHY BY JAMEL TOPPIN FOR FORBES, PAVEL DUROV IMAGE FROM SOURCE, NASSEF SAWIRIS, KEVIN DIETSCH/GETTY IMAGES/AFP
The Middle East’s
UNDER THE PATRONAGE OF THE PRIME MINISTER AND MINISTER OF FOREIGN AFFAIRS OF THE STATE OF QATAR
H.E. SHEIKH MOHAMMED BIN ABDULRAHMAN BIN JASSIM AL THANI
CELEBRATING
31
YEARS OF EXCELLENCE
27 - 30 MAY 2024 DOHA EXHIBITION AND CONVENTION CENTER (DECC)
REGISTER TO VISIT F O R B E S M I D D L E E A S T.C O M
Tel: +974 4 432 9900 Fax: +974 4 443 2891 Email: info@projectqatar.com
projectqatar.com MAY 2024
The Middle East’s
1
Pavel Durov
Net worth: $15.5 B Age: 39 Residence: U.A.E. Nationality: Emirati Industry: Technology
Pavel Durov is the founder and owner of messaging app Telegram, which has more than 700 million monthly active users worldwide. Telegram, which is free to use, competes with messaging apps like Facebook’s WhatsApp. Durov left Russia after he refused to cooperate with the Russian secret service and provide encrypted data of his first social network’s users. Durov, who became a French citizen in 2021, moved himself and Telegram to Dubai in 2017. Since the Ukraine war began, Telegram has become a critical source of information, and plenty of disinformation too, related to the conflict.
2
Nassef Sawiris
Net worth: $8.8 B
Age: 63 Residence: Egypt Nationality: Egyptian Industry: Construction & Engineering Nassef Sawiris is an investor and a scion of Egypt’s wealthiest family. In December 2020, he acquired a 5% stake in New York-listed firm Madison Square Garden Sports, owner of the NBA Knicks and the NHL Rangers teams. He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa; it trades on the Euronext Amsterdam exchange. Orascom Construction, an engineering and building firm, trades on the Egyptian Exchange and Nasdaq Dubai. His holdings include a nearly 6% stake in German sportswear giant adidas. Nassef Sawiris teamed up with F O R B E S M I D D L E E A S T.C O M
Hussain Sajwani Fortress Investment Group’s Wes Edens to purchase the Premier League’s Aston Villa Football Club.
3
M.A. Yusuff Ali
Net worth: $7.6 B
Age: 68 Residence: U.A.E. Nationality: Indian Industry: Fashion & Retail Middle East retail king M.A. Yusuff Ali presides over $8.4 billion (revenue) LuLu Group International, with 256 hypermarkets and malls in the Gulf and elsewhere. Hailing from a village in Kerala state in south India, Yusuff Ali left for Abu Dhabi in 1973 to join his uncle’s
small distribution business. In April 2020, a member of Abu Dhabi’s royal family reportedly acquired a 20% stake in LuLu for $1 billion. Yusuff Ali is planning to list the retail business in 2024. Other assets include the Waldorf Astoria in Scotland and the Great Scotland Yard Hotel, the former headquarters of the U.K. Metropolitan Police.
4
Hussain Sajwani
Net worth: $5.1 B
Age: 71 Residence: U.A.E. Nationality: Emirati Industry: Real Estate Hussain Sajwani is the chairman
of Dubai-based luxury real estate developer DAMAC Properties, which he founded in 2002. He started out in the food services business, catering to the U.S. military and construction giant Bechtel. In 2001, after Dubai allowed foreigners to own property, he shifted to real estate and sold units in a residential building in less than six months. DAMAC teamed up with Donald Trump in 2013 to develop two Trumpbranded golf courses in Dubai developments. Sajwani is known for extravagant marketing, sometimes offering free Lamborghinis to apartment buyers. He has co-branding deals with Versace and Bugatti. MAY 2024
IMAGE FROM DAMAC
THE MIDDLE EAST’S RICHEST BILLIONAIRES
32
Richest Billionaires 2024
now has 16 hospitals and 24 medical centers. Vayalil is also a board member of listed Response Plus Holding.
Renuka Jagtiani
Net worth: $4.8 B
Age: 70 Residence: U.A.E. Nationality: Indian Industry: Fashion & Retail
Abdulla Al Futtaim & family 10
Renuka Jagtiani is the chairwoman of Middle East retailing giant Landmark Group, based in Dubai. Landmark was founded in 1973 as a single store in Bahrain by her late husband, Micky Jagtiani, who died in May 2023. Today, Landmark has 2,200 stores spread across 24 countries in the Middle East, Africa, Southeast Asia, and the Indian subcontinent. As head of the company, Jagtiani oversees strategy and new business opportunities. Her three children, Aarti, Nisha, and Rahul, are group directors at Landmark.
6
Net worth: $3.3 B
Age: 84 Residence: U.A.E. Nationality: Emirati Industry: Automotive Abdulla Al Futtaim owns the conglomerate Al Futtaim Group, which is run by his son Omar, who is vice chairman and CEO. In 1955, the group became the exclusive distributor in the U.A.E. of Toyota, and it still has distributorship today. Al Futtaim also has the license to operate Hertz, Ikea, Toys “R” Us, and Marks and Spencer in the U.A.E. The retailers anchor its malls, which include Dubai Festival City, Dubai Festival Plaza, Doha Festival City, and Cairo Festival City. His cousin Majid Al Futtaim, who died in December 2021, was also a billionaire.
Joy Alukkas
Net worth: $4.4 B
Age: 67 Residence: U.A.E. Nationality: Indian Industry: Fashion & Retail Son of a jewelry store owner and school dropout, Joy Alukkas went to the Middle East to open the family’s first overseas store in 1987 in Abu Dhabi. He broke off to launch his own Joyalukkas brand, which now has 100 outlets spread across India and 60 overseas. His other interests include a money exchange outfit, malls, and real estate. Alukkas’ son, John Paul, is the managing director of the international jewelry business. Alukkas decided to postpone the public listing of the jewelry business, citing a tepid IPO market.
Abdulla bin Ahmad Al Ghurair & family 7
IMAGE FROM SOURCE
Net worth: $3.9 B Age: N/A Residence: U.A.E. Nationality: Emirati Industry: Diversified
Abdulla Al Ghurair founded Mashreq, a leading U.A.E. bank, in 1967. He stepped down F O R B E S M I D D L E E A S T.C O M
Renuka Jagtiani as chairman in October 2019 but remains a board member. His eponymous holding company has interests in food, construction, and real estate; non-family members are part of the leadership team. His construction company did the exterior cladding of Burj Khalifa, the world’s tallest building, and helped build the Dubai Metro. His brother Saif Al Ghurair, who passed away in August 2019, was also a billionaire.
8
Naguib Sawiris
Net worth: $3.8 B
Age: 69 Residence: Egypt Nationality: Egyptian Industry: Telecom Naguib Sawiris is a scion of Egypt’s wealthiest family. His brother Nassef is also a billionaire. He built a fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction. He’s chairman of Orascom TMT Investments,
which has stakes in an asset manager in Egypt and Italian internet company Italiaonline, among others. He also developed a luxury resort called Silversands on the Caribbean Island of Grenada.
9
Shamsheer Vayalil
Net worth: $3.5 B
Age: 47 Residence: U.A.E. Nationality: Indian Industry: Healthcare Shamsheer Vayalil is the founder and chairman of Burjeel Holdings, a network of hospitals, clinics, and pharmacies in the Middle East. His net worth got a boost from the October 2022 listing of Burjeel Holdings. Born into a business family in Kerala, he migrated to the Middle East after his medical studies and worked as a radiologist at a local hospital. Backed initially by his father-in-law, retailing billionaire M.A. Yusuff Ali, Vayalil started with one hospital in Abu Dhabi in 2007. Burjeel
Mohamed Mansour 10
Net worth: $3.3 B Age: 76 Residence: U.K. Nationality: Egyptian Industry: Diversified Mohamed Mansour oversees family conglomerate, the Mansour Group, which was founded by his father in 1952 and has 60,000 employees. Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM’s biggest distributors worldwide. The Mansour Group also has exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries. Mansour, who has both Egyptian and U.K. citizenship, served as Egypt’s minister of transportation from 2006 to 2009. His brothers Yasseen and Youssef, who share ownership in the family group, are also billionaires, and his son Loutfy heads the private equity arm Man Capital. MAY 2024
33 THE MIDDLE EAST’S RICHEST BILLIONAIRES
5
Qatar, Oman, and other Gulf countries. Menon has said that after his death his wife will be Sobha’s chairman and his son, Ravi, the co-chair.
Ravi Pillai
Net worth: $3.3 B
THE MIDDLE EAST’S RICHEST BILLIONAIRES
34
Age: 70 Residence: U.A.E. Nationality: Indian Industry: Construction & Engineering
Issad Rebrab & family 17
Indian-born farmer’s son, Ravi Pillai, migrated to Saudi Arabia after his small construction business in his native Kerala state went bust. With help from a well-connected local partner, he started over in 1978 and built his RP Group into a construction heavyweight. The construction magnate has used his Gulf riches to invest back home, picking up stakes in banks, hotels, and real estate.
10
Net worth: $2.5 B
Age: 80 Residence: Algeria Nationality: Algerian Industry: Food & Beverage Isaad Rebrab founded Cevital and served as its CEO for more than 50 years. He named his son Malik CEO in July 2022. Cevital, Algeria’s biggest privatelyheld company, owns one of the largest sugar refineries in the world, with the capacity to produce two million tons a year. Cevital owns European companies, including French home appliances maker Groupe Brandt and Spanish aluminum firm Alas Iberia. After serving eight months in jail on charges of corruption, Rebrab was released on January 1, 2020. He denies any wrongdoing. In May 2023, an Algerian court barred Rebrab from exercising any commercial or management duties at Cevital.
Sunny Varkey
Net worth: $3.3 B Age: 66 Residence: U.A.E. Nationality: Indian Industry: Service
Son of Indian expat teachers who migrated to Dubai in 1959, Sunny Varkey controls GEMS Education, the world’s largest operator of K-12 schools. The private education firm secured CVC Capital Partners as its key investor in 2019. Sons Dino and Jay run GEMS as group CEO and group executive director, respectively. Sunil Munjal, who belongs to the Indian twowheeler Munjal clan, has a minority stake in GEMS.
14
Najib Mikati
Net worth: $2.8 B
Age: 68 Residence: Lebanon Nationality: Lebanese Industry: Telecom Najib Mikati cofounded Beirutbased investment firm M1 Group. Mikati currently serves as the prime minister of Lebanon, a position he previously held from 2011 to 2014 and briefly in 2005. Mikati and his billionaire brother Taha founded Investcom in 1982, selling satellite phones at the height of Lebanon’s civil war. They expanded into Africa, where they built cellphone towers in Ghana, Liberia, and F O R B E S M I D D L E E A S T.C O M
Issad Rebrab Benin, among other countries. In 2005, Investcom went public on the London Stock Exchange, and in 2009, South Africa’s MTN bought the Mikatis’ stake for $3.6 billion.
14
Taha Mikati
Benin, among other countries. In 2005, Investcom went public on the London Stock Exchange, and in 2009, South Africa’s MTN bought the Mikatis’ stake for $3.6 billion.
14
P.N.C. Menon
Net worth: $2.8 B
Net worth: $2.8 B
Age: 79 Residence: Lebanon Nationality: Lebanese Industry: Telecom
Age: 75 Residence: U.A.E. Nationality: Omani Industry: Real Estate
Taha Mikati cofounded Beirutbased holding company M1 Group. Its investments include stakes in South African telecom firm MTN, fashion retailer Pepe Jeans, and prime real estate in New York, London, and Monaco. Mikati and his billionaire brother Najib founded Investcom in 1982, selling satellite phones at the height of Lebanon’s civil war. They expanded into Africa, where they built cellphone towers in Ghana, Liberia, and
Property developer P.N.C. Menon left Kerala in south India and migrated to Oman in 1976 to start an interior decorating business with a partner. Seeing an opportunity in real estate back home, Menon started Sobha Developers in 1995 in Bangalore, naming it after his wife. Sobha Developers is run by son Ravi, an engineer from Purdue University, while Menon lives in Dubai. Menon’s Sobha Realty in the Middle East has operations spanning the U.A.E.,
18
Bahaa Hariri
Net worth: $2.1 B
Age: 57 Residence: Switzerland Nationality: Lebanese Industry: Real Estate Bahaa Hariri is the eldest son of slain Lebanese Prime Minister Rafik Hariri and inherited his fortune from his father. In 2008, Bahaa Hariri sold his stake in Saudi Oger, the family construction business, to his brother Saad Hariri, also a former prime minister of Lebanon. Bahaa Hariri founded and chairs Horizon Group, a real estate holding company with investments in Amman, Jordan, and Beirut, Lebanon. He helped revitalize an area of Amman called Abdali in partnership with the Jordanian government. He’s also the majority owner of Globe Express Services, with a presence in more than 100 countries. MAY 2024
PHOTO BY JOSEPH EID / AFP
10
Faisal Bin Qassim Al Thani 22
Net worth: $1.7 B
Age: 76 Residence: Qatar Nationality: Qatari Industry: Diversified
Kabir Mulchandani
18
Suhail Bahwan
PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
Net worth: $2.1 B
Age: 85 Residence: Oman Nationality: Omani Industry: Diversified Suhail Bahwan is the founder and chairman of the Suhail Bahwan Group, one of the largest conglomerates in Oman. It is a major producer of fertilizers, generating 1.3 million tons of urea annually. It also owns Nissan and BWM dealerships. He first went into business with his brother Saud in 1965, selling fishing nets and building materials, before scoring the Toyota dealership in 1975. In 2002, he split with his F O R B E S M I D D L E E A S T.C O M
brother, who kept the Toyota dealership, and passed it along after his death to his son Mohammed.
20 Kabir Mulchandani
Net worth: $2 B
Age: 51 Residence: U.A.E. Nationality: Indian Industry: Real Estate Kabir Mulchandani is the owner of Dubai-based real estate firm FIVE Holdings, which owns luxury party hotels and resorts in the Middle East, Spain, and Switzerland. He founded the firm in 2011 and plans to take it public on the Dubai stock exchange in 2025. Born
and raised in Mumbai, India, Mulchandani worked for his family’s consumer electronics business before moving to Dubai in the early 2000s and investing in real estate. FIVE Holdings acquired Pacha Group, which owns hotels and nightclubs in Ibiza, Spain, for $330 million in November 2023.
Hamad bin Jassim bin Jaber Al Thani 21
Net worth: $1.8 B
Age: 64 Residence: Qatar Nationality: Qatari Industry: Finance & Investments Hamad bin Jassim Al Thani was
Faisal Bin Qassim Al Thani is the chairman of Al Faisal Holding, one of Qatar’s biggest conglomerates, which he founded in 1964. It owns more than 20 hotels around the world, including the St. Regis in Washington, D.C. and Miami, and the W Hotel in London. Al Faisal Holding also has a majority stake in publicly-traded Aamal, which owns real estate in Qatar and sells medical supplies and pharmaceuticals. Al Thani started selling car parts in Doha at age 16. He became the sole distributor of Bridgestone tires in the 1960s.
Aziz Akhannouch & family 22
Net worth: $1.7 B
Age: 63 Residence: Morocco Nationality: Moroccan Industry: Diversified Aziz Akhannouch is the majority owner of Akwa Group, a multibillion-dollar conglomerate founded by his father and a partner, Ahmed Wakrim, in 1932. It has interests in petroleum, gas, and chemicals through publicly-traded Afriquia Gaz and Maghreb Oxygene. Akhannouch was appointed prime minister of Morocco in September 2021. MAY 2024
35 THE MIDDLE EAST’S RICHEST BILLIONAIRES
prime minister of Qatar between 2007 and 2013; he also served as foreign minister from 1992 until 2013. His great-uncle founded modern Qatar in 1971, and he’s a cousin of the current Emir. Through an entity called Paramount Services Holdings, Al Thani owns 3% of Deutsche Bank, his biggest publicly traded holding. In 2016, he was mentioned in the “Panama Papers,” leaked files from Panama law firm Mossack Fonseca, which set up offshore entities for clients.
24 Robert Mouawad
Net worth: $1.5 B
Age: 79 Residence: Bahrain Nationality: Lebanese Industry: Service Robert Mouawad inherited the family’s eponymous highend jewelry business that his grandfather founded in Beirut in 1890. He turned over management of the business to his sons Fred, Alain, and Pascal in 2010. Mouawad boasts one of the world’s most dazzling gem collections, including Dynasty, a 51.12-carat Russian diamond estimated at nearly $10 million. Robert Mouawad also owns extensive real estate and has developed luxury residences on a man-made island in Bahrain.
25
Ayman Hariri
Net worth: $1.4 B
Age: 45 Residence: France Nationality: Lebanese Industry: Construction & Engineering Ayman Hariri is a son of the late Rafik Hariri, Lebanon’s prime minister, who was assassinated while in office in 2005. He inherited a stake in his father’s Saudi-based construction company, Saudi Oger, and sold it to his brother Saad in 2014. In 2017, he sold his 42% stake in family holding company GroupeMed for $535 million. He invests in startups through New York-based firm Red Sea Ventures; among its investments was the smart thermostat Nest, now part of Google. He’s a cofounder and CEO of Vero, an ad-free social media platform that lets users share music, videos and photos.
Othman Benjelloun & family 25
Net worth: $1.4 B
Age: 91 Residence: Morocco Nationality: Moroccan Industry: Finance & Investments Othman Benjelloun is CEO of BMCE Bank of Africa, which has a presence in more than
F O R B E S M I D D L E E A S T.C O M
Yasseen Mansour 20 African countries. His father was a shareholder in RMA, a Moroccan insurance company; Benjelloun built it into a leading insurer. His holding company, FinanceCom, was merged with Holding Benjelloun Mezian in 2021 to become O Capital Group. In 2014, he inaugurated a $500 million plan to build the 55-story Mohammed VI Tower in Rabat. It will be one of the tallest buildings in Africa.
27
Youssef Mansour
Net worth: $1.3 B
Age: 78 Residence: Egypt Nationality: Egyptian Industry: Diversified Youssef Mansour is chairman of the family-owned conglomerate Mansour Group, which was founded by his late father, Loutfy, in 1952. Mansour Group is the exclusive distributor of GM vehicles and Caterpillar
equipment in Egypt and several other countries. He oversees the consumer goods division, which includes supermarket chain Metro, and sole distribution rights for L’Oreal in Egypt. Younger brothers Mohamed and Yasseen are also billionaires and part owners of Mansour Group.
28
Fahed Hariri
Net worth: $1.2 B
Age: 43 Residence: U.K. Nationality: Lebanese Industry: Construction & Engineering Fahed Hariri is the youngest son of the late billionaire Rafik Hariri, the former prime minister of Lebanon who was assassinated in 2005. In 2012, Fahed sold his shares in family construction firm Saudi Oger to his brother Saad Hariri, who was Lebanon’s prime minister until January 2020. He invested some of the
proceeds in real estate in New York, Paris, and Monte Carlo and in Lebanese banks. He is also developing residential buildings in Beirut.
28
Yasseen Mansour
Net worth: $1.2 B
Age: 62 Residence: Egypt Nationality: Egyptian Industry: Diversified Yasseen Mansour is a shareholder in the family-owned conglomerate Mansour Group, which was founded by his late father, Loutfy, in 1952. Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries. His brothers, Mohamed and Youssef, are also billionaires and part owners of the Mansour Group. He’s chairman of Palm Hills Developments, one of Egypt’s biggest real estate developers.
MAY 2024
IMAGE FROM SOURCE
THE MIDDLE EAST’S RICHEST BILLIONAIRES
36
Together, innovating aluminium to make modern life possible.
THE MIDDLE EAST’S RICHEST BILLIONAIRES
37
The metal of the future Emirates Global Aluminium is the largest industrial company in the UAE outside oil and gas. Our aluminium is used in everything from smartphones to bullet trains and the world’s inventors keep finding new ways to use it. We have contributed to the economic development of our country for decades, creating opportunity for people through innovation with a commitment to responsibility and safety. We make modern life possible. F O R B E S M I D D L E E A S T.C O M
MAY 2024
• THE MIDDLE EAST’S RICHEST BILLIONAIRES •
HUSSAIN SAJWANI
38
EMPIRE BUILDING Hussain Sajwani, Founder and Chairman of the DAMAC Group, has built a property empire and accumulated over $5 billion in wealth since establishing the group in 1982. As he continues to seek out new opportunities, he’s also supporting the next generation as they follow in his footsteps.
BY CLAUDINE COLETTI F O R B E S M I D D L E E A S T.C O M
MAY 2024
Hussain Sajwani, Founder and Chairman of the DAMAC Group, , with his four children.
IMAGE FROM DAMAC
39
F O R B E S M I D D L E E A S T.C O M
MAY 2024
HUSSAIN SAJWANI
40
L
Look up at the U.A.E.’s city skylines, and it’s hard to miss the names of the country’s most prolific property developers blazoned across the sea of towers and skyscrapers. One such developer, DAMAC Properties— the real estate arm of the multifaceted DAMAC Group—has delivered over 47,000 units in the Middle East and globally since it was established in 2002 and made its founder and chairman, Hussain Sajwani, a mogul in the process, worth $5.1 billion as of April 2024, according to Forbes. The DAMAC Group today has a presence in more than 10 countries across the GCC, the Levant, the Middle East, Europe, Canada, Asia, the U.S., and the U.K., with businesses in real estate, facilities management, hospitality, retail and fashion, logistics, and data centers, as well as investments in capital markets and public equity. However, property remains the bulk of the group’s business, with the majority of its profits coming from its real estate operations. In 2013, DAMAC Properties became the first real estate developer in the U.A.E. to be listed on the London Stock Exchange, and in 2015, it was also listed on the Dubai Financial Market. However, it went private in March 2022, delisting at a valuation of $2.3 billion. According to Sajwani, the decision to delist was a strategic one, and the group currently has no immediate plans to relist. In 2023, DAMAC Properties reported revenues of over $2.4 billion and profits of $1.2 billion, compared to $816.5 million and $382 million in 2022, respectively. In Q1 2024 alone, DAMAC Properties launched two new skyscrapers in Dubai—Sapphire and Altitude—and a new DAMAC Lagoon Views apartment complex. As of December 2023, it had more than 30,000 units under construction, including a luxury resort in the Maldives, which will be run and operated by Mandarin International, and a luxury complex in Miami, designed by Zaha Hadid. While DAMAC continues to expand its property empire, the chairman is also investing heavily in the F O R B E S M I D D L E E A S T.C O M
group’s data center business, Edgnex, with plans to invest $500 million in the coming years to take it global. In February 2024, DAMAC announced plans with Vodafone to invest $100 million in building a new data center in Turkiye. “We’re looking at maybe one more in Turkiye,” Sajwani discloses. “In Asia, we’re looking at Indonesia and Thailand—we have already finalized a couple of land masses there. We’re looking at Europe. So, we want to grow that business in a big way in the coming five or six years.” A devout family man, Sajwani has been managing, creating, and investing in businesses for most of his life, facing numerous challenges along the way. His success has undoubtedly been hard-earned, and the 68-yearold has strived to ingrain the same work ethic in his four children— Ali, Abbas, Amira, and Mehdi—all of whom are now involved in the running of DAMAC, as well as their own ventures. “When you start a business, I don’t think anybody can tell you what they think will happen in 20 years. You just see an opportunity,” explains Sajwani. “It evolves, and as you work hard, you’re smart, you have the vision, and you take the risk, you start something, and you grow it from there.”
“My job is to train them, show them, and explain things to them, and then they’ll find their own path. I think they’re smart, and I’ve trained them well.” For the chairman, this work ethos began in his childhood when his father—who ran a small store in Dubai’s old souk at the time—would train his young son in the shop every day. As his father expanded the business, Sajwani learned how to deal with suppliers, staff, and customers and run a growing enterprise. When he decided he wanted to go to university, his father resisted, but Sajwani was eventually allowed to head to Baghdad Medical College, where he spent two years before failing to complete his degree. Undeterred, he applied to study in the U.S. but was rejected for a scholarship fund. To his surprise, his father supported him. “I never thought in my imagination that he would support me in going to study when he was totally against it,” admits Sajwani. “But he gave me the money. Without that, I would have never been able to go.” After completing his degree, Sajwani headed back to the U.A.E. and joined Abu Dhabi’s GASCO as a contracts manager before taking a role in the finance department. It was here that the idea for his first
MAY 2024
Total wealth ($trillions)
$15
At the same time as growing his company, Sajwani had been growing his family, and following in his father’s footsteps, he began teaching his children about business from childhood. Ali, Abbas, and Amira Sajwani all remember being taken to the office on weekends to learn about balance sheets, financial reports, and investing while spending time with each team, eventually interning at the company during school holidays. “It was always understood that he wanted us to learn the business from a young age,” says Abbas Sajwani, Founder of AHS Properties and board member at the DAMAC Group. “From a very young age, maybe seven or eight years old, he was always taking us to the office. On the weekends, for one day, we’d have to go to the sales offices or join him on meetings after school hours.” Abbas recalls being on a trip to New York when he was 16. While there, he was tasked with seeing what the property developers were offering, how they were selling, and reporting back on their inventory. Ali Sajwani, Cofounder of Amali Properties and Managing Director of Operations and Technology for DAMAC Properties, tells of how his father would keep him motivated to learn while he was in the office aged nine. “He used to test me on how to calculate margins, assets, equities, and liabilities. He gave me some money, and he said ok, invest the money, and whatever money you make, you can keep for yourself,” remembers Sajwani’s eldest son. “But in order to invest, he would first test me on the company I wanted to invest in. Only
$7.05
$6.48
$7.67
$9.1
$8.7
$8
$13.1
$12.7
$12.2
$14.2
trillion
trillion
trillion
trillion
trillion
trillion
trillion
trillion
trillion
trillion
A Decade of Global Billionaires
$12
$9 $6
IMAGE FROM SOURCE
$3 $0
Number of billionaires
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1,826
1,810
2,043
2,208
2,153
2,095
2,755
2,668
2,640
2,781
F O R B E S M I D D L E E A S T.C O M
MAY 2024
41 HUSSAIN SAJWANI
entrepreneurial venture developed. “I saw the invoices for catering companies at the time, and the prices were ridiculously high. One company was charging $100 for three meals, and I used to eat at a decent restaurant for lunch for $5. I thought this is a good business; I should get into it,” he recalls. Sajwani entered into a joint venture with a catering company, and in March 1982, he established the DAMAC Group and the food services company Global Logistics and resigned from GASCO. As the catering company grew geographically, expanding to Oman, Qatar, and Saudi Arabia, Sajwani also looked to expand its services by venturing into the fast food business. However, while in catering he could compete and grow with minimal costs, fast food proved to be more challenging, requiring capital for premises. “At the time, a restaurant would cost you a million dirhams, so if you want to open 10, it’s 10 million, which was big money for me. I shut down after two or three years,” he admits. He also says he looked into bringing the food court concept to Dubai but was unsuccessful. Still, Sajwani looked for opportunities to diversify. Over the years, Sajwani invested both in capital markets and in other companies, including Oman’s Al Anwar Ceramic Tiles Company, Al Jazeira Services Co. SAOG, and Al Majan College, and Bahrain’s Al Ahlia Insurance Company. In 1995, as Dubai’s tourism sector began building momentum, he began building three-star hotels in Deira, which he then leased and sold. “I made a lot of money from that,” he says.
Ali, Amira, Mehdi, and Abbas Sajwani.
In 2002, Dubai issued a Freehold Decree, enabling foreign nationals to purchase, sell, lease, and rent properties under freehold ownership in designated areas. Sajwani immediately saw an opportunity and established DAMAC Properties in the same year. He recalls that he bought his first piece of land for 16 million dirhams, paying four million upfront and launching an off-plan property with a total sale price of approximately 240 million dirhams. “I received 20% upfront from the customer. So I put in four million, plus two million in marketing and branding, and I received 48 million. So then I bought the next land, the next land, the next land—and every time I launched, I cleared a huge amount of cash,” he adds. DAMAC’s first tower was the 38-story Marina Terrace in Dubai Marina, which was completed in 2006. In 2004, it launched the 27-story Waves Tower and the 84-story Ocean Heights, one of the tallest residential buildings in Dubai, which was completed in 2010. F O R B E S M I D D L E E A S T.C O M
Today, DAMAC’s portfolio includes 75 towers across the Middle East and the U.K., as well as communities such as DAMAC Hills and DAMAC Hills 2, and hotels in collaboration with brands such as Radisson, Paramount, and Rotana, as well as DAMAC Maison. Over the years, DAMAC Properties has made several moves to align itself with luxury brands. In 2010, it partnered with iconic fashion brand Versace to launch DAMAC Tower by Versace Home in Beirut. However, securing this was no easy feat. According to Sajwani, the family was on holiday in Australia in the early 2000s when they stayed at the Palazzo Versace Gold Coast Hotel. Impressed by the building, Sajwani contacted Versace, keen to create something similar in Dubai. “They wouldn’t give me an appointment. It took six years to convince Versace,” he reveals. Undeterred, he spent years following up, tracking down contacts, and going to meetings in Milan, eventually acquiring the franchise for Versace Home and opening a store in Dubai Mall. “Santos Versace came with the family to the Dubai opening. Then, they were convinced, and they gave us the first tower in Lebanon.” In 2011, DAMAC launched residences in partnership with Versace Home in Jeddah, and in 2019, DAMAC secured $229 million in financing from Barclays Bank, Burgan Bank, and Emirates NBD to build a 50-story residential tower in London to also be designed in partnership with Versace Home. Other collaborations over the years include the launch of branded residences in Riyadh and Dubai with Fendi in 2013 and the opening of the Trump International Golf Course in Dubai in 2017, as well as the acquisition of fashion brand Robert Cavalli in 2019 and jewelry brand de Grisogono in 2022, with both brands now designing DAMAC projects currently under development. Looking ahead, the chairman expects future growth to come from the expansion of the group’s data center business, as well as property and hospitality projects in Saudi Arabia, Dubai, and internationally, saying that he believes Dubai is going to continue doing extremely well, albeit with land banks becoming more expensive as they become scarcer. Faisal Durrani, Partner and Head of Research for MENA at Knight Frank, agrees that forecasts look good, but risks remain. “Dubai’s prime market witnessed a 26.3% price surge in the 12 months leading up to March. Looking ahead to 2024, we
MAY 2024
IMAGE FROM DAMAC
HUSSAIN SAJWANI
42
once I could justify to him why it was worth investing my money would he tell me, ok, you can now invest. That was a big learning curve.” Sajwani’s only daughter, Amira Sajwani, Founder of PRYPCO, Cofounder of Amali Properties, and Managing Director of Sales & Development at DAMAC Properties, remembers being in the office from childhood but also how normal this life was for the family. “My dad was always very busy, but equally, he was always very involved as a dad. It was very normal for us to see him working. Always on his old Nokia phone,” she says. “One of the biggest things that he did for me in life is he never treated me differently. He treated us the same way. I had the same freedom my brothers had, and he expected the same from us. I’m a very strong person, and I give my father full credit for that.”
Richest in Real Estate Hussain Sajwani is the richest real estate billionaire in the Middle East, according to Forbes’ World Billionaires’ List 2024. Here are the top ten in the world. Name
Net worth
Age
Country
• Lee Shau Kee
$27.7 B
96
Hong Kong
• Kushal Pal Singh
$20.9 B
92
India
Pal Singh left an army post in 1961 to join DLF, a company started by his father-in-law in 1946.
• Donald Bren
$18 B
91
U.S.
Donald Bren is America’s wealthiest real estate baron.
• Harry Triguboff
$16.5 B
91
Australia
Triguboff was born in Dalian, China, to Russian parents. He moved to Australia as a teenager.
• Peter Woo
$15.1 B
77
Hong Kong
Woo was chairman of property developer Wheelock & Co. before stepping down in 2015.
• Joseph Lau
$13.1 B
72
Hong Kong
Lau is the former chairman of property developer Chinese Estates, most of which he acquired in 1986.
• Kwong Siu-hing
$12 B
94
Hong Kong
Siu-hing is the widow of Sun Hung Kai Properties cofounder Kwok Tak-seng, who died in 1990.
• Manuel Villar
$11 B
74
Philippines
Manuel Villar chairs property developer Vista Land & Lifescapes, which is run by his son Manuel Paolo.
• Mangal Prabhat Lodha
$10.4 B
68
India
Politician and property magnate Prabhat Lodha founded the Lodha Group in 1980, now known as Macrotech Developers.
• Stephen Ross
$10.1 B
83
U.S.
Stephen Ross was a tax attorney before founding Related Companies in 1972 as an affordable housing developer.
F O R B E S M I D D L E E A S T.C O M
Shau Kee cofounded property developer Sun Hung Kai with Kwok Tak-Seng, the late father of Hong Kong’s Kwok brothers.
MAY 2024
43 HUSSAIN SAJWANI
anticipate a further 5% increase in prime property Legacy is not something to be taken lightly with an values,” he says. “Nevertheless, factors such as a empire as big as the DAMAC Group, but according potential global economic slowdown and the resultant to Ali—who leads DAMAC’s transformation office—a impact on the local economy, alongside the possibility company-wide evolution is underway to ensure its of regional tensions, present medium to high risks.” future as a global corporation. “When you have such The next Sajwani generation also has its eyes on the high growth and revenue, it puts a lot of strain on the future. Most recently, Amira and Ali’s joint business, company. Imagine you’re driving a car on the road, and Amali Properties, which they launched in 2022, suddenly, you have to go on the race track. The tires unveiled Amali Island in March 2024, a community wear out, the engine wears out, you have to upgrade of 24 luxury three-story villas amongst Dubai’s The everything,” he stresses. “We’re basically trying to World Islands that are being designed to offer an configure the company in a way so that in two to three exclusive resort lifestyle to residents. Abbas’s luxury years, you don’t need such heavy involvement from property development company, AHS Properties, the family. Hopefully, we can sit on boards and take which he established in 2021, partnered with FENDI key strategic decisions instead of being so involved Casa in December 2023 to develop the $850 million operationally.” ultra-luxury CASA Canal tower, also in Dubai. While he seems far from ready to take a step Stay Meanwhile, Mehdi—a 16-year-old sports back, Sajwani seems pleased with where the connected enthusiast—is the founder and chairman of next generation is heading. “My wife and I are with our latest business news. the MHS Sports Academy in the DAMAC very happy with what they have accomplished Hills community. All say they are in daily so far, and we wish them all the best,” says contact with their father through their work, the chairman. “My job is to train them, show their very active family WhatsApp group, them, and explain things to them, and then and regular family meals, with most of the they’ll find their own path. I think they’re conversations involving business in some way. smart, and I’ve trained them well.”
PRO M OTI O N
44
Embracing Generative AI: The Future of Payments Technology Dimitrios Dosis, President Eastern Europe, Middle East, and Africa, Mastercard, outlines the huge potential of AI to transform the payments landscape, and in doing so, improve livelihoods and business success right across the globe.
O
n one of my recent trips to Africa, the discussion turned to agriculture and the advanced technologies now disrupting the sector. It was during that conversion that I learned about FarmerChat, developed by Gooey.AI in collaboration with DigitalGreen.org. FarmerChat is an artificial intelligence (AI) assistant designed to provide Kenyan, Indian, and Ethiopian farmers with tailored crop advice and actionable recommendations for crop management, thereby enhancing productivity and sustainability in farming. I was amazed at the potential this had for farmers and it set me thinking: as we stand on the cusp of unprecedented technological advancement, almost every industry finds itself at a crossroads. For the paytech industry, the emergence of AI technologies represents a seismic shift in how we conceptualize, innovate, and implement solutions in the realm of financial transactions. I am acutely aware of the transformative power of AI, particularly in our region, and it is imperative that we recognize and harness its potential, both in terms of elevating the user experience and protecting data.
The Transformative Power Of AI Generative AI (Gen AI), a subset of artificial intelligence, holds the promise of revolutionizing the
Dimitrios Dosis, President Eastern Europe, Middle East, and Africa, Mastercard
payments technology landscape by enabling systems to create, iterate, and improve autonomously. It has already demonstrated its efficacy across various industries, from healthcare to entertainment. In the MENA region, where innovation is rapidly accelerating, its integration into payments systems presents a myriad of opportunities. PwC predicts that AI will contribute $38 billion to the financial, professional, and administrative services sector
The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M
in the Middle East and Africa (MEA) by 2030, equivalent to 13.6% of the region’s GDP. Already, generative AI has played a pivotal role in this transformation by enabling payment platforms to anticipate consumer preferences, detect fraudulent activities, and personalize user experiences. By leveraging vast amounts of data, algorithms can discern patterns, predict trends, and optimize
MAY 2024
PRO M OTI O N Scan this QR code to open the website
Democratizing Access To Financial Services Another advantage of AI is its potential to democratize access to financial services, particularly in underserved communities. In countries like Egypt and Saudi Arabia, where a large portion of the population remains unbanked or underbanked, AI-powered payment solutions can bridge the gap by offering innovative, inclusive alternatives. For instance, mobile payment platforms equipped with generative AI capabilities can provide unbanked individuals with convenient and secure means of conducting transactions, thereby fostering financial inclusion and economic empowerment. The transformative impact extends beyond consumer-facing applications to encompass backend processes and infrastructure. By automating routine tasks, optimizing resource
we embrace “ Asthis era of generative AI in payments technology, it is imperative that we address concerns surrounding data privacy, security, and ethical use
“
processes in real time. This not only enhances the efficiency and security of transactions, but also fosters greater customer satisfaction and loyalty. Last year alone, Mastercard harnessed AI to protect over 125 billion payment transactions, preventing billions of dollars from being lost and detecting fraudulent activity. Also, consider the U.A.E.–a burgeoning hub of technological innovation that has made a concerted effort to embrace AI-driven solutions. Last year, Mastercard, in collaboration with the Dubai government, established the Global Center for Advanced AI and Cyber Technology in the emirate, with initial focus on battling financial crime, securing the digital ecosystem, and driving inclusive growth.
allocation, and enhancing risk management, AI-driven systems enable financial institutions to operate more efficiently and costeffectively. This, in turn, translates into tangible benefits such as reduced operational overheads, accelerated decision-making, and enhanced regulatory compliance. A classic example is the collaboration between Mastercard company, Brighterion, and the National Bank of Egypt. The collaboration leverages Brighterion’s artificial intelligence and machine learning to provide real-time analysis and enable acquirers to use advanced technology to better help and protect their merchants, reduce fraud, and approve more legitimate transactions.
Reshaping Commerce
I also believe that Gen AI is poised to transform how we sell goods and services. Already presenting clear use cases, this technology will be revolutionary for nearly every sector and every organizational size. As I work with teams across the Eastern Europe, Middle East, and Africa region, I see more and more
The thoughts expressed in this advertorial are those of the client. F O R B E S M I D D L E E A S T.C O M
specialized AI-enabled solutions that will help us oversee complex, multi-party payments. We may also see customized applications that use a single personalized AI bot to orchestrate other bots for AI-to-AI commerce, coordinating purchases, deliveries, and payments with little to no human intervention. However, with great potential comes great responsibility. As we embrace this era of generative AI in payments technology, it is imperative that we address concerns surrounding data privacy, security, and ethical use. Safeguarding sensitive information and ensuring accountability must be paramount priorities. Collaborative efforts between industry stakeholders, regulators, and policymakers are essential to establish robust frameworks that uphold ethical standards and mitigate risks associated with AI deployment. At Mastercard, we are committed to harnessing new technologies responsibly for the benefit of consumers, businesses, and society at large. Through strategic investments in research and development, partnerships with leading technology providers, and collaboration with regulatory bodies, we aim to drive innovation, foster trust, and unlock the full potential of AI in payments technology. Together, we can tap into generative AI to help generate a brighter, more prosperous future.
https://mea.mastercard.com
MAY 2024
45
• COVER STORY •
KABIR MULCHANDANI
46
PARTY WITH PURPOSE
New Forbes billionaire Kabir Mulchandani, Founder and Chairman of FIVE Holdings, is building an entertainment ecosystem with a sustainable footprint. Now, he’s talking IPO plans.
BY HANNAH STEWART F O R B E S M I D D L E E A S T.C O M
MAY 2024
PHOTOGRAPH BY MUSTAPHA AZAB FOR FORBES MIDDLE EAST
47
F O R B E S M I D D L E E A S T.C O M
Kabir Mulchandani, Founder and Chairman of FIVE Holdings. MAY 2024
KABIR MULCHANDANI
48
W
When Kabir Mulchandani entered the world of Dubai real estate in 2004, his approach was unashamedly opportunistic. The city was booming, and returns on equity were almost incalculable. Twenty years on, the founder and chairman of FIVE Holdings says that revenues at the hospitality group run into the hundreds of millions of dollars. According to Forbes, Mulchandani’s personal wealth exceeds $2 billion, but the Mumbai-born businessman has a vision that extends far beyond finances. Front and center of the company strategy is sustainability, and the way he sees it, you cannot put a value on that. “My view on sustainability is perhaps a little more extreme than others,” ponders Mulchandani. “Creating profit without doing as much as possible for sustainability is wrong.” The 51-year-old founder insists he is typically against government interference in business, but when it comes to protecting the planet, there should be more legislation, not less. FIVE Holdings had 1,736 keys across the U.A.E. and Europe as of December 2023. Launched as SKAI in 2013 and rebranded to FIVE in 2017, the brand is known for its luxury hotels and entertainment extravaganzas, with a Dubai portfolio that includes FIVE Palm Jumeirah, FIVE Jumeirah Village, and the recently opened FIVE LUXE. The company also owns FIVE Zurich in Switzerland and acquired iconic nightclub brand Pacha in October 2023 in a deal valued at $322 million (EURO 302.5 million), with two operational hotels in Pacha’s spiritual homeland of Ibiza. For now, Mulchandani is still 100% owner of FIVE, but with an expanding portfolio, he and his team are working towards an IPO in 2025. Given FIVE’s strong foothold in the U.A.E., Dubai is an obvious choice for a listing, but Mulchandani says stock markets in the U.S. and Europe are also options. According to the founder, the company achieved pro forma EBITDA of $221 million and $570 million in revenues last year, with assets totaling $2.9 billion. As for equity value, he says estimates rise as high as $3 billion “depending on F O R B E S M I D D L E E A S T.C O M
which investment banker you talk to.” Talk of the environment, meanwhile, is more than PR spin. In October 2023, FIVE Holdings listed a $350 million green bond on Nasdaq Dubai and pledged to channel the investment into becoming world-leading on the sustainability front. The Commercial Bank of Dubai (CBD) was joint lead manager of the issuance, and the bank’s CEO, Bernd van Linder, believes Mulchandani’s dedication to the cause sets him apart. “Kabir has embedded sustainability as a fundamental part of his business model rather than as an afterthought or an add-on, which has put him well ahead of any other player in the industry,” says the chief executive. In the same month as the Nasdaq listing, FIVE acquired The Pacha Group, and Mulchandani and his team are on course to convert the former Pacha Destino in Ibiza into a LEED Zero hotel in terms of power, water, and waste—the first of its kind in Europe. According to the entrepreneur, the design for Destino’s conversion has been completed, and the property will reopen as FIVE Ibiza in the summer of 2025.
“Experience, maturity, and the crisis taught me that it was time to build something with meaning—something with value.” Plans for the property include 5,400 square meters of solar panels with energy surpluses to be made available to the grid. A total of 6.8 million liters of water are also set to be purified, and with H2O in scarce supply on the island, FIVE has also reduced the depth of the pool at FIVE Ibiza. As the pragmatic founder points out, “Nobody there is doing laps.” Meanwhile, the 382-room FIVE LUXE, which opened in April 2024 on Dubai’s Jumeirah Beach Residence (JBR) seafront, has a green building rating that Mulchandani says is second to none. “LEED Platinum requires delivering 80 points,” he explains. “FIVE LUXE has 89, making it the most sustainable hotel of its class in the world today.” FIVE has earned the world’s highest ESG rating from ISS, too. It is the only company to achieve an ‘A’ across all sectors and leads the leisure category by a three-grade margin. “It’s nice to be better than Apple at something,” quips Mulchandani, who entered the world of entrepreneurship at the age of 20 after dropping out of college in the U.S. He estimates that commitment MAY 2024
IMAGE FROM SOURCE
F O R B E S M I D D L E E A S T.C O M
an extraordinary entrepreneur who has changed the lifestyle and entertainment landscape in Dubai and been one of the key proponents in establishing Dubai as a major global entertainment destination.” For FIVE’s founder, success is not just about doing things differently; it’s about doing them with passion and thriving on seeing people have the time of their lives. These days, Mulchandani enjoys the party life through others, but when it comes to business, he is not one to watch from the sidelines. “An integral part of being an entrepreneur is taking risks, but an equal part is how well you focus with an obsession on managing that risk, and that fundamental remains,” he says. He speaks from experience. Early in his career, Mulchandani worked at his family’s consumer electronics company back in India, but in the early 2000s, his parents disposed of the business, and he began figuring
out his next step. Having dropped out of Stanford in his freshman year, he lacked formal education, but he knew business. Initially, his sights were set on the U.S. or U.K., but on a journey to New York, things changed. “Emirates had just launched its direct flight to New York, and there was an amazing deal that included two free nights in Dubai,” recalls Mulchandani. Too good to pass up, he took the offer and found himself in the Ritz Carlon right next to what is now FIVE LUXE. “At the time, the energy of the place was amazing … and I felt that I wanted to be part of the story.” The back story to FIVE unfolded in a Dubai that was reeling from the impact of the global financial crisis. The crisis taught many a lesson to the country’s entrepreneurs, and Mulchandani certainly learned the hard way. In 2009, he spent 140 days in a Dubai jail under suspicion of embezzlement before ultimately being acquitted of all charges. The courts found the allegations made against him as baseless and MAY 2024
49 KABIR MULCHANDANI
to sustainability can add 15% to 20% to the cost of delivering a project, but he says attempts to cut corners or calculate returns miss the point. “You don’t negotiate the cost of foundations because they’re about safety. You shouldn’t negotiate on sustainability either,” he concludes. A self-styled Disney World for adults, FIVE oozes the excitement and hedonism of youth, and if there is one demographic that demands sustainable solutions, it is the 20- and 30-somethings that populate Mulchandani’s hotels. The 2021 Accenture Traveler Sustainability Preferences Survey found that 83% of people between the ages of 25 and 34 were willing to pay more for sustainable travel options. According to the professional services multinational, hospitality businesses that struggle to align with customers will find themselves vulnerable to greener competitors. Preference for sustainability is just one of the many trends that Mulchandani follows intently. FIVE’s Gen Z clientele is a challenging group to acquire and retain, and the team stays ahead of the latest trends in music, food, and entertainment using data analytics and its ability to adapt fast. Mulchandani developed the idea for FIVE’s successful Soul Food concept after watching a trending Netflix series on street food, and Spotify was his go-to source for emerging music artists in the early days. He created FIVE Music in 2023, which joined forces with Warner Music to offer a platform for emerging artists to collaborate and perform. The venture into music is a natural extension of the brand’s identity. As the founder explains, FIVE is not just a place to stay; it is an entertainment ecosystem, complete with a private jet experience offered via FLY FIVE, with flight emissions offset by nature-based carbon credits. “There are great entertainment venues in Dubai, and on the F&B scene, the city is second to none in my view. But to have it all under one roof is what we’ve done differently,” he says. Bernd van Linder agrees. “Kabir is a unique entrepreneur who singlehandedly defined a new niche within the hospitality segment,” says the CBD chief executive. “He has created a competitive advantage through doing many small things better than anyone else, which so far has turned out to be impossible to copy.” Gaurav Bhushan, co-CEO of hospitality company Ennismore and CEO of Lifestyle and Leisure Brands at Accor, affirms Mulchandani’s impact: “Kabir is
KABIR MULCHANDANI
50
fabricated. This led to his exoneration. On his release, FIVE Palm Jumeirah Hotel totaled $680.5 million. the property market was still on its knees, but the The following year, the hotel opened its doors, and entrepreneur had his sights set on the long-term the entire business was rebranded from SKAI to horizon. As he saw it, Dubai was highly leveraged, FIVE—a nod to the five elements, five senses, and the but much of the money had gone into infrastructure significance of the number across cultures. that was going to give value at some point. It was a Then, in 2020, as the global pandemic was question of when not if. taking hold, Mulchandani took a chance on another In 2010, while investors were still scrambling to distressed property—this time, a hotel in Switzerland. pull their money out of the market, Mulchandani Two years later, FIVE Zurich was launched. But was planning a major investment. Having acted entry into Europe did not signal a departure from quickly to shed his off-plan real estate assets, he the U.A.E. Just one year after buying the property in was in a cash-positive position and making a move Switzerland’s largest city, Mulchandani secured the into hospitality—a sector that had proven resilient last available plot along Dubai’s JBR seafront, with through the downturn. The project was Bahar 4, a plans to build FIVE LUXE. distressed tower block in Dubai’s JBR development, Opportunism may have served Mulchandani well for and Mulchandani’s winning bid secured him the years, but over time, both he and the business landscape property for 537 AED ($146 today) per square foot. changed. “Experience, maturity, and the crisis taught The plan had been to renovate, but the market me that it was time to build something with Stay was moving fast, and within six months, the meaning—something with value,” he explains. connected entrepreneur had sold all units—most in their As FIVE continues its growth story, meaning with our latest business news. original state—at 46% profit. and value take multiple forms. For the company A year later, Mulchandani acquired the plot founder, the greatest value of all lies in two things for FIVE Palm Jumeirah Hotel. He acquired that money cannot buy: doing his part to protect the site for FIVE Jumeirah Village in 2014. the planet and setting the stage for guests to have By 2016, sales of residential and hotel units of the time of their lives.
The U.A.E.’s Top Real Estate Leaders According to our list of the Middle East’s 100 Most Impactful Real Estate Leaders 2024, these are the U.A.E.’s top 10. Leader
Company
Designation
1
• Mohamed Alabbar
Emaar Properties
Founder and Managing Director
2
• Talal Al Dhiyebi
Aldar Properties
Group CEO
3
• Hesham Al Qassim
Wasl
CEO
4
• Hussain Sajwani
DAMAC Properties
Founder and Chairman
5
• Naaman Atallah
Nakheel
Group CEO
6
• P. N. C. Menon
Sobha Realty
Founder and Chairman
7
• Omar Al Futtaim
Al-Futtaim Group Real Estate
Vice Chairman and CEO- Al-Futtaim Group
8
• Ahmed El Shamy
Majid Al Futtaim – Properties
CEO
9
• Bill O’Regan
Q Holding
Group CEO
10
• Talal Moafaq Al Gaddah
MAG Lifestyle Development
CEO and Senior Executive Vice Chairman
F O R B E S M I D D L E E A S T.C O M
MAY 2024
PRO M OTI O N Scan this QR code to open the website
An Intense New Hue
Swiss luxury watchmaker, Vacheron Constantin, has introduced intense green dials to its casual yet elegant Overseas Collection.
A
Vacheron Constantin watch is far more than merely the sum of its parts. Starting from a sketch, a geometrical drawing and its technical extensions, a whole world of shapes, colors and textures is born. Each collection epitomizes the soul and artistry of Vacheron Constantin, with the Overseas lineup standing out as a shining example. Every Overseas model conveys the spirit of travel, with sporty-chic designs making the timepieces the perfectly daily companion. Now, in a first for the collection, the Swiss luxury watch manufacturer has introduced an exciting new color to its dials: an intense green that sits perfectly with a striking curation of bracelets. The new green dials complement four pink gold watches including the 35 mm gem-set, 41 mm date, 42.5 mm chronograph, and 41 mm dual time models. Each of these
new timepieces is equipped with a top-quality self-winding caliber featuring meticulous finishing, while the movements feature an oscillating weight engraved with the collection’s emblematic compass rose. On these four models, just as on all Overseas watches, the pink gold bracelet with folding clasp is easily adjustable. It can be replaced by a calfskin leather strap or a green rubber strap, each with an interchangeable pin buckle. Thanks to the interchangeability of its bracelet and straps, each model adopts a different style.
New Dial Color
By endowing the dials of four pink gold models with an intense green color, the Maison has enhanced the adventurous vocation of the Overseas collection. This fresh aesthetic breaks with the classic color codes of Overseas watches: black, silver, pinkish beige, and the
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
emblematic blue. To accentuate the intensity of the new color, meticulous care has been lavished on the finishing touches. Against a translucent lacquered backdrop playing on depth effects, the center is graced with sunburst satin-brushing, while the flange is delicately velvet-finished. The legibility of the models is ensured by the contrast between the gold hour markers and hands highlighted with Super-LumiNova® and the dark dial color. Featuring a lighter-shaded double minutes track—or a single track on the gem-set model—the design enables effortless reading of the minutes and seconds. Meanwhile, the finishes of the integrated rose gold bracelets with polished and vertical satinbrushed links, harmoniously match those of the dials, topped by a circular satin-finished bezel.
Chic Yet Sporty
In keeping with the Overseas collection’s sporting vocation, these new models with their open sapphire crystal case backs are water-resistant to 150 meters thanks to a screw-down crown, while a soft-iron casing ring provides anti-magnetic protection for the movements. The timepieces also have a comfortable power reserve and beat at a frequency of 4 Hz (28,800 vibrations per hour).
www.vacheron-constantin.com MAY 2024
51
THE MIDDLE EAST’S
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
52
TOP 100 TRAVEL & TOURISM
T
LEADERS 2024
hanks to their geographical position and historical and cultural richness, Middle East countries are attracting both tourists and investors. In 2023, the Middle East’s visitor numbers surpassed pre-pandemic levels, with a 22% increase in international tourist arrivals compared to 2019, according to UN Tourism. Saudi Arabia saw the number of international visitors to the kingdom grow by 56% last year compared to 2019. It also hit a new record in international tourist receipts, with inbound spending reaching over $37 billion in 2023. Dubai attracted 17.15 million international visitors in 2023, a 19% increase compared to 2022. Egypt received 14.9 million tourists in 2023, while Qatar received four million. Meanwhile, Middle Eastern airlines saw a 33.3% increase in traffic in 2023 compared to 2022, according to the International Air Transport Association. In our list of the Middle East’s Top 100 Travel & Tourism Leaders 2024, U.A.E.-based leaders dominate with 54 entries, followed by Saudi Arabia with 19 entries, Egypt with nine, and Jordan and Oman with four each.
Methodology To compile this ranking, we looked at leaders from across the travel and tourism ecosystem, including aviation, hotels, destinations, and tourism development authorities. All individuals had to be based in MENA. We ranked the entries based on the following: • Size of the business, including the number of hotels, rooms, passengers, visitors, revenues, values of investments and assets, fleet size, etc. • Ownership of assets. • The business leader’s designation. • The business leader’s experience. • The business leader’s degree of influence. • The business leader’s other achievements. To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com
F O R B E S M I D D L E E A S T.C O M
MAY 2024
Join the #1 financial centre to access more premiums When you join the number one financial centre in the Middle East, Africa and South Asia, you can connect with over 100 insurance and reinsurance firms that make us a global hub for the sector. During 2023, DIFC’s market underwrote over USD 2.6bn in gross written premiums and the amount continues to grow. The insurance and reinsurance sector is using DIFC, the number one financial centre in the region, as a catalyst for growth.
Join the #1: difc.ae/make-enquiry
F O R B E S M I D D L E E A S T.C O M
MAY 2024
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
53
THE MIDDLE EAST’S
TOP 100 TRAVEL & TOURISM
LEADERS
Ahmed bin Saeed Al Maktoum 1
• Chairman and Chief Executive Company: Emirates Airline & Group Nationality: Emirati Sector: Airlines Country: U.A.E. Al Maktoum assumed his role as president of the Dubai Department of Civil Aviation in 1985. In the same year, he became chairman of the newly founded Emirates. Commencing operations with two aircraft, Emirates today is the world's largest airline and has the world’s largest fleet of Boeing 777s and Airbus A380s. By December 2023, it had a fleet of 260 aircraft in service and flew between 143 destinations. The Emirates Group today also includes dnata, a global air and travel services provider operating in over 30 countries. In the 2022/23 financial year, the Emirates Group’s revenues surged by 81%, hitting $32.6 billion. Emirates Airlines made $29.3 billion in revenues and carried 43.6 million passengers. Al Maktoum is also the chairman of Dubai Airports and Dubai Integrated Economic Zones Authority and holds several other Dubai government leadership roles.
Fahd Hamidaddin Entrepreneurship and a board member of the Qiddiya Investment Company, the Saudi Conventions and Exhibitions General Authority, and other government committees.
3
Helal Saeed Almarri
• Director General 2
Fahd Hamidaddin
• CEO Company: Saudi Tourism Authority (STA) Nationality: Saudi Sector: Tourism Development Country: Saudi Arabia Hamidaddin joined STA as CEO in March 2020. In November 2023, the Bureau International des Expositions announced Riyadh as the host city for the Expo 2030. Hamidaddin’s previous roles include chief of investment, strategy, and tourism marketing for the Saudi Ministry of Tourism and chief commercial officer at King Abdullah Economic City. He is also a member of the board of trustees for Prince Mohammad bin Salman College for Business and F O R B E S M I D D L E E A S T.C O M
Company: Dubai Department of Economy and Tourism (DET)
member of the Executive Council of Dubai, and the director general of the Dubai World Trade Centre Authority. He is a board member at the Dubai Chambers, Taaleem, Emirates Nature–WWF, and the Investment Corporation of Dubai.
Badr Mohammed Al-Meer 4
• Group CEO
Nationality: Emirati
Company: Qatar Airways Group
Sector: Tourism Development
Nationality: Qatari Sector: Airlines
Country: U.A.E.
Country: Qatar
DET is the authority for the planning, development, and marketing of Dubai’s business and tourism sectors. Its departments include the Dubai Economic Development Corporation, Dubai Business License Corporation, Dubai SME, Dubai Corporation for Tourism and Commerce Marketing, Dubai Festivals and Retail Establishment, and the Dubai College of Tourism. In 2023, Dubai welcomed 17.15 million international visitors, compared to 16.73 million in 2019. Almarri is also the chairman of Dubai Financial Market, a
Al-Meer became the GCEO of Qatar Airways Group in November 2023 after being the COO of Hamad International Airport for over 10 years. As of March 2024, Qatar Airways flew to over 170 destinations. In 2023, Hamad International Airport (DOH), which is part of Qatar Airways Group, received over 45.9 million passengers and served 52 airlines. Al-Meer is also on the board of governors of the International Air Transport Association and a member of the executive committee of the Arab Air Carriers Organization. MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
54
Humaid Matar Al Dhaheri
Saleh Mohamed Al Geziry 5
• Director General for Tourism Company: Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) Nationality: Emirati
55
Sector: Tourism Development TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Country: U.A.E. Al Geziry joined DCT Abu Dhabi and assumed his current role in April 2022. DCT Abu Dhabi works to advance Abu Dhabi’s tourism and cultural ecosystem. Apart from its headquarters in Abu Dhabi, DCT has 15 international offices serving 25 countries, including France, Germany, Italy, India, and China. In 2023, Abu Dhabi welcomed 24 million visitors. In October 2023, DCT Abu Dhabi partnered with Erth Hospitality to launch École Ducasse Abu Dhabi Studio, a Culinary Studio Institute for École Ducasse founder, Chef Alain Ducasse. In August 2023, DCT Abu Dhabi signed an MoU with FranceKLM to increase connectivity between Europe and Abu Dhabi. Al Geziry has over 20 years of industry experience. He previously held roles at the Ajman Tourism Development Department and Meraas Holding.
Mohammed Almaghlouth 6
• CEO Company: MATARAT Holding Nationality: Saudi Sector: Airports Country: Saudi Arabia MATARAT Holding manages the operations of 27 airports in Saudi Arabia through its subsidiaries: the Riyadh Airports Company (RAC), which manages the King Khalid International Airport; Jeddah Airports Company; Dammam Airports Company, and Cluster2 company, which was established in 2022 to manage 22 airports in the kingdom. In March 2024, MATARAT Holding signed an MoU with Devoteam to empower digital transformation in Saudi airports. Almaghlouth has over 36 years of experience. Before being appointed CEO of MATARAT Holding in March 2023, Almaghlouth was the CEO of Riyadh Airports Company and managing director of the Safari Group.
IMAGE FROM SOURCE
7
Hesham Al Qassim
• CEO Company: Wasl Nationality: Emirati Sector: Hotels and Resorts Country: U.A.E. F O R B E S M I D D L E E A S T.C O M
Al Qassim manages Wasl’s real estate, hospitality, and leisure portfolio. It owns and manages over 32 hotels and serviced apartments, with over 7,690 hotel rooms in Dubai. It also owns and operates Emirates Golf Club, Dubai Creek Golf & Yacht Club, and Jumeirah Golf Estates. Al Qassim is also the vice chairman and managing director at Emirates NBD and Dubai Sports Corporation. He sits on multiple boards, including the Dubai International Finance Centre, e& and Amlak Finance.
It also owns seven international hotels. In January 2024, ADQ and ADNEC Group signed a definitive agreement to acquire a 40.5% stake in Talaat Moustafa Group Holding’s hospitality arm, ICON Group.
9
Jerry Inzerillo
• Group CEO Company: Diriyah Company Nationality: American
Humaid Matar Al Dhaheri 8
• Managing Director and Group CEO Company: ADNEC Group Nationality: Emirati Sector: Diversified Country: U.A.E. Al Dhaheri has been with ADNEC Group since its founding 19 years ago, of which he has spent 10 years as the group CEO, responsible for positioning Abu Dhabi as a leading business and leisure tourism destination. In 2023, 1.78 million people visited the Abu Dhabi National Exhibition and Al Ain Convention Centres. The group organizes nine events, including the IDEX.
Sector: Destinations Country: Saudi Arabia Inzerillo was appointed the founding CEO of the Diriyah Gate Development Authority in 2018. The company was established in 2017 to deliver cultural destinations centered around the At-Turaif District in Diriyah. In January 2023, the $63.2 billion project became a “giga project” under the Public Investment Fund. In January 2024, the company inaugurated Diriyah Art Futures, a center for digital arts, in partnership with the Saudi Ministry of Culture. Inzerillo has 50 years of industry experience. He is also a board member of the Saudi Tourism Authority and the vice chairman of the Forbes Travel Guide. He was previously president and CEO of IMG Artists and president of Kerzner Entertainment Group. MAY 2024
Mohamed Abdalla Al Zaabi 10
• Group CEO Company: Miral Nationality: Emirati
56
Sector: Destinations Al Zaabi joined Miral in 2015 and oversees the management and business strategy of Miral’s expanding portfolio on Yas Island Abu Dhabi. The company has invested in multiple projects on Yas Island and in Abu Dhabi, including SeaWorld Entertainment Inc. and Warner Bros. In February 2023, Miral inaugurated Yas SeaWorld Research & Rescue Center, which serves as an advanced knowledge hub for marine science. Al Zaabi also serves as the chairman of Miral Destinations and a board member of Miral Experiences LLC.
11
Kabir Mulchandani
• Chairman and Founder; Chairman Company: FIVE Holdings; The Pacha Group Nationality: Indian Sector: Hotels and Resorts Country: U.A.E. Mulchandani founded FIVE Holdings as SKAI Holdings in 2013 and rebranded in 2017. The company owns and operates FIVE Zurich in Switzerland, FIVE LUXE JBR, FIVE Palm Jumeirah, and FIVE Jumeirah Village in Dubai. In October 2023, FIVE Holdings debuted its $350 million green bond listing on Nasdaq Dubai. In the same month, the company acquired The Pacha Group, encompassing its hotel and nightclub ventures, in a deal valued at $322 million (EURO 302.5 million). The company’s hospitality segment recorded $180 million in revenues in the first nine months of 2023. He had a net worth of $2 billion as of April 2024.
12
Ibrahim Koshy
• CEO Company: SAUDIA Nationality: Saudi Sector: Airlines Country: Saudi Arabia Koshy first joined SAUDIA in 1991 as an airline pilot, instructor pilot, and line check airman, where he exceeded 10,000 flight hours. He became vice president of safety F O R B E S M I D D L E E A S T.C O M
Nasser Matar AlKawari & quality in 2016, then COO before being appointed CEO in 2020. SAUDIA was established in 1945 and today has a fleet of 144 aircraft. Koshy was also director general at the Aviation Investigation Bureau of Saudi Arabia from 2012 to 2016, which created an independent Aviation Accident Investigation Authority in Saudi Arabia.
13
Paul Griffiths
• CEO Company: Dubai Airports Nationality: British Sector: Airports Country: U.A.E. Griffiths joined Dubai Airports as its first CEO in 2007. Dubai Airports is the operator of Dubai International (DXB), the world’s largest airport by international passenger traffic, and Dubai World Central. DXB received 87 million passengers in 2023, a 31.7% increase from 2022. It also achieved a 60% decrease in waste sent to landfills in 2023. In November 2023, Dubai Airports joined Airports of Tomorrow, a collaborative venture by the World Economic Forum and the Airports Council International to steer the aviation industry toward net zero carbon emissions by 2050. Griffiths has 40 years of
industry experience. Before Dubai Airports, he was the managing director of London’s Gatwick Airport.
Nasser Matar AlKawari 14
• CEO Company: Katara Hospitality Nationality: Qatari Sector: Hotels and Resorts Country: Qatar AlKawari was appointed CEO of Katara Hospitality in January 2023. Katara Hospitality was first established in 1970 when the Government of Qatar established Qatar National Hotels Limited to manage the Sheraton Gulf Hotel, which is now the Rixos Gulf Hotel Doha. Today, the company owns, develops, and operates 42 properties that are in operation or under development in Qatar and globally. Its hotels include Mövenpick Hotel Doha, The Ritz-Carlton, Doha, Katara Towers, Lusail Marina District, The Peninsula Paris, and Raffles Hotel Singapore. AlKawari has more than 25 years of industry experience. He was previously CEO of Msheireb Properties and Astad Engineering Consultancy and Project Management. MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Country: U.A.E.
Hisham Talaat Moustafa 15
• CEO and Managing Director Company: Talaat Moustafa Group Holding (TMG Holding) Nationality: Egyptian
57
Sector: Hotels and Resorts TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Country: Egypt Moustafa has been with TMG Holding for more than 40 years. In 2023, the group’s hospitality revenues reached $115 million, at an occupancy rate of 60%. In January 2024, ADQ and the ADNEC Group signed a definitive agreement to acquire 40.5% of TMG Holding’s hospitality arm, the ICON Group. In February 2024, the ICON Group completed the acquisition of a 51% stake with management rights in seven hotels in Egypt, bringing their total hotels to 15 properties with 5,000 rooms. In the same month, the group reached an agreement with ADQ and Modon Properties to collaborate on the development of the Ras Al Hekma area on the North Coast in Egypt.
16
Elena Sorlini
• Managing Director and CEO Company: Abu Dhabi Airports Nationality: Italian Sector: Airports Country: U.A.E. With over 20 years of aviation industry experience, Sorlini assumed the leadership of Abu Dhabi Airports in February 2024 after serving in an interim capacity since June 2023. In November 2023, Zayed International Airport inaugurated its new terminal, with a capacity to host 45 million passengers annually and accommodate 79 aircraft at any given time. Sorlini’s previous positions included vice president of strategic planning at the Oman Aviation group and strategy director at Copenhagen Airports. She is also a board member at Abu Dhabi Airports, Abu Dhabi Aviation, and ADQ Aviation and Aerospace Services.
Sandeep Walia and joined Marriott International in 2005. He has been responsible for the Middle East operations since 2021, which today includes 230 operational hotels and resorts with 60,000 keys. In January 2024, the group opened the St. Regis Red Sea Resort, the first private island property within the Red Sea project. Other recent openings include The St. Regis Riyadh, Aloft Muscat, Marriott Executive Apartments in Kuwait, Courtyard by Marriott Jubail in Saudi Arabia, and the Marriott Resort Palm Jumeirah in Dubai. In 2023, the group announced 17 new hotel projects in Saudi Arabia and three in Ras Al-Khaimah in the U.A.E.
Sandeep Walia
IMAGE FROM SOURCE
• COO - Middle East, Egypt, and Türkiye Company: Marriott International Nationality: Indian Sector: Hotels and Resorts Country: U.A.E. Walia has 27 years of industry experience F O R B E S M I D D L E E A S T.C O M
19
Hamed El Chiaty
• Founder and Chairman Company: Travco Group Nationality: Egyptian
18
Antonoaldo Neves
• Group CEO Company: Etihad Aviation Group
17
loyalty programs, following an MoU signed earlier in September 2023. In 2023, Etihad Airways carried 14 million passengers, a 40% increase compared to 2022. It also reported total revenues of $5.5 billion. Neves was previously CEO and board member of TAP, Portugal’s national airline, and president of Azul Airlines in Brazil.
Nationality: Brazilian Sector: Airlines Country: U.A.E. Neves assumed his current role in October 2022. Etihad Airways is the U.A.E.’s national airline. In November 2023, Etihad Airways joined the U.A.E.-led consortium Air-CRAFT to research renewable and advanced aviation fuels. In the same month, it announced a partnership with Air France-KLM Group regarding their
Sector: Hotels and Resorts Country: Egypt El Chiaty founded Travco in Egypt in 1979. Today, the company has grown to include businesses in hospitality, aviation, transportation, real estate, engineering and construction, security services, retail, and merchandise. The company has around 4.5 million clients annually and has offices across Egypt, the U.A.E., Oman, and Jordan. In December 2023, Travco’s hospitality division, Jaz Hotel Group, acquired a property known as Oasis Pyramids and rebranded it to “Pyramids Resort by Jaz.” MAY 2024
20
Duncan O’Rourke
• CEO - Middle East, Africa, Türkiye & Asia Pacific Company: Accor Group Nationality: Irish
58
Sector: Hotels and Resorts O’Rourke joined Accor in 2016 as COO of Europe for the luxury and premium segment. In October 2020, he was appointed CEO of Northern Europe, overseeing more than 1,100 hotels and 40,000 people across 32 countries. He assumed his current position in January 2023. In Q4 2023, the group reported a 19% increase in RevPAR for the Middle East, Africa, and Asia-Pacific region compared with Q4 2022. In January 2024, the group opened Mercure Dubai Deira with 152 guest bedrooms. O’Rourke has more than 30 years of industry experience.
21
Imad Barrakad
• Chairman and CEO Company: Moroccan Agency for Tourism Development (SMIT) Nationality: Moroccan
Imad Barrakad
Sector: Tourism Development Country: Morocco Barrakad has been in his current role since 2011. SMIT is responsible for setting Morocco’s tourism strategies and developing tourism projects and investments. Over 800 hotels in Morocco have received SMIT support to accelerate the tourism industry’s recovery between 2023 and 2024. SMIT is also responsible for deploying aid for tourist accommodation establishments affected by the Al Haouz, Marrakesh earthquake. Barrakad was previously the director of commerce and marketing at the Electricity National Office.
22
John Pagano
• Group CEO
and environmentally sustainable tourism destinations in Saudi Arabia. In October 2023, RSG unveiled a third destination, the Thuwal Private Retreat, along the Red Sea coast. Red Sea International Airport began receiving domestic flights in September 2023, welcoming over 11,500 passengers as of February 29, 2024. Before joining RSG, Pagano headed his own company, Old Fort Capital Investments Ltd.
23
Ghaith Al Ghaith
Company: Kerzner International Nationality: French Sector: Hotels and Resorts Zuber joined Kerzner International in 2015 as President and COO of the One&Only Resorts and assumed his current role in 2020. Kerzner International owns the Atlantis Resort and Residences, One&Only Resorts and Private Homes, SIRO, and the Rare Finds collection. It has 20 hotels and resorts across 12 countries and employs 15,000 people. In February 2024, the company announced the grand opening of the One&Only One Za’abeel, with performances by celebrities including Jennifer Lopez, Mark Ronson, and Idris Elba. In the same month, it launched SIRO One Za’abeel. Zuber has over 28 years of industry experience and previously held roles at Emaar Hospitality and Hyatt International.
Nationality: Emirati Sector: Airlines Al Ghaith was appointed CEO to launch flydubai in 2008 before it began operations in 2009. The airline launched 17 routes in 2023, ending the year with a network of 122 destinations in 52 countries. It also carried 13.8 million passengers, an increase of 31% compared to 2022, with a 56% year-on-year increase in passenger numbers on its GCC network and a 36% increase in Europe. It took delivery of 13 new aircraft and ended 2023 with 84 aircraft. flydubai achieved
F O R B E S M I D D L E E A S T.C O M
• CEO
Company: flydubai
Nationality: Canadian
With over 40 years of experience in delivering large-scale developments, Pagano has been at the helm of RSG since January 2018. He is responsible for leading the development of The Red Sea and AMAALA projects, which are two luxury
Philippe Zuber
Country: U.A.E.
Country: U.A.E.
Country: Saudi Arabia
24
• CEO
Company: Red Sea Global (RSG) Sector: Destinations
revenue of $3 billion in 2023, with a total profit of $572 million. Al Ghaith has more than 36 years of experience and previously worked at Emirates Airlines.
MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Country: U.A.E.
25
Adeeb Ahamed
• Managing Director Company: Twenty14 Holdings Nationality: Indian Sector: Hotels and Resorts Country: U.A.E.
59
26
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Ahamed launched Twenty14 Holdings in 2014 in Abu Dhabi. It has four hotels: The Great Scotland Yard in London, The Sheraton in Oman, The Pullman Downtown in Dubai, and Port Muziris in India. Before Twenty14 Holdings, Ahamed established Lulu International Exchange, a financial services company operating in 10 countries with over 300 branches. He is also on the senior advisory board of the South Asia Regional Strategy Group at the World Economic Forum, and he is a global advisory board member of the World Tourism Forum in Lucerne, Switzerland.
Tarek El Sayed
• Managing Director and CEO Company: Al Rayyan Tourism Investment Company (ARTIC) Nationality: Egyptian Sector: Hotels and Resorts
Tarek El Sayed
Country: Qatar El Sayed has been at the helm of ARTIC since 2017, which is a wholly-owned subsidiary of Al Faisal Holding. ARTIC has expanded across Europe, the U.S., and MENA and built a diversified portfolio of over 35 hotels, including the St Regis Bal Harbour in Miami, Four Seasons Hotel Cairo at First Residence, The St Regis Washington DC, Aleph Rome Hotel a Curio Collection, and JW Hotel Istanbul Bosphorus. In January 2023, ARTIC opened the JW Marriott Hotel Berlin in Germany with 505 rooms. It also introduced the first branded residences in New Cairo, Egypt: JW Marriott Residences and The Ritz Carlton Residences. Before joining ARTIC, El Sayed worked with Arthur Andersen in Egypt and Saudi Arabia. He was also the Group Chief Financial Officer for the Al Faisal Holding Company between 2001-2010.
Ali founded Air Arabia in October 2003 as the first low-cost carrier in MENA. In 2023, the company recorded net profits of $421.4 million and an increase of 31% in passengers carried to reach 16.7 million passengers. In 2023, the company also expanded its global network to include 26 new routes from its seven operating hubs, bringing the group’s total network size to 206 routes. The airline has a fleet of 73 aircraft. Ali is also the chairman of Information Systems Associates, T3 Aviation Academy, and Cozmo Travel, and he is a board member of Sharjah Aviation Services.
28
Guy Hutchinson
• President for Middle East and Africa Company: Hilton Nationality: British
IMAGE FROM SOURCE
27
Adel Abdullah Ali
• Group CEO Company: Air Arabia Nationality: Bahraini Sector: Airlines Country: U.A.E. F O R B E S M I D D L E E A S T.C O M
Sector: Hotels and Resorts Country: U.A.E. Hutchinson assumed his role at Hilton in January 2024. He oversees a team of 31,000 people. Hilton has over 300 hotels with over 78,000 keys in its trading and development pipeline across 27 countries in the Middle East and Africa. Hutchinson was previously
the president and CEO of Rotana and worked with Hilton for 15 years in India, China, Japan, and Dubai.
29
Haitham Mattar
• Managing Director - Middle East, Africa & South West Asia Company: IHG Hotels & Resorts Nationality: Lebanese -American Sector: Hotels and Resorts Country: U.A.E. Mattar assumed his current role in April 2021. The group’s brands include Holiday Inn, Holiday Inn Express, Crowne Plaza, voco, Hotel Indigo, Six Senses, InterContinental, Vignette Collection, and Staybridge Suites. In March 2024, the group announced a management agreement with the King Abdullah Financial District Management and Development Company to bring two luxury hotels to Riyadh in 2027, the Regent Riyadh KAFD and the InterContinental Riyadh KAFD. Mattar was previously a senior advisor for the Ministry of Tourism in Saudi Arabia and the CEO of the Ras Al Khaimah Tourism Development Authority. MAY 2024
in February 2021. ONDA has managed air navigation in Morocco since 1990. In 2023, Moroccan airports received 27.1 million passengers, an increase of 32% compared to 2022. In January 2024, 2.3 million passengers flew via Moroccan airports, a 15% increase compared to January 2023. In December 2023, ONDA announced the completion of several projects, including the development of a new space outside the Casablanca Mohammed V airport.
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
60
33
Kamel Abou-Aly
• Founder and Chairman Company: Pickalbatros Hotels & Resorts Group Nationality: Egyptian Sector: Hotels and Resorts Country: Egypt
30
Raki Phillips
• CEO Company: Ras Al Khaimah Tourism Development Authority (RAKTDA) Nationality: Lebanese-American Sector: Tourism Development Country: U.A.E. Phillips joined RAKTDA in 2019. In 2023, RAKTDA reported 1.2 million overnight arrivals to the emirate, an increase of 8% compared to 2022, bolstered by a significant 24% year-on-year pick-up in international visitors. In the same year, Phillips played a key role in securing one of the largest foreign direct investments in Ras Al Khaimah to date: a $3.9 billion deal with Wynn Resorts to develop a 1,500 key integrated resort on Al Marjan Island. Phillips has 20 years of experience. He is also a member of the executive board of RAK International Airport, the U.A.E. Energy and Sustainability Summit advisory board, the World Travel & Tourism Council board in the U.K., and the Pacific Asia Travel Association in Singapore.
31
Abdul Razzaq Arabiyat
• Managing Director
Sector: Tourism Development Country: Jordan Arabiyat became managing director of the JTB in 2004. The JTB was established in 1998 as a public-private partnership to plan and execute an integrated program of international promotional activities. In August 2023, JTB and the Irish carrier Ryanair renewed their collaboration agreement until 2028 and added four more routes, connecting Jordan with 12 European cities. Before his current role, Arabiyat was finance department director and director of administrative affairs at the Telecommunications Regulatory Commission. He also worked in various ministries in Jordan, including the Ministry of Planning and International Cooperation and the Ministry of Tourism and Antiquities. He was the financial and administrative manager for the Tourism Development Project.
32
Habiba Laklalech
• General Director Company: Moroccan Airports Authority ONDA Nationality: Moroccan Sector: Airports
Company: Jordan Tourism Board (JTB)
Country: Morocco
Nationality: Jordanian
Laklalech joined ONDA as general director
F O R B E S M I D D L E E A S T.C O M
34
Fernando Eiroa
• CEO Company: Dubai Holding Entertainment Nationality: Spanish Sector: Destinations Country: U.A.E. Eiroa has been the CEO of Dubai Holding Entertainment since December 2021. He has more than 23 years of experience in the experiential entertainment industry. The company’s portfolio features 17 destinations, parks, and attractions, including Global Village, LEGOLAND Dubai Theme Park, Ain Dubai, Dubai Parks and Resorts, and the Coca-Cola Arena. In 2023, Global Village had nine million visitors and won several Guinness World Records, including for the world’s tallest landmark sign for its “Hatta” sign. In November 2023, Dubai Parks and Resorts signed an exclusive multi-year partnership with Real Madrid C.F. to create Real Madrid World. Eiroa was previously the CEO of CircusTrix and Palace Entertainment. MAY 2024
IMAGE FROM SOURCE
Kamel Abou-Aly
Abou-Aly established Pickalbatros Hotels & Resorts Group in 1992 in Egypt with the opening of the first property, the Beach Albatros Resort in Hurghada. The group today has more than 14,000 keys and employs over 12,000 people. The brand has 25 hotels in Egypt, with plans to reach 30 hotels and resorts by 2025. It has also invested in Morocco since 2010, with three operational hotels and resorts and two resorts in the pipeline by the end of 2024. Pickalbatros Portofino in Marsa Alam in Egypt is due to open in May 2024. Abou-Aly is also involved in film production and sports in Egypt. He is also the president of the El Masry Football Club.
35
Fawaz Farooqui
• Managing Director and Chairman of the Executive Committee Company: Cruise Saudi Nationality: Saudi Sector: Destinations
61
Country: Saudi Arabia
36
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Farooqui has been in his current role since 2020. In 2023, Cruise Saudi launched the first Saudi cruise line, AROYA Cruises. It also signed a contract with T. Mariotti to build the first ultra-luxury yacht, “Aman at Sea,” for Neptune Co.—a joint venture between Cruise Saudi and Aman Group. Farooqui was previously the CEO of Saudi Arabia’s National Transformation Program and served as an advisor to the Saudi Minister of Economy and Planning. He began his career at Saudi Aramco.
Khalid Al Amoudi
• CEO Company: Jabal Omar Development Company (JODC) Nationality: Saudi Sector: Hotels and Resorts
Sami Bin Abdulmohsen AlHokair
Country: Saudi Arabia Al-Amoudi joined JODC and assumed his current role in 2019 with more than two decades of experience in the financial services industry. JODC recorded $353.8 million in revenues in 2023, a 56.18% increase from 2022. The JODC is a comprehensive project of around 235,869 square meters with 45 towers completed and under development over seven stages. Al-Amoudi was previously a general supervisor and deputy chairman of the board of the Real Estate Development Fund, chairman of the Housing and Finance Committee (Sakani Program), and a board member of the Iskan Program.
Sami Bin Abdulmohsen AlHokair 37
• Managing Director
IMAGE FROM SOURCE
Company: Abdulmohsen Alhokair Group for Tourism and Development (Al Hokair Group) Nationality: Saudi Sector: Hotels and Resorts Country: Saudi Arabia The Al Hokair Group manages and operates 35 hotels and 92 entertainment centers F O R B E S M I D D L E E A S T.C O M
across Saudi Arabia and the U.A.E., with over 5,122 rooms. The group reported $197.8 million in revenues and had $545.9 million in total assets in 2023. In October 2023, the group signed a strategic partnership agreement with Tabby to offer a “Buy Now, Pay Later” model to its customers. AlHokair is also a board member of the Saudi Airlines Catering Company, which has been rebranded as CATRION.
chairman of Sharjah Aviation Services, Dufry Sharjah, and the Sharjah Airport Travel Agency.
39
Rakan AlHarthy
• Founder and Managing Director Company: Sela Nationality: Saudi
38
Ali Salim Al Midfa
Sector: Experiences
• Chairman
Country: Saudi Arabia
Company: Sharjah Airport Authority (SAA)
Sela began operations in 1997, connecting brands with Saudi audiences to provide experiences relating to culture, recreation, sports, entertainment, and hospitality. Experiences and brands owned by Sela in Saudi Arabia include Via Riyadh, Blvd City, Blvd World, the Riyadh Convention and Exhibition Centre, Jeddah Promenade, Jeddah Superdome, and the Jeddah Yacht Club and Marina. In February 2024, Sela began a global partnership with adidas, which focused on strategic collaborations and developments with a strong focus on activations in Saudi Arabia. AlHarthy also serves on the boards of the Events Investment Fund and the Qiddiya Investment Company.
Nationality: Emirati Sector: Airports Country: U.A.E. Al Midfa has been at the helm of SAA since 2014. Operational since 1932, Sharjah Airport recently began its passenger terminal expansion project and, in 2023, welcomed more than 15.3 million passengers, its highest performance to date. In March 2023, SAA included Kenya Airways Cargo as one of its operating cargo companies. Besides his role at SAA, Al Midfa is also the second vice president of the Airports Council International Asia-Pacific Region and the
MAY 2024
40
Abdelhamid Addou
• Chairman and CEO Company: Royal Air Maroc Nationality: Moroccan Sector: Airlines Country: Morocco Addou has been with Royal Air Maroc since February 2016. In December 2023, Royal Air Maroc launched, in partnership with Afriquia SMDC, the first carbon-neutral flight from Africa fueled by sustainable aviation fuel. In September 2023, it signed an MoU with Air Senegal, initiating a strategic partnership. In July 2023, the airline signed a 14-year program (2023-2037) contract with the Moroccan government to increase its fleet to 200 planes and transport 31.6 million passengers annually. Addou was previously the general manager of SAEMOG and the CEO of Diana Holding and the Moroccan National Tourist Office.
41
Bander Almohanna
• CEO and Managing Director Company: flynas Group Nationality: Saudi Sector: Airlines Country: Saudi Arabia Almohanna has been at the helm of the flynas Group since January 2015, leading flynas, NASJET, and flynas Hajj & Umrah. The low-cost carrier, launched in 2007, currently flies around 1,500 weekly flights to over 70 domestic and international destinations. The airline’s fleet currently consists of 64 aircraft. In the 2023 Hajj season, flynas flew more than 100,000 pilgrims from more than 13 countries, bringing up the total number of pilgrims flown by the airline to more than two million since it launched. In January 2024, the airline shared its plans to purchase up to 250 new aircraft this year. Almohanna was previously the chairman at MEFIC Capital and deputy CEO at NAS Holding.
42
Amir Golbarg
Bander Almohanna portfolio includes 540 hotels in 56 countries. In 2023, it reported full-year revenues of $3.4 billion. Its new launches include the NH Collection Dubai The Palm in February 2023, Anantara Mina Al Arab Ras Al Khaimah Resort in January 2024, and Anantara Santorini Abu Dhabi Retreat in February 2024. The group’s first Anantara in India will debut in 2024 in Jaipur.
43
Khalid Anib
• CEO Company: Abu Dhabi National Hotels (ADNH) Nationality: Finnish citizen of Moroccan origin Sector: Hotels and Resorts
Africa & India
Country: U.A.E.
Company: Minor Hotels
Anib joined ADNH and assumed his current position in 2016. With a market cap of $2.3 billion as of March 15, 2024, ADNH recorded $444.2 million in revenues and $130.7 million in gross profit in 2023. In March 2024, the company announced its agreement to acquire the 50% stake owned by Compass Group International B.V (Compass) in their joint venture entities operating in the U.A.E. The acquisition is expected to generate an extra $27.2 million in net profit annually.
Sector: Hotels and Resorts Country: U.A.E. Golbarg joined Minor Hotels in 2012 as director of operations and hotel openings in Thailand. He assumed his current role in 2021, overseeing 36 properties across 10 countries and five brands. Minor Hotels’ F O R B E S M I D D L E E A S T.C O M
44
Mark Kirby
• Head of Hospitality Company: Emaar Hospitality Group
• Senior Vice President Middle East,
Nationality: Danish
Anib is a board member of the Abu Dhabi Chamber of Commerce and Industry and a member of the executive committee of Alhokair Group.
Nationality: British Sector: Hotels and Resorts Country: U.A.E. Kirby was appointed head of hospitality at the Emaar Hospitality Group in January 2021, having joined the group in 2014 as the manager of the Armani Hotel Dubai. In August 2023, the group, along with Emaar Misr, inaugurated the $161 million Address Beach Resort Marassi in Egypt, and in October, it expanded its portfolio to include Vida Creek Beach Hotel in Dubai. In January 2024, the group announced the rebranding of Address Fountain Views to Address Dubai Mall. Kirby is also the president of the Dubai Lankans Rugby Club. He was previously the area general manager of the group’s hotels, such as Address Downtown, Palace Downtown, and Vida Downtown Residences. MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
62
45
Fabien Toscano
• CEO Company: AlUla Development Company Nationality: French Sector: Hotels and Resorts Country: Saudi Arabia
63
46
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Toscano joined the AlUla Development Company in September 2023. He manages a portfolio of four properties with 521 keys. The company is a closed joint stock real estate business fully owned by Saudi’s Public Investment Fund. It was established to support the development of AlUla in Saudi Arabia. In September 2023, it signed an agreement with Marriott International to open an Autograph Collection property in Saudi Arabia. Toscano has 25 years of industry experience and previously held managerial roles at Lendlease in the U.K. and Qatari Diar.
Yehia Zakaria
• Chairman and CEO Company: EGYPTAIR Holding Company Nationality: Egyptian Sector: Airlines Country: Egypt Zakaria joined EGYPTAIR Maintenance & Engineering in 2021 and assumed the leadership of EGYPTAIR Holding Company in October 2022. The company flies to 79 destinations in 52 countries with a fleet of 81 crafts. In 2023, it operated 13% more flights compared to 2022 and carried 9.8 million passengers, a 19% increase compared to the previous year. It also operated 1,249 cargo flights to 31 countries and transported 129,034 tons. Zakaria has 38 years of experience in aircraft engineering and leadership. He joined the Egyptian Air Forces in 1984. He is also a member of the Executive Committee of both the Arab Air Carriers’ Organization and the African Airlines Association.
47
Hashil Al Mahrouqi
• CEO Company: OMRAN Group Nationality: Omani IMAGE FROM SOURCE
Sector: Hotels and Resorts Country: Oman Al Mahrouqi has over 22 years of industry experience and was appointed to his current role in January 2021. OMRAN Group signed an MoU with Onsor Technologies F O R B E S M I D D L E E A S T.C O M
Fabien Toscano
in November 2023 to enhance its tourism services through the integration of the latest technology. In January 2024, the group announced the completion of Phase I of Madinat Al Irfan East by inaugurating the JW Marriott Hotel Muscat. Al Mahrouqi previously held roles at the Oman Investment Authority, the Yiti Tourism Development Company, and the ASAAS Company.
48
Ahmad M. Alkreebani
inaugurated a new sales office in Assima Mall in September 2023, with a planned opening in Al Kout Mall and eventually the Jahra region.
Nader Ahmed Al Hammadi 49
• Chairman Company: Abu Dhabi Aviation (ADA) Nationality: Emirati Sector: Airlines
• CEO
Country: U.A.E.
Company: Kuwait Airways
Al Hammadi joined ADA in 2009 as managing director. He also joined Presidential Flight in 1996 and held several management positions over the years before becoming managing director and CEO in 2014. In August 2023, ADA announced a strategic partnership with Airbus Helicopters as the designated Airbus Maintenance Center for the region. In November 2023, ADA conducted the Middle East’s first two helicopter flights powered by aviation fuel blended with sustainable aviation fuel. Al Hammadi also sits on the boards of RoyalJet and Abu Dhabi Airports, Waha Capital, among others.
Nationality: Kuwaiti Sector: Airlines Country: Kuwait Alkreebani was appointed CEO of Kuwait Airways in September 2023. In January 2024, Kuwait Airways was the main sponsor for the Jeddah International Travel and Tourism Exhibition. In March 2024, the airline revealed its schedule from June to September, introducing Antalya, Bodrum, Trabzon, Sharm El-Sheikh, Malaga, and Nice as new seasonal destinations. It
MAY 2024
50
Mark De Cocinis
• CEO Company: Boutique Group Nationality: Italian Sector: Tourism Development Country: Saudi Arabia De Cocinis assumed his current role at the Boutique Group in 2022. The company, established in 2022, is fully owned by Saudi Arabia’s Public Investment Fund and converts old historical palaces into hotels showcasing Saudi Arabia’s heritage and culture. It has three palaces: The Red Palace, Al Hamra Palace, and Tuwaiq Palace. In May 2023, the group signed an MoU with the King Abdulaziz Foundation for Research and Archives (Al Darah) for the continued preservation of the history and legacy of Saudi Arabia through research, culture, community, literature, and geography. De Cocinis was previously CEO at Urban Resort Concepts and President at DeMarcheli Hospitality Limited, as well as Kerzner International.
51
Chris Newman
• Executive Director
Panos Loupasis
Company: NEOM Hotel Division Nationality: British Sector: Hotels and Resorts Country: Saudi Arabia Newman has more than 35 years of global hospitality experience and has been the executive director at NEOM Hotel Division since March 2021. In February 2024, Accor’s Raffles Hotels & Resorts announced that it would open a new resort in Trojena in NEOM in 2027. Newman was previously head of hospitality at Emaar Hospitality Group and regional task general manager at Starwood Hotels & Resorts.
52
Kamil Al-Awadhi
• Regional Vice President for Africa and
and the Middle East. IATA is responsible for improving safety levels, enhancing connectivity, reducing airlines’ costs, and ensuring the sustainability of air transport. In June 2023, IATA launched the Collaborative Aviation Safety Improvement Program to reduce accident and serious incident rates across Africa as part of its Focus Africa initiative. Al-Awadhi was previously the CEO of Kuwait Airways.
53
Khalifa Bin Braik
• CEO Company: Majid Al Futtaim Asset Management Business Nationality: Emirati Sector: Hotels and Resorts
Company: International Air Transport Association (IATA)
Country: U.A.E.
Sector: Tourism Development Country: Jordan Al-Awadhi joined IATA in 2021. He has over 32 years of experience in the aviation industry. He represents IATA in 68 countries, and he serves 57 airlines across Africa
F O R B E S M I D D L E E A S T.C O M
54
Panos Loupasis
• Managing Director for Türkiye, Middle East & Africa Company: Wyndham Hotels and Resorts
the Middle East
Nationality: Kuwaiti
Properties in 2014 as director of the shopping mall business unit and managing director of the hotel business unit.
Bin Braik has been in his current role since February 2023. He currently manages a portfolio of seven hotels and 29 shopping malls across the Middle East and North Africa. In 2023, Majid Al Futtaim Hotels reported a 79% occupancy rate in its hotel rooms, and hotel revenues increased by 4% to $191.7 million. Bin Braik began his career with Dubai Holding and then moved to Sharjah Holding. He joined Majid Al Futtaim
Nationality: Greek Sector: Hotels and Resorts Country: U.A.E. Loupasis has been in his current role since 2023 and with Wyndham Hotels & Resorts since 2011. Wyndham Hotels & Resorts is a franchising company with 9,200 hotels globally and 70 operational properties in the Middle East and Africa. In 2023, regional launches included the opening of Ramada Encore by Wyndham Al Khobar Corniche in Saudi Arabia, the Grand Regency Doha, and the Trademark Collection by Wyndham. It also has the Wyndham Marsa Alam Oyster Bay Beach Resort & Spa, the first Wyndham hotel in Egypt, which is under development. Loupasis has over 25 years of experience. He was previously the vice president of development for the Middle East, Eurasia, and Africa at the company. MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
64
Fahad Abdulrahim Kazim
55
Basmah Al-Mayman
• Regional Director for the Middle East Company: UN Tourism Nationality: Saudi Sector: Tourism Development Country: Spain/Saudi Arabia
65
Fahad Abdulrahim Kazim
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Al-Mayman assumed her current role in 2018, becoming the first GCC national to hold a leading position at the UN Tourism and the first woman to lead the Middle East. She oversees 13 member states, one special observer country, and 39 affiliate members. In March 2023, the UN Tourism and the Ministry of Tourism in Saudi Arabia announced a partnership to boost education and training in the tourism sector. Al-Mayman represents UN Tourism in the Arab Ministerial Council for Tourism meetings in the League of Arab States. She was previously a board member of the UN Tourism Sustainable Tourism Eliminating Poverty Initiative for the Middle East and a founding member of the program and budget committee of the executive council for the Middle East.
56
• CEO Company: Millennium Hotels & Resorts MEA, Tetra Hospitality Investment Nationality: Emirati Sector: Hotels and Resorts Country: U.A.E. Kazim assumed his current role at Millennium Hotels and Resorts MEA in August 2022. Millennium Hotels and Resorts brands include The Biltmore, Grand Millennium, Millennium, M Social, Studio M, M Hotel, Copthorne, and Kingsgate. In February 2024, the company opened The Biltmore Hotel Villas in Dubai. In 2023, it announced the signing of the tallest hotel tower in Africa, the Grand Millennium Tycoon Tower, in the New Administrative Capital in Egypt with Nile Developments. Kazim is also the CEO of Tetra Hospitality Investment.
57
Abeer Al Akel
IMAGE FROM SOURCE
• Acting CEO Company: The Royal Commission for AlUla (RCU) Nationality: Saudi Sector: Destinations Country: Saudi Arabia Al Akel joined RCU in 2017 and has held various leadership positions, most F O R B E S M I D D L E E A S T.C O M
recently as chief of special initiatives and partnerships. She assumed her current role in January 2024. In October 2023, the RCU announced a partnership with French water and waste management company Suez to provide municipal and environmental services for AlUla’s upcoming residential community. In the same month, the winning design of the AlUla International Airport Terminal was unveiled at the annual Future Investment Initiative in Riyadh. In January 2024, the RCU signed a $546 million contract with Alstom to create a catenary-free tramway system that would connect all five of AlUla’s historical districts.
comprises 155 rooms and suites. Ezzat has over 30 years of experience. He previously served as the president and chairman of the Saudi Arabian Football Federation, the CEO of Saudi Paper Group, and the managing director of ALJ-Toyota. He is also the chairman of EXO Saudi Arabia, a Saudi joint venture with Elaf Group and EXO Travel.
59
Javier Águila
• Group President for Europe, Africa and Middle East Company: Hyatt Nationality: Spanish
58
Adel Ezzat
• CEO Company: Elaf Group Nationality: Saudi Sector: Hotels and Resorts Country: Saudi Arabia Ezzat assumed his current position in September 2021. The group is fully owned by SEDCO Holding. It has nine properties with a total of 3,377 rooms and has signed five more properties to be opened in 2024. The Elaf Group also has a travel and tourism services arm with offices in Riyadh, Jeddah, and Medina in Saudi Arabia that operate Elaf Holidays, Elaf Corporate Travel, and general sales agent services. In October 2023, The group announced the opening of the Joudyan Red Sea Mall Hotel. The hotel
Sector: Hotels and Resorts Country: U.A.E. Águila was appointed group president of Europe, Africa, and the Middle East (EAME) for Hyatt in 2022, before which he had served as group president of AMResorts Europe and Global Strategy at the Apple Leisure Group (ALG). In 2023, Hyatt added 101 new hotels to its global portfolio, with over 127,000 rooms. In Q4 2023, 29 new hotels were inaugurated, including Grand Hyatt Kuwait Residences. The group’s EAME division recorded an EBITDA of $61 million in 2023, a growth of 30.4% compared to 2022. Águila began his career in private equity and management consulting and previously founded Alua Hotels and Resorts in 2014. In 2019, it was acquired by ALG, which became part of Hyatt in 2021. MAY 2024
60
Tim Cordon
• COO, Middle East, Africa & South East Asia Pacific Company: Radisson Hotel Group Nationality: British
66
Sector: Hotels and Resorts Having joined Radisson Hotel Group in 2003, Cordon’s role was expanded to include the Southeast Asia-Pacific region in January 2024. As of February 2024, he oversaw 179 operating and under-development properties, with 35,369 Keys in MENA and 13,783 keys in the South East Asia and Pacific region. Of their 179 properties, 43 are in Saudi Arabia, 18 are in the U.A.E., and 12 are in Egypt. In December 2023, the group inaugurated its first Radisson Individuals hotel, the Vivid Jeddah Hotel, in Saudi Arabia. In January 2024, the group announced a growth of around 50% in the number of keys worldwide since the launch of its transformation plan in 2018. Cordon began his career in the U.K. as general manager at the Radisson Blu Hotel at Manchester Airport.
61
Sultan Bader Al-Otaibi
• CEO Company: Taiba Investments Nationality: Saudi Sector: Hotels and Resorts Country: Saudi Arabia Al-Otaibi was appointed CEO of Dur Hospitality in 2019 and became CEO of Taiba Investments in January 2024 following the merger of the two companies. In May 2023, Dur Hospitality signed an agreement with the Smart Zone Real Estate Company to set up a Limited Liability Company to develop and operate Saudi Arabia’s first smart hotel. In November 2023, the company inaugurated the Darraq Al Hada Residential Compound in Riyadh. Al-Otaibi also sits on the advisory boards of the Marriott EMEA Owner Advisory Distribution Council, the Tourism Committee at the Riyadh Chamber of Commerce & Industry, and the Future Hospitality Summit.
Shaikha Al Kaabi Erth was previously the U.A.E. Armed Forces club and became Erth in 2021. Al Kaabi has been leading this transformation since 2016. Erth offers a U.A.E.-heritage-inspired resort, ballroom, and recreational facility with various hospitality, catering, and event services in Abu Dhabi. It is home to the only Emirati Michelin Star restaurant. In December 2023, École Ducasse Abu Dhabi Studio launched in the U.A.E. in partnership with Erth and DCT Abu Dhabi. Al Kaabi was previously a business development manager at the Royal Group, focusing on tourism-related initiatives in Abu Dhabi. She also has experience in Emirates Nuclear Energy Corporation (ENEC) and Dolphin Energy.
63
Philip Barnes
• CEO Company: Rotana Nationality: British Sector: Hotels and Resorts Country: U.A.E.
62
Shaikha Al Kaabi
• CEO Company: Erth Abu Dhabi Nationality: Emirati Sector: Hotels and Resorts Country: U.A.E. F O R B E S M I D D L E E A S T.C O M
Barnes assumed his current role in March 2024. Rotana operates 74 hotels with 19,443 keys in the Middle East, Africa, Eastern Europe, and Türkiye, serving more than six million guests per year. Among its hotels, 35 are in the U.A.E., eight are in Saudi Arabia, and four each are in Qatar and Morocco. Rotana is working on international expansion through upcoming openings in the U.K.,
Georgia, and Senegal. Barnes was previously Regional Vice President of Southern California at the Fairmount Group. He has 50 years of experience in the hospitality industry across five continents.
64
Marloes Knippenberg
• CEO Company: Kerten Hospitality Nationality: Dutch Sector: Hotels and Resorts Country: U.A.E. Knippenberg assumed her current role in September 2015. In February 2024, the company, alongside Hwadi, inaugurated the Cloud 7 Hotel Al Ahsa in Saudi Arabia as part of “The Collective by Kerten Hospitality,” a $400 million allocated investment initiative for 20 projects in Saudi Arabia. In March 2024, the company announced the development of the House Urban Eco Resort Riyadh in collaboration with Saudi Arabia’s Ministry of Tourism, Rikaz, and RAFAL Real Estate Development Co. Knippenberg sits on the advisory boards for the Arabian Hotel Investment Conference, the Saudi Arabia Hospitality Investment Conference, and the Arabian Travel Market Dubai. In addition, she is an ambassador for the Global Hospitality Student Challenge and part of the Sustainable Markets Initiative Committee. MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Country: U.A.E.
68
Alison Grinnell
• CEO Company: RAK Hospitality Holding Nationality: British Sector: Destinations Country: U.A.E.
69
Ahmed Shanan
• Chairman and CEO Company: AirCairo Bani Haddad
Nationality: Egyptian Sector: Airlines
65
Talal Jassim Al-Bahar
• Chairman and Group CEO Company: IFA Hotels & Resorts (IFA HR) Nationality: Kuwaiti Sector: Hotels and Resorts Country: U.A.E. As of March 31, 2024, IFA HR has a market cap of $708 million, having been first listed on the Boursa Kuwait in January 2006. Aside from his current position, Al-Bahar is also chairman and CEO of IFA South Africa and United Investments Portugal and vice chairman and CEO of the Kuwait Real Estate Company (AQARAT). He also sits on the board of the Commercial Real Estate Company (Al-Tijaria).
66
Bani Haddad
• Founder and Managing Director Company: Aleph Hospitality
IMAGE FROM SOURCE
Nationality: Lebanese-French Sector: Hotels and Resorts Country: U.A.E. Haddad has over 30 years of industry experience and founded Aleph Hospitality in 2015. Its portfolio consists of 14 hotels F O R B E S M I D D L E E A S T.C O M
with over 2,200 keys across the U.A.E., Saudi Arabia, Qatar, Ethiopia, Kenya, Zanzibar, Rwanda, the Democratic Republic of Congo, Ghana, Cameroon and Liberia. In January 2024, it signed its first management agreement in Saudi Arabia to operate Hotel Indigo Abha in Assir under a franchise agreement with IHG Hotels & Resorts. In February 2024, the company signed management agreements to operate Hilton Dubai Creek Hotel & Residences and Marriott Marquis Dubai.
67
Prateek Kumar
• Senior Vice President
Country: Egypt Shanan assumed his current role in March 2024. AirCairo has a fleet of 33 aircraft and operates more than 400 weekly flights to 60 domestic and global destinations. Shanan previously served as director of operations and director of safety and quality for AirCairo. He is also an ICAO-approved trainer.
70
Ahmed Janahi
• Group CEO Company: Gulf Hotels Group (GHG) Nationality: Bahraini
Company: Dusit Hotels and Resorts
Sector: Hotels and Resorts
Nationality: Singaporean
Country: Bahrain
Sector: Hotels and Resorts
Janahi assumed his current role in October 2023, and he served on GHG’s board and was a board member of the executive committee and the investment committee. GHG’s hotel portfolio includes 13 properties in Bahrain, the U.A.E., and Tanzania, among them the Gulf Hotel Bahrain Convention & Spa and Novotel Bahrain Al Dana Resort. The group also has 28 restaurants and $293.2 million in assets as of December 2023. Janahi has over 25 years of experience in investment management. He is also the vice chairman of the Bahrain Family Leisure Company and INJAZ Bahrain.
Country: U.A.E. Kumar joined Dusit Hotels and Resorts in 2008 as general manager of Dusit Thani Manila and assumed his current position in 2022. He is responsible for overseeing the operations of over 300 properties under six brands in 16 countries worldwide. Dusit Hotels and Resorts opened 14 new hotels in 2023. In April 2023, it opened its Dusit Suites Athens, the first Dusitbranded property in Europe. Prior to his role, Kumar was regional vice president of EMEA at Dusit International.
MAY 2024
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
67
Grinnell was appointed CEO of RAK Hospitality Holding in 2019, having joined the company as CFO in 2016, where she was in charge of the company’s finance and treasury departments. In February 2024, RAK Hospitality Holding partnered with Accor to inaugurate the Pullman Resort Al Marjan Island, the first Pullman resort in the U.A.E. This was a rebrand of Marjan Island Resort & Spa, which the group acquired in August 2023. Grinnell began her career at Andersen’s U.K. and U.S. divisions before joining PwC in 2001.
71
Saurabh Tiwari
• Area Director, Operations, Middle East and General Manager Taj Dubai Company: Taj Dubai, Indian Hotels Company Limited (IHCL) Nationality: British Sector: Hotels and Resorts Country: U.A.E. Tiwari has been the general manager of the Taj Dubai since August 2021 and was appointed area director of operations for the Middle East in 2024. He oversees more than 1,000 people in three properties across the Middle East. In 2023, Taj Dubai saw a 20% increase in revenues compared to 2022. It also revamped two of its existing F&B venues—Miss Tess and Treehouse— and introduced a new venue, La Terazza, for guests of its members-only club, The Chambers. Tiwari began his hospitality career as an F&B assistant in 2000 in Jaipur, India. He has also previously held roles in London, Mallorca, and Ibiza.
72
Khalid Jasim Al Midfa
• Chairman Company: Sharjah Commerce and Tourism Development Authority (SCTDA) Nationality: Emirati
Nadia Zaal
Sector: Tourism Development Country: U.A.E. Al Midfa has been with SCTDA since 2011, which promotes the emirate of Sharjah as a tourist destination. Al Midfa has over 20 years of industry experience and is also the chairman of the Sharjah International Marine Sports Club, a member of the Emirates Tourism Council, and a member of the board of trustees of Skyline University College, among other roles. He previously worked with the Sharjah Airport Free Zone.
pre-opening and development include Four Points by Sheraton Muscat, which is due to open in Q4 2025, and Four Points by Sheraton Duqm and Hyatt Regency Lahore, which are due to open in Q4 2024. Bergue has previously led projects for One&Only Hotels & Resorts, Armani Hotels, Address Hotels & Resorts, Nikki Beach Hotels & Resorts, Lux Hotels, and SLS Hotel Dubai, among others.
Neighborhood and Chorisia, six months ahead of schedule. In Q3 2023, it implemented a 30% water reduction in the Al Barari Community. Zaal is also a director at FIVE Holdings.
75
Amr Badr
• Managing Director - Egypt and the Middle East
73
Julien Bergue
74
Nadia Zaal
• Cofounder and Managing Partner -
• Cofounder and CEO; CEO
Middle East, Africa, Asia
Company: Zaya; Al Barari
Company: Valor Hospitality Partners
Nationality: Emirati
Nationality: Mauritian
Sector: Hotels and Resorts
Sector: Hotels and Resorts
Country: U.A.E.
Country: U.A.E.
Zaal cofounded Zaya in 2008, which developed projects like ZUHA, Nurai Island, and Al Barari. She has 18 years of experience and oversees 900 employees. Between Q4 2022 and Q1 2023, Al Barari delivered two residential projects, The
Bergue has over 24 years of hospitality experience, with the last 18 being dedicated to hotel project development. Valor Hospitality Partners has nine hotels in its portfolio. Some of its hotels currently in F O R B E S M I D D L E E A S T.C O M
Company: Abercrombie & Kent Egypt Nationality: Egyptian Sector: Travel Services Country: Egypt Badr has over 25 years of experience in the tourism industry. Abercrombie & Kent Egypt offers services including FITs, tour series, ad-hoc groups, incentive travel, special interest groups, and conferences and events, with nine offices throughout Egypt and over 400 full-time staff. Badr is a board member of the Egypt-USA Business Council and a member of the board of trustees of the Education For Employment Egypt. MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
68
76
Hossam El Shaer
• Founder and Chairman; Chairman Company: SUNRISE Resorts and Cruises; SkyMax Holidays Nationality: Egyptian Sector: Hotels and Resorts
69
Country: Egypt TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Al Shaer founded SUNRISE in 2002 in Egypt. The company has 20 resorts in Egypt one in Tanzania, and one in Greece. It operates seven cruise lines in Egypt, including Nile Cruise. El Shaer is the owner of the real estate company Madaar and is also the chairman of the destination management company SkyMax, which has a presence in Egypt, Morocco, and the U.A.E. El Shaer is also a partner at the Ingas Company. He previously served as chairman of the Travel Agent Association in Egypt and on the board of the Egyptian Tourism Federation.
Mohammed Husain Ahmed 77
• CEO Company: RoyalJet Nationality: Emirati Hossam El Shaer
Sector: Private Aviation Country: U.A.E. Ahmed is a 25-year aviation industry veteran and has been CEO at RoyalJet since May 2022. The company offers ad hoc and block charter services, including aircraft management services for VIP aircraft owners, short and long-term aircraft leasing and medical evacuation flights, and aircraft acquisition and disposal services. Ahmed was previously the vice president for commercial and government affairs at Global Aerospace Logistics and the general manager at Abu Dhabi Airports.
its footprint to Latin America with a new supervisory station in Peru. Mardini has 35 years of experience. He is also a board member of the Middle East and North Africa Business Aviation Association and an active member of the World Economic Forum and the Young Presidents’ Organization.
Adel Mardini
• Founder and CEO Company: Jetex Nationality: Turkish Sector: Private Aviation
IMAGE FROM SOURCE
Country: U.A.E. Mardini founded Jetex in Dubai in 2005. The company operates 37 private jet terminals globally that offer services like international trip planning, aircraft fueling, ground handling, and bespoke concierge services. Jetex employs about 850 people. In October 2023, Jetex announced that it is expanding F O R B E S M I D D L E E A S T.C O M
80
Jeffrey Goh
• Group CEO Company: Gulf Air Group Holding
79
Samer Majali
• Vice Chairman and Board Designee CEO
78
2013 until 2019 and was the senior advisor to the chairman of Oman Air in 2013.
Company: Royal Jordanian (RJ) Nationality: Jordanian Sector: Airlines Country: Jordan Majali, who has over 40 years of experience in the industry, has led RJ since March 2021. The airline recorded total assets of $1.3 billion and revenues of $1 billion in 2023. The same year, the company announced new routes to Stockholm, Düsseldorf, Algeria, Brussels, and Bahrain. In 2023, the company recorded 33,367 flights and 3.6 million travelers. In 2019, Majali started Plane Vision, a Bahrain-based business strategy and organization advisory firm. He was previously CEO of SaudiGulf Airlines from
Nationality: British Sector: Airlines Country: Bahrain Goh was appointed group CEO of Gulf Air Group Holding in January 2023. The company comprises the national carrier of Bahrain Gulf Air, Bahrain Airport Company, and Gulf Aviation Academy. In March 2024, Gulf Air announced a strategic partnership with Singapore Gulf Bank in Bahrain, Singapore-based Whampoa Group’s new digital banking wing. In February 2024, the airline had its inaugural flight to AlUla International Airport, and it unveiled additional European destinations for the summer, including Geneva, Málaga, Rhodes, and Mykonos. Goh was previously CEO of Star Alliance and served as senior legal counsel for the International Air Transport Association. MAY 2024
81
Fariborz (Fred) Vessali
• CEO Company: Oman Hotels and Tourism Company SAOC (OHTC) Nationality: Australian
70
Sector: Hotels and Resorts Vessali has nearly 30 years of industry experience and has been CEO of OHTC since 2017. The company owns the Ruwi Hotel in Muscat, the Sur Plaza Hotel in Sur, the Al Wadi Hotel in Sohar, and the Desert Nights Resort in Al Bidiya, along with over 25 international hotel chains. Vessali also sits on the board of the United Finance Company SAOG. He was previously the vice president of supply chain management at Oman Air from 2011 to 2017 and held senior management positions at the Kellogg Company and Lindt & Sprüngli in Australia.
82
Johan Eidhagen
• Managing Director Company: Wizz Air Abu Dhabi
Johan Eidhagen
Nationality: Swedish Sector: Airlines Country: U.A.E. Eidhagen joined Wizz Air Abu Dhabi in 2015 as the chief marketing officer, and was appointed as managing director in April 2023. The airline flies between 40 destinations within a five-hour flight time radius of Abu Dhabi. In 2023, the company operated more than 15,000 flights and carried three million passengers, more than double that of 2022. In the same year, the airline added four new A321 aircraft, taking the total fleet to 12 aircraft, and increased its seat capacity by 135% to 3.7 million seats on sale. Before current role, Eidhagen was ESG and chief people officer since 2021. Prior to joining the company, he worked in sales and marketing at Nokia.
Mohamed Abou El Enein 83
• Founder and Chairman Company: Cleopatra Hospitality Group Nationality: Egyptian Sector: Hotels and Resorts Country: Egypt Abou El Enein founded the Cleopatra Group in 1983, which began as a ceramic F O R B E S M I D D L E E A S T.C O M
business with a single factory. Cleopatra Luxury Hotels & Resorts falls under its tourism wing. It has resorts in Sharm Sheikh, Makadi Bay, North Coast Sidi Heneish, and Marsa Alam. He is also president of the Egyptian-European Business Council, the Egyptian-Portuguese Business Council, the Arab Investors Union, and the General Division of Investors of the General Federation of the Egyptian Chambers of Commerce. Abou El Enein was elected deputy speaker of the Egyptian House of Representatives in 2021 and has been a member of the People’s Assembly of Egypt since 1995.
2023. In March 2024, SalamAir opened a new office in Iraq. Al Shidhani was previously COO at SalamAir. Having started his flying career at the Oxford Air Training Academy in 1987, he has over 35 years of aviation experience. Before SalamAir, he held managerial roles at Oman Air and Gulf Air.
85
Siddeek Ahamed
• Chairman and Managing Director Company: ITL World Nationality: Indian
84
Ahmed Al Shidhani
• Acting CEO Company: SalamAir Nationality: Omani Sector: Airlines Country: Oman Al Shidhani joined SalamAir in 2018 and was appointed acting CEO in October 2023. SalamAir is Oman’s low-cost airline. In 2023, SalamAir achieved a 28% increase in passenger numbers compared to 2022. It flies between 47 destinations, including five in India that were added in
Sector: Travel Services Country: Saudi Arabia Ahmed has been the chairman and managing director of ITL World, a subsidiary of Eram Group, since 2006. ITL World specializes in travel management across the GCC and the Far East, providing catering services, destination management, travel education, and a trips B2B portal. It has five brands, including MICEminds, ITL World Elite, and Arabian Experience. Ahmed is also the chairman and managing director of Eram Group, a diverse conglomerate with over 40 entities and nine business verticals. He has over 30 years of experience in business and contractual activities. MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Country: Oman
86
Said Al Shanfari
• CEO Company: Oman Convention & Exhibition Centre (OCEC) Nationality: Omani Sector: Tourism Development
71
Al Shanfari assumed his current role in 2018. In 2023, the company established the largest cloud kitchen in Oman in collaboration with KitchenomiKs. In January 2023, it launched its 360° VR technology for virtual venue exploration. In March 2024, OCEC signed an agreement with TotalEnergies Renewables Distributed Generation Middle East & Africa to develop a 4.6 megawattpeak rooftop solar photovoltaic project. Al Shanfari also represents the broader region as chairman of UFI, the Global Association of the Exhibition Industry for the Middle East and Africa. He is also a member of the board of trustees at Oman Tourism College and is chairman of Emerging Technology (ETCO), Hotel Destination Management, and the Crown Plaza-OCEC. He began his career with Omantel and Ooredoo.
87
Stuart Leven
• CEO Company: Orascom Hotels Management Nationality: British Sector: Hotels and Resorts Country: Egypt Leven joined Orascom Hotels Management as CEO in September 2023. Orascom Hotels Management is a subsidiary of Switzerlandbased Orascom Development. Its destinations in Egypt include El Gouna and Taba Heights. It also has destinations in the U.A.E., Oman, Montenegro, and Switzerland. In 2024, the company opened The Club by Fanar Hotel in Oman, an extension hotel of 123 rooms to Fanar Hotel & Residences, bringing the total room inventory to 700 rooms and suites. Leven was the Vice President of Commercials for the UK and Ireland at InterContinental Hotels Group (IHG). He also has experience in the airline and cruise industry, where he was the Vice President of EMEA for Royal Caribbean Group.
88
Muzzammil Ahussain
IMAGE FROM SOURCE
• CEO Company: Almosafer Nationality: American Sector: Travel Services Country: Saudi Arabia F O R B E S M I D D L E E A S T.C O M
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Country: Oman
Said Al Shanfari Ahussain has been at the helm of Almosafer since January 2023. Before being appointed, he had been the executive vice president since 2018. The company provides hotel booking options for over 1.5 million properties, flight bookings on over 450 airlines, holiday packages, car rental, and concierge, among other services. In 2023, Almosafer recorded a net booking value of $2 billion and revenues of $219.2 million, up 24% and 59%, respectively, compared to 2022. Ahussain previously served as a senior manager at Accenture Strategy.
89
Barathan Pasupathi
• CEO Company: Jazeera Airways Nationality: Singaporean Sector: Airlines Country: Kuwait Pasupathi was appointed to his current role in March 2024 with over 30 years of experience in finance, management, and operations functions for airlines. In 2023, Jazeera Airways added 10 new routes to serve a total of 64 destinations across the Middle East, Central & South Asia, Europe, and Africa, including Moscow, Samarkand, Larnaca, Sphinx (Cairo), Shiraz, Tivat, and Belgrade, among others. In 2023, the company recorded operating
revenues of $645.7 million, and passenger numbers hit a record 4.68 million, a 30.6% increase compared to 2022. Pasupathi was previously the CEO of Jetstar Asia for the past 12 years, a Qantas Group airline based in Singapore.
90
Ahmad Abu Ghazaleh
• CEO and Vice Chairman Company: International Wings Group (IWG) Nationality: Jordanian Sector: Private Aviation Country: Jordan Abu Ghazaleh has been at the helm of IWG since 2003 and oversees 2,000 people. The group is the parent company of Arab Wings, Gulf Wings, the Royal Jordanian Air Academy, and the Queen Noor Civil Aviation Technical College. As of March 2024, it had a fleet of 26 aircraft. Abu Ghazaleh has been the chairman of United Cable Industries Company since 2013, a Jordanian publicly traded company. He is also the founder and executive vice chairman for Abdali Hospital in Amman and serves on boards for Fresh Del Monte, the Queen Rania Foundation, Endeavor Jordan, Jordan’s Investment Council, and on the board of trustees for The American Center of Research, and the Center for Strategic Studies at the University of Jordan. MAY 2024
91
Mohamed Soussan
• Cofounder and Group General Manager Company: Ayla Hotels & Resorts Management Company Nationality: Lebanese
72
Sector: Hotels and Resorts Soussan cofounded Ayla Hotels & Resorts Management Company in 2010. It is owned by the Nael Bin Harmal Investment Company, which also owns Bawadi Mall in Al Ain in the U.A.E. Its hotels include Ayla Hotel, Ayla Bawadi Hotel, and Ayla Grand Hotel in Al Ain and the Ayla Ibri Hotel and Kempinski Djibouti in Oman and Djibouti. Its Ayla Boutique Hotel in Al Ain is due to open in late 2025. Before his current role, Soussan worked with Rotana.
92
Mohamed Awadalla
Hanin Alsubaie
• CEO Company: TIME Hotels Nationality: Egyptian-Belgian Sector: Hotels and Resorts Country: U.A.E. Awadalla has over 40 years of industry experience and has been in his current role since March 2012. He currently oversees 1,500 people across the company’s 17 properties, which are located in the U.A.E., Saudi Arabia, Qatar, Egypt, and Liberia. It also opened a five-star property with 770 keys in Saudi Arabia and another five-star property with 77 keys in Liberia. Awadalla previously worked at Mövenpick Hotels & Resorts, Hilton International, and Rotana.
93
Simon Leigh
• Managing Director Company: Premier Inn – MENA Nationality: British Sector: Hotels and Resorts Country: U.A.E. Leigh assumed his current role in September 2021. Premier Inn has been operating in the Middle East since 2018 through a joint venture and strategic partnership between its parent company, Whitbread, and the Emirates Group. Its portfolio includes 11 hotels in the Middle East, seven of which are in Dubai, two in Abu Dhabi, and two in Doha. In January 2024, Premier Inn Dubai Al Jaddaf received the Dubai Sustainable Tourism Stamp 2023. Leigh was previously the group procurement and supply chain F O R B E S M I D D L E E A S T.C O M
director at Whitbread and managing director at IQ Consulting.
94
Hanin Alsubaie
• Founder and CEO Company: Darent
Citymax Hotels in December 2019 and began leading Foodmark in June 2020. Citymax Hotels and Foodmark fall under the hospitality division of the Landmark Group. He was previously the CEO of the Radisson Hotel Group for South Asia, as well as vice president for Radisson’s franchise operations in the U.S.
Nationality: Saudi
Paras Dhamecha
Sector: Booking Services
96
Country: Saudi Arabia
• Founder and Managing Director
Alsubaie founded Darent in 2020 as a private institute before it became a company in 2021. The platform connects travelers with accommodation in Saudi Arabia. It has over 4,000 hosts listed on its platform, with 6,000 keys. In March 2021, Darent closed $1 million a pre-seed investment round with a venture capitalist firm. Alsubaie is also a speaker for the Human Capability Initiative in Riyadh and a part-time consultant at the Small and Medium Enterprises General Authority (Monsha’at).
95
Raj Rana
• CEO Company: Citymax Hotels and Foodmark Nationality: American Sector: Hotels and Resorts Country: U.A.E. Rana has over 38 years of industry experience and was appointed CEO of
Company: Empire Aviation Group Nationality: Indian Sector: Private Aviation Country: U.A.E. Dhamecha, who is also a pilot by profession, founded the Empire Aviation Group in 2007 and has been managing director ever since. The company kickstarted its flight operations with two privately managed business jets from Dubai International Airport, certified by the U.A.E.’s General Civil Aviation Authority and San Marino’s Civil Aviation Authority. In December 2022, Empire Aviation signed an agreement with the Mohammed bin Rashid Aerospace Hub to develop a multipurpose aviation facility, which is expected to launch by the end of 2024. In November 2023, Satcom Direct revealed that Empire Aviation is deploying the SD Plane Simple Ku-band terminal, a tail mount antenna system meant for business and government aviation services that provides high-speed data connectivity onboard. MAY 2024
IMAGE FROM SOURCE
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
Country: U.A.E.
100
Praveen Shetty
• Chairman and Managing Director Company: Fortune Group of Hotels Nationality: Indian Sector: Hotels and Resorts Country: U.A.E.
TOP 100 TRAVEL & TOURISM LEADERS 2024
BY NATIONALITY
Nationality
JS Anand
97
Sumair Tariq
• Managing Director Company: R Hotels Nationality: Pakistani Sector: Hotels and Resorts Country: U.A.E. Tariq joined R Holding as head of internal audit in 2007 and assumed his current role in January 2010. He has 22 years of business management and consulting experience and oversees 1,350 people. In 2023, R Hotels introduced a new coffee brand, Perk, across its seven properties. It also inaugurated an ayurvedic center, ASA Ayurvedic Center, at The Retreat Palm Dubai MGallery by Sofitel. Tariq is also a member of the board of trustees of City University Ajman, a board member of the Ajman Academy and the Tech Group, and an advisory board member of the Arabian Hotel Investment Conference.
98
Kamal Simon Fakhoury
• CEO Company: Cristal Group Holdings
IMAGE FROM SOURCE
Nationality: Lebanese Sector: Hotels and Resorts Country: U.A.E. Fakhoury was appointed CEO in 2016, having joined the group as COO in 2007. With over 30 years of hospitality management F O R B E S M I D D L E E A S T.C O M
experience, he is currently managing 12 projects. In March 2024, Cristal Group launched the “Cristal Collection,” its new property management arm. Al Bada Resort in Al Ain will be its first property. The Cristal Erbil underwent renovation in 2023, where its room count rose from 95 to 154, along with the addition of a ballroom. Fakhoury previously held senior management positions at the Luxor Hotel and Casino in Las Vegas, as well as across Hyatt, Radisson Hotels, Sheraton, and Rotana Hotels.
99
JS Anand
• Founder and CEO Company: LEVA Hotels Nationality: Canadian Sector: Hotels and Resorts Country: U.A.E. Anand has over 25 years of industry experience with brands like Hilton, Marriott International, and others and founded LEVA in 2018. In November 2023, LEVA announced the development of two projects in Zimbabwe: a 120-unit residential complex, the LEVA Hotel Residences, and a 180-room four-star LEVA hotel, and in December, it acquired its fifth African property on Victoria Island in Lagos, in affiliation with Pedestal Africa. In January 2024, the company announced its expansion into the Ivory Coast through a strategic partnership with Eden Prestige and KOCENO Btp to develop a four-star, 140-bedroom hotel.
Count
• Emirati
15
• Saudi
13
• British
11
• Egyptian
10
• Indian
6
• Lebanese
5
• Kuwaiti
3
• American
3
• Omani
3
• Moroccan
3
• Jordanian
3
• Bahraini
2
• Spanish
2
• Singaporean
2
• Qatari
2
• Italian
2
• French
2
• Canadian
2
• Turkish
1
• Swedish
1
• Pakistani
1
• Mauritian
1
• Irish
1
• Greek
1
• Finnish citizen of Moroccan origin
1
• Dutch
1
• Danish
1
• Brazilian
1
• Australian
1 MAY 2024
TO P 1 0 0 T R AV E L & TO U R I S M L E A D E R S
73
Shetty has been the chairman and managing director of the Fortune Group of Hotels since 2002. The group has eight hotels across Dubai, including the 114-key Fortune Park Hotel and the 150-key Dubai Grand Hotel by Fortune.
• FEATURES •
F A I S A L A L- H A M A D
74
WATCHING OUT FOR THE WEALTHY Faisal Al-Hamad, CEO of Kuwait-based NBK Wealth, has been leading the NBK Group’s client-centric businesses under a unified umbrella since 2021. With over $20 billion in assets under management, he’s now planning for expansion.
BY HAGAR OMRAN F O R B E S M I D D L E E A S T.C O M
MAY 2024
Faisal Al-Hamad, CEO of Kuwait-based NBK Wealth.
IMAGE FROM NBK WEALTH
75
F O R B E S M I D D L E E A S T.C O M
MAY 2024
F A I S A L A L- H A M A D
76
M
Many people aspire to create wealth, but for the ultra-wealthy, just as important is enhancing and safeguarding their substantial financial assets. This is where the expertise of wealth managers becomes invaluable. Kuwait-headquartered NBK Wealth—part of the larger NBK Group, a banking group with a market cap of $23.4 billion as of April 2024—has been growing fast since launching a new strategy in 2021. NBK Wealth today combines NBK Group’s private banking business and asset management services under one brand, aiming to be a client-centric business. This includes the NBK Group’s asset management arm, the Watani Investment Company—also known as NBK Capital—as well as other investment teams in other jurisdictions and legal entities. “We take a holistic approach, considering the clients’ unique circumstances, to develop customized solutions that fit their needs,” says Faisal Al-Hamad, CEO of NBK Wealth. The group had assets under management exceeding $20 billion as of Q1 2024, up from nearly $16 billion in 2021. Meanwhile, its personal financial assets under advisement, including deposits, advisory, and custody for brokerage, grew from about $35 billion in 2021 to over $39 billion at the end of Q1 2024. The Middle Eastern market, where the company is headquartered and primarily operates, is the secondfastest-growing market for UHNWIs, following North America. In 2023, the Middle East saw a 6.2% year-onyear increase in its UHNWI population, reaching 18,790 individuals. By 2028, this figure is projected to climb to 24,102, according to Knight Frank’s The Wealth Report. NBK Wealth usually deals with clients with net worths of $1 million or more, yet this rule varies depending on many factors, including the individual’s location. The Arab region has maintained a stable number of billionaires in recent years, with Forbes recording 20 Arab billionaires with a combined net worth of $53.7 billion in 2024. According to Al-Hamad, the number of billionaires in the region is underreported because most prefer to stay private, but private sector investment, coupled with ongoing government-backed initiatives F O R B E S M I D D L E E A S T.C O M
to develop new industries, boost venture capital, and facilitate new business formation, is the key to creating and elevating regional wealth. “We need to support innovation in the region. As we develop the market, the economies grow, and we will start seeing an increase in the numbers of wealthy clients,” he adds. “The Middle East offers a favorable business environment with low taxes and business-friendly policies that attract and retain wealthy individuals,” says Achraf Drid, CEO for MENA at trading platform XTB. “The region’s economy is significantly bolstered by its vast oil and natural gas reserves as well as its strong economic potential, providing a stable and lucrative revenue stream that sustains its population’s wealth.” Both Saudi Arabia and the U.A.E., MENA’s largest economies, are home to a significant number of millionaires. According to the UBS Global Wealth Report 2023, Saudi Arabia had 354,000 millionaires in 2022, while the U.A.E. had 221,000. Total household wealth in Saudi Arabia reached $2.3 trillion in 2022, surpassing the U.A.E.’s $1.2 trillion. NBK Wealth has strategic plans in these two prominent markets. Saudi Arabia, in particular, is a key market, closely following its home market of Kuwait.
“The NBK Wealth team on the ground understands the local culture. Trust is the most important thing in our business.” Building on its successful expansion in Saudi Arabia nearly five years ago, NBK Wealth now plans to roll out new products tailored for the kingdom. It’s also planning to expand its service offerings in the U.A.E. by opening an office there in 2025, pending market readiness and regulatory approvals. “We want to make sure that we’re able to serve our clients in Saudi Arabia efficiently based on their needs. We will continue to invest in our team here on the ground, too,” says Al-Hamad. New domestic Saudi products include access to money markets, fixedincome services, and real estate. Outside of the GCC, the group also plans to offer hedge funds, private equity secondary funds, and infrastructure funds to clients in Geneva, where NBK Wealth already has a mature investment product platform. Given current geopolitical tensions in the Middle East and globally, the company adopts a proactive approach when addressing HNWI, UHNWI, and institutional clients’ concerns. “We emphasize the importance of MAY 2024
Stay connected with our latest business news.
our client base, which tends to be HNWIs and UHNWIs who still prefer to deal with a bank,” says Al-Hamad Al-Hamad is well-versed in NBK’s client base, having been with the company for over 17 years. He joined the NBK Group in 2007 as part of the alternative investment team, focused on investing in private equity and private credit in MENA. He became CEO of NBK Capital in 2015, where he began setting a strategy for wealth that resulted in the creation of NBK Wealth in 2021 as an umbrella company for the group’s client-centric businesses. Today, NBK Wealth employs over 410 people across all its locations and entities. This figure will increase in line with the implementation of new expansion plans in the U.A.E. and Qatar, in addition to boosting operations in Saudi Arabia. It has over 125 investment professionals and traders, with investment teams focusing on managing equities, fixed-income, and money market investments, as well as creating new investment products. Traders are primarily related to the brokerage operations in Kuwait, the GCC, and international markets, whereas more than 75 relationship managers aim to be as close to the client as possible, anticipating their needs and where the market is heading. “The NBK Wealth team on the ground understands the local culture,” emphasizes Al-Hamad. “Trust is the most important thing in our business.”
Fastest Growing Markets for UHNWIs in 2023 Region
UHNWIs
YoY change
($30M+) in 2023
2028 expectations
1
• North America
253,066
7.2% ↑
318,220
2
• Middle East
18,790
6.2% ↑
24,102
3
• Africa
2,996
3.8% ↑
3,506
4
• Australasia
17,934
2.9% ↑
22,776
5
• Asia
165,442
2.6% ↑
228,849
6
• Europe
155,232
1.8% ↑
189,882
7
• Latin America
13,159
3.6% ↓
15,556
World
626,619
4.2% ↑
802,891
• The 2023 surge in global UHNWIs was driven by growth in the U.S. and the Middle East, with continued real estate demand from these investors. • The Middle East is driving tech-related investment associated with large projects such as NEOM in Saudi Arabia. • Latin America is the only region experiencing a decline in its number of wealthy individuals.
Source: Knight Frank’s The Wealth Report 2024.
F O R B E S M I D D L E E A S T.C O M
MAY 2024
77 F A I S A L A L- H A M A D
regularly reassessing one’s risk profile, whether at the start of each year or in response to significant changes,” asserts Al-Hamad. Steven Rees, Managing Director and Head of Investments for the MENAT region at JP Morgan Private Bank, believes that a balanced approach is key in these times. “We’re advising our clients to take a balanced approach to investing. We see a lot of potential in the fixed income markets, based on where interest rates are today and where we expect that they will be going in the near to medium term,” he explains. NBK Wealth, meanwhile, has observed some recent shifts in client preferences. “There’s continued interest in what’s happening in Saudi in terms of the country’s development and the growth of the market. Our Middle Eastern clients, even international clients, are showing more interest in the Saudi market,” says Al-Hamad. The CEO also explains that clients appear to be shifting slightly from deposits to money market funds. With interest rates increasing during 2022 and 2023, some are expressing interest in transitioning from current accounts to money markets or fixed deposits, but NBK Wealth’s clients generally prefer to maintain liquidity. They also seem undeterred by the emergence of fintech startups in the regional market, such as the U.A.E.-based Sarwa and Egypt’s Thndr, which specialize in assisting individuals with investment management. “The individuals that are attracted by the fintechs are different from
• LIFESTYLE •
By Fouzia Azzab
The Enduring Allure of Arab Hospitality According to UN Tourism, the Middle East witnessed a significant surge in tourist arrivals in 2023, with a 22% increase compared to pre-pandemic times. Travelers are flocking to various cities across the region in search of a warm reception. Here, we explore the origins of Middle Eastern hospitality.
H
ospitality is an integral part of Middle Eastern and North African culture. Welcoming guests and providing hospitality is seen as an act of generosity and honor, and it’s among the most esteemed qualities that many people in the region take pride in. Ancient Arab poets often extolled this virtue and celebrated the glories of their tribes, renowned for their warm reception and honoring of visitors from around the world.
F O R B E S M I D D L E E A S T.C O M
In ancient Egyptian civilization, guests held a revered and esteemed status. They were warmly welcomed through lavish banquets and festivities, a tradition vividly portrayed in the wall paintings of Pharaonic temples. These depictions showcase opulent celebrations and feasts, often featuring guests amidst lotus flowers. Distinguished visitors were also provided with elaborately decorated chairs alongside their hosts. Traditionally, the Middle Eastern and North African people relied on their inherited customs
In Gulf countries, guests are welcomed with the utmost appreciation and respect, adhering to a set of social principles and ingrained values.
IMAGE FROM VISITDUBAI.COM
LIFESTYLE
78
MAY 2024
• Cultural diversity
for guests to bring gifts of tea when visiting as a token of appreciation and affection to their hosts.
• Modern hospitality Tourists today seek authentic immersion and a deep understanding of the essence, traditions, and culture of their chosen destinations. This shift in traveler preferences highlights the significance of local experiences, prompting hotels to leverage the richness of local culture and attractions to offer guests a distinctive experience. According to Skyscanner’s latest report, Horizons 20232024 Destination & Booking Insights, 54% of global travelers consider the culture of their destination as a top five factor in their decision-making, along with weather at 60% and local food at 58%. “This shift in traveler preferences underscores the importance of local experiences, prompting luxury hotels to curate offerings that embrace the richness of local culture and attractions,” confirms Zeynep Mutlu Bigalı, Head of Destination Partnerships for EMEA at Skyscanner.
Hotel market revenue in MENA is expected to reach $20.38 billion in 2024, according to Statista, and many hotels across the region are eager to showcase aspects of tradition and heritage to foreign tourists.
Stretching from the ocean to the Gulf, the Middle East and North Africa region is one of remarkable diversity, brimming with authentic cultures, traditions, and archaeological monuments. This rich tapestry attracts millions of visitors worldwide, drawn by their fascination with experiencing the region’s peoples, customs, traditions, and values. In Gulf countries, guests are welcomed with the utmost “Traditional attractions enrich the experience of foreign appreciation and respect, adhering to a set of social tourists by providing them with the opportunity to deeply principles and ingrained values as a part of customs known engage with and experience the local culture,” says Philip as “Sana’a” in the U.A.E., where they are typically greeted Barnes, CEO of Rotana. “When tourists are able to participate with dates and coffee. This tradition, inherited from ancient in local traditions and customs, they develop a special times, persists to the present day. connection with the destinations they visit, resulting in more In Saudi Arabia, coffee is a symbol of generosity and authentic and memorable experiences.” is a prominent aspect of hospitality towards guests. It is Hotel market revenue in MENA is expected to reach $20.38 customary to offer coffee to the most esteemed and elderly billion in 2024, according to Statista, and many hotels across guests. Sheikhs, tribal elders, and senior Bedouins are the region are eager to showcase aspects of tradition and regarded as custodians of this tradition, passing it down heritage to foreign tourists. These features vary, ranging from through generations. Special customs and traditions, welcoming guests in traditional attire upon arrival in some including the preparation of coffee, are taught within hotels to offering Arabic coffee and dates. Some hotels also families, where younger members are encouraged to observe, emphasize Arab identity in their decor, including corners, learn, and eventually practice this ritual. lobbies, and guest rooms. In many Gulf homes, there is a space known as the “Majlis” As luxury hospitality services advance in the region, visitors or “Diwaniya” where guests are welcomed, and special are heading to hotels that offer distinctive and captivating events are often hosted. It resembles the traditional Arabic experiences, ranging from culinary tours to local craft gatherings found in Bedouin tents, where guests are workshops. Ultimately, by embracing and celebrating Stay warmly welcomed with banquets and feasts. the local culture, luxury hotels can create a sense of connected In Morocco, serving mint tea holds significant place that resonates with travelers, providing them with our latest business news. cultural value as a symbol of hospitality towards with memorable experiences that go beyond the guests. It is typically the first thing served, and it is ordinary and leave a lasting impression, confirms enjoyed hot to express the warmth of the reception. Bigalı. This connection between the past and present The Moroccan tea ceremony is a cherished tradition is inherently ingrained in the rich culture and history among Moroccans. Historically, it was customary of the Middle East. F O R B E S M I D D L E E A S T.C O M
MAY 2024
79 LIFESTYLE
and traditions to govern and structure their lives, particularly within tribal societies. They have long been known for their affinity for travel, whether through commercial caravans or pilgrimage routes. Sometimes, these journeys were exploratory, while at other times, they served practical purposes. These factors significantly influenced their social dynamics, fostering values and virtues like chivalry, generosity, hospitality, and giving. These principles became deeply ingrained in their collective psyche, becoming an integral part of their cultural heritage, which has been passed down through generations till the present day. In the Arabian Peninsula, vast territories spanning over three million square kilometers have been inhabited for thousands of years. Nomadic Bedouins and shepherds roamed the expansive desert areas, traversing between scattered oases in the interior regions. Whenever a guest arrived at a tribe, they were received with utmost hospitality and offered food, with lavish feasts sometimes arranged for esteemed guests. Guests were welcome to stay for up to three and a third days. Mistreating or exploiting visitors was deemed as highly dishonorable conduct.
• THOUGHTS ON •
Inequality “One part of mankind is in prison; another is starving to death; and those of us who are free and fed are not awake. What will it take to rouse us?”
“What we need is more income, even if it means a bigger income disparity gap.” —P.J. O’Rourke “Everyone cares about fairness, but there are two major kinds. On the left, fairness often implies equality, but on the right it means proportionality— people should be rewarded in proportion to what they contribute.”
—Saul Bellow “That all men are equal is a proposition to which, at ordinary times, no sane human being has ever given his assent.” —Aldous Huxley
—Jonathan Haidt
“Men are by nature unequal. It is vain, therefore, to treat them as if they were equal.”
“If anyone has this world’s goods and sees a fellow believer in need but withholds compassion from him— how does God’s love reside in him?”
—James Anthony Froude “Everybody should have an equal chance—but they shouldn’t have a flying start.” —Harold Wilson “We were located halfway up the social ladder. Or halfway down. It depends on which way you were looking.” —Beatrice Lille “An economy open to new concepts and novel ventures is bound to generate unequal gains.” —Edmund Phelps “Equality may perhaps be a right, but no power on earth can ever turn it into a fact.” —Honoré de Balzac F O R B E S M I D D L E E A S T.C O M
—1 John 3:17 Saul Bellow
“The doctrines of egalitarianism and of sufficiency are logically independent.” —Harry G. Frankfurt “The cry of equality pulls everyone down.”
“The calamities of life were shared among the upper and lower part of mankind, but the middle station had the fewest disasters.” —Daniel Defoe
“The truth of the matter is that influence inequality makes income inequality look impoverished.”
“Subordination tends greatly to human happiness. Were we all upon an equality, we should have no other enjoyment than mere animal pleasure.”
—Tom C.W. Lin
—Samuel Johnson
—Iris Murdoch
SOURCES: A WORLD TOO MUCH WITH US, BY SAUL BELLOW; SHORT STUDIES ON GREAT SUBJECTS, BY JAMES ANTHONY FROUDE; THE LIFE OF SAMUEL JOHNSON, BY JAMES BOSWELL; THE LIFE AND ADVENTURES OF ROBINSON CRUSOE, BY DANIEL DEFOE; LA DUCHESSE DE LANGEAIS, BY HONORÉ DE BALZAC; PROPER STUDIES, BY ALDOUS HUXLEY; ON INEQUALITY, BY HARRY G. FRANKFURT; THE CAPITALIST AND THE ACTIVIST, BY TOM C.W. LIN; THE RIGHTEOUS MIND, BY JONATHAN HAIDT.
FINAL THOUGHT “There is more credit and satisfaction in being a first-rate truck driver than a tenth-rate executive.”
—B. C. Forbes
MAY 2024
IMAGE FROM WIKIPEDIA.ORG
THOUGHTS
80
81
F O R B E S M I D D L E E A S T.C O M
MAY 2024
82
F O R B E S M I D D L E E A S T.C O M
MAY 2024