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6 I Sidelines Making A Difference By Claudine Coletti LEADERBOARDS
BUSINESS
12 I MENA’s Most Powerful Businesswomen
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Leading Family Firms
CONTENTS
These ten MENA-based businesswomen have inherited the helm of some of the region’s largest family conglomerates
By Layan Abo Shkier WOMEN LEADERS
14 I Arab Women Who Made History In 2023 The world saw many Arab women achieve firsts in 2023. Here are six of them.
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By Sara Junaid
18 I MENA-Based Women From
Forbes’ 50 Over 50
These seven MENA-based female powerhouses appeared on Forbes’ third annual 50 Over 50: EMEA list for 2024, proving that life’s second half is also its most successful and rewarding. SUSTAINABILITY
20 I MENA Businesswomen Leading
The Sustainability Agenda
These five leaders are making sure that sustainability is top of mind for some key MENA companies. By Muhammad Tarek SPORT
24 I The World’s Most Valuable Sports
Empires 2024
With last year’s $6 billion purchase of the Washington Commanders, Harris Blitzer Sports & Entertainment vaulted up the ranks of the most lucrative team portfolios—but they’re still not No. 1. By Mike Ozanian & Justin Teitelbaum, Forbes Staff MARKETS
32 I MENA’s Top 10 IPOs 2023 The MENA region witnessed 49 IPOs in 2023, raising a total of $10.8 billion. Here are the top 10, which together accounted for 79% of the total proceeds raised. Market Caps are as of 22 January 2024. By Amr Abdelhamid ECONOMY
34 I In Numbers: Women At Work In
MENA In 2023
Women are still falling short in employment parity and venture funding in MENA and beyond, according to recent reports. By Samra Ahmed
108 I Thoughts On Power F O R B E S M I D D L E E A S T.C O M
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54 I Mission Possible Noor Sweid, Founder and Managing Partner of Global Ventures, is overseeing assets under management of $300 million while investing in founders driven by purpose. As she makes moves to inspire and support homegrown entrepreneurs, she’s leading the way for women in a male-dominated field. By Claudine Coletti
CONTENTS
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38 I All Adding Up Fazeela Gopalani, head of the global accountancy and finance association ACCA in the Middle East, is pushing further for female representation in the field while showing the next generation the benefits of an AI-supported career in finance. By Samar Khouri
46 I Beyond Borders Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development (EBRD), has been overseeing an investment portfolio of $9 billion as of December 2023, since she assumed office four years ago. Now, she’s amplifying the bank’s impact amid regional challenges. By Hagar Omran
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Issue 136
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CONTENTS
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INSIDE •
Huda Al-Lawati
Farah Hamdan
Raja Al Mazrouei
Olfat Sami Berro Noor Sweid
THE MIDDLE EAST’S
100 MOST POWERFUL
BUSINESSWOMEN F O R B E S M I D D L E E A S T.C O M
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SIDELINES
FORBES MIDDLE EAST
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Making A Difference When we talk about women in leadership roles, in entrepreneurship, or in the workforce in general, it feels like it’s always bad news. The gender pay gap is a very real problem across the world, and the number of women in the C-suite or heading companies is still not at all equal to the number of men, despite us making up nearly 50% of the global population. However, to put a positive spin on it, we can celebrate things moving in the right direction. According to a report by Heidrick & Struggles, women made up just 7% of CEOs globally in 2022, but this was a percentage point increase compared to the 6% reported in 2021 and two percentage points more than in 2020. PwC’s most recent Women in Work Index surveyed around 3,000 women and men across the U.A.E., Saudi Arabia, and Egypt. It found that 56% felt they were treated equally to men when it came to promotions, and 66% thought that governments should set targets for gender equality in the private sector. While it is estimated that $575 billion is lost in MENA every year due to legal and social barriers faced by women in accessing jobs, the report notes that there is “growing evidence” that the gender equality agenda is progressing across the three countries. That’s not to say that women don’t already have some skin in the game. The Boston Consulting Group (BCG) reported that in 2019, women in the Middle East and Africa held 20.4% of the wealth, amounting to $1 trillion, with an expected growth rate of 9% per year up to 2023. BCG noted that improved access to education and healthcare, as well as economic stability, were contributing factors to rising wealth among women. With better education, more entry points into the workforce, and increased wealth comes greater financial freedom. And as women gain independence, they are participating further in the economy, rising higher in their industries, and starting their own businesses. According to the Wilson Center, women make up 23% of entrepreneurs in MENA, ranging from 7% in Yemen to 49% in Tunisia. And while women-led startups are underrepresented in funding deals, data from MAGNiTT in October 2023 suggests some improvement, with funding by MENA startups with at least one female founder having risen by a five-year CAGR of 21%, attracting $637 million over 309 deals since 2018. In this month’s issue, we speak to entrepreneur Noor Sweid, founder of VC firm Global Ventures, to get her story and take on the state of startup funding in the region as she hunts out founders looking to change the world. We also feature Fazeela Gopalani, the Middle East Head of the Association of Chartered Certified Accountants, which launched its Women in Finance program in 2022. And we find out what Heike Harmgart at the European Bank for Reconstruction and Development is focusing on as it works to support the Palestinian economy in Gaza and the West Bank. They are all incredibly inspiring – I hope you enjoy finding out more. —Claudine Coletti, Managing Editor
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Business
MENA’s Most Powerful Businesswomen Leading
Family Firms
These ten MENA-based businesswomen have inherited the helm of some of the region’s largest family conglomerates.
Renuka Jagtiani
Company: Landmark Group Title: Chairwoman Nationality: Indian Sector: Retail Jagtiani has been at Landmark Group since 1993 and was appointed chairwoman in 2017. The group was founded by her late husband, Micky Jagtiani, in 1973, when he set up a baby products store in Bahrain targeting South Asian customers. He passed away in May 2023. Today, Landmark Group has over 2,200 stores across 21 countries and includes brands such as Babyshop, Centrepoint, SHOEMART, Max, and Lifestyle.
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Lubna S. Olayan
Company: Olayan Financing Company (OFC) Title: Chair of the Executive Committee and Deputy Chair Nationality: Saudi Sector: Banking and Financial Services Before assuming her current position, Olayan was CEO of her family business for over 33 years. She has also been the chair of Saudi Awwal Bank since June 2019. In 2004, she became the first woman to join the board of a Saudi publicly listed company when she was elected deputy chairman of Alawwal Bank. She is a trustee of MIT, council chairman emeritus of the Asia Business Council, and the chair of U.K.based charity Alfanar.
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Mona Yousuf Almoayyed
Company: Y.K. Almoayyed & Sons Title: Managing Director Nationality: Bahraini Sector: Diversified 1
Raja Easa Al Gurg
Company: Easa Saleh Al Gurg Group (ESAG) Title: Chairperson & Managing Director Nationality: Emirati Sector: Diversified Al Gurg has been with ESAG since 1989 and was appointed to her current position in 2022. She oversees over 3,000 people. ESAG has over 30 companies in its portfolio. Al Gurg is also the founder and president of the Dubai Business Women Council and sits on the board of the Dubai Chamber of Commerce. She is also a member of the Family Business Advisory Committee, which oversees the work of the Dubai Centre for Family Businesses. Al Gurg serves as chairperson of the Al Jalila Foundation and is a member of the board of trustees at Ajman University, among others. F O R B E S M I D D L E E A S T.C O M
Almoayyed has 50 years of industry experience and has been in her current role since 2000. In November 2023, Y.K. Almoayyed & Sons commissioned two solar power plants at its facilities, bringing its total to four, which will contribute to 43% of the company’s energy requirements. In 2023, the company added several new brands to its portfolio, including Panasonic, Nikai, Hisense, BKT, and ELF. Almoayyed is also the chairwoman and head of the audit and risk committee of Ebdaa Microfinance Company - Bahrain and was the first woman to be elected to the board of a publicly traded company in the kingdom, Bahrain Maritime and Mercantile International. FEBRUARY 2024
BY LAYAN ABO SHKIER; IMAGES FROM SOURCE
LEADERBOARD
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Farida and Yasmine Khamis
Company: The Orientals Group; Oriental Weavers Carpet Title: Farida: Chair; Yasmine: Chair Nationality: Egyptian Sector: Retail The Oriental Weavers Group is one of the largest producers of machine-woven carpets in the world. The group exports to more than 130 countries and recorded $416.6 million in revenues in the first nine months of 2023. Farida is also the chair of the British University in Egypt and the Egyptian Propylene and Polypropylene Co. and a board member of Oriental Weavers Carpet. Yasmine is also a member of the board of trustees for the British University in Egypt, the Egyptian Propylene & Polypropylene Company, and the Orientals Holding Company, as well as a member of the UN Global Compact.
LEADERBOARD
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Rita Maria Zniber
Company: Diana Holding Title: Chairman & CEO Nationality: Moroccan Sector: Food and Beverage Zniber joined her family business in 1988 and has been in her current role since 2014. Diana Holding is one of the largest private agribusiness groups in Morocco, with a turnover of $430 million in 2022. Zniber is also a member of the National Business Council within the General Confederation of Moroccan Enterprises, a member of the board of directors of the American Chamber of Commerce in Morocco, an administrator and President of ASAT, and a member of the board of directors of the Association for the Progress of Leaders.
6 Lujaina and Areej Mohsin Haider Darwish
IMAGES FROM SOURCE
Company: Mohsin Haider Darwish Title: Lujaina: Chairperson - ITICS; Areej: Chairperson - ACERE Nationality: Omani Sector: Diversified Lujaina assumed her role at the family conglomerate in 2015. Areej assumed hers in 2018. Lujaina was one of only seven women to be elected to sit on Oman’s consultative council, Majlis A’ Shura. She is also the chairperson of the Oman Women’s Football Committee and a board member of the Omani Football Association, among other roles. Areej is also a council member of the Arab African Council for Integration and Development and sits on the board of directors for the Oman Chamber of Commerce & Industry, among other positions. MHD-ACERE has a diversified portfolio across the automotive, engineering, education, and renewable energy sectors, while MHD-ITICS’s brands include Samsung, Toshiba, Akai, and Huawei.
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Amal Suhail Bahwan
Company: Suhail Bahwan Group Title: Vice-Chairperson Nationality: Omani Sector: Diversified Bahwan became the vice chairperson for the Suhail Bahwan Group in 2016. The group is a major producer of fertilizers, making over 1.3 million metric tonnes of granular urea per annum through SIUCI. It also owns the Nissan dealership. Bahwan is also the chairperson for the National Bank of Oman, the Al Afia Healthcare Development and Investment Company, and Al Jazeera Steel Products. She inaugurated the Oman International Hospital in April 2021 and sits on the boards of the Oman Oil Marketing Company and National Pharmaceutical Industries. FEBRUARY 2024
The world saw many Arab women achieve firsts in 2023. Here are six of them.
LEADERBOARD
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Arab Women Who Made History In 2023
Country: U.A.E. Sector: Sports Al Ali became the first Emirati woman to climb Mount Everest and Mount Lhotse within 24 hours, a feat known as “Peak to Peak” in June 2023, for which she had been training for 10 years. Her journey as a mountaineer began when she summited Kilimanjaro, Africa’s highest mountain, in 2013, followed by Europe’s highest mountain, Elbrus, in 2015. In 2017, she also became the first Emirati woman to summit Aconcagua, the highest mountain in South America.
• Al-Zain Al-Sabah Country: Kuwait Sector: Politics Kuwait’s first female ambassador to the U.S., Al-Sabah, began her term in
F O R B E S M I D D L E E A S T.C O M
• Khadija Mardi
Country: U.A.E. Sector: Sports
Country: Morocco Sector: Sports
Alsayegh became the first female Emirati cyclist to qualify for the Paris 2024 Olympics in November 2023. She made her debut at the Asian Road Cycling Championships under U.A.E. Team ADQ as the first Arab rider in the 30-kilometer individual time trial (ITT) for Women Elite and Women Under 23 held in Thailand in June 2023, where she finished fifth. In October, Alsayegh participated in the Hangzhou 2023 Summer Asian Games in China, finishing ninth in the 18.3-kilometer ITT race and 14th in the Women’s Elite Road Race. She also made her debut in a race in Europe alongside U.A.E. Development Team’s Zahra Hussein to participate in the Princess Anna Vasa Tour stage race in Poland in July 2023.
Mardi became the first Arab and African woman to win a boxing world title after snatching the gold medal in the +81 kg category during the IBA Women’s World Boxing Championships in March 2023, easily qualifying her for the Paris 2024 Olympics. This will be her third Olympic Games after she missed the Tokyo 2020 Olympics in 2021 to give birth to her third child. Mardi first pursued boxing as a form of self-defense after being bullied at school. Her first major tournament was the Mohammed VI International Cup in 2014. She went on to win bronze at the Women’s World Boxing Championships in Ulan Ude in 2019, then silver in Istanbul in 2022. She also won the AFBC African Championships in the +81 kilograms weight category in 2023.
• Rayyanah Barnawi
Rayyanah Barnawi
• Danah Al Ali
• Safiya Alsayegh
March 2023 and presented her credentials to Joe Biden on April 19, 2023. Before assuming her current position, she was the chairperson and CEO of the National Creative Industries Group, a production house she founded in 2003. She was the Under-Secretary of State for Youth Affairs in Kuwait from 2013 to 2018. She similarly worked with the late Peter Jennings for ABC News’ “World News Tonight” and co-produced films such as “Journey to Mecca” (2009), which premiered at the Smithsonian National Museum of Natural History in Washington D.C., and “Amreeka” (2009), which won the FIPRESCI Prize at the Cannes Film Festival, and Best Arabic Film Award at the Cairo International Film Festival. She sits on the advisory board of the 10 ARTS Foundation at the New York Film Academy.
Country: Saudi Arabia Sector: Aerospace Barnawi became the first female Saudi astronaut in space after serving as one of the mission specialists for the Axiom Mission-2 (Ax-2) to the International Space Station (ISS) in May 2023. She is a research lab technician for the Stem Cell and Tissue Re-Engineering Program at the King Faisal Specialist Hospital and Research Centre. During her eight-day Ax-2 mission, Barnawi focused on stem cell and breast cancer research, immune cell transplants, and artificial rain-seeding experiments in low-gravity conditions. She performed 14 experiments on the ISS in low-gravity settings in various fields of medicine, biology, and physics, including immune cell transplantation, artificial rain-seeding, and other experiments on the brain and nervous system.
• Heba Saadieh Country: Palestine Sector: Sports Saadieh took the field as an assistant referee in the group stage match between China and England at the FIFA Women’s World Cup Australia & New Zealand 2023, making her the first Palestinian in history to officiate at the global showpiece. She has also officiated for women’s AFC Cup games, FIFA Women’s World Cup qualifiers, and the 2020 Tokyo Olympics qualifications matches, and she was among the first Arab women to serve as a referee in the men’s under21 Maurice Revello Tournament in France in 2022. Saadieh majored in physical education in Syria and was forced to leave for Malaysia in 2012 due to war. There, she joined the referees’ program at the Football Association of Malaysia before moving to Stockholm, where she obtained her FIFA referee license. She received her international refereeing badge in 2016.
FEBRUARY 2024
BY SARA JUNAID; IMAGE FROM AXIOMSPACE.COM
Women Leaders
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Women Leaders
MENA-Based Women From Forbes’ 50 Over 50
• Halla bint Khalid, 52
and Morgan Stanley, Foustok ran Lazard Asset Management’s Middle East operations from 2014 until 2023. She left the role last summer to become the founding chair of a family office dedicated to helping third-generation family-owned businesses thrive into their fourth generation. She also runs TARA, a personal foundation she started in 2020 to help more women get leadership roles in financial services. Outside of these roles, Foustok makes personal investments in female-founded companies working across fintech and climate tech.
Occupation: Author-Illustrator Residence: Saudi Arabia Khalid taught herself how to draw and built a career on her illustrations. She had her first solo exhibition in 1991 and established a publishing house in 1997. Since then, she has released 18 children’s books in both Arabic and English. In 2020, she became the co-owner of Gharem Studios, a non-profit organization that encourages artists to explore their culture and heritage. Khalid’s illustrations draw on her Saudi heritage.
• Renuka Jagtiani, 69
• Rajaâ Cherkaoui El Moursli, 52
Occupation: Chairwoman of Landmark Group Residence: U.A.E.
Occupation: Nuclear Physicist Residence: Morocco El Moursli is a Moroccan professor of nuclear physics. Her research has helped prove the existence of the Higgs Boson— the particle responsible for the creation of mass—and, in 2015, won her the L’Oréal-UNESCO For Women in Science Award. While her almost 30-year-long career in science has been filled with achievements, it’s a career that would not have existed had she not convinced her father to let her seek out a graduate degree in France in the early 1980s.
• Caroline Fattal Fakhoury, 52 Occupation: Chair of Fattal Holding; Founder of Stand for Women Residence: Lebanon In 2022, at 50, Fattal became the first female board chair for the Fattal Group, a Beirut-based conglomerate founded by her great-grandfather in 1897. But this isn’t Fattal’s only job. In 2017, she founded the NGO Stand For Women to advocate for women’s economic empowerment and gender equality in the MEA region. Following the 2020 Beirut explosion, she launched the “Marion Fund,” an initiative that helped more than 250 women-owned small and medium-sized companies affected by the blast to return to business. F O R B E S M I D D L E E A S T.C O M
Farah Foustok
• Nadia Fettah, 52 Occupation: Minister of Economy and Finance Residence: Morocco At 50, Fettah became the first woman appointed as Morocco’s Minister of Economy and Finance. But she hasn’t always been a civil servant. After founding and managing Maroc Invest Finances Group—a Casablanca-based private equity company—in 2000, she joined the privately-held investment outfit Saham Group in 2005. She rose through its ranks, overseeing finance and operations before becoming board chair and deputy CEO in 2017. Fettah embarked on her political career in 2019, first becoming Morocco’s minister for tourism and “social economy.”
• Farah Foustok, 54 Occupation: Founder, TARA Residence: U.A.E. A longtime financial executive who started her career at Deutsche Bank
Jagtiani is the chair of Dubai’s major retail conglomerate covering fast fashion, baby supplies, and other businesses. Jagtiani joined the conglomerate built by her husband, Micky Jagtiani, in 1993, forming her own fashion brand, Splash. Jagtiani is the key business strategist, leading the group’s push into ecommerce and other new business ventures. Now helming the company as chair and majority shareholder after Micky’s death in 2023, the Indian-born businesswoman with a $4.8 billion net worth says she plans to add hundreds of stores in the Middle East, India, and Southeast Asia.
• Elissar Zakaria Khoury, 51 Occupation: Singer Residence: Lebanon Khoury, best known by her stage name Elissa, is one of the Middle East’s bestselling female singers. It’s a distinction she’s consistently held since 2005 when she first won a World Music Award for her high-selling albums; to date, she’s sold over 30 million albums worldwide. Her music hasn’t shied away from sensitive subjects like abuse against women and breast cancer; in 2018, Elissa even included footage of her breast cancer radiotherapy in one of her music videos. FEBRUARY 2024
IMAGE FROM SOURCE
LEADERBOARD
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These seven MENA-based female powerhouses appeared on Forbes’ third annual 50 Over 50: EMEA list for 2024, proving that life’s second half is also its most successful and rewarding.
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Sustainability
These five leaders are making sure that sustainability is top of mind for some key MENA companies. • Maha AlQattan
• Alia Busamra
Company: DP World Title: Group Chief Sustainability Officer
Company: ENOC Group Title: Chief Sustainability & Climate Change Officer
AlQattan joined DP World in 2017 and assumed her current role in 2022. In 2023, the company raised a $1.5 billion green sukuk to support its global decarbonization efforts. The proceeds from the sukuk will be dedicated to green projects focused on electrification, renewable energy, and transportation. Around 60% of DP World's electricity now comes from renewable sources, aligning with the company’s broader sustainability commitments. AlQattan is also a board member at Abu Dhabi Islamic Bank and a member of the board of trustees at Université Panthéon Assas (Paris II), among other roles.
Busamra has over 20 years of experience with ENOC Group and was appointed to her current position in 2023. In December 2023, ENOC Group opened its first green hydrogen station with DEWA. Busamra is also a member of the Dubai Executive Demand Side Management Committee and the global alliance lead director general for the World Green Economy Organization. Maha AlQattan
Company: EFG Holding Title: Group Chief Sustainability Officer
• Ghada Hammouda Company: Qalaa Holdings Title: Group Chief Sustainability Officer Having joined Qalaa Holdings in 2008, Hammouda assumed her current position in 2015. The group’s subsidiary, TAQA Arabia, pioneered privateto-private mini solar plants in 2023, generating power from the Benban solar PV park in Egypt and connecting 80,000 homes per year to the natural gas grid. TAQA Arabia subsidiary TAQA Power’s largest solar power plant in Sharm El-Sheikh reduces 500,000 tons of carbon emissions in 25 years. In July 2023, Qalaa Holdings, ECARU, and Axens cooperated to conduct technical and economic studies to produce second-generation biofuels and sustainable aviation fuel from lignocellulosic biomass. Hammouda is also an independent member of the Egyptian Stock Exchange’s sustainability committee, a founding member of Green Transformation Partners, and a member of the sustainability committee at Qalaa Holdings, among other positions. F O R B E S M I D D L E E A S T.C O M
• Hanaa Helmy
Hanaa Helmy
Helmy has been working with EFG Holding since 2006. In 2022, the EFG Hermes Foundation for Social Development signed a partnership agreement with the Ministry of Education and Technical Education, represented by the General Authority for Educational Buildings, to transition over 100 schools in Luxor and Aswan to clean solar energy. Helmy is also the CEO of EFG Hermes Foundation and a member of the Egyptian Stock Exchange’s sustainability advisory committee.
• Leya Al Damani Company: Dubai Islamic Bank (DIB) Title: Chief Sustainability Officer
Ghada Hammouda
Al Damani joined DIB in September 2023. In the same month, the bank launched its “One Tree for Everyone” initiative, committing to planting one tree for every new customer who opens a DIB account. In December 2023, DIB joined other U.A.E.-based banks to collectively pledge to mobilize over $272.2 billion in sustainable finance by 2030. Before joining DIB, Al Damani was a senior vice president at Aldar Properties. FEBRUARY 2024
BY MUHAMMAD TAREK; IMAGES FROM SOURCE
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MENA Businesswomen Leading The Sustainability Agenda
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Premium Real Estate With A Beating Heart For Carlos Wakim, CEO of Bloom Holding, developing premium real estate is not about bricks and mortar, but people and community.
Carlos Wakim, CEO of Bloom Holding
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mid the talk of figures, square-footage, and industry forecasts, it can be easy to forget that real estate development is ultimately about people. Easy, unless you are Bloom Holding, that is. A foremost company on the U.A.E.’s premium real estate development scene, people are always front and center in Bloom Holding’s thinking. After all, Bloom does not only develop projects; it manages and operates entire communities with schools, hospitality, and outdoor spaces all in the mix.
Executing an integrated portfolio is a formidable task, but one that Bloom Holding has mastered, with the development and delivery of over 5,000 homes in Abu Dhabi and Dubai and another 5,000 in the pipeline. Meanwhile, the company’s hospitality lineup includes the Marriott Downtown, The Abu Dhabi Edition, and Bloom Arjaan by Rotana. As for education, Bloom Holding’s offering comprises 18 schools, with more than 21,000 students in total. Bloom Holding’s diversified strategy resonates with investors and end-users alike. In addition to its customer-centric approach, the company has a long-term mindset and focuses on projects that deliver high return on investment, with quality a top priority across all aspects of the business. In fact, quality and high standards are evident the company’s latest iconic project: Bloom Living, an all-inclusive, fully integrated community in Abu Dhabi’s Zayed City. Bloom Living occupies 2.2 million square meters of land and includes 4,500 homes ranging from villas and townhouses to apartments. At the heart of the gated community lies the Town Center–a vibrant destination that offers an array of exquisite restaurants and cafés, available for both residents and visitors, as well as a variety of
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retail options and services such as a medical clinic, a wellness center, and a supermarket. The community also boasts a variety of facilities and amenities, including two international schools and places of worship. A further standout feature of the development is the climatecontrolled Bloom Living Plaza, which serves as the perfect place to spend time with friends and family all year round. Adding to its holistic offering, Bloom Living benefits from a lake surrounded by a picturesque promenade, encouraging people to socialize and stretch their legs outdoors. With a firm commitment to wellness, the community also offers multiple, uninterrupted interconnected parks, pools, sports, and recreational facilities. With Bloom Living the latest in a growing lineup of successful projects, Bloom Holding is now looking to build a future shaped by further growth and expansion beyond the U.A.E.’s borders while maintaining the quality and trust now synonymous with the company name.
www.bloomholding.com
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PRO M OTI O N Scan this QR code to open the website
Luxurious Rejuvenation
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Nestled within one of the most iconic destinations in Dubai, Talise Spa at Burj Al Arab Jumeirah is a tranquil oasis of wellness, luxury, and rejuvenation.
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urj Al Arab Jumeirah is an icon of Dubai’s coastline, its sail-shaped figure rising elegantly from a private island off the Jumeirah shore. A world-renowned destination for unsurpassed luxury and impeccable service, every experience at the hotel becomes a treasured moment. As well as its exquisite dining, all-suite rooms, and spectacular pools, Burj Al Arab Jumeirah is home to Talise Spa, where opulent rejuvenation beckons hotel guests and day guests alike. Perched 150 meters above the Arabian Gulf, Talise Spa at Burj Al Arab Jumeirah is set across two levels and offers 13 luxurious treatment and therapy rooms, separate male and female indoor infinity pools, Jacuzzi, saunas, steam rooms, and plunge pools. The spa also includes a squash court, and Talise Fitness offers movement studio facilities and advanced training equipment. Bathed in natural light, the serene and discreet setting at Talise Spa creates a sanctuary where guests can relax and indulge in lavish treatments. Each spa experience has been carefully crafted to take guests on a journey of therapeutic transformation, with treatments developed using the world’s most luxurious products including Swissline, QMS, and 111Skin.
Exclusive Treatments Taking wellness to the next level, Talise Spa at Burj Al Arab Jumeirah is the first and only location in the Middle East—and second worldwide after the luxurious Capri Palace Jumeirah—to offer guests the exclusive Leg School®. Patented by Professor Francesco Canonaco, the unique program is known for its excellence in the prevention and cure of cellulite, water retention, and vascular problems in the legs. Also exclusive to Talise Spa is the ground-breaking Human Tecar approach, which combines expert knowledge, manual techniques, state-of-the-art technologies, and functional cosmetic products to stimulate the body’s natural ability to return to functional balance. Furthermore, Clinic Lémanic Sublime Youth Infusion, inspired by Clinic Lémanic’s signature practices in the field of stem cell autologous transplants using only plant-based stem cell cultures, is a treatment created exclusively for the Burj Al Arab. This endogenous de-aging protocol is designed to increase the skin’s natural collagen production, instantly plumping the skin while filling lines and wrinkles. Charged with precious plant stem cells and colloidal gold, the treatment promotes DNA repair, while positively
The in this F Othoughts R B E S M I expressed D D L E E A S T.C O Madvertorial are those of the client.
affecting the expression of the skin’s own sirtuins that regulate the skin’s cellular metabolism and aging. Adding to the exclusive treatment list at Talise Spa is the Fountain of Youth NAD+ IV Therapy – one of the most advanced antiaging and detoxification methods available today. Indulge in Afternoon Tea Guests can choose to pair a spa treatment with delicious refreshments with the Spa Afternoon Tea Experience at Burj Al Arab Jumeirah. The afternoon tea includes classic delicacies such as mini sandwiches, sweet treats, and golden-topped scones smothered in clotted cream, all served with a pot of wellness tea. As part of the experience, guests can also choose from a selection of 60-minute massages and enjoy access to the entire Talise Spa for a day of indulgence and rejuvenation.
www.jumeirah.com/BurjAlArab FEBRUARY 2024
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F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
Sport
The World’s Most Valuable Sports Empires 2024
Lewis Hamilton Gabriel Jesus
Dak Prescott
Joel Embiid
Owning a sports team has long been a goal of the ultra-rich, but expanding that into an empire—with multiple teams across various leagues—is a winning strategy for creating generational wealth. Having a portfolio of teams allows an owner to sell crosssponsorships, develop mixed-use real estate and expand into new distribution channels with greater ease. A sports empire can also take the pressure off any single team a sports owner has, acting as a hedge for rebuilding years. And it almost always pays off. In 2024, the 25 most valuable sports empires in the world have an aggregate enterprise value of $216 billion—or an average of $8.6 billion—which represents F O R B E S M I D D L E E A S T.C O M
Aaron Judge
an increase of 24% from a year ago. The main reason for the rise? Team values have been growing at a robust pace. On average, the 124 teams in MLB, the NBA, the NFL and the NHL went up 21% in value in 2023 versus the prior year. All of which has made it much harder to earn a place on this annual ranking—the cutoff this year is $4.95 billion, 38% higher than a year ago. The biggest gainer on this year’s empires list is Harris Blitzer Sports & Entertainment, up 155% from last year to $11.9 billion thanks mainly to Josh Harris’ purchase of the Washington Commanders in July for a record $6.05 billion. HBSE now effectively runs a
group of assets from many of the world’s most popular sports: the NFL (Commanders), the NBA (Philadelphia 76ers), the NHL (New Jersey Devils), the English Premier League (Crystal Palace), Nascar (Joe Gibbs Racing) and youth sports (Ripken Baseball). Another smart way to monetize sports empires is to build them up big and then slim them down. Take Liberty Media, for instance, whose most valuable sports property is the Formula 1 auto-racing series. The aggregate value of Liberty’s ownership stakes in its sports assets fell 12%, to $18.2 billion, but it still maintains the top spot on our list. Liberty declined in value over this past year because it spun off the Atlanta Braves (current enterprise value: $2.6 billion) in July. Betting with Liberty’s longtime chairman, John Malone, would have been a smart move. Had an investor purchased shares of the Braves when they were offered as a tracking stock in 2016, the value of the stock would be up 131%—versus 118% for the S&P 500 over the same period. In November, the Ontario Municipal Employees Retirement System acquired a 5% stake in Maple Leaf Sports and Entertainment—the parent company of the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors and MLS’s Toronto FC—with its purchase of 20% of Kilmer Sports from Larry Tanenbaum at an $8.4 billion valuation. As one executive of an NFL and MLS team told Forbes: “I love this deal. They (MLSE) got a majority stake valuation for a minority stake.” Meanwhile, Monumental Sports & Entertainment—whose teams include the NHL’s Washington Capitals, the NBA’s Washington Wizards, the WNBA’s Washington Mystics and a controlling interest in global esports franchise Team Liquid—sold a 5.52% FEBRUARY 2024
BY MIKE OZANIAN & JUSTIN TEITELBAUM, FORBES STAFF; LEWIS HAMILTON, PHOTO BY NELSON ALMEIDA / AFP; GABRIEL JESUS PHOTO BY GLYN KIRK / AFP; DAK PRESCOTT PHOTO BY RON JENKINS / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP; JOEL EMBIID PHOTO BY TIM NWACHUKWU / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP; AARON JUDGE PHOTO BY SARAH STIER / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP
With last year’s $6 billion purchase of the Washington Commanders, Harris Blitzer Sports & Entertainment vaulted up the ranks of the most lucrative team portfolios—but they’re still not No. 1.
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THE MIDDLE EAST’S FIRST AND LARGEST WELLNESS DESTINATION
Zulal Wellness Resort by Chiva-Som Email: reservations@zulal.com | Phone / WhatsApp: +974 4477 6555
www.zulal.com F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
The World’s Most Valuable Sports Empires Cont.
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Stadium and Formula 1’s Miami Grand Prix on the block. Forbes values Ross’ sports holdings at $6.9 billion. Two new additions to this year’s sports empires list—the Jacobs family and AEG—depend heavily on venues and related services to build their kingdoms. The Jacobs family, led by billionaire Jeremy Jacobs Sr., owns the Boston Bruins and works with more than 50 major sports teams at its North American arenas and stadiums, including TD Garden in Boston, UBS Arena in New York and Highmark Stadium in Buffalo. The Buffalo Bills are scheduled to open their new stadium in 2026, and Jacobs’ Delaware North (which handles foodservice for the
Properties: New England Patriots, New England Revolution, Patriot Place, Kraft Analytics Group, TKO Holdings*, DraftKings*, Oxygen Esports* Key People: Robert Kraft (Founder, Chairman, and CEO)
Liberty Media
Value: $18.22 billion 1-Year Change: -12% Properties: Formula 1, Overtime Sports*, F1 Arcade*, Drone Racing League*, Kroenke Arena Co.*, Meyer Shank Racing* Key People: Gregory Maffei (President and CEO), John Malone (Chairman of the Board)
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1-Year Change: 19% Properties: New York Yankees, Yankee Stadium Events, YES Network*, Legends*, New York City FC*, AC Milan*, A1 Padel*, Staten Island FerryHawks* Key People: Hal Steinbrenner (Chairman)
Kroenke Sports & Entertainment Value: $15.59 billion 1-Year Change: 22% Properties: Los Angeles Rams, Denver Nuggets, Arsenal FC, Colorado Avalanche, Colorado Rapids, Altitude Sports & Entertainment, Colorado Mammoth Key People: E. Stanley Kroenke (Owner) 3
Fenway Sports Group
1-Year Change: 25% Properties: Liverpool FC, Boston Red Sox, Pittsburgh Penguins, NESN, Real Estate, Roush Fenway Keselowski Racing, Fenway Sports Management Key People: John Henry (Co-founder and Principal Owner), Thomas Werner (Co-founder and Chairman) 4
Jerry Jones
Value: $12.80 billion 1-Year Change: 13% Properties: Dallas Cowboys, The Star, Legends*, GameSquare Esports* Key People: Jerry Jones (Owner, President and General Manager of the Cowboys)
Harris Blitzer Sports & Entertainment 5
Value: $11.86 billion F O R B E S M I D D L E E A S T.C O M
Yankee Global Enterprises
Value: $9.07 billion
2
Value: $12.95 billion
team) will likely make the move with the franchise. Aside from owning the Los Angeles Kings, AEG owns (or has stakes in) arenas across the globe that support multiple teams. Crypto.com Arena, for example, is home to Los Angeles’ Lakers, Clippers and Kings, who combined play more than 125 games there each season. O2 Arena in London is also owned wholly by AEG and is one of the hottest venues in the world for concerts and sports alike. UFC regularly holds pay-per-view events at O2, and WWE staged its 2023 Money in the Bank there—the highest-grossing edition of the pay-per-view in the company’s history.
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Shad Khan
1-Year Change: 155% Properties: Philadelphia 76ers, Washington Commanders, New Jersey Devils, Joe Gibbs Racing, Youth Sports, HBSE Ventures, Utica Comets, Crystal Palace*, Elevate Sports Ventures*, New Meta Entertainment* Key People: Josh Harris (Co-founder and Managing General Partner), David Blitzer (Co-founder and Managing Partner)
Madison Square Garden Sports 6
Value: $10.25 billion 1-Year Change: 12% Properties: New York Knicks, New York Rangers, Hartford Wolf Pack, NRG* Key People: James Dolan (Executive Chairman), David Hopkinson (President and CEO) 7
The Kraft Group
Value: $9.13 billion 1-Year Change: 15%
Paul G. Allen Trust
Value: $9.06 billion 1-Year Change: 22% Properties: Seattle Seahawks, Portland Trail Blazers, Seattle Sounders* Key People: Jody Allen (Chair)
Maple Leaf Sports & Entertainment 10
Value: $8.47 billion 1-Year Change: 32% Properties: Toronto Raptors, Toronto Maple Leafs, Toronto FC, Toronto Argonauts, Toronto Marlies Key People: Cynthia Devine (President and CEO) 11
Shad Khan
Value: $8.25 billion 1-Year Change: 39% Properties: Jacksonville Jaguars, All Elite Wrestling, Fulham FC Key People: Shad Khan (Owner of the Jaguars), Tony Khan (CEO and General Manager of AEW) FEBRUARY 2024
PHOTO BY COURTNEY CULBREATH / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP
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stake to Qatar Investment Authority in June at a minority enterprise valuation of $4.05 billion. The previous year, Monumental’s billionaire owner, Ted Leonsis, got a similar valuation when he received a $300 million investment from fellow billionaire Jeff Skoll. In the fall of 2022, MSE made a move into television, acquiring NBC Sports Washington (NBCSW) and rebranding it as Monumental Sports Network. Most appealing of all is that Leonsis is on the verge of getting a new arena for his teams. The next billionaire to sell minority shares in his empire might be Stephen Ross, who has a significant, nonvoting stake in the Miami Dolphins, Hard Rock
PRO M OTI O N
Blending Luxury With Well-Being On Dubai’s Evolving Landscape Continuing its progressive journey of fulfilment and development, MAG is making an impact on Dubai’s property sector with its visionary Keturah concept.
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he real estate sector in Dubai has witnessed unprecedented growth in recent years, marked by record-breaking transactions and surging demand for properties—mainly luxury units—following the influx of high-net-worth individuals and investors to the U.A.E. Seeing an opportunity for innovation in Dubai’s market, Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development, founded revolutionary luxury well-being real estate and hospitality concept, Keturah, to make a mark on the real estate landscape and set the company apart from competitors. The Ritz-Carlton Residences, Dubai, Creekside was the first Keturah project and is the first development in the region to pursue a WELL HealthSafety Rating certification. As part of Keturah Resort, the project was conceived to combine luxury, wellbeing, and a true sense of community. Comprising 12 mansions and 249 residences across seven buildings, Keturah Resort presents an array of
world-class amenities that elevate the living experience. In particular, a seven-star wellness center, a five-star hotel, a private members-only club, a women’s club, a kids club, , and a Michelin-star restaurant create an enticing tapestry of indulgence. Additionally, a 550-meter promenade, sustainable and organic-focused retail spaces, 24/7 private parking with valet services, and a gated community with unparalleled views over the Ras Al Khor Wildlife Sanctuary contribute to an unmatched lifestyle. The second launch of the Keturah brand, Keturah Reserve in Meydan, is another first in the Middle East, with its ‘Bio Living’ concept. 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. Bio Living creates the perfect synergy between interior design, architecture, and landscape with complete respect for the surrounding ecosystem.
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Keturah Reserve features 93 townhouses, 90 villas, 540 units across six apartment block buildings, and eight penthouse apartments. The project was developed to foster a thriving and harmonious community with communal spaces like The Park, which features open-air meditation and exercise zones, as well as an outdoor pool, and women’s and men’s gyms and spas. Just as with the architecture, facilities and activities such as the pliates studio, waterbike pool, silk rope classes, and a rooftop meditation and yoga space are all designed to develop and strengthen the body, from the inside out. Following the successes of Keturah Reserve and Keturah Resort, a new Keturah development has been announced in a strategic location in Downtown Dubai, which will also adopt the Bio Living concept and stand at an impressive 416 meters. Each floor of this architectural masterpiece will unfold as a vertical sky villa, redefining the essence of luxury living, where exclusivity and privacy reach new heights, promising an unparalleled lifestyle that transcends the ordinary. The fourth project, Stabio Garden Living by Keturah, has also recently been announced and will be developed in Stabio, Switzerland, marking Keturah’s international expansion. For MAG, Keturah is set to revolutionize the sector, and this is just the beginning of its transformative journey.
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The World’s Most Valuable Sports Empires Cont. 12
Chairman, Principal Partner, and CEO)
Glazer Family
Value: $8.02 billion
13
Benson Family
Value: $7.29 billion 1-Year Change: 28% Properties: New Orleans Saints, New Orleans Pelicans Key People: Gayle Benson (Owner of the Saints and Pelicans) 14
49ers Enterprises
Value: $7.21 billion 1-Year Change: 21% Properties: San Francisco 49ers, Leeds United, Aurum Partners, Elevate Sports Ventures* Key People: Denise DeBartolo York (Owner and Co-chairman of the 49ers), John York (Owner and Co-chairman of the 49ers), Jed York (CEO of the 49ers) 15
AEG
1-Year Change: Not Ranked in 2023 Properties: Kansas City Chiefs, FC Dallas, Chicago Bulls* Key People: Clark Hunt (Chairman and CEO of the Chiefs) 22
Steve Ballmer 17
City Football Group
Value: $6.85 billion 1-Year Change: 15% Properties: Manchester City, New York City FC, Esporte Clube Bahia, Melbourne City FC, Other Investments Key People: Sheikh Mansour bin Zayed Al Nahyan (Owner) 18
Steve Ballmer
Value: $6.65 billion 1-Year Change: Not Ranked in 2023 Properties: Los Angeles Clippers, Intuit Dome, Kia Forum Key People: Steve Ballmer (Owner of the Clippers)
Haslam Sports Group
19
1-Year Change: Not Ranked in 2023 Properties: Los Angeles Kings, Crypto. com Arena, LA Galaxy, Eisbaren Berlin, O2 Arena, AXS, Ontario Reign, AEG Rugby, ASM Global*, Hammerby IF*, MercedesBenz Arena (Shanghai)*, Sapphire Sports*, Immortals*, Cincinnati Cyclones*, Djurgarden* Key People: Philip Anschutz (Owner)
Value: $6.40 billion
Stephen Ross
Value: $6.91 billion 1-Year Change: Not Ranked in 2023 Properties: Miami Dolphins, F1 Miami Grand Prix, Relevent Sports Group Key People: Stephen Ross (Chairman and Managing General Partner of the Dolphins)
Jacobs Family
Value: $5.65 billion
Value: $7.20 billion
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Hunt Family
Value: $5.80 billion
1-Year Change: 33% Properties: Cleveland Browns, Columbus Crew, Real Estate, Ventures, Milwaukee Bucks* Key People: Dee Haslam (CEO and Managing Partner), Jimmy Haslam (Chairman and Managing Partner) 20 Monumental Sports & Entertainment
Value: $6.16 billion 1-Year Change: 37% Properties: Washington Wizards, Washington Capitals, Monumental Sports Network, aXiomatic Key People: Ted Leonsis (Founder,
1-Year Change: Not Ranked in 2023 Properties: Delaware North, Boston Bruins, NESN*, Minnesota United FC*, New Meta Entertainment* Key People: Jeremy Jacobs (Owner and Chairman of the Bruins), Charlie Jacobs (CEO and Alternate Governor of the Bruins, Co-CEO of Delaware North), Jerry Jacobs Jr. (Alternate Governor of the Bruins, Co-CEO of Delaware North), Lou Jacobs (Alternate Governor of the Bruins, Co-CEO of Delaware North) 23 AMB Sports & Entertainment
Value: $5.50 billion 1-Year Change: 15% Properties: Atlanta Falcons, Atlanta United, PGA Tour Superstore, AMBSE Ventures* Key People: Arthur Blank (Owner and Chairman) 24 Tepper Sports & Entertainment
Value: $5.26 billion 1-Year Change: 16% Properties: Carolina Panthers, Charlotte FC Key People: David Tepper (Founder and Owner) 25
Wilf Family
Value: $4.95 billion 1-Year Change: 14% Properties: Minnesota Vikings, Orlando City SC, Wise Ventures, Orlando Pride Key People: Zygmunt Wilf (Owner and Chairman of the Vikings), Leonard Wilf (Owner and Vice Chairman of the Vikings)
METHODOLOGY: To qualify as a sports empire, a person or company must own a majority stake in at least one sports team worth more than $500 million, and its aggregate investments in other sports-related properties must total at least $100 million. Forbes’ sports empire values are the aggregate enterprise values of its holdings multiplied by 1.1. (A 10% premium to the sum of the parts may be conservative given historical premiums at which big sports platforms have been sold.) When an individual owns sports assets individually and as part of a company, we include the stake with the higher valuation. (For example, Harris Blitzer Sports & Entertainment is ranked rather than listing managing partners Josh Harris and David Blitzer separately.) These valuations are based on Forbes’ most recent NFL, MLB, NBA, NHL and global soccer enterprise values, as well as its soon-to-be-updated MLS valuations. For sports-related assets not included in the Forbes database, we relied on team owners, executives and investors in these businesses, as well as sports bankers, attorneys and media analysts. F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
RICK DAHMS FOR FORBES
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1-Year Change: 7% Properties: Tampa Bay Buccaneers, Manchester United Key People: Bryan Glazer (Owner and Co-chairman - Buccaneers, Director - Manchester United), Edward Glazer (Owner and Co-chairman - Buccaneers, Director - Manchester United), Joel Glazer (Owner and Co-chairman - Buccaneers, Executive Co-chairman and Director Manchester United)
PRO M OTI O N Scan this QR code to open the website
Welcome To Nature’s Playground Maldives – with a twist – brought to you by Niyama Private Islands Maldives, where pleasure is limited only by your imagination.
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iyama Private Islands Maldives is where the world’s rich and famous come to frolic and play. Its own sliver of paradise, with two islands surrounded by watercolor swirls of lagoon that lead to deep sapphire ocean, the resort calls you to escape the confines of the everyday and throw yourself into wild hedonism. Villas and pavilions sprawl across white-sand beach and over translucent water. And while the outline of quintessential Maldives remains—thatched roofs, cantilevered pools, panoramas of open horizon—bold splashes of color and contemporary lines add a distinctively Niyama edge. Inside, the small touches that elevate luxury to extravagance include a Garden of Eden bathroom, 360° entertainment, Villa Host service, and most deliciously of all, a deli with icecream and a popcorn machine. Indulgence in culinary form continues across both land and sea. Food lovers can spice it up in the treetops, go tribal in the jungle, cast out to sea to explore the flavors of the Indian Ocean, or dive deeper to champagne party with the fishes.
Play There are two distinct rhythms to life at Niyama. Play means nitrox diving and surfing right offshore, with on-site schools best in class and helmed by pros. High-speed thrills include zooming underwater on a Seabob, skimming the waves on a jet or wakeboard, or thrusting into the air Superman-style, with a jetpack strapped on.
Chill Escapism is all yours in multiple forms and flavors. Parasail across pearl strings of islands, head for the sunset on a private dhoni, or get up close with some of the world’s most majestic creatures – bottlenose dolphins spinning in your wake and mantas dancing around you in the deep. Back on land, the subliminal awaits at Drift by Niyama, a seduction of the senses where the world’s ancient healing traditions collide with the latest in beauty and wellness from Paris, in the best possible way.
with chefs from Paris, bootcamps with World Fitness champions and Wimbledon pros. And this year’s New Year celebrations bring the sensual carnival of Rio to the equally sensual Maldives, the ultimate invitation to let loose and run wild. Niyama Private Islands Maldives is located 45 minutes from Malé by seaplane and 30 minutes by domestic flight followed by a seven-minute trip by private speedboat or private jet. Come join us, paradise is waiting.
A Lifestyle Beyond Compare Distance has no meaning at Niyama, with the world’s best jetting in for the most exclusive of experiences— Michelin-starred degustation dinners
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
www.niyama.com FEBRUARY 2024
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PRO M OTI O N
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Automotive Success And The Future Of Mobility Irfan Tansel, CEO, Al Masaood Automobiles, looks to the future of the automotive industry as his company continues to make an impact in the U.A.E. and beyond.
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ith a new year underway, the outlook for the automotive industry in the U.A.E. and the broader region is promising, with population growth and accelerated urbanization boosting the market. Region-wide sales figures have rebounded and surpassed pre-COVID levels, and the trend is projected to continue, with a compound annual growth rate of 6.74% anticipated between 2021 and 2026. Meanwhile, the release of pent-up demand, post-pandemic recovery, and the resolution of production line delays and semiconductor shortages are also contributing to the positive trajectory. As the region’s automotive industry grows from strength to strength, it is not just new vehicles that are in demand; the pre-owned vehicle market is also flourishing. The availability of flexible financing options and the increasing prevalence of online platforms for buying and selling used cars give an additional boost to momentum, with projections indicating that the used car segment will be worth $32.07 billion by 2027. Against this encouraging backdrop, the U.A.E.’s Al Masaood Automobiles is preparing for another year of success and impact shaped by a robust strategy with customer centricity, sustainability, and innovation at its core.
Irfan Tansel, CEO, Al Masaood Automobiles
On the topic of the customer, company CEO Irfan Tansel, is unequivocal. “Our future focus is to continue delivering seamless customer journeys, both on the sales and the aftersales fronts,” he says. According to the chief executive, value-added services, convenience across all touchpoints, and innovative ways of selling and servicing vehicles are now expected as standard. “When customers walk into a showroom, more often than not their purchase decision has already been taken beforehand through content generated online. Dealers must ensure the physical showroom visit only complements their preceding online journey,” explains Tansel.
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
With a finger firmly on the customer pulse, Al Masaood Automobiles is also focusing on two of the biggest industry opportunities: advanced technology and sustainability—both of which are inextricably linked. “The biggest growth drivers in mobility are without doubt intelligent and smart technologies. Smart cars, high connectivity, and mobile apps for service will make transportation more convenient and less harmful to the environment,” says the CEO. In particular, Tansel sees great market potential for technologies that offer driver assistance and that pave the way for self-driving cars. While infrastructure and legislation to govern new mobility solutions are still not mature enough to enable vast expansion, the Al Masaood CEO believes the U.A.E. will pioneer the adoption of all necessary requirements to facilitate the future of mobility. That future also has a strong environmental dimension, with innovations and investment in renewable energy solutions starting to make an impact. Already, the U.A.E. has made substantial progress in its plans to adopt advanced mobility solutions and is leveraging renewables including solar and hydrogen. In parallel, there is a growing appetite for electric vehicles (EVs) in the market,
FEBRUARY 2024
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Smart cars, high “connectivity, and
mobile apps for service will make transportation more convenient and less harmful to the environment
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with national plans underway to encourage 42,000 EVs onto U.A.E. roads by 2030. For its part, Al Masaood Group has launched an off-grid solar charging solution and is facilitating the transition to clean mobility. “Innovations like these are clear indicators that there is a growing recognition of the need to invest in renewable energy sources for mobility,” says Tansel. Meanwhile, customer mindsets have been shifting to greener mobility solutions and multimodal transportation platforms that offer flexible ownership. These include ‘usership’ services instead of conventional vehicle ownership, and the use of hybrid, electric, and other lower emission technologies. With environmental consciousness on the rise and the fight against climate change well underway, Al Masaood Automobiles is doing its part in the global push for a sustainable future – and for Tansel,
it is about much more than product range. “In addition to expanding our range of vehicles into hybrid and electric, we have evolved our community efforts, governance framework, and ethical sourcing, and we have fostered an inclusive culture with equal opportunities for all,” he explains. According to the CEO, Al Masaood Automobiles has succeeded in limiting its waste output to less than 250 tons per year and achieving a 20% minimum of
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
waste recycling treatment, all while reducing air pollution and noise levels from its workshops. The company also conducts periodic water analyses, converts waste into new products, uses biodegradable bags, and recycles paper, plastic, and cans. At Al Masaood Automobiles, all sales operations are now completely paperless too. “These efforts help us regulate pollution while making efficient use of our resources,” says Tansel. “The multiple ISO certifications that the company holds, and our integrated management systems also ensure that we operate in an efficient and responsible manner, contributing to a better quality of life for all.”
www.masaood.com/en
FEBRUARY 2024
Markets
MENA’s Top 10 IPOs 2023 The MENA region witnessed 49 IPOs in 2023, raising a total of $10.8 billion. Here are the top 10, which together accounted for 79% of the total proceeds raised. Market Caps are as of 22 January 2024. 1. ADNOC Gas IPO proceeds: $2.5 billion Stock market: ADX Market cap: $67.1 billion Sector: Energy ADNOC Gas, the fifth company that ADNOC has brought to market, was formed through the merger of ADNOC Gas Processing, ADNOC LNG, and ADNOC Industrial Gas and became operational in January 2023. In March 2023, it raised $2.5 billion by selling 5% of its total issued share capital on the Abu Dhabi Securities Exchange (ADX), becoming the ADX’s largest-ever IPO. The IPO was over 50 times oversubscribed, amounting to more than $124 billion. ADNOC Gas has access to 95% of the U.A.E.’s natural gas reserves and supplies over 60% of the U.A.E.’s gas needs, as well as having a customer base in over 20 other countries.
2. ADES Holding Company IPO proceeds: $1.2 billion Stock market: Saudi Exchange Market cap: $7.5 billion Sector: Energy The ADES Holding Company was established in 2022 as a Saudi company owned by ADES Investments Holding, Saudi’s Public Investment Fund, and Zamil Group Investment. In October 2023, the company offered 30% of its issued share capital in a $1.2 billion IPO on the Saudi Exchange. The IPO drew in orders worth $76.5 billion from local, regional, and international investors. The company owns a fleet of 85 rigs across Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia, and India.
3. PureHealth Holding
over 25 hospitals, more than 100 clinics, multiple diagnostic centers, health insurance solutions, and pharmacies. In January 2024, the company acquired the U.K.’s Circle Health Group for $1.2 billion.
marking the country’s largest ever IPO. The IPO drew in orders worth $10.4 billion from local, regional, and international investors, implying an oversubscription level of nearly 13.9 times.
4. ADNOC Logistics & Services (L&S)
6. SAL Saudi Logistics Services Company
IPO proceeds: $769 million Stock market: ADX Market cap: $8.3 billion Sector: Logistics
IPO proceeds: $678.4 million Stock market: Saudi Exchange Market cap: $4.8 billion Sector: Logistics
In June 2023, ADNOC L&S, the logistics arm of the ADNOC Group, was listed on ADX following its $769 million IPO. The offering of 19% of the company’s total issued share capital was increased from 15% to meet the significant investor demand. The IPO was oversubscribed 163 times, the highest-ever oversubscription level for a U.A.E. bookbuild IPO, with a total demand of over $125 billion. ADNOC L&S provides its services to over 100 global customers in more than 50 countries.
SAL Saudi Logistics Services provides logistics and supply chain solutions to over 160 clients across Saudi Arabia. The company operates in 18 stations in the kingdom’s airports and handles over 95% of the incoming, outgoing, and transit shipments. In October 2023, SAL offered 30% of its issued share capital at $28.3 per share, resulting in an offering size of $678.4 million. SAL Saudi Logistics was 49% owned by Saudi Arabian Airlines Corporation and 21% by Tarabot Air Cargo Services Limited as of January 2024.
5. OQ Gas Networks (OQGN) IPO proceeds: $748 million Stock market: MSX Market cap: $1.7 billion Sector: Energy In October 2023, OQGN, the exclusive operator of the gas transportation network in Oman, raised $748 million by offering 49% of its total issued share capital on the Muscat Stock Exchange,
7. Presight AI Holding IPO proceeds: $496 million Stock market: ADX Market cap: $3.2 billion Sector: Technology Presight AI Holding, a big data and analytics company powered by AI, raised gross proceeds of $496 million from its IPO on the ADX in March 2023. The IPO was oversubscribed 136 times, excluding
GCC Countries Led MENA’s IPO Activity In 2023 Stock exchange
Country
IPOs
Proceeds
• Abu Dhabi Securities Exchange (ADX)
U.A.E.
6
$5.6 billion
IPO proceeds: $986 million Stock market: ADX Market cap: $15.3 billion Sector: Healthcare
• Saudi Exchange (Main Market)
Saudi Arabia
8
$3.2 billion
• Muscat Stock Exchange (MSX)
Oman
2
$992 million
• Dubai Financial Market (DFM)
U.A.E.
2
$525 million
In December 2023, PureHealth Holding raised $986 million by offering 10% of its issued share capital on ADX. The IPO was oversubscribed 483 times in the retail tranche and 54 times in the professional subscriber tranche. PureHealth provides healthcare services through a network of
Saudi Arabia
27
$292 million
• Qatar Stock Exchange (QSE)
Qatar
1
$193.5 million
• Casablanca Stock Exchange
Morocco
1
$56.6 million
F O R B E S M I D D L E E A S T.C O M
• Saudi Exchange (Nomu – Parallel Market)
• Egyptian Exchange (SMEs Market)
Egypt
Total
2
$1.2 million
49
$10.8 billion
Source: Stock exchanges and companies announcements FEBRUARY 2024
BY AMR ABDELHAMID
LEADERBOARD
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PRO M OTI O N Scan this QR code to open the website
Shared Vision, Shared Success hrough pandemics and global challenges, Hassan Sharbatly has proven himself a formidable businessman. In 2020, as COVID-19 took hold, the Saudi entrepreneur successfully launched 360-degree marketing solutions company, Digitect. Meanwhile, in his capacity as CEO of Al Nahla Hospitality, he is continuing the success of prominent family business, Al Nahla Group. But there is more to the business-savvy Saudi than digital marketing and family legacy; Hassan Sharbatly is dedicated to supporting the economic development of his country. “As an entrepreneur overseeing a multi-generational legacy, my vision seamlessly aligns with Saudi Vision 2030,” explains the entrepreneur. “Rooted in a commitment to contribute to the nation’s growth, I focus on fostering innovation, embracing sustainability, and actively participating in economic diversification.” In his capacity as CEO of Al Nahla Hospitality, Sharbatly steers the company towards excellence on the ever-evolving hospitality landscape, focusing on creating distinctive experiences, optimizing real estate assets, and participating in sustainable projects that align with Vision 2030. Turning vision into action, the Al Nahla CEO played an instrumental role in transforming Jeddah Walk into an exceptional urban hub, characterized by versatile developments, performance studios, art galleries, and the kingdom’s first-ever flagship Ferrari showroom.
Hassan Sharbatly, CEO of Al Nahla Hospitality
Under Sharbatly’s leadership, Al Nahla Hospitality is also credited with introducing prestigious restaurant brands such as Amar Restaurant and the MOMA Group’s Café Lapérouse, Manko, Mimosa, Noto, and Boeuf Sur Le Toit. In addition, the entrepreneur has strategically utilized his family’s investments in Jeddah Tower to procure multiple hospitality brands. The maneuver has not only positioned the group for prominence within the budding global landmark but has also played a pivotal role in Sharbatly’s appointment by the Ministry of Investment to the official Saudi Investment delegation team. Building on this success, the chief executive has big ambitions for the future. “Looking boldly into 2024, our aspirations for Al Nahla Hospitality include strategic investments in the tourism sector with the introduction of upscale hotel brands like Fairmont, SLS, SO, 25hours Hotel, Porsche Design Tower, and MGallery,” he says. The company is also working
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
on projects with global hotels giant IHG, including well-known brands such as InterContinental, Six Senses, and Voco. “We aim to diversify our portfolio, strengthen customer relationships, set benchmarks in real estate development, and play a pivotal role in realizing Vision 2030’s objectives through sustainable practices,” concludes the seasoned businessman. Beyond hospitality, Sharbatly is supporting the goals of Saudization, job creation, and community empowerment through Digitect. The company prioritizes digital innovation and skill development in media, advertising, and communications, and cultivates local talent through strategic collaborations and internship programs. As Saudi Arabia charts a new course, Sharbatly reflects on his own journey. It is a journey that extends beyond business to reshaping the economic landscape—and he invites the kingdom’s young talent to join him. “Aim high, embrace challenges as opportunities, and stay steadfast in pursuing your goals,” he advises Saudi youth. “Your dedication and innovation are key to shaping our nation’s future.”
www.alnahlagroup.com/en/ FEBRUARY 2024
33 LEADERBOARD
T
As an entrepreneur and CEO at one of Saudi Arabia’s most prestigious family businesses, Hassan Sharbatly is building corporate success and contributing to the economic landscape of his country.
MENA’s Top 10 IPOs 2023 Cont.
8. Investcorp Capital
LEADERBOARD
34
IPO proceeds: $451 million Stock market: ADX Market cap: $1.3 billion Sector: Investments In November 2023, Investcorp Capital floated 32.85% of its total issued share capital on ADX and raised $451 million. It invests in private markets and provides capital financing services in the alternative investments sector across various businesses. Investcorp Capital was founded by Investcorp, an independent manager of alternative investments, with nearly $48 billion in assets under management.
9. Phoenix Group IPO proceeds: $370.6 million Stock market: ADX Market cap: $3.5 billion Sector: Technology The Phoenix Group was founded in 2017 as a cryptocurrency mining, tech, and blockchain company in the U.A.E. It manages over 725 megawatts of capacity across the U.S., Canada, the U.A.E., Oman, and the Commonwealth of Independent States. In October 2023, the International Tech Group, a wholly-owned subsidiary of IHC, signed a definitive agreement to acquire a 10% stake in the Phoenix Group. In November 2023, the company raised $370.6 million by offering 15% of its total issued share capital on ADX.
10. Jamjoom Pharma IPO proceeds: $336 million Stock market: Saudi Exchange Market cap: $2.5 billion Sector: Pharmaceuticals Jamjoom Pharma raised $336 million by offering 30% of its total issued share capital on the Saudi Exchange in May 2023. SEDCO Holding and the Al Faisaliah Group Holding Company purchased 24.6% of the offer shares as cornerstone investors. Headquartered in Saudi Arabia, Jamjoom operates in 36 countries across the Middle East, Africa, and the Commonwealth of Independent States. The company owns a 46,500-square-meter manufacturing plant in Saudi Arabia with a production capacity of 113 million units per year. F O R B E S M I D D L E E A S T.C O M
Economy
In Numbers: Women At Work In MENA In 2023
Women are still falling short in employment parity and venture funding in MENA and beyond, according to recent reports. Women continue to be underrepresented and disadvantaged across the corporate pipeline and labor market variables across the globe, with the disparity in female and male unemployment at its highest in the MENA region. Here, the parity ratio stood at 2.69 in 2022, followed by Latin America and the Caribbean, with 1.51 parity, according to the World Economic Forum’s Global Gender Gap 2023. Data from the International Labour Organization forecasts that despite participation rates estimated to drop across both genders between 2023 and 2025, women will still face a more pronounced fall, with projections of a 0.7% global decline by the end of 2025, compared with 0.1% among men. Meanwhile, women-owned startups in the MENA region were on a downward trajectory in 2023, according to a report released in January 2024 by Wamda. Of the 583 startups that raised funding in 2023, only 52 were founded by women, who collectively raised less than $19 million or 0.5% of the total amount compared to $52 million in 2022. Investments plunged over 63% in 2023 compared to the previous year for female-founded startups in MENA, while co-owned startups between men and women still fared better, accounting for 2.9% of the $4 billion raised in 2023. Well above the regional average for female participation, the U.A.E. boasts a 95.8% literacy rate for Emirati women, with over 70% of university graduates being women. Female workforce participation in Qatar and the U.A.E. outpaces the global average of 50%, with Qatar at 60.5% and the U.A.E. at 54.9% in 2022, according to the latest World Bank estimates. Still, an SDG Action report showed that while women outnumber men in pursuing university degrees, with high rates of female graduates in science, technology, engineering, and mathematics (STEM) subjects, they are less likely than men to Investments plunged over land jobs. The report added that family wealth 63% in 2023 for femaleoften forms the basis of startup capital for founded startups in MENA. entrepreneurship in the MENA region, but given the inequality in family inheritance, women face financial disadvantages. Of the 583 startups in According to a Bain & Company survey among MENA that raised funding women in the GCC in 2023, 70% highlighted that in 2023, only 52 were gender bias and stereotypes represent one of their founded by women. biggest challenges to workplace advancement. The gender gap is starker in the field of project management, where male project managers These 52 collectively raised outnumber female project managers by 3:1, less than $19 million or according to research from the Project Management 0.5% of the total amount Institute. The survey showed that female project compared to $52 million managers earned less than male project managers in 2022. in every country surveyed in 2022, with some steeper than others. The feminization of migration flowing out of Co-owned startups the MENA region can be attributed to the limited between men and women career opportunities available to women at home, accounted for 2.9% of the according to the Atlantic Council, adding that if this $4 billion raised in 2023. trend continues to go unaddressed, it could have Source: Wamda major consequences for the regional economy and stall development.
Under-funded 63% 52
$19 million
2.9%
FEBRUARY 2024
BY SAMRA AHMED
the commitment from the company’s cornerstone investor, the International Holding Company. Abu Dhabi’s G42, a technology group specializing in AI, is the major shareholder with a 75% stake.
PRO M OTI O N Scan this QR code to open the website
Haircare That Harnesses The Best Of Nature
H
air loss can be a distressing experience for many individuals, and finding a safe and effective solution is often a challenging task. Addressing concerns related to hair loss and scalp health is a nuanced pursuit, with a range of supplements and chemicals claiming to resolve hair issues. By contrast, Aroma Tierra’s HairGro Hair Growth Oil stands out as an all-natural solution with a blend of botanical ingredients designed to address hair loss, promote growth, and restore scalp health. The oil offers a powerful combination of nature’s finest ingredients, including rosemary, peppermint, jojoba, black seed, coconut, castor, argan, rosehip, and arnica, each of which plays a vital role in nurturing hair.
Aroma Tierra is disrupting the haircare market with all-natural formulas backed by solid research.
The selection and combination of ingredients in HairGro Hair Growth Oil reflects a strategic synthesis of nature’s elements. A unique blend of 18 bio-actives in HairGro synergistically works to nurture the hair, fortify follicles, and encourage healthy hair growth from root to tip. The oil, like all Aroma Tierra products, is free from synthetic additives, mineral oil, artificial fragrances, colors, parabens, silicones, phthalates, and harmful chemicals. The product has a separate formulation for men that features pumpkin seed oil, renowned for its natural efficacy in addressing male-pattern baldness. Aroma Tierra’s core philosophy aligns with a deep appreciation for the therapeutic potential of nature. The brand is dedicated to bringing
the purest and best quality natural botanicals to its customers. Aroma Tierra’s range of 100% natural and organic products is carefully formulated using high-quality botanicals sourced from around the world. The unique proposition of all-natural ingredients and a meticulous scientific approach have propelled the brand to become a firm favorite among the wellness community. The Aroma Tierra HairGro Hair Growth Oil offers a promising way to embrace the power of nature’s finest ingredients to nurture hair health. The transformative effects of this natural blend promote stronger, fuller, and more vibrant hair. More importantly, with products such as the HairGro Hair Growth Oil, Aroma Tierra has elevated the discourse surrounding beauty and wellness through seamless integration of natural resources and robust scientific thinking. Aroma Tierra’s entire product range is available at the company’s flagship stores and at several leading multi-brand stores as well as online.
www.aromatierra.com The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
FEBRUARY 2024
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PRO M OTI O N
36
An Island State Of Mind
Ali and Amira Sajwani, co-founders of Amali Properties, are adding luxurious simplicity to Dubai’s high-end real estate scene with a collection of exclusive villas on Amali Island that offer bespoke design and stunning views across sea, sky, and cityscape.
I
n a world where luxury is often equated with excess, Ali and Amira Sajwani are on a journey to embrace exquisite simplicity. As co-founders of Amali Properties, and with Ali as CEO, the siblings are channeling their wealth of operational experience and their affinity for high-end luxury and waterfront living into their pièce de resistance: Amali Island by Amali Properties. Amali Island consists of 24 exclusive villas on The World Islands in Dubai. Two separate plots merge into one large masterpiece, creating a oneof-a-kind experience that offers bespoke island living just a short boat ride away from everything the city has to offer.
Envisioned by the world’s foremost architects and designers, Amali transports residents to a world where luxury knows no bounds, with every detail meticulously curated to transcend the ordinary, elevating each individual experience to unprecedented heights. The first project of Amali Properties, Amali Island will become not just a destination, but a canvas upon which a life of unparalleled sophistication unfolds amidst the dynamic cityscape. For the co-founders, the project is about much more than bricks and mortar. “Amali is a concept; a kaleidoscope of curated luxury that is as unique as the people who realize it,” says Amira. Ali
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
agrees, highlighting Amali Island’s unique take on luxury and its inescapable vacation vibe. “Amali envisions a world of ultra-luxury living, transforming the concept of home into a perpetual holiday – a sanctuary, making every day the ultimate escape destination,” says the Amali Properties CEO.
The Visionaries Inspired by the spectacular track record of their father and founder of DAMAC Properties, Hussain Sajwani, Ali and Amira are dedicated to forging a new path for exceptional real estate. Their own experience at the helm of DAMAC Properties along with the thriving high-end property development market in the region and beyond also spur their ambitions.
FEBRUARY 2024
PRO M OTI O N Scan this QR code to open the website
As part of a marvelous complex of islands, the villas’ architecture mirrors the city’s penchant for the extraordinary. Following two different approaches to design— contemporary Minima and opulent Grande—each of the seven villa types is a masterpiece of craftsmanship and sculptural art. Every residence is a haven with exclusive stretches of sand and mesmerizing views to the stunning Dubai skyline, Palm Jumeirah, and Atlantis The Royal. The villas are conceptualized to offer extended, maximized spaces, evoking the sense of being in a resort. They boast majestic rooftops, outdoor fire pits, Jacuzzis, and enchanting water channels that beckon residents to step outside and immerse themselves in an iconic natural setting. Double-height glass surfaces, towering from floor to ceiling, frame the panoramic expanse of the Gulf, inviting ocean waves into the heart of each home. Large-scale private pools urge residents to indulge in a sensory experience mirroring the
“
Amali is a concept, a kaleidoscope of curated luxury that is as unique as the people who realize it.
“
Villas
37
- Amira Sajwani, Co-founder of Amali Properties
architectural finesse of the villa itself. With a strong commitment to providing an unrivalled experience, Amali’s team of architects seamlessly weaves a tapestry of elegance and ease by designing accompanying pavilions to each villa that curate a residential lifestyle reminiscent of an everlasting retreat. Similarly, individual cabanas along the coastal edge of the ultra-luxury villas allow residents to unwind in a private sanctuary of relaxation and gaze at the spectacular Dubai skyline.
Amenities Amali Island hosts four unique typologies that allow residents to curate their ultimate beachfront home with 360-degree views of sea, sky, and Palm Jumeirah. With a total area of 1,200,000 square feet, it connects two of The World islands (Uruguay & São Paolo), possessing up to 50 meters of private beachfront.
“
Amali envisions a world of ultra-luxury living, transforming the concept of home into a perpetual holiday – a sanctuary, making every day the ultimate escape destination.
The island’s residents also benefit from exclusive access to resort-style facilities, from private berths and a floating helipad to the 10,000 squarefoot Clubhouse with its teppanyaki restaurant, swim-up bar, member’s lounge, spa, and gym. Meanwhile, each villa comprises numerous customizable facilities that make each living experience unique.
The Clubhouse The design of the Clubhouse captures the essence and form of the Ombu tree while adapting to the form and function of the building. Grand, canopy-inspired shade structures provide covered areas for lounging and dining, while open-air spaces allow for uninterrupted views of the seductive ocean. Semicircular gathering spaces for socializing and events are surrounded by lush greenery, creating a secluded, intimate ambience, exclusive to residents and their guests.
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- Ali Sajwani, Co-founder and CEO of Amali Properties
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
www.amaliisland.com
FEBRUARY 2024
• 100 MOST POWERFUL BUSINESSWOMEN •
FAZEELA GOPALANI
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ALL ADDING UP Fazeela Gopalani, head of the global accountancy and finance association ACCA in the Middle East, is pushing further for female representation in the field while showing the next generation the benefits of an AI-supported career in finance.
BY SAMAR KHOURI F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
Fazeela Gopalani, head of the global accountancy and finance association ACCA in the Middle East
IMAGE FROM SOURCE
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F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
FAZEELA GOPALANI
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A
A lot can change in a year, especially in the finance and tech game, as the digital economy evolves. In 2023, ChatGPT exploded onto the scene, and AI’s societal integration has shifted the education and accountancy landscape at large. The demand for high-quality education that helps build a knowledge-based economy is on the rise in MENA amid a digitization drive and government investments. By 2027, the overall market value of the Middle East’s education sector is expected to reach $175 billion, according to estimates from Industry ARC. “The world is changing, and I think we’re recognizing that as a professional body, we need to make sure that we’re keeping on top of these changes,” says Fazeela Gopalani, the Middle East Head of the Association of Chartered Certified Accountants (ACCA), the global body for professional accountants. In addition to upskilling individuals with professional qualifications, ACCA Middle East has been pushing to encourage more women into the finance and accountancy profession. Its Women in Finance program was launched in 2022 in line with Sheikh Mohammed bin Rashid Al Maktoum’s Gender Inequality Index. “I wanted to see what we could do as ACCA in the Middle East to support women with progressing in their careers,” she says. “I wanted to listen more to what is happening out there. And then I wanted to also support women with things like imposter syndrome.” Globally, ACCA is made up of 49% female members and students, but for the Middle East, numbers are low, according to Gopalani. However, in December 2023, ACCA opened an office in Saudi Arabia and recruited its first female Saudi employee to run the office. In 2023, it introduced Women in Finance to Oman, and in 2024, it plans to expand this further and take a roadshow across the U.A.E., Oman, Qatar, and Bahrain. When Gopalani first started out, a career in accountancy and finance was not initially on the cards, but at the age of 23, her father passed away, and she took over his accountancy practice in the U.K. F O R B E S M I D D L E E A S T.C O M
“I wasn’t even a qualified accountant then. I was still doing my professional-level exams, and I had to take over running a 350-client business; all of them were men, businessmen. I had 15 staff, and only one was a woman,” she remembers, describing the experience as a “steep learning curve.” In 2008, she sold the business and moved to Dubai with her husband. After working as a corporate trainer and lecturer, Gopalani joined ACCA in 2015 as the Head of Education Middle East and was promoted to Head of ACCA Middle East in April 2019. Today, she leads operations in 11 countries and represents over 20,000 students, affiliates, and members in the Middle East. “I didn’t know what I wanted to study, but my father knew me, and I love accounting and finance. But I think the reason why I’ve been more successful in the last couple of years as well is that I am supporting and impacting somebody’s life. That’s what ACCA does,” she explains. “Education helps an individual stand on their own two feet, go out there into the big bad world, and earn a living.”
“I think the outlook is really positive for 2024 for growth in the accounting field. I think it’s going to be a fabulous year.” Recently, Gopalani and her team have been supporting governments, regulators, universities, and employers in highlighting the importance and benefits of working in accounting and finance. In 2021, ACCA partnered with the DIFC Academy to further develop and support the accountancy and tax professions in the U.A.E. PwC has worked with ACCA to upskill over 8,000 finance professionals. “As one of the major employers of ACCA-qualified professionals ourselves, we understand the value and prestige it adds. And we see that our clients, be it public sector entities, private sector companies, or individuals upskilling themselves, all hold the ACCA certification in the same esteem,” says Taimur Ali Mir, PwC Partner and Professional Qualifications Head at PwC’s Academy. “The qualification is so popular, primarily because it continuously evolves to address market needs.” On the job market front, Amy Bassindale, Senior Manager of Accountancy & Finance at Hays, believes the accountancy and finance sector across the Gulf region is “steady but selective,” with most talent demand coming from the U.A.E. and Saudi Arabia. FEBRUARY 2024
IMAGE FROM SOURCE
F O R B E S M I D D L E E A S T.C O M
across to younger generations who are looking to pursue a career in technology. “The role of accountants has changed immensely with technology coming in. Therefore, we’ve got to show them what an exciting career it is,” she explains. ACCA makes sure to include big data technology aspects in its exam papers, and in June 2023, it launched a U.A.E. Tax and Regulation certificate course to equip finance professionals following the implementation of corporate tax. PwC’s Ali Mir adds: “It’s important to remember that accounting and finance are integral parts of business, no matter the sector or market. That is why we are seeing a steady uptake for the ACCA qualification across the region. Add to this regional
In November 2023, the U.A.E.’s finance ministry showcased its generative AI platform, “Chat GPT – Ministry of Finance,” through a prototype chatbot at GITEX Technology Week 2023.
government agendas that are focused on building a globally competitive GCC national workforce, and you see a strategic demand for accredited qualifications in this space.” While AI was a dominant subject in 2023, the year also saw the UN’s COP28 climate summit in the U.A.E. mark a pivotal moment in which nearly 200 countries agreed that the world should be transitioning away from fossil fuels in energy systems. Finance professionals, too, are playing a role in transitioning to a greener, fairer, and more sustainable world. In December 2023, ACCA launched the Certificate in Sustainability for Finance FEBRUARY 2024
41 FAZEELA GOPALANI
“In 2023, the sector’s hiring activity is characterized by a relatively low employee turnover rate of 22%, compared to the Gulf market average of 25%,” she adds. But as AI continues to digitalize and automate jobs across key sectors, the question for Gopalani is how this will affect accounting and education professionals. In October 2017, the U.A.E. Cabinet adopted a National Artificial Intelligence Strategy to ensure the country is a global leader in technology by 2031 and integrate it across all of the country’s vital sectors, including education. In November 2023, the U.A.E.’s finance ministry showcased its generative AI platform, “Chat GPT – Ministry of Finance,” through a prototype chatbot at GITEX Technology Week 2023. TaxGPT, an AI-powered corporate tax assistant launched by Virtuzone, was introduced days before the U.A.E.’s new corporate tax regime came into effect in June 2023. Amongst this environment of rapid tech advancement, there is a fear that industries will no longer heavily rely on human expertise, with professional services firms such as the Big Four—KPMG, Deloitte, PwC, and EY—seeking to reduce costs on the back of adopting generative AI to automate tasks. The World Economic Forum cautioned in an April 2023 report that around 23% of jobs could be disrupted over the next five years due to technologies like AI. “Only 29% of accountancy and finance professionals in the Gulf region say that they are currently using generative AI technologies or tools as part of their job,” Hays’ Bassindale explains. “But most (37%) predict that AI will eliminate more job opportunities than it will create. Positively, 81% say they would be willing to take part in upskilling or reskilling programs to adopt AI technologies in the workplace.” Gopalani says she hasn’t yet seen a talent crunch in the region, but she recognizes the importance of getting the message
FAZEELA GOPALANI
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(CertSF) in Arabic in the U.A.E. due to demand from finance professionals in the Middle East. The English version was introduced in 2021. “We believe professionally qualified accountants have the skill set to support organizations with a sustainability agenda,” says Gopalani. “The accountant’s role is changing. And we’ve got a big field that our members and students can look at in sustainability reporting and sustainability assurance. We want to be thought leaders.” The Middle East head also shares that ACCA is changing its exam papers to include more sustainability curricula and releasing more leadership and professional insights reports on the topic. It also plans to launch Spanish and Simplified Chinese versions of CertSF. Aside from leading her busy team, Gopalani also sits on the board of governors at Kings School Al Barsha, on the advisory board of the University of Birmingham, and on the advisory board of accounting tech startup, LANA Technology. She’s also a U.A.E. board member and director of finance at the Sparkle Foundation, which supports underprivileged children in Malawi, where
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her parents were born. “I think it is vital that as women, we go out there to support in different areas that we’re passionate about,” she says. “And I think it’s very important that the more we progress in our careers, the more we give back by being on boards like this. They are completely voluntary positions. It’s not always about the money. It’s about what you can give back of your expertise and time, which is so much more valuable.” She’s also preparing to hold “The ACCA Middle East 2022 Student Financial Champion” initiative again this year, as well as several university and school challenges across the region to create awareness of the profession and the importance of financial literacy. “They’re not all going to become qualified accountants, and we’re fine with that,” explains Gopalani. “I want my team to reach as many people as possible to show them that if they studied and they did a professional qualification or they looked at the accounting and finance profession, what a rewarding career they could get into. “I think the outlook is really positive for 2024 for growth in the accounting field. I think it’s going to be a fabulous year.”
Women In Finance
These were the top five female leaders in finance on Forbes’ list of the World’s 100 Most Powerful Women 2023. Designation and company
Country
CEO, Citi
U.S.
The longtime Citigroup executive was promoted to CEO—a role she took over from Michael Corbat in March 2021—making her the first female CEO to run one of the largest U.S. banks.
• Abigail Johnson
Chairman & CEO, Fidelity Investments
U.S.
Johnson assumed the CEO role in 2014, taking the reins from her father. She has been chairman of the Boston-based mutual fund giant since 2016.
• Ana Patricia Botín
Group Executive Chair, Santander
Spain
Botín has held her current role since 2014. In March 2020, the Spanish native took a 50% pay cut to launch a Banco Santander fund in a bid to combat Covid-19.
• Tarciana Paula Gomes Medeiros
President and CEO, Banco De Brasil
Brazil
In January 2023, Medeiros became the first woman to become CEO of Brazil’s oldest and Latin America’s second-largest bank. The former teacher has been working at Banco De Brasil for 24 years.
• Ho Ching
Chairman, Temasek Trust
Singapore
Before becoming chairman of the non-profit philanthropic trust, Ho was an executive director and CEO of sovereign wealth fund Temasek, where she helped its portfolio value climb over $313 billion.
Name
• Jane Fraser
F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
PRO M OTI O N Scan this QR code to open the website
The Elixir Clinic is on a mission is to guide clients on a wellbeing discovery through an integrative medical approach.
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stablished in 2013 in London’s medical district, Wimpole Street, The Elixir Clinic is an international wellness clinic, recognized as a market leader in intravenous therapy. The Elixir Clinic offers preventative health solutions across Europe, the Middle East, and Asia. As an international wellness clinic, The Elixir Clinic provides an extensive selection of therapies, which include our signature intravenous treatments, also known as VitaDrip®, as well as anti-aging, regenerative, holistic, and intramuscular treatments. The combination of these treatments optimizes vitality, slows down the aging process and improves quality of life, unlocking a healthy lifestyle.
Empowering Mind and Body with Personalized Wellness Programs The Elixir Clinic’s treatment philosophy is to design and implement a wellness lifestyle for clients that goes beyond a treatment. We always say that prevention is better than cure. Renowned for IV nutrient therapy, VitaDrip®, The Elixir Clinic curates tailor-made wellness programs for each unique client to support rejuvenation, prevention, and overall health. These wellness programs are a combination of various treatments that aid in acquiring a sustainable and healthy lifestyle. Our highly experienced and exceptional medical professionals are at the forefront of our treatments, making our clients feel at ease, during every step of the way.
Offering services across the Middle East, Asia, and Europe has enabled The Elixir Clinic to become an internationally accessible brand. Our brand continues to build a global client database that is dedicated to improving health through integrative wellness solutions whilst converting wellness into a permanent lifestyle.
Innovative Treatments Combined with Integrative Technology We continuously strive to stay at the forefront of wellness solutions. Our rigorous research into new technologies has enabled us to offer cutting-edge treatments through state-of-art technologies, whilst the provision of high-quality ingredients ensures optimized benefits over time. Focusing on these elements complements our integrative medicinal treatments and results in our clients receiving the best possible care.
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
The Wellness Journey Starts Here At The Elixir Clinic, we understand that wellness is a dynamic, ongoing process. It’s not just about a single visit— it’s about accompanying you on your unique journey to a healthier, more fulfilling life. Our various service lines contribute towards obtaining a holistic lifestyle, covering different elements of ‘inside out’ wellbeing. Our commitment is to ensure that our clients are educated at all times about every aspect of their wellness journey with us, even prior to treatments. Our team is available for all of our clients every step of the way, making us their exclusive wellness care provider.
www.theelixirclinic.com FEBRUARY 2024
43 ANTHONY NAKACHE
A Global Pioneer In Holistic Healthcare
PRO M OTI O N
Pioneering The Fusion Of Innovation And Sustainability In Industry Through innovation, excellence, and environmental stewardship, NMDC Group is demonstrating how sustainability can be a cornerstone of corporate excellence.
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n the dynamic world of modern industry, NMDC Group stands out as a beacon of excellence, demonstrating an unparalleled proficiency in engineering, procurement, construction, and project management. At the heart of NMDC Group’s ethos lies a commitment to delivering projects that exceed global standards. This commitment is underpinned by a deep understanding of the intricate balance between innovation, sustainability, and operational efficiency. Today, the bridge between innovation and sustainability has never been more crucial. Sustainability is not a corporate buzzword but a deeply rooted principle, dictating the operations at NMDC Group. The industrial world is experiencing a transformative phase. With the looming concerns of climate change and environmental degradation, industries must undergo significant shifts to align with sustainable practices. For NMDC Group, this evolution has been profound and multifaceted. From the groundbreaking Green Hydrogen Plant, signifying the Group’s commitment to sustainable energy, to the Safeen Green—an unmanned vessel reducing carbon emissions by a staggering 99%—NMDC Group consistently seeks to amalgamate technology with eco-consciousness. Collaborations with distinguished partners like Abu Dhabi Ports and Masdar, and joint ventures like NT Energies with Technip Energies,
highlight a dedication to shared sustainable visions.
Sustainability “ is not a corporate
buzzword but a deeply rooted principle, dictating the operations at NMDC Group
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An Evolving Business and New Environment One of the key strengths of NMDC Group is its ability to offer a broad range of services that cater to the diverse needs of the industry. Through the new NMDC Group identity, the organization has reaffirmed its commitment to delivering turnkey solutions that are environmentally conscious, safe, and cost effective, leveraging the talent and expertise of its people and creating value and resilience for customers. This has been applied to all the Group’s subsidiaries, including NMDC Dredging & Marine, NMDC Energy, NMDC Construction, and NMDC Engineering. Each entity within the Group brings its unique capabilities, and collectively, they amplify the Group’s ability to successfully execute large-scale projects. As the Group has furthered its journey into sustainability, the transition of the subsidiary NPCC to
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
NMDC Energy signifies more than just a rebranding. It is a clear and resounding statement of a direction towards becoming a conglomerate rooted deeply in sustainable practices, merging the rich heritage in petroleum construction with newage energy solutions.
Partnerships for a Greener Future In an age where innovation and environmental responsibility are paramount, NMDC Group and NMDC Energy are at the forefront, leading groundbreaking projects that exemplify the Group’s commitment to a sustainable future. A strategic alliance with Technip Energies in the front-end engineering design (FEED) phase of a monumental carbon capture
FEBRUARY 2024
PRO M OTI O N Scan this QR code to open the website
Sustainability Is a Responsibility The positive impact of these campaigns is multifaceted. By improving water quality, NMDC Group has contributed to the protection and enhancement of biodiversity and the well-being of
organization “hasThereaffirmed its
commitment to delivering turnkey solutions that are environmentally conscious, safe, and cost effective
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and storage (CCS) project is a prime example of this commitment. Located at the Kasawari offshore gas field in Malaysia, this project is poised to be one of the world’s largest offshore CCS ventures. Set to be operational by 2025, it aims to significantly reduce carbon footprints by securely storing CO2 emissions underground, marking a substantial step in our journey towards environmental stewardship. This initiative is more than just a project—it represents an investment in technologies that revolutionize industry standards and contribute to a greener future. The project follows the Group’s vision of combining cuttingedge technology with ecological responsibility, and positioning NMDC Energy as a leader in sustainable industry practices. The Group’s dedication to environmental preservation is further emphasized through the successful completion of the AD National Waterways Cleaning Campaign. Conducted in partnership with the Abu Dhabi Environmental Authority, this initiative was a part of NMDC Group’s ‘Year of Giving’ campaign. Over six months, teams worked tirelessly to cleanse the entirety of Abu Dhabi’s shoreline, including prominent locations like the Abu Dhabi Corniche, Mina Zayed ports, and Saadiyat Island. This collaborative effort with the Center of Waste Management - Tadweer and Averda led to the removal of an astounding 42 tons of waste, significantly improving the marine environment.
marine life in the area. This project is a shining example of how corporate responsibility and environmental stewardship can go hand in hand. It underscores the Group’s proficiency in delivering environmentally responsible solutions in harmony with regulatory agencies and local communities. The waters and oceans are not only a business frontier, but
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
also a responsibility. The Group’s artificial reef project in Abu Dhabi, conceptualized and executed in partnership with marine biologists and aided by 3D printing technology, exemplifies NMDC Group’s commitment to the oceans. It is through such ventures that the organization aims to give back, ensuring that the seas remain a thriving habitat for marine life. The NMDC Group team sees a horizon where technological advancement and environmental stewardship work in harmony. The Group’s journey towards fusing innovation with sustainability is not just a strategic business move, but a testament to a commitment to environmental protection. Through these initiatives, NMDC Group is setting new benchmarks in sustainable industrial practices. The Group’s multifaceted approach, ranging from advanced technological projects to handson environmental campaigns like the AD National Waterways Cleaning Campaign, reflects a deep understanding that sustainability is an integral part of future business success. By aligning operations with eco-conscious principles, NMDC Group is not only leading the way in sustainable industry practices but also demonstrating that environmental responsibility is a cornerstone of corporate excellence. This vision intertwines technological advancement with ecological mindfulness, ensuring that NMDC Group continues to be a beacon of innovation and sustainability in an ever-evolving industrial landscape.
www.nmdc-group.com FEBRUARY 2024
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• 100 MOST POWERFUL BUSINESSWOMEN •
HEIKE HARMGART
46
BEYOND BORDERS
Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development (EBRD), has been overseeing an investment portfolio of $9 billion as of December 2023, since she assumed office four years ago. Now, she’s amplifying the bank’s impact amid regional challenges.
BY HAGAR OMRAN F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development
IMAGE FROM SOURCE
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F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
HEIKE HARMGART
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When Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD), assumed her current role in January 2020, she had no idea of the formidable challenges that lay ahead as the global pandemic loomed. Yet, she saw it become a stellar year, with the bank’s annual investment for the SEMED region hitting a record-breaking $2.6 billion in 2020. “At the beginning, I thought it would be the easiest move on the planet, but the global pandemic made it a challenging step,” she remembers. Now, it seems 2024 will be a challenging year for Harmgart again, as the impacts of the war in Gaza, along with the increased insecurity caused by attacks on vessels in the Red Sea, cause ramifications across regional economies and trade through the Suez Canal. Cairo-based Harmgart – who oversees approximately 250 people, with women comprising 47% of the regional office – credits curiosity, excitement about people and work, and a positive outlook as the key drivers of her success in safely navigating hard times. In 2020, regional and global economies were under tight pressure, but EBRD allocated a significant portion of its funding towards emergency financing, resulting in the SEMED region’s record year. In 2021, funding levels reverted to $1.7 billion, while 2022 witnessed a resurge to over $2.6 billion. Total investments in 2023 reached $2.1 billion. The regional director currently has six economies in her remit: Morocco, Tunisia, Egypt, Jordan, Lebanon, and the West Bank and Gaza, with an annual business volume of over $2.2 billion and 50% of projects with a gender-inclusive component. Recently, her eyes have been firmly on the Palestinian economy, as it struggles under pressure from the ongoing war in Gaza. “I am impressed by the resilience of the Palestinian people and the Palestinian businesses because we have not seen any bank failures, but the economy is struggling and will continue to do F O R B E S M I D D L E E A S T.C O M
so as long as the war continues,” says Harmgart. As of December 2023, private sector losses in Palestine are estimated to be hitting $25 million daily, excluding direct losses in property and fixed assets. “Approximately 90% of the private sector establishments in Palestine employ fewer than five workers, making it more challenging for these establishments to withstand any economic shocks,” says Ola Awad, President of the Palestinian Central Bureau of Statistics (PCBS). The estimated number of private sector establishments in Palestine reached around 176,000 units in 2023. Of these, 56,000 were in the Gaza Strip, while the West Bank had 120,000, according to the PCBS. “As a consequence of Israel’s aggression against the Gaza Strip and the West Bank, approximately half of the private sector establishments in Palestine have either halted production or experienced a decline in their production,” Awad adds. EBRD invested $98 million in the private sector in the West Bank and Gaza between 2017 and 2022, with an additional $106 million approved in 2022 for another five years.
“In the West Bank and Gaza, funding is key to keeping the lights on and continuing to pay wages, rather than building new facilities and expanding operations.” According to Harmgart, the private sector is core to EBRD’s mandate to enable private businesses to thrive in the countries where it operates. More than just a financier, the bank partners with governments to build ecosystems conducive to private sector growth, providing both investment capital and technical assistance to foster a thriving business environment. For example, it has worked closely with Egypt’s Suez Canal Economic Zone to help it digitalize operations and attract more investors. However, the ramifications of the war have recently extended to neighboring countries, including Jordan, Lebanon, and Egypt. In addition to the negative effects on tourism, the volume of shipping through the Suez Canal decreased by 28% year over year during the 10 days that ended on January 2, 2024, as a result of attacks in the Red Sea, with several big shipping companies avoiding the Suez Canal. On January 2, A.P. Moller–Maersk announced that it would pause all vessels bound for the Red Sea. FEBRUARY 2024
IGOR GROCHEV/ SHUTTERSTOCK.COM
F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
49 HEIKE HARMGART
“One implication of more vessels diverting economic growth in the region. around South Africa is that shipping voyages This year, Harmgart will be leading EBRD’s will be longer, by about 10 days, and this operations in three additional countries might have knock-on effects on supply chains in the SEMED region—Algeria, Iraq, and dependent on ‘just-in-time’ operations, Libya—who are already shareholders, and particularly for container shipments,” sustainability is key to its future plans. “The says Natasha Brown, spokesperson for big priority of the EBRD in the region is going the International Maritime Organization. green. Our investments aim to be more than “Freedom of navigation must be upheld to 50% green while we help all economies of guarantee global trade and the flow of goods the region to become green. It’s not just solar by sea. Shipping as a sector has shown its and wind energy, but also energy efficiency resilience over time to various challenges.” for small companies and households,” she Regionally, the Suez Canal saw a 25.2% says. This support will come through funding, revenue increase in the 2023 financial year, advisory work, and building capacities while which ended in late June, to $8.8 billion, as Egypt works on its energy transition to ensure per Central Bank of Egypt estimates, but the grid stability to enable more renewables recent developments in the Red Sea have to be boarded onto the grid. The EBRD negatively impacted Egypt’s FX revenues financed the first green hydrogen project and created another source of strain on the economy, according to Harmgart. Data from PortWatch, a partnership project between the International Monetary Fund and the University of Oxford, shows that daily cargo shipments across the Suez Canal decreased by 31.4% on an annual basis to 35 ships on January 21, 2024. “The decline of the number of ships crossing the Suez Canal due to the current tensions in the Red Sea will negatively impact Data from PortWatch, shows that daily cargo shipments across the Suez Canal the annual revenues of the decreased by 31.4% on an annual basis to 35 ships on January 21, 2024. waterway and, therefore, the whole economy,” says Hisham Al-Noamany, an Egyptian maritime in Egypt in cooperation with Fertiglobe in expert. “The Suez Canal Authority has November 2022 and has been working with nothing to do with the current situation. several private and public sector partners to The solution has to be political to stop enable the legal structure for green hydrogen escalation.” investments. Despite these challenges, Harmgart is Supporting women is another important ready to support the high demand of the pillar for Harmgart in the region and will private sector in the region in 2024, building continue to be. “In this part of the world, on the work that EBRD did in 2023. Its there’s a lot of untapped potential with both investments in the region are on track for a women entrepreneurs and women in the record-breaking shift, with over 90% directed labor market that could really add a lot of towards private entities compared to a growth and boost further these economies. historical average of 75%. This increase, with For the EBRD, it is macro critical to empower only 10% of funding going to governments, women,” she explains. GDP in the SEMED signals a stronger focus on private-led region needs to grow by over 5% to create new
HEIKE HARMGART
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jobs, but EBRD expects growth to be limited to 3.9% in 2024 due to the challenging global environment and high energy and food prices that continue to weigh on household and government finances. As an empowered female leader herself, Harmgart has been on an 18-year journey with EBRD. Having previously worked for the Economist Intelligence Unit and the Institute for Fiscal Studies, the German national first joined EBRD in 2006 as part of the economics team. Her previous tenures include being EBRD’s first Head of Office in Jordan from 2013 to 2017 before spearheading the bank’s expansion into Lebanon, the West Bank, and Gaza from 2017 to 2019. In the four years since Harmgart assumed her current role, the EBRD has invested $9 billion in the region. “I was lucky because I was part of the pioneer group of the EBRD to move to the region. It’s fascinating to see how the bank’s operations have grown here in such a short time,” she says. “I moved from a very analytical role to a very operational one. I did a lot of very different things, and I enjoyed it all. I’d recommend for people to change once in a while to get different perspectives.” While she trailblazed the bank’s expansion into SEMED, since 2012, EBRD has invested over $24 billion in roughly
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400 projects across the region, and it is preparing to do more on a demand-driven basis. Egypt received the largest share of the bank’s investments in the SEMED region in 2023, with 50% of the total invested funds, followed by Morocco, Tunisia, Jordan, Lebanon, and the West Bank, respectively. This is likely to continue as Morocco and Tunisia struggle with high food and energy prices and Lebanon faces a domestic economic crisis. “We do see an increase in the finance demand in Jordan and the West Bank and Gaza,” says Harmgart. “In the West Bank and Gaza, funding is key to keeping the lights on and continuing to pay wages, rather than building new facilities and expanding operations.” In 2024, EBRD President Odile RenaudBasso is expected to visit countries in the region. New projects are anticipated to be announced during these visits. On Harmgart’s calendar is a visit to Baghdad to follow up on the operational steps in Iraq, and on a personal level, she plans to run a half marathon at the Giza Pyramids in December. “To listen to the team and understand that you achieve more as a team than individually is key to empowering the team and motivating them to do their best,” she stresses. “2024 will have a lot of exciting challenges and also opportunities on both the personal and professional sides.”
EBRD’s Investments In SEMED The EBRD’s investments in the SEMED region have evolved, reaching a total of $9 billion in the four years since Heike Harmgart’s appointment in early 2020. The bank seeks to expand its operations in Iraq, Alegria, and Libya in 2024, in addition to boosting its current investments in Egypt, Morocco, Tunisia, Jordan, Lebanon, and the West Bank and Gaza. Here is the annual breakdown of the EBRD’s total funding to the SEMED region since 2020. F O R B E S M I D D L E E A S T.C O M
Year
EBRD’s Total Investments In SEMED
2020
$2.6 billion
2021
$1.7 billion
2022
$2.6 billion
2023
$2.1 billion
50% of EBRD’s projects include a genderinclusive component. EBRD has invested more than $24 billion in nearly 400 projects since it began operations in the SEMED region in 2012. Egypt received the largest share of the bank’s investments in the SEMED region in 2023, with 50% of the total invested funds, followed by Morocco, Tunisia, Jordan, Lebanon, and the West Bank, respectively.
50% $24 billion
50%
FEBRUARY 2024
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The St. Regis Abu Dhabi is not just a luxury hotel of quintessential experiences, but also player in the overall effort towards environmental responsibility.
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t St. Regis Abu Dhabi, we recognize that sustainability is a collective endeavor. As such, we have seamlessly implemented ecofriendly practices into our operations, aligning with the overarching mission of our company, Marriott International. Our commitment to reducing our carbon footprint begins with energy efficiency. The St. Regis Abu Dhabi has transitioned to using 90% LED lights, a move that not only enriches our spaces in warm and welcoming illumination but also results in a remarkable 70% reduction in energy consumption. At the same time, water conservation is at the forefront of our efforts, with the integration of water aerators that optimize water usage without compromising pressure or negatively affecting our guest experience. Furthermore, the implementation of a building management system (BMS) ensures a smart and efficient utilization of energy resources, responding dynamically to operational needs. Thinking outside of the guest facing areas and extending over our backof-house space, motion sensors are strategically deployed, promoting, and communicating a culture of consciousness among our hosts. These initiatives not only contribute to our internal sustainability goals but also elevate the awareness and commitment of our dedicated teams. Participating in environmental initiatives such as ‘One Root, One Communi-Tree 2023’ exemplifies our commitment to extending sustainability beyond our walls and into the
broader community. In pursuit of this commitment, we are on track to receive the prestigious Green Key certification, an acknowledgment of our dedication to environmentally friendly practices. Within the scope of waste reduction, we have partnered with Winnow to benchmark and manage our kitchen waste. Through datadriven operations, we are on target to achieve a significant reduction in food waste and simultaneously enhance our profitability by cutting food purchasing costs. This not only aligns with our sustainability goals but also help us control the impact of fluctuating food prices and create a win-win scenario for our business and the environment.
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
Embracing the future of transportation, we have installed two electric vehicle chargers on our premises, with plans to expand to four by the end of the year. This is just one example of how small, incremental steps can support the transition to cleaner energy sources and help in reducing the carbon footprint associated with transportation. As a key participant in the Marriott Environmental Sustainability Hub (MESH), we actively contribute to monitoring utility usage, evaluating ROI opportunities, and exploring alternative and renewable energy sources. This involvement assists us in monitoring our goals and staying aligned with the company’s vision. It also provides further information to companies that want to check carbon footprint and sustainability activities on-property. We are proud to say that The St. Regis Abu Dhabi is not simply a luxury brand or destination but also one of the participants of environmental stewardship. We stand committed to fostering a sustainable future and serving as an example of environmental responsibility, setting a standard for excellence in environmental practices within the hospitality sector.
www.stregisabudhabi.com FEBRUARY 2024
51 ANTHONY NAKACHE
Sustainability: A Commitment To Environmental Protection
PRO M OTI O N
Furniture Solutions: Unlocking Comfort And Convenience Nakul Chaudhary, COO of FurniSure, explains how the U.A.E.-based company is transforming empty spaces into personalized havens.
Nakul Chaudhary, COO of FurniSure.
M
oving to a new space, whether it is across town or across borders, is undoubtedly a thrilling adventure. However, the joy of starting afresh often comes with a slew of challenges, not the least of which is the daunting task of furnishing a new home. The traditional approach of buying new furniture might have been the norm in the past, but FurniSure is here to revolutionize the way we think about furnishing our spaces. Imagine a world where you can effortlessly move into a new space without the financial burden of purchasing new furniture. FurniSure, a trailblazer in the furniture industry, is making this
is here “toFurniSure revolutionize the way we think about furnishing our spaces
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a reality. We have introduced a groundbreaking concept that allows individuals and families to lease furniture on a long-term basis, providing an economical and hassle-free alternative to the traditional method of buying. FurniSure is a furniture rental subscription service providing high-quality, responsibly made furniture through flexible plans.
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
It allows residents in the Middle East to choose from contemporary styles for their home or office and swap pieces to suit changing tastes. We offer curated packages of high-quality home and office furniture on flexible subscription plans, with the aim of providing an affordable, sustainable alternative to buying new furniture. Our team of experts is at the beck and call of each of our clients, ready to transform empty spaces into personalized havens. FurniSure not only provides an extensive range of furniture and appliances but also takes the extra step of setting up your space according to your taste. The result? A seamless, aesthetically pleasing living environment that reflects your personality. FurniSure is part of Fern Event Rentals, a leading event furniture and décor provider that has been operating in the U.A.E. for over 10 years. By leveraging Fern Event Rentals’ expertise, experience, and supply chain, we can provide furniture built to the highest standards of quality, style, and sustainability. The brand is now being rolled out independently with a vision to offer choice and flexibility to clients looking to set up living spaces without long-term commitment. In essence, we saw an opportunity to take the model we built for events and applied it to home and office furniture. Renting furniture means less waste, lower
FEBRUARY 2024
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environmental impact, and more flexibility, and our subscribers can easily change or upgrade their packages to suit their needs when they move into a new space. Simply put, clients get high-quality, longlasting furniture without the burden of ownership.
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Why Lease Instead of Buy?
want to change “theWemindset that you have to buy furniture outright to have a stylish, comfortable space
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The idea of leasing furniture may seem novel, but it is a concept that is gaining momentum for good reasons. When moving to a new country or city, the costs associated with setting up a new home can be overwhelming. From securing a place to coordinating logistics, the last thing you want to worry about is the financial strain of buying new furniture. FurniSure understands this predicament and offers a solution that not only alleviates the financial burden but also adds a layer of convenience to the moving process. By opting to lease furniture, individuals can enjoy a fully furnished space without the hefty upfront costs associated with purchasing new items. Their furniture is sustainably and ethically sourced, built to withstand years of use, and designed for comfort and style. The subscription model itself is a sustainable alternative to frequent furniture replacement. FurniSure handles delivery, assembly, and maintenance, providing an end-toend solution for subscribers. Packages start from a little over $100 per month for a studio apartment, with larger homes and offices also accommodated. Subscriptions can be canceled at any time without penalty. FurniSure aims to make rental furniture a mainstream and sustainable choice in the Middle East. We believe subscription services will transform how people
think about their living spaces and what they need to own versus rent. We want to change the mindset that you have to buy furniture outright to have a stylish, comfortable space. With FurniSure, you can unlock choice without the long-term commitment. In a world that is constantly evolving, it is refreshing to see companies like FurniSure leading the charge in transforming age-old practices. FurniSure’s approach not only makes financial sense but also aligns with the changing attitudes towards ownership and sustainability.
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
So, the next time you find yourself at the doorstep of a new chapter in life, consider the ease, convenience, and financial freedom that FurniSure brings to the table—or, in this case, your living room. Say goodbye to the stress of buying new furniture and embrace the future of furnishing with FurniSure. Your comfort, style, and financial wellbeing deserve nothing less. FurniSure is not just a furniture leasing company; it is a solution to the challenges that come with moving to a new space. From financial peace of mind to personalized setups, FurniSure is transforming the furniture market one move at a time. Embrace the future of furnishing with FurniSure – where your taste meets your space.
Unlock Choice, Not Commit ment
www.furnisure.me
FEBRUARY 2024
• 100 MOST POWERFUL BUSINESSWOMEN •
NOOR SWEID
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MISSION POSSIBLE
Noor Sweid, Founder and Managing Partner of Global Ventures, is overseeing assets under management of $300 million while investing in founders driven by purpose. As she makes moves to inspire and support homegrown entrepreneurs, she’s leading the way for women in a male-dominated field.
BY CLAUDINE COLETTI F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
Noor Sweid, Founder and Managing Partner of Global Ventures
IMAGE FROM SOURCE
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F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
NOOR SWEID
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As a seasoned entrepreneur and investor in the Middle East’s startup scene, Noor Sweid may be a familiar name to some, but more recently, she’s become a familiar face to thousands as one of five judges on Shark Tank Dubai, the first Dubai-based Arabic-language season of the famous business-centric reality TV show. The show first aired in December 2023 and will run through to the end of February 2024, but filming all happened in a two-week period in October. “It kinda fell out of the sky. It was a fun challenge,” says the founder and managing partner of Dubai-based venture capital company Global Ventures. Though the show has proved popular with audiences, a glimpse into celebrity life was not Sweid’s goal in taking part. “This really was an opportunity to speak to a wider ecosystem of entrepreneurs from across the region in their own language and encourage and inspire them to build companies and to get funded, especially for young women,” she explains. Elie Khouri, CEO of Vivium Holding and one of her fellow judges, noted her enthusiasm. “I truly valued our interactions and partnership throughout the filming of the show,” he shared. “Noor’s distinctive perspective on Shark Tank Dubai not only enriches the contestants’ experience but also serves as a source of inspiration for women entrepreneurs across the region, empowering them to navigate the highly competitive startup scene with confidence and determination.” Sweid was a smart choice for the producers. As one of the region’s most successful female angel investors and venture capitalists, she’s proof that it is possible to thrive as a woman in the male-dominated space. She’s also well-versed in the challenges and triumphs that face budding entrepreneurs, having set up and sold her own business, invested in numerous others, taken one family enterprise through to IPO, and witnessed firsthand some of the largest funding rounds the region has seen. The most recent of these was with the buy-now-paylater platform Tabby, which became one of the region’s few unicorns in November 2023 when it raised $200 million in a Series D equity funding round, giving F O R B E S M I D D L E E A S T.C O M
it a valuation of over $1.5 billion. This was topped up a month later to $250 million following further investment, plus $700 million in debt financing from J.P. Morgan ahead of a planned IPO. Global Ventures first invested in Tabby at the Series A stage and exited after participating in its Series D—it proved to be a lucrative bet. “We exited at 7.2x and 99% IRR [initial rate of return] recently. It’s the first fintech unicorn in the region, so that’s wonderful for the ecosystem,” reveals Sweid. Tabby is the latest in a string of six successful exits for Global Ventures that include cloud kitchen Kitopi, e-commerce platform Mumzworld, and data aggregator Lean. The VC currently has investments in over 60 other startups and assets under management to the tune of $300 million. According to Sweid, the company’s $50 million fund one is almost fully returned to investors. Global Ventures closed its $100 million second fund in 2021 and floated its third in 2023, which it is now deploying. Having first established Global Ventures in 2018, Sweid now leads a team of 22 people, including five other partners. But while business has always been in her blood, her journey here has been somewhat diverse.
“The objective is always to generate returns for our limited partners, but if we back the founders who are out there with a mission to actually improve the world as they see it, then you can make a change.” Born in Boston to Syrian parents, Sweid grew up in London before moving with her family to Saudi Arabia at the age of 11 and on to Dubai four years later. She returned to Boston to study before starting her career in the U.S. in biotechnology and pharmaceuticals consulting, but after getting her MBA, she moved back to Dubai in 2005 with Booz Allen and, between her first and second projects with the consultancy firm, began working with her father at the luxury interior contracting company he’d founded in 1996, Depa. “I ended up helping with the private placement, structuring the board, governance policies, processes, and procedures, and really institutionalizing the business as much as possible,” says Sweid, who never went back to Booz Allen. “When I joined the business, there were 1,000 people and $60 million in revenues across six markets in the Gulf and Egypt. In three years, we scaled from $60 million to $600 million, 9,500 people, and 22 markets,” she adds.
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Having gone global, had done well needed Depa became one of more capital, and I’m not the largest interior that scalable, so I would companies in the world, introduce them to my working on projects friends in London or New including Marina Bay York or San Fransisco, Sands in Singapore and they would go raise and the Four Seasons money, and then the Mumbai in India. In money would demand April 2008, Sweid that they move,” says worked with Morgan Sweid. Stanley and UBS to list Realizing that this the company through an was contributing to a Global Ventures first invested in RedSea in 2021. RedSea has IPO on the London Stock brain drain and keen to developed technology to help vertical farms reduce their Exchange and NASDAQ encourage talent to stay in energy consumption. Dubai, valuing the the region, Sweid became company at $1.1 billion— a partner at a new VC at she was only 28 years old at the time. Three months later, the time, Beirut-based LEAP Ventures, and opened its the global financial crisis hit, and markets and economies new Dubai office. The company closed an $85 million were decimated. Lebanon fund in January 2015. However, Sweid moved “We were lucky. We were the first company from the on just a year later to join the Dubai Future Foundation region to list on the LSE as well as NASDAQ Dubai, as its Chief Investment Officer, working with the and we had $420 million in cash on our balance sheet,” government and startups to implement new ideas and Sweid recalls. “Then the world crumbled, which meant technologies across ministries. that we were at one point that company you read about Still, Sweid couldn’t help but notice how the region’s in business school where your cash is greater than your startups were being held back by a continued lack of market cap, which is a scary position to be in.” access to capital. “Back then, the region had $400 However, the Depa team found an opportunity in million in venture money. All MENA, all year, all deals, the challenge, approaching growth through M&A with all countries, all VCs, one year – $400 million,” she struggling companies around the world. After five years, emphasizes. “My mission was to find a way to support Sweid’s father retired in 2013, and the family sold its these founders in achieving their dreams. That’s how position in the business, which went on to be majority Global Ventures was formed.” acquired by Saudi’s Public Investment Fund in 2022. Since its establishment in 2018, Global Ventures While all this was going on, Sweid’s side hustle had has focused on emerging-market founders with “ideas also taken off. When the yoga enthusiast arrived back in that can change the world,” following a philosophy Dubai in 2005, she had found that there were no studios of investing half in the emulation space and half in for her to practice, so in 2006, she decided to open her innovation. “Whenever we take a look at which are the own, ZenYoga. “The URL was yoga.ae – that’s how little rockstar companies, they are the ones that address a there was in the region in that space,” she laughs. “Within massive market need, understand regional dynamics, four years, we had 72 teachers, 6,000 students a month, and use best-in-class knowledge,” says Sweid. Global and five locations.” In 2014, she sold her startup to private Ventures invests in companies while they are at the equity firm Cedarbridge for an undisclosed amount. regional Series A stage and helps them scale. According However, running a small business had proven to to the founder, at least a dozen of the startups in its be a very different experience from running a billionportfolio have now received over half their revenues from dollar one, and it opened Sweid’s eyes to the stresses of the U.S. and Europe, with companies raising $1.6 billion. entrepreneurship, ranging from finding and trusting When hunting out prospective investments, Sweid the right talent, competing with big businesses, and looks for entrepreneurs who are purpose-driven and juggling a multitude of different tasks without a sizable determined to solve a problem while being flexible in team to rely on. how they solve it, saying that having “strong opinions While still running ZenYoga, she began angel investing loosely held” enables founders to move on and maneuver to support other founders in the region, eventually quickly from failures. joining the founding board at Endeavour UAE. “By 2014, Using fintech as an example, whereby VC investment some of my companies had done well. The ones that has both advanced the banking sector for everyone and
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provided access to financial services to millions of people Similarly, in agritech, Saudi-based RedSea, which has in the Middle East and Africa who were previously raised $36.5 million from investors, including Global unbanked, Sweid believes a focus on mission rather than Ventures, since it was established in 2018, has developed money can change the world. Today, when it comes to technology to help vertical farms reduce their energy emerging sectors, she is seeing opportunities in several consumption, helping desert-climate countries that are areas, including supply chain and agritech, as technology investing in new technologies that can enable them to advances, with regions like the Middle East—which produce their own food make huge cost savings. “Now, relies heavily on imports—becoming fertile ground for vertical farming has gone from being slightly profitable to new ideas and solutions to its unique market challenges. massively profitable,” adds Sweid. “Five years from now, there’s no way we’re “Global Ventures first invested in RedSea in 2021. manufacturing or shipping things the same way we Since then, they have continued to support us with our did five years ago,” Sweid explains. “This part of the fundraising and via introductions to potential investors. world still imports most things, so if we want to move Additionally, they have actively encouraged interaction to a more sustainable way to do things onshore, it’s not within their invested portfolio and made introductions to going to be 90s-style manufacturing; it’s going to be 3D potential customers for our business,” says Ryan Lefers, printing, additive manufacturing.” CEO and Cofounder of RedSea. “They have also provided For example, U.A.E.-based additive manufacturing strategic guidance and insight and involved us in highstartup Immensa raised a $20 million Series B funding level panels on the future direction of our category. All of round in November 2023, led by Global Ventures. this has assisted our maturity as a company.” The company, founded in 2016, creates spare parts for By investing in startup founders who want to change energy companies onshore and on-demand, meaning the world, VCs are themselves having an impact. And for their clients no longer need to pay to import and Sweid, it’s a responsibility she doesn’t take lightly. store parts that may or may not be used. “I think it’s on us to allocate capital to founders Stay connected “No one would think about this in Europe or the with who are driven to make the world a better place,” our latest business news. U.S. because it’s an incremental problem solved. she stresses. “The objective is always to generate You’re already onshore, or your manufacturing is returns for our limited partners, but if we back next door; it’s not really a problem,” says Sweid. the founders who are out there with a mission to “So it happens out of local need; it’s that necessity actually improve the world as they see it, then you remains the mother of creation.” can make a change.”
Six Successful Exits Global Ventures has exited from six startups: five from the Middle East and one based in the U.S. Here’s a look at who they are. Country
Established
• Kitopi
U.A.E.
2018
Cloud kitchen unicorn Kitopi had raised a total of $804 million in funding as of January 2024, according to Crunchbase. In March 2023, it announced it had acquired Dubaifounded F&B group AWJ for an undisclosed amount.
• Lean
Saudi Arabia
2019
Open banking platform Lean enables companies to access bank data and make payments. In October 2022, it raised $33 million in a Series A funding round. It was the first time U.S.-based VC Sequoia Capital had invested in a Middle East startup.
• Mumzworld
U.A.E.
2011
E-commerce platform Mumzworld had raised a total of $50 million before it was acquired by the Saudi Tamer Group in June 2021, a healthcare distributor in the GCC with a footprint in beauty care, prestige products, and FMCG.
• MUNCH:ON
U.A.E.
2016
Food delivery subscription platform MUNCH:ON was acquired by Careem in June 2022 as part of its expansion in the food delivery space. MUNCH:ON connected customers to restaurants, cloud kitchens, and home food businesses. Careem absorbed its operations after the acquisition.
• Tabby
U.A.E.
2016
The buy-now-pay-later platform Tabby operates across Saudi Arabia, the U.A.E., and Kuwait. It raised a $200 million Series D in October 2023, valuing it at $1.5 billion. As of November 2023, the app managed over $6 billion in annual transaction volume.
• Tribal Credit
U.S.
2016
Tribal Credit provides small businesses in emerging markets with enhanced access to financial solutions. In October 2023, it renewed its $150 million debt facility from Partners for Growth to fund an expansion into Saudi Arabia and Mexico.
F O R B E S M I D D L E E A S T.C O M
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PRO M OTI O N Scan this QR code to open the website
Pioneering Ethical And Sustainable Practices In The GCC’s Events Industry Willean Master, Supply Chain Director at Electra, celebrates the company’s ISO certification and explains how the business’ sustainability and ethical practices are shaping the events and exhibition industry.
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s Supply Chain Director at Electra, a solutions provider for the events and exhibition industry, my role goes beyond traditional operational responsibilities; it is about embracing a vision that aligns with the most forwardthinking ethical and sustainability practices. Our recent achievement of the ISO 14001:2015 certification is a notable milestone in Electra’s commitment to environmental stewardship, but it is just one piece of a much larger puzzle. Certified in Ethical Procurement by the Chartered Institute of Procurement & Supply (CIPS), we uphold the highest standards of integrity in our procurement processes. This is crucial in an industry where transparency and sustainable sourcing are key to building trust and long-lasting relationships. Adhering to the United Nations Global Compact has been fundamental in integrating global standards into our operations. This commitment ensures we are at the forefront of corporate responsibility, encompassing human rights, labor, environment, and anti-corruption principles. A pivotal step for us has been participating in the Net Zero Carbon Events initiative, pledged during COP26 in Glasgow. This commitment is not just about reducing emissions; it is about leading the industry towards a sustainable future and
Willean Master, Supply Chain Director at Electra
actively contributing to the global movement and the national net-zero objectives of the U.A.E and K.S.A. In my role, I ensure these commitments are deeply integrated into Electra’s business philosophy. Balancing commercial success with ethical and environmental responsibilities is a challenge I embrace. This balance is especially crucial in the GCC region, where sustainability and ethical practices are becoming integral to business success. As the region transforms, I ensure Electra is at the forefront of operational excellence, adhering to sustainable and ethical business practices. Looking forward, my aim is to maintain this trajectory of sustainable growth. We are not just maintaining a competitive edge;
The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.
we are setting industry standards, driving change, and inspiring others. Electra’s achievements, including ISO certifications and the Ethical Procurement certification by CIPS, as well as our adherence to the UN Global Compact and our commitment to the Net Zero Carbon Events initiative, symbolize our dedication to a future where business success is synonymous with sustainable practices. Furthermore, our recent In-Country Value (ICV) certification in the U.A.E. is a testament to Electra’s unwavering commitment to supporting the local economies of the GCC. By aligning with national visions such as Saudi Arabia’s Vision 2030 and the U.A.E.’s Vision 2031, we are formalizing our efforts in contributing to the regional development goals. This not only reflects our strategic focus on local value creation but also reinforces our role as a responsible and forward-thinking enterprise in the region. I extend an invitation to our clients, suppliers, and partners to join us in this movement. Together, let’s forge a path towards a more sustainable and equitable future through responsible business practices.
www.electrasolutions.com FEBRUARY 2024
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PRO M OTI O N
Hospitality With A Human Touch Victor Chalfoun, General Manager of Waldorf Astoria DIFC, shares the hotel’s people-first mindset and his personal approach to nurturing and retaining the very best talent.
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n building a “people-first” culture at Waldorf Astoria Dubai International Financial Centre, we have implemented a leadership approach that places immense value on each team member. Personally involving myself in the recruitment process, I vet every candidate, a practice becoming uncommon in today’s very busy hospitality industry. I believe this hands-on involvement from the general manager sets the tone for a culture where individuals are not just employees but integral partners to the success of the hotel. Our commitment to meticulously selecting the right talent has translated into remarkable longevity and loyalty within the team. The fact that 17.3% of the preopening team remains with the hotel after six years is a testament to the positive and supportive environment we have cultivated. This extended tenure reflects the genuine care and attention each team member receives, reinforcing a sense of belonging and value within the organization, alongside a promising and flourishing future, teeming with possibilities. It doesn’t just stop at recruitment; our leadership philosophy extends to continuous support and development. Hilton initiatives like the Shine 1, Shine 2, and Elevator Graduate Training programs are designed to identify, develop, and prepare individuals within the management team for larger and more significant roles
Victor Chalfoun, General Manager of Waldorf Astoria DIFC
in the hospitality industry, with the ultimate goal of grooming them to become future general managers. By investing in the growth of our team, we are able to ensure that they not only feel valued in their current roles but also have a clear path for advancement. This dedication to investing in our people stands as the bedrock of Waldorf Astoria DIFC’s triumph, fostering a team environment characterized by harmony and high performance. This commitment is evidenced through the team’s unwavering pursuit of excellence, reflected notably in an unparalleled market share performance. While Dubai’s luxury hotels are growing their RevPAR by a mere 1% year-to-date versus last year, Waldorf Astoria DIFC is defying the trend with an extraordinary 23% RevPAR growth. This exceptional
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
accomplishment underscores the effectiveness of Waldorf Astoria DIFC’s meticulously crafted commercial strategy and its steadfast commitment to providing an outstanding guest experience. True leadership is not about standing at the forefront, but rather guiding from within, fostering mentorship, and pulling the team forward with encouragement, not fear. In the world of business, it is akin to assembling a team of highlevel athletes—experts in their field, unified by seamless communication, and driven by a shared commitment to excellence, where feedback is not just welcomed but embraced as the catalyst for continuous improvement.
Diversity Meets Opportunity The unique strengths of our diverse team at Waldorf Astoria DIFC lie in the richness of open dialog and a culture where ideas are not just heard but actively embraced. We thrive on the diversity of perspectives, bringing forth new ideas and innovative approaches that set us apart in the market. This diversity goes beyond different backgrounds; it is about sharing unified goals and values. We have cultivated a one-of-a-kind culture within our team—more than colleagues, we are a family striving for greatness together. Trust and the encouragement of diverse opinions are reflected in the results of our global team member survey, where we achieved
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PRO M OTI O N Scan this QR code to open the website
leadership “ True is not about standing at the forefront, but rather guiding from within
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an outstanding overall score of 90%, one of the highest within our region. This speaks volumes about the positive and inclusive work environment we have created. In the survey, an overwhelming 97% of team members voted in favor of the general manager being an effective leader, with 98% noting an openness to implementing improvements, showcasing our commitment to continuous enhancement and innovation. Our commitment to diversity and openness is further evidenced by the hotel consistently ranking within the top 1% on Tripadvisor in Dubai, with an impressive five out of five rating. It has won the Tripadvisor Travellers’ Choice Best of the Best award two years in a row, denoting its place in the top 1% of hotels worldwide. Since opening in 2019, the hotel has also maintained an outstanding 9.4 score on Booking. com. Competing globally within luxury brands, it consistently ranks in the top three for guest satisfaction scores. On Google reviews, the hotel boasts a remarkable 4.7 rating. It is one of the select few hotels worldwide to earn a coveted five-star rating
from Forbes. The loyalty of our returning guests is a testament to the exceptional service provided by our diverse team. Moreover, our recent recognition as the ImInclusive Disability Inclusion Trailblazer in the U.A.E. reaffirms our dedication to creating an inclusive environment. This award from the MENA-based digital hub of inclusion recognizes our commitment to fostering a workplace where everyone is valued, respected, and given equal opportunities to thrive.
Beyond Boundaries At Waldorf Astoria DIFC, our commitment to fostering the career development and growth of our team goes beyond the boundaries
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
of our property. Through daily enriching conversations and a deep understanding of each team member, my dedicated team and I employ internal assessment initiatives to identify exceptional talent within our ranks. This personalized approach enables us to recognize superstar potential within our team. From my perspective, this commitment to recognizing and nurturing talent translates into tangible opportunities for our team members to explore career paths beyond Waldorf Astoria, presenting avenues for growth across various countries. The expansive Hilton brand portfolio offers a myriad of options spanning Europe, the Middle East, and Asia. Many success stories within our team attest to this, where individuals have transitioned to managerial and directorial roles. In addition, I have had the great privilege of mentoring talented individuals who have gone on to assume general manager roles in different properties worldwide. Our proactive approach to talent recognition, coupled with the global reach of Hilton’s portfolio, ensures that our team members have a diverse array of opportunities to propel their careers forward, contributing to the success and dynamism of the broader Hilton family.
www.hilton.com/en/hotels/ dxbwawa-waldorf-astoria-dubaiinternational-financial-centre/
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THE MIDDLE EAST’S
100 MOST POWERFUL BUSINESSWOMEN
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100 MOST POWERFUL BUSINESSWOMEN 2024 F
Despite challenges, female leaders are continuing to grow in numbers and influence.
rom groundbreaking entrepreneurs to visionary corporate leaders, women in MENA are leaving their mark in every sector and industry. For example, Hana Al Rostamani, Group CEO of the First Abu Dhabi Bank, who leads the list for the second consecutive year, was also recognized on Forbes’ list of the World’s Most Powerful Women 2023, ranking at 63 overall and 14th in the finance category globally. Shaista Asif, Cofounder and Group CEO of PureHealth Holding, led one of the region’s largest IPOs, raising a total of $986 million by offering 10% of its issued share capital on the first market of the Abu Dhabi Securities Exchange. This year’s list of the Middle East’s 100 Most Powerful Businesswomen 2024 features 100 entries, with 104 women from 27 different sectors and 28 nationalities. The banking and financial services sector leads the list with 26 entries, followed by healthcare with 13, and investments and technology with six entries each. There are 35 newcomers to the list, from 15 different sectors.
Methodology When creating the ranking, we considered the following criteria. • The impact that the leader has had on the region and the markets that she serves. • The achievements and performance of the leader in the last year. • The number and extensiveness of the sustainability and CSR initiatives led by the leader. • Their designation. • The size of the business in terms of revenues, assets, AUM, market capitalization, and the number of employees. • The number of years of industry experience and the time the leader has served in their current role. • Leaders of family businesses were excluded this year.
To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com
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100 MOST POWERFUL BUSINESSWOMEN
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When you join the number one financial centre in the Middle East, Africa and South Asia, you benefit from DIFC’s proven world-class laws, regulations, infrastructure and unbeatable connections. Banks enjoy managing global deals and structuring financial transactions in a DIFC market that is approaching USD 1 trn of activity. DIFC asset managers oversee nearly USD 500 bn in AUM from private and public markets in the region. Over 600 financially regulated clients are amongst the 5,000 clients that are using DIFC as a catalyst for growth.
Join the number one: difc.ae/business/make-an-enquiry
F O R B E S M I D D L E E A S T.C O M
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1
Hana Al Rostamani
• Group CEO
Company: First Abu Dhabi Bank (FAB) Nationality: Emirati Sector: Banking and Financial Services Al Rostamani has been the group CEO of FAB since 2021. She has more than 25 years of industry experience and was the first female CEO of a U.A.E.-based bank. In the first nine months of 2023, FAB recorded profits of $3.4 billion. During COP28, FAB announced that it will lend, invest, and facilitate over $135 billion in sustainable and transition financing by 2030. Al Rostamani is the chair of the Global Council on the Sustainable Development Goals, and she also sits on the board of Buna, the Institute of International Finance, and the International Institute for Management Development, amongst others.
2
Shaikha Khaled Al Bahar
• Deputy Group CEO
Company: National Bank of Kuwait Group (NBK Group) Nationality: Kuwaiti Sector: Banking and Financial Services Al Bahar was appointed to her current role in 2014. She has more than 30 years of industry experience and has overseen more than 8,500 people. In the first nine months of 2023, the bank reported profits of $1.5 billion. In October 2023, Al Bahar oversaw the first batch of the global leadership program for women, NBK RISE, training 20 women for executive management and board roles. Al-Bahar is also the chairperson of the National Bank of Kuwait France S.A. and the National Bank of Kuwait (Egypt) and a board member of the National Bank of Kuwait (International) P.L.C., the group’s U.K. subsidiary.
3
Wadha Ahmad Al-Khateeb
• CEO
Company: Kuwait National Petroleum Company (KNPC) Nationality: Kuwaiti Sector: Oil and Gas Al-Khateeb was appointed CEO of KNPC in 2022 and oversaw the company’s first export of 95-octane automotive fuel to European markets in July 2023. She is the first woman and first Kuwaiti to head the Gas Processors Association, GCC Chapter, and vice chairperson of the Gulf Downstream Association. She has been a member of the Women’s Cultural and Social Society since the 1990s. She was previously a member of the Natural Reserves Committee and the Oil Spill Combating Plan Committee for the State of Kuwait and the chairperson of the Kuwait Paraxylene Production Company.
Nationality
Egyptian 17
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Shaikha Khaled Al Bahar
Emirati 14
Saudi 9
Lebanese 9
Kuwaiti 7
Moroccan 5 FEBRUARY 2024
Shaista Asif
4
Shaista Asif
• Cofounder & Group CEO Company: PureHealth Holding Nationality: Pakistani Sector: Healthcare After cofounding PureHealth in 2006, Asif was appointed group CEO in December 2023, the same month the group’s IPO raised a total of $986 million by offering 10% of its issued share capital on the first market of the Abu Dhabi Securities Exchange (ADX). The IPO was oversubscribed by 483 times in the retail tranche and by 54 times in the professional subscriber tranche. In January 2024, the group acquired the U.K.’s largest independent operator of hospitals, Circle Health Group, for $1.2 billion before debt. In January 2024, PureHealth acquired Sheikh Shakbout Medical City, the U.A.E.’s largest healthcare complex, valued at $600 million, with revenues of $585.4 million.
100 MOST POWERFUL BUSINESSWOMEN
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Dana Nasser Al Sabah
• Group CEO
Company: Kuwait Projects Company (Holding) - KIPCO Nationality: Kuwaiti Sector: Investments Al Sabah has been a member of the board at KIPCO since 2020 and was appointed group CEO in January 2022. KIPCO announced net profits of $127.4 million for the first nine months of 2023, a 204% increase compared to 2022. In November 2023, KIPCO announced that its subsidiary, OSN, was combining its premium content streaming platform, OSN+, with Anghami Inc. Al Sabah is also the founder and chair of the board of trustees of the American University of Kuwait and the chairperson of the United Education Company. She holds board positions with Gulf Insurance Group, OSN, and Kamco Invest.
Bank, and chairman of the Management Committee of the Al-Arabi Investment Group.
7 6
Randa Sadik
IMAGE FROM SOURCE
• CEO
previously the CEO of SNB Capital and vicechairperson of the advisory committee of the Capital Market Authority.
Sarah Al-Suhaimi
8
Maryam Al Suwaidi
• Chairperson
• CEO
Company: Saudi Tadawul Group
Company: Arab Bank
Nationality: Saudi
Company: Securities and Commodities Authority (SCA)
Nationality: Jordanian
Sector: Banking and Financial Services
Nationality: Emirati
Sector: Banking and Financial Services
Al-Suhaimi was appointed chairperson of the Saudi Tadawul Group in 2017, which includes the Saudi Exchange, the Securities Clearing Center Company (Muqassa), the Securities Depository Center (Edaa), and Wamid. In September 2022, she was appointed chair of Lazard’s Financial Advisory business in MENA. She sits on the boards of the Saudi Arabian Airlines Public Agency, the Cultural Development Fund, the Regional Voluntary Carbon Market company, and stc. She was
Sector: Banking and Financial Services
Sadik assumed the role of CEO of Arab Bank in February 2022. She has more than 37 years of industry experience. In the first nine months of 2023, Arab Bank reported net profits of $630.3 million, a 55% increase compared to the same period in 2022. Sadik holds several positions within the Arab Bank Group, including chairman of the Arab Tunisian Bank, vice chairman of Arab Bank Australia, board member of Oman Arab
Nationality
American 5
F O R B E S M I D D L E E A S T.C O M
Jordanian 4
Omani 4
In 2021, Al Suwaidi became the first woman to be CEO of the SCA. In November 2023, the U.A.E. Sustainable Finance Working Group developed the “Principles for the Effective Management of Climate-related Financial Risks” agreement, which targets financial sector entities to address climate change in their management decisions. She is also the CEO of the Financial Markets Operations Sector at the SCA.
British 3
Bahraini 3
French 3 FEBRUARY 2024
12
Sima Ganwani Ved
• Founder & Chairwoman Company: Apparel Group Nationality: Indian Sector: Retail
Ved founded the Apparel Group in 1999. The retail company has introduced over 85 brands across the Middle East, including Nine West, Tommy Hilfiger, Aldo, and Charles & Keith, and today has more than 2,100 stores in 14 countries. Ved is also an active member of the Young Presidents’ Organization and the Chief Executives’ Organization. She was the first female YPO member to set up a regional chapter, “YPO MENA STAR,” which focuses on gender equality. In 2010, Ved hosted a talk show called “Hi-Tea with Sima Ved,” which ran on Star Plus for 13 episodes.
13
Dalia El-Baz
• Executive Deputy Chairman Company: National Bank of Egypt (NBE) Sima Ganwani Ved
Nationality: Egyptian Sector: Banking and Financial Services
9
Shazia Syed
• General Manager — North Africa, Levant and Iraq & Arabia Senior Customer Development Lead
Company: Unilever Nationality: Pakistani Sector: Consumer Goods Syed assumed her current role in 2021 and is also the Arabia Senior Customer Development Lead. She joined Unilever in 1989. She also sits on the board of United Bank Limited in Pakistan, is a member of the Board Risk & Compliance Committee, and is the chairperson of the Board Audit Committee. She previously sat on the boards of Pukka Tea and Pepsi Lipton, was the president of the Overseas Investors Chamber of Commerce & Industry, and was the director of the Pakistan Business Council.
10
Reem Asaad
• Vice President – Middle East, Africa,
Türkiye, Romania & The Commonwealth of Independent States (CIS) Company: Cisco Nationality: Egyptian-American Sector: Technology Asaad has over 30 years of experience
Nationality F O R B E S M I D D L E E A S T.C O M
Indian 2
and assumed her current position in 2020, overseeing more than 3,500 people. In February 2023, Cisco and the King Abdullah University of Science and Technology collaborated to advance education via the CDA program. Hamad International Airport in Qatar also announced the launch of a nextgeneration Wi-Fi service powered by Cisco technologies. Before joining Cisco, Asaad spent more than 10 years across various roles with the Raya Corporation in Egypt.
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El-Baz joined NBE in 2008 and assumed her current role in 2017. She has 28 years of industry experience and oversees more than 26,000 people. NBE’s market share in retail loans was 30.4%, and 43.1% in total loans as of February 2023. Its deposits were $110 billion as of June 2023, and its retail loans stood at $8.3 billion. El-Baz is also the chairperson at Al Ahly Payments and a nonexecutive director at the National Bank of Egypt (UK) Limited.
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Pelin Incesu
Ebru Pakcan
• Area Vice President—Middle East
• Managing Director Head of MEA
Company: AstraZeneca
Company: Citigroup
& Africa
Cluster Cit
Nationality: British
Nationality: Turkish Sector: Healthcare
Sector: Banking and Financial Services
Incesu assumed the role of Area Vice President of Middle East & Africa in 2020 after serving as Vice President of Commercial Strategy, International since 2017. The company recorded over $1 billion in sales in 2022 in MEA and launched the AZ Forest Initiative in Ghana and Rwanda. Incesu oversaw the distribution of AstraZeneca’s COVID-19 vaccine across 61 MEA countries and announced the launch of the Cancer Care Africa program at COP27. She is also the international leader sponsor for the group’s Global Inclusion & Diversity Council.
Since joining Citigroup in 1997, Pakcan has spent the majority of her career in London as head of the treasury and trade solutions business for Europe, the Middle East, and Africa. She assumed her current role leading the MEA Cluster in 2021. Pakcan currently sits on the board of Citigroup Saudi Arabia. She was previously a director on the board of Citibank Europe Plc in Ireland and the head of the global trade business at Citi. She has also sat on the board of the CHAPS Clearing Company in the U.K. and the board of The Clearing House Payments Company LLC in the U.S.
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18
Henadi Al-Saleh
• Chairperson
Company: Agility Nationality: Kuwaiti Sector: Logistics
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Katerina Giannouka
• CEO Katerina Giannouka
Company: Jumeirah Group Nationality: Greek Sector: Hospitality
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Tayba Al Hashemi
• CEO
Company: ADNOC Offshore Nationality: Emirati Sector: Oil and Gas Al Hashemi assumed her current role in February 2023. ADNOC Offshore is one of the largest offshore energy producers in the world. Al Hashemi is responsible for safely and sustainably harnessing the energy resources in Abu Dhabi waters. She has more than 20 years of experience and was previously the CEO of ADNOC Sour Gas and CEO of Al Yasat Petroleum. She has been chairing ADIPEC, the world’s largest energy conference, since 2021. Al Hashemi is also a board member of ADNOC Logistics & Services and United Arab Emirates University.
Chaqroun joined Holmarcom Group in 1989 and assumed her current role at Les Eaux Minérales d’Oulmès in 2010. With over 37 years of experience, Chaqroun today oversees more than 6,400 people spread out over both companies. In 2022, the Holmarcom Group acquired a 78.7% stake in the Crédit du Maroc bank. Chaqroun was appointed as a member of the Global Investors for Sustainable Development Alliance by the UN secretary-general, António Guterres. She is also a board member at the worldwide Renault Group and a member of the board of trustees of Al Akhawayn University, amongst others.
Salwa Idrissi Akhannouch 17
20 Elena Sorlini
• Managing Director & CEO
• Founder & CEO
Company: Abu Dhabi Airports
Company: Aksal Holding Nationality: Moroccan Sector: Retail
Miriem Bensalah Chaqroun 16
• Vice-Chairwoman & CEO; Director & Administrator
Company: Les Eaux Minérales d’Oulmès (LEMO); Holmarcom Group
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Nationality: Moroccan Sector: Consumer Goods
Nationality F O R B E S M I D D L E E A S T.C O M
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Akhannouch founded Aksal Holding in 2004. The company has since partnered with a number of international luxury retail brands, such as Givenchy and Bottega Veneta. It employs more than 3,000 people. The company plans to open a smart, green downtown in Marrakech by the end of 2024, with an investment of $235 million and a vision to create 5,000 jobs. It also aims to create an e-commerce platform called Wa-Sal covering sectors including fashion, beauty, technology, luxury, and well-being.
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Giannouka joined the Jumeirah Group and became CEO in 2022. She oversees 9,100 people. In February 2023, the group acquired its first property in Switzerland, the Le Richemond Hotel. In June 2023, the group launched Mission 2030, a transformative and realigning expansion plan. It also opened its Jumeirah Makkah in Jabal Omar, which is the group’s first property in Saudi Arabia and one of its largest, with 1,033 rooms and suites, along with 88 apartments. Giannouka has over 20 years of industry experience. Before Jumeirah Group, she was president of Asia-Pacific at Radisson Hotel Group and vice president of development for APAC and China at the Rosewood Hotel Group.
Nationality: Italian Sector: Travel and Tourism Sorlini has over 20 years of experience in the aviation industry and joined ADQ in 2021. In Q3 2023, nearly six million passengers traveled through Abu Dhabi International Airport, an increase of 29.3% compared to the same period in 2022. Connectivity also expanded significantly, with 119 destinations served from Abu Dhabi International Airport by 24 airlines. Sorlini is also a member of the boards at Abu Dhabi Airports, Etihad Aviation Group, Abu Dhabi Aviation, and ADQ Aviation and Aerospace Services.
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Al-Saleh has been in her current role since 2014. She has been with Agility for 17 years and has more than two decades of experience in her field. In March 2023, the company launched customized data center sites in Kuwait, Saudi Arabia, Egypt, and Ghana. At the end of September 2023, Agility reported revenues of approximately $3.3 billion. Al-Saleh also sits on the board of the Kuwait Chamber of Commerce and Industry. She is a board member at GWC Logistics in Qatar and a trustee at the Al-Bayan Bilingual School in Kuwait.
PRO M OTI O N
Redefining Hospitality In Ras Al Khaimah
68 100 MOST POWERFUL BUSINESSWOMEN
Hampton by Hilton Marjan Island is setting new benchmarks for sustainability and hospitality in the U.A.E. with shades of sea foam and sand, while brightly colored paddles adorn the walls adding an eye-catching nautical accent to the rooms. In the state-of-the-art fitness center, floor-to-ceiling windows frame mesmerizing sea views, providing the perfect backdrop for a high-octane workout or gentle stretch session. Meanwhile, those wishing to mix work and pleasure during their stay can take advantage of the business center located in the lobby.
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ince opening in 2021, Hampton by Hilton Marjan Island has become one of Ras Al Khaimah’s hospitality success stories. Situated on a private, golden-sand beach, the hotel is a favorite among couples, groups of friends, and families, who soak up the relaxed ambience of its prime beachfront position, serene infinity pool, spacious sea-view rooms, and acclaimed restaurants and bars. With 515 guest rooms, Hampton by Hilton Marjan Island is the first and only beach property within the Hampton portfolio, bringing Hampton by Hilton’s friendly, dedicated service and signature amenities – including free daily hot breakfast and complimentary WiFi – to a stunning coastal setting.
Under the Sun Located on the edge of the Arabian Gulf, the hotel capitalizes on its beachfront position, both indoors
A Thriving Dining Destination and outdoors. A private stretch of beach runs the length of the property and is lined with sun loungers and parasols that promise endless days of sun-kissed relaxation. For those who prefer to engage in more pulse-racing pursuits, the hotel offers aquatic adventures at its water sports hub, with the latest motorized and nonmotorized equipment available. Set just back from the beach, the hotel’s infinity pool is set to the perfect temperature for year-round enjoyment while a separate children’s pool and adjoining playground create a dedicated space for junior travelers. There is also a kids’ club that invites children and teens to enjoy their Ras Al Khaimah escape at their own pace. The laid-back beachside influence extends into the hotel itself. Designed with a chic coastal color palette in mind, the light-filled guest rooms maximize the postcard views over the Arabian Gulf. Soft furnishings echo the surrounding landscape
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Since opening, Hampton by Hilton Marjan Island has cemented itself as one of Ras Al Khaimah’s hottest dining destinations. CLAW BBQ at Hampton by Hilton Marjan Island is the perfect place to catch stunning sunsets, enjoy scenic views, and savor mouthwatering grills and seafood. The menu features daring challenges like massive burgers, steaks, and seafood buckets. For those with a sweet tooth, there is an array of delectable treats, and the drinks menu offers a unique experience with a wide selection of traditional and signature beverages, served creatively in moonshine jars and pitchers. As for entertainment, sports fans can keep up with the action on multiple screens, and thrill-seekers can take on the Rodeo Bull challenge or engage in the numerous game options. Whether it is the indoor American diner-inspired setting or
FEBRUARY 2024
PRO M OTI O N Scan this QR code to open the website
Eco-minded Excellence Not content with simply creating a new lifestyle destination in Ras Al Khaimah, Hampton by Hilton Marjan Island has done so with sustainability at its heart. Driven by Hilton’s ESG strategy—which seeks to create
of the property and is lined with sun loungers and parasols that promise endless days of sun-kissed relaxation.
positive environmental and social impact across all operations, supply chains, and communities—the hotel is at the forefront of responsible travel and tourism in the region. Over the past two years, the ecominded escape has implemented a range of impressive sustainability initiatives, spanning waste reduction, energy conservation, recycling, and more, while consistently delivering a world-class guest experience Key sustainability achievements include being the first hotel in Ras Al Khaimah to introduce contactless check-in and check-out, and to successfully reduce single-use plastics. Other highlights include the introduction of a food composter that converts food waste to greywater, successfully diverting 89 tons of food waste from landfill, and contributing to a carbon reduction of 341 tons in the past year. The hotel also became the first on Marjan
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Marjan Island
www.hilton.com/en/hotels/ rktmahx-hampton-marjan-island/
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A private stretch of “beach runs the length
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the hidden gem of the terrace for sunset views, CLAW BBQ RAK has something for everyone. For those craving elevated panAsian flavors, Karma Kafé by BuddhaBar promises chic sophistication. Set within a stunning space adorned with lanterns, rich designs, and vivid splashes of color, the award-winning concept artfully combines avantgarde mixology, contemporary pan-Asian cuisine, music, and design to create an immersive dining and nightlife experience. At Flavours Restaurant, all-day dining is available for breakfast, lunch, and dinner, including the Hampton by Hilton signature free hot breakfast. Live cooking stations, lounge seating, and bright textiles create a welcoming ambience at any time of day. Meanwhile, for laid-back snacks by the water’s edge, the Surfs Up and H2O food and drink trucks bring effortless enjoyment to the hotel’s al fresco areas. In addition, poolside refreshments can be found at the H2O Pool Bar.
Island to install an EV charger. Looking ahead, a major project is the implementation of Winnow, an advanced artificial intelligence system that revolutionizes kitchen operations. Winnow identifies and measures food waste, leading to a remarkable reduction of up to 50% in food waste and savings of 3%-8% in food purchasing costs. The hotel has made substantial progress in recycling efforts, with 12.5 tons of glass and 30 tons of plastic, cans, and cardboard recycled each month. It has also taken significant steps to reduce electricity and water consumption by installing water aerators, reducing flush tank volumes, and maximizing the use of natural daylight in the lobby and main restaurant. Furthermore, Hampton by Hilton Marjan Island has sent 3,500 liters of used cooking oil to the RAK municipality for recycling into biodiesel, promoting a circular economy and reducing dependence on fossil fuels. Solidifying its status as a leader in sustainable hospitality, Hampton by Hilton Marjan Island received the RAK Green Hotel Award for 2022 and has been nominated for the Middle East’s Leading Green Hotel two years in a row by the World Travel Awards. The hotel was also honored with an internal Overall Service Award in 2022, recognizing the team’s passion and commitment to going above and beyond to ensure guest satisfaction with every stay.
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Manar Al Moneef
• Chief Investment Officer Company: NEOM Nationality: Saudi
Sector: Real Estate and Construction Al Moneef joined NEOM as CIO in 2021, where she oversees the development and implementation of its investment strategy. In November 2023, NEOM opened its first international office in London for its U.K. and European businesses. Al Moneef has over 20 years of cross-sectoral experience in healthcare, oil and gas, and renewable energy. Before NEOM, she was onshore wind president and CEO for the MENAT region at GE Renewable Energy.
22
Huda Kattan
• Founder
Company: Huda Beauty
Nezha Hayat
Nationality: American Sector: Beauty Kattan started her makeup brand, Huda Beauty, with her two sisters in 2013. Between 2022 and 2023, Kattan launched over 20 new products globally. In 2023, Huda Beauty hosted a beach cleanup in Dubai to celebrate the launch of WISHFUL Get Clean Cleanser in 2023. Kattan is also the chairwoman at HB Investments. Forbes recognized Kattan as one of America’s Richest Self-Made Women in 2023, with an estimated net worth of $400 million as of June 1, 2023.
23 Samia Bouazza
• Group CEO & Managing Director Company: Multiply Group Nationality: Lebanese Sector: Diversified Bouazza established the Multiply Marketing Consultancy in 2003, which transformed into Multiply Group in 2021. In the first nine months of 2023, the group recorded revenues of $244.3 million and net profit of $148.7 million. Bouazza oversees more than 3,000 people and leads the strategic development of the company, its investment portfolio, and the overall sustainable growth of the group’s subsidiaries. Bouazza also serves as a board member of several companies, including associations like TAQA, Arena Events Group, and Emirates Driving Company.
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24 Pakinam Kafafi
• CEO
Company: TAQA Arabia Nationality: Egyptian Sector: Oil and Gas Kafafi assumed her current role in 2013. She has been with TAQA Arabia since 2006. Overseeing 3,400 people, Kafafi has more than 29 years of experience in her field. At the end of June 2023, TAQA Arabia reported net profits of $6.3 million. In June 2023, the company was listed on the Egyptian Exchange. TAQA Arabia inaugurated its subsidiary in Saudi Arabia, First Gas, In Q3 2023. Kafafi is also a co-founding member of the IRENA industry decarbonization alliance and a board member of the British Egyptian Business Association and the Arabian Cement Company, amongst other
25 Nezha Hayat
• Chairperson & CEO
Company: Moroccan Capital Market Authority (AMMC) Nationality: Moroccan Sector: Banking and Financial Services Hayat assumed her current role in February 2016. She was the first woman to be on the management board of Moroccan bank Sogelease (Société Générale Morocco
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Group) in 2007. In July 2022, Hayat was re-elected as chair of the Africa and Middle East Committee of the International Organization of Financial Market Regulators for the 2022-2024 term. She began her career at the international division of Banco Atlántico in 1985. In October 2023, AMMC signed a partnership agreement with the Chartered Institute for Securities and Investments to establish an international certification for managers of Collective Investment Schemes.
26 Jomana R. Alrashid
• CEO
Company: Saudi Research and Media Group (SRMG) Nationality: Saudi Sector: Media and Marketing Alrashid assumed her current role in 2020. In the first nine months of 2023, SRMG recorded revenues of $777 million, an 8% increase compared to 2022. Alrashid oversaw the relaunch of Asharq Al-Awsat, Al Majalla, and Hia Magazine, as well as the launch of Asharq Network, which includes Asharq News, Asharq Business with Bloomberg, Asharq Discovery, and its documentary, podcast, and radio channels. In 2023, SRMG partnered with Billboard to establish Billboard Arabia. Alrashid is also the chairwoman of the Red Sea Film Festival Foundation and Thmanyah Publishing and Distribution.
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Elda Choucair
27 Mona Ataya
• Founder & CEO
Company: Mumzworld Nationality: Palestinian Sector: E-commerce Ataya arrived in the Middle East in 2000 and cofounded Bayt.com before launching the e-commerce platform Mumzworld in 2011. Today, she leads a team of 450 people. In 2023, Ataya launched a new vertical e-commerce brand in Saudi Arabia called Pharmaciaty.com. She plans to expand this into the U.A.E. in Q1 2024. Mumzworld was acquired by Saudi Arabia’s Tamer Group in 2021. It has since expanded its fulfillment center operations into Dubai South and also established new warehouses in Saudi Arabia. Ataya is also a board member of the Dubai Chamber of Digital Economy and is an elected member of the Dubai Future Foundation’s Fellowship Program, amongst other roles.
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28 Nadia Bader Al-Hajji
• CEO
Company: Petrochemical Industries Company (PIC) Nationality: Kuwaiti Sector: Petrochemicals Al-Hajji held several senior management positions at the Kuwait Petroleum Corporation and its subsidiaries before joining PIC in 2019. With over 30 years of experience in the oil industry, she was appointed to her current position in November 2022. PIC has a global presence in Bahrain, the U.S., Vietnam, South Korea, Canada, and Germany. She is also the chairman of EQUATE Petrochemicals and The Kuwait Olefins Company and a board member of the Canada Kuwait Petrochemicals Company and the Gulf Petrochemicals and Chemicals Association.
• Executive Vice President, Market Development, Eastern Europe, Middle East and Africa Company: Mastercard Nationality: Dominican
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Sector: Banking and Financial Services Ajmal joined Mastercard in 2015 as head of products for the Middle East & Africa. Previously, she held numerous senior positions at Citibank and Standard Chartered, including business head in
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and Diversity Council, and a board member for the Interactive Advertising Bureau MENA and Endeavor in the U.A.E. She is also a founding board member of the Unstereotype Alliance by UN Women, which is dedicated to erasing harmful genderbased stereotypes in advertising.
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• CEO
29 Amnah Ajmal
Sectors
Poland and CEO of consumer banking in Malaysia, respectively. In April 2023, Mastercard formed a partnership with DIFC to support fintech companies. In November 2023, Mastercard, Lulu Group International, and Unilever signed an MoU for a mangrove restoration program at COP28.
Company: Omnicom Media Group (MENA) Nationality: Lebanese Sector: Media and Marketing Choucair assumed her current role in 2021, having previously held the role of COO. She oversees over 1,031 people. In 2023, the company expanded in Saudi Arabia and started TRKKN, a Google agency network. Choucair has been in the industry for 20 years. She is also vice chair at the Advertising Business Group, an advisory council member at the Middle East Inclusion
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Healthcare 13
Ghada Al Jarbou
• COO
Company: Saudi Awwal Bank (SAB) Nationality: Saudi Sector: Banking and Financial Services Al Jarbou was appointed COO of SAB in October 2020. She previously held various executive roles in the bank, including senior IT program manager, head of service delivery, head of retail digital banking and retail banking, and general manager of global liquidity & cash. She also sits on the board of Saudi Ground Services Co. The bank reported profits of $1.4 billion in the first nine months of 2023.
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32 Sophie Doireau
• CEO - Middle East, India, Africa and Türkiye
Company: Cartier Nationality: French Sector: Retail Doireau joined Cartier in 2008 in France, moved to the U.A.E. in 2014 as marketing and communications director for the Middle East, and assumed her current position in 2021 to oversee the Middle East, India, Africa, and Türkiye with a workforce of 600 people. In July 2023, Cartier launched the Al Raya program, an immersive 12-month learning experience for Emirati talent. In October, Cartier opened its newest boutique at the Jio World Plaza in Mumbai.
33 Jalila Mezni
• Cofounder & Group CEO Company: Societe d’Articles Hygieniques (SAH Group) Nationality: Tunisian Sector: Consumer Goods Mezni cofounded the SAH Group in 1994 with Mounir El Jaiez. The group is present in over 20 countries across the Middle East, Africa, and France. Among its subsidiaries are SAH Morocco, SAH Algeria, Azur Papier, and Azur Détergent, among others. The group reported total assets of $381.4 million and revenues worth $138.5 million in the first half of 2023.
34 Marianne Ghali
• Managing Director Nationality: Egyptian Sector: Diversified
Ghali manages a portfolio of over $161.8 million at Qalaa Holdings. The company invests in the energy, cement, agrifoods, transportation and logistics, mining, printing, and packaging sectors, among others. It recorded $2.7 billion in revenues during the first nine months of 2023. Ghali is also the Treasurer of the Qalaa Holdings Scholarship Fund, a fund that provides scholarships to talented Egyptian students. She previously worked at Manchester University in the U.K. and Kuwait’s Alghanim Industries.
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35 Saeeda Jaffar;
Leila Serhan
• Saeeda: Senior Vice President & Group Country Manager—GCC Leila: Senior Vice President & Group Country Manager—North Africa, Levant and Pakistan (NALP)
Company: Qalaa Holdings
Sectors
Leila Serhan
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Company: Visa Nationality: Saeeda: Emirati Leila: Lebanese Sector: Banking and Financial Services Both Serhan and Jaffar joined Visa in 2021. Between 2022 and 2023, Visa signed multiple strategic partnerships with fintech companies and mobile network operators, including Careem in the U.A.E. and stc pay in Saudi Arabia. In November 2023, Visa partnered with Mashreq and ecolytiq to launch MENA’s first personal banking platform offering insights into
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carbon emissions. Saeeda is also a member of the board of trustees at the American University of Kuwait (AUK), and Serhan is the founder and president of the Women in IT Association in Lebanon.
36 Irina Zaporozhets
• Associate Vice President and General Manager—MEA
Company: Eli Lilly and Company Nationality: Canadian-Russian Sector: Healthcare Zaporozhets assumed her current role in January 2023, having joined Eli Lilly and Company’s Hungary division as a marketing associate in 2001. She previously held roles in Hungary, Austria, and the U.S. and was the general manager for Russia and CIS from 2017 to 2022.
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ST REGIS CAIRO
Luxury Escape Experience a Luxury Escape at The St. Regis Cairo and immerse yourself in the serene ambiance of our luxury serviced apartments overlooking the Nile. Book an apartment stay of three nights or more and enjoy 30% savings on the entire stay. Simply visit our website at stregis.com/cairo, or scan the QR code, select "Special Rates," and enter the promo code "BOG" in the designated section to avail of this offer. Stay exquisite at more than 40 St. Regis hotels and resorts worldwide. @stregishotels
For more information and reservations; please visit: stregis.com/ cairn t: + F20225979000 O R B E S M I D D L E E A S T.C O M e.info.cairo@stregis.com
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PRO M OTI O N
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An Asian Escape For Nature Lovers
For travelers with wanderlust, a love of nature, and an appetite for luxury, Anantara Desaru Coast Resort & Villas, Malaysia, is a destination not to be missed.
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olidaymakers looking for less-traveled destinations in Asia will find a winning combination of sun, sea, luxury, and privacy at Anantara Desaru Coast Resort & Villas, located on one of Malaysia’s most exclusive coastal strips. With the new Beach Residence Bliss package, travelers can swap the confines of their homes for the comforts and premium amenities of residentialstyle beachfront living within the resort’s vast collection of opulent residences and villas. Perfect for multi-generational getaways or weekends away with friends, a 245-square-meter threebedroom beach residence can accommodate six adults and three children, while the 380-squaremeter four-bedroom beach residence provides expansive space coupled with privacy for eight adults and four children.
All beach residences offer direct beachfront access alongside private infinity pools and wide sundecks surrounded by a well-manicured lawn and shaded by coconut trees. Each residence also boasts a cutting-edge kitchen, wine fridge, and pantry stocked with luxury amenities, as well as the latest AV equipment. Ensuite bedrooms and an elegant dining area come with ample living space, while the powder room and helper’s room offer functionality. Making the most of Anantara’s peerless service, guests can outsource meal planning to their
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butler who will see to all the details and ensure a perfect dining experience. From floating breakfasts under the tropical fronds to private barbecues on the deck, in-residence dining experiences at Anantara Desaru Coast showcase the best of local and regional flavors, allowing guests to soak up the serenity of lagoon and garden views. The Beach Residence Bliss package starts at around $547. The package includes accommodation, with children under the age of 12 staying for free, as well as buffet breakfast, a daily minibar refill, nonmotorized seasonal watersports, resort credit, a signature massage for two, and a welcome fruit platter. Guests at Anantara Hotels, Resorts & Spas’ first luxury hotel in Malaysia can look forward to an array of nature-inspired activities such as tree planting, seed collection, and camera trapping. These newly introduced activities complement an existing schedule that includes beach life and tidepool discovery, bird watching, and nature walks around the resort. The tree planting program takes place at a nearby nursery where guests can plant trees including Sea Almond, Sea Apple, and rainforest fruit trees that are endemic to Malaysia and that provide food for local wildlife. The tree saplings are nurtured at the nursery until they are big enough to be transplanted to a forest. Meanwhile, seed collection is a fun exercise for people of all ages to
FEBRUARY 2024
PRO M OTI O N Scan this QR code to open the website
of nature-inspired activities such as tree planting, seed collection, and camera trapping.
and crested serpent eagle. Last but not least, the morning and evening nature walks led by the resort’s resident naturalist offer insight into the names, benefits, and stories of the surrounding plants and flowers. To further help develop a love for plants and nature, our recreation department has arranged terrarium making classes on Saturday afternoons, with guests encouraged to take their terrariums home as a memento of their stay. Daily wellness workshops have also been recently introduced to inspire people to make their own natural products, including pain relief balms, coffee scrubs, and bath bombs. Meanwhile, the resort offers regular exercise sessions on the beach, including Sunrise Dong Sticks on weekdays and yoga sessions on weekends.
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www.anantara.com
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Guests can look “forward to an array
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enjoy. Guests are brought to a nearby forest to gather seeds that have fallen to the ground, with the seeds then germinated to grow into saplings. As for camera trapping, the activity involves a visit to the protected Panti Recreational Forest reserve located 90 minutes away from the resort. There, guests are escorted by guides to inspect the cameras and check for battery usage. Guests who donated towards Anantara’s Dollar For Deeds initiative are invited to participate. Dollar For Deeds is Anantara’s CSR program where guests donate a small amount of money for every night they stay, which the resort then matches, ringgit for ringgit. The money is ultimately channeled to Rewild Desaru, a nonprofit organization that supports resident wildlife species. For those who prefer to remain at the resort, the Desaru Beachlife & Tidepool Discovery activity invites guests to walk on the beach at low tide to discover the hidden small creatures that come up to look for food. For bird lovers, Desaru’s Winged Gems is a great guide-led activity that gives guests the opportunity to spot birds often found at Desaru Coast, such as the stork-billed kingfisher, oriental pied hornbill,
Activities aside, the resort’s 116 accommodations comprise of 90 tastefully decorated deluxe rooms in low-rise buildings that overlook the gardens, lagoon, and ocean. A total of 13 stand-alone double story luxurious one- and two-bedroom pool villas are located around the lagoon, with designs that draw heavily on the traditional kampung houses. Constructed to suit the tropical Malaysian climate, kampung houses are typically characterized by floor-to-ceiling windows, slanted carved wooden panels, louvres and vents under the roof, and wide-open doors that allow natural airflow to cool the interior. Lastly, the threeand four-bedroom beach residences offer modern expansive areas with private pool for small families, with some offering direct beach access. As for dining, Turmeric is the allday dining outlet serving the best of Thai and Malay cuisine, and Sea. Fire.Salt. is the resort’s signature restaurant serving steaks and fresh seafood. The restaurants are ranked first and second respectively in the destination by TripAdvisor. The dining experience at the resort is further complimented by the 360-degree view at the Observatory Bar, the chill out setting at the Infinity Pool Bar, and The Lounge with its panoramic views over the entire resort and beach. Meanwhile, the Herbs Garden and pristine beachfront provide ample space for team building activities as well as picturesque weddings with an ocean backdrop.
Noor Sweid
37 Noor Sweid
• Founder and Managing Partner Company: Global Ventures Nationality: American Sector: Investments Sweid is the founder of Global Ventures, a venture capital firm with assets under management exceeding $300 million. It has a presence in Dubai, Abu Dhabi, Cairo, Jeddah, and Lagos. To date, it has completed 59 investments and six exits across ten markets. Its portfolio includes Thndr, Tarabut, Yodawy, and Pyypl. Noor also serves on the board of Immensa, an additive manufacturing startup. She was previously the CIO of the Dubai Future Foundation, a founding partner at Leap Ventures, and a founding board member of Endeavor U.A.E. Sweid also founded a chain of yoga and pilates studios, ZenYoga, which was acquired by Cedarbridge in 2014.
38 Hend El-Sherbeni
• CEO
Company: Integrated Diagnostics Holdings (IDH) Nationality: Egyptian Sector: Healthcare El-Sherbeni joined the IDH Group in 2004 and has been CEO since 2012. In October 2022, IDH signed a joint venture agreement with Biolab and Izhoor Medical, a company owned by Fawaz Alhokair, to launch a full-fledged pathology diagnostic services provider in Saudi Arabia. IDH has been collaborating with the Ministry of Labor in Egypt to sponsor a safety forum for corporations and the industrial sector. In the first nine months of 2023, IDH recorded $185 million in total assets and revenues worth $98.5 million.
39 Nadia Alsaeed
• CEO
Company: Bank al Etihad Nationality: Jordanian Sector: Banking and Financial Services Al Saeed joined Bank al Etihad in 2001 and was appointed to her current position in 2013. By the end of September 2023, the bank had $10.2 billion in assets. In April 2023, the bank received approval for a strategic geographic expansion into Baghdad, Iraq. Al Saeed was previously Jordan’s Minister of Information Communication Technology. She is also the chairperson of Endeavor Jordan, a board member of EDAMA – Energy, Water & Environment, and a board member of the Jordan Loan Guarantee Corporation.
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40 Haifa Al Khaifi
• Finance Director & Secretary of the Oil & Gas Board
Company: Petroleum Development Oman (PDO) Nationality: Omani
41
Dalya Al Muthanna
• Managing Director & CEO-Gulf Company: Alstom
Sector: Oil and Gas
Nationality: Emirati
Al Khaifi leads the Finance Directorate at Oman’s largest oil and gas producer. PDO produces 1.17 million boe/day of oil, gas, and condensate. By the end of 2022, PDO’s SME investment exceeded $508 million. In 2022, it established five Super Local Community Contractors, and their turnover surpassed $254 million. Al Khaifi is also the vice chairperson of the board of the State Street Saudi Arabia financial solutions company and
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chairs some of the board committees. She is also the vice secretary general of the Omani British Friendship Association.
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Sector: Manufacturing Al Muthanna was appointed to her current role in January 2024. She oversees the company’s operations in the U.A.E., Qatar, Oman, Kuwait, and Bahrain. Before joining Alstom, she was president of GE in the U.A.E. and was global chief of strategy and operations for GE International Markets.
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42 Merette Elsayed;
Dalia Wahba
• Merette Elsayed: Chief Commercial Officer of Hassan Allam Holding and CEO of Legacy ; Dalia Wahba: CEO of Hassan Allam Utilities
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Company: Hassan Allam Holding, Hassan Allam Utilities
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Nationality: Egyptians Sector: Real Estate and Construction Wahba joined Hassan Allam Utilities in 2021 as deputy CEO and CIO and became CEO in January 2023. Elsayed joined Hassan Allam Holding as chief commercial officer in 2018 and, in November 2022, became CEO of Legacy, a Hassan Allam company operating the Grand Egyptian Museum. Wahba has 25 years of experience. She was previously senior manager for MENA at the International Finance Corporation, overseeing an investment portfolio exceeding $5 billion. Elsayed has 22 years of industry experience. She previously worked as transaction director for the MENAT region at Carillion.
43 Mona Zulficar
• Founding Partner & Chairperson of Executive Committee; Chairperson Company: Zulficar & Partners Law Firm; EFG Holding
Hind Bahwan
Nationality: Egyptian Sector: Law; Investment Zulficar is a corporate, banking, and project finance attorney. She cofounded Zulficar & Partners in 2009. Zulficar has chaired EFG Holding since 2008 and is the president of the Egyptian Federation for Financing Medium, Small, & Micro Projects. She also chairs several NGOs, including the Women’s Health Improvement Association and the EFG Foundation for Social Development, and she is the chairperson and founder of Al Tadamun Microfinance Foundation. Zulficar served as an elected member and deputy chairperson of the UN Human Rights Council Advisory Committee.
BCT had five development centers in India. In September 2022, BCT and Temenos signed an agreement to scale and support Temenos’ operations in India, Sri Lanka, Nepal, and Bhutan. Bahwan is also the chairman of HBTI DMCC, a privately owned commodity trading company trading crude oil and oil products. She is also the founder and chairperson of Bahwan Lifestyle.
45 Hoda Mansour
• COO - Asia Pacific, Japan, Middle East & Africa
44 Hind Bahwan
Company: IFS Nationality: Egyptian-British
• Founder & Chairperson
Sector: Technology
Company: Bahwan CyberTek (BCT)
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Nationality: Omani Sector: Technology Bahwan founded Bahwan CyberTek, a global provider of digital transformation solutions, in 1999. As of January 2023,
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Mansour assumed her current position in September 2023 to oversee operations at IFS. She has 28 years of industry experience and previously held regional and global positions at SAP, Oracle, and
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Microsoft, including leading SAP’s Business Process Transformation Practice across Southern Europe, the Middle East & Africa. Mansour also serves on the board of governors of the American Chamber of Commerce in Egypt and became a Non-Executive Independent Board Director for Commercial International Bank in March 2023.
46 Rola Abu Manneh
• CEO—U.A.E.
Company: Standard Chartered Nationality: Emirati Sector: Banking and Financial Services Abu Manneh assumed her current role in 2018. Standard Chartered employs 1,650 people in the U.A.E. In Q3 2023, the bank recorded an operating income of $191 million in the U.A.E. Abu Manneh is the director of the board of Standard Chartered in Pakistan and Uganda. She is also a board member at the Dubai International Chamber and myZoi, among other roles.
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47 Nadia Zaal
• Cofounder and CEO; CEO Company: Zaya; Al Barari Nationality: Emirati Sector: Real Estate and Construction Zaal cofounded Zaya in 2008, which developed projects like ZUHA, Nurai Island, and Al Barari. She is also the CEO of the Al Barari project and a director at FIVE Holdings. She has 18 years of experience overseeing 900 people. Between Q4 2022 and Q1 2023, Al Barari delivered two residential projects, The Neighborhood and Chorisia. In March 2023, Zaya launched ZUHA Island, a project comprising 30 residential villas. She also launched Zaya Early Learning and Al Fanar schools.
48 Elham Mahfouz
• CEO
Company: Commercial Bank of Kuwait (Al-Tijari)
Nadia Zaal
Nationality: Egyptian Sector: Banking and Financial Services Mahfouz joined the Commercial Bank of Kuwait in 2000 and assumed her current position in 2014. In September 2023, the bank issued its first Subordinated Tier II capital, with a total facility amounting to around $308 million. The bank recorded a net profit of $322.5 million in the first nine months of 2023. Mahfouz has more than 38 years of banking experience and also sits on the Advisory Board for the American University of Kuwait.
49 Najla Al Midfa
• CEO
Company: Sharjah Entrepreneurship Center (Sheraa) Nationality: Emirati Sector: Entrepreneurship Al Midfa joined Sheraa in 2015 before assuming her current position in 2018 to oversee 48 employees with a mandate to build the entrepreneurial ecosystem in Sharjah. Sheraa has a portfolio of over 150 startups, which have raised around $161 million in investment and created over 1,600 jobs. Al Midfa is a board member at the United Arab Bank, the Emirates Development Bank, the Sharjah Research, Technology, and Innovation Park Dana Gas, and the Emirates Schools Establishment.
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50 Sheila Al-Rowaily
• CEO
Company: Wisayah Global Investment Management Nationality: Saudi Sector: Investments Al-Rowaily first joined Saudi Aramco in 1998 as a money market trader, taking on financial analyst and treasurer roles before becoming director of the investment management department in 2009. She led the creation of Wisayah Global Investment Management in 2019 and also leads Idikhar, a money-saving program. Al-Rowaily is a member of Aramco’s Diversity and Inclusion Steering Committee and sits on the boards of Aramco Ventures and the investment committee at NEOM.
51
Rima Assi
• Senior Partner and Global Leader
of the Social, Healthcare and Public Sector Institutions and Managing Partner, Abu Dhabi Company: McKinsey & Company Nationality: Lebanese-French Sector: Consulting Assi joined McKinsey & Company in 2006. In 2019, she became Senior Partner and Managing Partner for Abu Dhabi. In 2022, she also took on the role of Global Leader
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for the Social, Healthcare, and Public Sector Institutions. She designed and launched the company’s Qiyada Emerging Leaders initiative, which is a 10-month immersive journey of self-discovery to help young Emiratis become better leaders. Forward, a free online learning program by McKinsey, has over 270,000 participants enrolled. Assi is also a Young Global Leader for the World Economic Forum.
52 Lamia Tazi
• Chairwoman & CEO Company: Sothema Nationality: Moroccan Sector: Healthcare Tazi assumed her current role in 2019. Sothema has 35 multinational laboratories and a plant production capacity of 60 million units per year. Sothema recorded $173 million in revenues in Q3 2023. In June 2023, the company signed an agreement with the U.S.’s Baylor College of Medicine, France’s Dassault Systems, Switzerland’s ReGenLab, and the Moroccan ministries of health and industry to implement the first platform in Africa and the Middle East for Galenic development and clinical trials. In October 2023, the company opened a scientific representative office in Saudi Arabia. Tazi is also the managing director at Advanced Scientific Developments and a board member at West Afric Pharma in Senegal, Azerys and Axess Pharma in Morocco, and Leiden Pharma in the Netherlands.
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PRO M OTI O N
A Journey Of Pure Discovery Qatar’s Zulal Wellness Resort by Chiva-Som invites guests to revive mind, body, and soul in stunning surroundings.
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T
he award-winning Zulal Wellness Resort by ChivaSom is the first and largest immersive wellness destination in the Middle East. Located on the northern coast of Qatar against the azure backdrop of the calm Arabian Gulf, Zulal is inspired by the Arabic word for ‘pure natural water’. Established by the acclaimed Thai wellness resort Chiva-Som, Zulal is set upon 280,000 square meters and offers two distinct wellbeing experiences. Zulal Serenity is dedicated to adult guests over the age of 16, while Zulal Discovery invites guests of all ages, in particular families, to connect and jointly explore the joys of healthy living. The overarching aim of both Zulal Serenity and Zulal Discovery is to inspire positive and sustainable lifestyle change.
Six Pillars of Wellness Reflecting a sense of purity, Zulal Wellness Resort’s philosophy is based upon six pillars of wellness: fitness, physiotherapy, spa, holistic health, aesthetic beauty, and nutrition.
This philosophy is brought to life through the tranquil environment and first-class treatments and services offered to guests by a team of expertly trained personal wellness consultants who guide and support every individual journey towards holistic wellness. The six pillars are explored across more than 14 tailormade retreat programs. The carefully curated programs address a host of ailments and concerns including, emotional and mental balance, weight loss, detoxification, stress and burnout, pain management, enhanced fitness, physiotherapy, beauty, relaxation, and more.
Wellness Facilities The extensive spa and wellness facilities are spread across 17,000 square meters and cover separate male and female areas, where guests over 16 years of age have unlimited access to use of the sauna, steam room, a Himalayan salt therapy room, a snow cave, indoor and outdoor pools, and a world-class gymnasium.
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The wellness offering extends to 400 treatments and 96 treatment and therapy rooms, including colonic therapy rooms, separate male and female hammam facilities, Ayurvedic rooms, and an infra-red capsule. Guests can also benefit from Shiatsu rooms, a Watsu pool, a cardio resistance and strength training gym, a functional fitness studio, a Pilates studio, movement studios, and consultation rooms. Additional facilities include a state-of-the-art aesthetics center that offers non-surgical services including botox and fillers, thread lifts, and laser therapies, along with weight loss and body contouring machines.
Traditional Arabic Islamic Medicine Zulal Wellness Resort is the world’s first contemporary showcase of Traditional Arabic and Islamic Medicine (TAIM) – the foundation upon which modern Western medicine was built. The holistic healing system dates back to 1025 when the medical encyclopaedia, The Canon of Medicine, was written by the Persian physician-philosopher Ibn Sina, whose writings influenced schools of medicine for centuries. It includes the use of medicinal herbs and therapies such as hijama cupping. The revival of this knowledge, reinterpreted for the 21st century by Zulal Wellness Resort, is a pioneering approach to reclaiming cultural heritage and redefining wellness.
Zulal Serenity Reserved exclusively for guests over the age of 16, this child-free resort
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Zulal Discovery Over at Zulal Discovery, where guests of all ages are welcomed, there is an emphasis on the importance of family wellness through interactive bonding experiences. Children engage in age-appropriate activities, including outdoor pursuits, arts, crafts, sports, and games, while parents can enjoy the restorative power of massage and relaxation in the hydrothermal facilities. With 120 rooms and suites available at Zulal Discovery, including interconnecting rooms and suites for families, it is the perfect place to reconnect with loved ones.
Wellness Cuisine
Serenity and Zulal Discovery is to inspire positive and sustainable lifestyle change.
Family Wellness and Intergenerational Retreats Zulal Wellness Resort’s approach to wellbeing is rooted in the organic values of family and the emotional, physical, social, and nutritional wellbeing of children. Valuing memorable moments and shared experiences that enhance generational bonds and connections to bridge the generation gap, Zulal Wellness Resort even offers a retreat that invites grandparents and grandchildren to enjoy ageappropriate distractions from everyday life.
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F O R B E S M I D D L E E A S T.C O M
The award-wining culinary experience at Zulal Wellness Resort is underpinned by the belief that eating healthily sustains a wholesome way of life. Through a blend of nutritional science and culinary artistry, Zulal Wellness Resort offers nutrient-rich meals that are not only flavorful but also designed to enhance happiness, vitality, and longevity. The resort’s dining outlets Aizoon, Al Sidra, Acacia, Casuarina, and Malbu are all unique. Their menus feature purposeful ingredients which are anti-inflammatory, high in fiber, low in fat, and that contain heart-healthy antioxidants to promote heart health. Each menu is designed to support digestion, offer a source of high energy, and elevate a sense of satiety. Every element of the guest experience ties in with Zulal Wellness Resort’s holistic approach to wellness, a foundation of local traditions and legendaryArabian hospitality, infused with a cosmopolitan outlook. The result is unlike anything else —an oasis in the desert welcoming visitors from near and far, a home away from home where you leave feeling like the best version of yourself. Quite simply, Zulal Wellness Resort is a haven, harnessing the pure beauty and power of nature to revive the human mind, body, and spirit.
www.zulal.com
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The overarching “ aim of both Zulal
“
offers private spaces and is an idyllic place to escape to. Upon arrival, every guest undergoes a one-to-one consultation with a personal advisor to identify any health concerns and wellness goals they would like to address during their stay. For the duration of their stay, guests are guided through activities, treatments, and nutritional and mindset approaches that inspire a balanced sense of self. Each of the 60 suites and villas at Zulal Serenity features a private plunge pool and outdoor shower. Their cool color palette, clean lines, and views of sand, sea, or saltwater lagoon beautifully support a time of connection and retreat from the world. The treatments offered at Zulal Serenity address all aspects of integrative wellbeing, from specific physical issues tospiritual equilibrium. Drawing upon the latest in wellbeing technology as well as Zulal’s signature expertise in Traditional Arabic & Islamic Medicine and other ancient systems of medicine such as Reiki and Ayurveda, the expert team of specialists and therapists at Zulal truly are leaders in their field.
Mariam Matar
53 Muna Al Mheiri
• CEO
Company: Fertil Nationality: Emirati Sector: Petrochemicals Al Mheiri was appointed CEO of Fertil in January 2020. Fertil is a fertilizer producer in the U.A.E. that operates under Fertiglobe with an annual production capacity of 2.2 million metric tons of urea and 0.1 million metric tons of diesel exhaust fuel. Al Mheiri is also a member of ADNOC Drilling’s board of directors. She is also a member of the Gulf Petrochemicals and Chemicals Association’s agri-nutrients committee.
54 Leila Hoteit
• Managing Director and Senior Partner – Global Leader of Education, Employment and Welfare (EEW) Company: Boston Consulting Group (BCG) Nationality: Lebanese Sector: Investments Hoteit has 19 years of industry experience. She leads the Education, Employment, and Welfare (EEW) global practice, which completed over 650 projects in 2022-2023. Boston Consulting Group has collaborated with the Saudi Ministry of Human Resources and Social Development and 14 organizations, including Saudi Aramco and McDonald’s, to spearhead the National Training Stimulus Program, which seeks to revolutionize Saudi Arabia’s workforce by promoting new skills adoption.
• Managing Director—Southern and
• Founder & Chairperson
Eastern Mediterranean Region
Company: UAE Genetic Diseases Association
Sector: Banking and Financial Services
Matar founded the U.A.E. Genetic Diseases Association in 2004. As its founder and chairperson, her research has resulted in five legislations across the country, including its gene mapping project. She was the first female director general to serve in the Dubai Government and the first Emirati woman undersecretary for the Minister of Health. Matar founded the Department of Community Research at the Dubai Health Authority in 2001, wellness centers at Dubai
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Harmgart has been working for EBRD since 2006. She assumed her current position in 2020. EBRD is helping to rebuild earthquakeaffected areas in Morocco by allocating up to $265 million from 2023 to 2025. Through its Youth in Business program, EBRD also allocated nearly $110 million to six Moroccan financial institutions for lending to youth-led MSMEs. Since 2012, the EBRD has invested more than $2.1 billion in 70 projects in Jordan, $4.6 billion in 96 projects in Morocco, and more than $12 billion in 169 projects in Egypt.
Manufacturing
Company: Aldar Education Sector: Education
Nationality: German
Sector: Healthcare
• CEO
Nationality: Turkish Cypriot
Company: EBRD
Nationality: Emirati
Harmgart also serves as a member of the World Economic Forum’s Global Future Council on the New Agenda for Fragility and Resilience.
57 Sahar Cooper
56 Heike Harmgart
55 Mariam Matar
Sectors
Women’s College at the Higher Colleges of Technology in 2002, the Dubai Ladies Club in 2003, and the U.A.E. Down Syndrome Society in 2004. She is also the deputy chairperson of Dubai Cares.
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Cooper has more than 30 years of experience in global education management and assumed her current position in 2018. Over the last two years, Aldar Education has invested $367.6 million into expanding its education portfolio, including the acquisition of Al Shohub Private School, the expansion of Cranleigh Abu Dhabi and Al Yasmina Academy, and the establishment of a new school in the Noya community on Yas Island. Cooper has previously held senior leadership roles at GEMS Education and worked as associate director of operations at the American University of Sharjah.
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Mona Kattan
60 Lana Khalaf;
Mirna Arif
• Lana: General Manager of Microsoft Qatar Mirna: Country Manager of Microsoft Egypt Nationality: Lana: Lebanese; Mirna: Egyptian
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Sector: Technology
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Company: Microsoft
Khalaf was appointed general manager of Microsoft Qatar in 2018, whereas Arif has been general manager of Microsoft Egypt since March 2020. Khalaf’s career with Microsoft began when she joined as an academic developer evangelist in 2006, and she has served as the education and public sector director. Arif started her Microsoft journey in Dubai when she joined as MEA’s business group director in 2019. She also sits on the board of Banque Misr and is the independent non-executive director of Rameda.
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Mona Kattan
• Founder
Company: KAYALI Nationality: American Sector: Beauty Kattan founded her perfume manufacturing company, Kayali, in 2018. Between 2022 and 2023, the brand launched 10 new fragrances. Kattan’s business is social-media-driven, and she has an engaged community of more than four million followers across multiple channels. She works closely with her sister, Huda Kattan, at Huda Beauty and also serves as president of HB Investments, a private investment office. Kattan is also an active mentor, speaker, and member of YPO, Founders Forum, and The Fragrance Foundation, amongst others.
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58 Feryal Ahmadi
59 Dalal Al Qais
62 Amal Dokhan
• COO
• Group CEO
Company: Dubai Multi Commodities Centre (DMCC)
Company: Bahrain Development Bank (BDB)
Nationality: Emirati Sector: Freezone
Nationality: Bahraini
Nationality: Saudi
Ahmadi joined DMCC in 2008 and assumed her role as COO in 2019. As a result of DMCC’s precious stones ecosystem, the U.A.E.’s diamond trade has soared in the past two years, making it the world’s largest trade hub for rough diamonds. Ahmadi has 18 years of industry experience. She is also chair of the SDG Steering Committee for DMCC, a signatory to the UN’s Women’s Empowerment Principles, and a board member for the Ports, Customs and Free Zone Corporation, Dubai Gold and Commodities Exchange, and Concordia DMCC Integrated Facility Management Company.
Sector: Banking and Financial Services
Sector: Investments
Al Qais joined BDB as group CEO in December 2021. As of September 2023, the bank had $599 million in total assets. In 2022, BDB extended 602 financing facilities, of which 226 were for new businesses, totaling $71.5 million of financing. In January 2023, BDB launched its digital arm “tijara” to provide digital banking solutions for SMEs in Bahrain. Al Qais has 19 years of industry experience. She is also a member of the technical board at Bahrain Polytechnic and a board member at Ebdaa Bank.
Dokhan joined 500 Global in 2010 and assumed her current role in 2022. The firm had $2.4 billion in assets under management globally as of June 2023. Dokhan has over 15 years of industry experience. She is also a member of the Saudi Venture Capital and Private Equity Association board, the advisory board of Cranfield University in Saudi Arabia, and the King Abdulaziz University female advisory board. In 2022, she became a Kauffman fellow and offered mentorship at Gitex Dubai, STEP Dubai, Rise Up Saudi, and LEAP Riyadh.
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• General Partner
Company: 500 Global MENA
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63 Huda Al-Lawati
• Founder & CEO
Company: Aliph Capital Nationality: Omani
Al-Lawati founded Aliph Capital in 2021, one of the first female-founded private equity firms in the Middle East. She has 21 years of industry experience. Before Aliph Capital, she held roles such as partner at Gateway Partners, chief investment officer at Savola Group, and partner and chief investment officer for MENA at the Abraaj Group.
64 Alison Rehill-
Erguven • CEO
Company: Cenomi Centers Nationality: American Sector: Retail Rehill-Erguven joined Cenomi Centers as CEO in August 2022. The group recorded $456 million in revenues and had $7.2 billion in assets in the first nine months of 2023. Rehill-Erguven has over 25 years of industry experience. Before joining Cenomi Centers, she was CEO of Pradera Retail Asia, which was acquired by Brookfield Asset Management in 2021. She previously worked at General Growth Properties, where she oversaw $400 million worth of assets across 15 centers in the Brazilian and Turkish joint ventures.
65 Rita Huang Zhen
• Founder & CEO
Company: iMile Delivery Nationality: Chinese Sector: Logistics Huang Zhen founded logistics and last-mile delivery service provider iMile Delivery in 2017. Today, she employs over 2,000 people. iMile has a presence in the Middle East, Mexico, Poland, Australia, and South Africa, among other countries. In 2023, it launched a Channel Service Partner Campaign in support of entrepreneurs and SMEs across the Middle East. Huang Zhen has 18 years of experience in the technology industry. Before iMile, she worked with Huawei and Alibaba. She is also the founder of ePandaMENA, a media platform connecting the Middle East and China’s tech entrepreneurs and investors. F O R B E S M I D D L E E A S T.C O M
66 Fazeela Gopalani
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Donna Sultan
• Head of Middle East
• President & CEO
Company: ACCA Nationality: British
Company: KEO International Consultants
Sector: Education
Nationality: Kuwaiti
Gopalani has been the head of ACCA Middle East since April 2019. She leads operations in 11 countries and represents more than 20,000 students, affiliates, and members across the region. ACCA is a membership body that accredits and supports professional accountants and qualifies them for various positions in the accounting field worldwide. In 2023, the company signed an MoU with the Minister of Higher Education and Scientific Research and the Secretary General of the Supreme Council of Universities to revolutionize financial accounting curricula across all Egyptian universities. Before joining ACCA, Gopalani was a senior manager at PwC’s Academy Middle East.
Sector: Architecture Sultan became CEO of KEO in 1991 and president and CEO in 2016. KEO is an interdisciplinary AEP firm offering planning and development solutions across multiple sectors. Some of its major projects in the region include the QSTP Solar Test Facility in Qatar, The Louvre in Abu Dhabi, Hamad Bin Khalifa Medical City in Qatar, KIA headquarters in Kuwait, and Oman’s Institute of Public Administration. Sultan has over 40 years of industry experience. She oversaw the development of the allied projects by subsidiaries like InSite, C-Quest, and F&M+.
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Sector: Banking and Financial Services
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PRO M OTI O N
Hospitality That Goes Above And Beyond
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Janine Gerlich, General Manager of W Abu Dhabi - Yas Island, explains why she was drawn to the hotel, and how it is mastering the mix of luxury, culture, design, and energy the W brand is renowned for.
J
anine Gerlich has worked for some of the world’s most renowned hotels, but when the opportunity arose to take on the general manager role at W Abu Dhabi – Yas Island, she seized it with both hands. Gerlich had previously excelled with brands such as Four Seasons, St. Regis, and Fairmont, but the allure of Abu Dhabi’s new W property lay in its promise of being not just a hotel, but an experience —one that pushes boundaries and redefines expectations. “Transitioning to W Abu Dhabi was a deliberate choice driven by a desire for a more forward-thinking and immersive experience,” says Gerlich. “I was drawn to W’s effortless ability to stand out as the epitome of distinctive luxury, transcending the ordinary.” Opening in 2019, the W Abu Dhabi – Yas Island embodies the eclectic mix of luxury, culture, design, and vibrant energy that the brand is renowned for—all backed by the weight of the world’s largest hotel operator, Marriott. With a portfolio of 8,600 hotels and an ever-expanding array of brands, Marriott gives Yas Island’s W hotel the opportunity to leverage unparalleled resources and expertise, and its passionate GM is relishing the chance to transform the hotel into a world-class destination with world-class service to match.
Janine Gerlich, General Manager of W Abu Dhabi - Yas Island
“At W Abu Dhabi, we take pride in delivering an exceptional experience that goes beyond expectations,” explains Gerlich, pointing to W’s dedication to providing personalized and memorable experiences. The hotel’s “Whatever/Whenever” philosophy means no request is too big or too small, and the team goes the extra mile for each and every guest. The W Abu Dhabi – Yas Island also has a unique approach to design and ambience. From the moment guests step through the doors, they embark on what Gerlich describes as a “curated voyage” through luxury, innovation, and contemporary aesthetics, with modern
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architecture and vibrant artwork creating a visually stimulating and comfortable place to be. Cultivating a culture of creativity and artistry is in fact a cornerstone of the strategy at W Abu Dhabi - Yas Island. Gerlich and her team aim to highlight local talent and support the arts community in Abu Dhabi by partnering with local artists and hosting immersive installations at the hotel. Motorsport is another feature at the W Abu Dhabi – Yas Island. Specifically, the W is the only hotel built on the Formula One track, offering a unique and exciting experience for motorsports enthusiasts and travelers alike. Guests can enjoy stunning panoramic views of the F1 track and watch the racing action from their rooms, balconies, or communal areas. The hotel also caters for events and parties during F1 races, with large screens and refreshments adding to the vibrant atmosphere. Then there is the culinary offering. Reflecting the W brand’s commitment to diversity, the iconic Abu Dhabi property offers a rich tapestry of international and local cuisines, each thoughtfully curated with a contemporary flair and sourced from the finest ingredients, with panoramic view of the Yas Marina Circuit. “Our restaurants
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have achieved the highest TripAdvisor rankings in Abu Dhabi, a testament to the exceptional quality of our dining experiences,” notes the general manager. Sustainable practices, too, are deeply ingrained in the hotel’s operations, driven by a belief that sustainability and luxury can coexist in harmony. Gerlich explains that the W Yas Island strives to minimize its environmental footprint through various initiatives, from energy-efficient technologies to responsible sourcing practices. In addition to W’s ethos and unique brand identity, the opportunity to collaborate with Aldar, W Abu Dhabi’s owners, served as pull factor for Gerlich. “Their unwavering commitment to the ongoing development and refinement of the hotel resonated deeply with my vision,” she says. “It presented an exciting prospect to enhance the guest experience and contribute to the transformation of the Hotel on Yas Island and the city itself.” The opportunity to collaborate with Miral and DCT - Abu Dhabi further fueled the general manager’s enthusiasm for the job. Now, as she looks ahead to 2024, Gerlich is clear in her ambitions for the hotel. Top on her agenda is further enhancing the guest experience by introducing cutting-edge technologies and personalized services. In particular, that involves expanding the W hotel’s Mobile Key feature, which is seamlessly integrated with the Marriott Bonvoy loyalty program. The enhancement streamlines the check-in process and allows guests to customize their stay preferences, creating a personalized and convenient experience.
Gerlich says she is also committed to upgrading the hotel’s technology infrastructure in meeting rooms, including stateof-the-art AV equipment, with the aim of elevating the experience for corporate clients. Meanwhile, the hotel is also in the process of exploring strategic partnerships with third-party operators to further enhance its culinary offering. “By collaborating with renowned operators, we aim to introduce exciting new dining concepts that resonate with the discerning palates of our guests,” explains the industry expert. Gerlich’s dedication to guest experience is matched by her dedication to the team at W Abu Dhabi - Yas Island. Indeed, nurturing an inclusive and diverse work environment is an ongoing priority for the hotel’s leadership. According to the general manager, by investing in training and development programs,
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
they aim to empower employees to provide exceptional service while also creating opportunities for career growth within the hospitality industry. For Gerlich, the vision is clear: “Ultimately, our vision for 2024 and beyond is to position W Abu Dhabi - Yas Island as a beacon of innovation, creativity, and sustainability in the hospitality industry. We are committed to meeting and exceeding our guests’ evolving expectations and setting new standards for service.”
www.marriott.com/en-us/ hotels/auhwh-w-abu-dhabiyas-island/overview/
FEBRUARY 2024
Kimberley Pierce
68
Mira Al-Attiyah
• CEO
Company: QNB Capital Nationality: Qatari Sector: Banking and Financial Services Al-Attiyah assumed her current position in 2014. QNB Capital, the investment banking subsidiary of QNB Group, has acted as a joint lead manager on a number of local, regional, and international sovereign and corporate bond and sukuk offerings totaling over $50 billion over the last five years. In 2023, it was acting as the sole listing advisor on the listing of Dukhan Bank on the Qatar Stock Exchange. Al-Attiyah previously served as assistant undersecretary for trade affairs at the Ministry of Commerce and Industry and has held several senior positions within the Ministry and at the Supreme Council of Information and Communication Technology.
69
Dalia Ibrahim
• CEO
Company: Nahdet Misr Publishing House Nationality: Egyptian Sector: Publishing Ibrahim has been CEO of Nadhet Misr Publishing House since 2011. In October 2023, EdVentures, Nahdet Misr’s Edtech-focused corporate venture capital arm, completed a new seed investment round of $400,000 with Egyptian EdTech company Crafty Workshop. In November 2023, EdVentures completed a new investment round in Sprints, an Egyptian company that addresses the tech talent gap. Ibrahim has also been actively involved as an angel investor and serves on the board of directors for Endeavor Egypt, the Women Entrepreneurs Network, Tiye Angels, and INJAZ Egypt, among others.
70 Leonie Ruth
Lethbridge
• COO and Executive General Manager Company: The Commercial Bank of Qatar Nationality: Australian Sector: Banking and Financial Services Lethbridge joined Commercial Bank in July. In 2023, the Commercial Bank of Qatar reported $452 billion in total assets and a net profit of $827 million. It had a market value of $5.8 billion as of January 2024. Lethbridge was previously the CEO of ANZ Royal Bank, a joint venture of Australia and New Zealand Banking Group in Cambodia. She has been a board member of Alternatif Bank and Alternatif Lease Company since 2018.
F O R B E S M I D D L E E A S T.C O M
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Poonam Bhojani
• CEO
Company: Innoventures Education Nationality: Indian Sector: Education Bhojani joined Innoventures Education when it was established in 2004 and assumed her role as CEO in 2006. She oversees a team of 1,450 educators, with 9,000 students from 120 nationalities. In August 2023, the school announced a 16% surge in student enrolment compared to 2022. Bhojani has 19 years of experience. She previously worked in the technology sector for over 16 years in Europe, the U.S., Hong Kong, and Oman.
72
Luma Fawaz
• CEO
Company: Oasis500 Nationality: Jordanian Sector: Investments Fawaz joined Oasis500 as CEO in 2019. Amman-based Oasis500 is a pre-seed and seed fund investor and accelerator. It has made over 189 investments, with a 35% rate of female leaders. Fawaz has over 23 years of experience with
investing and mentoring high-potential entrepreneurs and has worked with more than 3,500 entrepreneurs. Her previous roles include principal at CoinZoom Ventures, head of investment at Oasis500, and investment and finance manager at Nuqul Group. She is also a 2022 Eisenhower Fellow.
73
Kimberley Pierce
• CEO
Company: King’s College Hospital London - Dubai Nationality: Australian Sector: Healthcare Pierce assumed her current role in August 2022. She started her career as a registered nurse in the U.K. and went on to become director of nursing and chief nurse in Australia. Before assuming her current position, Pierce was the CEO of Ramsay Health Care and COO of Gold Coast Hospital and Health Service in Australia. She sat on the Health Advisory Board at Bond University and the Australian Institute of Company Directors Gold Coast Committee. She was also the board director at MS Queensland. Pierce also serves on the advisory board of Second Cell, a biotechnology company.
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74 Anwar bint Nawaf
Al Thani • CEO
Company: Al Faleh Educational Holding Nationality: Qatari
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Sector: Education
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Al Thani led the listing of Al Faleh Educational Holding in January 2024, which became the first woman-led Qatari public shareholding company and the first Qatari educational institution to list on the stock market. It reported a profit of over $521,200 for the three-month period ending on November 30, 2023. Al Thani also founded Little Panda’s Kindergarten.
Omnia Kelig
• Group Deputy CEO; Chairwoman and Managing Director
Company: Naeem Holding for Investments; Naeem Financial Investments Nationality: Egyptian Sector: Banking and Financial Services Kelig joined NAEEM in 2010 and assumed her current role in 2019, overseeing 500 people. NAEEM is listed on both the Egyptian Exchange and the Dubai Financial Market. In 2022, it made $20.9 million in revenues, and as of September 2023, it had $233.8 million in total assets and $6.2 million in revenues. Kelig has 24 years of industry experience. She is also a board member in 13 companies across various sectors, among them GSK in Egypt, Nile Holding for Development and Investment, and the Smart Villages Development and Management Company.
Sheikha Yousuf Al Farsi 76
• COO
Company: Bank Muscat Nationality: Omani
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Sector: Banking and Financial Services As of September 2023, Bank Muscat was the largest bank in Oman, with a customer base of over 2.4 million. It had assets worth $35.1 billion and made $412.7 million in net profit in the first nine months of 2023. Before serving as COO, Al Farsi’s previous roles included chief strategy and corporate services officer and general manager of strategy and organizational development. Before joining Bank Muscat, she worked at the Omani Centre for Investment Promotion and Export Development. F O R B E S M I D D L E E A S T.C O M
Abir Leheta
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Ingie Chalhoub
78 Abir Leheta
• Founder and President
• CEO
Company: Etoile Group
Company: Egytrans
Nationality: French
Nationality: Egyptian Sector: Logistics
Sector: Retail
Leheta joined Egytrans in 1996 as head of software development and was appointed CEO in 2015, overseeing 350 people. The company made $8.9 million in revenues in the first nine months of 2023, and it held $16.7 million in assets by the end of September 2023. In December 2022, Egytrans became the first Egyptian-certified member of the MiPharmaGlobal network. Leheta has 27 years of industry experience. In October 2023, she became the advisory council co-chair at the AUC School of Business Executive Education. She is also co-chair of the AmCham Transport and Logistics Committee, the vice chair of the Transport Committee of the Egyptian Businessmen’s Association, chair of the African Women’s Committee of the Egyptian African Businessmen’s Association, and a board treasurer at the Global Compact Network Egypt.
Chalhoub has been president of the Etoile Group since founding the company in 1983. In October 2023, the group announced a partnership with the FAD Institute of Luxury Fashion & Style Dubai to help emerging designers and artists receive mentorship and hone their skills across the Middle East. There are currently 60 projects in progress, with plans to open new boutiques in Saudi Arabia, Bahrain, and Kuwait and reopen in Lebanon by 2025. Chalhoub is also a founding member of the UNICEF Leadership Circle, Gulf Region. She is also the ambassador for Pink Caravan and the 10KSA program and sits on the board of trustees of the Notre Dame University-Louaize’s in Lebanon.
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79 Marloes Knippenberg
• CEO
Company: Kerten Hospitality Nationality: Dutch Sector: Hospitality Since assuming her role as CEO in 2015, Knippenberg has focused on expanding Kerten Hospitality’s portfolio. It has projects in the U.A.E, Egypt, Saudi Arabia, Kuwait, Türkiye, and Jordan, as well as the group’s first foray into Europe with Cloud7 Hotel Roma. Before joining Kerten Hospitality, Knippenberg held senior roles at Hilton and Conrad Dubai. She is currently the ambassador for the Global Hospitality Student Challenge by Hotelschool The Hague and sits on the advisory boards for the Arabian Hotel Investment Conference, the Saudi Arabia Hospitality Investment Conference, and Arabian Travel Market Dubai. She also sits on the Sustainable Markets Initiative Committee for the Sustainable Hospitality Alliance.
80 Farah Hamdan
• General Manager—Middle East, North Africa, and Türkiye Company: Zimmer Biomet Nationality: Jordanian Sector: Healthcare Hamdan has 20 years of industry experience and assumed her current role in 2022. She leads a team of 150 people. In November 2023, Zimmer Biomet signed an MoU with the Ministry of Health in Saudi Arabia to increase the use of robotics. Hamdan previously held various senior roles at Medtronic, Abbott, Becton, Dickinson and Company, and Novartis Pharma across emerging markets.
Alison Grinnell
Olfat Sami Berro
82 Ghada Abdelhadi
83 Olfat Sami Berro
Kandil
• Area Head—Middle East
Company: RAK Hospitality Holding
Company: Bank of New York Mellon
Nationality: Lebanese
Nationality: British
Nationality: Egyptian
Sector: Healthcare
Sector: Hospitality
Sector: Banking and Financial Services
Grinnell has been leading RAK Hospitality Holding since 2019. The company owns, operates, and manages a diverse portfolio of assets, including hotels, logistics, restaurants, and leisure. It operates five subsidiaries, including RAK National Hotels, Stirling Hospitality Advisors, RAK Hospitality Logistics, RAK Leisure, and Safarak. The company has four hotels and resorts in Ras Al Khaimah. In 2022, Marjan, RAK Hospitality Holding, and Wynn Resorts announced a multibillion-dollar integrated resort development on Ras Al Khaimah’s Al Marjan Island.
Kandil assumed her current role in September 2022 after previously being the assistant of the sub-governor of the Central Bank of Egypt (CBE) for 17 years. She started her career at CBE in 2005 when she joined the external debt risk department and went on to work in the banking reform, international markets and portfolio management, and corporate communications departments. She sits on the advisory board of the KAYAN Group. She also was a board member at Al-Ahly Capital’s microfinancing network, Tamkeen.
Berro joined Roche in 2003 and assumed her current position in 2019. In 2022, Roche signed an agreement with the King Faisal Specialist Hospital and Research Center in Riyadh to establish a strategic partnership in healthcare sustainability. In 2023, Roche introduced the Roche Levant Summer Internship Program, aligning with the goals of Roche’s Global Internship Program in Innovation & Sustainability. Berro is also a member of the executive committee for PhRMA Middle East & Africa and a member of the Middle East Inclusion & Diversity Council.
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• CEO
F O R B E S M I D D L E E A S T.C O M
• Chief Director - Egypt
Company: Roche
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Enas Asiri
84 Raja Al Mazrouei
• CEO
Company: Etihad Credit Insurance (ECI) Nationality: Emirati Sector: Insurance Al Mazrouei assumed her current role in May 2023, with 25 years of experience in the finance and technology industry. In June 2023, ECI signed an MoU with KazakhExport, an export insurance company, to enhance trade and support sustainable economic growth between the U.A.E. and Kazakhstan. Beyond her role at ECI, Raja serves on the boards of the Mohammed Bin Rashid School of Government, Al Ansari Financial Services, and the Harvard Business School’s MENA advisory board, amongst others.
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Fouziyah Al-Jarallah
• Owner and Group CEO
Company: Hayat National Hospitals Group Nationality: Saudi Sector: Healthcare Al-Jarallah has been the vice chairperson of the National Committee of Private Hospitals since 2017. She is also CEO of the Al-Inma Medical Services Company, which owns and operates Hayat National Hospital Groups, and head of the allergy and immunology department at Hayat National Hospitals. The Hayat National Hospitals Group records more than 2.5 million visits and more than 40,000 surgical operations annually through its four branches. It aims to expand the total bed capacity from 1,200 beds to 2,000 by the end of 2024.
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Nadia Akil
• Vice Chairperson & CEO Company: United Projects for Aviation Services Company (UPAC) Nationality: Kuwaiti Sector: Real Estate Akil joined UPAC as vice chairperson and CEO in 2012. The company made $25 million in revenues and recorded $711 million in assets in the first nine months of 2023. In June 2023, UPAC and the National Real Estate Company launched Majid Al Futtaim Entertainment’s Snow Abu Dhabi at Reem Mall. Akil has over 20 years of experience and is also the vice chairman of Royal Aviation Kuwait and a board member at National Aviation Services. Before joining UPAC, she was a director at Agility’s Executive Projects Team.
F O R B E S M I D D L E E A S T.C O M
87 Iyabo Tinubu-Karch
• CEO
Company: Sidra Medicine Nationality: American Sector: Healthcare Tinubu-Karch joined Sidra Medicine in November 2022. Sidra Medicine is an entity of the Qatar Foundation and fosters precision medicine, education, scientific discovery and research. It works closely with academic partners and research institutions like Weill Cornell Medicine, Qatar University, Hamad Medical Corporation, and Qatar Biobank. TinubuKarch was previously a non-executive board member at Sidra Medicine and had an advisory role with the management committee. She is also the founder and CEO of 6M Geriatrics and Hospital Medicine.
88 Magali Mouquet
• Group Chairwoman and Founder Company: Equitativa Group; Enata Group Nationality: French Sector: Banking and Financial Services Mouquet cofounded the Equitativa Group in 2010 and the Enata Group in 2015. In
February 2023, Enata launched a new generation of autopilot systems, and in November 2023, during the Dubai Airshow, it announced the launch of the Bellwether Flying Car. It has been developing a new flying boat with a hydrogen power trail since 2022. Mouquet has over 30 years of industry experience. She is also a board member at Mantiq.
89 Enas Asiri
• CEO
Company: Bahrain National Life Assurance Company Nationality: Bahraini Sector: Insurance Asiri joined bnl in 2017 and assumed her role as CEO in January 2022. In September 2023, she led and closed a first-ofits-nature contract in Bahrain, which consolidated seven major entities. Asiri has 16 years of industry experience. She was previously an assistant director with Arab Insurance Group. She is currently also a board member at the Bahrain Institute of Banking and Finance, Bahrain Insurance Association, and iAssist Middle East, a member of the Finance, Insurance & Tax Committee at the Bahrain Chamber of Commerce & Industry, and is the first Arab vice-president at the Chartered Insurance Institute. FEBRUARY 2024
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Abeer Saleh
90 Najla Al Shirawi
• CEO
Company: SICO BSC Nationality: Bahraini Sector: Banking and Financial Services Al Shirawi has 27 years of investment banking experience. She joined SICO in 1997 and assumed her current role in 2014. SICO has assets under management of around $6 billion, up from over $4.5 billion in 2022. In June 2023, SICO and Beyon Money launched a new investment product, “Flexi Savings.” SICO recorded over $32.4 million in total income in the first nine months of 2023. Al Shirawi is also a board member of the Bahrain Economic Development Board and the Bahrain Commercial Facilities Company. She is also the chairperson of two SICO subsidiaries: SICO Funds Services Company in Bahrain and SICO Financial Brokerage in Abu Dhabi.
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Husnia Gargash
• Founder and Chairperson Company: Gargash Hospital Nationality: Emirati Sector: Healthcare
Gargash founded the multispecialty Gargash Hospital in 2019, creating the U.A.E.’s first female-owned, multi-specialty hospital primarily centered on women and childcare. She was previously an associate professor at Dubai Medical College, the head of the department of obstetrics and gynecology at Dubai Hospital, and the director of the Dubai Gynaecology and Fertility Centre.
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May Nasrallah
• Founder & Executive Chairwoman Company: deNovo Partners Nationality: Emirati-Lebanese
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Sector: Investment Banking Nasrallah founded the regional boutique advisory firm deNovo Partners in 2010, where she advises regional sovereigns, corporates, family groups, and private equity funds on intra-regional and cross-border corporate sales, acquisitions, mergers, and capital raises. She is also ADNOC’s in-house independent financial advisor on international acquisitions. In 2022, she advised James Murdoch and Uday Shankar’s Bodhi Tree to secure a $1.5 billion investment in digital media and digital education in India from the Qatar Investment Authority. Before deNovo, she worked at Morgan Stanley for 15 years in New York, Hong Kong, London, and Dubai. F O R B E S M I D D L E E A S T.C O M
93 Abeer Saleh
• Managing Director
Company: Misr Life Insurance -Takaful Nationality: Egyptian Sector: Insurance Saleh joined Misr Life Insurance Takaful as managing director in 2022. She has over 28 years of industry experience and previously held roles across the insurance and banking sectors, including as managing director of Al Wafa Life Insurance and Bupa Egypt Insurance, director of bancassurance & alternative distribution at MetLife Egypt, and other roles at the Commercial International Bank. She is also an independent board member for Yodawy, a member of the advisory committee of the Egyptian Financial Supervisory Authority, and was elected as a board member of the Insurance Federation of Egypt.
94 Reham AlMusa;
Lalla Hanane Drissi • Reham: Vice President –
Business Applications, Public Sector and Managing Director - Saudi Arabia; Lalla: Managing Director – Oracle Qatar Company: Oracle Nationality: Reham: Saudi Lalla: Moroccan Sector: Technology AlMusa has been in her current position since September 2022. Before joining Oracle, she was the Managing Director of SAP in Bahrain from 2018 to 2021. Drissi, who joined the company in 2006 and assumed her role in December 2022, has led the acceleration of Oracle Cloud adoption in Qatar and supported the Ministry of Municipality to develop and launch over 400 e-services.
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Hilda Louca
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Pia El Hachem
• General Manager - U.A.E. and Levant Company: Uber Nationality: Lebanese Sector: Technology
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Olfa Gam
• General Manager Company: Cytopharma Nationality: Tunisian-Belgian Sector: Healthcare Gam assumed her current role in 2018. Before joining Cytopharma, she had been head of operational excellence at GSK since 2016. She has been on the board of Julphar as a nonexecutive board member since August 2021. Gam is also the President of the Tunisia Health Alliance, which is the first Tunisian healthcare cluster.
97 Rasha Badawi
• CEO Barclays Private Bank U.A.E. & Head of MENA
Company: Barclays Nationality: Canadian Sector: Banking and Financial Services Badawi joined Barclays in 2011 and assumed her current role in 2021. In 2022, the Barclays Bank Dubai Branch recorded $1.8 billion in assets. Badawi has over 26 years of industry experience. Her previous roles in Barclays included head of Qatar and Saudi Arabia. Before Barclays, she held roles at HSBC, Standard Chartered, and Bank J. Safra Sarasin, where she oversaw the development of UNHW and family office business across MENA.
98 Khadija Al Bastaki
• Senior Vice President
Company: Dubai Design District (d3) Nationality: Emirati Sector: Destination Al Bastaki assumed her current role in January 2019. Dubai Design District (d3) cofounded F O R B E S M I D D L E E A S T.C O M
Dubai Fashion Week (formerly known as Arab Fashion Week) with the Arab Fashion Council in February 2023. In November 2023, it signed partnerships with the Milano Durini Design Association, the Associazione Italiana Professionisti Interior Design (AlPi), and L’ÉCOLE, School of Jewelry Arts, to establish a new campus in d3. Al Bastaki was previously the director of business development for Dubai Media City, Dubai Studio City, and Dubai Production City.
99 Nejoud Al Mulaik
• General Manager - Saudi Arabia
its executive supervisory committee. Al Mulaik started her career at JP Morgan Chase in Riyadh, where she worked across its treasury services and corporate banking departments for 10 years before moving on to join the Small & Medium Enterprises General Authority (Monsha’at) in 2018. She is also currently the interim general manager for Fitch Learning, a Fitch Group subsidiary.
100
Hilda Louca
• Founder & CEO
Company: MITCHA
Company: Fitch Ratings
Nationality: Egyptian
Nationality: Saudi
Sector: E-commerce
Sector: Banking and Financial Services Al Mulaik was appointed as General Manager at Fitch Ratings in Saudi Arabia in May 2022. Before joining the company, she was the Director of Fintech Saudi and a member of
Louca started the Cairo-based MITCHA in 2018. Today, it is home to 300 Egyptian brands. Before founding MITCHA, Louca worked in sales, marketing, and public relations.
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El Hachem joined Uber in 2018 and assumed her current role in 2021, in which she oversees the U.A.E., Jordan, and Lebanon. In July 2023, Uber reduced its green rides prices in Dubai to align with UberX rates and increase accessibility for environmentally conscious transportation. In November 2023, it committed to achieve 25% emission-free kilometers in the city by 2026. In December 2023, it tripled the number of electric vehicles on its platform. El Hachem has over 10 years of industry experience. She was previously the strategy and planning manager for the Middle East and Africa at Uber and an associate at Booz & Company.
Khadija Al Bastaki
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FEBRUARY 2024
PRO M OTI O N
Luxury And Sustainability From A Hospitality Icon
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I
Slim Zaiane, General Manager at Kempinski Hotel Mall of the Emirates, explains what sets the hotel apart from the crowd, and what guests can expect as a new year dawns.
n a city like Dubai, the hospitality industry is as tough and competitive as it is comprehensive and luxurious. For hotels of all shapes and sizes, that means differentiation can be a formidable challenge, but Kempinski Hotel Mall of the Emirates has been standing out from the crowd for 18 years and counting. First opening its doors back in 2006, the luxury hotel has stuck to a multi-faceted approach to success shaped by innovation, a focus on holistic wellness, cuttingedge technology, environmental responsibility, and the all-important guest experience. Add to that the Kempinski brand’s unique identity and heritage, and it is clear to see how the hotel has established itself as a premier destination for luxury travelers seeking distinctive and memorable experiences. A testament to the enduring success of the iconic Mall of the Emirates hotel, Kempinski recently picked up the Best Luxury Hotel Brand award at the 32nd annual TTG Travel Awards 2023, reflecting its unwavering commitment to delivering the kind of luxury service now synonymous with the name. Adding to the accolades, Kempinski Hotel Mall of the Emirates hotel was also recognized as the world’s leading shopping mall hotel and the leading leisure hotel in the Middle East at the World Travel Awards 2023.
Slim Zaiane, General Manager at Kempinski Hotel Mall of the Emirates
But the brand is about more than luxury and coveted awards. As the climate crisis intensifies, sustainability is an agenda topping priority for companies across industries, and no more so than for Kempinski. “Sustainability is an integral part of the hotel’s ethos, and we are proud to have been recognized globally by Green Globe for our sustainable practices,” says Slim Zaiane, General Manager at Kempinski Hotel Mall of the Emirates. Notably, Kempinski Hotel Mall of the Emirates also holds a LEED Platinum Certification, demonstrating its commitment to leadership in energy and environmental design. The certification, awarded by the U.S.
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
Green Building Council, recognizes the building’s outstanding performance in areas such as energy efficiency, water conservation, and overall environmental impact. Kempinski’s commitment to the environment extends to food too. “A key element of our sustainability strategy is addressing food waste, a challenge we tackle through our AI system, KITRO,” says Zaiane. The GM explains that the system categorizes food waste into groups, providing valuable insights that allow the team to develop solutions to minimize waste. Promoting a culture of recycling is another vital part of the brand’s sustainability ethos. Kempinski Hotel Mall of the Emirates recycles various materials including plastic, paper, and metal, and it has partnered with local recycling facilities like VEOLIA for responsible processing of its recyclable materials. The hotel has also implemented a zero plastic waste strategy, which involves eliminating single-use plastics and promoting the use of reusable items. Going even further, Kempinski is doing its part to combat greenhouse gas emissions and impact the global net zero campaign. “Our commitment to reducing our carbon footprint is showcased through our investment in renewable energy credits (RECs) and our partnerships with local suppliers for responsible sourcing,” says Zaiane. “We’ve also
FEBRUARY 2024
PRO M OTI O N Scan this QR code to open the website
Sustainability is an “integral part of the
hotel’s ethos, and we are proud to have been recognized globally by Green Globe. clear roadmap for driving increased business in the upcoming year, marked by innovative approaches and strategic developments. A key initiative is the introduction of new dining concepts and partnerships, positioning the hotel as an exceptional F&B destination. In fact, to help maintain its position as one of the most visited —and re-visited—hotels in Dubai, Kempinski Hotel Mall of the Emirates has introduced two standout F&B concepts: modern brasserie Eugenè Eugenè and Cantonese restaurant XU. The hotel has also expanded its wellness offerings and upgraded its digital capabilities to provide guests with a seamless and personalized experience.
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
Zaiane explains that the hotel aims to fully integrate its unique Aspen Ski Chalets with Ski Dubai too, offering a complete ski resort experience. Plans are also afoot to enhance the guest experience by synergizing with its luxury retailers, and the hotel is working to align with the Mall of the Emirates’ leisure and entertainment offerings, further enriching the guest experience. As the general manager puts it, “These efforts demonstrate our dedication to ongoing improvement and advancements as we aim to offer a blend of luxury and sustainability.”
www.kempinski.com/en/mallof-the-emirates
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“
implemented several energy and utility-saving initiatives such as LED lighting, efficient air handling unit cleaning, and various other energysaving technologies.” In addition to aligning with the global fight against climate change, Kempinski Mall of the Emirates is aligning with the economic ambitions of Dubai. In support of the emirate’s vision to double the size of its economy by 2033, the hotel is dedicated to upholding its high standards of service quality and guest satisfaction, whilst renewing its offering to appeal to new source markets such as China, Latin America, and CIS countries. In order to meet the diverse needs and preferences of guests from these new markets and other different regions of the world, Kempinski is committed to responding to key industry drivers; one such example being the increasing role of digitization. “Our strategy in response to this trend was to incorporate technology into our guest experience,” says the general manager. “Every room is fitted with a top-of-therange iPad, which houses all the important information about the property at the touch of a button,” he adds, highlighting Kempinski’s keen awareness of individual guest preferences and needs. According to Zaiane, The Kempinski group has also recently launched a new website, which features a contemporary visual layout while being built on a secure, cloud-based platform. Providing a comprehensive and user-friendly experience, the site makes brand immersion, as well as searching, choosing, and booking easy. From technology to sustainability to guest experience, Kempinski Hotel Mall of the Emirates has a
• FEATURE •
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BIG PLANS
Saad bin Ali Al Kharji, Chairman of Qatar Tourism, aims to leverage the success of FIFA World Cup Qatar 2022 to carve out a space for Qatar in a highly competitive regional tourism landscape, with the goal of boosting the tourism sector’s contribution to GDP from 7% to 12% in 2030.
BY HAGAR OMRAN F O R B E S M I D D L E E A S T.C O M
FEBRUARY 2024
Saad bin Ali Al Kharji, Chairman of Qatar Tourism
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Qatar is undertaking multiple endeavors to establish itself as a prominent tourism player in the Middle East after the FIFA World Cup 2022 grabbed global attention for the Gulf country, but turning these ambitious plans into reality will not be easy. Qatar faces fierce competition from well-established tourist hubs in the region, such as the U.A.E., Egypt, and Saudi Arabia. The small peninsula had 191 hotels open in 2023, according to Qatar Tourism. The U.A.E. had nearly 1,200 hotels in 2022, according to official data. But with its hosting of the FIFA World Cup 2022 still top of mind, Qatar is determined to build on its success. “We’re working on the whole image of Qatar to get the well-deserved lead in the tourism sector, and hosting big events is only part of these promotional efforts,” says Saad bin Ali Al Kharji, Chairman of Qatar Tourism, adding that the economic diversification approach is the main driver behind the bold touristic initiatives. Promoting tourism is one of Qatar’s initiatives to help it reduce its reliance on its energy industries and diversify its economy, ensuring stability against oil and gas price fluctuations. Based on the most recent data provided by the Planning and Statistics Authority, the country’s GDP is primarily derived from the mining and quarrying sector, which contributed 38.4% at constant prices in Q2 2023. Oil revenues constituted 91.7% of Qatar’s nearly $17 billion of total revenues in Q3 2023. However, the Qatar Tourism Strategy 2030 sets out the country’s goals to boost the tourism sector’s contribution to GDP from 7% to 12%. “Qatar has invested heavily in the tourism sector to diversify the economy, and it’s working hard to book a place beside the region’s biggest players, just like what the U.A.E.’s Dubai did back in the 1880s,” explains Elhamy ElZayat, former chairman of the Egyptian Tourism Federation. Qatar has reportedly spent nearly $220 billion on infrastructure projects in 12 years since 2010, including roads, hotels, and sports and health facilities, but it F O R B E S M I D D L E E A S T.C O M
still has a long way to go to compete with the region’s major hubs. “Extreme weather is one of the challenges that Qatar faces along the way to establishing itself as a tourist hub. There is still a long way to go for Qatar to book a place among the big tourist players in the region,” adds ElZayat. However, its ambitions have already had a measurable impact. The Gulf nation welcomed 2.6 million visitors in 2022. In 2023, it had surpassed this figure by mid-August. As of October 2023, Qatar had welcomed over three million visitors, which is a fiveyear high, with the top five nationalities to visit being Saudi Arabia, India, the U.S., the U.K., and Mexico. According to UNWTO’s most recent annual data, Qatar’s tourism receipts reached $7.3 billion in 2022, reflecting an increase of 70.3% compared to 2021. This was enough to place it fifth among Arab countries in terms of international tourism receipts, following the U.A.E., Saudi Arabia, Egypt, and Morocco. Qatar Tourism expects visitor numbers to hit 3.4 million tourists in 2023 and 3.5 million in 2024, and the chairman says that hotel occupancy rates in Doha surpass 90% during winter. “Historically, Qatar’s winter season attracts tourists from both the region and the globe,” he highlights.
“We’re working on the whole image of Qatar to get the well-deserved lead in the tourism sector, and hosting big events is only part of these promotional efforts.” Al Kharji has only been in post since October 2023, having previously been deputy chairman for three months. Before being appointed by Qatar’s leadership to head Qatar Tourism, he spent most of his career as a diplomat. In 2014, he served as the director of the Office of the Assistant Secretary of State for International Cooperation Affairs before becoming the director of the Office of the Deputy Prime Minister and Minister of Foreign Affairs in 2016. By March 2023, he was serving as the director of the Office of the Prime Minister and Minister of Foreign Affairs. He admits that making the move from diplomat to tourism leader is a challenge but says it’s one he feels ready for. “I love to be challenged,” he stresses. “Also, as a diplomat, I used to promote my country, and now I do the same but in a different and more fun way. I showcase the genuine hospitality of Qatar.” Since taking on his new FEBRUARY 2024
IMAGE FROM SOURCE
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of Lusail, which are home to Meryal Waterpark—the largest waterpark in Qatar—and the world’s highest waterslide at 85 meters. “It is also the home of fivestar hotels offering 335 rooms and capacity for 1,500 guests,” says Al Kharji. In the North of the country, the port town of Al Ruwais in the municipality of Al Shamal boasts of the Zulal Wellness Resort, which integrates Arabic and Islamic traditional medicine, showcasing Qatari heritage through architecture, food, and treatments. Elsewhere, about an hour down the East coast, the municipality of Al Rayyan houses the Qatar Foundation’s Education City, which partnered with Qatar Tourism and Qatar University in August 2022 to launch an education campaign promoting Qatar as a destination for regional students. “This spirit of collaboration allows those visiting the country to
be informed about everything they can experience across Qatar during their time here. It’s all part of showcasing our nation to the world,” says Mashal Shahbik, the Director of Events and Protocol at the Qatar Foundation. “This can be anything from playing sports and experiencing our public artworks and the architecture of our buildings to pursuing lifelong learning opportunities, learning about the cultural heritage of Qatar and the Arab world.” There’s no denying that Qatar still faces significant competition in the region, but with high-level events planned and new destinations on the horizon, Al Kharji seeks to meet the high aspirations of both residents and visitors as he settles into his new role. “We will usher in a new era for the tourism sector in Qatar,” he insists. FEBRUARY 2024
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role, Al Kharji has been focused on refreshing the organization’s strategy and building his team, looking to local talent, and encouraging the private sector and destination management companies. Established in 2000 as the Qatar Tourism Authority before being rebranded in 2016, Qatar Tourism targets 15 countries as its priority markets, including the U.S., the U.K., Germany, France, Türkiye, China, India, Japan, Australia, and Russia, in addition to the GCC markets. Tempting them to the peninsula are natural wonders—the Gulf nation has one of the biggest concentrations of whale sharks in the world—and cultural treasures, such as the UNESCO heritage site, Khor Al Adaid, as well as modern attractions. “This juxtaposition of the old and new creates a unique and captivating experience for visitors from around the globe,” says Al Kharji. In April 2023, Qatar Tourism re-launched its Hayya platform, which was previously used to manage tourists entering the country for the World Cup tournament. The upgrade aimed to unify and simplify the visa process for travelers. Qatar already offers visas upon-arrival access to 95 nationalities, with no visa requirements for visitors from the GCC. Partnerships are also helping attract travelers from Qatar’s key markets, with Qatar Tourism signing agreements with local tour operators and PR agencies to increase awareness. In October 2023, Qatar Tourism partnered with two Saudi tour operators—Al Matar and Almosafer—to enhance Qatar’s appeal as a family and leisure travel destination in the kingdom. In the same month, Qatar hosted the first international edition of the Geneva International Motor Show, which welcomed 180,000 visitors in nearly 10 days. It also hosted the Qatar Grand Prix 2023 and launched the Doha Expo 2023, a horticultural exhibition that will conclude next March. This year will see another packed events agenda, including the Web Summit Qatar in February 2024, which will host thousands of international entrepreneurs, investors, and leaders, and the AFC U23 Asian Cup Qatar 2024 in April. Outside of the capital city of Doha, Qatar is also building new destinations to help it double its visitor numbers, such as the Qetaifan Islands in the new city
Under 30 Summit 2024
Under 30 Summit Inspires The Middle East Leaders Of The Future 102
Forbes Middle East’s second annual Under 30 Summit was held on January 11-13, 2024, in the beautiful community of El Gouna, Egypt.
Awards Ceremony of the Forbes Middle East Under 30 Summit with Mohamed Amer and Khuloud Al Omian
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ith over 1,500 VIP attendees, expert speakers, young entrepreneurs, policymakers, celebrities, and business leaders in attendance, the recent Under 30 Summit for the Arab world explored building the leaders of tomorrow, investing in innovation, the art of design thinking and storytelling, building sustainable startups for a better world, the technologies supercharging product development, and nurturing mental health, diversity, and inclusion. Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East, emphasized the values at the heart of the summit. “It has been an incredible couple of days celebrating the young professionals and entrepreneurs developing ideas to change the world for the better. It is
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so inspiring to see so many people come together and create such impactful bonds,” she added. “El Gouna has been a wonderful host, and I’m so proud of our Under 30 community. I look forward to witnessing their future successes.” The summit’s packed agenda was designed to foster a culture of innovation and entrepreneurship, empowering young professionals with the potential to drive the future of business. These included insights from: Anas Bukhash, entrepreneur and interviewer; Rascha Ragheb, Executive Director of the National Training Academy of Egypt; Leila Serhan, Senior Vice President & Group Country Manager for North Africa, the Levant, and Pakistan at Visa; Al Walid Hallani, singer; Menna ElKiey, lyricist, writer, and Creative
Director; Aladdin ElAfifi, CEO of EFG Finance; Ramy Radwan, TV presenter; Ahmed Tarek, Co-CEO and Partner at the Tarek Nour Group; Kareem Hassan, Executive Director at the UN-ESCWA Technology Center for Development; Ahmed Hanafi, founder of TLT Concepts; and Mohamed Shelbaya, CEO of PepsiCo Egypt & North Africa. In addition to the discussions on the main stage, a buzzing networking area also hosted a variety of workshops, refreshments, a colorful graffiti wall, and pop-up booths, as well as a Forbes Talks stage for five-minute pep-talks from Under 30 listers and entrepreneurs. Mohamed Amer, CEO of El Gouna, commented: “We are proud of the success that the second edition of the Forbes Middle East Under 30 FEBRUARY 2024
Event Coverage Summit has achieved. This year saw special workshops and discussions that contributed to creating a collaborative environment and providing inspiring models. Continuing to organize such events is a testament to our commitment to providing the opportunity and platform for innovative young minds in the region to exchange experiences.” Rascha Ragheb, Executive Director of the National Training Academy of Egypt, emphasized, “In the heart of every challenge lies an opportunity, and the Under 30 has proven that quickly advanced technology is constant. We are a region that is lucky to have a majority of young people, and this is an advantage that no one can buy. Human capital is considered a treasure. Your projects and applications must be in line with the Fifth Industrial Revolution, especially since it has proven that it is human-centric, with most of the projects targeting sustainability. The summit is an opportunity to meet, communicate, and exchange experiences.” Chair of the Under 30 Summit 2023, Anas Bukhash, welcomed guests, saying, “I think human beings are extremely talented, but we are brought up to be restricted. Stay curious – why is curiosity on a descent as we grow up? Because of guilt and shaming. We become less curious. Change your whys to why not. Why not try a new country, new job, new destination, a new hobby? I think if you combine your curiosity and change why to why not, you will find your niche, something you enjoy. It is a marathon, not a spirit.” As the summit came to a close, attendees gathered to network and enjoy live entertainment, as well as a stunning recognition ceremony that celebrated the innovators from Forbes Middle East’s 30 Under 30 list 2023. F O R B E S M I D D L E E A S T.C O M
Forbes Middle East worked with a number of esteemed partners to bring this event to life: host partner El Gouna Red Sea by Orascom Development; support partners EFG Holding and Meta; event partners Vi Markets, She’s Next by Visa, Prypco, Zouni Beach Mangroovy El Gouna, TLT Concepts, and Lemon Spaces; official transportation partner Abou Ghaly Motors; communication & PR partners Influence Communications and NABD; connectivity partner Orange; gift partner Parkville Pharmaceuticals; and official beverage partner PepsiCo.
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Khuloud Al Omian, CEO and Editor-inChief, Forbes Middle East
Mohamed Amer, CEO of El Gouna Anas Bukhash, Entrepreneur x Speaker, Bukhash Brothers Co.
Dr. Rascha Ragheb, Executive Director, National Training Academy of Egypt and World Youth Forum
Mohamed Shelbaya, CEO, PepsiCo Egypt & North Africa FEBRUARY 2024
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Anas Bukhash, and Ramy Radwan, TV Presenter Main Stage at the Plaza
Leila Serhan, Senior Vice President & Group Country Manager – NALP, Visa
Ahmed Hanafi, Founder, TLT Concepts
Al Walid Hallani, Singer (30 Under 30 Lister)
Ahmed Tarek, Co-CEO & Partner, Tarek Nour Group, and Hiba AlMasoud, Cofounder and Managing Partner, Sauce Capital Dr. Rascha Ragheb, Khuloud Al Omian, Anas Bukhash and Lyes Abila
Mohanad Hattab, Comedian Influencer F O R B E S M I D D L E E A S T.C O M
Mohamed Amer, CEO of El Gouna, and Ramy Radwan, TV Presenter
Aladdin ElAfifi, CEO of EFG Finance, EFG Holding Company FEBRUARY 2024
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Ahmad Haffar, Managing Partner, Mindloop Studios, Sherif Fayed, TV Host, and Zeina Makki, Lebanese Filmmaker and Actress
Ahmed Haffar (30 Under 30 Lister)
Diala Khashan (30 Under 30 Lister) Dana Alsulaiman (30 Under 30 Lister) at Forbes Talks Stage
Abdulaziz Abdulmalek (30 Under 30 Lister) Hiba AlMasoud (30 Under 30 Lister)
Samer Johnny Jamal, Strategic Partner Manager, Meta F O R B E S M I D D L E E A S T.C O M
Abdullah Al-Atrash (30 Under 30 Lister)
Mohamed El Bassiouni, Co-Founder / Managing Director Tayarah, Jeffrey Henseler, Founder & CEO, Passport Legacy & Property Legacy, Ahmed Hanafi, Founder, TLT Concepts, and Luma Fawaz, CEO, Oasis500 FEBRUARY 2024
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Meditation Session at Makani Beach Roof Top by Lamiaa Mahmoud
London Cab - Abou Ghaly Motors
Power workout by Ignite and DJ Adham Dou at the Plaza EFG Hermes One Booth at the Plaza
El Gouna Booth at the Plaza
Norshek Booth at the Plaza F O R B E S M I D D L E E A S T.C O M
Society of Play
Our Nutritional Food Vendors FEBRUARY 2024
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Group picture of the WYF x Tiktok team along with Khuloud Al Omian and Dr. Rascha Ragheb
Khuloud Al Omian, CEO and Editor-inChief, Forbes Middle East
Gift Shop
The Plaza
Live graffiti show and workshop by Toxik
Noha Fekry Performance at the Closing Ceremony
Expressive Art workshop by Hend Rabie (In collaboration with World Youth Forum and TikTok) Patrick Sawaya (30 Under 30 Lister) F O R B E S M I D D L E E A S T.C O M
Yasmina Zaytoun (30 Under 30 Lister) FEBRUARY 2024
• THOUGHTS ON •
Power “The power to question is the basis of all human progress.”
“Ironically, women who acquire power are more likely to be criticized for it than are the men who have always had it.”
—Indira Gandhi “Power can be taken but not given. The process of the taking is empowerment in itself.”
—Carolyn Gold Heilbrun “Passion is energy. Feel the power that comes from focusing on what excites you.”
—Gloria Steinem “Fight for the things that you care about, but do it in a way that will lead others to join you.”
—Oprah Winfrey “Know your power, believe in yourself, and don’t let anyone dim your light.”
—Ruth Bader Ginsburg
—Leigh-Anne Pinnock
“The most common way people give up their power is by thinking they don’t have any.”
“What is genius but the power of expressing a new individuality?”
—Alice Walker
—Elizabeth Barrett Browning
“Never allow a person to tell you no who doesn’t have the power to say yes.” —Eleanor Roosevelt “No one is in control of your happiness but you; therefore, you have the power to change anything about yourself or your life that you want to change.” —Barbara De Angelis “When you start to develop your powers of empathy and imagination, the whole world opens up to you.” —Susan Sarandon F O R B E S M I D D L E E A S T.C O M
“If you realized how powerful your thoughts are, you would never think a negative thought.”
Mary Shelley
—Peace Pilgrim
“When the whole world is silent, even one voice becomes powerful.”
“I do not wish women to have power over men but over themselves.”
—Malala Yousafzai
—Mary Shelley
“Women have to harness their power – it’s absolutely true. It’s just learning not to take the first no. And if you can’t go straight ahead, you go around the corner.”
“No person, no place, and no thing has any power over us, for ‘we’ are the only thinkers in our mind. When we create peace and harmony and balance in our minds, we will find it in our lives.”
—Cher
—Louise L. Hay
“The real problem is that the way that power is given out in our society pits us against each other.” —Anita Hill “Knowledge is power. Information is power. The secreting or hoarding of knowledge or information may be an act of tyranny camouflaged as humility.” —Robin Morgan FEBRUARY 2024
IMAGE FROM WIKIPEDIA.ORG
THOUGHTS
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JOIN US ON A TRANSFORMATIONAL JOURNEY TOWARDS A LOWER CARBON FUTURE #ENERGYFORLIFE
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