Forbes Middle East - English - March 2024

WEALTH CONTRIBUTION FROM NEW BRICS MEET THE RICHEST PERSON ON EACH CONTINENT

AMERICA’S DECABILLIONAIRE FAMILIES

GULF SWFS INVEST BIG IN 2023 EXTREME WEALTH VS CORPORATE POWER

Faisal Alturki

Areej Mohsin Haider Darwish

Hassan Allam

Saïda Lamrani

Amr Allam

Lujaina Mohsin Haider Darwish

T H OU R L A T E

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FAMILY BUSINESSES ARE THE LIFEBLOOD OF MENA ECONOMIES. FIND OUT WHO’S HEADING THE BIGGEST PLAYERS AND LONGEST-LASTING LEGACIES.

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MARCH 2024 ISSUE 137

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TOP 100 ARAB FAMILY BUSINESSES 2024

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THE MIDDLE EAST’S

OTHERS........................................$4

OMAN.................................OMR 1.5

BAHRAIN.......................... BHD 1.5

UAE....................................... AED 15

QATAR..................................QAR 15

KUWAIT.......................... KWD 1.25

SAUDI ARABIA...................SAR 15

MARCH 2024 ISSUE 137

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March 2024

Issue 137

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CONTENTS

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Imad Kamal Sultan

Abdul Hamied Seddiqi

INSIDE • Rita Maria Zniber

Buti Obaid AlMulla

Masaood Ahmed Al Masaood

Caroline Fattal

THE MIDDLE EAST’S

TOP 100 ARAB FAMILY BUSINESSES 2024 Transformation through expansion and investment are keeping family businesses growing.

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

MARCH 2024

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

MARCH 2024

8 I Sidelines Family Power

By Claudine Coletti LEADERBOARDS

BILLIONAIRES

CONTENTS

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12 I America’s Decabillionaire Families Because $1 billion isn’t what it used to be, Forbes introduces the first ever ranking of the nation’s clans who are worth $10 billion or more. Some famous families make the cut, but others like the Kennedys and Gettys just aren’t wealthy enough.

EDITED by MATT DUROT and ANDREA MURPHY

16 I A Family Affair

16

LVMH chief Bernard Arnault is tightening family control—meet the five heirs.

By Samar Khouri

18 I Meet The Richest Person On Each Continent Here are the diverse faces of affluence from each corner of the world. Of the six billionaires listed, half have built their fortunes independently, earning them the label of self-made. Net worths are as of February 21, 2024, according to Forbes.

By Jamila Gandhi

19 I In Numbers: Extreme Wealth Vs

Corporate Power

The divide between the rich and poor has become even more pronounced since the global pandemic.

By Syed Sadain Gardazi

18

ECONOMY

20 I Snapshot: Wealth Contribution from

New BRICS Members

The Arab world’s biggest economies are now members of the elite group aiming to promote peace, security, development, and cooperation.

By Samra Ahmed

22 I Gulf SWFs Invest Big In 2023 Here’s a look at some of the biggest deals by MENA’s most active sovereign wealth funds in 2023.

By Sara Junaid STARTUPS

24 I Year In Review: MENA Startups Struggle

Despite Strong Headline Figures

Despite positive headlines, last year wasn’t a good one for MENA startups seeking funding.

By Muhammad Addam CONTRARIAN

26 I Hungry for Growth Fred and Gene Clark have devoured a fifth of the $18 billion industry by following the Amazon playbook. Now they’ve cooked up a plan for greater growth..

By Jeremy Bogaisky

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

LIFESTYLE

74 I The GCC’s Carbon Roadmap With carbon capture and storage marked as a key technology in fighting climate change, the Gulf states are investing big in new infrastructure to make sure the region stands out as a sustainability leader.

By Jamila Gandhi

76 I New Style Jad Hobeika took the helm of Maison Georges Hobeika in June 2022. While conserving the fashion house’s DNA, he’s also been doing things a little differently.

By Samar Khouri

78 I Fashion Shines On Dubai’s Runway Dubai Fashion Week highlighted a host of international and emerging designers.

By Nancy Bahmad

82 I Fine Dining With A Creative Twist Take a peek inside some of the U.A.E.’s most immersive dining experiences.

By Fouzia Azzab

84 I Thoughts On Legacy MARCH 2024

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

MARCH 2024

THE MIDDLE EAST’S

CONTENTS

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TOP 100 ARAB FAMILY BUSINESSES 2024 32 I Seamless Transition Saad Alkhorayef, the chairman of the Saudi-based Alkhorayef Group, has been overseeing the family business since 2015.

Representing the second generation, he is now seeking to ensure a smooth management handover for the family business, which yielded $1.3 billion in annual revenues in 2023.

By Hagar Omran

40 I Reinventing The Future Caroline Fattal, Chair of the 127-year-old Fattal Group, is a rare example of a fourth-generation leader of a family business. With a new structure and non-family CEO in place at the Beirut-based group, she’s focusing on her NGO efforts and giving back.

By Layan Abo Shkier

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

MARCH 2024

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

MARCH 2024

SIDELINES

FORBES MIDDLE EAST

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Family Power The economic impact and influence of the businesses that lie in the hands of families, with legacies that have lasted generations, is probably a lot bigger than you think. According to the UAE’s Ministry of Economy, up to 90% of the country’s private companies are family businesses, employing more than 70% of the private sector’s workforce and contributing about 40% to GDP. In Egypt, more than half of companies are family-owned, and they also account for the majority of the country’s income and employment, according to a 2021 report

by PwC. Grant Thornton estimates that around 63% of all businesses in Saudi Arabia are in the hands of families.

Globally, the 500 largest family businesses in the world on the 2023 EY and University of St. Gallen Family Business Index generated an estimated $8 trillion in revenues—a 10% increase compared to the 2021 index —and employed 24.5 million people worldwide. EY even estimates that if the world’s largest 500 family businesses were a national economy, they would be the third largest in the world behind the U.S. and China.

In May last year, the Dubai Chamber of Commerce launched the Dubai Centre for Family Businesses, recognizing the significant contribution they make to the economy. Among its objectives are to advocate for a sustainable family business ecosystem, upskill the next generation in family businesses through networking and knowledge-sharing, and help family businesses to successfully transition to the next generation.

Handing over to the next generation is a pivotal moment for any family business leader— and many don’t make it. It’s widely reported that only approximately a third of businesses make it through to the second generation, and only 3% make it to the fourth. In this month’s issue, we feature an exclusive with Caroline Fattal, the fourth-generation leader of her 127-year-old Beirut-based family conglomerate. She’s bucking the trend by not only being a fourth-generation leader but also by being a female leader as the chairman of the company.

Only five companies on our list of Top 100 Arab Family Businesses for 2024 are led by women.

Saudi Arabia and the U.A.E.—the Middle East’s largest economies—dominate the list, accounting for more than half of the businesses, with 34 entries from Saudi and 28 from the U.A.E. They are followed by Qatar and Kuwait with seven entries each.

Overall, this issue highlights some of the oldest and most impactful companies in the region.

I hope you enjoy finding out more about them and what they’re working on today.

—Claudine Coletti, Managing Editor

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

MARCH 2024

Great Innovation powers a greener future

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The UK’s innovative green technology and advanced manufacturing capabilities can help deliver a sustainable future. To discover how the UK can support your vision, visit great.gov.uk/GCC

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INNOVATING SINCE 2010 MARCH 2024 ISSUE 137

Dr. Nasser Bin Aqeel Al Tayyar President & Publisher nasser@forbesmiddleeast.com

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Khuloud Al Omian

FORBES MIDDLE EAST

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

khuloud@forbesmiddleeast.com

Editorial

Business Development

Claudine Coletti Managing Editor claudine@forbesmiddleeast.com

Ruth Pulkury Senior Vice President - Business Development

Laurice Constantine Digital Managing Editor laurice@forbesmiddleeast.com

ruth@forbesmiddleeast.com

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Samar Khouri Reporter samar@forbesmiddleeast.com

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Research

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

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Nest l ed on t h e sh ores of Al Mar jan I slan d , Nob u R esid en ces off ers you a u n iq u e p erspective on i slan d livin g an d t o exp er ien ce lif e, The Nob u Way. L i f e, b alan ced t o p erf ect i on .

MARCH 2024

Billionaires

America’s Decabillionaire Families Because $1 billion isn’t what it used to be, Forbes introduces the first ever ranking of the nation’s clans who are worth $10 billion or more. Some famous families make the cut, but others like the Kennedys and Gettys just aren’t wealthy enough. that endorsed Nikki Haley for president.

4. Cargill-MacMillan Net Worth: $60.6 billion

Source: Cargill Inc. Family Members: At least 100 The extended family—which includes 21 individual billionaires—owns an estimated 88% of Cargill, the largest private company by revenue in the U.S. Founded in 1865 by W.W. Cargill as a grain storage company, the $177 billion (revenue) firm is a major player in grain, producing corn syrup, starch and livestock feed, and is involved in meatpacking and energy trading. Whitney MacMillan (d. 2020) was the last family member to serve as CEO, from 1976 to 1995.

Charles and Chase Koch

1. Walton

Net Worth: $267 billion Source: Walmart Hometown: Bentonville, Arkansas Family Members: At least 39 Despite selling roughly $22 billion of Walmart stock over the past decade—and giving $11 billion away—the seven billionaire descendants of company cofounders Sam (d.

1992) and Bud Walton (d. 1995) still own an estimated 45% of the retail giant’s shares. Sam’s eldest son, Rob, sits on Walmart’s board alongside Rob’s nephew, Steuart, and son-in-law Greg Penner, who replaced Rob as the retailer’s chairman in 2015 and as controlling owner of the NFL’s Denver Broncos in October. The family’s fortune is enhanced by the seven sports teams (including the Los Angeles Rams and British soccer powerhouse Arsenal) F O R B E S M I D D L E E A S T.C O M

owned by Stan Kroenke, husband of Bud’s daughter Ann Walton Kroenke.

2. Mars

Net Worth: $117 billion Source: Candy, pet food Family Members: At least 37 Siblings Jacqueline and John Mars, along with the four daughters of their brother Forrest Jr. (d. 2016), own candy and pet food giant Mars. The McLean, Virginia–based company owns dozens of iconic brands, including M&Ms, Snickers, Ben’s Original rice and Pedigree dog food; it posted revenue of $47 billion in 2022. Frank Mars (d. 1934) began selling buttercream candy from his kitchen in 1911. John, now 88, was the last family member to serve as CEO, stepping down in 2001. Jacqueline’s son Stephen Badger and Forrest Jr.’s daughter Victoria sit on the board.

3. Koch

Net Worth: $116 billion Source: Koch Industries Hometown: Wichita, Kansas Family Members: At least 19 Charles Koch, 88, took over what became the $125 billion (2022 sales) conglomerate Koch Industries when his father, Fred, died in 1967. Koch has its fingers in everything from oil refining and fiber optics to paper towels. Charles and Julia Koch, the widow of his brother David (d. 2019), both have a 42% voting stake. Siblings Bill and Frederick (d. 2020) were bought out by Charles and David in 1983, prompting two decades of litigation over the payout (reportedly around $800 million).

GOP megadonor Charles is not a Trump fan: His Stand Together nonprofit network and Koch Industries each contributed $25 million to a super PAC

5. Johnson

Net Worth: $44.8 billion Source: Fidelity Family Members: At least 12 Abigail Johnson, the granddaughter of Fidelity Investments founder Edward C. Johnson II (d. 1984), became CEO of the mutual fund giant in 2014 and chairman two years later. Under her leadership, Fidelity’s assets have ballooned to $4.4 trillion, from $2 trillion, while expanding sustainable funds and embracing Bitcoin.

Abigail’s brother Edward IV runs investment firm Pembroke Real Estate, which is owned by Fidelity. Her father, Edward “Ned” Johnson III (d. 2022), ran the firm for four decades.

6. Pritzker

Net Worth: $41.6 billion Source: Hotels, investments Hometown: Chicago Family Members: At least 82 The third generation of the Hyatt Hotels dynasty boasts MARCH 2024

EDITED BY MATT DUROT AND ANDREA MURPHY. CHARLES AND CHASE KOCH BY GUERIN BLASK FOR FORBES REPORTED BY RICHARD J. CHANG, GRACE CHUNG, MATT CRAIG, JEMIMA MCEVOY, AMY FELDMAN, CHRIS HELMAN, MONICA HUNTER-HART, JOHN HYATT, PHOEBE LIU, DEVIN MARTIN, CHASE PETERSON-WITHORN, CHLOE SORVINO, GIACOMO TOGNINI AND GIGI ZAMORA

LEADERBOARD

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David Winter (left) and David Millstone, 2021

11. Lauder

Net Worth: $25.9 billion Source: Estée Lauder Hometown: New York City Family Members: At least 20

12. Hunt

Source: Oil Hometown: Dallas Family Members: More than 100

13. Newhouse

Net Worth: $24.1 billion Source: Condé Nast, newspapers Hometown: New York City Family Members: At least 24

14. Hearst

Net Worth: $22.4 billion Source: Hearst Corp.

Hometown: New York, New York Family Members: At least 67

15. Busch

Net Worth: $20 billion 10 billionaires, including Penny Pritzker, the former U.S. commerce secretary; Illinois Governor J.B. Pritzker, the country’s richest elected official; filmmaker Gigi Pritzker, a producer of the 2021 film The Eyes of Tammy Faye; and Tom Pritzker, the current chairman of Hyatt Hotels. The family’s fortune dates to the 1957 purchase of one motel in Los Angeles. The Pritzkers spent years in the early 2000s suing one another over trusts before agreeing in 2005 to divide the fortune.

7. Johnson

Net Worth: $38.5 billion

MICHAEL PRINCE FOR FORBES

Source: S.C. Johnson Family Members: At least 70 Samuel Curtis Johnson bought a parquet flooring company in 1886 and two years later developed a floor wax. Today S.C. Johnson owns brands like Windex, Shout, Ziploc and Raid. The family still fully controls the $11.2 billion (estimated sales) private company. Herbert Fisk Johnson III, great-great-grandson of the founder, is chairman and CEO. His sister Helen Johnson-Leipold is chair and CEO of Johnson Outdoors, a publicly traded company that sells scuba gear, camp stoves and tents.

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

8. Cathy

Net Worth: $33.6 billion Source: Chick-fil-A Hometown: Atlanta Family Members: At least 47 The first family of fried chicken has come a long way since S. Truett Cathy (d. 2014) opened the first Chick-fil-A in an Atlanta shopping mall in 1967. The 3,000-plus-location chain is run by his grandson Andrew, who succeeded his dad, Dan, as CEO in 2021. The restaurants rang up $6.4 billion in 2022 sales; next year Chick-fil-A is planning to open its first overseas location, in the U.K. The chain, which has traditionally been closed on Sundays, may have to tweak its policy for new contracts with seven locations along the New York State Thruway if a proposed state law requiring that rest stops offer food seven days a week passes.

9. Duncan

Net Worth: $30 billion Source: Pipelines Hometown: Houston Family Members: At least 13 Dan Duncan (d. 2010) started oil-and-gas pipeline company Enterprise Product Partners in 1968 with $10,000 and a couple partners. It has since ballooned into an enterprise that spans some

50,000 miles of pipelines and generates more than $58 billion in annual revenue. The partners are long gone, and Duncan’s fortune, which he left to his four children, has tripled since his death thanks to bountiful dividends and a soaring stock price. Randa Duncan Williams, his oldest child, has chaired the board since 2013 and is the only Duncan remaining with a role in the business.

10. Cox

Net Worth: $26.8 billion Source: Media Hometown: Atlanta Family Members: At least 37 Media giant Cox Enterprises includes Cox Communications (cable and broadband), Cox Automotive (Autotrader, Kelley Blue Book and Manheim) and newspapers including the Atlanta Journal-Constitution. Alex Taylor, the 49-year-old CEO, is the fourth generation of family members to lead the now $22.1 billion (sales) company. In July, James “Fergie” Chambers, a cousin of Taylor’s and a self-described communist, announced on social media that he had sold his shares back to the company to protest the family’s financial support of the Atlanta Public Safety Training Center, which trains police and firefighters.

Source: Anheuser-Busch Hometown: St. Louis Family Members: At least 21

16. Reyes

Net Worth: $19.9 billion Source: Food & beer distribution Hometown: Chicago Family Members: At least 39

17. Smith

Net Worth: $19.8 billion Source: Tools, banking Hometown: Chicago Family Members: At least 165

18. Millstone-WinterHeyman Net Worth: $19.2 billion

Source: Roofing, chemicals Hometown: New York Family Members: At least 17

19. Taylor

Net Worth: $19 billion Source: Enterprise Rent-A-Car Hometown: St. Louis Family Members: 14

20. Butt

Net Worth: $18.8 billion Source: Supermarkets Hometown: San Antonio, Texas Family Members: At least 56 MARCH 2024

13 LEADERBOARD

Net Worth: $24.8 billion

Net Worth: $18.5 billion

Hometown: Cincinnati, Ohio Family Members: Nearly 40

B. Wayne Hughes Jr., 2014

Source: Publishing, investments Hometown: New York City Family Members: At least 15

38. Simon Net Worth: $11.6 billion Source: Shopping malls Hometown: Indianapolis, Indiana Family Members: At least 43

22. Du Pont

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Net Worth: $18.1 billion Source: DuPont Hometown: Wilmington, Delaware Family Members: At least 3,500

39. Jenkins Net Worth: $11.2 billion Source: Supermarkets Hometown: Lakeland, Florida Family Members: At least 29

23. Dorrance

Net Worth: $17 billion Source: Campbell Soup Hometown: Camden, New Jersey Family Members: At least 87

40. Simplot Net Worth: $11.1 billion Source: Agribusiness Hometown: Boise, Idaho Family Members: At least 23

24. Brown

Net Worth: $16.5 billion

41. Johnson

Source: Jack Daniel’s Hometown: Louisville, Kentucky Family Members: At least 25

Net Worth: $10.5 billion Source: Mutual funds Hometown: San Mateo, California Family Members: At least 26

25. Kohler

Net Worth: $16.2 billion Source: Toilets, faucets Hometown: Kohler, Wisconsin Family Members: At least 20

26. Johnson

42. Rockefeller Net Worth: $10.3 billion

Net Worth: $16 billion

30. Crown

Source: Johnson & Johnson, New York Jets Hometown: New Brunswick, New Jersey Family Members: At least 8

Net Worth: $14.7 billion

Net Worth: $14.1 billion

Source: Defense, investments Hometown: Chicago Family Members: At least 24

Source: Banking Hometown: Pittsburgh Family Members: At least 200

27. (tie) Meijer

Net worth: $15.9 billion

31. Haslam Net Worth: $14.4 billion

Source: Supermarkets Hometown: Grand Rapids, Michigan Family Members: At least 18

Source: Truck stops, Cleveland Browns Hometown: Knoxville, Tennessee Family Members: At least 33

27. (tie) Marriott

32. (tie) Chao

Net Worth: $15.9 billion Source: Hotels Hometown: Bethesda, Maryland Family Members: At least 100

27. (tie) Stryker

Net Worth: $14.2 billion Source: Chemicals, building products Hometown: Houston Family Members: At least 21

Net Worth: $15.9 billion

32. (tie) Rollins

Source: Medical equipment Hometown: Kalamazoo, Michigan Family Members: At least 11

Source: Orkin pest control Hometown: Atlanta Family Members: At least 10

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

Net Worth: $14.2 billion

34. Mellon

35. Hughes

Net Worth: $13.8 billion Source: Self-storage Hometown: Glendale, California Family Members: At least 12

36. Bass Net Worth: $13.3 billion Source: Oil, investments Hometown: Fort Worth, Texas Family Members: At least 20

37. Farmer Net Worth: $12.5 billion Source: Uniforms

Source: Oil, investments Hometown: New York City Family Members: At least 200

43. Tisch Net Worth: $10.1 billion Source: Diversified Hometown: New York City Family Members: At least 47

44. Bechtel Net Worth: $10 billion Source: Construction, engineering Hometown: San Francisco Family Members: At least 8

44. Glazer Net Worth: $10 billion Source: Real estate, sports teams Hometown: Tampa Bay, Florida Family Members: 29

METHODOLOGY: We’ve excluded individual billionaires (and their widows, in certain cases) who are credited with the entire family fortune and appear on The Forbes 400 list of the richest Americans.

The number of family members is an estimate of the living descendants (and their spouses) of the fortune’s founder. Estimated fortunes were calculated using stock prices from January 16, 2024.

MARCH 2024

ERIC MILLETTE FOR FORBES

21. Ziff

REALIZE MORE

YEARS OF

REALIZING MORE

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For 40 years We have been realizing more for clients looking to us as a gateway to compelling Emerging Markets’ equities; for investors who want to deploy impact capital into renewables, healthcare, and education; for individuals who need lifestyle-enabling solutions; for businesses looking to unlock their full potential; for shareholders who require confidence in our growth strategies; for communities that need viable change to drive integrated sustainable development; and for people seeking to unlock their full growth potential, empowering them to fulfill their career aspirations.

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MARCH 2024

Billionaires

A Family Affair LVMH chief Bernard Arnault is tightening family control—meet the five heirs.

The year began in full swing at LVMH Moët Hennessy Louis Vuitton. Bernard Arnault, the chairman and CEO of the global luxury goods empire, appointed his 29-year-old son Frédéric as head of the company’s watch division, overseeing Hublot, TAG Heuer, and Zenith brands.

On January 25, 2024, the billionaire nominated Frédéric and his older brother Alexandre to sit on the company board in a move to secure long-term family control. They join their older siblings, Delphine and Antoine.

The youngest, Jean, is the only one not on LVMH’s board, yet five of Arnault’s children hold management positions at the luxury conglomerate.

The next day, on January 26, the 74-year-old overtook Elon Musk to become the world’s richest person. Forbes estimated that Arnault and his family’s net worth reached $207.8 billion after climbing $23.6 billion on that day. The French luxury goods tycoon was the world’s richest person for the first five months of 2023. As of February 15, 2024, Forbes estimated his real-time net worth to be $219.2 billion.

The boost in his fortune comes as LVMH shares soared on the back of posting high sales for 2023, recording a 13% organic growth to reach $93.29 billion (€86.2 billion).

As Arnault tightens family control, meet the siblings behind the LVMH empire.

• Delphine, Age: 48 Title: CEO and Chairman of Christian Dior Couture Arnault’s eldest daughter has been the chairman and CEO of Christian Dior Couture since February 2023. After serving as deputy managing director of F O R B E S M I D D L E E A S T.C O M

Chairman and Chief Executive of LVMH Bernard Arnault (C) poses for pictures with his wife Helene (C-L), and his children Antoine (3rd-R), Delphine (4th-R), Alexandre (L) and Frederic (2nd-L) during the inauguration of the Jean Arnault campus, named after his father, at the EDHEC business school in Roubaix on July 9, 2021.

the fashion label from 2008 to 2013, Delphine was appointed as executive vice president of Louis Vuitton, where she oversaw product-related activities. She has been a member of LVMH’s board of directors and the group’s executive committee since 2003.

• Antoine, Age: 46 Title: Image & Environment Officer at LVMH

Antoine has overseen the group’s image and environmental efforts since 2018. In November 2023, it was reported that he was stepping down as CEO of Berluti, but he remains chairman of the Italian shoemaker and Italian luxury label Loro Piana. He has also been the CEO and vice-chairman of the family holding company, Christian Dior SE, since December 2022. The second eldest also sits on the board of directors at LVMH.

• Alexandre, Age: 31 Title: Executive Vice President of Product and Communications at Tiffany & Co. Alexandre is the executive vice president of product and communications at Tiffany & Co., the American jeweler LVMH acquired for $15.8 billion in 2021. In 2017, he served as CEO of RIMOWA after LVMH acquired an 80% stake in the German suitcase maker for $692.7 million. Before joining his two older siblings at the luxury empire, he worked in strategic consulting at McKinsey & Company and in private equity at KKR in the U.S.

• Frédéric, Age: 29 Title: CEO of LVMH Watches Frédéric was promoted to head of LVMH Watches, effective January 1, 2024.

Before working for the family business, Frédéric worked at consulting firm McKinsey and at Facebook’s AI research division. In 2017, he joined TAG Heuer to manage its smartwatch activities. He was appointed chief strategy and digital officer in October 2018 before taking the helm as CEO of the Swiss watch manufacturer in July 2020.

• Jean, Age: 25 Title: Watch director of Louis Vuitton Arnault’s youngest son has been the director of watches at Louis Vuitton since September 2022. He was the director of marketing and development for the luxury giant’s watches division in August 2021. Before joining Louis Vuitton, Jean interned as an investment banking analyst at Morgan Stanley and interned at McLaren Racing.

MARCH 2024

BY SAMAR KHOURI ; PHOTO BY DENIS CHARLET / AFP

LEADERBOARD

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Arab Republic of Egypt Ministry of Civil Aviation The Egyptian Holding Company for Airports and Air Navigation Egyptian Airports Company Head of the Commercial Sector General Administration of Purchases and Financial Contracts

17 LEADERBOARD

BOT Project to Establish and Utilize the Investment Zone at Sharm El-Sheikh International Airport

The Egyptian Airports Company invites bidders to participate in an international public tender with the sealed envelopes system No (1/2023/2024).

Investors and companies with experience in similar ventures are invited to submit their technical and financial proposals for the development and operation of an investment zone project on the premises of Sharm El-Sheikh International Airport. The project is situated to the northeast of the airport on Al-Sal Road and spans 450,523 square meters. The scope of the project includes construction, management operation, marketing, and maintenance.

• Applicants are expected to demonstrate technical

competence, financial solvency, a stellar reputation, and distinguished experience in the management of investment initiatives. Examples of such initiatives include commercial and service projects, including tourist establishments, restaurants, cafeterias, hotels, tourist resorts, entertainment or amusement parks, recreational facilities, shopping malls, and other related activities.

The bidding requirements and specifications for this project package are available from now until March 28, 2024. Interested parties are required to submit a purchase request along with a nonrefundable fee of US$2,000 to the following address:

• The participation fee for the bidding process is set at US$50,000, as an initial insurance value.

• All bids are to be submitted to the headquarters of the Egyptian Airports Company no later than noon on June 10, 2024, Cairo time. On the same day, in the presence of representatives from the applicant companies, the bids will be opened for review.

Any bids received after the specified date will be automatically disqualified from consideration.

• Bids must be submitted in separate envelopes

(technical and financial), in adherence to the instructions outlined in the terms and specifications booklet, including the use of serial numbers.

• This announcement serves as a supplement to

the terms and specifications booklet and the procurement regulations of the Egyptian Airports Company.

Egyptian Airports Company Head of the Commercial Sector, General Administration of Purchases and Financial Contracts, Airport Road in front of the Ministry of Civil Aviation

Silhouette Engineering Consulting and Specialized Systems Company

Khaled Saadallah For enquiries, contact

info@silhouette-designs.com | hend.fouad@eac-airports.com F O R B E S M I D D L E E A S T.C O M

www.silhouette-consult.com

MARCH 2024

Mukesh Ambani (L), chairperson and founder of the Reliance Foundation, and his wife Nita Ambani (R), with their son Anant Ambani.

Billionaires

Meet The Richest Person On Each Continent

Here are the diverse faces of affluence from each corner of the world. Of the six billionaires listed, half have built their fortunes independently, earning them the label of self-made. Net worths are as of February 21, 2024, according to Forbes.

• Europe Bernard Arnault & family Net worth: $223.6 billion Citizenship: France At 74, Bernard Arnault heads the LVMH empire, which comprises 75 premier fashion and cosmetics brands like Louis Vuitton and Sephora. In 1984, he kickstarted his foray into luxury, using $15 million from his father’s construction fortune to acquire Christian Dior. Over the years, LVMH reached new heights, exemplified by the historic $15.8 billion acquisition of Tiffany & Co. in 2021, the largest luxury brand deal to date.

Arnault’s influence extends beyond fashion; his holding company, Agache, supports Aglaé Ventures, investing in tech giants such as Netflix and ByteDance, TikTok’s parent company. Arnault’s five F O R B E S M I D D L E E A S T.C O M

children all work at LVMH. In January 2024, the billionaire nominated his sons Frédéric and Alexandre to sit on the company board in a move to secure long-term family control.

• North America Elon Musk Net worth: $201.7 billion Citizenship: U.S. Elon Musk, the world’s secondrichest person, has cofounded six enterprises, including Tesla, SpaceX, and the Boring Company. Holding around 21% of Tesla, the 52-year-old selfmade billionaire has pledged over half for personal loans up to $3.5 billion.

In 2023, SpaceX’s value skyrocketed to nearly $150 billion, experiencing a fivefold increase in four years. The Boring Company, which is

dedicated to tackling traffic issues, achieved a $5.7 billion valuation after securing $675 million in April 2022.

Musk’s strategic moves unfolded further when he disclosed a 9.1% stake in Twitter, leading to a $44 billion acquisition in April 2022, which was finalized in October 2022 amidst legal challenges. Renamed X, Musk now commands an estimated 74% of the company. On January 30, he announced that his neurotechnology startup Neuralink had implanted the first brain device in a human, citing “promising” initial results.

• Asia Mukesh Ambani Net worth: $114.1 billion Citizenship: India Mukesh Ambani, aged 66, leads the $118.6 billion revenue

• Australia Gina Rinehart Net worth: $30.3 billion Citizenship: Australia Gina Rinehart forged her wealth in iron ore, inheriting her father Lang Hancock’s legacy and resurrecting his financially troubled company, Hancock Prospecting, in 1992. The cornerstone of Hancock’s assets is the Roy Hill mining project, commencing shipments to Asia in 2015, with Rinehart successfully eliminating the $7.2 billion debt incurred for its realization.

Beyond iron ore, the 70-year-old billionaire has diversified investments in rare earth minerals and the gas sector and holds the position of Australia’s second-largest cattle producer, managing properties nationwide. In December 2023, Hancock Prospecting, in collaboration with Chilean mineral company SQM, pursued a joint $1.1 billion bid for the acquisition MARCH 2024

BY JAMILA GANDHI; PHOTO BY RELIANCE / AFP

LEADERBOARD

18

giant Reliance Industries as its chairman. Initially established in 1966 by his late father, Dhirubhai Ambani, a textile manufacturer, the conglomerate now spans petrochemicals, oil and gas, telecom, retail, and financial services. Following his father’s passing in 2002, Mukesh and his younger sibling Anil partitioned the family empire.

Notably, Reliance’s Jio, a telecom and broadband service, boasts over 450 million subscribers, and in August 2023, the finance arm, Jio Financial Services, went public.

During the pandemic lockdown, Ambani secured over $20 billion by selling a third of Jio to prominent investors such as Facebook and Google.

Ambani’s strategic shift towards green energy involves an $80 billion investment over a span of 10-15 years, focusing on renewable energy and a new complex adjacent to its refinery. The billionaire’s three children joined Reliance’s board in August 2023, each spearheading specific sectors.

• South America

Economy

In Numbers: Extreme Wealth Vs Corporate Power The divide between the rich and poor has become even more pronounced since the global pandemic.

Eduardo Saverin Net worth: $26.1 billion Citizenship: Brazil Eduardo Saverin—the 41-year-old who cofounded Meta Platforms (formerly Facebook) alongside Mark Zuckerberg in 2004—has transitioned into the realm of venture capitalism. Despite his shift in focus, Saverin predominantly sustains his wealth through a small yet valuable stake in Meta.

In 2016, he ventured into the investment landscape, establishing B Capital with Raj Ganguly, a veteran from BCG and Bain Capital, now managing $6.5 billion in assets. The fund made headlines in July 2022 by securing $250 million to fuel early-stage startup investments. Originally from Brazil, Saverin renounced his U.S. citizenship in 2012, becoming a Singapore resident ahead of Facebook’s IPO. Apart from his entrepreneurial pursuits, the selfmade billionaire boasts a background as a competitive chess player from 1997 to 2001.

• Africa Aliko Dangote

BY SYED SADAIN GARDAZI

Net worth: $13.3 billion Citizenship: Nigeria Aliko Dangote is the founder and chairman of Dangote Cement, Africa’s leading cement producer. Through a dedicated holding company, he commands an 85% stake in the publicly traded Dangote Cement, renowned for its annual production capacity of 52 million metric tons and operations spanning 10 African countries.

In March 2022, a long-awaited milestone was achieved with the commencement of operations at Dangote’s fertilizer plant in Nigeria.

The Dangote Refinery, initiated in 2016, started production in January 2024, reinforcing Dangote’s influence in the industrial landscape.

The 66-year-old self-made billionaire’s grandfather traded rice and oats in Kano, Nigeria’s secondlargest city.

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

The fortunes of the world’s five wealthiest people have surged by a massive 114% since 2020, rising from $405 billion to $869 billion by the end of November 2023 at a rate of $14 million per hour. In stark contrast, around five billion people, representing 60% of the global population, have become poorer during the same period, facing hardship and hunger.

Oxfam’s recent report titled “Inequality Inc.” highlights a grave disparity between billionaires and the working class and explores the correlation between extreme wealth and corporate power. It reveals that even though the rich countries in the global north account for 21% of the global population, they are home to 69% of the global private wealth and 74% of the world’s billionaire wealth.

Rapidly rising billionaire wealth is deeply connected with rising corporate power as the profits reaped by mega-corporations are used to benefit shareholders at the cost of the working class and ordinary people. The wealthiest 1% own 43% of all global financial assets; this inequality is even more in certain regions: 47% in Europe, 48% in the Middle East, and 50% in Asia are controlled by the top 1%. In 2022, the top 50 U.S. billionaires held 75% of their wealth in the form of equities in the firms that they head.

Seven out of ten of the world’s biggest publicly-listed corporates have a billionaire either as the CEO or a principal shareholder, and cumulatively, these corporations’ total market cap is worth $10.2 trillion - equaling the combined GDP of all Latin American and African countries.

The voting rights held by principal shareholders allow them to vote in the CEO and board of directors’ selection process. This control is used for the further expansion of corporate power by increasing market concentration and monopoly, and this deepened corporate power is used BlackRock, State for profit maximization. Over 11% of the global billionaires Street, and Vanguard have either run for office or become politicians. cumulatively manage Meanwhile, the monopoly power of corporations has close to one-fifth of all been deepening, with 60 pharmaceutical companies assets under management consolidating into ten giant “Big Pharma” firms between worldwide, worth around 1995 and 2015, two international companies currently $20 trillion. controlling over 40% of the global seed market, “Big Tech” firms Meta, Alphabet, and Amazon, dominating three-quarters of the global online advertisement market, and over 90% of online searches worldwide being done The world's five wealthiest via Google. Private equity firms have also followed similar people got 114% richer practices with the “Big Three” index fund managers— between 2020 and BlackRock, State Street, and Vanguard—cumulatively November 2023. managing close to one-fifth of all assets under management worldwide, worth around $20 trillion.

The report terms monopolies and billionaires as Five billion people –60% two sides of the same coin, saying that the latter is of the world– become much more common in sectors with a higher degree poorer between 2020 and of monopoly power. Examples include LVMH CEO and November 2023.

Chairman Bernard Arnault (luxury market), Amazon’s Executive Chairman Jeff Bezos (e-commerce), Nigerian businessman Aliko Dangote (cement), Julio Ponce Lerou (lithium), and Softbank Chairman and CEO Masayoshi Son The wealthiest (semiconductors, etc.).

1% own 43% of all global Oxfam warned that if these trends continue, the world financial assets. could have its first trillionaire within the next ten years, while it could take 229 years to eradicate poverty.

$20T

114% 60%

43%

MARCH 2024

19 LEADERBOARD

of lithium outfit Azure Minerals in Western Australia. However, Rinehart has grappled with a protracted legal dispute with her children, John and Bianca, revolving around the family trust. In September 2023, amid the legal turmoil, Hancock Prospecting revealed $5.44 billion in trust accounts.

Economy

Snapshot: Wealth Contribution from New BRICS Members

The Arab world’s biggest economies are now members of the elite group aiming to promote peace, security, development, and cooperation.

In January 2024, the BRICS bloc added new financial power and geopolitical clout to the union with the inclusion of the three biggest Arab economies in terms of GDP at current prices—Saudi Arabia, the U.A.E., and Egypt—alongside other new members Iran and Ethiopia, doubling the bloc’s membership to 10 countries. The original members include Brazil, Russia, India, China, and South Africa.

The total investable wealth currently held in the BRICS bloc amounts to $45 trillion, and its millionaire population is estimated to rise by 85% over the next 10 years, according to a report released in January by Henley & Partners in partnership with New World Wealth.

With the inclusion of the new MENA countries, the BRICS bloc now represents more than 45% of the world’s population, accounting for nearly 36% of global GDP, narrowly exceeding the 30% of the G7 countries when adjusting for purchasing power parity.

The U.A.E.’s millionaire population has surged 77% since 2013 and is now home to 116,500 millionaires, including over 300 centi-millionaires. Saudi Arabia and

BRICS’s Big Numbers • 1.6 million BRICS millionaires • 4,716 BRICS centi-millionaires • 549 BRICS billionaires Source: New World Wealth. Data as of December 2023.

Ethiopia have also seen robust growth in private wealth, with their millionaire populations rising by 35% and 30%, respectively.

The other BRICS countries have seen a decline in their millionaire populations since 2013, plunging 20% in South Africa, with a 38% drop in HNWIs in Iran. Approximately 15,600 U.S.-dollar millionaires live in Egypt, 22% down on its 2013 HNWI population. Brazil and Russia saw a 28% and 24% decline in HNWIs, respectively.

BRICS’s HNWIs

Through the formation of the union, BRICS countries aim to reduce their dependency on the U.S. dollar and foster a multipolar world in which the global south plays a more central role, ushering in a new era of economic and geopolitical cooperation.

With substantial sovereign wealth funds, the U.A.E and Saudi Arabia are poised to stimulate growth in the BRICS bloc through strategic investments, trade, and commerce. The Saudi Ministry of Finance projects 4.4% real GDP growth in the 2024 financial year, and the Central Bank of the U.A.E. anticipates 8.1% growth in oil GDP and 4.7% in non-oil GDP in 2024.

India is projected to lead the BRICS pack in private wealth growth, with a forecasted 110% increase in wealth per capita by 2033. Saudi Arabia follows suit, with its wealth per capita expected to expand by over 105% in the next 10 years, followed closely by the U.A.E. at 95%.

China, Ethiopia, South Africa, and Egypt are all forecasted to enjoy wealth growth of 85%, 75%, 60%, and 55%, respectively, in the next decade.

Millionaires

Centi-millionaires

Wealth growth (%) from

(+ $1M)

(+$100 M)

2013 to 2023

• China

862,400

2,352

92%

• India

326,400

1,044

85%

• Russian Federation

68,400

409

-24%

• U.A.E.

116,500

308

77%

• Brazil

82,400

210

-28%

• Saudi Arabia

58,300

195

35%

• South Africa

37,400

102

-20%

• Egypt

15,600

52

-22%

• Iran

11,900

40

-38%

• Ethiopia

2,700

4

30%

Total BRICS

1,582,000

4,716

54%

Country

BY SAMRA AHMED

LEADERBOARD

20

Source: New World Wealth. Data as of December 2023.

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

MARCH 2024

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Flex Your Space, Rent Grace!

MARCH 2024

21

Economy

Gulf SWFs Invest Big In 2023 Here’s a look at some of the biggest deals by MENA’s most active sovereign wealth funds in 2023.

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Saudi Arabia’s Public Investment Fund (PIF) was a major investor in 2023, with $31.6 billion deployed across 49 deals.

• Qatar

The GCC’s assets under management reached an all-time peak of $4.1 trillion in 2023, with a transaction value of $82.3 billion, according to Global SWF’s Annual Report 2024. The 19 sovereign wealth funds in the Gulf are predicted to collectively hold $7.6 trillion in assets by 2030, and if pension funds and central banks from the broader MENA region are considered, this could reach $11.2 trillion.

Saudi’s Public Investment Fund, the Qatar Investment Authority, and the U.A.E.’s Abu Dhabi Investment Authority, Mubadala, and Abu Dhabi Developmental Holding Company were among the top 10 most active dealmakers globally in 2023.

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

• U.A.E. In August 2023, the acquisition of Univar Solutions by Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) for $8.2 billion was the U.A.E.’s largest M&A deal of the year, according to EY’s MENA M&A Insights. In June, Blackstone and ADIA completed the acquisition of Cvent Holding for $4.6 billion.

In September 2023, ADIA and British Columbia Investment Management Corporation committed $2 billion in equity to the newly formed Overland Advisors

by Centerbridge and Wells Fargo, focused on lending to midsized companies in North America. In the same month, Mubadala announced that it was investing $1 billion in Blue

Owl Capital’s lending strategy platform, which provides financing solutions for tech companies.

In December 2023, Dubai established the Dubai Investment Fund as an independent public entity operating on a commercial basis. It will invest Dubai government funds, surpluses, and general reserves locally and globally and own shares in public service companies like the Dubai Electricity and Water Authority, Salik, and Dubai Taxi.

• Saudi Arabia Saudi Arabia’s Public Investment Fund (PIF) was a major investor in 2023, with $31.6 billion deployed across 49 deals, a 33% increase compared to 2022, according

The Qatar Investment Authority (QIA) spent 2023 managing national giants like QNB Group, Ooredoo, Qatar Airways, Mwani Qatar, Qatari Diar, and Nebras Power.

In June 2023, it acquired a minority stake in Japan’s Kokusai Electric Corporation through its subsidiary, Qatar Holding. In August, the sovereign fund bought a 2.7% stake in Adani Green Energy for nearly $474 million.

A month later, QIA led the $468 million Series D funding for Ascend Elements to accelerate the production of recycled EV battery materials.

In November, it announced a $50 million investment in Clove Dental, India’s largest tech-enabled-dentalplatform.

In January 2024, on the opening day of the World Economic Forum Annual Meeting in Davos, QIA’s CEO Mansoor Ebrahim Al-Mahmoud stated that tech and healthcare will be key focus sectors in 2024.

MARCH 2024

BY SARA JUNAID ; BADER OTABY, SHUTTERSTOCK.COM

22

to Global SWF. Its report forecasts that by 2030, when projects like THE LINE, Oxagon, Sindalah, Trojena, Qiddiya, ROSHN, and Diriyah are all completed, PIF’s AUM could be boosted by “tens of billions.”

In March 2023, PIF launched Riyadh Air, a new Saudi Arabian airline. In July 2023, PIF-owned Savvy Games Group completed the acquisition of the U.S. mobile games developer Scopely for $4.9 billion. In November 2023, PIF entered into a share purchase agreement to acquire a 10% stake in FGP TopCo, the holding company of Heathrow Airport Holdings Ltd, from Ferrovial S.A. In the same month, it acquired Standard Chartered’s aircraft leasing division acquisition for $3.6 billion through AviLease.

LEADERBOARD

23

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

MARCH 2024

Startups

Year In Review: MENA Startups Struggle Despite Strong Headline Figures Despite positive headlines, last year wasn’t a good one for MENA startups seeking funding.

The headlines might paint a rosy picture of growth in MENA’s startup scene, which secured $4 billion in funding throughout 2023, marking a modest 1.7% year-onyear increase, according to a recent Wamda report.

However, nearly half of that figure, or $1.8 billion, came from debt, which surged 257%. Stripping away this borrowed cash, we see a 35% plunge in actual investment compared to 2022, dropping the true figure to $2.25 billion.

Deal activity across the region mirrored the funding trend, declining 27% in 2023. This downturn affected all markets, with Egypt experiencing the most significant drop, witnessing a 50% reduction in the number of completed transactions compared to the previous year.

However, bright spots emerged in Saudi Arabia, Morocco, and Oman as they bucked the trend and saw a notable increase in investment for the year.

Saudi Arabia, the U.A.E., and Egypt continue to dominate the landscape, with a combined 98% of all investments and 75.6% of all transactions in the region last year. Here’s a peek at their performances.

Investments by country • Saudi Arabia Investment: $2.3 billion • (Up 159%) Deals: 145 Saudi Arabia emerged as the top geography to receive investment in MENA in 2023, receiving 57.5% of the total investment, according to F O R B E S M I D D L E E A S T.C O M

with 44 deals worth $591 million, followed by mobility, which scored five deals worth $58 million, and esports/ gaming with 10 deals worth $45 million.

• Egypt Investment: $608 million (Down 17%) • Deals: 90

In 2023, Egypt-based MNT-Halan joined the unicorn club after the company’s valuation hit the $1 billion mark.

Wamda. The report also showed that investment in Saudi Arabia-based startups jumped by 159%, including debt-financed deals, while debt-free investment grew by 47.7%. However, the total deals declined from 154 deals in 2022 to 145 deals last year.

Fintech dominated dealmaking in Saudi Arabia last year, attracting 30 deals valued at $1.7 billion.

Foodtech followed closely with 16 deals securing $196 million, while e-commerce saw four deals totaling $156 million.

A recent report by MAGNiTT showed that four of the top five largest disclosed deals in MENA in 2023 are headquartered in Saudi Arabia, including Tamara, Tabby, Floward, and Nana. Also, Tamara and Tabby joined the unicorn club

last year with a valuation of $1 billion and $1.5 billion, respectively.

• U.A.E. Investment: $977 million• (Down 47%) • Deals: 211 The U.A.E. led the region in terms of the number of deals at 211. However, funding for U.A.E.-based startups plummeted by 47%, including debt, while debtfree investment declined by 65% in 2023 compared to the previous year, according to Wamda.

While the U.A.E.’s VC plummet mirrors investors flocking to Saudi Arabia, it’s not an apocalypse for its startups. The dramatic decline likely reflects a regional shift rather than a mass exodus of startups.

Fintech reigned supreme,

Despite winning the bronze medal in MENA for VC investment last year, Egypt’s funding hit a rough patch, plummeting 17% to $608 million compared to 2022.

The number of deals also halved from 180 deals in 2022 to 90 deals last year, according to Wamda, as the ecosystem faces strong economic headwinds that need navigating.

Egyptian startups might face a funding winter in 2024 as jitters over the economic climate rise. Concerns about inflation, currency fluctuations, and broader market instability could put a damper on investment activity, making it a tough year for the Arab country’s startups to secure funding.

Super apps dominated the scene, scoring just three deals but pulling in a massive $530 million, leaving healthtech in the dust with its $26 million spread across 14 deals.

Fintech held its own, racking up 19 deals of $12 million. In 2023, Egypt-based MNTHalan joined the unicorn club after the company’s valuation hit the $1 billion mark.

Despite challenges faced by some MENA startup hubs, the region’s ecosystem remains dynamic, with its future trajectory hinging on navigating regional shifts and economic uncertainties.

MARCH 2024

BY MUHAMMAD ADDAM; IMAGE FROM SOURCE

LEADERBOARD

24

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

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here is more to a vacation in the Maldives than just relaxing on a beach, and at the all-inclusive premium resort of Angsana Velavaru Maldives, the ultimate bucket list of curated experiences awaits.

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Known as the perfect island destination playground, Angsana Velavaru is just a 40-minute seaplane journey from Velana International Airport and is located in an expansive lagoon in the virtually untouched South Nilandhe atoll. Surrounded by sparkling turquoise waters and ocean views as far as the eye can see, this vibrant tropical getaway offers 79 beach-front private villas and a cluster of 34 InOcean Villas—the first standalone collection of water villas in the Maldives, perched one kilometer from the main island.

Discover 101 Things To Do • Cultural exploration Guests can explore local traditions, cuisine, and crafts as they uncover the hidden gems of the atoll and enjoy opportunities to connect with the local community. Private local island tours include a visit to Rinbudhoo, also known as “Jewellers’ Island,” which is home to some of the Maldives’ most talented silversmiths and goldsmiths.

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www.angsana.com MARCH 2024

25 LEADERBOARD

From culinary experiences to cultural excursions there are 101 Things to Do at Angsana Velavaru Maldives.

CONTRARIAN • INNOVATION

By Jeremy Bogaisky

C O N T R A R I A N • I N N OVAT I O N

26

Photograph by Jamel Toppin for Forbes

Hungry for Growth Fred and Gene Clark have devoured a fifth of the $18 billion industry by following the Amazon playbook. Now they’ve cooked up a plan for greater growth.

O

On a snowy January morning in Lancaster, Pennsylvania, a flat-screen monitor in a former Mennonite elementary school displays the vital signs of WebstaurantStore, which, excepting produce, sells everything a restaurant might need, from $25,000 walk-in freezers to 15-cent takeout containers. Business is booming. By 9 a.m., WebstaurantStore, the F O R B E S M I D D L E E A S T.C O M

Internet storefront of Clark Associates, a 53-yearold family-owned firm, has already rung up $800,000 in sales. It bagged $8.6 million the day prior.

In a former classroom nearby which still has a chalkboard on the wall, employees run demand projections to ensure Clark’s warehouses remain well-stocked with 35-pound buckets of peanut butter, boot-shaped beer mugs and the rest of the 420,000 products the website offers. It’s a struggle to keep up. Clark Associates’ sales have ballooned from $80 million in 2009 to $4 billion

The Wizard’s Apprentices Fred Clark (center) says handing off Clark Associates to his son, CEO Gene Clark (right), and protégés like COO David Groff (left) was the “hardest thing I ever did in my life.”

MARCH 2024

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

HOW TO PLAY IT

By William Baldwin There is a movement afoot, beginning in progressive states, to force up the wages of restaurant workers.

Bad news for the corner pizzeria, and probably bad news for the company that sells it napkins and saucepans, but good news for the manufacturers of food processing equipment.

Surviving restaurants will be axing employees and spending more on automation.

Take a look at Middleby, which makes everything from conveyor belt ovens that produce 74 pizzas an hour to robotic bread baking machines.

On the side, it sells $6,100 Viking ranges to home chefs. The stock is up 25,100% over the past 30 years but remains cheap at 14 times expected 2024 earnings. e.

William Baldwin is Forbes’ Investment Strategies columnist.

By 2004, of course, Amazon had already transformed how Americans shop, but change has come much slower to the food world, where restaurateurs have customarily met face to face with salespeople from local distributors. Getting the right equipment in the right configuration isn’t simple, leading to distributors that specialize in niches like school cafeterias, family restaurants or big venues like stadiums and theme parks.

Does your fridge need glass doors so cooks can see inside, or should it be solid, with better insulation? Casters or legs? Is your restaurant in a humid spot like Houston? Compressor on top?

Or on the bottom?

To combat the confusion, the Clarks have produced hundreds of detailed buying guides to walk customers through their choices, with highfidelity images and video shot in-house. Still have questions? Pick up the phone. The company has a well-trained support staff of 400.

Another advantage: low prices. Clark Associates’ sheer scale gives it leverage with manufacturers. “Their purchasing ability versus the others is extreme,” says Robin Ashton, a wellknown industry consultant.

It has also invested heavily in building a lineup of private-label items, which now account for roughly 20% of its offerings. That includes basics like paper plates and frying pans but also cheap appliances like fridges, convection ovens and kegerators. There have been rumblings about equipment quality—leading to a reputation as “the disposable brand,” says Crystal Weaver, who owns coffee shops in Lancaster. “They don’t tend to last as long.” (The company insists it hasn’t found a major difference in defect rates between its private-label equipment and other brands.)

But for many restaurants operating on razor-thin margins, saving pennies today might matter more than a repair bill tomorrow.

For many years, WebstaurantStore’s core customers have been mom-and-pop restaurants and small-scale operators. But fast-food chains have taken notice after franchisees started buying items on the site that were cheaper than what the parent company’s suppliers offered.

“We were starting to get calls from these chains saying, ‘Can I talk to your national accounts division?’ ” Gene Clark says. “And at the time I was like, ‘Well, we don’t have one.’ ” They do now. Clark Associates is working with Domino’s, Chick-fil-A, Subway and Disney.

So far, it’s supplying them only with smaller items like cookware, kitchen implements and disposable items such as napkins and cups. But it has made equipment sales to smaller chains MARCH 2024

27 C O N T R A R I A N • I N N OVAT I O N

today—an eye-popping growth rate of 32% a year. Over the same period, employee headcount has gone from 350 to 7,000. Hence buying the ele­mentary school. “We were desperate for space,” says Clark’s CEO, Gene Clark.

Clark, 39, took the helm in 2020 from his father, Fred, a blunt-talking 65-year-old former electrician and self-taught businessman with a penchant for bucking conventional wisdom.

In particular, everyone thought restaurant equipment was too complicated to sell effectively online. A standard two-door refrigerator, for instance, can be configured 150 ways, depending on if you run a busy seafood joint or sleepy neighborhood cafe. Fred disagreed—and it paid off handsomely.

Before WebstaurantStore launched in 2004, Clark Associates was one of hundreds of regional distributors of restaurant equipment and supplies. It also built commercial kitchens and operated a small chain of brick-and-mortar stores. WebstaurantStore, which accounted for more than 80% of the company’s revenue last year, has transformed it into the industry’s behemoth. Clark Associates has taken roughly 20% of a U.S. market worth at least $18 billion, mostly by marrying its digital storefront with a warehouse network and a “pick-and-pack” system that enables it to make deliveries nationwide within one or two days. By 2022, Clark’s revenues were roughly a billion dollars ahead of its closest competitor, Trimark USA, according to a ranking in the trade publication Foodservice Equipment & Supplies.

The Clarks say they’ve done it without a penny of outside capital, funding expansion by reinves­ ting profits, with a modest $275 million in bank debt now. Like any distribution business, profits haven’t been fat—experts estimate them to be under 20% gross—especially given its reliance on e-commerce compared to the value-added design services that make up a greater portion of competitors’ business. But it has been enough to turn the Clarks into a billionaire family. Gene and Fred own most of Clark Associates, which conservatively is worth some $1.2 billion. Three other executives hold small stakes.

“This was never a master plan,” says Fred, sitting in the bright, white-tiled breakroom at headquarters, a quarter-mile down the road from the nerve center in the elementary school. The all-important WebstaurantStore, for instance, began life as a summer project for Gene, a college student at the time, who snapped pictures of a few hundred products while home on break.

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DUTCH DELIGHTS

An hour’s train ride from Philadelphia, the Clarks’ hometown, Lancaster, is also home to America’s largest Amish community, Franklin & Marshall College and the Dutch Wonderland theme park, which was owned by relatives of the Clarks until 2001. “It’s not a big city,” Gene Clark says, “but it has a ton to offer.”

Here are a few of his favorites.

Fulton Theatre Catch a production of Charlie and the Chocolate Factory or Tuesdays with Morrie at this theater, which was founded in 1852. The Fulton has featured the likes of Mark Twain and silent film star Sarah Bernhardt. “It’s a gem,” Gene says.

Bird-in-Hand Family Restaurant & Smorgasbord Feast on homemade pot pies, meatloaf and roast turkey at Gene’s pick for traditional Amish fare, located just outside town on a site that dates to the 1700s.

Lancaster Country Club If you’re lucky enough to know a member, tee it up at this 18-hole William Flynn– designed masterpiece. If not, no worries.

Snag some tickets to the 2024 U.S. Women’s Open this May and watch the LPGA pros take a swing at it.

Cabalar Meat Company Pop into this combination butcher shop and burger joint in the city’s historic district for a patty melt or pastrami sandwich made with local meats and produce. “When it comes to a great burger, look no further.”

it had a staff of four housed in a plywood shack inside the Lancaster Restaurant Store warehouse.

They filled orders from store shelves.

Most restaurant supply companies were tiny, operating with small margins. They were in no position to experiment with online sales. One company that did take the internet seriously, Denver-based FoodService Warehouse, imploded in 2016 after aggressive overexpansion.

Competitors drew the wrong lesson—that online sales didn’t work—says Steve Leaman, who runs the Restaurant Store. “People were asking when WebstaurantStore would go away, too.”

After stepping back to become chairman in 2020, Fred Clark says he knew he had to find something to do to stay out of his son’s hair. His idea of retirement? Build new businesses to supply Clark Associates.

He’s spooling up three small, heavily automa­ted plants in Maryland to produce toilet paper, paper towels, cups and napkins. The aim is to onshore production of items Clark Associates currently sources overseas, and at lower cost. “I love the game,” he says. “I’m not stopping.”

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“E-COMMERCE IS NOT AN INDUSTRY. E-COMMERCE IS A TACTIC.” —Tobias Lütke

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including Duck Donuts—and the Clarks are keen on the market. The top 500 chains account for roughly 60% of U.S. food-service sales, according to the consultancy Technomic.

And Gene Clark is looking beyond the kitchen.

The company is studying if it can use the WebstaurantStore infrastructure to sell some of its products—janitorial supplies, say—to other industries.

“A griddle. . . . Only so many places need that,” he says. “A mop bucket, boy, show me a commercial address that doesn’t use one of them.”

But the competition isn’t standing still. The restaurant supply industry has been consolida­ ting, with food distribution giant Sysco buying Clark’s second-largest competitor, Edward Don, in December. Then there’s Amazon itself: The internet’s biggest retailer sold a half-billion dollars of restaurant equipment and supplies in 2022, according to Barry Friends of Pentallect, an industry consultancy. Fred Clark isn’t worried.

“We’re a little pimple to what Amazon does,” he says. “But what we do in our pimple, we’re really good at.”

Fred went to work at his father and uncle’s electrical contracting company—the first incarnation of Clark Associates—in 1976 after “barely” graduating from high school. He was a disinterested student. “School was standing in the way of me and making money.”

Tourists began flocking to the Lancaster area in the 1970s to see the Amish, and they needed somewhere to eat. Large family-style restaurants sprang up in the area, and the Clarks developed a healthy business repairing and servicing their appliances.

Sometimes they needed to be replaced. A young Fred started driving the 80 miles to Philadelphia, trucking back stoves and other equipment. As sales gathered steam, he opened the Restaurant Store in 1993, selling appliances, pots and pans and tableware in Lancaster; there are now 11 locations clustered in the Mid-Atlantic that the company expects to bring in $320 million in sales this year.

Gene Clark, whose office is a cubicle in the back of the Lancaster Restaurant Store identifiable only by the CEO nameplate on his desk, says they could easily take hundreds of millions from a privateequity firm to finance their brick-and-mortar expansion plan into Florida. Outside money would let them open a dozen new stores in two years rather than ten. He won’t take it. “We’re going to grow within our cash flow.”

That has also been the approach with WebstaurantStore. When it went live in 2004,

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Making Waves In The Maldives Elevated Japanese cuisine meets eco-minded design at Madi Hiyaa, a spectacular new restaurant at Banyan Tree Vabbinfaru.

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he worlds of cutting-edge cuisine and sustainable design are in perfect harmony at Madi Hiyaa, one of the Maldives’ newest architectural icons. A dining destination in its own right, Madi Hiyaa overwater restaurant is located at Banyan Tree Vabbinfaru resort in the North Malé Atoll, just 25 minutes by speedboat from Velana International Airport.

Taking its name from the local Dhivehi language, where Madi symbolizes “ray,” and Hiyaa signifies “shelter,” this captivating restaurant and bar resembles the majestic rays of the Indian Ocean. When viewed from the resort and from above, its striking design echoes the sinuous shape of these graceful creatures of the deep, creating a one-of-a-kind destination for gourmets and design aficionados alike.

Sustainable Design Award-winning Dutch architects Nomadic Resorts played a vital role in bringing Madi Hiyaa to life, incorporating their innovation, expertise, and environmentally responsible design into this groundbreaking project. Deeply

in tune with its surroundings, the eco-minded restaurant and bar has been meticulously crafted entirely from bamboo, seamlessly blending sustainable design credentials with contemporary influences.

Rising above the waters of the Indian Ocean, Madi Hiyaa is reached via a timber boardwalk extending out from the sand, adding to the sense of arrival and anticipation. A standout feature of the restaurant is the wraparound saltwater infinity pool that encircles the dining room, inviting guests to soak up breathtaking sea views and panoramic sunsets as they lounge in oversized hammocks and cushioned day beds.

Culinary Artistry Madi Hiyaa’s expert culinary team artfully combines time-honored Japanese cooking techniques with locally sourced Maldivian ingredients to craft an exquisite gastronomic experience that is rooted in the destination. Signature tastes include the local yellowfin tuna with pandan, coconut, and yuzu; sashimi of freshly caught reef fish; and smoky yakitori skewers

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of tiger prawns, reef fish, or wagyu beef. To finish, guests can indulge in feather-light Japanese cheesecake, matcha tiramisu, or tropical fruits that have been grown organically.

For the ultimate culinary journey, the Madi Hiyaa Omakase menu showcases the finest Maldivian ingredients, prepared with Japanese flair, celebrating the finest local fish and seafood, and freshly harvested herbs from the resort’s abundant garden. A dedicated sommelier and mixologist further elevate the experience, with expert grape and cocktail pairings.

Barefoot Luxury Madi Hiyaa joins the resort’s Ilaafathi restaurant, a casual all-day venue that promises international flavors and toes-in-the-sand dining in a relaxed alfresco setting, and Naiboli Bar, a chic beachfront bar serving expertly crafted cocktails enhanced with local tropical fruits.

Within easy reach of the Middle East, and just a short speedboat ride from Malé, Banyan Tree Vabbinfaru promises the epitome of barefoot luxury, featuring palm-shaded villas with private pools, an awardwinning Asian-inspired spa, and curated adventures above and below the waves.

banyantree.com MARCH 2024

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PRO M OTI O N

Small Steps To Big Success 30

Leila Serhan, Senior Vice President and Group Country Manager, North Africa, Levant, and Pakistan at Visa, shares the impact that the She’s Next initiative is making on the lives and businesses of women entrepreneurs.

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Leila Serhan, Senior Vice President and Group Country Manager, North Africa, Levant, and Pakistan at Visa

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

elebrated for their resilience and optimism about success, women entrepreneurs are a significant part of a business environment, fostering equitable growth and national economic progress.

However, this quest for financial freedom is not without its challenges, including limited access to finance and gender inequality.

In response to these challenges, Visa created She’s Next, a global platform dedicated to helping women entrepreneurs fund, run, and grow their small businesses.

Today, the She’s Next program has been launched in many countries across the world as part of Visa’s efforts to empower women entrepreneurs one step at a time.

By focusing on the need to enhance access and prosperity for global communities, She’s Next works by offering education, mentorship, and funding to women entrepreneurs. As commerce undergoes significant transformation, women entrepreneurs, like their male counterparts, need to focus on how to take advantage of shifting business trends.

According to Visa’s Global Back to Business study, small and micro businesses (SMB) are expected to target geographical expansion through the use of innovative

MARCH 2024

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In Morocco, 71% of women entrepreneurs believe digitization that can help them transition to a cashless business is a great opportunity

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digitization strategies by 2024.

In simple terms this means SMEs will opt for digital solutions to sell globally, obtain new customers, and reduce costs. All of these are opportunities that women entrepreneurs must leverage and accepting digital payments, providing faster checkout, and ensuring they embrace enhanced security are all elements that will enable them to achieve geographical expansion.

To understand firsthand what motivates women specifically, Visa ran its first Women SMB Digitization Index in conjunction with She’s Next 2023. This survey revealed key aspects of the entrepreneurial journey and identified empowerment strategies. The Index showed that while most women entrepreneurs were on the right path to growth and were aware of the various digital tools available to provide the right footing to their businesses, they still needed funding, education, and mentorship to accelerate their efforts. In Morocco, 71% of women entrepreneurs believe digitization that can help them transition to a cashless business is a great opportunity. This sentiment is echoed by 68% of women in Egypt and 67% in Pakistan.

I am so proud that in the region I represent for Visa, She’s Next has successfully contributed to developing the business environment for women in Egypt, Morocco, and Pakistan and we have seen an incredibly impressive caliber of applicants come through this program. The high number of applicants underscores the need for programs like She’s Next. In Egypt we saw a jump of more than 25x in applications from 2023 over

2022, and in Pakistan where we launched for the first time this year, we had almost 2,500 applicants.

Besides the number of entries, the caliber of winners was also impressive. Winning entries included innovative, sustainable, and educational causes, with an underlying commonality: the immense potential to scale new heights A particular case in point: Neolli, one of the winners of She’s Next Morocco 2022, received a grant award for $10,000 in 2022.

In 2023, Visa extended its support to Neolli through a social impact grant worth $30,000. Through the grant, Visa helped onboard more artisans in different cities to Neolli’s Marketplace to open new markets for these artisans and help them capitalize on the international demand for local Moroccan crafts. Visa and Neolli will also train hundreds of artisans on Visa’s “Practical Business Skills” platform to enhance their abilities to manage and expand their businesses. It is truly beautiful to see the power of community come through such examples.

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

Over the years, numerous partners including financial institutions, business associations, mentorship and training organizations, and accelerators have also come forward to support She’s Next. Such partners include Commercial International Bank, USAID Egypt Mission, Societe Generale Maroc, AmCham Morocco, Technopark, and HBL. This valuable support goes beyond monetary rewards and includes valuable training and mentoring resources.

She’s Next has also captured the hearts of the community, leading to the introduction of the People’s Choice Award, where the public can vote for their favorite female-owned business—all of which we ensure get wide publicity over our social and digital platforms.

Through the She’s Next Grant Program, Visa has invested over $3.83 million globally since 2020.

The funding has enabled more than 380 grants and coaching for women SMB owners from a slew of industries including artificial intelligence, agriculture, education, F&B, professional services, beauty and wellness, sustainable fashion, healthcare, logistics, media, real estate, and technology.

The sky is the limit for entrepreneurial growth and women entrepreneurs have set their minds to achieve it. With She’s Next, Visa is laying the foundation that will enable these ambitious entrepreneurs to make small steps to big success.

www.ae.visamiddleeast.com/ en_AE

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• TOP 100 ARAB FAMILY BUSINESSES 2024 •

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SEAMLESS TRANSITION Saad Alkhorayef, the chairman of the Saudi-based Alkhorayef Group, has been overseeing the family business since 2015. Representing the second generation, he is now seeking to ensure a smooth management handover for the family business, which yielded $1.3 billion in annual revenues in 2023.

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

MARCH 2024

Saad Alkhorayef, the chairman of the Saudi-based Alkhorayef Group.

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The success of the 67-year-old Alkhorayef Group hasn’t been by chance. Founded in 1957 by the late Abdullah Ibrahim Alkhorayef, the group has been fueled by strategic planning, paving the way to becoming the current industrial leader in its home market of Saudi Arabia and beyond.

Today, the Alkhorayef Group has a diversified portfolio of activities in several fields, including water, clean energy, real estate, hospitality, heavy and light industries, defense, operations, and maintenance. The group also invests in venture capital markets locally and internationally. Its startup portfolio includes 10 investments worth a total of $14.5 million. The group invested $500,000 in the Saudi edtech startup Noon Academy in 2021, and $524,000 in U.S. internet company Astranis in 2023.

Now, the group is formulating a management transition in addition to setting a new strategy for its operations. These plans are in line with global recommendations to navigate the current global economic challenges. Post-pandemic dynamics are requiring family businesses to ensure that their multigenerational goals are still achievable in a fastchanging economic environment, according to EY. “To ensure a smooth management transition for the esteemed legacy of Alkhorayef Group, we are establishing a family pact that will govern the future management of the group. The partners are in complete harmony. We are also developing a coordinated strategy for the operations,” says Saad Alkhorayef, Chairman of the Alkhorayef Group. Both the pact and the new strategy are anticipated to be finalized in 2024, with details still being worked out.

“To properly carry out the family pact, the company must sustain profitability. As a result, prioritizing profits is critical to ensure the plan’s success,” adds Alkhorayef. Since he assumed his current position in 2015, the group’s annual revenues have grown by over 104% since 2015, hitting $1.3 billion by the end of F O R B E S M I D D L E E A S T.C O M

2023. The main markets contributing to annual sales are Saudi Arabia, Kuwait, Oman, South America, and Africa, respectively.

“The fundamental principles behind my success are unwavering focus and a team of intelligent individuals who have an intense passion for their work,” highlights Alkhorayef. “Many family businesses have failed due to lack of focus.”

Alkhorayef joined the group’s sales team in 1980 and, three years later, his role evolved into head of agricultural branches. In 1987, he became deputy CEO of Alkhorayef Group and chairman of the Abdullah Ibrahim Alkhorayef Sons Company before assuming his current position in 2015. “Joining the family business was my passion at the very beginning of my career,” says Alkhorayef, proudly remembering his first steps with the company.

Passion and ambition are in Alkhorayef’s DNA. His father, the founder of the group, self-funded the establishment of several businesses in the early 1950s, including an ice factory and a construction firm that incurred losses due to unfavorable market conditions, but he didn’t give up. In 1957, he founded the Alkhorayef Group, which initially focused on the agriculture sector.

“To properly carry out the family pact, the company must sustain profitability.

As a result, prioritizing profits is critical to ensure the plan’s success.”

“My father had an excellent vision for the agricultural sector. He sought for the company to offer comprehensive services to the farmers, so he sold several agricultural machines,” explains Alkhorayef.

The founder also took over the distribution agency of Volvo in Saudi Arabia. Today, the group has partnerships with many other well-known brands, including Castrol, YAMAHA, ZODIAC, JOHN DEERE, Massey Ferguson, and HP. In the 1980s, the family business entered the water sector and established a factory for water pumps, followed by a facility for irrigation machines and pipe mills. “We realized at that time that the momentum of the agricultural sector wouldn’t last forever,” says Alkhorayef. Today, that water business is publicly listed as Alkhorayef Water and Power Technologies.

By the end of the 1980s, the Alkhorayef Group had MARCH 2024

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

government has implemented several strategies to support their growth,” explains Joseph Dahrieh, Managing Principal at Tickmill. “The National Center for Family Business is a vital player, offering services and fostering communication with stakeholders to build a supportive ecosystem and promote best practices.”

Beyond 2024, the group plans to list more subsidiaries on Tadawul. It already has two companies on the Saudi Exchange— Alkhorayef Water and Power Technologies Co. and Saudi Parts Center Co.— which were listed in March 2021 and February 2022, respectively. The market cap of Alkhorayef Water and Power Technologies Co. hit $1.6 billion in February 2024, while Saudi Parts Center Co. was valued at $53.2 million.

The Alkhorayef Group was founded in 1957 by the late Abdullah Ibrahim Alkhorayef.

Amid these ambitious plans, Alkhorayef considers the geopolitical tension in some of the countries where the group operates to be the biggest challenge, particularly in Sudan and Libya. The group has offices and branches in 17 countries and exports to more than 40. These markets are important to the group as income from international operations represents between 35% and 40% of its annual revenues.

The group considers Egypt its hub for the African markets through its factory in Alexandria, which specializes in electrical submersible pumps. The group also invests in the Egyptian market through a farm and a specialized company for the selling of MARCH 2024

35 S A A D A L K H O R AY E F

begun the implementation of a new strategy to expand into spare parts for agricultural machinery, the maintenance of irrigation systems, and the oil sector, which resulted in a partnership with bp in 1991 to distribute Castrol, the British company’s lubricant brand. The group’s subsidiary, Alkhorayef Lubricants, still has exclusive rights to distribute Castrol oils and lubricants in Saudi Arabia.

Looking ahead, the group is establishing a factory for water membranes that integrates with the group’s rooted commitment to the water and industrial sectors. It is also investing in the military sector to localize military technology, and it is a key partner for many oil and gas companies, including Saudi Aramco, providing highly sophisticated electrical submersible pumps. The group significantly invests in R&D to keep up with technological evolution and meet client demands. It has an R&D center in Shanghai, China, for mechanical equipment and in Dammam, Saudi Arabia, for electrical equipment.

These projects are in line with the Saudi government’s approach to supporting the industrial sector. For example, it launched the kingdom’s new National Strategy for Industry in 2022, which aims to attract $346.7 billion in additional investment into the industrial sector by 2030. The kingdom also plans to boost the number of industrial facilities to 36,000 by 2035, up from 10,640 in 2022.

Aligned with Saudi’s Vision 2030, the Alkhorayef Group aims to expand the horizons of its industrial investments. By prioritizing job localization and promoting local content, the vision has stimulated increased investments in manufacturing, exports, and domestic products. This momentum is attracting foreign companies seeking partnerships with Saudi counterparts, particularly in the private sector and family businesses.

“Family businesses form an important part of Saudi Arabia’s economy, and the

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agricultural machinery. High-interest rates are also Independent Water Transmission Pipeline’s build, among the current challenges. Saudi’s Central Bank operate, and transfer project with the Saudi Water increased the repurchase agreement rate by 25 basis Partnership Company. The contract is valued at $2.1 points to 6% in July 2023, following a series of hikes billion, while the Alkhorayef subsidiary owns 50% of that started in March 2022 with an increase of 25 basis the consortium. Alkhorayef Industries also acquired points to 1.25%.

Spain-based Proxima Systems to advance irrigation Despite the challenges, 2023 was also a year of system technologies and beyond at an undisclosed major achievements. In November 2023, Saudi’s value. In 2022, the group agreed with the Royal Public Investment Fund announced investments Commission in Jubail and Yanbu to develop ALJAR in Alkhorayef Petroleum by a capital increase and MARINA as part of the group’s maritime strategy. subscription to new shares, resulting in it owning a Aside from business, the group’s CSR activities arm, 25% stake in the company, while the parent company Nama Alkhorayef, established a kidney transplant retains 75%. center in Al Jouf in 2004 and is planning to build a Commenting on the deal, Muhammad Aldawood, second. The company invested a total of $1.3 million PIF’s Head of Industrials and Mining sector in MENA into CSR activities in 2023 and plans to double Investments, says: “This transaction forms part of that in the coming three to five years. And while the PIF’s broader efforts to deepen the manufacturing Alkhorayef Group currently employs 9,200 people, sector in Saudi Arabia and represents a milestone in with only 2% female representation, the chairman strengthening the regional industrial ecosystem,” adding says that he is working on increasing women’s that this investment is expected to enable Alkhorayef representation in the workforce, although efficiency Petroleum’s growth strategy in local and international remains the main measurement of recruitment. markets, and further expand its manufacturing output For now, Alkhorayef believes that focusing on while also focusing on innovative R&D in highthe group’s current verticals is key to its growth areas. “Our investment aligns with PIF’s future growth. “Through the development Stay connected domestic strategy to develop key sectors and of our existing businesses, as well as the with our latest work alongside strategic economic partners in the business news. implementation of new big projects in the oil, private sector to support the delivery of Vision water, and power industry, we will be able to 2030,” adds Aldawood. sustain the long-term profitability of our group Also, in 2023, Alkhorayef Water and and contribute to the success of the family Power Technologies won the Rayis-Rabigh business pact,” he emphasizes.

Saudi's Largest Publicly-Listed Utilities The Saudi Exchange features five utilities companies with a combined market cap of $82.1 billion as of February 2024.

Company

Market Cap

Established

Activities

1. ACWA Power

$51.5 billion

2008

ACWA Power develops and operates power and water desalination plants in Saudi Arabia and internationally. Saudi’s Public Investment Fund owns 44.2% of the company.

2. Saudi Electricity Company

$22.2 billion

2000

Saudi’s Public Investment Fund owns 74.3% of the Saudi Electricity Company, while Aramco Power Company has a 6.9% stake.

3. Marafiq

$5.1 billion

2001

Marafiq’s main activities include water supply, sewage activities, waste management and treatment, electricity, gas, steam, and air conditioning supply, process industry, and construction.

4. GASCO

$1.7 billion

1963

GASCO transports fills, and sells LPG, comprising all uses of gases, such as residential, industrial, agricultural, or commercial.

1991

Alkhorayef Water and Power Technologies Co. engages in contracting, cleaning buildings and cities, operating and maintaining medical centers, hospitals, and airports, and waste disposal and pollution control.

5. Alkhorayef Water and Power Technologies Co.

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$1.6 billion

MARCH 2024

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Amer Sunna, CEO and Managing Director of Asiacell, talks about the Iraqi telco’s pivotal role in fostering economic growth and development.

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siacell began operating in Kurdistan in 1999, led by the vision of its chairman, Faruk Mustafa Rasool, who started in the almost non-existent market of telecommunication networks.

Mustafa played an instrumental role during the company’s first seven years, expanding Asiacell nationwide by securing a 15-year license to become the inaugural GSM operator in Iraq. Since then, the telecommunications giant has continued with the same momentum, connecting people nationwide and actively contributing to the nation’s digital transformation.

As a pioneering force on the Iraqi telecom landscape, Asiacell boasts 18 million subscribers, Tier 3 data centers, and cutting-edge solutions.

The company’s 4G+ services cover 99.06% of Iraq, with a diversified portfolio that caters to various segments, with technology front and center. “The introduction of 3G in 2015 and 4G+ LTE in 2021 showcases Asiacell’s commitment to delivering cutting-edge technology and internet services,” says the CEO and managing director, Amer Sunna.

Hand in hand with technological advancement is economic development, which makes the growth of Iraq’s economy a top priority at Asiacell. In particular, the company’s leadership is laser-focused on advancing the country’s digital landscape and socio-economic development.

“Asiacell, directly and indirectly, provides employment, supports

Amer Sunna, CEO and Managing Director of Asiacell

local suppliers, and enables digital inclusion for millions,” explains Sunna.

According to the CEO, the company fosters the growth of many sectors through reliable connectivity, while its CSR programs and significant contribution to public revenue further benefit Iraq’s economic position.

Asiacell’s role in supporting economic growth is, in fact, pivotal to the success of Iraq’s business ecosystem. “As the leading mobile telecommunication operator, Asiacell not only provides connectivity but also reduces interaction costs, fostering information flow, which is crucial for modern business structures,” explains Sunna. “Now we refer to a digital Iraq,” he adds, pointing to the government’s vision to nurture a digitalized nation.

Beyond digital, the telecommunications sector more broadly is a cornerstone of Iraq’s economic development, generating private-sector revenues that are

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second only to oil in size. Looking ahead, Asiacell intends to maintain its leading edge as well as its economic contribution through a multifaceted strategy marked by new products and initiatives.

According to Sunna, the company’s short-term plans include the launch of 5G—pending the necessary approvals—and the introduction of innovative products, including IoT solutions, the Asiacell app, eSIM technology, and a loyalty program. In the long term, the company aims to maintain market leadership, expand its services, and explore regional markets through strategic partnerships.

In the CEO’s words, Asiacell’s vision extends to “driving digital transformation alongside socioeconomic development by investing in people, technology, and fostering a culture of innovation.”

The company appears on track to realize its ambitions with a robust strategy, a clear vision, and a primary goal of providing top-quality services. Today, Amer Sunna is positioning Asiacell as an internationally recognized telecommunication leader, supporting Iraq on its journey to digital and economic advancement.

www.asiacell.com MARCH 2024

37 ANTHONY NAKACHE

Leading The Journey Of A Telecoms Pioneer

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Under the leadership of Ousama Choucair, Patchi U.A.E. is continuing the chocolate brand’s 50-year legacy with passion, vision, and innovation, while delivering a customer experience that is truly irresistible.

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Ousama Choucair, CEO of Patchi U.A.E.

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

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n the world of premium chocolates, Patchi has become synonymous with excellence and innovation. Steering this delectable brand is Ousama Choucair, the forward-thinking CEO of Patchi U.A.E. With a keen understanding of the market and a unique ability in crisis management, Choucair has not only guided Patchi through dynamic shifts but has also propelled the brand to new heights, making it one of the most beloved chocolate brands in the region.

Choucair’s leadership style is marked by a commitment to staying ahead of the curve and adapting swiftly to market changes. In an era where businesses are constantly navigating change, Choucair’s ability to anticipate shifts in consumer behavior has allowed Patchi to not just survive but thrive.

The CEO’s strategic approach to management has shielded the brand from external challenges and positioned Patchi as an industry leader in agility and resilience.

One of the key elements of Choucair’s success is his belief in the power of fresh perspectives and young talents. Recognizing the dynamism and innovative spirit that young minds bring to the table, Choucair has fostered an environment within Patchi that encourages creativity and forward thinking. This commitment to recognizing and nurturing talent aligns with the U.A.E.’s steadfast dedication to becoming a global hub for youth and innovation.

Since the ‘90s, the U.A.E. has been at the forefront of embracing young

MARCH 2024

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is set “toPatchi embark on

innovative projects, creating spaces that engage emotions and the love of chocolate.

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talent and fostering an environment that encourages innovation—a trend that Patchi has seamlessly integrated into its corporate culture.

Patchi’s unwavering focus on maintaining market leadership is evident in its recent milestone – the establishment of a fully functional, state-of-the-art manufacturing hub, which is the largest of its kind in the U.A.E. This monumental achievement is not just a testament to Choucair’s commitment to quality but also positions Patchi as a symbol of excellence in the industry. The plant boasts an impressive array of certifications, including the prestigious Grade A and Halal certifications, ensuring Patchi’s dedication to the highest standards of quality, safety, and cultural considerations.

In terms of history, Patchi’s journey began in 1974 in Beirut, capturing the hearts of chocolate enthusiasts with its exquisite creations. Expanding its reach to the U.A.E. in 1984 with the Mazroui family as partners marked a strategic move that saw Patchi grow to 30 outlets across the Emirates.

The Dubai Mall boutique, serving as Patchi’s flagship store, stands as

a testament to the brand’s global appeal and boasts the highest footfall in the world-renowned Dubai Mall Fountain atrium.

Looking to the future, Choucair envisions new and exciting concepts that go beyond traditional norms.

Patchi is set to embark on innovative projects, creating spaces that engage emotions and the love of chocolate. One such endeavor involves the creation of an immersive chocolate universe that will establish a profound bond and connection with chocolate lovers. Choucair’s vision for this new concept aligns with the evolving expectations of chocolate enthusiasts who crave an experience, not just a product.

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

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By creating a space that engages and captivates, Patchi aims to solidify its position not only as a chocolate brand but also as a lifestyle choice for those who appreciate the finer things in life. Beyond the sensory delight of tasting Patchi’s signature chocolates, this state-of-the-art concept will offer educational experiences, workshops, and events, fostering a community of chocolate enthusiasts. It will celebrate the emotional connection people share with chocolate and become a place where nostalgia, joy, and the love of chocolate converge. Patchi aims to create an atmosphere that showcases its commitment to quality and innovation and that invites visitors to explore the emotional resonance that chocolate holds in their lives.

Ousama Choucair’s leadership at the forefront of Patchi U.A.E. is a testament to his visionary approach to business and unwavering commitment to excellence. His ability to navigate through market changes, embrace innovation, and foster a culture of continuous improvement has solidified Patchi as one of the most beloved chocolate brands in the U.A.E. and positioned it for even greater success in the future. As Patchi continues to redefine the chocolate experience with its groundbreaking projects, it is evident that Ousama Choucair is not just leading a company; he is shaping the future of the chocolate industry.

www.patchi.com/en MARCH 2024

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• TOP 100 ARAB FAMILY BUSINESSES 2024 •

CA RO L I N E FAT TA L

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REINVENTING THE FUTURE Caroline Fattal, Chair of the 127-year-old Fattal Group, is a rare example of a fourth-generation leader of a family business. With a new structure and non-family CEO in place at the Beirut-based group, she’s focusing on her NGO efforts and giving back.

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

MARCH 2024

Caroline Fattal, Chair of the Fattal Group.

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It’s a well-repeated statistic from the Family Business Institute that among family businesses, around 30% make it through the second generation, 12% through the third, and only 3% to the fourth. Caroline Fattal, Chair of the Fattal Group and Founder of Stand for Women, is bucking the trend. “We are playing against the statistics,” admits the fourth-generation leader of her 127-year-old family business. As the first woman to head the conglomerate, she’s also tasked with ensuring that it transforms to survive even further.

The Beirut-based Fattal Group was founded as “Khalil Fattal & Fils” by Fattal’s great-grandfather Khalil Fares Fattal in 1897 in Damascus, when it was under the Ottoman Empire, before the creation of the modern state of Lebanon. At that time, the company represented some small commercial brands. Today, the group is a distributor of multinational brands and operates directly and indirectly across FMCG, healthcare, beauty and luxury, home appliances, office equipment, and electronics across Europe, the Middle East, and Africa.

It also has two subsidiaries—Excel Logistics and Société Nouvelle pour le Commerce et l’Industrie, which manufactures personal and home care products—operates in 15 countries and employs over 3,000 people, with 500 suppliers, 35,000 customers, and warehouses covering 100,000 square meters. Its partnerships include brands such as Unilever, Reckitt, Mondelez, Sandoz, Coty, Clarins, Novartis, and Pfizer.

Having been a distributor for a long time, the group is now venturing into retail and manufacturing in other countries. In November 2017, it invested in the Iraq-based retail chain Cosmeticca. In July 2021, it acquired Egypt-based make-up brand CYBELE, which is manufactured locally. “Egypt is now in dire need of locally manufactured products, so we hope through CYBELE to have a bigger expansion in the Egyptian market,” says Fattal.

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However, much like the history of Lebanon, the Fattal Group has had its ups and downs, surviving wars, economic crises, and losses. During World War I, fearing conscription for his two sons, Jean and Micheal, Khalil Fattal sent them to finish their studies in Austria. The two siblings returned to Damascus in 1918 as the war was ending to develop their father’s company, importing stocks and bringing its first international brand to the region, which they represented exclusively. In 1926, Jean established a branch in Beirut, and both brothers continued to build on brand collaborations, harvesting exclusive distribution rights in Syria and Lebanon.

The group flourished during the 1950s and 1960s, inaugurating new headquarters in Beirut. In 1965, its offices in Syria were shut down by the government due to nationalization, leaving the group to continue its work in Lebanon only. That is when the third generation entered the business, and it continued to grow until 1975 when the Lebanese civil war erupted and destroyed the company’s headquarters. In 1986, Fattal Holding was created, and in 2000, it began expanding to neighboring countries, including Egypt and Jordan.

“It’s an evolution, not a revolution. I’m in a moment in my life where I want to give back.”

Caroline Fattal joined the family business as the first member of the fourth generation in 2001, with a decade of international business experience from outside of the family enterprise. She began her career in 1993 with Unilever in Paris as a brand manager for its dishwashing liquids and powders division. She moved to Argentina and climbed the ranks to become a marketing director for one of Unilever’s biggest brands in the country, laundry detergent Ala, before moving back to Lebanon as the sales director of the company’s then-newly established office in Beirut.

In 2001, at the age of 30, Fattal joined her family business as assistant general manager of the food and beverage division. She was asked to join by her late uncle Bernard Fattal, who was the CEO of the company at the time, who believed that her experience outside the group would add value to the business. In 2009, she began heading the group’s entire operations as COO, and from 2014, she led a business turnaround in Iraq that included streamlining operations and improving sales and coverage. In 2020, Fattal let go MARCH 2024

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MARCH 2024

43 CA RO L I N E FAT TA L

of her management role in collaboration with and joined the board Google, the Swedish of directors in a nonInstitute, Berytech, and executive role. others.

By that time, she had Fattal assumed her also set up her own NGO, current role at the Fattal supporting organizations Group unexpectedly in to help them adopt April 2022, following the diversity, advocate for sudden passing of her women’s economic cousin Hubert Fattal in empowerment, and March 2022, who was recognize the importance the chairman and general of elevating women in manager of the group at the workplace. “When the time. “I think I was I started my career, I chosen to be the leader was the only woman today as a chairperson surrounded by 30 men because the company in the picture,” Fattal is going through an recalls. “But I didn’t important transformation, realize that being alone and I probably have among 30 men in a some of the skills that are picture was something needed to support the odd because that’s what business transformation In 2017, Fattal established “Stand For Women,” which provides support to women-led small and medium I was living every day.” at the board level,” says enterprises to help them thrive.

It wasn’t until 2010, Fattal, explaining how her when she met Peninah experience outside of the Thomson, an advocate for women’s empowerment and group had given her a foundation in good leadership. author of “A Woman’s Place is in the Boardroom,” that “It was important for me to accumulate experience she realized there was a problem. Thomson walked and to learn how to work in other businesses before Fattal through the global statistics to realize that there joining our family business,” she adds. “It gives you a was something wrong with the picture. “She opened my benchmark of how good or bad you are as a leader and eyes,” says Fattal. what you need to improve.”

In 2017, Fattal established “Stand For Women,” This transformation is largely in the management which provides support to women-led small and of the business. After the passing of Hubert, the medium enterprises to help them thrive, offers Fattal family decided to adopt a structural change in coaching and workshops for female entrepreneurs and governance, splitting the leadership roles for the first corporate employees and offers youth education around time and appointing a non-family professional CEO to gender diversity across the Middle East and Africa. handle the executive side of the business. At the same In 2020, after the Beirut Port explosion, Stand For time, it made the chair position a non-executive role that Women launched the “Marion Fund,” which helped went to a family member. more than 250 female-owned SMEs impacted by the

By July 2023, the Fattal Group had appointed its blast to get back to business. The NGO is currently non-family CEO, Sami Darouni, who previously worked working on a program that it launched in January 2024 with Pepsico, Kraft Foods, and Mars Inc. “I am thrilled in collaboration with two other NGOs, Alissar and La to work with the Fattal executive team and the Board of Guilde, to support women in the Akkar region, one of Directors on this transformation journey,” says Darouni. the most isolated regions of Lebanon, in starting their “The Fattal Group is an amazing company that has own businesses in agro-food production, handicrafts, witnessed strong growth driven by the entrepreneurial and tailoring. The project has already received over mindset of the family, despite huge challenges over its 500 applications and supported 40 women. As of 127 years of existence.”

March 2024, through Stand For Women, more than At the same time, the group appointed three non270 women-owned SMEs have engaged in workshops family independent advisors to its board of directors, covering digital marketing, e-commerce, business with the professional expertise and competencies development, capacity building, and crisis management that the family felt were essential to the board. And

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the board created three committees to work closely with the group management, focusing on strategy and investments, audit and risk, and remuneration and nomination.

“I made sure as well that our board is 50% women, 50% men,” says Fattal. This sets the Fattal Group apart. According to a 2023 PwC survey, in the Middle East, 72% of family businesses have non-family members on their boards, but 59% have no women serving on the board, compared to 31% globally.

“Non-family executives can introduce fresh perspectives and diverse skill sets that may not be present within the family. They bring experiences from outside the family business ecosystem, which can be invaluable in addressing complex challenges, fostering innovation, and driving sustainable growth,” says Washika Haak-Saheem, Professor of Management and Dean at Dubai Business School. “The inclusion of competent professionals in leadership roles helps in the professionalization of the company.

It ensures that business decisions are made based on market dynamics, competitive strategies, and best practices rather than solely on family considerations.”

Fattal says this was a challenge that hit her from the first day she assumed the role. “In a period of grief and loss, one of the challenges was to have the wisdom and to decide to go for this governance transformation. You cannot change a family business that is over 125 years old overnight,” she explains. “I think the other challenge was to take the helm of a company when Lebanon was going through what the World Bank classified as one of the ten worst economic crises globally since the 19th century.”

Since 2020, as well as the decimating impact of the global pandemic and the Beirut Port blast, Lebanon’s economy has been facing an unprecedented F O R B E S M I D D L E E A S T.C O M

Women-led

Family Businesses There are only five family businesses on our list of Top 100 Arab Family Businesses that are led by women, but they are all powerhouses in MENA.

Lubna S. Olayan

Olayan Financing Company Chair of the Executive Committee and Deputy Chair: Lubna S. Olayan Country: Saudi Arabia Easa Saleh Al Gurg Group Chairperson & Managing Director: Raja Al Gurg Country: U.A.E. Mohsin Haider Darwish Chairperson – ITICS: Lujaina Darwish Chairperson - ACERE: Areej Darwish Country: Oman Safari Group Chairman & Group CEO: Saïda Lamrani Country: Morocco Diana Holding Chairman & CEO: Rita Maria Zniber Country: Morocco Stay connected with our latest business news.

sovereign-banking-currency crisis, according to a 2023 IMF report.

Between 2019 and 2022, the country’s economy contracted by around 40%, the Lebanese lira lost 98% of its value in the parallel market, inflation was in triple digits, and the central bank lost two-thirds of its foreign exchange reserves.

According to Fattal, the group was able to navigate through these difficult times thanks to her team of 3,000 people. “We managed to go back to a double-digit growth, which in the context of the region is not something very easy, especially when Lebanon is going through such turmoil. We were also able to maintain the profitability, if not improve it,” she explains.

Fattal believes that their corporate social responsibility efforts had a main role to play here in keeping their employees committed to their work. “We do well by doing good,” she says. Its CSR efforts include offering mental health support to employees twice a week, supporting them with savings plans, and youth education.

Environmentally, the group engages in recycling and reforestation projects.

In 2023, it recycled 73,730 kg of paper and cardboard, 410 kg of plastic, and 7,600 kg of nylon, as well as installed solar panels across its buildings, which led to an approximate 15% decrease in carbon emissions. The group also owns an NGO called “The Lady of Hope Foundation for Education and Teaching,” which provides more than 800 scholarships for underprivileged students.

Today, Fattal sees her role as being the “guardian” of the legacy she has inherited until it’s time to hand it over to the next generation. As the storied family business establishes a strong, new foundation, Fattal is focused on engaging, enabling and encouraging those around her. “It’s an evolution, not a revolution,” she says. “I’m in a moment in my life where I want to give back.”

MARCH 2024

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

Aviation’s One-Stop-Shop

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From its base in the U.A.E, MixJet Flight Support offers comprehensive services–both on the ground and up in the air–to airports and flight operators in more than 140 countries worldwide.

or many of us, traveling by plane is simply a matter of flying from A to B, but behind the scenes, aviation is a highly complex affair. From catering and ground services to maintenance, fueling, and landing permits, it takes coordinated effort and meticulous planning to get an aircraft off the ground and safely to its destination.

It is here that MixJet Flight Support comes in. Founded in 2009, the U.A.E.-based company provides tailored and cost-effective trip support services to more than 6,000 airports worldwide – all at the click of a button or tap of a screen.

“When I started the company, I wanted to create something new in this industry,” says Munir Khalifa, Founder and CEO of MixJet Flight Support. “We take care of all the aircraft necessities and approvals, both on the ground and in the air, and our online global trip support serves as a one-stop-shop for our operators,” adds Executive Vice President, Shukri Khalifa.

The company’s ground handling manager, Bela Palama, further emphasizes the ease and comfort that MixJet offers to its clients.

“You can be anywhere in the world, and you can access the platform – you can even be working from the beach. Anything related to services around a plane, MixJet can take care of it,” she says.

With a comprehensive service offering, the flight support company has been steadily growing its footprint around the world. In 2023, it operated in 143 countries and uplifted 49 million liters of fuel, often

supporting clients in times of need.

“The fact that we can serve our clients in the places they call home is a perfect example of our global reach,” says Shukri Khalifa. “One airline couldn’t get the fuel they needed because of the high price.

But by depending on our agreements and our very good relationships with the suppliers, we managed to get them the price they wanted and the best possible quality.”

Strong partnerships are in fact critical to MixJet’s success. To guarantee safety, quality, and integrity, the company carefully vets the partners and service providers it works with at every touchpoint in the flight support process. MixJet is also working on a program through the International Aviation Services Organization that evaluates suppliers, ensuring the company makes the right choice every time.

Looking ahead, MixJet has big

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

ambitions for the future. “In the next five to 10 years, we want to improve and perfect our service and become the number one flight support company in the market,” says Shukri Khalifa. The Executive Vice President explains that the company also plans to broaden its portfolio by focusing on innovative and emerging trends in the market, including urban air mobility and even space tourism. “What excites me the most about the future potential of MixJet is embracing new technological advancements and of course improving our entire portfolio of services,” he adds.

www.mixjet.aero MARCH 2024

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PRO M OTI O N

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Luxury Travel: A Masterclass In Inclusivity Ali Ozbay, Regional Director of Marketing & Communications, ALL Inclusive Collection, explains how the innovative digital platform is making an impact on the luxury all-inclusive travel market.

Ali Ozbay, Regional Director of Marketing & Communications, ALL Inclusive Collection

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uxury travel has evolved significantly in recent years.

Today, it is about more than top-notch facilities and beautiful surroundings; it is about the guest journey from start to finish and delivering experiences that memories are made of. Standing out in the luxury hospitality market now requires that something extra special, and with the ALL Inclusive Collection, Rixos has found it.

An innovative digital platform, the ALL Inclusive Collection was launched in September 2023 with the primary goal of redefining the travel experience. It offers a curated selection of all-inclusive resorts, providing guests with the opportunity to discover and

book luxurious escapes and entertainment, bringing together over 30 resorts from globally renowned brands, such as Rixos, SO/, Swissôtel, and more.

“The motivation behind its creation is to address the evolving demands of travelers and to challenge the conventional perception of all-inclusive vacations,” explains Ali Ozbay, Regional Director of Marketing & Communications for the ALL Inclusive Collection.

The platform offers a range of destinations focused on sea and mountain locations, in countries including Turkey, Egypt, Croatia, and Spain, as well as Dubai in the U.A.E. According to Ozbay,

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

resorts are carefully selected and curated to provide a diverse and memorable experience for guests.

Top quality leisure, dining, and entertainment offerings to suit all tastes and ages are key features on the platform. Customers can expect to find an array of culinary options, including restaurants, bars, and à la carte dining venues that boast exquisite international cuisines. In addition to exceptional dining, the platform offers various programs tailored for kids, teens, and adults.

Programs encompass a wide range of activities and live entertainment, from mesmerizing music shows to theatrical performances and a variety of exciting land and sea sports such as tennis, golf, scuba diving, and snorkeling.

At select resorts, there are also dedicated kids’ and teen’s clubs, where younger guests can embark on their own adventures at no extra cost, allowing parents the flexibility to enjoy their own leisure time.

As a comprehensive and innovative offering, The ALL Inclusive Collection aligns with Rixos’ vision for the United Arab Emirates and the broader region by expanding the company’s presence in the luxury all-inclusive travel market. “Rixos has been a pioneer in the industry for the past two decades, and its ‘allinclusive, all-exclusive’ concept has been instrumental in changing

MARCH 2024

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aspects of “aAllguest’s stay are included in the price of the booking, allowing them to leave their wallet behind.

“

the perception of all-inclusive vacations,” explains Ozbay.

The Rixos ‘all-inclusive, allexclusive’ concept forms the core of the ALL Inclusive Collection’s approach. The concept aims to ensure that all aspects of a guest’s stay are included in the price of the booking, allowing them to leave their wallet behind and enjoy complete freedom. It is this that sets it apart from other all-inclusive offerings in the market.

At Rixos, ‘all-inclusive, allexclusive’ encompasses diverse culinary experiences, live entertainment, a wide range of sports led by expert coaches, and world-class spa and wellness options to provide guests with relaxation and rejuvenation during their stay.

According to the regional director of marketing and communications, the ‘all-inclusive,

all-exclusive’ ethos is reflected in the experiences provided by the resorts featured on the platform, offering guests a comprehensive and premium experience marked by products and services of the highest quality.

“Guests can expect an abundance of high-end offerings, a focus on memorable destinations, and a commitment

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

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to ensuring everyone, regardless of age, has a fulfilling and unforgettable experience during their stay,” says Ozbay.

Looking ahead, the ALL Inclusive Collection aims to embrace the ‘all-inclusive, allexclusive’ philosophy and lead the way forward in the luxury business.

As Ozaby sees it, the new platform allows Rixos to further establish its leadership in the market and build on its success by providing curated, high-quality, and allinclusive experiences that are completely unrivalled.

www.allinclusive-collection. com/en/

MARCH 2024

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THE MIDDLE EAST’S

TOP 100 ARAB FAMILY BUSINESSES 2024 Transformation through expansion and investment are keeping family businesses growing.

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ig homegrown businesses in the Middle East are not only economic entities but also cultural and social institutions deeply rooted in tradition and heritage. Middle Eastern family businesses, once characterized by traditional sectors such as hospitality, retail, and manufacturing, are increasingly diversifying into emerging industries.

The push for innovation and adaptation is crucial in the face of global competition and rapid technological advancements. Many family businesses are investing in research and development, digital transformation, and sustainable practices to secure their place in the evolving market.

In recent decades, Middle Eastern family businesses have undergone a transformation, expanding their horizons beyond regional borders and venturing into the global arena. Apart from the traditional real estate as well as hospitality investments in Europe and the U.S., Middle Eastern families are now investing in tech startups as well as sustainability ventures, in both the developed and developing world. For example, Abdul Latif Jameel and the Al Faisaliah Group have invested in EV manufacturers Rivian and joined forces with BeyonCa, respectively, while the Mansour Group has been an early investor in companies like Spotify and Airbnb.

The AlNowais Investments Group has more than 1,230MW of clean energy projects in Africa Burkina Faso, Egypt, Jordan, Morocco, and Togo, either in operation or under construction.

The family businesses on our list have stood the test of time, with six being established in the 1800s and 26 established before 1950. Just six were established in the 2000s, all of which were formed due to a split or sale of an earlier business or the consolidation of pre-existing assets to form a holding group.

GCC families are the most successful in the family business space, with 34 of the 100 family businesses coming from Saudi Arabia, 28 from the U.A.E., and seven businesses each from Qatar and Kuwait.

Methodology Businesses owned or run

by Arab families were considered for the list. We collected information from stock exchanges, reports from consulting firms, and other primary sources.

We ranked the family businesses based on the following: • The size and value of the businesses they hold, including listed entities, real estate and hospitality assets, and revenues from other holdings.

• Business activity in the last year, including IPOs, new project launches, and new investments.

• How diversified the business is in terms of sectors and geographies.

• Age and legacy of the company.

• Total number of employees.

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

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

MARCH 2024

Join the #1 financial centre to access more innovation

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When you join the number one financial centre in the Middle East, Africa and South Asia, you are part of the region’s first, largest and most integrated innovation ecosystem.

No wonder over 800 FinTech and innovation companies use the DIFC Innovation Hub as a catalyst for growth, benefitting from having access to education, accelerators, mentoring, networking, cost effective licences, venture building and access to funding in one place.

Join the global leader: http://difc.ae/business/make-an-enquiry

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MARCH 2024

THE MIDDLE EAST’S

TOP 100

ARAB FAMILY BUSINESSES 2024

1

Abdul Latif Jameel

• Chairman: Mohammed Abdul Latif Jameel

Country: Saudi Arabia Established in: 1945 Abdul Latif Jameel started as a small trading business in 1945 and 10 years later started its Toyota distributorship business in Saudi Arabia. Today, its core sectors include mobility, energy, water, finance, health and investments. The businesses have operations in over 35 countries and employ more than 11,000 people. Abdul Latif Jameel Motors has distribution businesses for passenger vehicles for several brands, including Toyota and Lexus, with operations in MENAT, Japan and China. ⁠In January 2024, Abdul Latif Jameel Health acquired a majority stake in Genpharm, a partner for rare diseases across MENAT.

Mohamed Mansour

3 2

Al-Futtaim Group

• Chairman: Abdullah Al Futtaim

Mansour Group

• Group Chairman: Mohamed Mansour Country: Egypt

Country: U.A.E.

Established in: 1952

Established in: 1930s

The Mansour Group started over 70 years ago as a cotton trading company. Today, it is a family-owned conglomerate with 60,000 employees. The group has a presence in more than 100 countries and a revenue of more than $7.5 billion. The group operates across several sectors and has long-term partnerships with global brands, including General Motors, Peugeot, MG, Caterpillar, and McDonald’s, among others. The group’s businesses include Man Capital and Mansour Automotive. In May 2023, U.S. Major League Soccer awarded a $500 million franchise to a group led by Mohamed Mansour to launch a football club in San Diego, California, by 2025. Mohamed, Youssef, and Yasseen Mansour had a combined net worth of $5.8 billion as of February 2024.

Founded in the 1930s, today the Al-Futtaim Group operates across automotive, financial services, real estate, retail, and health. It employs over 33,000 people across more than 20 countries in the Middle East, Asia, and Africa. The group has partnerships with more than 200 popular global brands, including Lacoste, HUGO BOSS, and Panasonic. In 2023, the group delivered a fleet of 370 electrified passenger cars, sports utility vehicles, and buses for COP28 and installed its Charge2Moov electric charging stations for the event. Abdulla Al-Futtaim and family had a net worth of $2.6 billion as of February 2024.

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Majid Al Futtaim Holding 4

• CEO: Ahmed Galal Ismail Country: U.A.E. Established in: 1992

Founded in 1992, Majid Al Futtaim works across 16 countries across the Middle East, Africa, and Asia, with assets valued at $18 billion as of January 2024. The company employs 46,000 people. In May 2023, it raised $500 million in a Green Sukuk issuance, raising a total of $4.95 billion through green bonds and sustainabilitylinked loans as of January 2024. Majid Al Futtaim Properties is set to invest $650 million by 2030 for new projects in Egypt and extensions and refurbishments of existing malls and entertainment centers. It plans to be net positive in water and carbon by 2040. The group reported revenues of over $5.1 billion in the first half of 2023.

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Olayan Financing Company (OFC) 5

• Chair of the Executive Committee and Deputy Chair: Lubna S. Olayan Country: Saudi Arabia Established in: 1947

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OFC is the parent company of the Olayan Group, which was founded in 1947 as the General Contracting Company. Today, the group has a diverse industrial, commercial, and investment portfolio. The Olayan Group has offices in Vaduz, London, New York, Athens, Luxembourg, Singapore, and Riyadh. Its real estate projects include 550 Madison, New York City, the Mandarin Oriental Ritz, Madrid, and The Knightsbridge Estate. In June 2023, the group supported the Asia Climate Solutions Design Grant in its first round of funding. In October 2023, the Olayan Financing Company formed a joint venture with LanzaTech Global to deploy carbon recycling technology in Saudi Arabia.

Al Ghurair Investment

• Chairman of the Executive

Committee: Abdul Aziz Abdulla Al Ghurair Country: U.A.E. Established in: 1960 Established in 1960 as a trading business, today Al Ghurair Investment has a presence in 50 countries across multiple sectors, including food and resources, properties, construction and services, energy, mobility, and ventures. It employs 28,000 people.

In April 2023, Al Ghurair Foods signed a 50-year land lease agreement for three mega food processing projects worth over $272.3 million with KEZAD Group, a whollyowned subsidiary of AD Ports Group. In November 2023, Al-Ghurair Investment’s Cars Taxi partnered with Al-Futtaim Toyota to supply 1,300 Toyota Camry hybrid vehicles. Abdulla Al Ghurair and family had a net worth of $4 billion as of February 2024.

7

SEDCO Holding

2023, SEDCO Holding invested in new asset classes within the healthcare and logistics sectors. SEDCO Capital also completed a second capital increase of the SEDCO Capital REIT Fund, with the total asset value of the fund reaching $653 million.

8

Al Muhaidib Group

• Group Chairman: Sulaiman Al Muhaidib

Country: Saudi Arabia

• Chairman: Saleh Salem Bin Mahfouz

Established in: 1943

Country: Saudi Arabia

The Al Muhaidib Group started as a general trading company in the 1940s.

Today, it operates across multiple sectors, including food and consumer, industrial and infrastructure, real estate development, and financial investment. The industrial and infrastructure segment includes Masdar, which is a building and construction materials company that operates 105 branches in 29 cities. Its food and consumer

Established in: 1976 IMAGE FROM SOURCE

Abdul Aziz Abdulla Al Ghurair

Founded in 1976, SEDCO Holding specializes in Shariah-compliant financing and sustainable investment solutions across its global operations. The company invests in key sectors, including asset management, education, healthcare, hospitality, logistics and real estate. In F O R B E S M I D D L E E A S T.C O M

segment includes Mayar Foods, which has a 31% local market share of the rice sector and 220,000 tons of warehouse capacity in Saudi Arabia.

9

Al Ghurair Group

• Group CEO: Iyad Malas Country: U.A.E. Established in: 1960

The Al Ghurair Group has a diversified portfolio in real estate, manufacturing, and finance. The BurJuman Centre in Bur Dubai is the group’s flagship property under its real estate portfolio. Al Ghurair Iron and Steel is one of the leading producers of hot-dipped galvanized steel in MENA. The group’s investments include majority stakes in Mashreq and the National Cement Company.

In June 2023, Gulf Extrusions, a subsidiary of Al Ghurair Group, signed an agreement with the ADNOC Group to manufacture extruded pipes and aluminium extruded construction profiles locally in the U.A.E. MARCH 2024

include SAMACO Motors, Fast Auto Technic, SAMACO Marine & Power Sports, SAMACO Toys & Leisure, and Elite Hospitality. In 2023, the group signed an MoU with Saudi’s Tourism Development Fund to develop and operate tourism projects in Saudi Arabia.

In February 2024, the group’s SAMACO Marine & Power Sports signed a partnership contract with Tarfeeh Fakieh to develop and operate Al Nawras Marsa in Jeddah.

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Juffali

• Chairman: Khaled Juffali Country: Saudi Arabia Established in: 1936

Hussain Sajwani

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DAMAC Group

• Founder & Chairman: Hussain Sajwani Country: U.A.E. Established in: 1982 Hussain Sajwani founded the DAMAC Group in 1982. During the mid-1990s, it began constructing hotels, and DAMAC Properties was established in 2002. In 2013, it became the first real estate developer in the U.A.E. to be listed on the London Stock Exchange.

It was listed on the Dubai Financial Markets in 2015 and went private in March 2022.

As of June 2023, the group had delivered over 46,000 homes, with 33,000 under development. DAMAC announced the launch of Altitude, its fourth tower after Canal Heights 1 and 2 and the Canal Crown, in January 2024. Sajwani had a net worth of $4.5 billion as of February 2024.

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Al Faisal Holding

• Founder & Chairman: Faisal Bin Qassim Al Thani

Country: Qatar Established in: 1964 Established in 1964 in Qatar as a small trading firm dealing in spare automotive parts, Al Faisal Holding is today a holding company with diversified investments in multiple sectors. The company operates across real estate, construction, hospitality, trading, transportation, entertainment, education, services and information technology. In November 2023, a subsidiary of Al Faisal Holding, Al Rayyan Tourism

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Investment Company, announced the signing of a franchisee agreement with IHG Hotels & Resorts to rebrand one of its properties in New York. Al Faisal Holding’s chairman, Faisal Bin Qassim Al Thani, had a net worth of $1.8 billion as of February 2024.

Power International Holding (PIH) 12

• President & Group CEO: Ramez Al-Khayyat

Country: Qatar Established in: 1983 PIH was established in 2011. Today, the group employs 65,000 people and operates with five groups across 14 sectors, among them general contracting, food industry and agriculture, real estate, hospitality, and lifestyle. In 2023, its contracting group landed six key projects in Saudi Arabia.

The group is also focusing on expanding in healthcare and hospitality.

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AlNahla Group

• Chairman: Abdulrahman Hassan Sharbatly

Country: Saudi Arabia Established in: 1996 The AlNahla Group operates in investment, real estate, trading, automotive and hospitality. Its investments span across Saudi Arabia, the GCC, and Egypt. It owns 8.74% of Riyad Bank. The group’s companies

Brothers Ebrahim, Ali, and Ahmed Juffali established Juffali in 1936. Today, the group has businesses in mobility, technology, engineering, and services. The company has established long-standing partnerships with international brands, including IBM, Mercedes-Benz, Freightliner, and Mitsubishi FUSO. In February 2024, the Juffali Automotive Company inaugurated its largest Mercedes-Benz vehicle center in the kingdom across a total area of over 21,000 square meters.

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Suhail Bahwan Group

• Chairman: Suhail Bahwan

Country: Oman Established in: 1965 The Suhail Bahwan Group began selling general merchandise in Oman in 1965.

Today, the company operates more than 40 companies and has businesses spread across the Gulf, North Africa, and South Asia. It employs 7,000 people and has the license to represent more than 100 global brands. The company has businesses in lifestyle, engineering and infrastructure, IT and telecom, chemicals and fertilizers, healthcare, logistics, and energy and power.

The group’s chairman, Suhail Bahwan, had a net worth of $1.9 billion as of February 2024.

Yousuf M.A. Naghi & Sons Group 16

• Chairman: Mohammed Yousuf Naghi Country: Saudi Arabia Established in: 1911 Established in 1911, Yousuf M.A. Naghi & Sons Group began operations when Jeddah was a small trading and fishing port. Today, it has four key diversified companies: the Mohamed Yousuf Naghi & Brothers Group, the Cigalah Group, the Arabian Food Supplies Group, and the United Yousef M.Naghi Co. Ltd They cover the automotive, FMCG, electronic and electrical goods, operation and maintenance, transportation, and retail sectors.

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Alfardan Group

• Chairman: Hussain Ibrahim Alfardan Country: Qatar Established in: 1954 The Alfardan Group operates across jewelry, exchange, property and hospitality, automotive, investments, marine services, and medical. It has 13 automotive companies, including Alfardan Automobiles, Alfardan Motors-Oman, and Rolls-Royce Motor Cars Doha. Its properties and hospitality division operates through four companies in Qatar, Oman, and Türkiye. In June 2023, the group signed an MoU with Electronics Recycling Factory to develop environmental sustainability and encourage e-waste recycling. In November 2023, Alfardan Sports Motors and Alfardan Motors announced an exclusive partnership with Touring Superleggera in Qatar and Oman.

AW Rostamani Group 18

• Chairman & Group CEO: Khalid Al Rostamani

Faisal Alturki

Country: U.A.E. Established in: 1954 The AW Rostamani Group started as a small bookstore in Dubai in 1954. Today, it has companies in the automotive, real estate, ventures, and investment sectors. Its largest business, the Arabian Automobiles Company, is an exclusive distributor for Nissan, INFINITI, and Renault vehicles in Dubai and the Northern Emirates. AWR Properties’ M Square comprises 327 hotel rooms, 131 hotel apartments, 10 office floors, two levels of retail, and 182 apartments.

The group’s KAR Freight & Forwarding is a member of the World Cargo Alliance and the International Federation of Freight Forwarders Associations.

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Alghanim Industries

• Executive Chairman: Kutayba Y. Alghanim

Country: Kuwait

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Established in: 1932 Alghanim Industries has 30 businesses in 40 countries and employs more than 15,000 people in MENA, Türkiye, and Emerging Asia. The company has businesses in the retail & distribution, food & beverage, automotive, and industrial sectors. In September 2023, Alghanim Industries announced a strategic partnership with Chinese luxury car manufacturer Hongqi to represent the brand in Kuwait.

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Rashed Abdul Rahman AlRashed & Sons Group (RAR Group) 20

• Chairman: Abdulaziz Al Rashed Country: Saudi Arabia Established in: 1950

The RAR Group’s regional and local operations focus on seven key business areas: real estate, building and construction materials, contracting, industrial products, automotive products, food products, and investments. The group also has stakes in Banque Saudi Fransi, Arab National Bank, and Al Yamamah Steel Industries, among others. The industrial products segment of the group operates through five companies, including Al Rashed Steel Products and Manufacturing, Al Rashed Fasteners, and Al Rashed Wood Factory.

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O Capital Group

• Chairman: Othman Benjelloun Country: Morocco Established in: 2021 Also known as the Benjelloun Group, the O Capital Group was established

when Holding Benjelloun Mezian merged with FinanceCom in 2021. It employs around 20,000 people. It has diverse partnerships, including with Accor Group, Air Arabia Maroc, and Crédit Industriel & Commercial. The group owns a 73% stake in the Bank of Africa. Othman Benjelloun and his family had a net worth of $1.4 billion as of February 2024.

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Nesma Group

• President: Faisal Alturki Country: Saudi Arabia Established in: 1979

Saleh Ali Al-Turki founded Nesma in 1979 and served as president and chairman of the group until his appointment as Mayor of Jeddah in July 2018. Nesma has since diversified its business portfolio by expanding into the U.A.E., Türkiye, and Egypt through construction, oil and gas, real estate, hospitality freight services, aviation, logistics, and information technology, among others. In June 2023, Nesma won a mega-project with NEOM for the construction of two accommodation villages of over a million square meters with a total capacity of 15,000 residents.

In November 2023, the 1,100 MW Al Henakiyah solar PV project was awarded to Nesma Renewable Energy’s consortium with Masdar and EDF Renewables.

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Buti Obaid AlMulla

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S.S. Lootah Group

• Chairman: Yahya Bin Saeed Al-Lootah

Country: U.A.E. Established in: 1956

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Alshaya Group

• Executive Chairman: Mohammed Alshaya

Country: Kuwait Established in: 1890 The Alshaya Group is one of the Middle East’s largest global brand franchise operators. It was established in Kuwait in 1890. It represents 70 brands covering fashion & footwear, food, health & beauty, pharmacy, optics, home furnishings, and leisure and entertainment. It has a presence across MENA, Türkiye, and Europe. In September 2023, the group launched its Aura loyalty program in Bahrain, following its launch in Qatar, Kuwait, the U.A.E., and Saudi Arabia, with the number of members exceeding seven million in 18 months.

Zamil Group Holding Company 25

• Chairman: Khalid AlZamil

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The Zubair Corporation

• Chairman: Rashad bin Mohammad Al Zubair

Country: Oman Established in: 1967 Established in 1967 under the name Muscat Trading Company. Today, the Zubair Corporation is a regional conglomerate with over 60 subsidiary companies operating in diverse sectors, including industrial and chemical solutions, smart electrification and automation, mobility and equipment, energy and natural resources, FMCG, and financial investments, among others. The company maintains partnerships with over 300 local and global brands.

Cevital Group

• Chairman & CEO: Malik Rebrab Country: Algeria Established in: 1971 Billionaire Issad Rebrab founded Cevital Group in 1971 and served as its CEO before his son, Malik, took over in July 2022. It was one of the first private companies in Algeria. Rebrab and his family had a net worth of $2.5 billion as of February 2024.

Mohamed & Obaid Almulla Group 29

• Chairman: Buti Obaid AlMulla

Country: Saudi Arabia Established in: 1920

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Established in 1920 by Abdullah Hamad Al Zamil as a trading and services business in Bahrain, today, the Zamil Group Holding Company has operations in investments, real estate, trade and services, petrochemicals, offshore, building materials, and manufacturing. Its stakes in publicly listed companies include Sipchem, Zamil Industrial, and ADES Holding Company, which went public in October 2023. In February 2024, Zamil Plastic Industries Co. partnered with GROHE to establish a factory for sanitary products in Saudi Arabia. In the same month, the Public Investment Fund acquired a 40% stake in Zamil Offshore Services Company for an undisclosed amount.

• Chairman: Waleed Yousuf Zahid

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Zahid Group

Country: Saudi Arabia Established in: 1943 The group started in 1943 when the late Sheikh Mohamed Mahmoud Zahid founded M.M. Zahid, representing General Motors as its first business. Today, the Zahid Group operates across 14 sectors, 30 companies, and 23 countries. In 2023, one of the group’s companies, TAMGO, signed an exclusive distribution agreement with AFC Energy to distribute its H-Power Fuel Cell Generators in Saudi Arabia and 16 other countries.

Country: U.A.E. Established in: 1942 The Mohamed & Obaid Almulla Group was founded in 1942 and has since expanded into strategic sectors, inlcuding hospitality, healthcare, real estate, travel, and tourism.

In February 2024, the group’s flagship brand, the American Hospital Dubai, opened three medical tourism offices in Nigeria, with plans for 30 more offices across Africa and Eastern Europe. In 2023, Ishraq Hospitality, the group’s flagship hospitality brand, signed a hospitality management agreement alongside Rekan Group to oversee the management of the Crowne Plaza Hotels & Resorts in Batumi, Georgia. Ishraq Hospitality is also expanding its footprint into dynamic travel markets overseas, including Egypt.

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The S.S. Lootah Group was founded in 1956 as a general contracting company. It operates across diverse sectors, including construction, real estate, ready-made concrete, energy, food, hospitality, education, healthcare, and financial services. The group’s educational business includes Dubai Medical College for Girls, Dubai Pharmacy College For Girls, the Islamic School for Training and Education, and the Lootah Technical Centre. Over 2,000 units owned by S.S. Lootah Real Estate are leased throughout Dubai, Sharjah, and Ajman.

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Al Masaood Group

• Chairman: Masaood Ahmed Al Masaood

Country: U.A.E. Established in: 1970

Abdullah Alothaim Holding Company 31

• Chairman: Abdullah Saleh Al Othaim Country: Saudi Arabia Established in: 1956 The Abdullah Alothaim Holding Company has interests in commercial, real estate, industrial, and investment activities. In June 2023, the company launched Al Othaim Circle, a $107 million waterfront project in Khobar, Saudi Arabia. The group has completed largescale projects, including the Othaim Treasures Project, Al Othaim Park, and Circle. In August 2023, the Abdullah Al-Othaim Investment Company obtained a license from the General Commission for Audiovisual M ‎ edia to establish and operate cinemas in Saudi Arabia, with plans to open over 20 cinemas in five years.

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Ajlan & Bros Group

• Chairman: Ajlan Bin Abdulaziz Alajlan Country: Saudi Arabia Established in: 1979 The Ajlan & Bros Group began as a small textile shop at the center of Al-Deira market in Riyadh during the 1950s and was officially founded in 1979 by four brothers. In 2023, the group completed the acquisition of 50.13% stake in the Second Mills Company valued the company at $600 million. AJEX Logistics Services, a subsidiary of the group, announced its U.S. debut in September 2023, where it would provide ocean and air freight services for heavy-weight shipments.

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Ajlan Bin Abdulaziz Alajlan

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Bait Al-Batterjee

• Founder & Chairman: Sobhi Batterjee Country: Saudi Arabia Established in: 1920 During the 1920s, Abdul Jalil Batterjee instituted some of the first national pharmacies across Saudi Arabia. Today, the holding company employs over 13,500 people with more than 25 different companies and subsidiaries that focus on healthcare, education land holdings, private equity, construction, fitness, IT, and pharmaceuticals. It owns Saudi German Health, a publicly listed company in Saudi Arabia, as well as privately-owned hospitals in the U.A.E., Egypt, Yemen, Morocco, and Pakistan that treats millions of patients annually. In 2023, Saudi German Health opened hospital in Alexandria, Egypt.

to over 370 international brands, including Osram, Dunlop, SieMatic, Delta, and 3M. Its large-scale projects include Burj Khalifa, Dubai Opera, Dubai Metro, the Expo2020 district, and Sheikh Zayed Grand Mosque. Since its founding, the group has invested in over 30 companies across the U.A.E., Saudi Arabia, and Oman. In 2023, ESAG, which employs 3,000 people, expanded into varied verticals, including logistics, distribution, and marketing communications, through the setup of independent companies or divisions that handle these portfolios.

Jarir Marketing Company (Jarir Bookstore) 35

• CEO: Abdulkarim Alagil Country: Saudi Arabia Established in: 1974

Easa Saleh Al Gurg Group (ESAG) 34

• Chairperson & Managing Director: Raja Al Gurg

Country: U.A.E. Established in: 1960 The late Easa Saleh Al Gurg established ESAG in 1960. Today, it is a regional partner

Jarir Marketing Company, also known as Jarir Bookstore, was founded in Riyadh in 1974 as a small bookshop. As of February 2024, it had a market cap of over $4.9 billion. The company recorded $2.1 billion in revenues in the first nine months of 2023. The Jarir Bookstore retail chain operated through 71 outlets across the GCC as of September 2023. The latest branch was inaugurated in Sharjah in March 2023.

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The Al Masaood Group operates across the automotive, real estate, marine, and retail sectors, as well as other services like insurance, legal, IT, media, and hygiene. Al Masaood Automobiles is the main distributor for Nissan, INFINITI, and Renault in Abu Dhabi, Al Ain, and the Western Region. Al Masaood participated in COP28 and showcased SHAMS+, a solar power charging station for electric vehicles and hybrid marine vessels. In February 2024, the Al Masaood Tyres, Batteries & Accessories Division, along with Bridgestone MEA, launched the fleet management solution “Webfleet” in Abu Dhabi.

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Saud Bahwan Group

• Chairman: Mohammed Saud Bahwan Country: Oman Established in: 1965

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Rawabi Holding

• Chairman: Abdulaziz AlTurki Country: Saudi Arabia Established in: 1980 The group began operation in 1980.

It operates across the oil and gas, marine, contracting, industrial services, industrial safety, oilfield services, and real estate sectors. The group employs 104,000 people. In July 2023, the group’s subsidiary, Rawabi Energy, closed a syndicated multi-currency senior secured term worth $1.9 billion to facilitate the growth plans of Rawabi Energy and its subsidiaries.

Saad Alkhorayef

Mohammed Ibrahim Alsubeaei & Sons Investment Company (MASIC) 39

• Chairman: Ibrahim Mohammed Alsubeaei

Country: Saudi Arabia

Al-Dabbagh Group (ADG) 38

• Chairman & CEO: Amr Al-Dabbagh Country: Saudi Arabia Established in: 1962 Abdullah Al-Dabbagh, who was the third Minister of Agriculture in Saudi Arabia, founded ADG in 1962. Today, the conglomerate employs over 25,500 people across 84 companies in 22 countries. It has six business verticals: food, auto, housing, packaging, retail, and edutech.

ADG has partnerships with brands such as Nissan, Jeep, Dodge, Chrysler, and Alfa Romeo. The group provides global flexible packaging solutions in 19 countries across multiple industries, including the food, chemical, agricultural, and pharmaceutical sectors, and holds 10% of the global market share. Its portfolio includes a 70% stake in Tanmiah and a 51% stake in Red Sea International as of February 2024.

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Established in: 2011 MASIC was established in 2011 to manage the assets of the late Mohammed I. Alsubeaei and his family. Today, it manages a multibillion-dollar portfolio of assets in Saudi Arabia and beyond, with a primary focus on equity, and real estate. MASIC owns approximately 19.35% of Bank Albilad. Its direct private equity investments include the National Aquaculture Group, Farabi Petrochemicals, Jadwa Investment, Alargan Projects, Fajr Capital, and Thakher Development. It began developing a hospitality project in Mecca in 2022, with a built-up area of around 92,000 square meters, comprising two hotels of 885 units, 570 rooms, and 315 suites.

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AlNowais Investments

• Chairman: Hussain AlNowais Country: U.A.E. Established in: 1979

Members of the AlNowais family founded AlNowais Investments in Abu Dhabi in 1979, which has since become a regional conglomerate in several sectors. The family owns a controlling stake in Rotana, which operates hotels spanning 19,602 keys and six brands, including 36 hotels in the U.A.E. and eight hotels in Saudi Arabia. In 2023, AMEA Power, a subsidiary of AlNowais Investments, closed a $75 million equity funding round from SoftBank Group Corp.

The group’s chairman, Hussain AlNowais, owns around 7.6% of the Waha Capital Company.

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Alkhorayef Group

• Chairman: Saad Alkhorayef Country: Saudi Arabia Established in: 1957

After being founded in 1957, the AlKhorayef Group inaugurated its first store in 1962, which sold pumps, submersibles, and excavating equipment. It has since expanded into oil and lubricants, farming solutions, water and power technologies, marine, and diving. In November 2023, Saudi’s Public Investment Fund signed an agreement with the group to acquire a 25% stake in its subsidiary, Alkhorayef Petroleum. A month later, the National Water Company signed a $581 million 15-year agreement for Alkhorayef Water & Power Technologies to maintain four sewage treatment plants in Riyadh.

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Saud Bahwan founded the Saud Bahwan Group with his brother, Suhail, and the Bahwan family relocated to Muscat in 1965. In the 1970s, it partnered with Toyota to become its distributor in Oman. Saud Bahwan’s son Mohammed, who is currently the chairman, inherited the business after Saud passed away in 2008. Aside from Toyota, the group’s brands include Lexus, Hino, Yokohama, Komatsu, Kato, and Ford.

In September 2023, Chery Automobile, a China-based automobile manufacturer, signed a distribution agreement with the Saud Bahwan Group.

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Al Faisaliah Group (AFG) 42

• Group President: Mohammed K.A. Al Faisal

Country: Saudi Arabia Established in: 1971 AFG operates in diverse sectors, including dairy, electronics, healthcare, and food services. It has partnerships with local and global firms, including Sony, Danone, Philips, and Accenture. Al Safi Danone, a joint venture between the group and Al Safi Dairy Company and Groupe Danone in France, supplies dairy products to over 32,000 retailers in 12 countries across the Middle East. In 2023, AFG was one of the anchor investors in Jamjoom pharma’s IPO. In October 2023, China’s BeyonCa signed an MoU with AFG to explore opportunities for electric vehicle development, encompassing research and development, manufacturing, trade, retail, charging, insurance, ecological services, and allied sectors in the Middle East.

Obeikan Investment Group (OIG) 43

• Group CEO: Abdallah Obeikan Country: Saudi Arabia Established in: 1982

Established in 1982 as a commercial print shop, the Obeikan Investment Group operates across the manufacturing, packaging, printing, supply chain, education, and investment sectors.

It operates in 16 countries through 20 factories and 25 companies. It manufactures 22 billion packs annually.

The group’s completed real estate projects include Riyadh’s Obeikan Industrial City, the Obeikan Building, and the Obeikan Tower. The group participated in COP28, where it showcased Saned Utilities, one of its digital solutions for industrial applications. In November 2023, the group’s subsidiary, Obeikan Digital Solutions, opened its first office in Egypt.

Al Jomaih Holding Company 44

• Chairman: Hamad Al Jomaih Country: Saudi Arabia Established in: 1936

Founded in 1936 as a small trading company in Shaqra, Saudi Arabia, today Al Jomaih Holding operates across several verticals, including real estate, investments and joint ventures, automotive and F O R B E S M I D D L E E A S T.C O M

equipment, financial services, consumer goods, and energy. In November 2023, a Consortium led by Al Jomaih Energy & Water signed 25-year Power Purchase Agreements with the Saudi Power Procurement Company for Taiba-2 and Qassim-2 CCGT power plants, with an estimated total value of $3.9 billion. The group has the manufacturing rights for PepsiCo’s non-carbonated beverages in Saudi Arabia and is the distributor of GMC, Chevrolet, Cadillac, and GAC vehicles.

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Crescent Group

• Chairman: Hamid Jafar Country: U.A.E. Established in: 1971

The Crescent Group was founded in 1971 alongside Crescent Petroleum, making it among the first privately owned petroleum companies in the region. Today, the group operates through its two subsidiaries, Crescent Petroleum and Crescent Enterprises, with over 25 diversified companies. In November 2023, Crescent

Petroleum pledged to achieve near zero methane emissions by 2030 by becoming a signatory for the Aiming for Zero project, in agreement with the Oil and Gas Climate Initiative. A month earlier, the Ministry of Oil in Iraq announced that the company would develop three oil and gas fields in the country.

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MAG Group Holding

• Founder & Chairman: Moafaq Al Gaddah

Country: U.A.E. Established in: 1978 MAG Group Holding operates across different sectors, including real estate, contracting and engineering, industrial and commercial trading, freight services, and hospitality. The group has a workforce of 2,000 people across more than 50 companies and branches.

In 2023, The group launched its luxury well-being real estate and hospitality concept, Keturah, which generated over $2.5 billion in sales.

MARCH 2024

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Tiger Group

• Chairman: Waleed Mohammad AlZoubi

Country: U.A.E. Established in: 1976 Founded in 1976, Tiger Group has 40 companies and employs 8,000 people.

It operates across construction and real estate, facilities management, hospitality, manufacturing, education, and healthcare in the Gulf, the Middle East, and Türkiye.

The group’s revenues surged from $500 million in 2020 to $1 billion in the first nine months of 2023. As of February 2024, the group’s contracting companies had built up an area of 120 million square meters and completed over 270 projects. The group also owns the Tiger 4 Health Club and Tiger Health Club in Al Yarmouk, Al Mansour, and Al Qadesia. Its hotel portfolio includes the Samaya Hotel Deira in Dubai.

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Waleed Mohammad AlZoubi

Al Othman Holding

• Chairman: Mohammed Abdullah Al Othman

Country: Saudi Arabia Established in: 1967 Al Othman Holding was founded as the Mohammed Abdullah Al Othman Trading and Contracting Company, a full-service general contractor, in Al Khobar in 1967.

Today, the group comprises 14 public and private companies across diverse sectors, including the Al Othman Agriculture Production and Processing Company (NADA), AMO & Partners Engineering Co., the Nada International School, and the Kempinski Al Othman Hotel. It employs over 5,000 people across 27 locations in Saudi Arabia alone.

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GMG

• Deputy Chairman & CEO: Mohammad A. Baker Country: U.A.E. Established in: 1977 In 1977, Abdul Aziz Baker opened a small butchery. Today, GMG is present in 12 countries, with over 600 stores across MENA and Asia. GMG’s investments span five key verticals: GMG Sports, GMG F O R B E S M I D D L E E A S T.C O M

Everyday Goods, GMG Health and Beauty, GMG Properties, and GMG Logistics, with a workforce of more than 10,000 people and 120 brands. In May 2023, GMG announced it was expanding its homegrown brand, Sun & Sand Sports, in Southeast Asia, and in January 2024, GMG opened its Nike Orchard Road store in Singapore, a 28,000-square-foot three-level store. It’s Nike’s largest store in Latin America and Asia Pacific outside China.

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Abunayyan Holding

• Chairman: Mohammed A.

Country: Bahrain Established in: 1940 Yousuf Khalil Almoayyed opened his first shop in Manama, selling everyday essentials, in 1930. The Y. K. Almoayyed & Sons Group was founded ten years later. In 1996, Almoayyed’s son, Farouk, succeeded him as chairman. The group is a distributing partner of more than 300 international brands and has four subsidiaries: Almoayyed Properties, Ashrafs, Almoayyed Contracting Group, and the National Concrete Company. It employs over 8,000 people. As the sole distributor of Nissan in Bahrain, the group inaugurated its newly renovated Nissan Service Center in December 2023.

Abunayyan

Country: Saudi Arabia Established in: 1950 Abdullah Rashed Abunayyan introduced the diesel-powered turbine pump to Saudi Arabia when he founded Abunayyan Holding in 1950 as a water irrigation company. Today, it employs over 4,500 people across its subsidiaries and 13 strategic business units.

Subsidiary Toray Membrane Middle East LLC, a joint venture with Toray Industries, is behind the kingdom’s first reverse osmosis membrane manufacturing plant, which is set to begin operations in 2025. Abunayyan Holding formed a joint venture with Eaton, Eaton Arabia, to produce and service lowand medium-voltage switchgear in the Middle East.

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ALSAYER Holding

• Chairman: Faisal Bader Al-Sayer Country: Kuwait Established in: 1954 The company started operations in Kuwait in 1954, representing Toyota in the Arab world. Today, AlSAYER has businesses in heavy equipment, transportation, industrial equipment, special vehicles and tools, financing, investment, real estate, insurance, and technology. In August 2023, ALSAYER signed an MoU with the Dubaibased ENOC Group to introduce a full range of lubricants in Kuwait, including industrial, marine, and automotive oil.

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• Chairman: Farouk Yousuf Almoayyed

Yazeed Al-Rajhi

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BoodaiCorp

• Chairman: Jassim Boodai Country: Kuwait Established in: 1954 BoodaiCorp has been in the GCC for more than 70 years, having been established in the mid-1950s in Kuwait. It has businesses in sectors such as logistics, media, transportation, trading, aviation, and engineering services. It employs more than 7,000 people and manages a portfolio of direct investments that provide an aggregate turnover of more than $1 billion.

Its subsidiaries include Jazeera Airways, Gulf Engineering Company, Alrai Media Group, and Hilal Cement Company.

BoodaiCorp is the majority owner of Jazeera Airways, with a 54.4% stake as of February 2024. Jazeera Airways recorded a 30.6% increase in passenger numbers in 2023, reaching 4.7 million passengers.

Elsewedy Electric

• President & CEO: Ahmed Elsewedy Country: Egypt Established in: 1938 Listed on the Egyptian Exchange, Elsewedy Electric specializes in integrated energy, infrastructure, and digital solutions in Africa, the Middle East, and Asia. It employs 18,000 people and has 48 international offices and 31 production facilities, with export capacity to over 110 countries worldwide as of the end of 2022. In February 2024, Elsewedy Electric for Electrical Products formed a partnership with Energy Vault, Wellhead Electric Company, Inc., and Electric Supply Company to power a large energy storage facility in the U.S. In the first nine months of 2023, the company recorded revenues of $3.5 billion, up 74% compared to 2022.

Yusuf Bin Ahmed Kanoo Group (YBA Kanoo) 55

• Chairman: Khalid Mohamed Kanoo Country: Bahrain

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Established in: 1890 YBA Kanoo was founded in 1890 when the late Yusuf Bin Ahmed Kanoo took over a small shop selling consumer goods from his father at the age of 22. Today, the group has seven key divisions: Kanoo Global Investments, Kanoo Ventures, Kanoo Travel, Kanoo Shipping, Kanoo Logistics, Kanoo Real Estate, and Kanoo Industrial and Energy. The group has a diversified portfolio of businesses and joint ventures around the world. Wholly owned activities are located across the Gulf States: Bahrain, Saudi Arabia, F O R B E S M I D D L E E A S T.C O M

the U.A.E., Oman, and Qatar, with expansion across Africa, Europe, and Asia. Kanoo Real Estate signed an agreement with Almoayyed Contracting Group to start construction of the Kanoo Museum in May 2023.

Khalifa Juma Al Nabooda Group 56

• Chairman: Khalifa Juma Al Nabooda Country: U.A.E. Established in: 1963 Khalifa Juma Al Nabooda founded the Khalifa Juma Al Nabooda Group and the Dubai Printing Press in 1963. Today, the group has stakes in over 25 different companies in automobile, real estate, hospitality and food services management, construction, civil and marine engineering, hotels, education, equipment trading, and facilities management and consultancy.

Al Nabooda Automobiles is the authorized dealer of Audi, Porsche, and Volkswagen for Dubai and the Northern Emirates.

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Manaseer Group

• Chairman and CEO: Ziad Al Manaseer Country: Jordan Established in: 1999 Ziad Al Manaseer founded the Manaseer Group in 1999. It began as a chemical and fertilizer-distributing company with 15

employees. Today, it has over 20 companies, 10,000 employees, and a capital investment of $3 billion. In October 2023, the Manaseer Group partnered with W Motors to become the exclusive importer of W Motors in Jordan and the surrounding countries. In January 2024, the group partnered with W Motors and Newton Motors to build an electric vehicle plant in Jordan with a potential investment of up to $80 million. In the same month, Manaseer Information Technology got the rights to be the official dealer for Getac in Jordan. It also partnered with Alba Bahrain to supply silica material and revolutionize imports in Jordan.

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Rajhi Invest

• Chairman: Yazeed Al-Rajhi Country: Saudi Arabia Established in: 1962 Founded by Mohammad Abdulaziz Al-Rajhi in 1962, Rajhi Invest has investments across the industrial, banking, financial investments, hotels and hospitality, real estate, and global investment sectors. The group has stakes in Rajhi Steel, Al Rajhi Bank, and Saudi Tourism Development Company, among others. In 2023, the group developed and opened over 1,500 hotel rooms across four hotels in Makkah and Al Khobar in Saudi Arabia.

In September 2023, the group announced the establishment of a steel production company jointly with PIF and SABIC in a deal worth more than $3 billion.

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ELARABY Group

• Chairman: Ibrahim Mahmoud Elaraby Country: Egypt Established in: 1964

Ghassan Aboud Group (GAG) 60

• Chairman: Ghassan Aboud Country: U.A.E. Established in: 1994 Since Ghassan Aboud founded GAG in 1994 as an automotive business, it has expanded into a multi-business conglomerate with offices in Australia, Belgium, Türkiye, and Jordan, with its headquarters in the U.A.E. As well as automotive, the group is engaged in retail, food, healthcare, logistics, hospitality, real estate and technology businesses. In January 2024, the Abu Dhabi Food Hub – KEZAD, a publicprivate partnership between GAG and AD Ports Group, signed a tri-party MoU with Etihad Cargo and Abu Dhabi Airports to jointly establish Fresh Corridor 2.0 to aid in food trade.

Mohsin Haider Darwish 61

• Chairperson – ITICS: Lujaina Mohsin Haider Darwish • Chairperson – ACERE: Areej Mohsin Haider Darwish Country: Oman Established in: 1974 Founded in 1974, today Mohsin Haider Darwish operates through two clusters.

MHD-ACERE has a portfolio of products and services across the automotive, construction equipment, education, and renewable energy sectors and is the sole distributor of Jaguar, Land Rover, MG, and Hongqi in Oman. In June 2023, it became the official distributor of Jeep, RAM, Dodge, and the Alfa F O R B E S M I D D L E E A S T.C O M

Ghassan Aboud

Romeo from Stellantis brand in Oman. MHDITICS’s brands include Samsung, Toshiba, Akai, and Huawei. The group employs over 1,500 people. In 2023, the MHD-ITICS joint venture in Qatar entered the sports goods business, representing international brands like Yonex, Wilson, and Head and opening two new showrooms.

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Alesayi Holding

• Chairman: Abdullah Omar K. Alesayi Country: Saudi Arabia Established in: 1945 The Alesayi Holding group was founded in 1945, initially in the textile business.

Today, it operates across engineering and technology, real estate and asset management, trade and retail, electronics, investment, finance, and services. The group’s revenues and net assets surged by 40% from 2020 to 2022. In April 2023, Alesayi Electronics opened its first showroom in Khobar and the fourth one in Saudi Arabia. In September 2023, the group acquired 85% of the Initial Saudi Group.

The group’s subsidiary, Erada Advanced Projects, specializes in technology solutions and has its own subsidiaries: E-Enterprises (E2), Enjaz, and Masaar.

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Darwish Holding

• Chairman & Managing Director: Bader Abdullah Al-Darwish Country: Qatar Established in: 1900s Darwish Holding was founded when Abdullah Darwish, alongside his brothers Kassem and Abdulrahman, took over their father’s business, which he had established in the 1900s. Today, the group employs over 3,000 people, with 800 global brands across nine divisions, including retail, wholesale, malls, real estate, investments, and technology. Fifty One East, the retail arm of Darwish Holding, is among the largest department store chains in Qatar, housing luxury brands such as CHANEL, Rolex, Boucheron, L'Oréal, Sony, and Fnac, some of which have been represented by the group since the late 1940s.

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The late Mahmoud El-Araby founded the ELARABY Group in 1964 when he opened a small stationary shop in Cairo’s Moski neighborhood. Since then, it has grown from a joint-stock family enterprise into a conglomerate. It has a portfolio of 17 global brands, including TOSHIBA, Seiko, SONY, and Hitachi. The group has inaugurated branches in Tunisia, Sudan, South Africa, Kenya, China, and Thailand.

The group operates through over 19 trading, industrial, medical, and service companies, with 25 product categories and, more than 3,000 sales partners and over 40 branded stores.

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Al Mulla Group

• CEO: Talal Anwar Al Mulla Country: Kuwait Established in: 1938

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Gargash Group

• Managing Director & Group CEO: Shehab Gargash

Saïda Lamrani Karim

Country: U.A.E. Established in: 1918 Established in 1918 in the U.A.E, the Gargash Group today operates across four verticals: automotive, real estate, financial service, and F&B. The group represents international brands, including Alfa Romeo, Mercedes-Benz, SIXT Rent a Car, and SIXT Leasing & SIXT Limousine. It established Daman Investments in 1998, which provides asset management, advisory, brokerage, and wealth management solutions to its clients and had $500 million in assets under management spread across 90 core investments as of July 2023. In January 2024, the company inaugurated a Mercedes-Benz brand center in Dubai’s Design District.

Al Khayyat Investments (AKI) 66

• Managing Director: Zaid S. Al Khayyat Country: U.A.E. Established in: 1982 Founded in 1982 as a pharma company, AKI today is a multibillion-dollar diversified business in the healthcare, consumer goods, contracting, retail, lifestyle, and automotive sectors. In 2023, AKI began constructing its largest fulfillment center in Dubai, which will double its existing storage capacity, housing 32 loading bays across 48,000 sqm.

It also launched fully-fledged operations in Iraq for healthcare and FMCG, expanded AKI Fashion Retail brands across Saudi F O R B E S M I D D L E E A S T.C O M

Arabia, and expanded the fitness retail brand Befit in the U.A.E., Saudi Arabia, Kuwait, Iraq, and Egypt.

Bukhamseen Group Holding Company 67

• Founder & Chairman: Jawad Ahmad Bukhamseen

Country: Kuwait Established in: 1957 Founded in 1957, Bukhamseen Group Holding Company’s portfolio includes real estate, construction, insurance, finance, banking, hospitality, travel, tourism, industrial productions, oil & gas, media and communication, and consultancies for urban planning and civil engineering. The group employs more than 15,000 people.

Bukhamseen co-established the Kuwait Real Estate Bank in 1973, which was converted to an Islamic bank in 2007 and is now known as Kuwait International Bank. The bank reported total assets of $11 billion and a net profit of over $22.5 million in the first nine months of 2023.

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Sumou Holding

• Chairman: Ayedh Al-Qahtani Country: Saudi Arabia Established in: 2008 Established in 2008, Sumou Holding operates in the logistics, construction, investments, and real estate sectors. Its subsidiary,

Sumou Real Estate, has worked on over 19 infrastructure projects and six superstructure projects across nine cities in Saudi Arabia.

In September 2023, the company signed an $8 million agreement to oversee the development of the Alinma Ajyad Real Estate Fund project in Makkah. It reported $51.8 million in revenues in the first nine months of 2023. In January 2024, the Asmou Real Estate Development Company, part of Sumou Holdin, signed a letter of intent with Kempinski Hotels to operate Sumou Towers in Jeddah.

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Safari Group

• Chairman & Group CEO: Saïda Lamrani

Country: Morocco Established in: 1944 The Safari Group operates through companies in multiple sectors, including industry, distribution, services, and agricultural production. It employs 4,200 people. In December 2023, the Safari Group and the Knauf Group agreed to invest through their Moroccan joint venture, Compagnie Marocaine de Plâtre et d’Enduit, to build a new state-ofthe-art plasterboard production facility that will significantly reduce energy and water consumption. In 2023, Smeia, the group’s car distributor subsidiary, increased sales of BMW by 23% compared to 2022, capturing a 23% market share by volume. Building materials subsidiary SMM Socodam Davum will complete a new plant in 2024 to offer concrete floor products.

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The late Abdullah Saleh Al Mulla founded the Al Mulla Group in 1938. The group began as a small business trading in electrical appliances in downtown Kuwait City. In 1948, the group acquired the rights to be the sole distributor for Chrysler, Dodge, and Plymouth automobiles in Kuwait before signing on to Mitsubishi Motors in 1972.

Today, it employs over 15,000 people in eight countries and has partnerships with over 120 companies from 25 countries.

In January 2024, Al Mulla Engineering, a subsidiary of the Al Mulla Group, partnered with Jazeera Airways for the facilities management of Terminal 5 in Kuwait.

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Al-Bahar Group

• Chairman: Issam M. Al-Bahar Country: Kuwait Established in: 1937

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Sayegh Group

• Chairman & CEO: Michael Sayegh Country: Jordan Established in: 1932 The Sayegh Group was established in 1932 in Jaffa by Faiq Ibrahim Sayegh to assemble bus chassis. Today, it has over 35 companies across sectors such as industrial, logistics, educational, medical, banking, and media broadcasting. Its main expertise lies in paint production, with over 18 paint factories worldwide. It formed the Roya Media Group (RMG) in 2021, which hosts television channels, an e-commerce website, a podcast, and educational games for children. In 2023, RMG recorded over 10 billion views on video clips on its platforms, accumulating viewership on its websites, platforms, and applications of 279 million views and engaging 25 million unique users.

Hayel Saeed Anam Group (HSA Group) 72

• Chairman & CEO: Abdul Gabbar Hayel Saeed

Country: U.A.E. Established in: 1938 Established in 1938, the HSA Group operates across ​​FMCG, industrials, manufacturing, commodities, and services.

It employs over 35,000 people globally. It manufactures edible oils, dairy products, biscuits, confectionery, flour milling, sugar refining, cartons, printing and packaging, and cement. The group operates across various markets, including Yemen, the U.A.E., Egypt, Saudi Arabia, Malaysia, Indonesia, Africa, and the U.K. In its home market of Yemen, the HSA Group is the F O R B E S M I D D L E E A S T.C O M

Hassan Allam & Amr Allam

largest private company in the country and the leading importer of food commodities and essential goods.

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Almana Group

• Vice Chairman: Saoud Omar H.A. Almana

Country: Qatar Established in: 1960 The Almana Group was initially established as a trading house in 1960. Today, it operates in more than nine sectors, has over 30 businesses, and works with over 100 global brands. The group has subsidiaries across automotive, industrial, contracting, real estate, and oil & gas, among other sectors like travel/tourism, money exchange, IT, and beverages. The group’s automotive division represents some of the world’s leading brands, including Ford, Ford Trucks, Lincoln, Jeep, Chrysler, Dodge, RAM, Hongqi, Bestune, and Hertz.

Hassan Allam Holding 74

• CEO: Hassan Allam Co-CEO: Amr Allam

Country: Egypt Established in: 1936 Founded in 1936, Hassan Allam Holding employs 45,000 people across more than 10 countries. In 2023, it recorded over

$1 billion in revenues and expanded into the U.A.E., Nigeria, and Libya. Its utilities arm, Hassan Allam Utilities, has 5.1 GW of renewable energy capacity and formed a joint venture, YANMU, with Agility in 2023 to develop, build and operate logistics parks and Grade A warehousing facilities in Egypt. They launched their first park, “YANMU East Logistics Park,” in March 2023. In April 2023, it also partnered with A.P. Moller Capital, targets $200 million in direct investments for an integrated logistics platform in Egypt and Africa.

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Alturki Holding

• Founder & Chairman: Khalid Ali Alturki Country: Saudi Arabia Established in: 1975 Alturki Holding was established in Saudi Arabia in 1975 as a solutions provider for the country's infrastructure development.

Today, the company has businesses in construction and building materials, infrastructure, transportation, information and communications technologies, oilfield tools and services, and real estate. It employs over 5,000 people. In 2023, the group launched its e-commerce platform, “masheedGATE,” offering a wide range of basic building materials. Saudi Readymix, an Alturki Holding subsidiary, also participated in the largest concrete-pouring operations in Saudi Arabia at The Avenues in Riyadh.

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Founded by Mohamed Abdulrahman Al-Bahar in 1937, the Al-Bahar Group today works across technology, consumer goods, travel, shipping, and retail, among others.

Al-Bahar Shipping (BSC) is the exclusive agent for China COSCO SHIPPING, which owns and controls nearly 1,000 modern merchant vessels. The Al-Bahar Food and Consumer Products Company (BCPC) partners with Unilever to distribute food, personal care, and home care products. In 2023, the Al-Bahar Group signed a deal with the Italian manufacturer Magni Telescopic Handlers to be the exclusive distributor for Bahrain, Kuwait, Oman, Qatar, and the U.A.E.

Abdul Hamied Seddiqi

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Seddiqi Holding

• Chairman: Abdul Hamied Seddiqi Country: U.A.E. Established in: 2007 Launched in 2007, Seddiqi Holding includes Ahmed Seddiqi & Sons (which had its beginnings in Bur Dubai in 1950), Swiss Watch Services, Dubai Watch Week, Mizzen, and Seddiqi & Sons Investments. Ahmed Seddiqi & Sons, the authorized retailer of Rolex in Dubai, is the biggest business unit within the group, with over 100 luxury watch and jewelry brands across over 50 boutiques in the U.A.E. Mizzen was established in 2017 to focus on luxury consumer brands.

In 2023, Aēsop, a luxury skincare brand under Mizzen, expanded into Saudi Arabia.

Vyntage Horology, the newest line of Seddiqi Holding’s Swiss-made wristwatches, was released in November 2023.

Aljabr Holding

• Chairman: Abdulmohsin Al Jabr Country: Saudi Arabia Established in: 1952 The late Hamad Bin Mohammed Aljabr started his business in agricultural real estate in the early 20th century. In 1952, the sons of the founder formed a small company specializing in food trading.

Today, Aljabr Holding has a diversified portfolio across multiple sectors, including automobiles, banking and finance, real estate, oil and gas services, food and beverages, laundry and dry cleaning, light industry, and agriculture. In December 2023, its automotive flagship, the Aljabr Trading Company, signed a strategic partnership agreement with Saudi Arabia Railways for vehicle transportation via railways in Saudi Arabia.

Oasis Investment Company (Al Shirawi Group) 78

• Chairman: Mohamed Al Shirawi Country: U.A.E.

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Established in: 1971 The Oasis Investment Company is a holding company of the Al Shirawi Group. The group was founded in 1971 as a trading house. The Al Shirawi Group has over 35 companies operating across 17 verticals in the U.A.E. and offices across the GCC, including Oman, Qatar, and Kuwait. In January 2024, Al Shirawi Machinery L.L.C and HD Hyundai Construction Equipment partnered to implement new technology in the construction industry in the U.A.E. In December 2023, the group’s construction subsidiary, Leminar Global, partnered with F O R B E S M I D D L E E A S T.C O M

Europe’s solar system provider, Calpak, for solar water heaters.

Bin Hamoodah Company 79

• Chairman: Faraj Ali Bin Hamoodah Country: U.A.E. Established in: 1967 The Bin Hamoodah Company has 25 subsidiaries across automotive, oil and gas, contracting, commercial, engineering, property development and management, financial services, agricultural, manufacturing, and IT. Founded in 1967, the group was reorganized in 2008 to transfer the ownership from the individuals to newly set up three family holding companies: Faraj Bin Hamoodah Holding, Hamoodah Sons Holding, and Ghanem Ali Bin Hamoodah & Sons LLC. The company’s clients include ENOC Group, Abu Dhabi Police, ADNOC, and Abu Dhabi Airports. Bin Hamoodah Auto is the distributor of Chevrolet and GMC from General Motors in Abu Dhabi.

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Khansaheb

• Chairman: Tariq Khansaheb Country: U.A.E. Established in: 1935 Khansaheb was founded as a trading

and maintenance company in 1935 by Khansaheb Hussain bin Hassan Amad.

It helped build the first motor track from Sharjah to Ras Al Khaimah in the same year and the Al Maqta Causeway in 1953, which connected Abu Dhabi to the mainland. In October 2023, Khansaheb partnered with AJI Rentals to use a battery energy storage system to power two cranes on its flagship project, Serenia Living on Palm Jumeirah. This will allow the company to reduce its comparative carbon footprint by up to 85% and is projected to reduce carbon emissions by 128 tons over a year.

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Nuqul Group

• Chairman: Ghassan E. Nuqul Country: Jordan Established in: 1952 Founded in 1952, the Nuqul Group is a Jordanian conglomerate with over 30 companies across diverse industries, from FMCG and automotive to healthcare and real estate. It employs over 5,500 people and sells its product to 82 markets. As of October 2023, Fine Hygienic Holding (FHH), a flagship of the Nuqul Group, had reduced 25,000 tons in carbon dioxide emissions by using natural gas across its four facilities in Egypt. In 2023, FHH acquired the beauty and cosmetics Egyptian company Easy and launched “eon,” an all-natural supplement brand of herbal blends.

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Alzayani Investments

• Chairman: Zayed Rashid Alzayani Country: Bahrain Established in: 1977

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AbuIssa Holding

• Chairman: Ashraf Abu Issa

Country: Qatar Established in: 1981 AbuIssa Holding operates in 11 sectors, including retail, distribution, telecommunications, IT, energy and engineering, construction support services, investment, real estate, and marketing across the Middle East, South Africa, China, and the U.S. It employs 2,895 people and owns 12 warehouses. The group represents international brands and has 20 of its own.

It also offers travel and tourism services through GoMosafer. In 2023, the group partnered with DViO Digital, Empire Real Estate Investments, and FTC Gulf. It also acquired watch, fashion, and perfume brands like Trilobe, H992, and Ormonde Jayne.

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Chalhoub Group

• Group President: Patrick Chalhoub Country: U.A.E. Established in: 1955 The Chalhoub Group is a hybrid retailer, provider, and creator of luxury brands. It employs 14,000 people in the Middle East and India in eight countries across over 750 retail stores. It has a portfolio of eight owned brands and over 300 international brands in the luxury, beauty, fashion, and art de vivre categories. Recently, the group expanded into new categories of luxury watches, jewelry, and eyewear. In November 2023, the group announced the launch of The Visitor, a new travel retail concept brand, at the King Abdulaziz International Airport in Jeddah, Saudi Arabia. In December 2023, the group’s web3-native sneaker brand SOL3MATES released its first physical brand, SIROCCO. F O R B E S M I D D L E E A S T.C O M

Ayman Tamer

Naif Alrajhi Investment 85

• Chairman & CEO: Naif Saleh Alrajhi Country: Saudi Arabia Established in: 2012 Saudi Arabia-headquartered Naif Alrajhi Investment Group began operations in 2012. It has offices in the U.A.E., the U.K., Italy, and Morocco and has investments in more than 11 sectors, including real estate, hospitality, F&B, mining, contracting & interior solutions, financial markets, outdoor media, and logistics, among other sectors. In August 2023, the group launched Fairmont Ramla Serviced Residence, the first standalone serviced residence by Fairmont Hotels and Resorts in Saudi Arabia. In September 2023, the group won a contract to develop Phase 1 of King Salman Park, a Public Investment Fund project.

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Tamer Group

• Chairman: Ayman Tamer Country: Saudi Arabia Established in: 1922 The Tamer Group was founded in 1922 as the first pharmacy in Saudi Arabia.

Today, the healthcare and wellness group operates across MENA and employs more

than 3,600 people across the healthcare manufacturing and supply, consumer care, logistics, e-commerce, and IT solutions sectors. In December 2023, the company broke ground for the construction of a logistics park to enhance its storage capacity and supply chain capabilities. In November 2023, Tamer Mölnlycke Care, a partnership between Tamer Group and Sweden-based Mölnlycke Health Care, announced the development of local products in Saudi Arabia. The company has a 21% market share in pharmaceutical distribution in Saudi Arabia.

Sultan Holding Company (SHC) 87

• Chairman: Naif Al Saud Country: Saudi Arabia Established in: 2020

Though SHC was only incorporated in 2020, its founder, Sultan Bin Mohammed Al Kabeer, has been in the industry for over five decades. SHC’s key investments include Yamama Cement, Almarai, Arabian Shield Cooperative Insurance Company, and Zain KSA. In January 2023, Zain KSA sold stakes in its tower infrastructure worth $807 million to the Golden Lattice Investment Company, with the Public Investment Fund and SHC among its owners. SHC invested in the $133 million series-C funding round for e-grocery delivery startup Nana in February 2023.

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Alzayani Investments was established in 1977. Today, it has 12 companies across real estate, industrials, automobile, food and beverages, and venture capital, including Gulf Closures, which is a joint venture between the Aptar Group and Zayani Industries, with a plant manufacturing capacity of two billion caps per year in the Middle East, Indian subcontinent, and Africa. Zayani Motors operates a specialized truck and bus sales facility and an after-sales facility for Mitsubishi Fuso, while Euro Motors has dealerships for BMW, MINI, Land Rover, Jaguar, Rolls-Royce Motor Cars, Ferrari and Maserati.

Saeed & Mohammed Al Naboodah Holding (Al Naboodah Group) 88

• Chairman: Abdullah Mohammed Juma Al Naboodah

Country: U.A.E. Established in: 1958

Mohammad Omar Bin Haider (MOBH) Holding Group 89

• Chairman: Mohammad Omar

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Country: U.A.E. Established in: 1950

• Chairman & CEO: Mohamed

Bin Haider

The MOBH Holding Group began in 1950 as a silk trading business. Today, it is a conglomerate with over 75 companies in its portfolio across multiple sectors worldwide.

In February 2024, the UDC Investment, a subsidiary of the group, announced a $2 billion urban development project in the Hadayek Al-Andalus area in an agreement with Egypt’s New Urban Communities Authority. Its portfolio includes Dubai World Central, Al Furjan Hotel, Al Marjan Resort & Spa, Al Nahda Hotel & Apartments, and the Palm Jumeirah Hotel.

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ASTRA Group

• Chairman: Sabih Masri Country: Saudi Arabia Established in: 1976

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Mohamed Hassan Bensalah

Since Sabih Masri founded the Arab Supply Trading Company in 1976, it has become a diversified group. It has subsidiaries across construction and mining, energy, financial services and investments, food and agriculture, education, healthcare and medicine, real estate and hospitality, media, plastics, specialty chemicals, steel, and telecommunications. These include ASTRA Construction, ASTRA Mining, Cairo Amman Bank, Golden Wheat Mills, Fahad Bin Sultan University, and ASTRA Polymers.

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Holmarcom Group

Hassan Bensalah

Country: Morocco Established in: 1978 Founded in 1978 by Abdelkader Bensalah in Morocco, the Holmarcom Group today has businesses in logistics, real estate, finance, and agro-industry. Three of the companies under the Holmarcom Group are listed on the Casablanca Stock Exchange: Les Eaux Minérales d’Oulmès, AtlantaSanad Assurance, and Crédit du Maroc. The company employs more than 6,000 people across its businesses. In 2023, the group launched a new industrial unit for biscuit and chocolate manufacturing called “Biscoland” and launched a new insurance company, “Attakafulia Assurance.” The group controls a majority stake in Crédit du Maroc, which recorded total assets of $6.4 billion as of September 2023.

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GB Corp

• CEO: Nader Ghabbour Country: Egypt Established in: 1940s GB Corp was established in Egypt in the 1940s by brothers Kamal and Sadek Ghabbour as a trading company with interests in construction materials, home

appliances, electronics, and automotive products. Today, it operates under two segments: GB Auto, which operates the automotive business and encompasses six lines of business across Egypt and Iraq, and GB Capital, which oversees non-bank financial service providers. In 2023, GB Auto began exporting Fuso and Volvo buses to the Middle East. In June 2023, GB Corp launched Kredit, providing financing services to SMEs in Egypt. The group recorded revenues of more than $631 million and net profits of more than $42 million for the first nine months of 2023.

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Mouawad

• Co-Guardians: Fred, Alain and Pascal Mouawad Country: U.A.E. Established in: 1890 Mouawad was founded in 1890 in Lebanon.

Today, brothers Fred, Alain, and Pascal Mouawad, the family’s fourth generation, co-guard the company, along with the fifth generation, Anastasia and Jimmy Mouawad. Mouawad regularly crowns Miss Universe and other pageants, including Miss Teen USA and Miss USA in 2022 and Miss Universe Thailand in 2023. Mouawad opened a London boutique in October 2023.

In November 2023, it collaborated with Beatrice L. Ho to launch its Venus collection in Hong Kong. Mouawad has been awarded five Guinness World Records.

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The Al Naboodah Group was founded in 1958 by two brothers, Saeed and Mohammed Juma Al Naboodah. Today, it employs over 10,000 people. It has two main subsidiaries: the Al Naboodah Construction Group and the Al Naboodah Commercial Group. The former has worked on landmark projects, including Palm Jumeirah, Business Bay, Yas Island, Dubai Water Canal, Dubai International Airport, Dubai World Central, and the Expo 2020 exhibition site. The latter is the exclusive distributor of Peugeot in Dubai and the Northern Emirates and HAVAL in the U.A.E.

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Al-Rushaid Group

• Chairman & CEO: Rasheed Al-Rushaid

Country: Saudi Arabia Established in: 1978 The Al-Rushaid Group operates across manufacturing, construction, engineering, trading, commercial real estate, and technology. The group created a global resource with six key joint ventures. In February 2024, Al-Rushaid Construction Co., a joint venture of the Al-Rushaid Petroleum Investment Company and the EEI Corporation in the Philippines, signed a contract with SGC Arabia to build the expansion of the Ethylene Cracker Plant at the Saudi Ethylene and Polyethylene Company. As of 2024, International SOS Al-Rushaid, a joint venture between Al-Rushaid Group and International SOS, operated 51 MedSites in Saudi Arabia across energy, mining, construction, and infrastructure.

Imad Kamal Sultan

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Diana Holding

• Chairman & CEO: Rita Maria Zniber Country: Morocco Established in: 1956 Founded in 1956, Diana Holding specializes in agro-industrials across agriculture, poultry, beverages, poultry sea products, plastic packaging, distribution, and retail.

Today, it manages about 8,300 hectares of land and employs around 7,200 people. Its olive-growing division covers 1,000 hectares, with a storage capacity of 3,500 tons. In November 2023, the plastic packaging specialist ALPLA acquired a majority stake in Diana Holding’s subsidiary, Atlantic Packaging, and formed the joint venture ALPLA Morocco with Diana Holding.

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Fakhro Group

• Chairman: Esam Fakhro Country: Bahrain Established in: 1888 Founded in 1888, the Fakhro Group today functions across six countries in automotive, trading, insurance, logistics, ICT, real estate, and food and beverages. The Fakhro Restaurants Company currently owns and operates McDonald’s restaurants in Bahrain.

Its SunCity Ventures is the franchisee for Vapiano in Bahrain, Kuwait, Saudi Arabia, and Oman and owns Zayt Zaytoon, a Lebanese fast-casual restaurant concept.

Fakhro Electronics distributes brands such as Cisco, 3Com, Sony, LG, and OKI. Fakhro Transport owns the franchise for Budget Car Rental in Qatar and Bahrain and operates locations at the Bahrain International Airport and Hamad International Airport in Qatar.

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Towell Group

• Vice Chairman & Managing Director: Imad Kamal Sultan Country: Oman Established in: 1866 The Towell Group employs 7,000 people across multiple sectors, including engineering, real estate, FMCG, and automotive. In 2023, fabrication company United Industrial Services Co. LLC, part of the Towell Engineering Group, executed projects in Canada from Oman. The Towell Engineering Group also executed the Mudhaibi water distribution project, covering more than 800 km of water network in the Sharqiya region, the first of its kind in Oman.

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Fattal Group

• Group CEO: Sami Darouni Country: Lebanon Established in: 1897 Established in Beirut in 1897 by Khalil Fares Fattal, the Fattal Group today operates in five different industries, including healthcare, fast-moving consumer goods, and office equipment across 15 countries with a workforce of over 3,000 people, 500 suppliers, 35,000 customers, and a 100,000 square meters of warehouses. The group has partnerships with Unilever, Bayer, Novartis, and Clarins. In January 2023, the group became the exclusive distributor for Dolce & Gabbana and The Body Shop in Lebanon and Iraq. Chair Caroline Fattal is the fourth-generation leader of the family business.

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Morshedy Group

• Founder & Chairman: Mohamed Morshedy

Country: Egypt Established in: 1983 Established in 1983, Memaar Al Morshedy employs 3,000 people, has 70,000 clients, has built 1,195 buildings and 25 malls, and delivers approximately 3,500 units per year.

In 2024, the group rebranded to “Morshedy Group” to reflect its diversification into other sectors, including healthcare and education. The group has founded 17 nurseries, 11 schools, seven medical clinics, and two hospitals, along with Al Hayah University in Cairo. In 2023, the group completed phase two of its mega project, Zahra, in Egypt and launched a new $60 million residential project in Athens, Greece.

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Almuftah Group

• Chairman: Abdulrehman Muftah Almuftah

Country: Qatar Established in: 1963 The Almuftah Group started its first venture in 1963, selling gramophone records. Today, it employs 6,000 people and operates in 15 multiple sectors across over 30 companies.

In 2023, the group developed and launched its own brand, ALM, for home appliances registered in Qatar. It also established its headquarters in Ras Laffan to reinforce its position in the industry and established a representative office in the Qatar Free Zone to explore opportunities for manufacturing goods in Qatar, diversify its operations, and expand its global trade footprint.

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

Mahi Aramideh and Acaena Amoros Romero, Founders of The Elixir Clinic, outline the benefits of IV vitamin therapy and share their company’s rise to prominence in the MENA’s wellness industry.

Mahi Aramideh and Acaena Amoros Romero, Founders of The Elixir Clinic

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V vitamin therapy, also known as intravenous vitamin therapy, is a method of administering vitamins, minerals, and amino acids, directly into the bloodstream.

This method of administration offers instant absorption, and it is highly effective as benefits can be experienced almost instantly, unlike with traditional oral supplements. The Elixir Clinic’s signature IV VitaDrip® infusions are a combination of these vitamin therapy infusions, personalized to every individual to ensure that each treatment is effective for each person.

Due to this high level of personalization and the potent combination of ingredients, there is an extensive list of benefits that IV VitaDrip® infusions offer.

These benefits include hydration, detoxification, energy boost, immunity support, and mental clarity, among many others. This comprehensive list of benefits is down to the various components within the formulations.

As a result, IV VitaDrip® provides a well-rounded and holistic approach that draws wellness into the adoption of a new lifestyle.

The Elixir Clinic’s approach over the years has focused on different elements that have contributed to the growth of our international footprint. However, our philosophy has remained steadfast throughout our journey; we are driven by the belief that prevention is better than cure and we focus on the importance of preventative solutions for long term health and vitality.

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

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Wellness, Inside and Out

Trust and transparency have also been key to our story. From the outset, The Elixir Clinic focused on educating clients and offering clear explanations on how the clinic can support their health and wellbeing.

From there, our medical expertise and combination of the highest quality ingredients encouraged clients to trust us with their wellness goals.

Once clients started experiencing results and began achieving their goals, the element of trust was built.

Meanwhile, the bespoke luxury that The Elixir Clinic offers has built strong client loyalty over time. It is very rare to find treatments that are tailored to each individual’s concerns and goals, especially when provided in wellness centers that are both medical and luxurious, and accessible to all.

Over time, many services have been added, covering not only wellness but also beauty and antiageing, resulting in The Elixir Clinic being recognized as a market leader in MENA’s wellness industry.

The Elixir Clinic entered the MENA region in 2015, with the first location in Abu Dhabi. At the time, IV VitaDrip® infusions were only just being discovered and that gave us an edge in building a highly reputable and luxurious brand. Within a short period of time, The Elixir Clinic began operations in Dubai and Al Ain, whilst also joining forces with well-known brands such as the Mandarin Oriental, Emirates Palace, and Six Senses.

The vision for the upcoming years is to become the go-to global wellness clinic that will support everyone individually, from around the world, on their wellness journey.

By Jamila Gandhi

The GCC’s Carbon Roadmap

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n 2023, the planet grappled with the harsh reality of rising temperatures as it endured the hottest year on record, according to the Copernicus Climate Change Service. Nations globally are engaged in a frenzied race against time, striving to limit temperature escalation by mid-century. At the forefront of this battle are carbon capture technologies, a process of extracting carbon dioxide (CO2) from the atmosphere and trapping it in some form.

The significance of carbon removal echoes the sentiments outlined in the 2015 Paris Climate Agreement adopted at COP21, which hails it as one of many strategies to mitigate climate change and cap the Earth’s temperature rise at 1.5 degrees Celsius above pre-industrial levels. In 2023, Wood Mackenzie found that achieving the net-zero emissions target by 2050 demands an annual carbon capture capacity of seven billion tons.

In its updated Net Zero Roadmap, the International Energy Agency stated that if all CCUS’s projects in the pipeline were F O R B E S M I D D L E E A S T.C O M

realized, CO2 capture capacity would increase more than eight times from about 45 million tons to almost 400 million tons annually by 2030 and would provide nearly 40% of what is needed by 2030 globally. Notably, Wood Mackenzie projected in 2022 that carbon capture technology can contribute up to 20% of the emissions reduction needed for global net zero by 2050.

As of December 2023, the Global CCS Institute identified over 390 carbon capture and storage (CCS) facilities in diverse stages of development worldwide. In the corporate realm, 2023 witnessed widespread support for carbon capture technology.

Noteworthy agreements in 2023 include Microsoft’s multi-year commitment to purchase 315,000 metric tons of CO2 removal from American project developer Heirloom.

JPMorgan Chase Bank affirmed its dedication with an investment exceeding $200 million to buy carbon dioxide removal technologies to remove and store 800,000 metric tons of CO2 equivalent, while Amazon made its inaugural foray into the sector with a decade-long purchase of 250,000 metric tons MARCH 2024

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With carbon capture and storage marked as a key technology in fighting climate change, the Gulf states are investing big in new infrastructure to make sure the region stands out as a sustainability leader.

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• SUSTAINABILITY •

• U.A.E. In 2016, ADNOC mirrored Saudi Arabia’s commitment by opening a facility at Al Reyadah in Abu Dhabi, a joint venture with Masdar matching its counterpart’s capacity. The onshore project in Musaffah stands as the world’s inaugural commercial-scale CCUS facility dedicated to capturing 0.8 million metric tons per year of CO2 from the steel industry.

Looking ahead, ADNOC aspires to amplify its carbon capture prowess to 10 million metric tons per annum by 2030.

In September 2023, ADNOC greenlit the Habshan project, one of the most expansive carbon capture initiatives in MENA. With the capacity to capture, use, and store 1.5 million tons per year of CO2, the project is poised to triple ADNOC’s carbon capture capacity to 2.3 million tons per year, equivalent to eliminating over 500,000 gasoline-powered cars from the road annually. Post-COP28 in December, ADNOC further diversified its carbon capture endeavors by acquiring a 10.1% equity stake in Storegga, a U.K.-based company specializing in CCS. In December 2023, DFM announced that trading commenced on its carbon credits pilot platform, which is expected to exceed $50 billion by 2030.

• Qatar In 2019, Qatar unveiled a carbon capture facility at Ras Laffan Liquefied Natural Gas, bringing QatarEnergy Projects’ total capacity to 2.2 million tons per year. In 2022, QatarEnergy and General Electric inked a memorandum of understanding to chart a carbon capture roadmap for Qatar. Qatar aims to increase CCS’s project capacity to 11 million tons per year of CO2 by 2035.

• Oman

In a move aligning with the national zero carbon strategy 2050, Oman’s Environment Authority launched the Oman • Saudi Arabia Blue Carbon project with MSA Green Projects in 2023. This Saudi Aramco marked a groundbreaking moment for the project aims to plant 100 million mangrove trees across the Middle East in 2015 with the launch of the region’s inaugural Sultanate, resulting in a reduction of CO2 emissions by 14 large-scale carbon capture and sequestration facility. The million tons over four years. The potential earnings from Uthmaniyah CO2-Enhanced Oil Recovery Demonstration carbon credits are estimated at $160 million, while the Project, operational since July 2015, boasts a formidable project’s economic and financial revenues are expected to capacity of 0.8 million metric tons per year. reach $150 million.

The kingdom aims to extract, use, and store its carbon In a parallel effort, Omani startup 44.01 joined forces with capture capacity to 44 million metric tons per year by 2035.

Aircapture in September to spearhead a major sequestration In December, a new carbon capture and utilization facility project. Set against the backdrop of Oman’s Hajar mountains, was inaugurated in the kingdom’s Western Region, which the Direct Air Capture + Mineralization project is scheduled is a collaboration with Petro Rabigh and Gulf Cryo, and it to commence operations in late 2024, scaling up peridotite will capture 300 metric tons of CO2 daily. Concurrently, mineralization technology, a method to eliminate the development of a substantial carbon capture atmospheric CO2 initially up to 500 tons per year.

Stay hub in Jubail is underway, with a targeted capture Additionally, in November 2023, Oman’s Ministry connected with our latest and storage capacity of nine million metric tons per of Energy and Minerals signed a memorandum of business news. annum by 2027. cooperation with key industry players, including Saudi Arabia is building CCS technologies plants Petroleum Development Oman, Shell Oman, OQ with a capacity of 8.4 GW, aligned with its target to Gas Networks, and Oxy, to foster collaboration in reduce carbon emissions by 278 million tons per year the realms of carbon capture, use, storage, and blue by 2030. hydrogen development.

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of carbon removal credits. Other industry giants such as Stripe, Alphabet, Shopify, Meta, and McKinsey have united under Frontier, committing to a $1 billion investment in permanent carbon removal between 2022 and 2030.

Governments also stepped up their efforts, with the U.S. earmarking $2.52 billion for two carbon management programs in February 2023 aimed at catalyzing transformative carbon capture systems and storage technologies. In a parallel move, in March 2023, the U.K. pledged $24 billion over the next two decades for local CCUS projects that sequester emissions underground.

Still, the Global CCS Institute has evidenced that a staggering 100-fold increase in CCS projects is imperative to meet the international climate targets set for 2050, and around 10% of the globally captured CO2 emanates from the industrial facilities of the Gulf states in 2022.

The Oil & Gas Decarbonization Charter (OGDC), unveiled at COP28 in Dubai, signifies a global commitment to investing in carbon capture technology. Covering approximately 50 oil and gas companies, accounting for 40% of global oil production, including industry giants like Saudi Aramco, the Abu Dhabi National Oil Company (ADNOC), and Petroleum Development Oman, the OGDC emphasizes the Gulf states’ national oil companies, which boast cost-effective solutions for CCS ranging from $15 to $40 per metric ton, compared to European costs ranging between $40 and $50 per metric tons, as per Norway-based Rystad Energy.

Unsurprisingly, several prominent players and investors have made headlines and set sights on sustainable carbon management solutions, aiming to leverage local technological expertise and tap into renewable energy capabilities. Here’s an overview of the GCC’s leading carbon capture projects and plans.

JAD HOBEIKA took the helm of Maison Georges Hobeika in June 2022. While conserving the fashion house’s DNA, he’s also been doing things a little differently.

Jad Hobeika, the Co-Creative Director of the eponymous luxury fashion house founded by his father, Georges Hobeika

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New Style

mong a pool of global designers, aficionados of red-carpet fashion can spot a Maison Georges Hobeika design a mile away. Part of the Lebanese fashion house’s heritage is its rich embroidery trademark, embracing its roots in its details and cuts.

In January 2024, during Paris Fashion Week, the Maison showcased its Couture Spring 2024 collection, which was inspired by and paid homage to the Arab world in a journey to nostalgia. “This couture collection is one of my favorites ever. I always wanted to create a collection that speaks to all of us on a deeper level, about a place we call home, about the love that we share through all the sadness that we go through,” says Jad Hobeika, the Co-Creative Director of the eponymous luxury fashion house founded by his father, Georges Hobeika. “I wanted to introduce the younger generation to a part of our culture that is golden, where art and creativity reigned, and poetry and music were part of our existence.”

The Maison has been a regular feature at Paris Haute Couture Week since 2001.

Last year, it continued to deploy its creative momentum on the global stage. British singer Adele graced the stage in a custom Georges Hobeika dress during her Last Vegas show in October, K-pop star and BLACKPINK member Lisa wore a Spring 2024 Ready-toWear dress during the Korean president’s state dinner at Buckingham Palace in November, and American singer Ciara was spotted wearing a Fall 2023 Couture suit to the premiere of ‘The Color Purple’ in LA early December. Among other stars who have shown their appreciation for the artistry is superstar Beyoncé, who wore the label’s designs three times during her Renaissance World Tour last year.

“I think it comes from a place where it’s all related to each other, the same place where we’re drawing to empower women. I think these artists and these celebrities are really getting that message, and this is why they really want to be a part of that feeling, which was the initial feeling that they gave me at the beginning,” says Hobeika.

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The Forbes Middle East 30 Under 30 2023 listee has been “It’s always about the messages. It’s a combination of focusing on reinventing the brand’s heritage by bringing in a people, environments, and personal messages that aren’t new, modern, and younger approach. “What I like is to kind of going through at the time, yet I’m not afraid to give those add this attitude of empowering women, first of all. Number messages to the world,” he says. “Education is one of the two is to make women really connected to what I’m presenting most important things I can give to the younger generation because fashion evolves with time,” he explains. and even to the older generation that consider certain topics Having been born in the world of fashion, it came naturally a taboo.” to Hobeika as a career choice. However, legacy wasn’t the A pipeline of notable figures have chosen designs from only draw. For Hobeika, it was a mix of things. “I was really the fashion house. Olivia Culpo wore a raspberry Georges impressed with the attitude of how clothes can change how Hobeika couture dress when she was crowned Miss Universe you look and how clothes can give you an added value to what in 2012. Jennifer Lopez stepped out in a Georges Hobeika you are representing outside,” he says. “The power of fashion couture dress for her red-carpet comeback with Ben Affleck was something that really inspired me, definitely including at the 2021 Venice Film Festival.

Disney movies, including all the princesses, including music “It definitely gives so much more visibility to the brand,” and art. It wasn’t just fashion, you know; it was the feeling Hobeika admits. “And it elevates the way that you perceive behind fashion that made me really excited to work in it and the brand and the way that you look at the design itself. For become a part of it.” example, Beyoncé picking her pink look and taking it exactly He remembers feeling the power of fashion from one of like it was on the runway is a pure validation of our strong his father’s vintage collections when he was around five or six image and the image that we are trying to portray to the years old. “He put women in that collection in a way that really generations and inspire them.” affected me. It was really something that opened my eyes to Over the years, luxury fashion brands have taken on active so many things and really gave me the will to start opening roles in supporting charitable organizations and promoting my mind to different horizons, kind of discovering more, and philanthropic projects. The Maison has been doing its part, wanting to empower women more and more and more. It supporting the Children’s Cancer Center of Lebanon (CCCL) became a part of my DNA since I was really young,” he recalls. for over 15 years. In September 2023, the label turned At the age of 18, he traveled to Paris to enroll at the the Roman ruins of Baalbek in Lebanon into a runway by prestigious École de la Chambre Syndicale de la Couture showcasing its RTW Spring 2024 Goddess of Love collection, Parisienne. In 2019, Hobeika became involved in the Maison’s celebrating Lebanese heritage, with part of the proceeds creative process, starting with the Fall/Winter 2019 2020 going to CCCL. couture collection, Birds of Paradise. “It was the first time As part of CCCL’s fundraising fashion project, Couture where Georges actually trusted me in creating a full collection Bazaar, Hobeika sends a new piece of his collection to the and really giving my vision to the world, and what he really center every year. He also donated the magenta dress worn liked was how I mixed his identity with my identity,” he

by Forbes Middle East 30 Under 30 listee Yasmina Zaytoun remembers. when she was crowned Miss Lebanon 2022 to auction at one After six years of working alongside his father, the Lebanese of CCCL’s galleries in an upcoming fundraising event. fashion designer was officially introduced to the public in June Getting support from local and international designers 2022 as the co-creative director of Maison Georges Hobeika. A is important to CCCL against the backdrop of Lebanon’s few days later, the father-son duo unveiled their first Autumnongoing and declining economic, political, and social crisis.

Winter 2022-2023 Couture collection, Eternal Gifts, in Paris, Rima Beydoun, Fundraising and Events Coordinator at paying tribute to the Earth and humanity. It was their first CCCL, believes it’s all about monetary and awareness. “The physical runway show since the pandemic outbreak in 2020. support of Maison Hobeika reflects and holds the mission of Inspired by people, he says every collection he has created so the center, spreads awareness about the center, and informs far has had a particular message. In January 2023, the luxury the clients, the whole community, and the community of label showcased the importance of the relationships and fashion that CCCL exists. Highlighting the mission and the interactions between family and friends in its Spring Summer support we need is very important,” she says.

2023 Couture collection titled Small Talks, casting real-life Aside from the charitable donations, Hobeika has a busy friends of the Maison on the runway, such as Cynthia Samuel, year ahead. Does that involve establishing his own brand?

Adam Bakri, Diala Makki, and Twins Hadban.

He confesses that he’s been thinking of it, but it’ll Hobeika has been working on elevating the readyhave to wait, for now. “I’m taking my time because Stay connected to-wear collections, but the 28-year-old has also I really want to do it perfectly, and I really want to with our latest not shied away from speaking about his personal influence people the way I want to influence them. I business news. experiences, such as mental health challenges, really don’t want it to be only about fashion. I want through his designs. His VAMP RTW Fall/Winter it to be about so many things that are much more 23/24 collection, which captured the world of important than fashion in our world that should vampires in a display of opulence and elegance, was be highlighted and should be the center of our inspired by Hobeika’s own experience of anxiety. conversations.”

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Fashion Shines On Dubai’s Runway

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ubai, a city synonymous with opulence and innovation, has once again demonstrated its unwavering commitment to securing a prestigious spot among the world’s leading fashion weeks with the recent autumn/winter 24/25 edition of Dubai Fashion Week (DFW).

Over five days in February 2024, DFW showcased an impressive array of runway shows, events, and collaborations, solidifying its influence and global profile. This year’s DFW also celebrated its first anniversary as the region’s official fashion week on the international fashion calendar.

• Dubai Fashion Week goes global DFW is an evolution of the original Arab Fashion Week, which ran for 21 editions from 2015. In February 2023, Dubai Design District (d3) and the Arab Fashion Council launched DFW as the region’s official fashion week, bolstering Dubai’s influence

as a global fashion capital alongside New York, London, Paris, and Milan.

This year, the event was scheduled to lead the global fashion calendar. It boasted a new, state-of-the-art venue along d3’s waterfront but also sprawled across the city, incorporating new venues, welcoming new DFW members and partners, and fostering designer-buyer collaborations. The event attracted global buyers, media, celebrities, and key fashion stakeholders.

The global fashion industry converged in Dubai for the event, with the autumn/winter 24/25 edition showcasing runway shows by emerging and established designers, plus capsule launches, events, dinners, talks, and networking opportunities. The event aimed to provide further unity and critical B2B infrastructure to the Middle East’s fashion landscape and effective support for designers to secure new partnerships, investment, and growth opportunities.

“Dubai Fashion Week fortifies the standing of Dubai as a

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Dubai Fashion Week highlighted a host of international and emerging designers.

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global fashion hub and exemplifies the city’s broader narrative of fostering creativity, innovation, and economic vibrancy. It witnesses the convergence of the fashion industry, marked by the active involvement and membership of major retail groups in the region,” says Jacob Abrian, CEO and Founder of the Arab Fashion Council. “This significant milestone and the synergies formed through strategic collaborations and innovative initiatives serve as a mirror reflecting the strategic vision of the Arab Fashion Council, propelling Dubai’s creative economy to unprecedented heights on the global stage.”

• Designers steal the spotlight

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The heart of DFW pulsated with creativity as top international designers left an indelible mark on the runway. The program opened with design duo Rizman Ruzaini—the label for which the iconic Naomi Campbell walked in the October edition of DFW—and closed with d3-based label Designers & Us. An array of other talented designers also displayed their latest

collections on the runway, including ANAYA, HUMARIFF, Maison Sara Chraibi (a Paris Fashion Week designer making her Dubai Fashion Week debut), CHOICE, Riva, Adolfo Dominguez, and BLSSD. On day two, Mrs. Keepa showcased Studio-Couture SS 24 in collaboration with Sotheby's Dubai. ANAYA presented "La Nuit," and Maison Sara Chraibi showcased "La Terre," adding layers of sophistication and artistry to DFW. Designer Tamam Humariff collaborated with students from the Humariff Academy to unveil a unique collection, marking a testament to mentorship and education in the fashion industry.

On day three, Michael Cinco celebrated cultural diversity and self-expression, while Lama Jouni hosted an exclusive event in collaboration with DFW. On day four, Dima Ayad and Reborn unveiled captivating fashion lines, while the debut of ZEY-YE added an extra layer of excitement. American Rag Cie and FAD Dubai cast a spotlight on the promising talent of fashion graduates and emerging designers.

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Emergency Room Beirut, in collaboration with Nothing, stood out by unveiling a sustainable collection celebrating resilience and creativity in challenging times. Zeena Zaki collaborated with Tryano to launch her Ramadan 2024 collection showcase at the Palazzo Versace, creating an immersive and culturally rich experience. Etro hosted an exclusive event at Dubai Opera, attended by luminaries from the creative and fashion sectors.

• A platform for talent: Dubai Fashion Week’s pinnacle

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DFW aims to be a pivotal platform for both Arab and international designers to showcase their talent, providing a global stage for innovation, creativity, and cultural expression. The event celebrates established names but also nurtures emerging talent, ensuring a dynamic and diverse representation of the fashion industry.

“It’s a joy to be part of Dubai Fashion Week, especially this edition, where we’re not just showcasing exquisite dresses but conveying a message of self-discovery through the Enlight show,” says Tarek Derke, Founder and CEO of Designers & Us. “Beyond providing a platform, we actively market and position designers in their target markets, fostering their public presence and ensuring their talents are recognized and celebrated. Being part of the Dubai Fashion Week family is an unforgettable experience, and we look forward to many more years of collaboration and growth ahead.”

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‫ﺣﻠﻴﺐ اﻹﺑﻞ ﻟﺤﻴﺎة أﻓﻀﻞ‬

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Camel Milk for a Better Life

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By Fouzia Azzab

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Fine Dining With A Creative Twist 82

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n the captivating world of fine dining, every meal invites diners to explore uncharted territories, delving into new tastes of inspiration and marvel, where every bite narrates a tale of its own, promising an unforgettable culinary adventure.

In an effort to stand out even further, many restaurants today are blending their culinary offerings with sensory experiences, including art, dance, and theatre. These three renowned restaurants in Dubai and Abu Dhabi deliver different experiences for diners

• KRASOTA Dubai Tasting the culinary arts of the future KRASOTA Dubai in the Address Downtown Hotel launched its own innovative fusion of cuisine and visual art at an event in November 2023 under the theme “Imaginary Future.” The show imagines future scenarios where human life integrates with artificial intelligence (AI). Guests can explore culinary experiences ranging from journeys to Mars and other planets to discovering new themes like emerging food rituals, futuristic agriculture, and mastery of time with every unfolding story an exploration of "what if?” Set in a world defined by technological F O R B E S M I D D L E E A S T.C O M

advancements, it also highlights technology's role in ocean exploration and beyond, all with interactive real-time games and pixel animation.

The restaurant also offers another performance called “Imaginary Art,” which uses advanced technology to showcase paintings by international artists from the late 19th and early 20th centuries.

Chef Vladimir Mukhin presents a meticulously curated dining experience with a seven-course menu, with each course mirroring an accompanying piece of artwork. This menu immerses diners into the realm of futuristic culinary arts, posing questions about the future shapes and tastes of food. These questions are answered by a collection of delicious and innovative dishes that satisfy the palate while challenging conventional concepts in the culinary world.

This creative gastro-theatre experience takes place around a large round table accommodating 20 people and equipped with AI tools, with every show lasting up to two hours. A multimedia show with interactive three-dimensional artwork is projected onto the walls and the dining table. Guests interact with the imaginary future show in real time, blurring the boundaries between reality and imagination.

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Take a peek inside some of the U.A.E.’s most immersive dining experiences.

• Al Hadheerah An authentic Middle Eastern dining experience

• Broadway Abu Dhabi A world of mystery and enchantment

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The Broadway brasserie and bar at the Emirates Palace Mandarin Oriental in Abu Dhabi offers distinct dining experiences accompanied by the global magician and mentalist Drummond Money-Coutts, known as DMC. This journey begins with the “IMPOSSIBLE” live show at the DMC Theatre in the restaurant every Friday, Saturday, and Sunday, which is coupled with a luxurious dining experience consisting of a three-course signature dinner menu rich in flavors and exquisite tastes, with dishes complementing the magic show, creating an unforgettable atmosphere of excitement and suspense.

The show features an enthralling blend of card tricks, mentalism, and mind-reading routines, showcasing DMC’s remarkable magical prowess and astonishing techniques that transcend the bounds of the imagination. The DMC Theatre also offers over 3,000 card games. Upon returning to reality, guests are treated to expertly crafted drinks, adding an extra touch to this thrilling evening.

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Nestled amidst the desert’s dunes, Al Hadheerah is located within the Bab Al Shams Desert Resort, just 45 minutes from Downtown Dubai. Here, guests embark on a journey through history, experiencing a culinary adventure that tantalizes the senses with lively entertainment, celebrating traditional Arab culture.

Amid the vibrant colors of a spacious live market, “Souk,” Al Hadheerah takes you on a journey into the world of the Bedouins.

You’ll find yourself surrounded by handcrafted carpets, enchanting fragrances, sand art, and camel wool pashminas.

The live performances, showcasing a diverse array of dancers, musicians, falconers, and horse and camel riders, revive the vibrant tapestry of Arab heritage.

The immersive experience evokes the essence of ancient Bedouin life, offering a glimpse into the cultural heart of the Arabian Peninsula.

As you sit within the expansive Arabian theatre of open-air dining and entertainment, the culinary journey begins with a wide array of hot and cold mezze, including a selection of bread and salads prepared from fresh, local ingredients. Guests can also visit various live cooking stations, ranging from seasoned kebabs, flame-grilled seafood, and tender lamb Ouzi cooked traditionally under the desert sand. The fragrant aromas fill the air around the cooking stations, allowing the guests to immerse themselves in a distinctly Arabian desert experience.

The experience concludes with a touch of sweetness from the dessert menu, offering a variety of authentic Arabic desserts, including Umm Ali, Kunafa with cheese, and different types of Arabic Baklava. After dinner, guests are invited to relax under the starry night sky and indulge in a selection of Arabian tea blends.

MARCH 2024

LIFESTYLE • CULINARY

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• THOUGHTS ON •

Legacy “No matter what happens in life, be good to people.

Being good to people is a wonderful legacy to leave behind.”

“Our focus needs to be less on what our legacy’s going to be or how we can control each other and more on how we can give to each other.”

Bill Gates

—Taylor Swift

—Kanye West

“Every person has a legacy.

You may not know what your impact is, and it may not be something that you can write on your tombstone, but every person has an impact on this world.”

“Hopefully, we can build a rivalry and we’ll be able to do this a lot. Make a legacy, then retire champions.”

—Serena Williams “It can be a challenge, but my legacy, at least for the people who came before me, is you don’t run from challenges because that’s more comfortable and convenient.”

—Dara Horn “We stand our best chance of leaving a legacy to those who want to learn, our children, by standing firm. In matters of style, hey, swing with the stream. But in matters of principle, you need to stand like a rock.”

—Bryan Stevenson

—Kevin Costner “Legacy is a stupid thing! I don’t want a legacy.”

—Bill Gates “We are a continuum.

Just as we reach back to our ancestors for our fundamental values, so we, as guardians of that legacy, must reach ahead to our children and their children. And we do so with a sense of sacredness in that reaching.”

“I think change needs to be egoless. It’s not about my leaving my fingerprints or a legacy.

It’s more important to be part of a process by rolling up your sleeves, being on the ground, initiating projects, starting campaigns - you know, building stuff.”

“If you look to your past or even your present to see why you are here or what your purpose is, you may get stuck in a limited view of yourself. Instead, look beyond your years here on earth, reconnect with the divine, and bring forth your soul’s legacy into the present moment.”

—Paul Tsongas

—Queen Rania of Jordan

—Debbie Ford

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

“Those who know me know I’m passionate about lists, and top of my list of priorities is my family.

My wife Joan and I do not consider our legacy to our children to be wealth or fame but the opportunity to pursue happiness by following their own path.”

—Richard Branson “I’m expected to do what’s right; I want to leave a legacy of positivity behind.”

—Angie Stone “Change makes you find your calling, your legacy, and God’s divine plan for your life. Don’t run from it.”

—Iman MARCH 2024

PHOTO BY BENNETT RAGLIN / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP

THOUGHTS

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INVESTING IN OUR PEOPLE

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For more than fifty years, we have been unlocking our human potential and developing our passion to contribute to Alba’s successes.

Committed to the Kingdom of Bahrain’s Economic Vision 2030 to develop our nationals and inspire action for a better tomorrow.

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

MARCH 2024

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

MARCH 2024