Gulf Business - April 2024

100 MOST POWERFUL ARABS 2024

ARCHITECTS OF CHANGE, VOICES THAT COMMAND ATTENTION, AND ROLE MODELS WHO INSPIRE GENERATIONS:

WE REVEAL THE TOP 100 ARAB POWERHOUSES SHAPING THE GLOBAL LANDSCAPE

Gulf Business

07 The brief

An insight into the news and trends shaping the region with perceptive commentary and analysis

22

Using AI for good

Amazon CTO Dr Werner

Vogels shares insights into how artificial intelligence can be democratised to help communities and businesses

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Cover Story: Arab Power List 2024

We shine the spotlight on the top 100 Arab movers and shakers in the latest edition of our flagship annual list

61 Lifestyle

Profits and paisely: Etro CEO Fabrizio Cardinali talks strategy and sartorial adventures p.62

‘Freak’ success: Ulysse Nardin’s new MD on why the brand’s hero product has redefined contemporary watchmaking p.67

Luxe living: Skincare brand Clinique La Prairie has unveiled its latest Longevity Hub in Dubai p.70

“By deeply integrating the principles of economic, social and environmental sustainability into its growth strategies, Dubai seeks to be at the global forefront of sustainable urban development.”

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai

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The SME Story

We look at how fintech platform Maly is focused on building financial wellness among its users

General manager – production S Sunil Kumar

Production manager Binu Purandaran

Production supervisor Venita Pinto

Senior sales manager Sangeetha J S Sangeetha.js@motivate.ae

Group marketing manager Joelle AlBeaino joelle.albeaino@motivate.ae

STRENGTH LIES IN DIVERSITY AND THE ARAB WORLD IS A SHINING EXAMPLE OF THIS

PThen there is the fact that top women leaders continue to have a strong showing in our top 100 list.

utting together a list of the Top 100 Arabs is certainly no mean feat. Vibrant debate and hotly contested discussions engulfed our newsroom this month as we sat down to put together the much-anticipated 2024 list.

This year, there are some notable trends. For example, the number of individuals from Saudi Arabia have increased from 16 last year to 19 this year.

Saudi Arabia’s growing economic influence and might is only set to accelerate amid Vision 2030, as well as the Public Investment Fund’s big ambitions to scale up development in that country.

As always, individuals from the UAE also had a strong showing in this year’s list, with Emiratis making up almost half (48) of the total listings.

For example, Hana Al Rostamani, group chief executive officer of First Abu Dhabi Bank and Sarah bint Yousif Al Amiri, the chairwoman of the UAE Space Agency, are both in our top 20 this year again — and they have both climbed the listings.

There is a saying that strength lies in diversity, and the Arab world is certainly a shining example of this, with a rapid rate of transformation happening across nations and cities in this great part of the world.

I hope you enjoy reading this year’s list.

Gareth van Zyl, Group editor

How the investment landscape is changing in 2024

Against

the backdrop of economic uncertainties and rising interest rates, global investment growth is expected to remain low, while we pivot towards sustainable and technology-driven sectors

In 2024, the horizon of global economics appears laden with complexities, presenting both challenges and opportunities for investors worldwide. Forecasts paint a dark picture of decelerating global growth, regional disparities, and persistent inflation. Yet, amid these shi ting sands, seasoned investors can discern pockets of potential and engage in strategic manoeuvres to maximise returns.

GLOBAL GDP GROWTH

The latest  World Economic Situation and Prospects report projects a moderation in global GDP growth, with estimations dwindling from 2.7 per cent in 2023 to a more tepid 2.4 per cent in 2024. This trajectory

signals a continuation of sluggish growth trends, prompting investors to recalibrate their strategies in anticipation of subdued economic expansion.

WEATHERING RECESSIONS

Despite the looming clouds of recession casting shadows over economies such as Japan and the UK, investors like ourselves continue to profit from real estate ventures. As a UK property investor, diversification is an e ective risk mitigation approach that protects our portfolio from market volatility. By spreading investments across different locations, property types and investment strategies, we managed to reduce our exposure to risk.

Investors o ten need to consider the broader global economic landscape and how it might impact their investment decisions, including factors such as regional economic performance, policy changes, and market trends. You can diversify location, acquisition strategy, financing strategy, tenant profile, and property type. To achieve diversification, we consider investing in commercial, residential, or industrial properties spread across di erent locations to gain exposure across various regions. At the same time, you can diversify strategies by investing in opportunistic, value-add, or core strategies which o er di erent levels of risk-return profile. The other thing is, recessions are pretty kind to residential rental portfolios. In recessions people cannot a ord houses, so they rent.

NAVIGATING REGIONAL DISPARITIES

The anticipated drop in US GDP, from 2.5 per cent in 2023 to a mere 1.4 per cent in 2024, triggers

TO

ACHIEVE DIVERSIFICATION,

WE CONSIDER

INVESTING IN COMMERCIAL, RESIDENTIAL, OR INDUSTRIAL PROPERTIES SPREAD ACROSS DIFFERENT LOCATIONS TO GAIN EXPOSURE ACROSS VARIOUS REGIONS

widespread reassessment of investment approaches. While the Chinese economy saw a gradual recovery, achieving a growth rate of 5.3 per cent in 2023, it is anticipated to ease to 4.7 per cent in 2024. In light of these developments, we consider spreading investments across di erent asset classes and geographical regions with stronger growth potential such as India while focusing on defensive sectors such as healthcare, consumer staples, and utilities which tend to hold up better during economic downturns.

TAMING THE INFLATIONARY DRAGON

Now exhibiting signs of easing, inflation has been a formidable foe over the past two years. Global headline inflation, which soared to 8.1 per cent in 2022, tapered to an estimated 5.7 per cent in 2023 and is poised for a further decline to 3.9 per cent in 2024, according to the IMF.

This downward trend provides a much-needed respite, o ering a glimmer of hope for economic stability and investment opportunities. As central banks and policymakers continue to implement measures to address inflationary risks, the easing of these pressures fosters a conducive environment for sustainable economic growth.

PIVOTING TOWARDS SUSTAINABLE INVESTMENTS

Against the backdrop of economic uncertainties and rising interest rates, global investment growth is expected to remain low, while we pivot towards sustainable and technology-driven sectors. Investment in energy, particularly clean energy, emerges as a beacon of opportunity, albeit fraught with challenges in relation to meeting net-zero-emission goals by 2050. This prompts us to redirect investments towards green energy initiatives and tech

“WHILE FORECASTS PAINT A GRIM PICTURE OF DECELERATING GLOBAL GROWTH, REGIONAL DISPARITIES, AND LINGERING INFLATION, I SEE OPPORTUNITY AMID THE COMPLEXITY OF 2024.”

Hayssam El Masri, senior executive officer of Ento Capital

GLOBAL HEADLINE INFLATION, WHICH SOARED TO 8.1 PER CENT IN 2022, TAPERED TO AN ESTIMATED 5.7 PER CENT IN 2023

AND IS POISED FOR A FURTHER DECLINE TO 3.9 PER CENT IN 2024

infrastructure, aligning portfolios with the demands of sustainability and innovation.

The urgency of such redirection is underscored by the backdrop of extreme weather conditions witnessed in 2023, which included the hottest summer on record since 1880, leading to devastating wildfires, floods, and droughts worldwide. These events have direct economic impacts, such as damage to infrastructure, agriculture, and livelihoods.

THE RIPPLES OF INTEREST RATE CUTS IN THE GCC

A ter raising its benchmark interest rate 11 times over the past two years, the Federal Reserve hinted at implementing at least three rate cuts in 2024 during its meeting in December 2023. Market expectations initially anticipated the first rate cut in March, followed by five additional cuts throughout 2024. However, subsequent statements have led investors to speculate that the rate cuts may commence in April instead of March.

Institutional investors in the GCC would engage in active e orts to diversify their portfolios, adjust their risk management strategies, and explore alternative investment opportunities to mitigate the impact of anticipated rate adjustments.

As we navigate through 2024, the Federal Reserve’s monetary policy decisions will remain critical for institutional investors. The possibility of an interest rate cut, though possibly forthcoming over many stages, presents both challenges and opportunities, especially in the immediate term.

Adopting a strategic partnership approach and prioritising comprehensive market analysis can empower investors to adeptly navigate the forceful economic terrain.

Solid and stable

UAE banks are likely to maintain their solid performance in 2024 as the non-oil economy’s positive impact on corporate cash flows translates into higher deposits

BY KUDAKWASHE MUZORIWA

Banks in the UAE have enjoyed robust growth over the years, supported by the strong momentum in the country’s non-oil sector, which is expected to benefit from the accelerated implementation of the economic diversification agenda.

The country’s higher interest rate climate and supportive domestic economic conditions lifted the profitability of the biggest banks throughout 2023.

“High-interest rates and supportive operating conditions boosted asset yields (6 per cent) in 2023, outpacing the cost of funding (3.7 per cent), as banks managed to preserve current and savings accounts, which contributed to 63 per cent of total customer deposits and supported wider margins,” according to Moody’s.

The UAE’s neobanks have had, and will continue to have, a tremendous impact on the country’s banking landscape since the launch of Emirates NBD’s Liv in 2017. Often called challenger banks, the digital-exclusive banks are supercharging specific services long associated with veteran institutions such as retail banks, payment providers, and international wire services.

Meanwhile, the UAE sustainable finance market is set to grow further post-COP28, and for banks, it represents a meaningful share of business. Banks operating in the country pledged to mobilise $270bn (Dhs1tn) in green finance by the end of the decade.

The UAE is a key business and finance hub in the Middle East, and the Gulf state appears wellpositioned to withstand any external shocks. The Abu Dhabi Global Market and the Dubai International Financial Centre said new company registrations surged by 32 per cent and 34 per cent in 2023, respectively.

PRIME CONDITIONS

Banks in the UAE are enjoying a period of sustained growth, supported by an improving operating environment marked by economic recovery and the central bank’s moves to tighten monetary policy.

“Our analysis reveals a healthy showing among banks in 2023, with many institutions experiencing an increase in profitability and stronger return on

GETTY IMAGES/ HERMANN MUELLER

investment metrics,” says Asad Ahmed, Alvarez & Marsal (A&M) managing director and head of Middle East financial services.

Profits are on the increase and asset quality is sound, with lenders also enjoying strong capital and liquidity levels. The combined full-year profit of the UAE’s top five banks – First Abu Dhabi Bank (FAB), Emirates NBD (ENBD), Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank (ADCB) and Mashreq Bank—reached a record $16.8bn (Dhs61.7bn) in 2023.

FAB’s net profit jumped 56 per cent year-on-year (YoY) to Dhs16.4 bn in 2023, ENBD’s profit rose by 65 per cent YoY to Dhs21.5bn, ADCB reported an annual profit of Dhs8.2bn, up 28 per cent YoY, Mashreq’s net profit soared 130 per cent to Dhs8.6bn while DIB’s 2023 net profit increased by 26 per cent to Dhs7bn.

The total assets of banks operating in the UAE rose by 11 per cent YoY to a record Dhs4.1tn in 2023, the central bank said in a report in March, stating that the country’s banking sector is poised for further growth and recovery this year.

“Given that the UAE banks are mostly well capitalised, profitable, liquid, and well supported by regulators, we look forward to a stable 2024,” says Ahmed.

A rising interest rate environment has boosted the fortunes of the UAE’s banks. CBUAE followed the US Federal Reserve’s steps to keep interest rates unchanged in January to protect the Emirati dirham’s peg against the US dollar. The central bank said it would keep the base rate applicable to the overnight deposit facility unchanged at 5.40 per cent.

Net interest margins soared by 36bps YoY to 2.8 per cent, supported by the higher yield on credit (+4.5 percentage points YoY) to 11.5 per cent in 2023, A&M said while noting a more than 27.6 per cent YoY increase in net interest income.

The pegging of the Emirati dirham to the dollar all but eliminates foreign exchange risk, a most valuable trait in emerging markets (EM) at a time when faltering commodity prices present a risk to the EM FX asset class.

FUTURE OF BANKING

Since generative artificial intelligence (GenAI) burst

THE COMBINED FULL-YEAR PROFIT OF THE UAE’S TOP FIVE BANKS REACHED A RECORD

$16.8BN (DHS61.7BN) IN 2023

“THE TECH AFFINITY OF THE UAE’S POPULATION SUPPORTS THE DEMAND FOR NEOBANKS AND HAS LED TO THE EMERGENCE OF AN ATTRACTIVE ECOSYSTEM FOR BANKS AND FINTECHS.”

“HIGH-INTEREST RATES AND SUPPORTIVE OPERATING CONDITIONS BOOSTED ASSET

YIELDS (6 PER CENT) IN 2023, OUTPACING THE COST OF FUNDING (3.7 PER CENT), AS BANKS MANAGED TO PRESERVE CURRENT AND SAVINGS ACCOUNTS.”

onto the scene in early 2023, the innovative technology has the practical potential to fundamentally revolutionise banking.

“Enhanced customer experience and creation of customised content at scale is another arrow in GenAI’s quiver,” says Madhujith Venkatakrishna, associate director of innovation at ANZ Institutional.

The use of GenAI in banking is expected to elevate the customer experience through tailored and context-aligned communication, thanks to large language models’ ability to assimilate information, and make connections and inferences.

Meanwhile, digital banking has indeed transformed the UAE banking landscape. Though digital banking has yet to reach mainstream adoption, the market is already showing an appetite for alternative solutions that enable customers to access banking services without stepping into brick-andmortar branches.

“The tech affinity of the UAE’s population supports the demand for neobanks additionally and has led to the emergence of an attractive ecosystem for banks and fintechs,” said S&P Global in a report forecasting the future of banking.

Digital-native Islamic community bank, Ruya, is the latest neobank to join the UAE’s burgeoning digital banking ecosystem after it unveiled plans to launch in February. Over the past few years, standalone neobanks such as Zand, Wio Bank, Al Maryah Community Bank, and NAQD Community Bank have emerged in the UAE. Beyond this, the UAE’s removal from the grey list of the Financial Action Task Force (FATF) in February is expected to boost smoother foreign currency transactions, lower inter-bank fees, and increase trade and investment. The profitability of UAE lenders is also expected to remain strong, albeit lower than last year, on the back of higher-forlonger interest rates and a broadly stable cost of risk.

The Brief / Sustainable Manufacturing

A smart approach to a carbon-neutral future

We look at how manufacturing companies can benefit from implementing intelligent solutions for carbon emissions reduction

The climate crisis is a pressing concern that has garnered global attention. As the world grapples with the impacts of climate change, industries are under scrutiny for their carbon footprints. Manufacturing has always been a significant generator of carbon pollution, contributing more than 24 per cent to greenhouse gas (GHG) emissions today. The energy-intensive processes and the extensive use of non-renewable resources have le t an indelible carbon footprint.

The need to tackle climate change is emphasised by the goal of limiting global warming to 1.5°C by 2050. It is essential to act immediately since emissions need to be reduced by half by 2030, which leaves only seven years. The climate agenda needs to be reconsidered, restarted and redirected as the recent COP28 demonstrated.

Digital transformation, a megatrend whose roots date back to the 1990s but with exponential growth since the early 2010s, has had profound implications for the manufacturing sector, revolutionising the value proposition of goods and services. However, concerns about reduced competitiveness, economic concentration, and geopolitical polarisation loom large.

Yet, amidst these challenges lies an opportunity – the potential for ‘Smart Factories’, with their promise of carbonneutral operations.

Smart factories, underpinned by digitalisation and automation, represent the zenith of the manufacturing evolution. They are characterised by their ability to self-regulate, adapt, and optimise production processes in real time.

Using sensors and real-time data analytics, these factories can detect ineciencies, predict maintenance needs, and adjust operations to reduce energy consumption and waste. But beyond operational excellence, smart factories hold the key to sustainable manufacturing.

The environmental benefits of these facilities are manifold:

AI algorithms can forecast energy demand, allowing factories to draw power during o -peak hours, reducing strain on the grid, and lowering carbon emissions.

Robotics equipped with advanced sensors can perform tasks with precision, minimising material waste and ensuring optimal energy use.

Digital twins can simulate production processes to assess eco-friendly alternatives without halting actual operations.

IIoT devices ensure machinery operates at optimal conditions, preventing energy waste.

Automated systems can reduce material usage, and predictive maintenance averts resource-intensive breakdowns.

Blockchain can trace the sustainability credentials of supply chains and promote ethical and green sourcing.

“SMART FACTORIES, UNDERPINNED BY DIGITALISATION AND AUTOMATION, REPRESENT THE ZENITH OF THE MANUFACTURING EVOLUTION. THEY ARE CHARACTERISED BY THEIR ABILITY TO SELFREGULATE, ADAPT, AND OPTIMISE PRODUCTION PROCESSES IN REAL-TIME.”

Moreover, the integration of renewable energy sources, combined with intelligent energy management systems, can significantly reduce a factory’s carbon footprint.

Nonetheless, a significant barrier to adopting the smart factory model is the perception of sustainability as a cost rather than an investment. Many executives still view sustainability initiatives as unwelcome cost drivers. But this perspective is wrong and counterproductive.

Research indicates that organisations that have made substantial progress in implementing sustainable practices have witnessed higher revenue growth than their counterparts.

All the above leads us to a pivotal question: How can regions like the Middle East and Gulf Cooperation Council (GCC) benefit from the global shift toward smart factories?

While the global benefits of these facilities are evident, it is essential to consider their implications at a regional level. With their rich history and strategic geopolitical position, the Middle East and the GCC region have always been at the centre of global trade and commerce.

Historically reliant on oil and gas, these regions are now at the forefront of diversifying their economies

THE NEED TO TACKLE CLIMATE CHANGE IS EMPHASISED BY THE GOAL OF LIMITING GLOBAL WARMING TO 1.5°C BY 2050

ORGANISATIONS THAT HAVE MADE SUBSTANTIAL PROGRESS IN IMPLEMENTING SUSTAINABLE PRACTICES HAVE WITNESSED HIGHER REVENUE GROWTH THAN THEIR COUNTERPARTS

and embracing sustainable practices. Adopting the smart factory model can not only enhance their manufacturing prowess but also position them as leaders in sustainable industrial practices. For instance, leveraging solar energy, abundant in these regions, to power Smart Factories can significantly reduce emissions.

Furthermore, the Middle East and GCC stand to benefit economically from this transition. As global demand shifts towards sustainably produced goods, smart factories in these regions can cater to this market, driving exports and creating jobs. These regions can innovate and develop homegrown solutions tailored to their unique challenges and opportunities by investing in research and development.

With their strategic position and robust infrastructure, they can serve as hubs for sustainable manufacturing, setting benchmarks for other regions to follow. Furthermore, they can benefit from global initiatives aimed at supply chain resilience. For example, the European Union’s strategy to diversify supply chains and build “strategic autonomy” in raw materials and semiconductors offers a blueprint for these regions. The Middle East and GCC can ensure a sustainable and resilient supply chain by establishing partnerships with neighbouring countries and investing in local manufacturing capabilities.

Lastly, and perhaps most importantly, there needs to be a concerted effort to regulate and incentivise sustainable manufacturing practices. Governments can play a pivotal role by offering tax breaks, grants, and subsidies to manufacturers who adopt carbonneutral operations.

ROBOTICS EQUIPPED WITH ADVANCED SENSORS CAN PERFORM TASKS WITH PRECISION, MINIMISING MATERIAL WASTE AND ENSURING

OPTIMAL ENERGY USE

As the world stands on the precipice of a climate crisis, industries, especially manufacturing, are responsible for leading the charge toward a sustainable future.

By embracing the smart factory model, the global manufacturing sector significantly reduces its carbon emissions, and it can also drive economic growth, create jobs, and usher in a new era of responsible production. The Middle East and GCC, with their rich history and vast resources, are uniquely positioned to champion this cause.

Sebastián Trolli, research manager and head of Industrial Automation Practice, Frost & Sullivan

INNOVATION CAN OFFSET RISKS

There is an increasing awareness in the kingdom’s construction market of the necessity for more collaborative contracting methods to get these giga-projects across the finish line –efficiently and profitably

The Saudi Arabia giga-project programme is a series of geographically diverse tourist, residential, commercial, retail and industrial capital projects aimed at transforming the kingdom into a tourism and entertainment hub while creating hundreds of thousands of jobs in the process.

Funded primarily by the kingdom’s Public Investment Fund (PIF), the total pipeline value of the Saudi giga-projects has reportedly grown to more than $850bn in 2023.

Due to their size, scale and innovation, these giga-projects present a host of legal and contractual risks for their stakeholders. There is an increasing awareness in the kingdom’s construction market of the necessity for more collaborative contracting

methods, not only to get these projects across the finish line but also to ensure that all stakeholders –including contractors and developers – emerge profitably from these massive endeavours.

Here are how these potential risks could be addressed:

RISK #1: DELAYS AND COST OVERRUNS CAN IMPACT GIGA-PROJECTS

Projects in the Middle East have a track record of having the most significant programme and cost overruns in the world. These projects are likely not going to be immune from this trend. The fact that there are several projects underway in parallel creates a perfect storm for labour and material shortages, which may be compounded by unexpected disruptions from economic and political events.

It will be key for employers and contractors to be realistic about project scheduling from the outset,

THE TOTAL PIPELINE VALUE OF THE SAUDI GIGA-PROJECTS HAS REPORTEDLY GROWN TO MORE THAN $850BN IN 2023

but when delays do inevitably arise, both parties must proactively commit to operating the contractual claims provisions in good faith.

In the Middle East, the prompt operation of claims provisions for additional time and cost has too o ten been viewed by both parties as an aggressive tactic. Yet if both parties embrace the claims provisions as a necessary and proactive mechanism to nip project challenges in the bud (rather than allowing them to fester and poison the project), both parties (and the project) will benefit.

Giga-projects could also benefit from fast-track contractual dispute resolution options, including the use of independent dispute boards and expert determination (ideally established at the outset of the project), to determine time and cost disputes swi tly and cost-e ectively, when the project is proceeding, giving parties greater certainty over emerging risks.

RISK #2: DESIGN CHANGES

These projects are inherently more vulnerable to variations of work than smaller projects, due to their scale and complexity, the integration of the latest innovative technologies and long project durations. An under-cooked design is an obvious risk to time and costs, but when a giga-project attempts to push the boundaries of emerging technology, o ten in multiple directions all at once, it is almost inevitable that parties will discover design and implementation issues as the project is being constructed.

At a basic level, parties will need to ensure their contracts have unambiguous variation provisions, contractors must be fully compliant with notification provisions to avoid variation claims becoming timebarred, and employers will need to inject a healthy dose of realism into their budgets.

Parties will especially need to carry required levels of project contingency funds to account for costly and reasonably foreseeable design development costs that are “part and parcel” of a futuristic concept design based on untested technology (but will have to be mature by the time of completion).

“WHEN THE STAKES ARE SO HIGH, THE RISK OF DEFECTS SHOULD BE MITIGATED THROUGH CONTRACTUAL QUALITY CONTROL MECHANISMS THAT ENABLE EARLY DETECTION OF DEFECTS.”

“GIGA-PROJECTS COULD ALSO BENEFIT FROM FAST-TRACK CONTRACTUAL DISPUTE RESOLUTION OPTIONS, INCLUDING THE USE OF INDEPENDENT DISPUTE BOARDS AND EXPERT DETERMINATION.”

Perhaps a more fundamental issue to be aware of is where the ultimate liability for the associated costs of design and its development lies, especially where novel and innovative concepts are in play.

RISK #3: DEFECTS IN THE WORKS

A unique structure such as the two-kilometre tall Rise Tower in the kingdom’s North Pole Project presents unique design risks (for example, geotechnical risks, such as the risk of sinkage due to the sheer weight of the structure; seismic loading risks presented by an earthquake and severe weather events, selection of appropriate materials, including external cladding, to mitigate fire-safety risks, etc.).

The shortages of skilled and unskilled labour and typically ambitious project delivery timeframes, increase the risk of poor workmanship, leading to construction defects.

When the stakes are so high, the risk of defects should be mitigated through contractual quality control mechanisms that enable early detection of defects, such as through more stringent notification, inspection and testing mechanisms as the work progresses.

RISK #4: CHANGE OF LAW

The kingdom currently is experiencing a significant legislation and policy boom, aimed at creating legal certainty and thereby attracting foreign investment.

The landmark corporate law and civil transactions law both entered into force late last year, with amendments bound to follow in the ordinary course.

IT WILL BE KEY FOR EMPLOYERS AND CONTRACTORS TO BE REALISTIC ABOUT PROJECT SCHEDULING FROM THE OUTSET

Alongside these significant changes, giga-projects such as NEOM, Red Sea Global and AlUla are developing their bespoke regulations, including for environmental and heritage protections, in line with international best practices.

For giga-projects, which have immense scope and long schedule durations, the risk of potential adverse impacts due to a change in the law is also heightened simply because of the longer than normal project

duration

Sachin Kerur is a partner and Alison Eslick is an associate at Reed Smith

Board rules

Boards should avoid being distracted by housekeeping items and focus on their most important job: offering strategic direction

Imagine a scene: a boardroom fi lled with seasoned professionals, most sporting a distinguished head of silver hair. The atmosphere is subdued. Papers rustle, co ee sips punctuate the silence, and nods of agreement are the most common forms of participation. An outsider might mistake this for a gathering of the uninterested, a mere formality.

But hold on. This is a board meeting, and contrary to the lacklustre first impression, it holds immense potential for the future of an entire company.

However, the reality o ten falls short of the ideal. Many board meetings, sadly, devolve into a series of “housekeeping items” – minor details, procedural necessities, and formalities that, while essential, can eat up valuable time and leave little room for the truly important task: strategic direction.

A BOARD’S RESPONSIBILITIES

A well-functioning board has five key responsibilities, and compliance, while crucial, is just one piece of the puzzle. The key responsibilities of the board include:

Approving and governing the enterprise strategy

Scrutinising and guiding major financial decisions

Assisting in selecting, evaluating and monitoring the CEO and building succession plans

Guiding the CEO

Ensuring regulatory and legal compliance

REGULATIONS: A DOUBLE-EDGED SWORD

Long before the UAE and regional regulators implemented corporate governance standards, the

Ralph Ward and Dr M Muneer, Ralph Ward is a global board advisor, coach and publisher. Dr M Muneer is a Fortune-500 advisor, startup investor and co-founder of the non-profit Medici Institute for Innovation

Sarbanes-Oxley Act and listing standards of NYSE and NASDAQ drove reforms. These reforms emerged a ter the downfalls of Enron, WorldCom, and Tyco, perhaps mirroring a regional response to concerns within GCC boards.

These regulations address aspects like director independence, responsibilities, audit committee composition, and disclosures. However, they represent only 20 per cent of a board’s duties.

While regulations are crucial to protect minority shareholders, an overemphasis on compliance can distract boards. Boards need to dedicate su cient time to their core role: monitoring, guiding, and evaluating the company’s strategy and the executive team’s performance in executing that strategy.

FROM HOUSEKEEPING TO STRATEGIC DISCUSSIONS

So, how do we transform board meetings from checklist exercises to strategic powerhouses? Here are some tips:

Prioritise strategic discussions: Don’t let “housekeeping items” dominate the agenda. Start by reviewing past meeting minutes and tackling any pending issues. Utilise technology like board portals to streamline this process.

Focus on key performance indicators: Dedicate time to analysing sales, market share, customer satisfaction, and project progress. These metrics provide crucial insights for strategic decision-making.

Chart the future course: Engage in discussions about the company’s direction. Explore options like restructuring, market expansion, mergers, and acquisitions. Remember, the board bears the responsibility of setting medium-term goals with an eye on long-term value creation.

Action plan and accountability: Conclude the meeting with a clear action plan for the executive team. Encourage board members to actively participate in formulating and voting on these plans, ensuring everyone is invested in the company’s success.

REMEMBER THIS…

Board meetings should not be a passive exercise. By prioritising strategic discussions, utilising technology e ectively, and fostering active participation, boards can transform from passive observers to active drivers of an organisation’s trajectory.

Remember, the boardroom is not just a place for co ee and conversation; it’s the nerve centre where the future of the company is shaped. Let’s ensure it thrives, not merely survives.

New tax era dawns on the UAE

Small businesses that generate less than Dhs3m in annual revenue are broadly exempted from paying corporate tax, but these fi rms are required to fi le their tax returns

The UAE began rolling out a 9 per cent levy on corporate earnings for the first time in June 2023, bringing the country’s tax system in line with international best practices and minimising the compliance burden on businesses.

By introducing the corporate tax regime, the UAE seeks to cement its position as a hub for business and investment while aligning with new international standards, particularly the move toward a global minimum tax on multinational corporations endorsed by the G20 countries in 2021.

Marmore MENA Intelligence, a research unit of Kuwait Financial Centre (Markaz), projected that the UAE’s corporate tax holds the potential to generate $13bn (Dhs47.7bn) in revenue or approximately 15 per cent of the Gulf state’s gross non-oil revenue.

While adapting to the new tax reform may be challenging for some startups

and small and medium enterprises (SMEs), the government introduced measures to exempt such businesses from paying the corporate tax.

The UAE’s Small Business Relief scheme alleviates the tax burden on small businesses with revenue of $816,882 (Dhs3m) or less – an initiative that analysts say allows such enterprises to continue to thrive.

However, though startups and SMEs

Marmore MENA Intelligence, a research unit of Kuwait Financial Centre (Markaz), projected that the UAE’s corporate tax holds the potential to generate $13bn (Dhs47.7bn) in revenue or approximately 15 per cent of the Gulf states gross non-oil revenue.

are exempted from paying corporate tax, these businesses are required to register for corporate tax, file their tax returns and maintain proper accounting records – something that many entrepreneurs in the UAE have not yet grasped.

John Casey, the managing director of Accounting and Tax at Virtuzone says the small business relief initiative is one of the more generous schemes globally while noting that several SMEs in the UAE are not aware of the steps they need to take to comply with the country’s new tax requirements.

Dubai-based company formation specialist Virtuzone stressed that the initiative is designed to support startups, SMEs and micro businesses in the UAE by easing their corporate tax duties and compliance costs.

SMEs and startups represent a significant part of the UAE’s economy and are one of the strongest

Registration Requirements

Registration deadlines are based on:

The month your original licence was issued (regardless of which year it was)

Deadlines are staggered based on the issue month shown on your license

drivers of economic diversification, innovation, and employment.

DRIVING SUSTAINABLE GROWTH

The latest data from the UAE’s Ministry of Economy shows that SMEs make up around 94 per cent of companies operating in the country and provide employment for more than 86 per cent of the private sector’s workforce.

There are more than 557,000 SMEs in the UAE, and the figure is projected to reach one million by 2030 as part of the country’s National Agenda for Entrepreneurship, which seeks to establish the Emirates as an entrepreneurial nation by the end of the decade.

The implementation of corporate tax in the UAE almost one year ago made running a small business in the country a bit more complex. Still, there is a silver lining, according to Virtuzone, thanks to wide-ranging tax relief initiatives that

were introduced exactly one year ago to lighten the load for SMEs and startups.

Under the Small Business Relief, UAE resident taxable persons with revenues below the Dhs3m threshold and meeting other conditions can claim the relief by electing not to derive any “taxable income” during the relevant tax period.

According to Virtuzone, tax relief for small businesses is crucial, especially considering recent economic challenges and policy changes as it allows entrepreneurs to allocate more resources towards business growth and expansion. It can also boost business liquidity and sustainability potential.

Furthermore, the business formation specialist said that tax relief can have broader economic implications that range from promoting employment to encouraging innovation to contributing to financial stability. The UAE’s strategic objectives behind these initiatives

Accounting Requirements

Regardless of standard used, you must still produce proper financial statements

include fostering entrepreneurship, boosting the SME sector, and promoting economic diversification.

Free zone businesses may qualify for an exemption if they are operating in the manufacturing sector, processing, trading, maritime, reinsurance services, wealth and investment management, aviation as well as distribution and logistics services.

The intricacies of tax laws and relief initiatives can be challenging, especially for SMEs and startups with limited resources. Through its tax experts, legal advisors and financial advisors, Virtuzone o ers valuable insights and guidance on how small businesses maximise tax relief, maintain compliance, and avoid common pitfalls.

The award-winning corporate services provider o ers three tax and accounting packages that start from Dhs249 per month up to Dhs999.

MIND THE GAP

While the relief o ers considerable tax advantages, Virtuzone urges entrepreneurs to keep proper records and be aware of common pitfalls and mistakes that may attract an initial penalty of Dhs10,000 that can increase to Dhs20,000 if these small businesses fail to comply subsequently.

“If a small business opts for tax relief, they are required to maintain updated records for seven years from the end of the relevant tax period. These records include bank statements, sales ledgers, invoices, order records, delivery notes, and other relevant business correspondence,” said Virtuzone. The

Compliance Steps

QUALIFYING FREE

ZONE BUSINESS

Registration

Accounting

Audit

File tax return

SMALL BUSINESS RELIEF

Registration

Accounting

File tax return

TAXABLE BUSINESS

Registration

Accounting

UAE’s tax relief initiatives o er a plethora of tax deductions, including tax reductions, credits, exemptions, and deferrals. It allows eligible businesses to treat their taxable income as zero for a specific tax period.

However, small businesses that seek to leverage tax relief should consider the legal and ethical obligations that come with the incentives.

Virtuzone further stressed that SMEs and startups should maintain compliance with Federal Tax Authority laws and regulations while ensuring ethical business practices.

DELVING INTO UAE’S CORPORATE TAX REGIME

The UAE’s 9 per cent rate on taxable income above Dhs375,000 is the lowest in the Gulf region, apart from Bahrain which currently does not have a general corporate tax. Saudi Arabia levies 20 per cent, Qatar 10 per cent and Kuwait 15 per cent on foreign-owned firms while Oman has a corporate tax rate of 15 per cent, according to global consultancy firm PwC.

corporate tax rate. Furthermore, Hong Kong’s taxes range from 8.5 per cent to 16.5 per cent, and Singapore and San Marino both have tax rates of 17 per cent.

The UAE corporate tax, which opened a new revenue stream and further enhanced the country’s attractiveness as a global business hub, is also expected to promote transparency and drive accountability among companies incorporated and operating in the Emirates. The tax regime will also solidify the country’s international reputation

while bringing the reporting standards of UAE-based businesses in line with global benchmarks.

Going forward, small businesses in the UAE can bolster their financial stability and growth prospects by leveraging tax relief initiatives. Virtuzone expects a cocktail of global trends, local policy changes, and the strategic actions of businesses to shape the future of tax relief policies for small businesses in the UAE.

File tax return 01 04 02 05 03 06

Businesses operating in the manufacturing sector, processing, trading, maritime, reinsurance services, wealth and investment management, aviation as well as distribution and logistics services all qualify for tax relief.

Exempt industries

IF A BUSINESS OR ANY LEGAL ENTITY FITS ANY OF THE CRITERIA BELOW, THEN THEY CAN QUALIFY FOR CORPORATE TAX EXEMPTION

On a global scale, the UAE is still an extremely competitive low-tax business destination when compared to other low corporate-tax jurisdictions, according to Virtuzone. Montenegro and Gibraltar have tax rates of 9 per cent and 10 per cent respectively, while Ireland and Lichtenstein both o er a 12.5 per cent

Empowering AI for good

AMAZON CTO, FUTURIST AND ENGINEER DR WERNER VOGELS IS OPTIMISTIC ABOUT THE POTENTIAL THAT ARTIFICIAL INTELLIGENCE HAS TO UPLIFT ECONOMIES, BUSINESSES AND COMMUNITIES

BY NEESHA SALIAN

Dr Werner Vogels, chief technology officer of Amazon, is responsible for driving the company’s customer-centric technology vision. He is also a big believer in the power of artificial intelligence (AI) to serve the greater good.

Vogels recently spoke at the World Government Summit (WGS) on the potential of AI and its impact. During his visit, he spoke to Gulf Business on the importance of democratising AI and how Amazon Web Services is supporting companies to scale their operations.

You addressed government and industry heads at the recent WGS on the impact of AI. Tell us more about it.

QAt WGS, I highlighted the evolution of artificial intelligence (AI) and its impact on society. As an engineer, I emphasised the practical applications of AI, particularly in everyday technologies like those used by Amazon for the past 25 years, such as recommendation systems and fraud detection. While AI has become ubiquitous, its recent advancements, especially in generative AI, have opened

new possibilities. However, I believe we shouldn’t overlook the importance of educating the public about these technologies, as rapid advancements can lead to misunderstandings.

Furthermore, I underscored the significance of quality data in AI development and the need for publicly available datasets to ensure fairness and accuracy. AI models trained on diverse datasets yield more relevant and unbiased outcomes. It’s important to note that AI can prove to be an ‘efficient’ assistant rather than a replacement in fields such as healthcare, where it enhances professionals’ capabilities rather than supplanting them. The possibilities are endless as AI can also be leveraged to address pressing global challenges such as food security and climate change.

What are the areas that AI can impact because of bad actors or bias?

The risks associated with AI, particularly concerning bias, are paramount considerations in the current technological landscape. One of the primary concerns is the misuse of AI by malicious actors, whether they be state-sponsored entities, criminal organisations, or individuals with ill

intent. The capabilities of technology are inherently neutral; it is the intentions and actions of those wielding it that determine its impact. We’ve witnessed throughout history how advancements such as steel have been utilised for both destructive and beneficial purposes.

Currently, one of the most significant risks lies in the lack of widespread education about the capabilities and limitations of AI among the public, regulators, and governments. Many are unaware of the nuances and intricacies of AI systems, including their propensity to generate realistic but false information or ‘hallucinations’. These systems may not acknowledge uncertainty and can inadvertently produce misleading results. As such, it remains imperative for humans to exercise critical thinking and discernment in decision-making processes.

Failure to adequately educate stakeholders may lead to knee-jerk regulatory responses that hinder technological progress rather than fostering its beneficial applications. To avoid widening the gap between technologically advanced regions and the rest of the world, it’s essential to ensure equitable access to AI technologies.

The introduction of open-sourcing AI models, as observed in the Gulf region with Abu Dhabi-based Technology Innovation Institute’s Falcon large language model, is a crucial step toward democratising access to AI tools. By promoting transparency, collaboration and inclusivity in AI development and deployment, we can harness its potential to uplift economies, address societal challenges and advance sustainable development goals worldwide.

How do you see AI impacting different industries?

I see tremendous potential in the realm of women’s healthcare. Historically, this has been an underfunded and overlooked area, but recent developments suggest that change is on the horizon. With a growing focus on female-specific health issues, such as menopause and reproductive health, we’re witnessing a surge in funding and innovation. AI has the potential to revolutionise healthcare by unlocking insights and accelerating discoveries that were previously unimaginable. AI can analyse vast amounts of data to identify patterns and potential treatment avenues that

BY LEVERAGING AI ALGORITHMS TO PERSONALISE LEARNING PATHWAYS AND ADAPT INSTRUCTION TO INDIVIDUAL LEARNING STYLES AND LANGUAGE ABILITIES, THESE INITIATIVES ARE EMPOWERING IMMIGRANTS TO QUICKLY GAIN THE SKILLS NEEDED FOR EMPLOYMENT IN HIGH-DEMAND FIELDS LIKE IT.”

may have been overlooked by human researchers. By simulating how molecules interact and understanding the subtle changes at the molecular or DNA level, AI can uncover new opportunities for drug development and personalised medicine.

Certainly, AI holds tremendous potential for elevating education, especially in the context of addressing the needs of immigrants and refugees. In countries like Germany, where large numbers of immigrants are seeking to integrate into the workforce, AI-powered education initiatives such as those offered by ReDI School are proving to be transformative.  By leveraging AI algorithms to personalise learning pathways and adapt instruction to individual learning styles and language abilities, these initiatives are empowering immigrants to quickly gain the skills needed for employment in high-demand fields like IT.

Moreover, natural language interfaces and low-code development platforms are lowering barriers to entry, enabling anyone with an idea to create and deploy applications with minimal technical expertise.

At Amazon, we’re deeply committed to fostering a culture of innovation and customer-centricity. Whether it’s through our self-publishing platform for authors or our cloud computing services for businesses, we strive to empower individuals and organisations to pursue their dreams.

Tell us how AWS is supporting the growth of companies in the region.

When considering the impact of AWS in the UAE and the broader Middle East region, it’s essential to highlight our collaborations with both public and private sector entities. For instance, we work closely with government agencies to enhance the quality and efficiency of public services, contributing to the region’s overall development. Moreover, the hospitality industry, a significant contributor to the region’s economy, has benefited from AWS solutions. Partnering with renowned entities such as Emirates

Airlines, we’ve embarked on innovative projects aimed at improving operational efficiency and customer experience. For example, Emirates has leveraged AWS technology, including VR headsets, to revolutionise employee training. By decentralising training programmes and delivering immersive experiences, Emirates ensures consistent service quality across its global operations.

Collaborations with organisations such as Dubai’s Roads and Transport Authority demonstrate our commitment to fostering innovation and sustainability in these critical sectors. Through strategic agreements and joint projects, we empower organisations to leverage advanced technologies and drive positive change and digital transformation in their respective industries.

Furthermore, we haven’t forgotten our roots, starting as a small company ourselves. We provide comprehensive support to startups and young businesses in the region, helping them navigate the complexities of cloud computing and data management. By offering grants, technical assistance, and guidance on cost optimisation and security best practices, we enable startups to scale and thrive in a competitive market environment.

Overall, AWS’ presence in the region extends beyond providing technology

solutions. We are actively involved in consulting, training and capacity building, ensuring that organisations harness the full potential of cloud computing while adhering to best practices in data security and compliance.

Tell us about AWS’ focus on sustainability.

When it comes to sustainability, especially in the context of data centres, Amazon Web Services is deeply committed to driving positive change. The rise of cloud computing has not only revolutionised technology but also transformed the economic model behind it. In the past, businesses had to make substantial upfront investments to access technology, often overestimating their needs to drive costs down. However, with AWS, we’ve shifted to a pay-as-you-go model, aligning with natural consumption patterns and enabling customers to pay only for the resources they use.

Our focus on sustainability extends to our data centres, where we’ve made significant investments in innovation. By implementing cutting-edge technologies and optimising energy usage, we’ve been able to reduce energy costs by up to 30 per cent. This not only translates to cost savings for our customers but also reflects a commitment to minimising their carbon footprint. We provide detailed insights into energy consumption, empowering customers to make informed choices and reduce their environmental impact. Moreover, we’re dedicated to transitioning to renewable energy sources entirely by 2025. Currently, we have more than 500 renewable energy projects worldwide, including solar and wind initiatives. By investing in renewable energy infrastructure, we’re not only reducing our environmental footprint but also contributing to a more sustainable future for communities worldwide. In addition, we prioritise community engagement and collaboration. For example, in Dublin, our data centre serves a dual purpose by repurposing excess heat to warm nearby facilities. We partner with local institutions, such as hospitals and universities, to leverage technology for social good and promote education in technology.

Furthermore, initiatives such as AWS Think Big Spaces provide opportunities for young learners to explore technology’s role in society and inspire future innovation.

Werner Vogels

AMAZON

Tell us about AWS’ approach to security.

Security is paramount in every aspect of our operations at AWS. With millions of companies relying on our platform, we understand the critical importance of safeguarding our customers’ data and infrastructure. From day one, we’ve been under intense scrutiny, given our close association with Amazon.com. However, we recognise that security is not a static concept; it’s a continuous journey that requires relentless innovation and vigilance. One of the primary reasons that enterprises are increasingly moving to the cloud is because they recognise the unparalleled level of security that AWS provides. With a dedicated team of experts and security tools, we o er a level of protection that organisations o ten cannot achieve on their own. Our investments in innovative

security products and services enable us to address emerging threats e ectively.

Finally, how do you manage what you do as CTO?

Managing a diverse array of products, services and goals while maintaining a hectic travel schedule has its challenges, but it’s all about finding a balance and staying focused on what truly matters. The secret, if there is one, lies in a few key principles that guide my approach to work and life. First and foremost, I prioritise understanding the needs and challenges of our customers. Whether it’s developing innovative solutions internally or providing services to external clients, my role revolves around ensuring that our technology meets the evolving demands of the market. This entails actively listening to customer feedback, identifying common pain points, and

leveraging our technological expertise to address them e ectively.

However, it’s not just about reacting to customer demands; it’s also about anticipating future needs and staying ahead of the curve. This requires a continuous commitment to learning and innovation, staying informed about emerging technologies and industry trends, and fostering a culture of experimentation and adaptation within the organisation. I make it a point to remain engaged and informed, whether it’s through regular communication with engineering teams or dedicating time to explore new technologies and concepts.

Moreover, I recognise the importance of taking regular breaks to recharge and refocus. Setting aside dedicated time each week for personal reflection and learning allows me to maintain clarity of thought and perspective through my busy schedule.

Zoho CEO Sridhar Vembu embarks on Saudi expansion

SRIDHAR VEMBU, THE CEO OF ZOHO, RECENTLY ATTENDED THE LEAP 2O24 CONFERENCE IN SAUDI ARABIA WHERE HE MADE BIG ANNOUNCEMENTS AROUND THE COMPANY’S TWO NEW DATA CENTRE FACILITIES IN RIYADH AND JEDDAH

BY GARETH VAN ZYL

Zoho is a giant in the enterprise software space. It has been in business for 27 years and has become a leader in the global SaaS (software-as-a-service) market with more than 15,000 employees, over $1bn dollar revenue, and a wide array of products. CEO Sridhar Vembu sat down with Gulf Business at the sidelines of LEAP 2024 to talk more about his company’s latest

announcements in Saudi Arabia as well his company’s long-term strategies that have brought it sustainable success.

QTell us about your presence in Saudi Arabia.

We now have a data centre in Riyadh and Jeddah. We’ve already started seeing a strong interest in our offerings because of that. We were growing very fast

before, and I think we are going to grow even faster now. We have recruited a good team here. And more excitingly, our team here is 83 per cent Saudi nationals. That’s part of our philosophy, where we don’t want to just take from a market, but we also want to put back into the market, developing the local talent, and creating a tech ecosystem. That’s our goal, and we are doing that.

Why Saudi Arabia in particular? Why come to these markets and expand your operations?

You can see what is happening in Saudi Arabia where there is a massive transformation. What is happening is that this economy is transforming itself from primarily a resource extraction, oil-based

THE PATIENT GAME ACTUALLY WINS AND WHEN YOU LOOK AT THE PRODUCT PORTFOLIO, WHEN YOU LOOK AT THE DEPTH, BREADTH AND MATURITY IN OUR PRODUCTS — THAT ALL HAPPENED THANKS TO MORE THAN 10-15 YEARS OF R&D INVESTMENT.”

economy towards a much more diversified economic base. And technology plays a vital role. In addition, the intellectual property industry also plays a vital role. I think that’s why it’s an exciting time to be here, because of so much growth. In all of the investments that are happening, we want to play a vital part in it and that’s why we’re here.

Tell us about the facility that you’re building up in Saudi Arabia just in terms of some numbers that our readers would be interested in.

We already have 25 employees. In the next two-three years based on the growth, it will double or triple in size.

Most of the team is recruited locally. They are trained and culturally attuned to

local norms, as well as to this broader Zoho culture. That’s our transnational localism. The transnational part is thinking globally, and the localism is to make sure that it benefits every regional economy. That’s what we are doing. We also take our products and o er very customised solutions to the local market, and meet their particular leads. That’s why we are growing the number of people here.

Just looking at the wider GCC region, UAE included, Zoho has a strong presence here. What is your prospect for growth in this region more broadly speaking?

In Dubai, of course, we have a very strong presence, and we are now expanding that more, in Abu Dhabi as well. We are now also even looking at other countries, where the details are not yet fully firmed up. But we are looking at every part of the region here because we are seeing strong growth everywhere, and similarly, we also are seeing good growth in Africa. In fact, we have a presence in Kenya now. And we are seeing growth in Nigeria. So all of these countries are growing faster. South Africa is another key market. We have a big presence in South Africa so we have seen growth everywhere now. So we are investing to catch up with that.

ZOHO’S SAUDI TEAM COMPRISES 83 PER CENT SAUDIS.

You have gone out there and built this big global business that’s extended beyond India,

“THAT’S PART OF OUR PHILOSOPHY, WHERE WE DON’T WANT TO JUST TAKE FROM A MARKET, BUT WE ALSO WANT TO PUT BACK INTO THE MARKET.”

right into the rest of the globe. What is driving that?

We play the long game and in the near term, it doesn’t appear, initially, that di erentiated but over time, we have just persistent investment. The patient game actually wins and when you look at the product portfolio, when you look at the depth, breadth and maturity in our products — that all happened thanks to more than 10-15 years of R&D investments. So there has been longterm thinking, and deep tech R&D. And just to give you an example, a typical SaaS company will host on AWS. We build our own network stack, the infrastructure, and all that. It really helps long-term and the benefits can only accrue long-term — that’s the real di erentiation.

What’s next for Zoho?

We have two big things we’re working on. One we call contextual intelligence: that’s our take on AI. We call it ‘CI’. So you take AI, apply it to a business, and you have the contextual data, like your specific emails, your chats — all that. But these models have to be trained up on your data and only applied to your data. We don’t leak your data to anybody else and that’s the kind of safeguard that we need now. For mid-sized models, which are very useful, we are doing that work right now. The second is AI applied to so tware development. We think we can improve productivity massively, tenfold. You already see it with LLMs (large language models), but the problem there is correctness is not guaranteed. We are working on it along with traditional tools like compilers to enable a massive leap in so tware production development, and that’s something that is critical.

PIC: GARETH VAN ZYL

Sridhar Vembu

ARABS ON THE RISE

As we navigate through an era of transformative change, the Arab world stands at a critical juncture, poised to shape the future of the global economy. With responsible economic stewardship, and a commitment to climate action, diversity and inclusion, and strategic investments in key sectors, the region is primed to solidify its position as a pivotal player on the international stage.

As we delve into our flagship Top 100 Arabs Power List for 2024, it becomes evident that these movers and shakers are not only driving the region's economic resurgence, but also elevating its prominence. These visionaries, innovators and leaders in industry, sport, entertainment, space exploration and culture — from across the region and beyond — embody the spirit of progress, innovation and resilience, making the Arab world a force to be reckoned with.

This year’s honour roll welcomes eight new entrants to the list. These dynamic individuals have been building their influence not just in the Arab world but across the global landscape over the past year. As is expected, some of our power listers have moved up and down, with a few exiting the list. We also have 21 female power listers. These exemplary women, among countless others, hold aloft the torch of empowerment for Arab women everywhere, blazing trails and defying odds with each step they take. Through their remarkable achievements, they continue to redefine possibilities and inspire generations to come.

Read on to discover who made it to our list...

METHODOLOGY

Gulf Business looked at the events of 2023-24 and rated the listees on the basis of four criteria: financial capital, human capital, expansion plans and level of personal fame. In general,  Gulf Business has excluded politicians and royalty, unless the contenders have a strong leaning towards business activity. We have included Arabs from across the world.

ORIGIN: SAUDI ARABIA

RESIDENCE: SAUDI ARABIA

SECTOR: DIVERSIFIED 2023 RANK: 1

YASIR AL-RUMAYYAN GOVERNOR, PUBLIC INVESTMENT FUND, CHAIRMAN, ARAMCO AND CHAIRMAN, RIYADH AIR

With a vision to become the world’s largest sovereign wealth fund by 2030, the Public Investment Fund (PIF) has strategically positioned itself as a pivotal player in Saudi Arabia’s economic diversifi cation e orts. As governor of PIF, Yasir Al-Rumayyan, plays a key role in directing its initiatives. PIF allocated a substantial $31.6bn across 49 transactions in 2023, marking a notable 33 per cent increase from the previous year, according to a report by Global SWF. Notable investments by the PIF in 2023 include the acquisition of US gaming company Scopely for $4.9bn, the purchase of Standard Chartered’s aircraft leasing division for $3.6bn, and the agreement to acquire Saudi Basic Industries Corporation’s steel unit Hadeed for $3.3bn.

Additionally, the fund expanded its stake in British luxury car maker Aston Martin and agreed to acquire a 49 per cent stake in Rocco Forte Hotels. The fund also recently launched Alat, a global hub for sustainable technology manufacturing. Furthermore, the PIF’s portfolio in US equities experienced an 18 per cent growth in 2023.

Al-Rumayyan is also the chairman of Saudi Aramco. In 2023, Aramco’s average hydrocarbon production was 12.8 million barrels of oil equivalent per day, including 10.7 barrels per day of total liquids. The company also continues to be rated as the Middle East’s most valuable brand by Brand Finance Global 500 index

Al-Rumayyan, who serves on the boards of Uber and Reliance Industries, also chairs Riyadh Air, which recently marked its fi rst anniversary. The airline is set to launch flights in 2025.

Photo courtesy: Aramco

ORIGIN: UAE RESIDENCE: UAE

SECTOR: ENERGY 2023 RANK: 2

DR SULTAN AL JABER

MD AND GROUP CEO, ADNOC AND CHAIR, MASDAR

ORIGIN: UAE RESIDENCE: UAE

SECTOR: DIVERSIFIED 2023 RANK: 3

Dr Sultan Al Jaber has made significant contributions as the chairman of Abu Dhabi National Oil Company (ADNOC). Under his stewardship, ADNOC has embarked on a bold mission to mitigate carbon emissions, earmarking $23bn for low-carbon projects to address the challenges of climate change. ADNOC’s ambitious goals include increasing production capacity of lower carbon-intensive hydrocarbons to five million barrels per day by 2027, three years ahead of the original target. The company has intensified upstream exploration and development e orts, unveiling expansion plans and increasing capital expenditures to $150bn.

As the president of COP28, Dr Al Jaber’s infl uence has transcended borders, as he mobilised substantial funding and secured historic agreements for climate action on the global stage.

Furthermore, Dr Al Jaber’s leadership extends to clean energy initiatives through his role as chairman of Masdar, a pioneering clean energy company with a global footprint and investments exceeding $30bn. Masdar’s renewable energy projects span across 40 countries and boast over 20GW of capacity.

HH SHEIKH AHMED BIN SAEED AL MAKTOUM

CHAIRMAN AND CHIEF EXECUTIVE, EMIRATES GROUP & CHAIRMAN, EMIRATES NBD

Sheikh Ahmed bin Saeed Al Maktoum has key roles in various sectors across Dubai's economic landscape. At the helm of Emirates Group, Sheikh Ahmed has orchestrated remarkable achievements, exemplified by a record-breaking half-year performance for 2023-24. Emirates Group, the parent company of Emirates Airline, reported a half-year profit of Dhs10.1bn, driven by robust demand for international travel. Additionally, Emirates NBD, where Sheikh Ahmed serves as chairman, witnessed a 65 per cent rise in net profit to Dhs21.5bn.

As chairman of Dubai Holding, Sheikh Ahmed oversees one of Dubai’s premier investment conglomerates. His leadership has been pivotal in guiding Dubai Holding through strategic mergers, such as the recent consolidation of Nakheel and Meydan, heralding a new era of growth and synergy for the company.

As the president of Dubai Civil Aviation Authority and chairman of Dubai Airports, he plays a pivotal role in shaping Dubai’s status as a global aviation hub. Moreover, his leadership of Expo City Dubai Authority reflects his commitment to fostering innovation and sustainable development on a grand scale.

ORIGIN: UAE RESIDENCE: UAE

SECTOR: DIVERSIFIED 2023 RANK: 5

KHALDOON KHALIFA AL MUBARAK

MANAGING DIRECTOR AND GROUP CEO, MUBADALA INVESTMENT COMPANY

Khaldoon Khalifa Al Mubarak has spearheaded the Mubadala Investment Company’s impressive evolution over the past two decades. Under his leadership, Mubadala has grown into a formidable $276bn business with a global footprint, boasting assets across more than 50 countries and six international o ces.

Beyond Mubadala, Khaldoon chairs prominent organisations such as Manchester City FC, Melbourne City FC, and Mumbai City FC. He also serves on the boards of ADNOC, Emirates Nuclear Energy Corporation, Abu Dhabi Commercial Bank, and Emirates Global Aluminium, among others.

ORIGIN: QATAR RESIDENCE: QATAR

SECTOR: DIVERSIFIED 2023 RANK: 4

SAAD SHERIDA AL-KAABI

PRESIDENT AND CEO, QATARENERGY AND CHAIRMAN AND MD, INDUSTRIES QATAR

Saad Sherida Al-Kaabi, the president and CEO of QatarEnergy, stands at the forefront of Qatar’s energy sector. Al-Kaabi’s journey began when he joined QatarEnergy as a university student. Since assuming leadership in 2014, he has steered the company towards success, cementing its position as a global leader in liquefied natural gas (LNG) production.

Under Al-Kaabi’s guidance, QatarEnergy has executed strategic initiatives to bolster its LNG production capacity and secure long-term partnerships. In October 2023, the company inked a signifi cant LNG sale and purchase agreement with Eni, further solidifying its market presence.

One of the pivotal projects overseen by Al-Kaabi is the North Field Expansion, aimed at elevating Qatar’s LNG production capacity to meet surging global demand. With new finds in the North Field and extensive appraisal e orts, QatarEnergy announced the ambitious North Field West project, set to add 16 million tonnes of LNG by 2030.

Al-Kaabi also serves as Qatar’s Minister of State for Energy A airs and holds key positions in prominent organisations such as Industries Qatar and the Qatar Investment Authority.

Mubadala’s recent collaborations underscore its strategic approach to investment diversifi cation and global partnerships. Collaborations with entities such as Goldman Sachs and Apollo Global Management highlight Mubadala’s commitment to exploring new investment avenues, such as private credit opportunities in Asia and the Middle Market Apollo Institutional Private Lending fund. Moreover, Mubadala’s initiatives include the creation of MGX with G42. MGX aims to deploy advanced technologies for society’s advancement.

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Energy

2023 rank: 6

Amin H Nasser, the president and CEO of Saudi Aramco, stands out as a key figure in the global energy sector, steering the world’s largest integrated oil and gas company. With a career spanning four decades within the company, Nasser has ascended through various leadership positions, including senior vice president of Upstream, where he spearheaded Saudi Aramco’s largest capital investment programme.

Under Nasser’s leadership, Saudi Aramco has expanded its presence across the petroleum value chain, with strategic investments and joint-venture partnerships both domestically and internationally. In March 2023, the company completed the acquisition of Valvoline Global Operations for $2.65bn, further solidifying its position in the global market.

He is also driving e orts towards cleaner energy production, investing in technologies such as renewable energy applications and next-generation fuel-engine interfaces.

Nasser’s leadership has propelled Saudi Aramco to significant milestones, including a net income of SAR454.8bn ($121.3bn) in 2023, the company’s second highest ever. Speaking at the CERAWeek conference, Nasser recently emphasised the enduring demand for oil and gas.

Origin: Lebanon/Mexico

Residence: Mexico

Sector: Telecoms

CARLOS SLIM HELÚ

HONORARY CHAIRMAN, AMÉRICA MÓVIL

2023 rank: 7 Carlos Slim Helú started his business journey in 1965 by incorporating Inversora Bursátil, a stock brokerage firm. The octogenarian billionaire is the honorary chairman of América Móvil, Latin America’s biggest telecoms company. Amid challenging market conditions last year, América Móvil reported that its Q4 2023 net profit soared by 31.7 per cent, reaching $1.065bn (18.062bn pesos).

Helú’s career extends beyond telecoms. He served as the vice president of the Mexican Stock Exchange and president of the Mexican Association of Brokerage Houses. This self-made billionaire also has a diversified portfolio, including interests in construction, consumer goods, mining, and real estate companies across Mexico.

Helú, along with his family, maintains a dominant 76 per cent ownership stake in Grupo Carso, solidifying their position as a major force in Latin America’s conglomerate landscape.

07

Origin: UAE

Residence: UAE

Sector: Real Estate/ Retail

2023 rank: 8

As the founder of Emaar Properties in 1997, Mohamed Alabbar has catapulted the company to become Dubai’s largest listed developer. Under his leadership, Emaar has achieved remarkable success. In 2023, the company reported a 7 per cent increase in revenues, reaching Dhs26.7bn ($7.3bn), alongside a 70 per cent surge in net profit to Dhs11.6bn over the previous year. Notably, Emaar unveiled plans for The Oasis, a Dhs73bn luxury waterfront property in Dubai, comprising 7,000 residential units. Emaar is also building two new destinations in Dubai, The Heights Country Club and Grand Club Resort - for a combined Dh96bn. Alabbar's interests transcend the real estate sector. His portfolio includes noon.com, a leading e-commerce platform, and Zand Bank, a digital lender where he serves as chairman.

Origin: UAE

Residence: UAE

Sector: Energy

2023 rank: 10

Al Hammadi has been the driving force behind the Emirates Nuclear Energy Corporation (ENEC) since 2008. He has overseen the implementation of the UAE Peaceful Nuclear Energy Programme. Under his leadership, the Barakah Nuclear Energy Plant, the UAE and Arab world’s first nuclear energy facility has achieved remarkable milestones, including the startup and connection of its first unit to the UAE grid in 2020, marking the UAE as the 31st nation globally to utilise nuclear energy for electricity generation. Recently, ENEC announced the successful startup of the plant’s fourth unit. Barakah ranks among the largest nuclear energy facilities globally. The plant’s contribution of 5,600 megawatts will ultimately meet a quarter of the UAE’s electricity demand. Mohamed Al Hammadi has also taken over as chairman of the World Nuclear Association this year.

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Finance

2023 rank: 9

HRH PRINCE ALWALEED BIN TALAL BIN ABDULAZIZ AL SAUD

CHAIRMAN, KINGDOM HOLDING COMPANY

Prince Alwaleed Bin Talal Al Saud, a prominent figure in the world of finance and philanthropy, is the founder of Kingdom Holding, a diversified conglomerate with significant investments across various sectors. With stakes in hotels, real estate, equities, and media, his visionary leadership has propelled Kingdom Holding to major international prominence.

Together with Kingdom Holding, Prince Alwaleed owns approximately 4 per cent of X, the social media platform formerly known as Twitter. Despite recent challenges, including a $8.26bn net loss for Q4 of 2023 — which was attributed to asset devaluation — Prince Alwaleed remains focused on key strategic investments.

Origin: UAE

Residence: UAE

Sector: Logistics

2023 rank: 11

SULTAN AHMED BIN SULAYEM GROUP CHAIRMAN AND CEO, DP WORLD

Under Sultan Ahmed bin Sulayem’s chairmanship, DP World has emerged as a global powerhouse, investing over $10bn in the logistics sector since 2012. This investment positions DP World among the top five overseas investors globally.

As the world’s fi th-largest container terminal operator by throughput, DP World boasts a vast geographical footprint, with more than 500 business units spanning 70 countries and six continents. Its flagship facility, the Jebel Ali port in Dubai, is a cornerstone of its operations.

In 2023, the company’s revenue grew by 6.6 per cent to $18.25bn. DP World also modernised ports in Tanzania and Egypt, along with carrying out infrastructure investments in East Africa and India. With over 100 new freight forwarding o ces established worldwide, DP World continues to expand its reach in strategic markets. Sulayem is also the chairman of Dubai’s Ports, Customs, and Free Zone Corporation.

100 MOST POWERFUL ARABS

MANSOOR EBRAHIM AL-MAHMOUD

CEO, QATAR INVESTMENT AUTHORITY

Origin: Qatar

Residence: Qatar

Sector: Finance

2023 rank: 13

Al-Mahmoud assumed the role of CEO at Qatar Investment Authority (QIA) in 2018, overseeing assets of $475bn. His leadership has diversified QIA’s portfolio globally, notably with investments in projects such as Ariel Alternatives’ Project Black and renewable energy ventures in South Africa with Enel Green Power. QIA has also launched Qatar’s inaugural VC Fund of Funds, targeting over $1bn in investments.

Al-Mahmoud’s strategic initiatives include the Active Asset Management Initiative with Ashmore Group, introducing the Ashmore Qatar Equity Fund, attracting $200m with QIA as an anchor investor.

Al-Mahmoud is also the vice chairman of Qatar Stock Exchange and national carrier Qatar Airways. In addition, he is a member of the supervisory board of Volkswagen as well as a board member of Qatar National Bank.

Origin: UAE

Residence: UAE

Sector: Finance

2023 rank: 14

ABDUL AZIZ AL GHURAIR

CHAIRMAN, MASHREQ

Abdul Aziz Al Ghurair is an influential figure in the region’s banking and business circles. Under his guidance, Mashreq has achieved remarkable financial results, with net profit surging to a record Dhs8.6bn for 2023, marking a 130 per cent increase year-on-year. Stepping beyond the traditional realm of finance, Mashreq under Al Ghurair’s leadership has embarked on innovative ventures to diversify its o erings and enhance its brand presence, including sport sponsorship and digital operations in Pakistan.

Beyond his role at Mashreq, Abdul Aziz Al Ghurair holds significant leadership positions. He is board member of the Abdullah Al Ghurair Group of Companies, one of the biggest and most successful business groups in the region.

He serves as the chairman of Dubai Chambers and the Abdulla Al Ghurair Foundation for Education, reflecting his commitment to advancing economic development and education in the region.

Al Ghurair is also the chairman of the UAE Banking Federation.

Origin: Qatar

Residence: Qatar

Sector: Finance

2023 rank: 15

ABDULLA MUBARAK AL-KHALIFA

GROUP CEO, QATAR NATIONAL BANK

Origin: UAE

Residence: UAE

Sector: Finance

2023 rank: 17

MOHAMMED IBRAHIM AL SHAIBANI

MANAGING DIRECTOR, INVESTMENT CORPORATION OF DUBAI (ICD)

Qatar National Bank reported QAR1.189tn ($327bn) in total assets for 2022, posting a 9 per cent rise on the previous year-end figure, and staying above the trillion-riyal mark for the third consecutive year. The lender also reported a 9 per cent rise in net profit a ter the impact of hyperinflation last year, totalling $3.9bn.

At the helm of the bank is Abdulla Mubarak Al-Khalifa, who has risen through the ranks to become the lender’s group CEO and will play a key role in positioning it for future growth opportunities. AlKhalifa also serves on the board of telecom operator Ooredoo Qatar.

With a wealth of experience and a proven track record in investment management, Mohammed Ibrahim Shaibani has been instrumental in steering the ICD’s growing influence.

HANA AL ROSTAMANI

Hana Al Rostamani is a trailblazing leader in the banking sector, currently serving as the group CEO of First Abu Dhabi Bank (FAB). She has played a pivotal role in reinforcing FAB’s position as a powerhouse in the financial industry.

In 2023, the bank achieved remarkable financial results, exemplified by the net profit, which soared to Dhs16.4bn, marking a 56 per cent increase. Total income surged to Dhs27.8bn, reflecting broad-based growth across all core businesses. Additionally, total assets witnessed a substantial 5 per cent year-on-year rise, reaching Dhs1.2tn, and further solidifying FAB’s position as the largest bank in the UAE.

In addition to her leadership role at FAB, Hana Al Rostamani also serves as a board member of the UAE-based AW Rostamani Group.

The Dubai government’s investment arm, has achieved remarkable financial milestones. In H1 2023, ICD recorded record revenues of Dhs145.1bn, marking an increase of 20 per cent compared to the same period in the previous year. This performance translated into a record net profit of Dhs28.3bn. ICD boasts a growing portfolio of holdings in major entities such as Emaar, Emirates, Dubai Duty Free, Emirates NBD, and Dubai World Trade Centre.

Beyond his role at ICD, Mohammed Ibrahim Shaibani serves as the chairman of Dubai Islamic Bank, which reported a net profit of Dhs7bn, a 26 per cent year-on-year. He also holds the position of chairman at Nakheel, which recently merged with Meydan under Dubai Holding.

SARAH BINT YOUSIF AL AMIRI

CHAIR, UAE SPACE AGENCY

Origin: UAE

Residence: UAE

Sector: Science & Tech

2023 Rank: 12

The UAE Space Agency aims to support and foster the country’s space capabilities and drive progress. At its helm is chairperson Sarah bint Yousif Al Amiri, who is steering its growth and missions. As chairwoman, Al Amiri oversees the agency’s mandate of guiding the space sector, ensuring its contribution to the national economy and to the UAE’s development. She is also chairwoman of the Emirates Scientists Council, chairwoman of the Emirates School Establishment, chairwoman of the Fourth Industrial Revolution Council, and Deputy Project Manager and Science Lead of the Emirates Mars Mission (Hope) at the Mohammed Bin Rashid Space Centre.

Al Amiri, who is the Minister of State for Public Education and Advanced Technology, will be a key driving force in enhancing advanced sciences and their contribution to the national economy.

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Finance

2023 rank: 19

LUBNA SULIMAN OLAYAN

CHAIRPERSON, SAUDI AWWAL BANK

(FORMERLY SAUDI BRITISH BANK)

Olayan was reappointed as chairperson of Saudi Awwal Bank for a three-year term in January 2023.

Under her stewardship, the bank has achieved major milestones, recording a net profit of SAR7bn ($1.86bn) for 2023, marking a 45 per cent increase compared to the previous year.

Beyond her professional accomplishments, Lubna Olayan is a staunch advocate for women’s empowerment, evidenced by her commitment to fostering gender diversity within the bank’s senior management, where a third of positions are held by females.

Origin: UAE Residence: UAE Sector: Science & Tech 2023 Rank: 18

SALEM HUMAID

AL MARRI

DIRECTOR GENERAL, MOHAMMED BIN RASHID SPACE CENTRE (MBRSC)

Saleem Al Marri has been instrumental in driving the UAE National Space Programme forward. Under his guidance, significant milestones have been achieved, including the inception and execution of groundbreaking initiatives such as Mars 2117, the Emirates Mars Mission, UAE Astronaut Programme, and the UAE Satellite Programme.

In 2024, the UAE is poised to make significant strides in the global space race. The launch of the Arab world’s most powerful satellite, alongside the addition of two Nasatrained Emirati astronauts, underscores the country’s commitment to pushing the boundaries of space exploration.

Despite challenges, such as the crash-landing of the Rashid rover on the lunar surface in April 2023, MBRSC engineers are already working on the development of Rashid 2.

Al Marri’s focus on fostering global partnerships — such as the recent agreement between NASA and MBRSC to provide an airlock for Gateway, the first space station to orbit the Moon — has propelled the UAE to a strong position in the global space sector.

Origin: UAE

Residence: UAE

Sector: Finance

2023 rank: 20

ESSA KAZIM

GOVERNOR, DIFC

Essa Kazim stands as a driving force behind the Dubai International Financial Centre (DIFC). Under his guidance, the number of active companies surged to 5,523, marking a 26 per cent year-on-year growth in 2023.

DIFC reported combined revenues close to Dhs1.3bn in 2023. The operating profit also soared to Dhs859m, a 27 per cent rise. Kazim is also playing a pivotal role in shaping the regulatory landscape of the financial sector. Notably, the DIFC recently enacted the world’s first digital assets law.

Kazim also serves as the chairman of Borse Dubai, a key player in the region’s financial markets, and as the vice chairman of telecoms operator e&.

MOHAMED KHALIFA AL MUBARAK

CHAIRMAN, DEPARTMENT OF CULTURE AND TOURISM, ABU DHABI & CHAIRMAN, ALDAR PROPERTIES

Origin: UAE

Residence: UAE

Sector: Diversified

2023 rank: 21

Moreover, Olayan’s appointment to the World Economic Forum’s board of trustees in 2022 further underscores her status as a global leader shaping the future of finance and business. Her family also owns one of the region’s most powerful conglomerates. 19 20 21 18

Mohamed Khalifa Al Mubarak stands as a pivotal figure in Abu Dhabi’s economic and cultural landscape, overseeing key institutions across various sectors. Heading the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) since 2015, Al Mubarak has spearheaded initiatives to promote the emirate as a vibrant cultural and tourist destination. Experience Abu Dhabi, the destination brand of DCT Abu Dhabi, is activating the emirate as a year-round tourism destination that o ers exciting experiences that visitors can discover at their own pace.

Additionally, Al Mubarak chairs Aldar Properties, a leading real estate developer, which recorded a net profit of Dhs4.4bn for 2023, marking a 40 per cent rise year-on-year. He is also chairman of Miral Asset Management, twofour54, Abu Dhabi’s media freezone, and Image Nation Abu Dhabi, an Emirati film production and media company.

22

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Tourism 2023 rank: 22

FAHD HAMIDADDIN

CEO, SAUDI TOURISM AUTHORITY

Fahd Hamidaddin, the CEO of Saudi Tourism Authority (STA), has been entrusted with the pivotal mandate of driving domestic and inbound visitors to elevate Saudi tourism on the world stage.

Prince Naif, as chairman of Almarai, has been instrumental in driving the company’s remarkable growth and success in the food and beverage industry. Under his leadership, Saudibased Almarai reported a 16 per cent year-on-year increase in net profit to SAR2.04bn in 2023, compared to SAR1.75bn in 2022.

Ranked fourth among the world’s most valuable dairy companies by Brand Finance in 2023, Almarai boasts a market value of SAR64bn on the Saudi Exchange. Operating across nine countries on five continents, Almarai is the world’s largest vertically integrated dairy company and largest food and beverage producer and distributor in the Middle East.

24

Saudi tourism has seen steady growth, with the kingdom welcoming a record-breaking 27.6 million overnight tourists in 2023. STA has secured strategic partnerships, expanded air connectivity with leading airlines such as Wizz Air, and enhanced accessibility through initiatives like the Nusuk platform for spiritual travel, and the Stopover Visa. Saudi tourism’s global campaign featuring football legend and Saudi Tourism ambassador, Lionel Messi, also made waves.

23

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: FMCG 2023 rank: 23

HH PRINCE NAIF BIN

SULTAN BIN MOHAMMED

BIN SAUD AL KABEER

CHAIRMAN, ALMARAI

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Finance

2023 rank: 26

SAEED MOHAMMED AL GHAMDI

CHAIRMAN, SAUDI NATIONAL BANK

Sarah Al Suhaimi, the chairperson of the Board of Directors at Saudi Tadawul Group, has played a key role in reshaping the landscape of the Saudi capital market with her dynamic leadership. The Saudi Tadawul Group has grown to encompass subsidiaries such as the Saudi Exchange, Muqassa, Edaa, and the Wamid technology services business.

Under her direction, the Saudi Tadawul Group has witnessed steady growth. The Tadawul All Share Index closed at a record level of 11,967 points by the end of 2023, marking a significant increase of 14 per cent compared to the previous year. Moreover, the total market capitalisation surged to SAR11.259bn ($3.002bn), reflecting a robust growth of almost 14 per cent.

A prominent business figure in Saudi Arabia, Al Suhaimi was also appointed chair of Lazard’s financial advisory business in the Middle East and North Africa region, showcasing her expertise and leadership in the financial sector.

The kingdom’s largest listed bank, Saudi National Bank — which emerged from a merger of National Commercial Bank and Samba Financial Group — concluded 2023 with a net profit of SAR20bn, marking a 4 per cent increase from SAR18.6bn in the preceding year. Spearheading the bank’s success trajectory is Al Ghamdi, a seasoned figure in banking and finance, who assumed the role of chairman in March 2023. Al Ghamdi’s extensive experience includes chairman of Jabal Omar Development Company, a prominent Saudi-based developer, Manga Production and board member of Mohammed bin Salman Foundation.

25

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Finance 2023 rank: 24

SARAH AL SUHAIMI

CHAIRPERSON, SAUDI TADAWUL GROUP

26

Origin: UAE

Residence: UAE

Sector: Diversified

2023 rank: 27

DR RAJA AL GURG

CHAIRPERSON AND MANAGING DIRECTOR, EASA SALEH

AL GURG GROUP

27

In 2022, Dr Al Gurg assumed the role of chairperson at the renowned Easa Saleh Al Gurg Group following her father’s passing. This distinguished family business boasts a diverse portfolio of 27 companies, with interests spanning retail, construction, and real estate in the UAE. Meanwhile, as the deputy chairperson of the National Bank of Fujairah, Dr. Al Gurg oversaw strong growth, with a 113 per cent year-onyear increase. This growth led to a record net profit of Dhs725m by the close of 2023, compared to Dhs340m in 2022. Beyond her corporate responsibilities, Dr Al Gurg is a prominent figure in various organisations, serving as the founder of the Dubai Business Women Council and holding board positions at the Dubai Chamber of Commerce and Industry and the Dubai Academic Health Corporation. Her influence extends to the academic sphere. She was appointed pro-chancellor of Heriot-Watt University Dubai in 2022. Furthermore, she was recognised with the Legion of Honor Chevalier (Knight), the highest French civilian award, in May of the following year, for her outstanding contributions to business and philanthropy.

Origin: UAE Residence: UAE Sector: Space 2023 rank: 31

SULTAN ALNEYADI

ASTRONAUT

Sultan AlNeyadi arrived at the International Space Station in March last year, marking the beginning of a six-month mission that would include him becoming the first Arab to carry out a space walk. AlNeyadi became the second Emirati astronaut to travel to space, following Hazza Al Mansoori’s voyage in 2019. As part of NASA’s SpaceX Crew-6, AlNeyadi collaborated with multiple space agencies on the mission to conduct scientific studies across a range of topics. Upon his return to earth, AlNeyadi was recognised for all his achievements and late last year he became the Minister of State for Youth A airs in the UAE.

Origin: UAE

Residence: UAE

Sector: Diversified 2023 rank: 28

REEM AL HASHIMY

CEO, EXPO CITY DUBAI AUTHORITY

Building on the legacy of Expo 2020 Dubai, Al Hashimy was appointed CEO in June 2022. In her capacity as head of Expo City, she oversees the transformation of the technologically advanced and people-centric city. In November 2023, Expo City was the site of the successful UN Climate Change Conference (COP 28).

She is also the UAE Minister of State for International Cooperation and chairs the UAE’s National Committee on Sustainable Development Goals and Dubai Cares. Al Hashimy told the UN General Assembly late last year that the world has the tools needed to surmount the many challenges facing the planet today.

29 28

Origin: Egypt

Residence: UK

Sector: Sports 2023 rank: 29

MOHAMED SALAH

FOOTBALLER, LIVERPOOL FC

Known as the ‘Egyptian King’, Mohamed Salah has traditionally been among the top goal scorers in the highly successful Liverpool FC team. At the time of writing, Liverpool is in the hunt for a Premier League title with it being second on the log.

In 22 Premier League games this season, Salah has scored 15 goals. In terms of Liverpool’s all-time leading goal scorers, the Egyptian is in the top five with over 200 goals under his belt ever since his debut in 2017.

In 2018, he became the club’s first player ever to pick up the FIFA Puskas Award. In 2022, he inked a new contract committing his future to Liverpool until 2025.

30 32

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Finance

2023 rank: 35

AYMAN MOHAMMED ALSAYARI

GOVERNOR, SAUDI CENTRAL BANK (SAMA)

Alsayari became central bank governor in February 2023, a ter having served in a deputy capacity under Fahad al-Mubarak since 2019. Apart from implementing key monetary policies in the kingdom. Alsayari has also historically played a pivotal role in formulating Saudi Arabia’s sovereign debt strategy.

Late last year, Alsayari was pivotal in helping to seek closer ties with monetary authorities of mainland China and Hong Kong in order to help spur the kingdom’s ambitious economic transformation.

He sits on several boards, including the Saudi Fund for Development, the Public Pension Agency and the Saudi Federation for Cybersecurity, Programming and Drones.

31

Origin: UAE

Residence: UAE

Sector: Tourism/ Diversified

2023 rank: 32

HELAL AL MARRI DIRECTOR GENERAL, DUBAI’S DEPARTMENT OF ECONOMY AND TOURISM

Under Al Marri’s watch, Dubai’s Department of Economy and Tourism welcomed a record 17.15 million international tourists in 2023, marking a significant rise from the previous year’s 14.36 million.

Al Marri is further overseeing the implementation of new initiatives in Dubai that aligns with the UAE 2031 Tourism Strategy. This initiative seeks to attract 40 million visitors by 2031 and increase the sector’s contribution to the emirate’s GDP to Dhs450bn. The Dubai Department of Economy and Tourism contributes to Dubai’s D33 strategy by attracting foreign investment, raising exports, nurturing SMEs and formulating plans for the emirate’s economic sectors.

Al-Marri is also a member of the Executive Council of Dubai. He chairs the Dubai Financial Market and sits on the boards of Emaar Properties, Taaleem and the Dubai Chamber of Commerce and Industry. Al-Marri also serves as director general of the Dubai World Trade Centre Authority.

Origin: Qatar

Residence: Qatar

Sector: Culture and Society

2023 rank: 33

33

SHEIKHA AL MAYASSA BINT

HAMAD BIN KHALIFA AL THANI

CHAIRPERSON, QATAR MUSEUMS

Since 2006, Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani has been Chairperson of Qatar Museums. She is the sister of the Emir of Qatar and one of Qatar’s leading voices in art and culture. In April 2023, Sheikha Al-Mayassa was a speaker at the “Art for Tomorrow” conference in Italy, organised by the Democracy & Culture Foundation in collaboration with The New York Times. In December 2023, she launched her podcast, “The Power of Culture”, which focuses on the cultural scene in Qatar.

Under Sheikha Al Mayassa’s watch, Qatar’s architecturally striking museums, including the Museum of Islamic Art and the National Museum of Qatar, have positioned the country’s as a major hub for arts and culture in the Middle East. She also chairs the Doha Film Institute, Reach Out to Asia and Qatar Leadership Centre.

Origin: Lebanon Residence: UAE Sector: Culture and Society 2023 rank: 34

Having launched in Beirut, Lebanon, in 2012, Anghami has grown into a streaming giant with more than 70 million users in the Middle East and North Africa, Europe and the US.

Tech pundits have described it as the answer to Spotify in the Middle East. In terms of its business model, Anghami describes itself as a “freemium service that allows users to play millions of international and Arabic songs for free.” Meanwhile, it also has a subscription model where paid users of Anghami Plus are granted access to an array of features that allow them to download songs, play music o ine, view lyrics, rewind, scrub, and repeat all the music they want.

Its catalogue has more than 75 million Arabic and international songs and around 100,000 podcasts. Anghami listed on the Nasdaq in February 2022.

ELIE HABIB AND EDDY MAROUN CO-FOUNDERS, ANGHAMI

34

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Industry

2023 rank: 30

ABDULRAHMAN SALEH AL-FAGEEH

SABIC

Ever since being named permanent CEO last year, Al-Fageeh’s core mandate has been to take SABIC, one of the world’s biggest petrochemical companies, to the next level.

One of the big moves that SABIC was involved in last year was its Fujian Petrochemical Complex in China. A joint venture between SABIC (as the majority partner) and Fujian Fuhua Gulei Petrochemicals, resulted in a $6.4bn investment, increasing the Saudi chemical giant’s footprint in mainland China.

Al-Fageeh is also the chairman of SABIC Agri-Nutrients Company and the Nusaned Investment Company. He further sits on the boards of the Royal Commission for Jubail and Yanbu and the Saudi General Authority of Foreign Trade.

100

36

Origin: UAE

Residence: UAE

Sector: Diversified

2023 rank: 37 35

MOHAMMED ABDUL LATIF JAMEEL

CHAIRMAN AND CEO, ABDUL LATIF JAMEEL

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Diversified

2023 rank: 36

Mohammed Abdul Latif Jameel has spearheaded his company, Abdul Latif Jameel, into becoming a major multinational with interests spread across real estate, energy, media, health and financial services.

One of the jewels in his business crown is Fotowatio Renewable Ventures (FRV), which forms part of Abdul Latif Jameel Energy.

Earlier this year, FRV, in conjunction with UK-based Harmony Energy, launched Clay Tye, Europe’s largest battery energy storage system by MWh.

The Clay Tye site is located in Essex and has a total capacity of 99MW, making it the joint largest project of its kind that is operational in Europe. Clay Tye has enough power capacity to supply energy to more than 300,000 UK homes for two hours at a time.

Another company connected with Jameel, Global Oryx Group Holding, is the third largest shareholder in electric truck maker Rivian.

KHALAF AL HABTOOR

FOUNDING CHAIRMAN, AL HABTOOR GROUP (AHG)

UAE businessman Khalaf Al Habtoor runs a major conglomerate in Dubai with businesses spanning the hotel, automotive, real estate and education sectors. A leader in the realm of luxury real estate, Al Habtoor earlier this year announced plans to launch a 283-unit Jumeirah waterfront development. The project is set to range from two-bedroom apartments to opulent four-bedroom duplex penthouses, with each residence set to o er panoramic sea views of Dubai’s iconic skyline and the azure waters of the Arabian Gulf. Apart from the UAE, AHG also maintains a presence in the UK, the US, Austria, Hungary and Lebanon. Meanwhile, Al Habtoor has also previously said in 2022 that he is open to carrying out an IPO, even if it just comprises a certain subsidiaries within his business.

37

Origin: Switzerland

Residence: Switzerland

Sector: Retail

2023 rank: 38

NAYLA HAYEK

CHAIRPERSON SWATCH GROUP/ PRESIDENT AND CEO OF HARRY WINSTON

Nayla Hayek heads up Swatch Group, which has consistently retained its position as one of the world’s biggest luxury goods makers. In 2023, Swatch reported that its global sales rose by 12.6 per cent to CHF 7.9bn.

The group has 17 brands in its portfolio, including Omega, Breguet and Harry Winston. Its global workforce comprises 32,000 employees across 50 countries.

She is the daughter of Lebanese-born Swiss businessman Nicolas Hayek, who famously led a restructuring of a group of Swiss companies in the 1980s and his subsequent launching of the Swatch brand.

Nayla Hayek also doubles as president and CEO of Harry Winston, and heads up Dubai-based Swatch Group Middle East. She further chairs the board of the Rivoli Group and is a member of the World Arabian Horse Organisation.

CEO,

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Finance 2023 rank: 39

SHEIKH SULAIMAN BIN ABDULAZIZ

ALRAJHI

CO-FOUNDER ALRAJHI BANK

Sheikh Sulaiman bin Abdulaziz AlRajhi has steered Al Rajhi Bank into becoming the largest Islamic lender in the world.

In March this year, it raised $1bn from the sale of a fiveyear sustainable Islamic Bond or ‘sukuk’, according to bank documents seen by Reuters.

The bank’s success story has been decades in the making as it was co-founded by Sheikh Sulaiman in 1957. Prior to the founding of the bank, Sulaiman worked odd jobs to make ends meet, including being a porter. Today, his banking empire has a distribution network of 514 branches in Saudi Arabia, 16 branches in Malaysia, 10 in Jordan and two in Kuwait.

In 2011, he announced that he would donate most of his fortune to charity and transferred his nearly 20 per cent stake in AlRajhi Bank to a charitable endowment that bears his name.

Origin: Kuwait

Residence: Kuwait

Sector: Telecoms 2023 rank: 43

BADER NASSER AL-KHARAFI

VICE CHAIRMAN AND CEO, ZAIN GROUP

Bader Nasser Al-Kharafi oversees Zain Group’s operations in seven Middle East and African countries. For 2023, the group recorded a 10 per cent rise in group revenue to reach $6.2bn.

In early 2024, Zain Group also launched the Bede fi ntech brand in Bahrain, which is set to be rolled across its footprint. Bede stems from Arabic meaning “in my hand”, catering to consumers’ demands beyond basic telecom services. In Bahrain, this Shariah-compliant AI powered platform o ers consumer micro-finance in minutes over a mobile app.

With over two decades of industrial experience across the fi nancial, banking, industrial and telecoms sectors, Al-Kharafi manages Zain Group’s global workforce of more than 7,100 employees that caters to the company’s 52 million active individual and business customers. In March this year, he was also appointed as the new chairman of Gulf Bank. He further sits on the boards of Coca-Cola (Kuwait), United Stainless Steel Company (Bahrain), Foulath Holding (Bahrain), Boursa Kuwait (Kuwait),and the UNHCR’s sustainability board.

Origin: UAE

Residence: UAE

Sector: Diversified 2023 rank: 40

MOHAMED ALI AL SHORAFA AL HAMMADI

CHAIRMAN, ABU DHABI DEPARTMENT OF ECONOMIC DEVELOPMENT

Mohamed Ali Al Shorafa Al Hammadi holds significant influence in advancing Abu Dhabi’s economic diversification plan. He is a pivotal member of the Abu Dhabi Executive Council and is the leader of the Abu Dhabi Department of Economic Development. Additionally, he heads the Abu Dhabi Investment O ce, serves as chairman of the Khalifa Fund for Enterprise Development, leads Hub71 — a crucial component of the Abu Dhabi Government’s development acceleration initiative — and chairs the Securities & Commodities Authority. Moreover, Al Hammadi presides over the Free Zones Council, established in 2022, tasked with assessing the regulatory framework governing each free zone within Abu Dhabi.

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Telecoms 2023 rank: 41

OLAYAN MOHAMMED

ALWETAID

GROUP CEO, STC GROUP

Alwetaid leads stc Group, which is one of the largest telecom providers in the Arab world. In 2023, its revenues and profit for the year reached SAR72.3bn and SAR13.3bn with an increase of 7.3 per cent and 9.2 per cent respectively.

Late last year, stc also acquired a 9.9 per cent stake in Spain’s Telefonica for SAR8.5bn ($2.27bn).

The telecoms giant also has more than 47 million subscribers across four countries in the Middle East and Southeast Asia. Alwetaid headed stc Bahrain before he was appointed group CEO in 2021.

Origin: Kuwait

Residence: Kuwait

Sector: Retail

2023 rank: 42

MOHAMMED ALSHAYA

EXECUTIVE CHAIRMAN, ALSHAYA GROUP

Alshaya has played a pivotal role in propelling the growth and expansion of the Kuwait-based conglomerate across MENA and Europe.

With roots tracing back to 1890, the group now operates a diverse portfolio of over 70 brands, including household names such as Mothercare, Starbucks, Cheesecake Factory, and Victoria’s Secret, spanning the MENA region and Europe. In a demonstration of corporate social responsibility, the company partnered with the Starbucks Foundation and Starbucks Corporation to contribute around $1m towards earthquake relief e orts in Türkiye.

Origin: UAE

Residence: UAE

Sector: Science and technology

2023 rank: 45

FAISAL AL BANNAI

CHAIRMAN, EDGE GROUP

Al Bannai is spearheading the modernisation of the global defence industry through the use of advanced technology following the consolidation of more than 25 UAE entities under one brand.

Continuing its strong run at the global IDEX 2024 event, the company unveiled a range of new unmanned autonomous land and air o erings, including its GY300, BUNKER PRO, and M-BUGGY.

The company marked its fourth year in operations late last year as well. The adoption of EDGE defence products by the UAE armed forces has also increased the level of confidence in the group products among its foreign customers.

Origin: Egypt

Residence: Egypt

Sector: Diversified

2023 rank: 44

100 MOST POWERFUL ARABS 2024

MOHAMED MANSOUR

FOUNDER AND BOARD MEMBER, MANSOUR GROUP

Spearheading what is one of Egypt’s largest and longestrunning conglomerates, Mohamed Mansour has put the Mansour Group at the forefront of electrical vehicle investments in Egypt.

The Egyptian conglomerate, founded by Mansour’s father in 1952, has exclusive distribution rights for Caterpillar and General Motors (GM) in Egypt and seven other African countries.

In May last year, the US Major League Soccer (MLS) awarded a $500m franchise to a group led by Mohamed Mansour to launch a football club in California by 2025.

HATEM DOWIDAR

GROUP CEO, E&

Dowidar leads e& Group, which is a giant in the telecommunications sector in the Middle East. The network’s subscriber base grew 4 per cent year-on-year to top 169 million subscribers last year.

For the full financial year, the company’s revenue also soared 8.3 per cent last year to hit Dhs53.8bn, while it recorded net profits of Dhs10.3bn, marking a 3 per cent rise.

The telecoms group has also been a leader in pushing the boundaries on 5G technologies, with it reaching a new milestone at GITEX Global 2023 with a pilot test achieving a download speed exceeding 13 Gbps. The company last year also introduced the world’s fi rst AI-empowered autonomous telecom store ‘EASE,’ and it also launched a new electric vehicle charging service dubbed ‘Charge&Go.’ Collaborations with Ericsson, Earthlink, Intel, and global alliances in AI for telecoms showcase e&’s commitment to technological advancements. Its presence in 16 countries across the Middle East, Asia and Africa has also given it tremendous global clout.

Origin: Egypt Residence: UAE Sector: Telecoms 2023 rank: 46

46

Origin: UAE

Residence: UAE

Sector: Logistics

2023 rank: 47

MOHAMED JUMA AL SHAMISI

MANAGING DIRECTOR AND CEO, AD PORTS GROUP

AD Ports Group had a successful IPO on the Abu Dhabi Exchange in 2022. And earlier this year, the company reported stellar financial results as it continues to bolster its strength in the logistics sector.

For the 12 months ended December 31, 2023, the group’s revenues more than doubled year-on-year to Dhs 11.68bn. Operationally, the group’s ports cluster saw container throughput grow to 4.91 million twenty-foot equivalent units (TEUs) in 2023, marking a 13 per cent year on year rise. Its general cargo volumes also rose by 26 per cent over the year to top 40 million tonnes in 2023, compared with 31.7 million tonnes in 2022. Its cruise passenger volumes soared 183 per cent last year.

47

Origin: Egypt

Residence: Egypt

Sector: Finance

2023 rank: 48

KARIM AWAD

GROUP CEO AND CHAIRMAN OF THE EXECUTIVE COMMITTEE, EFG HOLDING

EFG Holding is headquartered in Egypt and operates out of several markets, ranging from the UAE, Saudi Arabia and Kuwait to Bahrain, Pakistan, Kenya, Nigeria and the UK. It operates across three verticals, including its investment bank (EFG Hermes), its non-banking financial institutions platform (EFG Finance), which is home to Valu amongst others, and its commercial banking arm aiBANK.

And Awad has guided EFG Holding into becoming one of the region’s most influential banking and investment groups.

In 2023, the company was a key player behind the listing of parking operations company, Parkin, on the Dubai Financial Market.

Earlier this year, the company reported its net profit a ter tax and minority interest came in at EGP2.5bn, up 39 per cent year-on-year. The group also achieved record revenues of EGP14.7bn.

48

Origin: Oman

Residence: Oman

Sector: Finance

2023 rank: 49

MOHAMMED BIN MAHFOODH ALARDHI

EXECUTIVE CHAIRMAN, INVESTCORP

Investcorp, as a leading asset manager in the region, has grown its global presence extensively to 14 o ces — across the US, Europe, GCC and Asia. With Alardhi at the helm, the company has also continued its strong run.

It reported a strong performance in its capital financing services business in the second half of 2023, with a 47 per cent increase in revenues yearon-year and group income of $34m. This comes a ter the company had a successful IPO on the Abu Dhabi Securities Exchange in November 2023.

Investcorp further became the first asset manager to launch an institutional blockchain-focused fund in the GCC region back in April 2022.

49

NASSEF SAWIRIS

With investment interests ranging from sports to industry, Sawiris’ NNS Group is moving its headquarters to the Abu Dhabi Global Market, joining a wave of global investors that have set up shop in the emirate.

From Abu Dhabi, the billionaire’s family office and investment group aims to build significant stakes in a concentrated number of companies, primarily in Europe, the Middle East and North America.

V Sports, Sawiris’ joint venture with American billionaire Wesley Edens, has had full control of English soccer club Aston Villa since 2019 and the holding firm has a network of clubs under its umbrella, including Portuguese club Vitoria S.C. and partnerships with sides in Spain, Egypt and Japan.

Nassef owns a 39 per cent stake in Euronext-listed chemical producer OCI. The Egyptian billionaire’s portfolio further includes stakes in Adidas and Arkema.

Origin: Egypt Residence: UK Sector: Industry & investments 2023 rank: 51

EXECUTIVE CHAIRMAN, OCI AND CO-OWNER, ASTON VILLA FC

Origin: Bahrain Residence: Bahrain Sector: Manufacturing 2023 rank: 50

KHALID AL RUMAIHI

CHAIRMAN, ALBA

Al Rumaihi was appointed chairman of Alba in October 2023. Leading one of the world’s largest aluminium smelters, Al Rumaihi previously served as the CEO of Bahrain Mumtalakat, chief executive of the Bahrain Economic Development Board (EDB) and managing director of Investcorp.

Alba signed a technology services agreement with Emirates Global Aluminium for its Reduction Line 6 in March.

The company reported a full-year net profit of $313.9m (BHD118M) while total assets stood at BHD2.6bn as of December 31, 2023. It set a new record with the production of 1,620,665 metric tonnes (MT) in 2023, a 1.3 per cent increase or 20,554 MT compared to 1,600,111 MT in 2022.

Al Rumaihi sits on the boards of Mumtalakat, the McLaren Group, EDB and Bapco Energies. He is also a member of the advisory board of Harvard Business School Middle East and North Africa.

AZIZ ALUTHMAN FAKHROO

MANAGING DIRECTOR AND CEO, OOREDOO

Origin: Egypt

Residence: Egypt

Sector: Diversified 2023 rank: 53 51

Origin: Qatar

Residence: Qatar

Sector: Telecoms

2023 rank: 56

Fakhroo oversaw Ooredoo’s signing of definitive agreements with Zain Group and TASC Towers Holding to merge their cellular towers into a $2.2bn entity. Ooredoo owns a 49 per cent stake in the merged entity, which has a portfolio of more than 30,000 tower assets across the Middle East.

The Qatari telecoms firm pledged to invest $1.1bn over the next two years to advance technological developments and boost digital solutions in the Middle East – an initiative that is expected to impact 109 million lives.

Fakhroo’s Ooredoo has a customer base of more than 58 million subscribers. Its full-year revenue reached $6.4bn (QAR23.2bn) in 2023.

He leads the company’s mobile, fixed, broadband internet operations as well as corporate-managed services in more than 10 countries across MENA and Southeast Asia.

NAGUIB SAWIRIS

MANAGING DIRECTOR AND CEO, ORASCOM INVESTMENT HOLDING

Naguib is Nassef Sawiris’ elder brother. The tycoon is the executive chairman of Orascom TMT Investments, which has stakes in an asset management firm in Egypt and Italian internet firm Italiaonline, among others.

He also chairs Orascom Investment Holding, La Mancha Holding — a private natural resource investment vehicle and Ora Developers — a real estate developer investing in several prime locations around the world.

Ora forayed into the UAE property market in December 2023 with the acquisition of a 4.8 million square metre beachfront land plot in Ghantoot, between Dubai and Abu Dhabi.

Naguib manages a diversified portfolio, with interests in the telecoms industry, media, technology and mining. He also owns stakes in gold mines including Endeavour Mining, Golden Star Resources and Altus Strategies.

Origin: Bahrain

Residence: UAE

Sector: Aviation

2023 rank: 54

ADEL ABDULLA ALI

GROUP CEO, AIR ARABIA

A veteran of the aviation sector, Ali founded Air Arabia Group as the first low-cost carrier in the MENA region in October 2003. Under his leadership, the group reported a 27 per cent increase in net profit to Dhs1.5bn in 2023 while its passenger tra c surged by 31 per cent to 16.7 million compared to 12.8m a year earlier.

Air Arabia added 26 new routes to its global network, and the budget carrier files its fleet of 73 Airbus A320 and A321 aircra t to more than 190 destinations across the Middle East, Africa, Asia and Europe.

The group launched new joint ventures, Armenia’s Fly Arna and Pakistan’s Fly Jinnah, in 2022. Fly Jinnah also commenced operations in February from Islamabad to Sharjah.

BY THE NUMBERS

OUR HONOUR ROLL RECOGNISES THE ARAB WORLD’S MOST INFLUENTIAL FIGURES. HERE, WE LOOK AT WHERE THEY RESIDE, THE GENDER BALANCE, AND SECTORS THEY OPERATE IN

100 MOST POWERFUL ARABS 2024

54

Origin: UAE

Residence: UAE

Sector: Tourism 2023 rank: 60

ISSAM KAZIM

CEO, DUBAI CORPORATION FOR TOURISM AND COMMERCE MARKETING

Kazim is spearheading the Dubai Economic Agenda (D33), a 10-year economic blueprint that seeks to consolidate the city’s position as one of the top three global cities for tourism, business and trade hubs.

Since taking up his role in February 2014, Kazim has been instrumental in promoting Dubai as the most sought-a ter destination. He leads all activities vis-à-vis the branding, promotion and marketing of the emirate.

Dubai hosted more tourists than ever before last year, attracting 17.15 million visitors from 14.36 million in 2022. Kazim has been on a mission to promote Dubai as the most sought-a ter destination.

The city was named the number one global destination in Tripadvisor Travellers’ Choice Awards 2024 — the first city to achieve the recognition for three years in a row.

Kazim also sits on the board of the Dubai Media Council.

55

56

Origin: UAE

Residence: UAE

Sector: Retail 2023 rank: 57

MOHAMMAD A BAKER

DEPUTY CHAIRMAN AND CEO, GMG

Mohammad is an investor and a scion of one of the GCC region’s biggest family-owned businesses. He took the helm of the business that was founded by his father, Abdulaziz Hassan Baker, in 2016.

Origin: UAE

Residence: UAE

Sector: Finance 2023 rank: 59

ALA’A ERAIQAT

GROUP CEO, ABU DHABI COMMERCIAL BANK (ADCB)

Eraiqat joined ADCB in 2004 and has been at the helm of the UAE’s third-biggest bank since 2009. He also serves as the chairman of the banking group’s subsidiaries: Al Hilal Bank, Abu Dhabi Commercial Engineering Services and Abu Dhabi Commercial Properties.

Under his leadership, ADCB expanded into Saudi Arabia, where it will o er a comprehensive range of services for corporate and institutional clients, including financing and working capital solutions.

The group’s annual profi t jumped 28 per cent to Dhs8.21bn in 2023 while its total assets grew from Dhs498bn in 2022 to Dhs567bn in 2023, driven by higher interest and financing income, as well as a one-o gain from the sale of its property unit.

ADCB joined the UN Net Zero Banking Alliance in November 2023, the third bank in the GCC region to join the group and seeks to triple its sustainable finance target to Dhs125bn by 2030.

Outside the ADCB Group, Eraiqat sits on the boards of the Abu Dhabi Chamber and Abu Dhabi National Hotels.

Under his leadership, the retail giant has grown exponentially into a conglomerate with a presence in 12 countries and a portfolio of more than global 120 brands. It operates across five key verticals, including sports, everyday goods, health and beauty, properties and logistics.

The Dubai-based GMG expanded its footprint in Southeast Asia, where it already operates 31 stores, with the opening of an o ce in Singapore.

57

Origin: UAE

Residence: UAE

Sector: Diversified 2023 rank: 58

MOHAMMAD ALI BIN RASHED LOOTAH

PRESIDENT AND CEO, DUBAI CHAMBERS

Lootah oversees three chambers: Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy. Under Lootah’s leadership, Dubai Chambers attracted more than 67,222 new companies in 2023 bringing its total membership to 217, 788, up 26.8 per cent compared to a year ago.

The chamber launched a new initial public o ering (IPO) accelerator programme and established the Dubai Centre for Family Businesses to advance the growth of family-owned enterprises in the city.

Dubai attracted Dhs20.9bn in foreign investments last year, a 70 per cent YoY growth.

58

Origin: UAE

Residence: UAE

Sector: Aviation

2024 rank: 65

GHAITH AL GHAITH

CEO, FLYDUBAI

60

Ghaith is spearheading flydubai’s ambitious network expansion plans. The budget carrier has a global network to 122 destinations across 50 countries in Africa, Central Asia, the Caucasus, Central and South-East Europe, the GCC and the Middle East, and the Indian subcontinent.

In 2024, flyDubai placed an $11bn order for 30 Boeing 787-9 Dreamliners — its first widebody aircra t order – that is set to be delivered from 2026.

The airline is also building a $190m maintenance, repair, and operations facility in the Mohammed bin Rashid Aerospace Hub in Dubai South by 2026. It reported a 75 per cent increase in full-year profit to $572m (Dhs2.1bn) in 2023.

59

Origin: UAE

Residence: UAE

Sector: Industries

2023 rank: 63

ABDULLA JASSEM KALBAN

MANAGING DIRECTOR AND CEO, EMIRATES GLOBAL ALUMINIUM (EGA)

Kalban has been at the helm of EGA since its formation through a merger between DUBAL and EMAL in 2014.

He is spearheading the construction of the UAE’s largest aluminium recycling facility in Al Taweelah. The 170,000 tonnes per year facility is expected to be built within three years and will supply recycled metal under the product name RevivAL.

EGA agreed to acquire 100 per cent of German aluminium recycling firm, Leichtmetall Aluminium in March. The deal, which is the company’s first major acquisition since its formation in 2014, is expected to close during the first half of 2024.

The UAE aluminium producer operates aluminium smelters in Abu Dhabi and Dubai, an alumina refinery in Abu Dhabi, and a bauxite mine and associated export facilities in Guinea.

Kalban is a member of the Supreme Council of Energy in the UAE. He doubles as chair of the Gulf Aluminium Council, Sohar TITANIUM (Oman) as well as vice chair of DUBAL Holding and Etihad Water and Electricity Company.

Origin: Kuwait

Residence: Kuwait

Sector: Diversified

2023 rank: 61

61

KUTAYBA

YUSUF ALGHANIM EXECUTIVE CHAIRMAN, ALGHANIM INDUSTRIES

Kutayba is the chief architect of today’s Alghanim Industries.

Founded in 1932, the conglomerate owns dealership rights to car brands such as Cadillac, Honda and Lincoln. It is also the franchise operator of Costa Co ee in Kuwait and Wendy’s in the Middle East.

He is credited for transforming Alghanim from a family- to a privately-owned business by opening new lines of credit to address a liquidity crunch, automating its processes and modernising its organisational culture.

In March, the conglomerate partnered with the Saudi Co ee Company, a unit of the Public Investment Fund, to promote Saudi Arabia’s co ee culture on a global scale. It also partnered with Chinese luxury car manufacturer Hongqi in September 2023 to represent the brand in Kuwait.

Origin:

62

Elie Saab, the renowned Lebanese designer, founded his eponymous label, ELIE SAAB, in 1982 at just 18 years old.

Earlier in January, Elie Saab teamed up with Saudi Arabia’s General Entertainment Authority for the highly anticipated 2024 Riyadh Season.

His luxury brand partnered with Saudi real estate fi rm Dar Al Arkan in November 2023 to launch Etoile by Elie Saab – the company’s fi rst branded residence in the kingdom. His eponymous has grown exponentially over the years and has been dominating the global haute couture market, with ateliers in London, Paris and Beirut.

The brand’s diversifi ed lines range from ready-to-wear and bridal to accessories, eyewear, children’s wear, watches, and fragrances. Other recent ventures include Elie Saab MAISON, a lineup of furniture, lighting, rugs and home accessories.

Lebanon Residence: Lebanon Sector: Culture and Society 2023 rank:

62

Origin: Kuwait

Residence: Kuwait

Sector: Energy 2023 rank: 66

WADHA AHMED AL-KHATEEB

CEO, KUWAIT NATIONAL PETROLEUM COMPANY

Al-Khateeb assumed her role as CEO of Kuwait National Petroleum Company (KNPC) in November 2022.

The energy firm exported its first shipment of 95-octane automotive fuel to European markets in July 2023. KNPC also reported an annual profi t of $3.31bn (KWD1.02bn) in the year ended March 31, 2023, a 198 per cent increase from KWD341.4m a year earlier.

She also doubles as the vice chairperson of the Gulf Downstream Association. Prior to her current role, she was previously the deputy CEO of Mina Abdullah refinery.

Al-Khateeb was also previously a member of the Natural Reserves Committee and the Oil Spill Combating Plan Committee for the State of Kuwait and the chairperson of the Kuwait Paraxylene Production Company.

KNPC launched its 2040 Updated Strategy in March of last year, an initiative that Al-Khateeb is now expected to drive forward and implement.

63

Origin: Palestine

Residence: UAE

Sector: Retail 2023 rank: 64

MONA ATAYA

FOUNDER AND CEO, MUMZWORLD

Ataya launched a new digital healthcare platform Pharmaciaty in Saudi Arabia in 2023, leveraging the capabilities of Mumzworld.com and Tamer Group’s more than 100 years of operations in the pharmaceutical and healthcare industry.

She plans to expand the digital healthcare platform’s operations into the UAE in Q1 2024. Before being an entrepreneur, Ataya worked for several multinational companies including Procter & Gamble and Johnson & Johnson.

Ataya co-founded Mumzworld in 2011, but prior to establishing the e-commerce platform, she was part of a group of entrepreneurs who founded the job portal and online recruitment platform Bayt.com.

The e-commerce platform sold a majority stake to Tamer Group in June 2021 and Ataya assumed the role of group CEO for all digital assets within the group. Today, the platform serves 2.5 million customers with over 350,000 products.

100 MOST POWERFUL ARABS 2024

64

Origin: UAE

Residence: Kuwait

Sector: Real Estate 2023 rank: 67

HESHAM AL QASSIM

CEO, WASL ASSET MANAGEMENT

Al Qassim leads wasl Asset Management, which comprises three subsidiaries.

The group’s real estate arm, wasl Properties, manages more than 47,000 residential and commercial properties in Dubai. The company completed its 11 gigawatt hours (GWh) on-grid solar project last November, involving the installation of thousands of panel modules across 44 buildings.

Its asset management arm, wasl hospitality and leisure, has 19 hotels, 5,448 luxury hotel rooms, and 1,416 serviced hotel apartments under its management. Then there is wasl’s lifestyle portfolio manager, Dubai Golf.

Beyond wasl, Al Qassim is the vice chairman and managing director of Emirates NBD, chairman of the Emirates Islamic Bank. He also sits on the boards of DIFC Investments and e&.

65

Origin: Mauritania

Residence: UAE

Sector: Culture and Society 2023 rank: 68

SHEIKH ABDULLAH BIN BAYYAH

CHAIRMAN, UAE FATWA COUNCIL

Sheikh Abdullah is widely recognised by Muslim scholars as one of the foremost authorities on the Islamic legal methodology known as u ūl al-fiqh.

As chairman of the UAE Fatwa Council, Sheikh Abdullah called upon community members and institutions to support the Mothers’ Endowment campaign. The Dhs1bn endowment fund was launched in March 2023 by Sheikh Mohammed bin Rashid Al Maktoum to support the education of millions of individuals in underprivileged communities.

The head of the Abu Dhabi Forum for Peace, Sheikh Abdullah is widely respected for his views on religious tolerance and for encouraging harmony.

He is also an instructor at King Abdulaziz University in Jeddah.

Photo courtesy: knpc

66

Sultan has been at the helm of Agility for 27 years, overseeing the conglomerate’s expansion into a global player with a global workforce of more than 45,000 employees in more than 100 countries.

Agility recorded $3.3bn (KWD1.01bn) in revenue in the first nine months of 2023 while its assets jumped by 18.1 per cent to reach KWD3.7bn.

Menzies Aviation, the logistics group’s aviation arm, agreed to set up a joint venture (JV) with Eurus Express in February to support sustainable business growth in China and the wider Asia-Pacific region.

The company also acquired a 50 per cent stake in Jardine Aviation Services Group via a JV with China National Aviation Corporation as it bolsters its presence in Asia while supporting the rebound in Hong Kong’s aviation sector.

Agility plans to list its operations and assets management unit, Agility Global, on the Abu Dhabi Securities Exchange.

Sultan sits on the board of DSV A/S, and the World Trade Organisation’s Business Advisory Group.

Origin: UAE

Residence: UAE

Sector: Finance

2023 rank: 73

KHALED MOHAMMED BALAMA

GOVERNOR, CENTRAL BANK OF THE UAE (CBUAE)

The UAE was removed from the grey list of the Financial Action Task Force in February and the central bank played a key role in bolstering the country’s compliance including imposing $68m (Dhs250m) in AML/CFT fines between January and October 2023.

Balama oversaw the signing of agreements with the Reserve Bank of India in July 2023 to settle trade in rupees as well as launch a real-time payment platform to facilitate easier cross-border money transfers.

Since 2021, the central bank has rolled out many initiatives to sustain the UAE’s monetary and financial stability, including the Central Bank Digital Currency strategy to accelerate domestic and crossborder payments and move towards a cashless society.

Origin: UAE

Residence: UAE

Sector: Diversified

2023 rank: 69

BADR JAFAR

CEO, CRESCENT ENTERPRISES

67 68 69

Origin: UAE/ Bahrain

Residence: UAE

Sector: Diversified

MISHAL KANOO

CHAIRMAN, THE KANOO GROUP

Badr Jafar oversees the operations of four companies functioning under the umbrella of Crescent Enterprises across 15 countries. In addition, the group’s diverse portfolio spans sectors ranging from ports and logistics, power and engineering, food and beverage to business aviation.

Under Jafar’s leadership, CE-Ventures, the venture capital arm of Crescent Enterprises invested in Freya Biosciences’ $38m Series A fundraising round in January 2023 to advance women’s reproductive immunotherapies.

The venture capital platform also led France-based Exeliom Biosciences’ $26m Series A funding round in July 2023.

He is also spearheading the launch of multiple businesses under CE-Creates, including Kava & Chai, a homegrown co eehouse chain and mobility platform, ION, in partnership with BEEAH Group.

2023 rank: 70 Mishal-led Kanoo Group has investment interests across several industries ranging from shipping, travel, machinery, logistics, energy, real estate, logistics, specialty chemicals, and among others. He is a scion of one of the GCC region’s family businesses, which was founded in 1967.

Kanoo was the group’s deputy chairman before he took to the helm of the family business in 2015. He doubles as the chairman of private equity firm KAAF Investments and KHK & Partners Limited, vice chairman of HAYAH Insurance Company and sits on the board of Gulf Capital.

Kanoo is also a visiting lecturer at the American University of Sharjah School of Business Administration. He started his working career with Arthur Andersen in Dubai before joining the Kanoo Group in 1997.

Origin: Kuwait Residence: UAE Sector: Logistics 2023 rank: 72

TAREK SULTAN

CEO AND VICE CHAIRMAN, AGILITY

70

Origin: Oman

Residence: Oman

Sector: Diversified 2023 rank: 71

SHEIKHA AMAL SUHAIL BAHWAN

VICE CHAIRPERSON, SUHAIL BAHWAN GROUP

71

Since being appointed vice chairperson and a board member in 2016, Sheikha Amal has been instrumental in growing the Oman family-owned business into a conglomerate with diverse interests across many industries including lifestyle, energy, IT, telecom, and healthcare.

In December 2023, Sheikha Amal invested in the UAE’s Inventure Metal Industries to boost the company’s growth capabilities and revolutionise the Middle East's facade contracting landscape.

The group, which was founded by her father Suhail Bahwan, has a portfolio of more than 100 brands, 15 businesses and a global workforce of more than 7,000 across the GCC region, North Africa, and South Asia.

Sheikha Amal also serves as the chairperson of the National Bank of Oman, Al Jazeera Steel Products, and Oman International Hospital. She also sits on the boards of National Pharmaceutical Industries and Oman Oil Marketing.

Origin: Qatar Residence: Qatar

Sector: Aviation

BADR MOHAMMED AL MEER

72

Origin: Jordan

Residence: UAE

Sector: Finance/ Logistics 2023 rank: 74

FADI GHANDOUR

EXECUTIVE CHAIRMAN WAMDA/CO-FOUNDER, ARAMEX

Known as the founder of Aramex, Ghandour spent the first 30 years of his work life as CEO of Dubai-listed courier firm before he diluted his entire 9.9 per cent stake in 2016.

Al Meer was named group CEO of Qatar Airways in December 2023. He oversees one of the world’s biggest airlines with a fleet of more than 200 aircraft flying to more than 170 destinations across six continents.

Qatar Airways’ investment portfolio includes a 25.1 per cent holding in International Airlines Group, 10 per cent in LATAM, 9.99 per cent in Cathay Pacific, and 3.38 per cent in China Southern Airlines, as of December 2023.

The aviation group is ushering into a new era of travel by leveraging innovative technologies such as artificial intelligence (AI) and metaverse.

It unveiled the world’s first AI-powered digital human cabin crew named Sama 2.0 to assist passengers in designing curated travel experiences. The AI cabin crew is accessible through QVerse, the airline’s immersive digital platform, as well as through the airline’s mobile app.

The flag carrier’s profit soared 113.8 per cent year-over-year to $1.03bn (QAR3.74bn) in the first six months of FY2023/24 while its revenue rose 7.4 per cent to reach QAR40.13bn.

He is the executive chairman of Wamda Group, a platform that invests and builds entrepreneurship ecosystems across the Middle East and North Africa. Wamda Capital is recognised as one of the region’s leading venture capital investors in highgrowth technology businesses.

Last year, the venture capital firm participated in a $4.7m Seed round for Turkey-based healthtech startup Salus. The platform has invested in more than 100 companies including African mobility fintech Moove, eyewear startup Eyewa, and crypto exchange BitOasis.

Ghandour is passionate about social entrepreneurship. He founded and chairs Ruwwad for Development, a platform that helps marginalised communities across the MENA region.

GROUP CEO, QATAR AIRWAYS

73

Origin: Oman

Residence: Oman

Sector: Energy

2023 rank: 75

MAZIN RASHID LAMKI

CEO, ENERGY DEVELOPMENT OMAN

75

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Sport

FAHAD BIN NAFEL

PRESIDENT, AL HILAL SFC

Lamki has been at the helm of Energy Development Oman (EDO) since 2022. Under his leadership, EDO partnered with Siemens Energy to accelerate Research and Development e orts in the Sultanate’s energy sector.

Hydrogen Oman, a unit of EDO, signed agreements worth $10bn in June 2023 to develop two new green hydrogen production projects with the POSCO-ENGIE consortium and the Hyport Duqm consortium. EDO, which was set up in late 2020, owns 60 per cent of Block 6 oil concession, 100 per cent of Block 6 non-associated gas concession, and 100 per cent of Hydrogen Oman.

Lamki is a board member of Petroleum Development Oman. Previously, he held managerial positions a the likes of Mubadala Energy.

Fahad bin Nafel is the president of Saudi professional football club Al Hilal. He was appointed to the post in 2019 and has, under his tenure, seen the club grow from strength to strength.

Founded in 1957, in Riyadh, Saudi Arabia, Al Hilal boasts an illustrious record of success, having clinched a staggering 66 official trophies throughout its storied history.

Internationally, Al Hilal has made its mark on the global stage, making multiple appearances in the FIFA Club World Cup. The club's stellar performance in the 2022 FIFA Club World Cup saw the team emerge as runners-up, showcasing their prowess on a worldwide platform.

74

HUSSAIN SAJWANI

FOUNDER AND CHAIRMAN, DAMAC PROPERTIES

Hussain Sajwani, a prominent Emirati entrepreneur, is the driving force behind DAMAC Properties, a leading global property development company. With a remarkable journey spanning decades, Sajwani has carved a niche for himself in the real estate industry, making significant strides in various sectors.

He founded DAMAC Properties in 2002, recognising a burgeoning market opportunity in the real estate sector. Under his leadership, DAMAC Properties has emerged as a powerhouse in property development, boasting an impressive portfolio of projects in key global cities such as Dubai, Abu Dhabi, Doha, and London, among others.

Beyond real estate, the DAMAC Group’s portfolio also spans luxury fashion, data centers, hospitality, and manufacturing.

The club has fortified its roster with world-class players such as Ronaldo, Neymar, and Neves.

76

Origin: Palestine

Residence: US

Sector: Culture and Society

2023 rank: 76

DJ KHALED MUSICIAN

Grammy award winner DJ, artist and music producer DJ Khaled has worn many hats since launching his career in the music industry.

Born in the US to a family of Palestinian musicians as Khaled Mohamed Khaled, he started his career as a rap artist, going on to become a record producer, DJ and social media star.

In 2024, the music mogul expanded his partnership with DEF Jam Records to produce his next album, and took on a new role at Universal Music Group as a global creative consultant for artists worldwide for both UMG and DEF Jam. With his new roles, DJ Khaled will expand his work to include marketing, film, TV, and more creative outlets.

Outside of his music, DJ Khaled has emerged as a prominent personality on social media channels commanding a significant following on several platforms: 39 million followers on Instagram, 13 million on Snapchat and 5.8 million on TikTok.

100 MOST POWERFUL ARABS 2024

77 79

SHAIKHA KHALED AL BAHAR

DEPUTY GROUP

CEO, NATIONAL BANK OF KUWAIT (NBK)

Origin: Kuwait

Residence: Kuwait

Sector: Finance 2023 rank: 79

Al Bahar is one of the leading voices in the finance industry in the GCC. Having led the National Bank of Kuwait as Deputy group CEO for over 10 years, she has overseen the growth of the bank which has become the largest in Kuwait.

In 2023, NBK recorded a net profit of $1.8bn, up 10.1 per cent year-on-year from 2022.

Shaikha has been instrumental in positioning NBK as the largest financial institution in Kuwait along with earning accolades such as ranking among the world’s top safest banks.

She is a strong proponent of women empowerment in the world of finance and the corporate structure. She is credited with the launch of ‘NBK Rise’, a first-of-its-kind global women’s leadership initiative that advocates for greater boardroom diversity.

In October 2023, Al Bahar oversaw the first batch of the global leadership programme for women, NBK RISE, training 20 women for executive management and board roles.

Al Bahar is also the chairperson of the National Bank of Kuwait France and the National Bank of Kuwait (Egypt) and a board member of the National Bank of Kuwait (International), the group’s UK subsidiary.

78

Origin: Morocco

Residence: Morocco

Sector: Finance

2023 rank: 85

OTHMAN BENJELLOUN

CHAIRMAN AND CEO, BMCE BANK OF AFRICA

Othman Benjelloun is a billionaire banker from Morocco with a net worth of $1.4bn, as of 2023. He co-founded BMCE Bank of Africa, which has a presence across 20 countries. He currently own a 27.41-percent stake in BoA.

Benjelloun’s illustrious career has seen the market capitalisation profits of the banking aspect of his business touch $4bn and he is among the richest businessmen in Africa.

Through his holding company FinanceCom, he also owns a stake in the Moroccan arm of French telecom firm Orange.

Origin: Tunisia

Residence: Tunisia

Sector: Sports 2023 rank: 83

ONS JABEUR

TENNIS PLAYER

Ons Jabeur became the first Arab and African woman to make it to a tennis major singles final when she reached her maiden Grand Slam final at Wimbledon in 2022. She then became the first female tennis player to reach the Wimbledon finals for two consecutive years, as she played at Centre Court in 2022 and 2023, after Serena Williams achieved this feat in 2018-19.

Jabeur is the current Tunisian number one, and the highest-ranked African and Arab tennis player in WTA and ATP rankings history. She has won five singles titles on the WTA Tour, as well as eleven singles titles and one doubles title on the ITF Circuit. She is known as the “Minister of Happiness” in her home country, Tunisia.

80

Origin: UAE

Residence: UAE

Sector: Diversified 2023 rank: 78

DR AMINA AL ROSTAMANI

COO, AW ROSTAMANI GROUP

Dr Amina Al Rostamani has had a critical role to play as a businesswoman and leader in pushing the growth of the AW Rostamani Group, as well as the UAE’s presence across major sectors. Her multifaceted role includes overseeing the group's core functions as the COO of the AW Rostamani Group.

Additionally, she holds non-executive board positions at institutions such as HSBC Bank Middle East, Sandooq Al Watan, and Al Jalila Foundation. Her stewardship is also visible in Dubai’s e orts towards becoming a global hub for fashion, design, and business innovation.

During her tenure as group chief executive of Tecom Group, she spearheaded the development of the Dubai Design District (D3). She is renowned as an authority on wireless technologies.

81

Origin: Syria Residence: UAE

Sector: Retail 2023 rank: 80

RONALDO MOUCHAWAR

CO-FOUNDER, SOUQ.COM & VP, AMAZON MENA

Ronaldo Mouchawar, the founder and CEO of Souq.com, has been instrumental in its evolution into the Arab world's largest e-commerce retailer a ter its acquisition by Amazon.

Following Souq's acquisition by Amazon in 2017, Mouchawar has been at the helm of the company's regional expansion. His strategic focus has revolved around integrating Souq and Amazon o erings, ensuring localised services, fostering a trusted online shopping environment, and continuously enhancing the product range while maintaining competitive pricing and swi t delivery. Mouchawar's leadership saw the introduction of Amazon Prime in the UAE in 2019, followed by the launch of Amazon.sa in Saudi Arabia in 2020.

Today, Amazon’s MENA network comprises more than 13 fulfillment centres, 720 external fulfillment nodes, and 65 owned and third-party delivery stations.

83

Origin: UAE

Residence: UAE

Sector: Diversified 2023 rank: 86

JUMA AL MAJID

FOUNDER, JUMA AL MAJID GROUP

Juma Al Majid is known as among the visionary businessmen that have helped cement the UAE’s reputation as a global trading hub.

In 1950, he set up the Juma Al Majid Holding Group, which has become one of the most reputed organisations in the country. The group’s verticals include real estate, travel and tourism, investments, automobiles, contracting and commercial, to name a few.

82

Origin: Palestine Residence: US Sector: FMCG 2023 rank: 77

MOHAMMED ABU

GHAZALEH CHAIRMAN AND CEO FRESH

DEL MONTE PRODUCE

Mohammad Abu-Ghazaleh has served as chairman and CEO of Fresh Del Monte Produce since 1996. Spearheading a turnaround in the performance of the company, Abu-Ghazaleh was instrumental in cementing the company’s role as one of the world’s preeminent fresh, fresh-cut and prepared fruit and vegetables producers and distributors.

Fresh del Monte recorded an increase in gross profit margin to 8.1 per cent for FY 2023, from 7.7 per cent in the previous year, despite a decrease in net sales. It continued to reduce its long-term debt to $400m, a significant decrease from the previous year’s $539.8m.

The multinational FMCG brand has focused on reducing its carbon footprint and aims to plant and donate 2.5 million trees and have 100 per cent of its protected areas globally monitored on an annual basis through species inventories, by the year 2025.

Al Majid has held key positions including chairman of the Dubai Economic Council, vice chairman for the UAE Central Bank, vice chairman for Emirates Bank International, director for the Dubai Chamber of Commerce & Industry, and board member for AI Nisr Publishing, among others.

84

Origin: UAE

Residence: UAE

Sector: Diplomacy 2023 rank: 87

LANA NUSSEIBEH

UAE’S AMBASSADOR AND PERMANENT

REPRESENTATIVE TO THE UNITED NATIONS

Lana Nusseibeh has served as the UAE’s Ambassador and Permanent Representative to the United Nations since September 2013. Nusseibeh has held a long list of key diplomatic positions over the past decade.

In December 2021, the late Sheikh Khalifa bin Zayed Al Nahyan issued a Federal Decree granting her the rank of Minister. In January 2023, she was appointed Envoy of the Minister of Foreign A airs.

She was president of the UN Women Executive Board in 2017 and led the UAE in working closely with UN Women to launch the Arab Women Military and Peacekeeping Programme in the UAE in 2019.

She served as vice-president of the UN’s 72nd General Assembly.

100 MOST POWERFUL ARABS 2024

Origin: Saudi Arabia/ Ethiopia

Residence: Saudi Arabia

Sector: Diversified 2023 rank: 88

MOHAMMED HUSSEIN ALI AL AMOUDI

OWNER, MIDROC

Huda Beauty, the brainchild of Huda Kattan, is one of the world’s fastest-growing beauty brands. Beginning as a blog in 2010, Huda Beauty has fast become the number one beauty Instagram account in the world with over 54 million followers and commands over nine million followers on TikTok.

Kattan announced in 2024 that she will be returning to the position of CEO at Huda Beauty a ter stepping down in 2020 to focus on the creative side of the company.

Alongside the release of brand-new products, Huda Beauty will be undergoing a rebrand to streamline its o erings.

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Space 2023 rank: 82

Mohammed Hussein Ali Al Amoudi’s influence – through his business and philanthropic arms –stretches across Africa, Europe and North America. Al Amoudi oversees a vast portfolio of industrial assets, with significant holdings in Sweden, Saudi Arabia and Ethiopia. His interests include MIDROC Ethiopia, Preem Petroleum and investments in Granitor, among other ventures.

Established in 1996, MIDROC Investment Group holds a special place in Al Amoudi's business endeavours. It operates as part of the global MIDROC International and is the largest business entity in Ethiopia. Al Amoudi has, as part of his business mission, committed to substantial philanthropic e orts in the field of education, training, and healthcare in Ethiopia.

Origin: Iraq/US

Residence: UAE

Sector: Culture and Society 2023 rank: 90

HUDA KATTAN

FOUNDER, HUDA BEAUTY

Rayyanah Barnawi is a Saudi astronaut who served as a mission specialist on the Ax-2 mission.

A biomedical researcher with almost a decade of experience in cancer stem-cell research, Barnawi worked to facilitate Saudi Arabia’s scientific research as mission specialist aboard Axiom Space’s second private astronaut mission to the International Space Station (ISS), Ax-2.

RAYYANAH BARNAWI ASTRONAUT

Rami Malek, an American actor of Egyptian origin, is known for his immersive portrayals of a diverse range of characters, notably hacker Elliot Alderson in the critically acclaimed TV series Mr Robot for which he received the Primetime Emmy Award for Outstanding Lead Actor in a Drama Series. He also portrayed legendary rock star Freddie Mercury in the biopic Bohemian Rhapsody for which he won an Academy Award for best actor. Malek has etched his name in the cinematic history books by playing a villain in the James Bond franchise. More recently, he was cast in Chrisopher Nolan’s acclaimed blockbuster Oppenheimer (2023), which won the award for the Best Film at the 2024 Oscars.

Barnawi made history as the first Saudi female astronaut to go to space in 2023. She is also one of the first Saudi astronauts to visit the ISS.

Origin: US/Egypt

Residence: US

Sector: Culture and Society 2023 rank: 96

RAMI MALEK

89

Origin: UAE

Residence: UAE

Sector: Diversified

2023 rank: 89

ZAID S AL KHAYYAT

MANAGING DIRECTOR, AL KHAYYAT INVESTMENTS

Zaid S Al Khayyat is the managing director of Al Khayyat Investments (AKI), a corporate governed familyowned company headquartered in Dubai, UAE founded in 1982 by Dr Saad F Al Khayyat.

Through Al Khayyat Investments (AKI), Al Khayyat is driving regional investment as a trusted business partner for local and global corporations. AKI’s operations span sectors such as healthcare, consumer goods, retail, contracting, automotive and fitness with the last decade seeing a quadruppling of revenue.

The conglomerate currently employs 5,500 people across eight countries in the broader Middle East and Africa region, including Saudi Arabia and Egypt.

90

Origin: Bahrain

Residence: Bahrain

Sector: Diversified 2023 rank: 92

MONA ALMOAYYED

MANAGING DIRECTOR, Y.K. ALMOAYYED & SONS; CHAIRPERSON, EDBAA BANK

Mona Almoayyed Almoayyed has been the managing director of Y.K. Almoayyed & Sons since 2000. The diversified group focuses on automobiles, electronics, and luxury goods. It represents over 300 international brands, including Infiniti, Nissan, Renault, Ford, Sony, Nikon, Westpoint, and Toshiba, in Bahrain.

She is also the chairperson of Bahrain’s first microfinance bank, Edbaa, set up to support low-income families in the country.

Almoayyed has focused on forging new paths for women in the kingdom: she was the first woman to be elected to the board of a publicly traded company in Bahrain (Bahrain Maritime and Mercantile International) and to the board of the Bahrain Chamber of Commerce and Industry.

She was also the founding member of the Bahrain Businesswomen’s Society and has held positions in the Migrant Workers Protection Society and Al Muntada Society, a society for promoting liberal thinking, equality and transparency.

91

Origin: UAE

Residence: UAE

Sector: Finance

DR MARYAM AL SUWAIDI

CEO, SECURITIES & COMMODITIES AUTHORITY

Maryam Al Suwaidi is the first female CEO of the Securities and Commodities Authority in the UAE.

She has under her ambit, the legislative framework for the development and strengthening of capital markets in the UAE, including the Dubai Financial Market, Abu Dhabi Stock Exchange, and the Dubai Gold and Commodities Exchange. The SCA regulations may also apply to institutions registered in free zones such as Dubai International Financial Centre or the Abu Dhabi Global Markets, especially if there is a mutual agreement or an MoU in place.

Since taking charge, she has overseen the roll out of the framework for special purpose acquisition companies and special purpose vehicles in the Emirates, among other sweeping reforms.

Al-Suwaidi has a doctorate in law from the University of Leeds. She is the first Emirati woman accredited by the Financial Action Task Force as an international assessor in anti-money laundering.

92

Origin: Morocco

Residence: Morocco

Sector: Finance

2023 rank: 94

NEZHA HAYAT

CHAIRPERSON AND CEO, MOROCCAN CAPITAL MARKET AUTHORITY

Nezha Hayat is the chairperson and CEO of AMMC, Morocco’s Capital Market Authority, following her appointment in February 2016 by the King of Morocco, Mohammed VI.

She began her career in Spain in 1985 in the banking sector (risks, debt portfolio management) and in 1999, was elected president of the Association of stockbrokers in Morocco for two terms. She was nominated global leader for tomorrow by the World Economic Forum in 2000.

She also co-founded AFEM, the association of women business leaders in Morocco.

In 2017, Nezha was elected vice-chair of the Africa and Middle East Committee (AMERC) within the International Organisation of Financial Market Regulators (IOSCO) for the remaining 20162018 term, and since March 2020, she was elected twice as Chair of the AMERC for the terms 2020-2022 and 2022-2024.

She has been awarded the King of Spain and the King of Morocco, for her commitment and work in favor of strengthening Morocco-Spain economic relations.

Origin: Egypt

Residence: Egypt

Sector: Culture and Society

2023 rank: 95

Amr Diab, an Egyptian singer and composer, is undeniably one of the most acclaimed and popular names in the Arab music industry, today. He is considered one of the pioneering figures in the Egyptian pop music industry.

He is a Guinness World Record Holder, a seven-time winner of World Music Awards, winner of six African Music Awards. He commands over 25 million followers on Instagram, over 19 million followers on Anghami along with 2.1 billion plays and close to 6 million subscribers on YouTube.

Origin: UAE

Residence: UAE

Sector: Diversified

OMAR AL FUTTAIM

VICE CHAIRMAN AND CEO OF AL-FUTTAIM GROUP

Omar Al Futtaim has been serving as the vice chairman and CEO of Al-Futtaim Group (AFG), a prominent family business conglomerate headquartered in Dubai.

In his role, Al Futtaim oversees the strategic direction and growth of the company across five key business verticals: automotive, financial services, real estate, retail, and health. Under his leadership, AFG has expanded its presence to over twenty markets across the Middle East, Asia, Africa, and Australia, employing more than 42,000 individuals.

Prior to joining Al-Futtaim Group, he gained valuable experience in investment banking at Morgan Stanley in New York and the UK.

Beyond his role at Al-Futtaim Group, he serves as chairman and board member of several public organisations, including the Commercial Bank of Dubai, Orient Insurance PJSC, Emirates Investment Bank PJSC, and the Dubai Chamber of Commerce. He also chairs the Al Futtaim Education Foundation, the non-profit education arm of the group.

100 MOST POWERFUL ARABS

NADIR AL-KORAYA

CEO OF RIYAD BANK

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Finance

Nadir Al-Koraya serves as the president and CEO of Riyad Bank, the 5th largest bank in the GCC region with assets exceeding $100bn. As a key member of the leadership team, Al-Koraya has played a pivotal role in driving Riyad Bank’s transformation into a dynamic and customer-centric financial institution.

Prior to assuming his current position, AlKoraya held the role of chief treasury and investment o cer, where he spearheaded the comprehensive overhaul of the bank’s funding, capital, asset liability management, product innovation, and investment functions.

Al-Koraya began his career at Samba Financial Group in treasury management.

In addition to his responsibilities at Riyad Bank, he serves as the board chairman of Jeel Innovation Digital Company, a board member of Riyad Capital, and a member of the Mastercard Middle East & Africa Advisory Board.

Origin: Jordan

Residence: UAE

Sector: Culture and Society

2023 rank: 98

Raed Barqawi has spent 35 years at Al Khaleej, the most widely read newspaper in the UAE and wider GCC. The Arabic daily was founded in Sharjah by brothers Abdullah Omran Taryam and Taryam Omran Taryam in 1970, the year before the UAE became an independent country.

Barqawi is widely credited with shaping the UAE’s media industry. Since 1985, he has covered hundreds of local, regional and international events and conferences and has interviewed numerous o cials and CEOs. He has spoken at several major events and appeared in various television shows. Barqawi has also been a board member of the Arab Journalism Award for over 15 years.

He has also authored Dare to Dream: How Sheikh Mohammed bin Rashid Made his Dreams Come True. The book explores how, under the visionary leadership of Sheikh Mohammed, Dubai has become a leading global hub for talent and a place where the Arab youth can find the resources and opportunities to fulfil their dreams. The book has been published in both English and Arabic.

Origin: UAE

Residence: UAE

Sector: Space

ALMATROOSHI

Nora AlMatrooshi made history as the first female Emirati and Arab woman astronaut, selected as part of the second cohort of the UAE Astronaut Programme. Earlier this year, she achieved another milestone by becoming the first Arab woman to complete NASA's rigorous training programme, as a member of the 2021 Astronaut Candidate Class, in the US.

Al Matrooshi holds a Bachelor's degree in mechanical Engineering from the United Arab Emirates University and received training at Vaasa University of Applied Sciences in Finland. In addition to her pioneering role as the first Arab female astronaut, Al Matrooshi is an active member of The American Society of Mechanical Engineers. Her accomplishments extend beyond her space endeavours, as she clinched the top position in the UAE during the 2011 International Mathematical Olympiad. Furthermore, she represented her country at the UN International Youth Conferences in both 2018 and 2019.

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Sports 2023 rank: 99

REEMA JUFFALI

RACING DRIVER

Reema Ju ali is Saudi Arabia’s first-ever female racing driver. She has been confirmed as the 'Wild Card' entry for the first round of the 2024 F1 Academy in Jeddah.

Ju ali is a Jeddah-born professional racing driver and the founder of Theeba Motorsport. From a young age, Ju ali developed a keen interest in cars and began her career with appearances in the TRD 86 Cup and MRF Challenge in 2018, before switching to the UK to contest the F4 British Championship in 2019. She previously joined Douglas Motorsport for the 2021 GB3 Championship. Following this, Ju ali founded Theeba Motorsport, and the team achieved victory on debut in the 2022 International GT Open series, making Ju ali the first Saudi woman to win an international race. Ju ali has established herself as a role model to female athletes in Saudi Arabia and female racing drivers across the world.

Origin: Palestine

Residence: US

Sector: Culture and Society

MO AMER COMEDIAN, WRITER AND PRODUCER

Mohammed “Mo” Mustafa Amer is a Palestinian-American stand-up comedian and award-winning writer. He stars in the Netflix series Mo, a semi-autobiographical series.

He won the 2022 Gotham Award, AFI Award, a 2023 Peabody Award and a 2023 Television Academy Honour. He was also nominated for a 2023 Film Independent Award for “Lead Actor in a Special Series”.

Amer has performed in over 27 countries on five continents, including Germany, Italy, Sicily, Japan, Korea, and Bahrain. Recently Mo has had two Netflix comedy specials: Mo Amer: The Vagabond and Mo Amer: Mohammed in Texas.

In 2018, Amer joined the cast of the Hulu show Ramy, starring Ramy Youssef, where he plays Ramy’s cousin, Mo.

Origin: Saudi Arabia Residence: Saudi Arabia

Sector: Culture and Society

Zena Emad is an up-and-coming music artist from Saudi Arabia. She has been making waves in the music industry with her unique blend of pop and world music.

Zena’s debut single ‘Love is All Around’ earned her critical acclaim, landing her a nomination for best new artist at the 2021 Grammy Awards. Additionally, she has been featured in various publications such as Rolling Stone and Billboard Magazine

Spotify had Emad as its ambassador for the month of September 2023 and her single was also featured on several Spotify playlists. Her international collaborations have made her a standout in the Saudi music industry and has amassed over two million followers on Instagram.

Gulf Business Arab Power List 2024

Ali Al Amoudi (MIDROC) 88

86 Huda Kattan (Huda Beauty) 90

87 Rayyanah Barnawi (Astronaut) 82

88 Rami Malek (Actor) 96

89 Zaid S Al Khayyat (Al Khayyat Investments) 89

90 Mona Almoayyed (Y.K. Almoayyed & Sons / Edbaa Bank

91 Dr Maryam Al Suwaidi ( Securities and Commodities Authority) NEW

92 Nezha Hayat (Moroccan Capital Market Authority) 94

93 Amr Diab (Singer) 95

94 Omar Al Futtaim (Al-Futtaim Group) NEW

95 Nadir Al-Koraya (Riyad Bank) NEW

96 Raed Barqawi (Al Khaleej) 98

97 Noora AlMatrooshi (Astronaut) NEW

98 Mo Amer (Comedian, writer, producer) NEW

99 Reema Juffali (Racing driver) 99

100 Zena Emad (Musician) NEW

FACES TO WATCH

GEORGE HOJEIGE GROUP CEO, VIRTUZONE

As group CEO at Virtugroup, George Hojeige has positioned Virtugroup as a thought leader in the UAE’s entrepreneurial space and a strong advocate of small business owners, helping set up and scale more than 75,000 SMEs in the UAE.

Hojeige heads the overarching corporate strategy and management of different companies within the group, notably Virtuzone, Next Generation Equity, Express PRO, Virtuzone Accounting and Tax, Virtuzone Real Estate and VZX, overseeing multiple verticals and specialised services, from company formation and corporate services to accounting, taxation and citizenship by investment. His pivotal role is focused on maintaining the group’s position as the fastest-growing business setup operator and corporate services provider in the region, and the only group offering a highly complementary citizenship-by-investment solution.

Hojeige's multi-faceted career began in the telecoms industry in Canada as a process optimisation engineer with Harris Microwave Communications, later assuming a sales director role with Savaria Corporation, the world’s largest manufacturer of accessibility equipment. In 2004, he moved to the Arabian Gulf to lead his family’s business in electromechanical contracting, working on prestigious projects such as Burj Khalifa, Dubai Airport and Ferrari World in Abu Dhabi. He later joined ITP Media Group, where he headed the sales teams for several magazines.

With his exceptional business acumen, Hojeige combines insightful data analysis with the resolute confidence to make bold and out-of-the-box decisions, keeping Virtugroup ahead of the curve.

Beirut-born and Canadian citizen Hojeige is fluent in English, French, Spanish and Arabic. He holds a bachelor’s degree in industrial engineering from Ecole Polytechnique de Montreal, a graduate diploma in International Business from McGill University, a certificate in Global Business from Harvard Business School, and a certificate in Leadership from The Wharton School.

DR MOHANAD ALWADIYA

SERIAL ENTREPRENEUR AND CEO OF HARBOR REAL ESTATE

Dubbed ‘the wolf of real estate’, Dr Mohanad Alwadiya’s extensive experience in Dubai's real estate sector has positioned him as a respected multimedia industry influencer, reliable investment advisor and successful entrepreneur. Dr Alwadiya is a sought-after thought leader in the emirate's property industry.

The dynamic CEO of the awardwinning Harbor Real Estate company manages mixed-use institutional portfolios worth more than Dhs18.7bn. Dr Alwadiya has his own top-rated property reality TV and radio shows on various reputable channels. He is also the author of the best-selling real estate book, Landlording – from renting to financial freedom

He is a senior instructor and advisor at Dubai Land Department since 2008, and has certified and mentored thousands of real estate professionals across the region. Dr Alwadiya was listed among the top 100 most influential personalities in the UAE and in the 40-under-40 most influential young Arabs in 2017. He was also honoured with the 'Best Social Media Influencer of the Year' accolade at Distinctive International Arab Festivals Awards in 2019.

WE SHOWCASE ENTERPRISING ARAB BUSINESS LEADERS WHO ARE MAKING THEIR PRESENCE FELT ACROSS SECTORS SUCH AS REAL ESTATE, TECHNOLOGY, AUTOMOTIVE AND CONSULTANCY

Mazin Chahin and Ramzi Aweidah, the dynamic co-founders of RM Holding have charted a successful course, from a nascent digital marketing agency to a diversified powerhouse. The company’s interests span sectors such as real estate, holiday homes, digital transformation, video production and artificial intelligence among others.

The story of RM Holding began in 2014, with the founding of AAAGENCY, a digital marketing innovator that quickly set itself apart by launching the region's pioneering healthcare marketing division in 2015. In 2018, the dynamic duo ventured into the fiercely competitive arena of real estate with the launch of Renaissance

Real Estate. From Dubai, the duo soon expanded the business to London and Manchester in 2022. Since then, Renaissance Real Estate has sold properties valued at more than Dhs5bn. Furthermore, the company manages an exclusive portfolio of Dhs1.5bn in the UK.

Not resting on their laurels, they launched GUESTA Holiday Homes in 2019, managing over 150 luxury apartments in Dubai Marina, Palm Jumeirah, and Downtown Dubai. Their foray into the trading sector in 2019 began with Renaissance Trading, which deals in doors and textiles from the UK to West Africa.

In 2021, they launched Thirteen01 Productions, marking their entry into

video and digital production, snagging illustrious clients such as Louis Vuitton and Aston Martin. The establishment of Renaissance Project Management in 2022 underscored their expansion into the construction industry. Within just a year and a half, the division has started developing six buildings and 15 villas valued at over Dhs750m.

The unveiling of Bluecore in 2023 reflected their commitment to harnessing AI for business transformation in the GCC region.

With their latest expansion into Riyadh this year focused on real estate projects, Chahin and Aweidah continue to not just navigate new opportunities, but also reiterate their visionary leadership and entrepreneurial spirit.

MAZIN CHAHIN AND RAMZI AWEIDAH CO-FOUNDERS OF RM HOLDING

FACES TO WATCH

MOHSIN HANI AL-BAHRANI CEO OF AUTOMOTIVE, CONSTRUCTION EQUIPMENT AND RENEWABLE ENERGY (ACERE)

DARWISH GROUP

Mohsin Hani Al-Bahrani is the CEO of one of the largest and most successful business conglomerates in the Middle East.

MHD ACERE is the sole distributor of international brands such as Jaguar, Land Rover, MG Motor, Stellantis brands, Ineos Grenadier, Ashok Leyland, Ford Trucks, Michelin, BF Good Rich, Riken, Terex Finlay, Mitsubishi forklifts, Opus, Cofran lubricants, Drager cranes and other prominent brands in Oman.

Al-Bahrani has been instrumental in diversifying the business and launching the Stellantis brands namely Jeep, Dodge, RAM and Alfa Romeo; as well as Jetour, Hongqi, Ineos, ABB EV chargers, Varta batteries, XCMG and Weir Trio in Oman.

the current business and entered new verticals including healthcare.

Al-Bahrani is the founder of MHD Leasing, a company that has progressed ten-fold since its inception. He is behind the rapid growth of MHD Automotive in the past couple of years. Under his guidance, MG Motors in Oman has risen to third place in 2023 as per the Middle East Automotive Council, behind Toyota and Nissan in terms of local sales volume – a massive jump from the 15th position for passenger cars in 2019. The brand has also seen a 520 per cent increase in sales compared to the previous year.

Al-Bahrani set up 12 new sales facilities for the business across different locations in Oman.

Aftersales facilities have expanded from just three facilities in 2019 to 12 in 2023. Furthermore, he has diversified

Al-Bahrani also founded MHD Leasing to meet the growing demand from the tourism sector and set up renewable energy and EV division, the first-of-its-kind in the sultanate.

Al-Bahraniis also pioneering the set-up of EV chargers across Oman. He has also championed Omanisation, supporting the government’s larger vision to create employment opportunities for the Omanis.

Al-Bahrani has been recognised for his achievements, including being listed among the ‘100 Most Influential CEOs in Oman’ and ‘CEO of the Year’ at the Oman Economic Review Business Excellence Awards in 2020 and 2021. He is a recipient of the TAS Icons of Oman, where he figures among the top 50 prominent personalities in Oman with a direct impact on the growth of the country. He was the youngest of these top 50 icons and the only one under the age of 30.

CLUSTER AT MOHSIN HAIDER

Lifestyle 24

Wellness central

Clinique La Prairie’s Longevity Hub, the first of its kind in Dubai, is dedicated to unlocking longevity and lasting vitality p.70

“Etro has remained competitive by continually pushing boundaries and striving to exceed expectations. Our commitment to satisfaction extends to both loyal and new customers, with a focus not only on our traditional women’s ready-to-wear category but also on the menswear line.”

Fabrizio Cardinali, CEO of Italian fashion and lifestyle brand Etro

AUDEMARS

PIGUET ROYAL OAK

Perpetual Calendar

“John Mayer” Limited Edition

Designed in collaboration with John Mayer, this limited edition pairs an 18-carat white gold case and bracelet with the Manufacture’s new shimmering, embossed ‘Crystal Sky’ dial in a dark blue tone. It is also the last to be equipped with the selfwinding perpetual calendar, Calibre 5134.

DESIGNS ON SUCCESS

ETRO CEO FABRIZIO CARDINALI TALKS ABOUT STRATEGY AND THE SARTORIAL ADVENTURES THE MILAN-BASED FASHION HOUSE HAS EMBARKED ON SINCE HE TOOK OVER THE REINS

BY NEESHA SALIAN

No fashion brand has elevated the paisley motif to an iconic status like Etro has: Imagine a world where paisley meets patchwork, and where high fashion embraces the bohemian spirit.

Founded by Gerolamo ‘Gimmo’ Etro, in 1968, the Milan-based fashion house has become synonymous with the intricate pattern, which adorns and embellishes everything from its luxurious apparel to its leather goods.

While retaining the core values that drive its heritage, the brand has been undergoing a metamorphosis under the future-forward leadership of Fabrizio Cardinali, who took over as CEO of the brand in September 2021. This was soon a ter brand private equity firm L Catterton announced a strategic partnership with Etro in July in the same year, making the family business into a global force.

Cardinali is no stranger to the fast-paced competitive world of high fashion. With more than 25 years in the industry under

his belt, he has worked with Dolce and Gabbana and several luxury brands within the Richemont Group.

One of the most significant developments in Etro’s recent transformation is the appointment of a new creative director, Marco De Vincenzo, who has ushered in an era of bold experimentation and artistic exploration at Etro.

As part of its revitalisation e orts, the fashion house has unveiled a new path, blending traditional cra tsmanship with contemporary flair. From sleek, modern silhouettes to intricate embellishments and unexpected details, the new collections – across ready-to-wear womenswear, menswear, children’s wear, home collections and accessories – reflect the brand’s commitment to pushing the envelope and challenging conventions.

This transformation has been undeniably appealing to Etro’s strong global consumer base, which includes the Middle East, where the brand has a growing presence. The brand opened its first store

in Saudi Arabia in 2008, reflecting how important the region is for the fashion house. In May last year, Etro launched its newest boutique in Riyadh’s Kingdom Center. The revamped boutique in Dubai Mall, which opened in February, is also an important chapter in the brand’s Middle East story.

Designed by Claudia Campone of Thirtyone Design + Management, the space exudes a harmonious balance between tradition and modernity. Spanning 238 square metres in the Fashion Avenue Atrium, the boutique showcases distinct areas for Etro’s ready-to-wear and accessories lines, eyewear, fragrances, and more. Abstract elements and tactile details infuse the

Fabrizio Cardinali

interiors, guiding visitors through a journey of the brand’s textile craftsmanship and elegance. Terracotta floors, limestone accents, and custom wallpapers featuring paisley patterns in degradé tones create a warm and luxurious layout.

Moreover, the boutique introduces a unique concept by integrating artworks into the retail environment. Featured works include Piegato RAL 2010 by Cesare Berlingeri and Knotted, Blue Chunk by Kwangho Lee, alongside collectible design pieces curated by Draga & Aurel. This innovative approach has transformed the store into an evolving gallery, enriching the shopping experience as it fuses fashion and art.

Cardinali, who was in Dubai for the store’s launch, is extremely pleased to see how customers have been responding to the new concept. He caught up with Gulf Business to discuss the brand’s popularity, new influences and how the fashion house has evolved into a lifestyle brand. Here are extracts from the chat.

WHAT IS THE NEW STRATEGY DRIVING THE BRAND’S SUCCESS?

Our mission has been to redefine success for Etro, considering the global landscape. Since taking the helm over two years ago, I’ve been working with the team, meticulously focusing on understanding and embodying the brand’s core codes, such as colours, luxurious fabrics and the paisley motif, particularly ‘Arnica’. By aligning our team and consolidating our brand identity, we’ve embarked on a journey of transformation. The metamorphosis includes combining the brand codes in a more contemporary way, resonating with both loyal and new customers worldwide.

For instance, we’ve rejuvenated the Arnica project, leveraging Marco, our creative director’s expertise in leather craftsmanship to make it more contemporary and precious.

We’ve also expanded our offerings to include menswear made-to-order, which shows promising growth potential. Furthermore, our focus on leather, particularly with the new Vela bag, has yielded remarkable success. These factors have been key drivers in our strategy, ensuring our products stand out in the luxury market while remaining accessible to our discerning clientele.

DESCRIBE ETRO’S USP?

Our brand’s relevance stems from our strong unique selling proposition, which sets us apart in the market. Take, for instance, our Vela bag – it’s truly unique. While there are numerous brands offering tote bags, shoulder bags, crossovers and clutches, our offering stands out distinctly. Its exclusivity drives customers to our maison, reinforcing our brand’s success.

Moreover, we’ve prioritised value for money throughout our brand repositioning efforts. Even in the luxury sector, we believe in maintaining reasonable price points to respect our consumers. We’ve been vigilant about not increasing prices hastily, despite external pressures like inflation. Over the past two years, we’ve navigated challenges while staying committed to this principle.

This approach has been instrumental in keeping our brand relevant amidst evolving market dynamics.

HOW ARE YOU ADAPTING TO MORE AGILE COMPETITORS?

The challenges faced by Etro over the past decade have been significant, particularly in a fast-paced market where major

competitors continuously introduce innovative concepts and collaborations. Despite our strong brand codes, ensuring relevance in an ever-evolving landscape was no easy feat. Approximately two years ago, we recognised the need to revitalise our approach and be more future-focused. This strategic shift was aimed to resonate with a diverse global audience, from Japan to the US, and across the Middle East and Europe. By embracing this approach, we’ve witnessed positive outcomes.

Working closely with our designers and the entire team, we’ve maintained a deep respect for our customers’ preferences and feedback, allowing us to adapt and evolve in response to their needs.

ETRO IS FOCUSED ON PUSHING BOUNDARIES. TELL US ABOUT IT.

Etro has remained competitive by continually pushing boundaries and striving to exceed expectations. Our commitment to satisfaction extends to both loyal and new customers, with a focus not only on our traditional women’s ready-to-wear category but also on the menswear line. We anticipate significant growth in men’s fashion, foreseeing it becoming as substantial as women’s fashion in the years ahead. This projection is rooted in the increasing demand for men’s clothing, not only from Etro but also from fashion-conscious individuals worldwide.

Men are increasingly drawn to fashion and lifestyle brands such as Etro, recognising the value and principles we embody. This trend underscores our belief that Etro is more than just a fashion

house; it is a lifestyle brand that resonates with individuals seeking to express themselves authentically. Etro’s focus on leather goods, spearheaded by our creative director, has also been a testament to our commitment to cra tsmanship and innovation.

From the outset, our designer’s expertise in the leather business has been evident, culminating in the launch of our acclaimed Vela bag. This exquisite creation has experienced consistent growth since its inception, despite its departure from Etro’s traditional price positioning. Admittedly, there was initial skepticism regarding the higher price point, but the undeniable beauty and quality of the product quickly dispelled any doubts.

While venturing into this new territory was a calculated risk, I am thrilled to report that it has paid o immensely. The success of the product exemplifies Etro’s ability to adapt and thrive in an ever-changing market, positioning us as a leader in luxury leather goods.

TELL US ABOUT ETRO’S RISING STATUS AS A LIFESTYLE BRAND.

Etro’s evolution into a lifestyle brand has been marked by strategic expansions into various categories, each contributing to our holistic vision of catering to every aspect of our customers’ lives. While our core business remains rooted in women’s and men’s ready-to-wear, our leather goods business has broadened our appeal and garnered acclaim. Furthermore, our recent licensing agreements for eyewear with Sa lo and children’s wear with Simonetta reflect our commitment to meeting the diverse needs of our clientele. The success of these ventures highlights the global resonance of our brand.

In addition to these ventures, our home collection has experienced unprecedented demand post-Covid, signalling a significant shi t in consumer preferences. Leveraging our heritage in fabric cra tsmanship, which dates to our founder’s origins in fabric production for home furnishings, we have successfully translated this expertise into a range of luxurious home collections.

This multifaceted approach epitomises our transition into a lifestyle brand. By o ering a comprehensive suite of products that cater to every facet of our customers’ lives, we have solidified our position as more than just a fashion house but as a purveyor of a complete lifestyle experience. Moreover, our dedication to quality cra tsmanship ensures that each product, whether a printed dress or a piece of furniture, is imbued with artistry and authenticity.

HOW HAS YOUR FANBASE EVOLVED?

We’re delighted to see an influx of younger customers gravitating towards Etro in recent times. With our renewed focus on product innovation and brand image under Marco’s leadership, we’ve witnessed a significant increase in the number of younger consumers engaging with our brand. It’s heartening to note that while our loyal customer base is traditionally skewed towards the 55-plus demographic, we’re now welcoming a diverse range of age groups, including the daughters of our long-standing patrons.

This shi t signifies a broader appeal and resonance with younger generations who are drawn to our brand’s distinct

personality and rich heritage. While we remain steadfast in our commitment to honouring and serving our loyal customers, we’re equally thrilled to embrace and cater to this new wave of enthusiasts.

WHAT ARE THE BRAND’S POPULAR MARKETS?

When it comes to our strongest markets, historically, Japan has been at the top of the list. It’s still going strong and showing growth, but Europe has taken the lead lately. There’s been a refreshing surge in interest there.

The US market is also on the rise, and while we’re still in the early stages in China with just 10 stores, we see potential for growth there too. If I had to rank them, it’d be Europe first, followed by Japan, and then hopefully the US as a big contender in the future.

Now, about the Middle East – let’s just say it’s in the running for one of our strongest markets. Expanding our presence in the Middle East is a key focus for us, and Dubai serves as our cornerstone for growth in the region. We’re incredibly excited about the prospects here and are actively working on collaborations to further deepen our connection with our customers.

From Dubai to Qatar, Kuwait, Saudi Arabia, and Bahrain, each market presents its unique opportunities. We recently opened our doors in Riyadh’s Kingdom Center, and we have plans in motion for additional openings across the region, including Marassi Galleria in Bahrain.

The Middle East resonates deeply with Etro’s brand identity – our vibrant colours, beautiful prints and luxurious fabrics are a natural fit here, fostering a sense of harmony and familiarity. It’s not just about presenting beautiful products; it’s about forging meaningful connections with our clientele. It’s about creating a connection that doesn’t overwhelm but rather resonates and builds a lasting relationship.

Indeed, our approach is inclusive, drawing inspiration from diverse cultural influences – from Russian to Asian, French to European, and of course, rooted in our rich Italian heritage. It’s this fusion of influences that makes Etro so distinctive and allows us to connect with customers on a global scale. So, rest assured, we’re fully committed to nurturing these connections and fostering a sense of belonging in every corner of the world.

EXPLORE FUJAIRAH’S EXTRAORDINARY NATURAL HISTORY HERITAGE

Take an incredible journey through the culture, history, landscape and seascape of this stunning emirate.

PARADIGM SHIFT

from Kering, it’s an exhilarating adventure. We’re poised for growth and innovation, and I’m honoured to be at the forefront of driving the brand forward.

What sets Ulysse Nardin apart from other haute horology brands?

Firstly, we pride ourselves on being independently owned by our management team, a rarity in the watchmaking world. This independence allows us the freedom to chart our course and prioritise our values without external influence.

MATTHIEU HAVERLAN, THE NEW MANAGING DIRECTOR OF ULYSSE NARDIN, SPOKE TO GULF BUSINESS ON HOW THE BRAND IS REDEFINING CONTEMPORARY WATCHMAKING WITH ITS UNUSUAL TIMEPIECES

BY NEESHA SALIAN

Ulysse Nardin is known for both intricate watchmaking techniques and a unique, sometimes unconventional, design style. The brand is one of the first to embrace new materials and technology in its watches. Here, we speak to Matthieu Haverlan from Ulysse Nardin, on his new role within the company as managing director, the brand’s focus on customer service and how the Swiss manufacture continues to push the boundaries in watchmaking with the iconic Freak and its iterations.

You were the chief growth o cer for Ulysse Nardin and have now stepped into the role of managing director. Tell us how you’ve grown the brand and what your strategy is going forward.

I’ve about 14 years of experience in the watch industry, starting from the ground up and developing a deep passion for mechanical watches, particularly in the realm of haute horology. Seven years ago, I was headhunted by the Kering Group to join Ulysse Nardin. When I first arrived, there were significant challenges. The brand wasn’t performing as it could have been – we had a lot of inventory, and were relying heavily on Eastern Europe. We also faced issues

linked to distribution and lacked a cohesive marketing strategy. Over the past seven years, we’ve undergone substantial transformations. We’ve revamped our product collection, overhauled our marketing e orts and refined our brand message to resonate more clearly with our audience. We’ve also made strategic changes to our distribution, focusing on quality over quantity.

Now, as I lead the brand’s sales, marketing, communication and product development e orts, I’m excited about the new era we’re entering. With Ulysse Nardin now privately owned by management a ter the acquisition

Secondly, our commitment to vertical integration sets us apart. With nearly all components manufactured in-house, including intricate parts like escapement components, we maintain strict quality control and ensure that every detail meets our exacting standards. Furthermore, our rich heritage spanning 180 years (by 2026) speaks to our longevity and expertise in the field. Despite this history, we continue to push boundaries and innovate, earning numerous awards and accolades for our groundbreaking designs and technological advancements. Our commitment to creativity is exemplified by our recent introduction of novel materials and techniques, such as silicon marquetry, showcasing our relentless pursuit of innovation.

Tell us about the brand’s presence in the region.

Regarding the Middle East, particularly the UAE, I see immense potential that remains largely untapped. In the UAE, our boutiques in Dubai Mall and Yas Mall (in Abu Dhabi) are doing well and are complemented by a dedicated and capable team. However, most of our sales still come from international visitors rather than local consumers. My priority is to not only boost revenue but also increase awareness and engagement within the local community.

In partnership with Ahmed Seddiqi & Sons, we have long-term plans to achieve this goal. Additionally, we recently exited the Saudi Arabian market but plan to reopen in 2025, recognising its importance for our future growth. Similarly, we’re reopening in Qatar with the support of our trusted partners. I’m optimistic about expanding our reach and impact throughout the Middle East. With strategic efforts to enhance local awareness and sales, there’s tremendous potential for growth in this dynamic region.

Matthieu Haverlan

Tell us about the Freak and why it’s considered the company’s hero product. Since its introduction in 2001, the Freak has redefined conventional notions of timepieces with its revolutionary design and advanced technology. What sets the Freak apart is its remarkable complexity and intricacy. It doesn’t feature ‘traditional’ elements: no hands, dials or even a crown, with the entire movement indicating the time as it turns within the case. Moreover, the use of silicon in its components, particularly in the escapement, has propelled advancements in reliability and precision. Each of its variations from the first to others such as the Diavolo, Diamonsil, One, S, X and One Ops (showcased at the recent Dubai Watch Week) are iconic. With Freak One winning the prestigious award at the Grand Prix d’Horlogerie de Genève in 2023, it has solidified the watch’s status as an icon of 21stcentury watchmaking. As for its popularity and demand, we’ve witnessed a notable shift in recent years. While Asia was traditionally a stronghold for the Freak, we’ve observed a surge in interest from collectors in the US and the Middle East, including the UAE. This global appeal speaks to the universal recognition and admiration for the Freak collection.

What demographic does the brand appeal to?

It’s been fascinating to observe the evolving preferences of our clientele over the years. Traditionally, our core customer base has comprised mainly men, typically around the age of 45 to 50, who appreciate the timeless elegance and craftsmanship of our timepieces. However, in recent years, we’ve experienced a significant influx of younger consumers, some as young as 18 or 20, who are drawn to our brand for its contemporary appeal and innovative designs. Particularly in regions such as Asia, where the average age of our consumer base is around 30 to 32 years old, we’ve seen a growing interest in our watches among the younger demographic. The Freak collection, in particular, has emerged as a gateway for many younger fans to enter the world of Ulysse Nardin.

What are some key trends in the watch industry?

Buyers and collectors are becoming increasingly discerning, placing greater emphasis on factors such as design, technical innovation, and retention value. Another noteworthy

“Collectors, especially the younger audience, seek authentic and transparent interactions with brands, fostering a sense of trust and connection.”

trend is the growing emphasis on wearability and comfort. We’ve observed a preference for smaller, more ergonomic designs that feel comfortable on the wrist. Furthermore, the market dynamics are shifting towards more direct engagement between brands and consumers. Collectors, especially the younger audience, seek authentic and transparent interactions with brands, fostering a sense of trust and connection.

Tell us about the brand’s focus on customer engagement. When it comes to customer engagement and interaction, we believe in fostering direct connections with our clientele across various platforms. Social media has proven to be a valuable avenue for engagement, where we actively respond to comments and interact with our audience on platforms like Instagram and YouTube.

Additionally, we facilitate one-on-one meetings between clients and our representatives in multi-brand store environments, offering personalised experiences and consultations. We also participate in all the important watch shows around the world, where we get to meet our customers and partners. The feedback we receive from such interactions is invaluable, as it offers insights into the preferences and expectations of our diverse clientele.

Moreover, we understand the significance of educating our customers about our brand heritage and craftsmanship. Many are surprised to learn about our rich history dating back to 1846 and our dedication to innovation. This understanding often leads to a deeper appreciation for our brand and its values.

How is the brand incorporating sustainability into its collections?

Sustainability is a core pillar of Ulysse Nardin’s ethos, deeply rooted in our heritage and commitment to preserving our oceans. Our focus on sustainability extends across various aspects of our operations, from product design to internal practices. Sustainability is a key focus across our product range, extending to our watch straps. First and foremost, we prioritise sustainable

materials and innovative manufacturing processes in our product development. For instance, our diving collection showcases our dedication to ocean conservation, with watches like the Diver Net incorporating a high percentage of sustainable materials. We utilise advanced materials like carbonium, upcycled from retired aircraft wings, and recycled steel in our timepieces. Our partnership with a French startup enables us to craft watch straps entirely from recycled fishing nets, further reducing our environmental footprint. Beyond product innovation, we actively engage in meaningful partnerships and initiatives to champion ocean preservation.

Tell us about the brand’s focus for the future.

Last year was one of strategic growth and continued innovation for Ulysse Nardin. While specific sales figures are proprietary, we are pleased with the trajectory of our brand and look forward to building upon our successes in the future. In a year where the watch industry faced significant headwinds, particularly in key markets like the US and China, we managed to achieve positive results. Innovation remains at the forefront of our agenda.

We are committed to pushing the boundaries of horology, particularly in the area of silicon escapements and the use of new materials for both movements and watch components.

Secondly, enhancing our consumer-centric approach is paramount. Thirdly, while we continue to focus on our iconic Freak collection, we are also mindful of nurturing our other collections such as the Blast, Marine, and Diver.

By creating space for these collections to thrive alongside the Freak, we ensure a diverse and comprehensive offering that caters to varying preferences and tastes within our discerning customer base.

Lastly, our long-term vision involves prioritising brand equity over short-term revenue generation. As an independent and fully autonomous brand, we have the freedom to invest in initiatives that bolster our brand image and reputation.

Pics: Supplied

STEP INTO A WORLD OF WELLNESS

LUXURY SKINCARE BRAND CLINIQUE LA PRAIRIE UNVEILED ITS LATEST LONGEVITY HUB AT THE ONE&ONLY ONE ZA’ABEEL. CEO SIMONE GIBERTONI SHARES THE CENTRE’S OFFERING OF TRANSFORMATIVE HEALTH SCIENCE, CUTTING-EDGE AESTHETICS AND TAILORED WELLNESS SOLUTIONS

BY NEESHA SALIAN

Why choose Dubai for the launch of your latest Longevity Hub launch?

The Middle East is central to our strategy, and UAE is aligned with our plan, having placed great emphasis on leading the longevity market to serve its residents and citizens. The Dubai location is the fifth in the world, with existing hubs in Madrid, Bangkok, Doha, and Taipei.

The longevity hubs are about introducing our programmes, in urban places, to those who haven’t probably experienced us before. Here, participants can engage with experts and build their health routines.

The combination of this common vision with the stunning futuristic One&Only destination of One Za’abeel was perfect to house the Longevity Hub by Clinique La Prairie and make it arguably today’s most cutting-edge urban centre pioneering longevity and wellness.

Share some insights into the concept behind the Longevity Hub.

The hub serves as a complement to the Clinique La Prairie Montreux in Switzerland, where guests can take part in renowned week-long revitalisation programmes. The Longevity Hubs are an ‘urban’ expression of Clinique La Prairie’s approach. Our progressive health and wellness programmes focus on our three interconnected pillars: longevity, wellbeing, and aesthetics.

What services and treatments does the Longevity Hub offer?

At the start of their journey, the hub offers guests a unique diagnostic experience, known as the Longevity Index. This comprehensive assessment provides

Simone Gibertoni

invaluable data and information about the health of the guest, which in turn allows Hub experts to create a personalised treatment programme which can include longevity, wellbeing and aesthetics solutions designed to meet the needs of Dubai residents and visitors.

Treatments and services at the hub in Dubai include longevity therapies such as neuro wave stimulation, cryotherapy, far infrared and IV drips. The centre also focuses on aesthetics and wellbeing with treatments and therapies including mesotherapy, laser treatments, micro-needling, lymphatic face drainage and massages.

What sets the hub apart from other wellness centres in Dubai?

We hold the distinction of being recognised as the first medi-wellness institution ever, with our founder, Dr Paul Niehans, acknowledged as a medical pioneer in cellular therapy.

What sets us apart is our clear commitment to investing in the most advanced scientific expertise in the longevity field, coupled with the highest level of personalisation through week-long holistic programmes for our guests. These programmes target immunity, anti-ageing, and detoxification, leading to a complete revitalisation of the body and mind.

The facility comprises 29 treatment rooms for wellbeing and clinical therapies, a Movement Studio boasting state-of-theart gym facilities, a Longevity Bar, as well as the first Longevity Index lounge in the region. Within this exclusive three-storey space, guests can discover pioneering treatments that combine the latest in transformative health science, cutting-edge

“Treatments and services at the hub in Dubai include longevity therapies such as neuro wave stimulation, cryotherapy, far infrared and IV drips.”

aesthetics, and tailored wellness solutions for an all-encompassing experience.

What role do education and awareness play in promoting longevity and wellbeing at the Longevity Hub? They are at the core of the customer’s journey. Our diagnosis and selection of science-backed experiences will begin with a proprietary Longevity Index assessment. Our Longevity Index analyses several aspects of the current inside-out health to provide a unique expert-led profile, which diagnoses exactly what the person needs.

The diagnostic tools include metals, minerals and vitamins screening, hightech skin analysis, state-of-the-art 3D body scan and expert questionnaires going into the details of health history, lifestyle, stress levels and nutrition. It

may be completed with blood analysis and other advanced tests. This enables us to offer a conscious personalised plan of pioneering longevity, wellness and aesthetics solutions.

Do you plan to set up similar hubs across the region?

Long term, our goal is to develop 40 more Longevity Hubs and 10 health resorts (the first is due to open in Anji, China, this year 2024 and the second in Amaala, Saudi Arabia, in 2026), while maintaining the level of exclusivity we are renowned for and maintaining Montreux as the pinnacle of the Clinique La Prairie experience and our ultimate destination. Our vision for Clinique La Prairie is to make it a global wellness brand, while staying in keeping with its heritage and prestige.

Luxury fusion: Gaggenau and Lamborghini partner for culinary extravaganza

Experience the epitome of luxury as Gaggenau and Lamborghini collaborate to present an unforgettable Suhoor event during the holy month of Ramadan. Merging heritage and innovation, this partnership showcased a culinary journey of unparalleled opulence

Renowned artist Ghaleb Haliva from Firetti Contemporary Galleria adds his vanguard spirit, infusing humanity, art, and culture into the occasion.

Combining gastronomy with cutting-edge technology, this coveted evening ensured an unforgettable experience

Gulf Business delves into the vision with Tomás Alonso, CEO of Gaggenau.

What prompted the collaboration between Gaggenau and Lamborghini?

Luxury transcends boundaries, aiming to create unforgettable experiences. At Gaggenau, we embrace this ethos. Collaborating with Lamborghini allowed us to merge two iconic brands and offer our clients a unique Suhoor experience.

How does Gaggenau align with Lamborghini in terms of design, quality, and heritage?

Despite operating in di erent sectors, both brands prioritise delivering exceptional experiences. Whether driving a Lamborghini or using Gaggenau appliances, customers immerse themselves in luxury, underscoring the convergence between the brands.

How does Gaggenau ensure its equipment design complements the culinary preferences of its customers?

It’s simple, as optimal results demand topquality products. At Gaggenau, we apply meticulous attention to detail. We understand the expectations of chefs and consumers worldwide, ensuring our products enhance their culinary experiences at home or in bespoke environments.

How does Gaggenau cater to diverse global markets while addressing unique cultural and regional needs?

Gaggenau’s product portfolio reflects a global perspective. From Asian-inspired

dishes to catering to American preferences or products focusing on the health of our customers like our steam-products, which are very popular in European markets , we tailor o erings to meet varied demands.

Our commitment to excellence transcends borders, ensuring maximum satisfaction worldwide.

Under your leadership, how has Gaggenau evolved?

I came to Dubai seven years ago with a very simple idea: position Gaggenau as the only, even unique, luxury brand in the home appliances sector across Dubai, the other Emirates and the larger GCC markets.

We defined a new team from scratch, opening our Gaggenau Galleria to clients in 2018. We deployed a new marketing strategy to execute a very ambitious “go to market” approach.

Today, we can openly say that we have grown by +415 per cent since 2017.

While we have grown beyond our targets, we are ambitious to continue building momentum in the luxury market within the Middle East while projecting to double our figures by 2026.

We defined a new team from scratch, opening our Gaggenau Galleria to clients in 2018. We deployed a new marketing strategy to execute a very ambitious “go to market” approach.”

With a rich history spanning 330 years, what does the future hold for Gaggenau?

Reliability remains paramount. Few brands endure for decades, let alone centuries, and our heritage of 330 years is a testament to Gaggenau’s enduring legacy.

We will continue delivering heritage, craftsmanship, and unique experiences, ensuring our clients enjoy unparalleled satisfaction for years to come.

Tomás Alonso

The SME Story

A dedicated hub for the regional startup and SME ecosystem APR 24

INTERVIEW

What makes Maly stand out among financial services companies?

Maly is on a mission to help people build a healthier relationship with their finances. We launched Maly, the first ‘financial wellness’ (FinWell) platform in the Middle East and Africa last year, offering seamless and automated savings, better budgeting and money management, improving financial literacy and inclusion, and last but not least, leveraging our AI capabilities and in-house built model to deliver personalised advice to consumers.

We believe that our platform is complementary to what banks and other financial institutions do and combined with our solid technical expertise in tech in general, and artificial intelligence (AI) in particular, Maly is in a position to contribute to the market evolution through collaborations and partnerships

We are very proud of the work our talented and young team has done to create our in-house AI-powered and customer-centric platform. We aim to offer the tools necessary to improve

financial inclusion and wellbeing holistically, from saving, debt management and budgeting to protection, security and investment.

What is required from governments and regulators to help Maly and other fintech companies achieve their goals?

Governments and regulators are the main driving force, and we eagerly await the full implementation of open banking, a huge catalyst for fintechs to innovate. It will massively improve our ability to drive growth in a market that’s growing faster than the global average.

What are the advantages of having multiple personalised Visa cards with Maly, and how can they be dedicated to specific purposes within a family?

Maly recently launched its Multi-Card for the first time in the GCC region to offer a distinct financial tool for families, allowing for a personalised approach to managing finances.

These cards can be dedicated to specific purposes such as groceries, holidays, online subscriptions, or personalised for any family member,

offering effective tools for better money management and savings while ensuring the financial security of the family.

How does Maly’s cardholder control feature empower users to manage the finances of their family members?

We empower users with full control, allowing them to set spending limits and transfer money between cards instantly and at no cost.

Maly users can monitor and manage their family’s finances effectively by viewing card balances in real time, tracking spending patterns, and receive alerts for all Visa card transactions. This control ensures responsible spending, making these Visa cards a valuable tool for parents, particularly when providing financial support to teenagers, and most importantly eliminates the use of cash and drives more financial inclusion.

What can we expect from Maly in the coming few years?

We have a very ambitious roadmap in place to deliver an unparalleled experience to users in the UAE, Saudi Arabia and the GCC before expanding to the rest of the Middle East and Africa region.

Mo Ibrahim , founder, Maly

Pic: Supplied

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