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An insight into the news and trends shaping the region with perceptive commentary and analysis
100 Most Powerful Arabs 2025
Presenting our flagship annual list of Arab visionaries, influencers and leaders who are redefining the global economic, social and cultural landscape
Cody Willard shares why Tesla, AI and the UAE are just getting warmed up
Gareth van Zyl, group editor
Private financing increasingly prominent among GCC issuers
Over the past decade, GCC issuers mainly relied on banks, bonds, and sukuk to meet their funding needs, finds S&P Global Ratings
The total amount of private capital financings raised by GCC issuers between 2020 and 2024 increased significantly to $54.8bn, from $10.4bn between 2015 and 2019, and is set to rise further.
In the next few years, we anticipate private capital financings in GCC countries will gain further importance, considering higher interest from private capital providers in the region.
The number of transactions that were financed with private capital peaked at $20.4bn in 2023, however, this decreased to $14.5bn in 2024 (see chart 1).
The steep decline over 2024 largely resulted from improving financing conditions in local banking sectors and bond and sukuk markets, and the decline in interest rates.
Even so, the number of transactions in 2024 was still 2.7 times higher than in 2015 (see chart 1), which is indicative of the strong fundamentals that underpin the increase in private capital financings.
BONDS CONTINUE TO DOMINATE
We analysed the data related to financing raised by GCC issuers over the past decade. We specifically focused on financing from banks, bond and sukuk issuances, equity capital market transactions – such as initial public offerings (IPOs) and private capital financings via private credit investments, private equity investments, venture financing, sovereign wealth fund investments, and other fund investments or credits.
Based on our analysis, GCC issuers, including GCC governments, raised $3.5tn over the past decade (see chart 2). Bond issuances, which accounted for 51 per cent of the total amount raised in 2024, constituted the preferred method of financing, followed by financing from banks, which contributed 26 per cent.
In addition, three other asset classes experienced a significant increase in GCC issuers’ funding mix: sukuk issuances accounted for 19 per cent of the amount raised in 2024, equity capital market transactions – such as IPOs — for 6 per cent, and private capital financings for 3 per cent.
FOCUS ON LARGE DEALS
Private companies received most of the private capital financing and those investments concentrated on the largest deals.
Over the past decade, the top 10 transactions accounted for almost 80 per cent of the total annual volume of private capital financings. What’s more, large corporates, including government-related entities (GREs), were among the recipients of private capital financing.
Both large corporates and GREs will continue to optimise their funding mix and seize opportunities, while smaller companies will increasingly turn to private financings, particularly if they are at an early development stage.
Our analysis of private financing transactions shows that private financiers have expanded their reach over time to provide funding to more mature and established companies, not just those at early development stages.
Dr Mohamed Damak is the MD and Financial Institutions Sector lead at S&P Global Ratings (Emerging EEMEA region)
GCC ISSUERS, INCLUDING GCC GOVERNMENTS, RAISED $3.5TN OVER THE PAST DECADE
Established companies received 79 per cent of private financings in December 2024, up from 31 per cent in 2015 (see chart 3).
PRIVATE FINANCING CAN HELP EARLY-STAGE FIRMS
Even though these established companies could have easily raised the required funding from banks or capital markets, they chose private financings, which could provide a faster or more streamlined execution, more flexible terms, or more competitive pricing.
Nevertheless, we do not expect private capital to challenge the role banks play in the region because the overall volume of private financings remains relatively small.
On the demand side, private capital financing can help earlystage firms and make them bankable over time, which fuels the financial ecosystem by creating more growth opportunities. Banks tend to be wary of providing loans to companies at early development stages unless they benefit from external support or guarantees.
On the supply side, regional private capital providers for GCC corporates, including sovereign wealth funds, will continue to diversify their geographic exposure to avoid over-relying on a single economy or region.
GCC investors will remain on the radar of large companies that aim to raise money outside of the traditional banking system or capital markets, especially when interest rates are high.
Banking on sustainability
We look at how companies can mitigate financial risks in a changing climate
Climate change and sustainability have emerged as crucial topics in recent years, reflecting a heightened global consciousness and dedication to tackling environmental issues. In the UAE, the fight against climate change has been listed as a priority target for sustainability and growth to achieve its Green Agenda 2030.
The ramifications of climate change extend to the financial services sector as well. Financial experts are increasingly focusing on climate scenarios, recognising the impact on the business and reputation of banks that want to adapt to the increasing sustainability requirements of their customers
and the wider industry. However, many financial institutions still encounter challenges in effectively integrating climate scenarios into existing risk management structures.
While risk assessment is not a new topic in the financial world, the need to increase awareness of financial impacts due to climate change has never been more pressing. The term ‘risk’ often carries negative undertones in everyday language. However, in the context of risk management, it signifies proactive preparation for forthcoming events. This includes all external factors that impact companies, banks and investors, including future implications of climate change.
Could Saudi Arabia lead the way in AI?
With a bold vision, strategic investment, and a young, tech-savvy population, Saudi Arabia has the key ingredients to become a global AI powerhouse
Our conversations about the future of artificial intelligence (AI) mostly revolve around the exponential growth of our technological capabilities and the availability of the data needed to train our models. But one of the perhaps most important drivers of AI, that I feel does not get the attention it deserves, is talent –the people behind the technologies at our disposal.
Across the Gulf states, AI continues to be a strategic priority. Recently, Saudi Arabia made headlines with — the still publicly unannounced — “Project Transcendence”, reportedly, a $100bn initiative to transform the kingdom into a world-class AI hub. Aside from data centres, startups, and other infrastructure, talent is said to be a key element of the initiative.
While reporting on the project should be taken with a grain of salt, with the Saudi government not
having commented on it yet, continued investment in talent for AI is certainly welcome news. With 63 per cent of Saudis being under the age of 30, according to the General Authority for Statistics (GASTAT), the kingdom is an ideal source of the next generation of AI practitioners.
While many Gulf states have AI ambitions, I believe Saudi Arabia is uniquely positioned to achieve them successfully. The Saudi economy is the largest in the Middle East and the kingdom also is among the most populous countries in the region. Economically and demographically, Saudi Arabia is thus a strategic regional growth market for the AI industry.
INTEREST GROWING IN THE REGION
And interest in the Gulf as an emerging hub for AI is not limited to the Middle East. Jared Cohen, co-head of the Goldman Sachs Global Institute and president of Global Affairs, has voiced concern about the ability of the US to maintain its leadership role in AI without quickly expanding its AI infrastructure. In Cohen’s view, such expansion will need to happen abroad.
Overseas expansion, according to Cohen, is required because existing US data centres are at capacity and are unfit for energy-intense AI workloads. Because of multiple, significant barriers to building new data centers suited for AI or retrofitting currents ones, putting in place infrastructure in countries with the right conditions is the way to go, Cohen has argued. Overseas expansion, Cohen suggests, could see the US collaborate with democracies
elsewhere, turn to the Global South, or partner with the Middle East. For political and geopolitical reasons, he is skeptical about the first two options and thinks of the Middle East as a preferred candidate. Energy is cheap, land abundant, and major developments feasible.
By accommodating the AI infrastructure needs of other countries, Saudi Arabia could benefit from foreign direct investment (FDI), an inflow of talent, as well as knowledge transfer. Such partnerships would also further strengthen and solidify bilateral relations, which could pay dividends in a region with longstanding security challenges and competing interests. And it is not only the US that is looking to rapidly expand its AI infrastructure abroad; so is China.
While it remains to be seen whether Cohen’s assessment of the US’ AI needs and ways to meet them is accurate, investments into the region by Microsoft and, as part of the rumored “Project Transcendence”, by Google Cloud, suggests that interest in the region as a hub for AI continues to increase. However, the question is going to be how compatible needs and expectations between the US and Saudi Arabia are going to be, and whether the Gulf region would be better served looking to the East, which has long had a policy of non-interference.
In my view, as Saudi Arabia continues build its AI capabilities, there are two imperatives. First, enabling the growth of its AI industries in ways that are aligned with the values and objectives articulated in the kingdom’s AI strategy. That strategy seeks to position Saudi Arabia as an AI specialist with a competitive advantage by 2025 and industry leader by 2030. The kind of partnership Cohen has in mind would be in line with that first imperative. It would help realise strategic goals such as attracting SAR75bn ($19bn) in AI and data investment, ensure AI and data regulation is welcoming, facilitate the launch of more than
HOWEVER, THE QUESTION IS GOING TO BE HOW COMPATIBLE NEEDS AND EXPECTATIONS BETWEEN THE US AND SAUDI ARABIA ARE GOING TO BE, AND WHETHER THE GULF REGION WOULD BE BETTER SERVED LOOKING TO THE EAST, WHICH HAS LONG HAD A POLICY OF NON-INTERFERENCE.
George Huang is the CEO of SenseTime MEA, a JV between SenseTime Group and Saudi’s PIF
PER CENT
WITH 63 PER CENT OF SAUDIS BEING UNDER THE AGE OF 30 , THE KINGDOM IS AN IDEAL SOURCE OF THE NEXT GENERATION OF AI PRACTITIONERS
300 AI and data startups, rank among the top 15 AI countries, and train 20,000 AI and data specialists. And second, ensuring that international partners enable the rise of homegrown talent and companies. A key example of this commitment can be seen in our joint venture, where nearly 40 per cent of the organisation comprises R&D staff — one of the strongest research teams in the kingdom. Highlighting such achievements will be essential in demonstrating Saudi Arabia’s progress in fostering a highly skilled AI workforce. This reflects Saudi Arabia’s broader efforts to cultivate a highly skilled AI workforce, a critical component of its ambition to rank among the top 20 countries in scientific contribution. Given that a global race for AI supremacy is underway, countries and companies will want to ensure that they have an edge over the competition. This means the brightest AI minds will be in high demand; governments and corporates alike will have a strong interest in keeping them on home turf. Countries whch can leverage homegrown talent are thus ideally positioned to win the AI race.
While I have spent the bulk of my career in the technology industry — from Asia and the Middle East to the Americas — I have also worked in executive search, focused on finding and placing the best talent. It is all too easy to forget that how a business does is, in no small part, the aggregation of individual performance. Similarly, the state of an economy is inevitably linked to the state of society, and the effectiveness of the systems that are in place to govern both.
Saudi Arabia has a compelling vision, the determination to deliver on it, and a youthful population invested in building a brighter future. With this baseline in mind, I see no reason why the kingdom could not become a globally competitive AI power, so long as it stays true to its North Star and firmly committed to empowering the next generation of AI practitioners.
WITH GULF WEALTH NOW 75 YEARS OLD AND LARGELY IN THE HANDS OF THE SECOND, THIRD AND FOURTH GENERATIONS, THE IMPORTANCE OF SUCCESSION PLANNING HAS NEVER BEEN MORE CRITICAL
ESTABLISHING INTENT
The first step in effective succession planning is establishing intent – what is this wealth for? My initial conversation with clients always centres around their goals and the purpose of their wealth — what truly matters to them and how they envision leaving their mark on the world. It’s not just about the state of their wealth today, but how it will evolve over the next 10, 30, or even 100 years. Families need to articulate their intent by clearly defining their vision and goals for the wealth and business and ensuring alignment among family members. Research indicates that without a unified vision and purpose serving as a guiding north star, both family wealth and relationships can be impacted. Thus, it is imperative for families to proactively invest in shaping the future they aspire to achieve.
EMPOWERING FAMILIES THROUGH COMMUNICATION
Families should view communication as a muscle that strengthens with regular exercise, achievable
SUCCESSION PLANNING INVOLVES EQUIPPING THE NEXT GENERATION WITH THE EDUCATION AND DEVELOPMENT THEY NEED TO STEP CONFIDENTLY INTO LEADERSHIP ROLES. BY PROVIDING HANDSON EXPERIENCE AND A DEEP UNDERSTANDING OF BUSINESS OPERATIONS, FAMILIES CAN INSTIL THE FINANCIAL STEWARDSHIP COMPETENCIES ESSENTIAL FOR SUCCESS.
IT’S NOT JUST ABOUT THE STATE OF THEIR WEALTH TODAY, BUT HOW IT WILL EVOLVE OVER THE NEXT 10, 30, OR EVEN 100 YEARS
through two key approaches. First, by developing family governance, which involves establishing family policies and holding regular meetings to share information and make collective decisions. To ensure these meetings are productive, set clear ground rules to minimise distractions, encourage respectful listening, and clarify the agenda to keep discussions focused and timely. Cultivate an inclusive environment by inviting participation from all members, using moderators or breakout sessions to ensure every voice is heard, fostering a sense of community and commitment. Navigating potential conflicts means focusing on shared values, agreeing to disagree when necessary, and building trust through transparency. Second, by nurturing family relationships, which can be enriched by telling and retelling the family’s most significant stories to reinforce its values and legacy.
PREPARING TOMORROW’S LEADERS
Succession planning involves equipping the next generation with the education and development they need to step confidently into leadership roles. By providing hands-on experience and a deep understanding of business operations, families can instil the financial stewardship competencies essential for success. Encouraging the management of small amounts of money or assets and fostering decision-making skills through regular family meetings and collaborative projects helps shape a robust investment philosophy grounded in clear intent. Moreover, by proactively addressing common risks such as divorce and death, families can ensure a seamless leadership transition, to help strengthen their legacy for generations to come. By aligning family goals and fostering open dialogue, these families can build strong governance structures that help safeguard their legacy. As these enterprises and families evolve, we are excited to witness how the region continues to transform, fuelled by the dynamic contributions of family businesses that remain at the heart of the Gulf’s economic landscape.
Chris Ottenritter is the EMEA head of Wealth Advisory at JP Morgan Private Bank
ETIHAD’S HIGH-FLYING AMBITIONS: EXCLUSIVE WITH CEO ANTONOALDO NEVES
LAST MONTH, ETIHAD AIRWAYS SIGNED A LANDMARK JOINT VENTURE AGREEMENT WITH ETHIOPIAN AIRLINES. GULF BUSINESS WAS INVITED ABOARD A VIP FLIGHT TO ADDIS ABABA AS PART OF A SELECT GROUP OF GUESTS, WHERE WE SAT DOWN WITH ETIHAD CEO ANTONOALDO NEVES TO DISCUSS THE AIRLINE’S RECORD-BREAKING GROWTH, ITS MOVE INTO AFRICA, AND THE MUCH-RUMOURED IPO
BY GARETH VAN ZYL
It was a flight that symbolised far more than a new route. When Etihad Airways touched down in Addis Ababa last month, it marked the start of a bold new partnership with Ethiopian Airlines — Africa’s largest carrier. The joint venture gives both airlines shared access to one of the most dynamic aviation corridors in the world, linking Africa, the Middle East and Asia.
Under the agreement, Ethiopian Airlines will begin flights between Addis Ababa and Abu Dhabi from July 15. Etihad will launch daily services from October 1 — part of a rapid network expansion that mirrors the airline’s surging momentum.
“This is extremely important for Etihad because it means we can offer customers many more options into Africa,” said CEO Antonoaldo Neves. “At the same time, we can
provide Ethiopian customers many, many options that Etihad has today to different places around the world.”
FAST-TRACKED COLLABORATION
Unlike traditional airline partnerships, which evolve slowly from interline to codeshare, this one is different.
“We’re fast-tracking into a joint venture model,” Neves explained. “You provide better schedules, better pricing, seamless journeys, and all airlines share the revenue equally.”
The result? A more integrated offering for passengers. “There’s no seat allocation restriction like in codeshare; Etihad could sell 70 per cent of seats on an Ethiopian flight and vice versa.”
Neves said the move reflects a shared urgency and organisational strength. “If it’s better for both sides, why not do it sooner?”
Pics: Getty Images
AFRICA’S RISING ROLE
The partnership also signals Etihad’s growing commitment to Africa, a region with significant untapped potential.
“Ethiopian has built something amazing. They’re about the same size as Etihad, and they provide very good service,” said Neves. “We’re partnering with an airline that shares our view on how an airline should be run and how to develop the future of aviation.”
The alignment makes strategic sense. “Etihad will benefit from their network, and in the past three years, we’ve doubled our size – growing from 10 million to 21 million passengers this year.”
PROFITS TAKE FLIGHT
Etihad’s growth has been underpinned by a strong financial turnaround. In 2024, the airline reported a profit after tax of Dhs1.7bn ($476m), more than triple the Dhs525m ($143m) figure from the year before. Passenger revenue hit Dhs20.8bn ($5.7bn), with cargo contributing Dhs4.2bn ($1.1bn). Total revenue rose 25 per cent to Dhs25.3bn ($6.9bn).
The airline flew 18.5 million passengers in 2024, up 32 per cent year-on-year. It added more than 1,700 weekly flights, boosted frequencies on 25 routes and launched over 20 new destinations — including Boston, Nairobi, Jaipur and Bali.
But Neves noted that expansion is just as much about depth as breadth. “Twothirds of our growth is adding capacity to existing markets,” he said. “Two years ago, we had 15 destinations with more than two flights a day. Today, we have over 40. For example, four flights daily to Kuwait. Customers value not just price but the ability to fly when they want, with short connections and reliable service.”
ETIHAD AIRWAYS AT A GLANCE
Financials (2024):
Profit after tax: Dhs1.7bn ($476m)
Total revenue: Dhs25.3bn ($6.9bn)
Passenger revenue: Dhs20.8bn ($5.7bn)
Cargo revenue: Dhs4.2bn ($1.1bn)
Passenger growth: 18.5 million in 2024 (up 32%)
Network expansion: 1,700+ weekly flights added
25 route frequency increases
20+ new destinations including Boston, Nairobi, Jaipur, Bali, and Addis Ababa
A HUB WITH ADVANTAGES
Fueling this growth is Abu Dhabi’s upgraded aviation infrastructure. “We have the capacity at Abu Dhabi Airport, one of the best terminals globally,” said Neves. “You have a 99 per cent chance of not taking a bus to board, no trains to gates, pre-clearance to the US – all advantages.”
IPO? WE’RE READY
Speculation has swirled around a potential IPO for Etihad, especially given parent company ADQ’s listing track record. Neves didn’t confirm a timeline, but said the airline is prepared.
“The speculation is natural. If we weren’t doing well, there’d be no talk,” he said. “Margins have improved, profitability is up, but we stay humble – there’s still room for growth. IPO is a tool, not an end. I’ve been through IPOs before. Our job is to be ready if the shareholder decides to proceed. Operationally, financially, from a governance standpoint – Etihad is ready.”
REGIONAL RIVALS WELCOME
Etihad’s ascent is happening in a region buzzing with aviation activity. “Airline growth is always correlated to GDP growth, and the Middle East is still underserved,” Neves said. “Within a four-hour flight from Abu Dhabi, you have two billion people… GDP in the region grows about 5 per cent annually, and aviation typically grows twice that.”
While most carriers are expanding at 3–4 per cent annually, Etihad is aiming for 15 per cent growth this year.
On the potential challenge from Saudi Arabia’s Riyadh Air, Neves was unfazed. “They’re not flying yet. It’ll take years to reach critical mass,” he said. “That said, I welcome competition… Increased competition stimulates the market.”
YOU HAVE A 99 PER CENT CHANCE OF NOT TAKING A BUS TO BOARD, NO TRAINS TO GATES, PRECLEARANCE TO THE US – ALL ADVANTAGES.”
Fleet growth: 12 aircraft added, including six A320 NEOs
Strategy: 10–15 new destinations annually
Focus on frequency and hub strength
But he made it clear what separates Etihad: “It’s about having a reliable, scalable network that makes money while providing excellent service. Few can master all of that.”
Watch the full interview on Gulf Business’ YouTube channel: www.youtube.com /@gulfbusiness3050
Antonoaldo Neves
INVESTING
Investor Cody Willard on why Tesla, AI and
the
UAE are just getting warmed up
WILLARD EXPLAINS WHY HE BELIEVES WE’RE STILL IN THE “DIAL-UP” PHASE OF THE AI EVOLUTION AND WHY THE UAE IS A VITAL COG IN THIS WHEEL
BY GARETH VAN ZYL
Investor and former TV anchor Cody Willard visited the UAE last month as part of his role as advisor for the US VIP Technology Fund from Freedom Asset Management.
A former hedge fund manager, Willard is the founder of TradingWithCody.com and has built a reputation as one of Wall Street’s more unconventional voices, equally at home on the trading floor and in front of the camera.
He’s contributed to major outlets including The Wall Street Journal and the Financial Times, and has been featured across nearly every major US financial news platform. He’s also best known for co-hosting Fox Business’s Happy Hour and serving as a correspondent on The Tonight Show with Jay Leno. Beyond his media work, Willard has been an early investor in companies like Apple, Google, Meta and NVIDIA, backing what he calls “revolutionary platforms” well before they went mainstream. He now spends his time tracking trillion-dollar tech trends, from artificial intelligence
(AI) and robotics to space. Gulf Business sat down with Willard while on his latest visit to Dubai.
For the last 25 years, you’ve focused on something you call “revolution investing” where you look for companies changing society forever. What are the key trends you’re seeing right now?
QThe most obvious is AI. I liken it to the dial-up internet phase of the internet revolution: 56k modems, AOL, downloading a Michael Jordan screensaver that took eight minutes. Even then, people recognised the potential of connecting billions of humans and millions of businesses. We knew broadband would eventually come and, now, we’re seeing the same early-stage potential with AI. Microsoft Copilot, ChatGPT: these are already impressive. I argue with ChatGPT about Michael Jordan sometimes! But really, it’s early. We don’t yet know all the services and applications that will be built on the AI platform. It’s coming, and
it’s coming fast. One of the neatest things about investing in technology is what I call the acceleration of technology revolutions. The internet took over a decade before the smartphone changed the game. With AI, we won’t wait 10 or 12 years for the next big leap. It’s happening faster. For example, robotics will be a major part of this next phase.
And the UAE, in particular Abu Dhabi, is increasingly playing a bigger role in these spheres. MGX was launched last year with $50bn to invest in top AI and tech firms. ADIA has over $1tn under management and is also pushing hard into tech.
Rightly so. They recognise that oil has been great, but the AI revolution, and the hubs this region can create, are integral. Without the capital and vision from the UAE, the acceleration we’re seeing wouldn’t be happening this fast.
Capital is the key. The US has wealth, yes, but sovereign wealth funds here in the UAE (and GCC) are taking the lead. They understand the vision. You could call them the spark plugs, or magnetic motors, of this evolution.
Talking about spark plugs, we have to talk more about Tesla. The stock’s poor performance this year has stirred debate. Some say Elon Musk is too involved in politics and getting distracted from his core businesses. Is that fair?
The short answer is yes. He is definitely too involved in politics. It drives me crazy. Even before he got into the DOGE (Department of Government Efficiency) movement stuff, just the sheer volume of tweets (or Xs) was too much. In terms of the partisan politicking he’s done over the past two years, I wish he would just run his companies and change the world in the ways he’s already doing.
On the other hand, there’s so much waste in the US government — and every government out there. It’s not necessarily corruption, but there’s an agency problem: that is, governments spending money that isn’t theirs. It’s taxpayers’ money. And when it’s not your money, it’s easy to spend $300 on a hammer that should’ve cost $6.
Elon recognises the US deficit problem and ballooning debt. It’s scary. Tens of
THERE ARE COMPANIES THAT HAVEN’T EVEN BEEN STARTED YET. THERE ARE HIGH SCHOOL KIDS RIGHT NOW LEARNING AI AND ROBOTICS STRATEGIES THAT NO ONE’S EVEN THOUGHT OF YET. IN FIVE YEARS, THEY’LL GET FUNDED WITH BILLIONS. IN SEVEN YEARS, THOSE STARTUPS WILL GO PUBLIC.”
trillions of recognised debt, and hundreds of trillions in unrecognised obligations. The US has an amazing, open, transparent financial system, but someone has to break the endless debt cycle. His chainsaw-on-stage antics are annoying, but
somewhat poignant. They reflect what needs to be done: cutting government waste is good for all of us.
We’ve spoken about the big tech players that are already on people’s radars. Are there companies out there flying under the radar that could still have a massive impact on the future? Always. There are companies that haven’t even been started yet. There are high school kids right now learning AI and robotics strategies that no one’s even thought of yet. In five years, they’ll get funded with billions. In seven years, those startups will go public. Even today, there are mid-cap revolutionary companies worth watching. I’ll name a couple we’ve been investing in recently. GitLab is one. It’s a software repository, and
one of the things AI is already doing well is helping developers write code. GitLab is a direct play on that: code patches, repositories, collaboration, which are all centralised there. They’re investing heavily in AI-based code development.
Another factor that always wins in tech evolution is efficiency, both economic and energy. Even now, hyperscalers such as Google, Meta, and Microsoft spend billions on old-school magnetic spinning hard drives. They’re slow and not energy-efficient. Flash drives are replacing that.
Pure Storage is one company leading this change. Others exist too, but Pure Storage is cutting the cost of memory for the AI revolution, and that’s big. These mid-caps do carry more risk than the big caps — Microsoft being the exception, ironically — but we’re very selective.
Let me also say this: I don’t think smallcap tech is worth touching right now. The public market for small-cap tech is probably broken. If you’re a great early-stage company, there’s more than enough private capital, whether in the UAE or the US. When it comes to venture capital and private equity, they’re all willing to write billion-dollar cheques. So if a company is coming public as a small-cap tech stock, as a retail investor you’ve got to ask: why do they need your money?
Cody Willard, a longtime financial analyst, made regular appearances on The Tonight Show with Jay Leno, as seen here during a 2008 interview
APRIL 2025
GULF BUSINESS BREAKFAST (DUBAI, UAE)
TECH AMBITIONS: e next wave of innovation
EVENTS CALENDAR
JUNE 2025
GULF BUSINESS BREAKFAST (DUBAI, UAE)
TRADING AHEAD: State of the UAE’s online investment sector
SEPTEMBER 2025
GULF BUSINESS AWARDS (DUBAI, UAE)
Recognising the best in key sectors across the GCC
SEPTEMBER
2025
GULF BUSINESS BREAKFAST (RIYADH, KSA)
FINTECH FRONTIERS: Focus on AI, DeFi and digital payments
NOVEMBER 2025
GULF BUSINESS BREAKFAST (DUBAI, UAE)
BUILDING TOMORROW: Innovations and sustainability in UAE real estate
GCC’s maturing IPO market — and what to expect next
Investor appetite in the Gulf is evolving, says Mohamed Ebeid, co-chief executive officer of EFG Hermes, an EFG Holding company. with a shift toward quality issuers, long-term capital, and sector-focused plays in tech, healthcare and education
The GCC IPO pipeline has remained resilient despite global headwinds. What’s your current assessment of investor appetite for IPOs in the region, particularly in markets like Saudi Arabia and the UAE?
Investor appetite in the region remains strong across local, regional, and international participants. That said, over the past 12 months we’ve observed a shift toward greater selectivity. Investors are now more focused on specific sectors and high-quality issuers rather than participating across the board.
Additionally, recent corrections in regional equity markets have moderated valuation expectations, placing more scrutiny on new issuance pricing to ensure alignment with current market realities.
EFG Hermes acted as joint bookrunner on Alpha Data’s recent DFM listing. How did that IPO perform relative to expectations, and what does it tell us about the tech and digital services investment story in the UAE?
The Alpha Data IPO outperformed other recent equity offerings in the UAE . While the transaction size was more modest than others, investor interest was high, reflecting strong confidence in the company’s fundamentals. Alpha Data’s established market position, consistent
profitability, and diversified service offering — particularly in IT infrastructure and digital transformation — resonated well with both institutional and retail investors. The deal underlines growing investor appetite for profitable, scalable tech companies that are driving innovation and operational excellence in the UAE.
Valu has been one of MENA’s most talked-about fintechs — what’s the
Investor appetite in the region remains strong across local, regional, and international participants. That said, over the past 12 months we’ve observed a shift toward greater selectivity.”
latest on its potential IPO, and how is EFG approaching the timing and structure for a listing?
The EFG Holding board has just announced a first-of-its-kind transaction, where it will distribute 20 per cent of Valu to its shareholders in the coming months. With this distribution, the company will become listed on the EGX and traded freely by all. Following the board’s approval, we will be approaching our general meeting for their approval in May, with trading expected to take place in June.
How are institutional investors currently viewing GCC IPOs? Are we seeing more long-term capital come in, or is there still a tilt toward short-term gains post-listing?
We’ve seen a significant structural evolution in the GCC equity capital markets over the past three years. Sovereign wealth funds’ capital recycling programmes, consistent allocations to regional asset managers, and wealth creation among family offices, particularly in light of major infrastructure investments, have all contributed to a more stable and maturing investor base. This has fostered a healthy supply-demand dynamic and increased long-term participation. While short-term gains remain attractive to certain retail investors and hedge funds, the overall trend is toward a more strategic, long-term investment approach.
Looking ahead, which sectors do you see as the next big IPO plays in the GCC, and how is EFG positioning itself to lead or participate in those future deals?
We believe consumer, healthcare and education sectors will remain top of mind for institutional investors, offering compelling opportunities for IPOs in the region. At EFG Hermes, our strategy emphasises early engagement, bringing together prospective issuers and investors well before a transaction is live. This approach allows us to shape and refine the equity story collaboratively, ensuring both parties are aligned and well-prepared when the company decides to come to market. It also enables us to provide valuable investor feedback early on, helping companies optimse their positioning and readiness.
Pics: Supplied
Mohamed Ebeid
ARAB ICONS SHAPING THE GLOBAL STAGE
Our annual tally of Arab influence returns with a familiar theme: change. This year, a new leader tops the list, signalling a major shift in regional and global power dynamics.
Arab voices are increasingly shaping business conversations and driving decisions, from sovereign wealth funds and stock exchanges to tech hubs and climate initiatives. The diaspora, spread across continents, also continues to amplify this influence, proving that power knows no borders.
This year’s economic developments stand out. A recent $1.4tn US-UAE investment partnership and a $600bn US-Saudi agreement signal a bold new phase of trade and technology collaboration.
This list acts as a compass, showing not only who holds power, but how they wield it—across business, culture, sport and society.
The stories, successes and challenges of these individuals reflect a dynamic, resilient community with an impact that resonates far beyond the region.
100 MOST POWERFUL ARABS 2025
HH SHEIKH TAHNOON
BIN ZAYED AL NAHYAN
CHAIRMAN, ADIA, MGX, G42, IHC, ADQ AND ROYAL GROUP
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: DIVERSIFIED
At 56, Sheikh Tahnoon bin Zayed Al Nahyan stands at the nexus of global finance and artificial intelligence (AI), driving the UAE’s growing influence across both. He chairs a portfolio unrivalled in scale: Abu Dhabi Investment Authority (ADIA) with $1tn in assets under management, MGX’s $50bn techfocused fund, AI powerhouse G42, Abu Dhabi Developmental Holding Company (ADQ), and First Abu Dhabi Bank.
Few individuals globally wield direct control over more than $1tn in assets, surpassing even Saudi Arabia’s PIF. This influence prompted the world's most prominent business publication, The Wall Street Journal , to publish a major profile piece on Sheikh Tahnoon’s business reach in February this year.
ADIA is not only the largest sovereign wealth fund in the GCC but also ranks as the seventh biggest in the world, according to Global SWF. This concentration of capital, coupled with his role as the UAE’s national security advisor, brother to the country's president and deputy ruler of Abu Dhabi places him in a position of strategic and economic importance.
His influence, cultivated over two decades, has soared in recent years, particularly since 2024 with the launch of MGX, a fund driving significant investments in artificial intelligence (AI) and technology. Just last month, MGX announced a
landmark $2bn equity investment in the world’s largest cryptocurrency exchange Binance, highlighting the UAE’s growing clout in the digital assets space. Under his chairmanship, G42 has secured major partnerships, including a $1.5bn investment from global tech giant Microsoft in 2024 aimed at advancing G42’s cuttingedge AI capabilities. G42’s collaborations with OpenAI, along with strategic ties to Satya Nadella, Sam Altman, Tim Cook, and Elon Musk, underscore Sheikh Tahnoon’s role in shaping AI ecosystems. His influence extends far beyond Abu Dhabi. Last month, Sheikh Tahnoon met with US President Donald Trump and top American business leaders to announce a $1.4tn UAE-US investment initiative over the next decade, focused on AI infrastructure, semiconductors, energy, and manufacturing. Over his two-day stay in Washington, he also met with executives from Microsoft, Amazon, Palantir, Oracle, BlackRock, NVIDIA and xAI, strengthening the UAE’s relationships with key tech and financial players. The move is widely seen as cementing the UAE’s rising status as a global power.
ADQ, under his leadership, recently executed a $35bn deal in Egypt’s Ras El Hekma, acquiring $24bn worth of development rights while concurrently issuing a $2bn bond oversubscribed four times. The fund further sealed a $25bn agreement with Energy Capital Partners to power data centres in the US, demonstrating Abu Dhabi’s expanding influence in the energy and tech sectors.
His leadership extends beyond boardrooms, reflected in his professional cycling, jiu-jitsu mastery, and intellectual pursuits. His role on the Supreme Council for Financial and Economic Affairs further positions him as a chief architect of Abu Dhabi’s financial strategies.
We’ve introduced Sheikh Tahnoon as a new entrant at number one because his quiet, yet commanding rise is reshaping the financial and technological balance of power. In an age where AI is proving the most disruptive force of our lifetime, Sheikh Tahnoon stands at the centre of the UAE’s push to transform itself from an energy giant into a leading tech investor and innovator.
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HH SHEIKH AHMED BIN SAEED AL MAKTOUM
CHAIRMAN AND CHIEF EXECUTIVE,
EMIRATES
GROUP, AND
CHAIRMAN,
EMIRATES NBD
Sheikh Ahmed holds strategic roles across Dubai’s key sectors, driving significant economic growth. As chairman and chief executive of Emirates Group, he led the company to a record half-year profit (before tax) of Dhs10.4bn for 2024-25, with revenue rising 5 per cent to Dhs70.8bn over the same period in the previous year. Emirates saw a 5 per cent revenue growth to Dhs62.2bn, while dnata’s revenue increased by 11 per cent to Dhs10.4bn.
Sheikh Ahmed is also chairman of Emirates NBD. The bank reported profit before tax of Dhs27.1bn in 2024. The bank expanded its regional presence and digital banking capabilities, with income exceeding Dhs44bn.
His leadership extends to Dubai Holding, which consolidated Nakheel and Meydan last year. He serves as president of Dubai Civil Aviation Authority and chairman of Dubai Airports, reinforcing Dubai’s status as a global aviation hub. Additionally, his role as the chairman of Expo City Dubai Authority highlights his commitment to sustainable development.
05
KHALDOON KHALIFA AL MUBARAK MANAGING DIRECTOR AND GROUP CEO, MUBADALA INVESTMENT COMPANY (MUBADALA)
AORIGIN: UAE RESIDENCE: UAE SECTOR: DIVERSIFIED 2024 RANK: 3
l Mubarak has driven Mubadala Investment Company’s growth into a $302bn global powerhouse. As CEO, he’s expanded Mubadala’s reach to over 50 countries, with a focus on diverse and strategic investments.
In 2024, Mubadala emerged as the world’s leading sovereign wealth fund investor, deploying $29.2bn across 52 deals, a significant increase from 2023. Key milestones include Mubadala’s first renewable investment in Japan with PAG REN I, and investments in Zenobe, supporting fleet electrification. The company also issued its inaugural green bond, raising $750m.
Al Mubarak’s leadership extends beyond Mubadala. He chairs Manchester City FC, Melbourne City FC, and Mumbai City FC, and serves on the boards of ADNOC, Emirates Nuclear Energy Corporation, and others.
Mubadala’s strategic collaborations, including partnerships with Goldman Sachs and Apollo Global Management, highlight its commitment to exploring new investment avenues. The creation of MGX with G42 demonstrates a focus on deploying advanced technologies. Al Mubarak’s vision has positioned Mubadala as a leading global investor, driving sustainable growth and innovation.
ORIGIN: UAE RESIDENCE: UAE SECTOR: DIVERSIFIED 2024 RANK: 05
Al-Kaabi's strategic vision has propelled the company to unprecedented achievements. This year witnessed QatarEnergy launching major projects across LNG, petrochemicals, and renewable energy sectors, marking a significant leap forward. This included the $6bn Ras Laffan Petrochemical Complex, a project poised to elevate Qatar’s petrochemical production to 14 million tonnes by 2026. Simultaneously, the world’s largest blue ammonia Plant, boasting a 1.2 million tonne capacity, was initiated in Mesaieed Industrial City, underscoring Qatar’s commitment to reducing CO2 emissions.
Alabbar is a pivotal figure in Dubai's economic landscape. Since founding Emaar in 1997, he has transformed it into Dubai's largest listed developer. In 2024, Emaar achieved a record-breaking performance. Property sales surged to $17.8bn, a 75 per cent increase from 2023, with 62 new projects launched. Emaar Development's revenue rose by 61 per cent. Emaar's shopping malls, including the record-breaking Dubai Mall with 111 million visitors, generated $1.5bn in revenue. The company is also investing Dhs1.5bn to expand Dubai Mall with 240 new luxury stores. Emaar's hospitality sector saw $1bn in revenue. Alabbar's entrepreneurial spirit is further demonstrated through noon.com, a leading e-commerce platform, and Zand Bank, a digital lender, where he serves as chairman.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: REAL ESTATE/ RETAIL
2024 RANK: 7
Moreover, QatarEnergy is aggressively expanding its LNG production capacity, targeting 142 million tonnes per year through the North Field West project and international ventures such as the Golden Pass Project in the US.
Al-Kaabi further announced plans to double LNG production to nearly 160 million tonnes. The year was also marked by the forging of key deals, including a long-term LNG supply deal with Shell for China and a
partnership with TotalEnergies for a solar project in Iraq.
QatarEnergy’s diversified investments also extended to salt production, shipbuilding, and solar power, with ambitious plans to achieve 4,000 megawatts of solar capacity by 2030.
Industries Qatar, a joint stock company that Al-Kaabi also chairs, reported a net profit of QR4.5bn in 2024. The company operates in three distinct segments: steel, petrochemicals and fertilisers.
ORIGIN: QATAR RESIDENCE: QATAR SECTOR: DIVERSIFIED 2024: RANK: 4
In four decades, Nasser has driven significant expansion at Aramco, the world's largest integrated oil and gas company. He has overseen strategic acquisitions, including Valvoline Global Operations. Aramco's 2024 revenue was $436bn, compared to $440.88bn in 2023.
The decrease was primarily driven by lower revenue and other income related to sales, higher operating costs. Despite this, Aramco maintains a significant market value, placing it among the world's most valuable companies. Its sukuk issuance in 2024 raised $3bn, showcasing strong investor confidence. Aramco maintains 99.7 per cent reliability as a crude oil supplier, advancing upstream projects to increase production capacity. The company is expanding its downstream and petrochemical operations, targeting four million barrels per day by 2030.
ORIGIN: SAUDI ARABIA
RESIDENCE: SAUDI ARABIA
SECTOR: ENERGY
2024 RANK: 6
Al Hammadi has spearheaded the Emirates Nuclear Energy Corporation (ENEC) since 2008, driving the UAE's Peaceful Nuclear Energy Program. His leadership culminated in the full operation of the Barakah Nuclear Energy Plant in September 2024, the Arab world's first nuclear energy facility.
The Barakah Plant contributes 5,600 megawatts, meeting 25 per cent of the UAE's electricity demand. ENEC recently partnered with newcleo to explore European lead-cooled fast reactor technology for MENA and European projects. In 2024, ENEC launched ENEC Consulting, a subsidiary leveraging ENEC's expertise to support global civil nuclear energy programmes. Al Hammadi also assumed the chairmanship of the World Nuclear Association in 2024.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: ENERGY
2024 RANK: 9
SAAD SHERIDA AL-KAABI, president and CEO, Qatar Energy; and chairman and MD, Industries Qatar
MOHAMED ALABBAR, founder, Emaar and noon.com
AMIN H NASEER, president and CEO, Aramco
MOHAMED AL HAMMADI, MD and CEO, Emirates Nuclear Energy Corporation (ENEC)
PORIGIN: SAUDI ARABIA
RESIDENCE: SAUDI ARABIA
SECTOR: FINANCE
2024 RANK: 10
rince Alwaleed bin Talal Al Saud, a global business magnate, continues to shape industries through Kingdom Holding Company (KHC), the investment powerhouse he founded in 1980. Prince Alwaleed remains one of Saudi Arabia’s wealthiest individuals, often dubbed the “Warren Buffett of Arabia”.
Under his leadership, KHC maintains a diversified portfolio spanning technology, real estate, hospitality, media, and finance. His investments include stakes in renowned companies such as Apple, Citigroup, and hospitality giants like Four Seasons and Fairmont. In 2024, KHC reported a net profit of SAR1.23bn, marking a 22.08 per cent year-on-year increase, despite an 11.57 per cent revenue decline to SAR2.39bn.
A key highlight of Alwaleed’s real estate ventures is the Jeddah Tower, set to be the world’s tallest building, reinforcing his commitment to innovation and Saudi Arabia’s Vision 2030. His focus on urban infrastructure and hospitality aligns with the kingdom’s ambition to become a premier global tourism destination.
Prince Alwaleed is also a philanthropist. Through Alwaleed Philanthropies, he has donated over $4bn to various causes.
SORIGIN: LEBANON/ MEXICO
RESIDENCE: MEXICO
SECTOR: TELECOMS
2024 RANK: 8
Carlos Slim Helú, one of the world’s most influential business magnates, began his entrepreneurial journey in 1965 with the incorporation of Inversora Bursátil, a stock brokerage firm. Over the decades, he built a vast empire spanning telecoms, finance, construction, consumer goods, mining, and real estate.
Helú is the honorary chairman of América Móvil, Latin America’s largest telecom company, which continues to thrive despite challenging market conditions. In Q4 2024, the company reported a revenue surge of 18 per cent to MXN237bn, with service revenue up 19.1 per cent and EBITDA growing 16.4 per cent to MXN91bn. América Móvil surpassed 400 million access lines, with 323 million wireless subscribers and 35 million broadband accesses, reflecting a 4.7 per cent year-on-year growth. Mobile service revenue expanded 6.2 per cent, driven by strong performance in Brazil, Colombia, Ecuador, and Peru.
Helú and his family maintain a dominant 76 per cent stake in Grupo Carso, one of Latin America’s most influential conglomerates, reinforcing their leadership across multiple industries.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: LOGISTICS
2024 RANK: 11
ulayem has transformed DP World into a global logistics powerhouse. With over $11bn invested in the past decade, DP World is a top global investor, operating in 70 countries and six continents. Dubai's Jebel Ali Port, DP World's flagship, connects over 150 ports globally.
Under his leadership, DP World achieved record 2024 revenue of $20bn, a 9.7 per cent increase, and a 6.7 per cent rise in EBITDA to $5.5bn. A major milestone is surpassing 100 million TEUs in container capacity, reflecting a 33 per cent growth since 2014. Strategic investments include expansions in London Gateway, Peru, India, and new projects in Senegal and India. Acquisitions like the Dar es Salaam Port enhance its emerging market presence. In Saudi Arabia, DP World has significantly expanded the South Container Terminal at Jeddah Islamic Port. Sulayem is also chairman of Dubai’s Ports, Customs and Free Zone Corporation.
ORIGIN: QATAR
RESIDENCE: QATAR
SECTOR: FINANCE
2024 RANK: 14
Al-Khalifa is a prominent figure in the Middle East and African financial sector, serving as the group CEO of Qatar National Bank (QNB). Under his leadership, QNB has continued to demonstrate robust growth and financial strength.
In 2024, QNB reported total assets of QAR1.29tn ($357bn), a 5 per cent increase from the previous year. The bank’s net profit for the year reached QAR16.7bn, an 8 per cent rise compared to the previous year.
Al-Khalifa’s strategic vision has maintained QNB’s position as one of the largest financial institutions in the MEA region. The bank’s efficiency ratio stood at 22.3 per cent, among the best in the region. QNB also maintains a strong financial position with a low non-performing loans ratio of 2.8 per cent and a loan loss coverage ratio of 100 per cent.
In addition to his role at QNB, Al-Khalifa also serves on the board of telecom operator Ooredoo Qatar.
HH PRINCE ALWALEED BIN TALAL AL SAUD, chairman, Kingdom Holding Company
ABDULLA MUBARAK AL-KHALIFA, group CEO, Qatar National Bank
SULTAN AHMED BIN SULAYEM, group chairman and CEO, DP World
CARLOS SLIM HELÚ, honorary chairman, América Móvil
AORIGIN: UAE
RESIDENCE: UAE
SECTOR: FINANCE
2024 RANK: 13
s chairman of Mashreq Bank, Al Ghurair has guided the institution toward innovation, overseeing its expansion into digital operations in Pakistan and sports sponsorships. Under his leadership, Mashreq’s net profits grew by 4 per cent in 2024, reaching Dhs9.01bn, with operating income rising by 24 per cent.
In addition to his banking role, Al Ghurair is on the Board of Directors of the Abdullah Al Ghurair Group of Companies, one of the region’s largest business conglomerates. He also serves as chairman of Dubai Chambers, driving initiatives to support businesses and enhance Dubai’s economic standing. As chairman of the UAE Banks Federation, he plays a crucial role in strengthening the banking sector.
Al Ghurair’s philanthropic efforts are equally impactful. As chairman of the Abdulla Al Ghurair Foundation for Education, he supports quality education for Emirati and Arab youth, empowering them to contribute to the region’s development.
HORIGIN: QATAR
RESIDENCE: QATAR
SECTOR: DIVERSIFIED
MOHAMMED SAIF AL-SOWAIDI, CEO, Qatar Investment Authority (QIA) NEW
Mohammed Saif Al-Sowaidi, replaced Mansoor Ebrahim Al-Mahmoud as CEO in November 2024. As CEO, he leads one of the world’s largest sovereign wealth funds (SWFs), with assets under management (AUM) exceeding $500bn in 2024. Like other SWFs in the Gulf, QIA plays a vital role in shaping Qatar’s economy.
Prior to assuming the CEO role, Al-Sowaidi served as QIA’s CIO of Americas, where he directed the fund’s investments across diverse asset classes within the region. His extensive experience at QIA began in 2010, and during his tenure, he held several key positions in private equity funds and technology, media, and telecommunications, and industrials portfolios. From 2015 to 2020, he also served as president of QIA Advisory (US). Al-Sowaidi’s career in finance extends beyond QIA. Before joining QIA, he served as director of Corporate Banking at Masraf Al-Rayan from 2006 to 2010. He has also worked at ExxonMobil Treasury in Qatar from 2004 to 2006.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: FINANCE
2024 RANK: 15
ana Al Rostamani is a pioneering leader in the banking sector. Under her leadership, FAB has reinforced its position as a powerhouse in regional and global banking, achieving sustained growth and resilience.
First Abu Dhabi Bank (FAB) achieved solid results in 2024 with group net profit reaching Dhs17.1bn, up 4 per cent year on year, driven by a 15 per cent increase in revenue to Dhs31.6bn. This year, the bank also received final approval from the Ministry of Human Resources and Emiratisation (MOHRE) and the Securities and Commodities Authority (SCA) to launch its FAB End of Service Benefits Funds, which are now available to all private sector entities across the UAE.
Beyond banking, Al Rostamani is a board member of the UAE-based AW Rostamani Group, reflecting her influence across multiple industries.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: DIVERSIFIED
2024 RANK: 16
MOHAMMED IBRAHIM AL SHAIBANI, managing director, Investment Corporation of Dubai
Under Al Shaibani, the Investment Corporation of Dubai (ICD) achieved its best-ever results in 2023, with a record net profit of Dhs60.8bn, up 68 per cent from the previous year, and total assets reaching Dhs1.32tn. The record revenues of Dhs310.2bn were driven by robust growth in transportation, banking, and financial services, while real estate and hospitality continued to show strong momentum.
Beyond ICD, Shaibani is also the chairman of Dubai Islamic Bank (DIB). In 2024, DIB posted a total income of Dhs23.3bn, a 16 per cent year-on-year increase. The bank also expanded its global footprint by increasing its stake in a digital bank in Türkiye to 25 per cent.
As chairman of Nakheel, Shaibani is driving the Palm Jebel Ali project, one of Dubai’s most visionary developments. Covering 13.4 kilometers with 110 kilometres of coastline, the project aims to accommodate 35,000 families, contributing to the Dubai Economic Agenda D33 and the Dubai 2040 Urban Master Plan. Recent contracts have been awarded for key infrastructure, including a six-kilometre public access road linking Palm Jebel Ali to Sheikh Zayed Road and major roadway enhancements.
HANA AL ROSTAMANI, group CEO
First Abu Dhabi Bank
ABDUL AZIZ AL GHURAIR, chairman, Mashreq
Before her present position as Minister of Education, Al Amiri was Minister of State for Public Education and Advanced Technology, and Minister of State for Advanced Sciences. She also served as the former chair of the UAE Space Agency. She played a crucial role in the UAE's space programme, helping to lead the development of the Hope probe project – the Arab world’s first mission to Mars. Al Amiri was formerly the head of research of development at MBRSC, where she
established the centre’s knowledge management, strategic research and product assurance functionalities. She joined MBRSC in 2009 as a software developer and worked on both DubaiSat-1 and DubaiSat-2. She was also part of the initial team that set up the KhalifaSat programme. Al Amiri also chairs the Emirates Scientists Council. She leads the Fourth Industrial Revolution Council, where she oversees initiatives to integrate advanced technologies into various sectors.
Al Marri’s leadership has been pivotal in advancing the nation’s space initiatives, including the Mars 2117 project, the Emirates Mars Mission, the UAE Astronaut Programme, and the UAE Satellite Programme.
In 2025, under AlMarri’s guidance, MBRSC achieved significant milestones. The successful launch of Etihad-SAT enhanced the UAE’s Earth observation capabilities by providing high-resolution images in all
weather conditions. Additionally, the launch of MBZ-SAT, fully developed by Emirati engineers, marked a transformative step in the nation’s space exploration journey.
Al Marri’s focus on fostering global partnerships — such as the 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.
Essa Kazim is a pivotal figure driving the Dubai International Financial Centre's (DIFC) remarkable growth. He has overseen a period of significant expansion, marked by a 25 per cent year-on-year increase in active companies, reaching 6,920 in 2024. Under Kazim's leadership, DIFC has achieved record financial results, with total revenue hitting Dhs1.78bn in 2024, a 37 per cent increase from the previous year. Operating profits also soared by 55 per cent to Dhs1.33bn. The centre recorded 1,823 new registrations in 2024, the highest annual figure to date. Kazim's strategic vision has positioned DIFC as a hub for innovation, particularly in technology and AI.
Olayan is a prominent figure in Saudi's financial sector, serving as chairperson of Saudi Awwal Bank (SAB). Under her stewardship, SAB has achieved robust financial results. In 2024, the bank recorded a net profit after zakat and income tax of SAR8.07bn, a 15 per cent increase from the previous year. Total operating income also rose by 10 per cent, reaching SAR14.018bn. Net loans and advances surged to SAR259bn, marking a
20 per cent year-on-year increase.
Olayan's strategic direction has led to strong revenue growth, solid loan performance, and a return on tangible equity of 16 per cent. She has also emphasised innovation, establishing a department for financial innovation and launching initiatives in areas like CBDC, Quantum Computing, and open banking. Beyond financial performance, Olayan is a staunch advocate for women's empowerment.
The launch of the Dubai AI Campus and the Dubai AI licence has attracted numerous companies, contributing to a 38 per cent growth in the technology and innovation sector. Beyond DIFC, Kazim serves as chairman of Borse Dubai and vice chairman of e&, solidifying his influence in the region's financial and telecommunications sectors.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: FINANCE
2024 RANK: 20
SARAH BINT YOUSIF AL AMIRI, UAE Minister of Education
LUBNA SULIMAN OLAYAN, chairperson, Saudi Awwal Bank (formerly Saudi British Bank)
SALEM HUMAID AL MARRI, director general, Mohammed Bin Rashid Space Centre (MBRSC)
ESSA KAZIM, governor, DIFC
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: TOURISM/
REAL ESTATE
2024 RANK: 21
MOHAMED KHALIFA AL MUBARAK, chairman, Department of Culture and Tourism, Abu Dhabi, and chairman, Aldar Properties
Al Mubarak has been instrumental in transforming Abu Dhabi into a thriving cultural and tourist destination since assuming its leadership in 2015. Under his guidance, Abu Dhabi has seen significant growth in its tourism sector, welcoming 4.8 million hotel guests and over 3.9 million visitors to its cultural sites in 2024. Al Mubarak's strategic vision has driven a 26 per cent increase in international hotel guests and a 21 per cent rise in cultural site visitors compared to 2023. These achievements are aligned with Abu Dhabi’s Tourism Strategy 2030, which aims to attract 39.3 million visitors and contribute Dhs90bn to the GDP by 2030. Beyond DCT Abu Dhabi, Al Mubarak chairs Aldar Properties, a leading real estate developer. Aldar recorded a net profit of Dhs6.5bn in 2024, a 47 per cent surge, driven by record development sales of Dhs33.6bn and strong international buyer appeal. He also chairs Miral Asset Management, twofour54, and Image Nation Abu Dhabi, further solidifying his influence across Abu Dhabi’s key sectors.
ORIGIN: SAUDI ARABIA
RESIDENCE: SAUDI
ARABIA
SECTOR: FMCG
2024 RANK: 23
HH PRINCE NAIF BIN SULTAN BIN
MOHAMMED BIN SAUD AL KABEER, chairman, Almarai
Prince Naif is the visionary behind Almarai's remarkable ascent as a global food and beverage leader. Almarai has demonstrated exceptional growth, reporting a 16 per cent year-on-year increase in net profit to SAR2.04bn in 2023, followed by a further 12.88 per cent increase to SAR2.31bn in 2024. Sales also rose to SAR20.97bn in 2024. Almarai, recognised as the fourth most valuable dairy company globally by Brand Finance for two consecutive years, boasts a brand value of $3.9bn, showcasing the impact of his leadership. With a market value exceeding SAR56bn on the Saudi Stock Exchange, Almarai stands as the world's largest vertically integrated dairy company and a leading food and beverage producer and distributor in the Middle East. Prince Naif's vision has driven Almarai's expansion across nine countries on five continents, serving over 150 million consumers. The company's diverse portfolio of over 670 products, underscores its commitment to quality and innovation.
ORIGIN: SAUDI ARABIA
RESIDENCE: SAUDI
ARABIA
SECTOR: TOURISM
2024 RANK: 22
Entrusted with the mandate to elevate both domestic and international visitor numbers, Hamidaddin has spearheaded initiatives that have yielded significant growth.
Under his leadership, Saudi Arabia welcomed a record-breaking 27.6 million overnight tourists in 2023, a figure that further increased to 30 million foreign tourists in 2024, marking a 9 per cent year-on-year growth. Hamidaddin's vision aligns with Saudi Vision 2030, which aims to attract 70 million international visitors annually by 2030. To support this growth, significant investments are being made in the hospitality sector, with plans to add 362,000 new hotel rooms by 2030.
The kingdom's hosting of major international events, such as the 2029 Asian Winter Games, World Expo 2030, and the FIFA World Cup 2034, is expected to further boost tourism. This, coupled with the development of Riyadh Air, reinforces Saudi Arabia's commitment to becoming a global hub for leisure, business, and mega-events.
ORIGIN: SAUDI ARABIA
RESIDENCE: SAUDI
ARABIA
SECTOR: FINANCE
2024 RANK: 24
SAEED MOHAMMED ALGHAMDI, chairman, Saudi National Bank
Alghamdi is a dynamic leader driving the kingdom's largest financial institution. Assuming the chairmanship in March 2023, he has been instrumental in SNB's continued success and growth. Under his stewardship, SNB, formed from the merger of National Commercial Bank and Samba Financial Group, has demonstrated robust financial performance. In 2023, the bank reported a net profit of SAR20bn, marking a 4 per cent increase. This growth accelerated in 2024, with SNB achieving a 5.9 per cent rise in net profit, reaching SAR21.2bn, propelled by increased operating income.
Alghamdi brings a wealth of experience to his role. His prior leadership positions include chairman of Jabal Omar Development Company, a major Saudi real estate developer, and Manga Productions. He also serves as a board member of the Mohammed bin Salman Foundation, contributing to the kingdom's strategic development initiatives.
FAHD HAMIDADDIN, CEO, Saudi Tourism Authority
Al Marri is responsible for the planning, oversight and delivery of Dubai’s vision and targets for the tourism sector, which welcomed 18.72 million overnight visitors to the emirate in 2024. This marked a 9 per cent yearover-year increase. Al Marri is pivotal in realising the UAE 2031 Tourism Strategy, targeting 40 million visitors and a Dhs450bn GDP contribution. He has been successful in aligning DET's efforts with Dubai's D33 strategy, fostering foreign investment
and SME growth. As head of the Dubai World Trade Centre Authority (DWTCA), he is responsible for developing the centre’s strategic and development plans that aim to position Dubai as a leading global MICE destination. Al Marri is mandated to manage various sides of the business including exhibitions and conferences; real estate; and hospitality – all collectively driving towards the company’s growth strategy in line with Dubai’s vision to create a global platform for business tourism.
Sheikha Al Mayassa continues to shape Qatar’s cultural, educational, and philanthropic landscape. As chairperson of Qatar Museums, the Doha Film Institute, Reach Out to Asia, and Qatar Leadership Centre, she champions initiatives that bridge local heritage with global conversations. Over the past year, she has further strengthened Qatar Museums’ focus on cultural preservation, environmental education, and nurturing artistic talent. Through the Doha Film Institute, she promotes regional storytelling and industry development, hosting key events like the Ajyal Film Festival. Her leadership at Qatar Leadership Centre fosters executive education, while Reach Out to Asia expands access to quality education for youth affected by crises.
ORIGIN: QATAR RESIDENCE:
QATAR SECTOR: CULTURE AND SOCIETY 2024 RANK: 32
31
Sultan AlNeyadi made history in 2023 when he arrived at the International Space Station (ISS) as part of NASA’s SpaceX Crew-6 mission, becoming the first Arab to perform a spacewalk and the second Emirati astronaut to travel to space. During his six-month mission, he collaborated with international space agencies on vital scientific research. After returning to Earth, AlNeyadi was appointed UAE Minister of State for Youth Affairs and later became vice chairman of the Arab Youth Centre, advancing youth empowerment initiatives. In June 2024, AlNeyadi took part in a moonwalk simulation at NASA’s Johnson Space Center in Houston, Texas. Conducted underwater in the Neutral Buoyancy Laboratory, the training is part of NASA’s Artemis programme, underscoring his ongoing prominent role in space exploration and inspiring Arab youth leadership.
ORIGIN: UAE RESIDENCE: UAE SECTOR: SPACE 2024 RANK: 27
Al Hashimy remains a leading force in the UAE’s diplomacy and sustainability agenda. As CEO of Expo City Dubai, she oversaw the successful hosting of COP28, reinforcing the city’s role in climate action. At the 2023 UN General Assembly, she urged global leaders to focus on practical, multilateral solutions to climate change, aligning with COP28’s outcomes. In November 2024, she represented the UAE President at the APEC Economic Leaders’ Week in Peru, strengthening ties with the Asia-Pacific region. Al Hashimy also continues her roles as UAE Minister of State for International Cooperation, chair of the UAE’s National SDG Committee, and chair of Dubai Cares, advancing humanitarian initiatives, youth empowerment, and the UAE’s sustainable development priorities on the global stage.
32
ORIGIN: UAE RESIDENCE: UAE SECTOR: DIVERSIFIED 2024 RANK: 28
33
HELAL AL MARRI, director general, Dubai's Department of Economy and Tourism (DET)
ORIGIN: UAE RESIDENCE: UAE SECTOR: TOURISM 2024 RANK: 31
HH SHEIKHA AL MAYASSA BINT
HAMAD BIN KHALIFA AL THANI, chairperson, Qatar Museums
SULTAN ALNEYADI, astronaut
REEM AL HASHIMY, CEO, Expo City Dubai Authority
ORIGIN: SAUDI ARABIA
RESIDENCE: SAUDI
ARABIA SECTOR: FINANCE
2024 RANK: 38
SHEIKH SULAIMAN BIN ABDULAZIZ ALRAJHI, co-founder, Alrajhi Bank
At 96, Sheikh Sulaiman bin Abdulaziz Alrajhi remains the pioneering co-founder behind Al Rajhi Bank, now the world’s largest Islamic lender. Though the bank is currently chaired by Abdullah bin Sulaiman Al Rajhi, Sheikh Sulaiman’s legacy continues to shape its growth. In 2024, Al Rajhi Bank reported a 19 per cent rise in net profit to SAR19.72bn ($5.26bn), with assets reaching SAR944bn and its financing portfolio growing 17 per cent. The bank’s global presence includes over 500 branches across Saudi Arabia, Malaysia, Jordan, and Kuwait. Known for his philanthropy, Sheikh Sulaiman donated much of his fortune, including his near-20 per cent stake in the bank, to a charitable endowment bearing his name, reinforcing his commitment to social impact alongside financial leadership.
AORIGIN: UAE
RESIDENCE: UAE
SECTOR: DIVERSIFIED 2024 RANK: 39
ORIGIN: KUWAIT
RESIDENCE: KUWAIT
SECTOR: TELECOMS
2024 RANK: 40
BADER NASSER
AL-KHARAFI,
vice chairman and CEO, Zain Group
Al-Kharafi continues to steer Zain Group to record-breaking performance. In 2024, Zain Group achieved a 15-year high with consolidated revenues reaching KD2bn ($6.4 bn). The normalised net income grew by 15 per cent year-overyear, amounting to KD208m ($677m). Zain also distributed interim dividends of KD43.3m ($141.5m), reflecting financial strength. Al-Kharafi oversees operations in eight countries, serving 47.2 million customers. Zain expanded its fintech footprint, launching the Shariah-compliant Bede platform and recording 13 per cent fintech revenue growth. ZainTECH’s revenue surged 92 per cent, bolstered by regional expansion and acquisitions. Al-Kharafi additionally chairs Gulf Bank and sits on key boards, including Coca-Cola (Kuwait), Boursa Kuwait, and Foulath Holding. Under his leadership, Zain remains focused on its ‘4Sight’ strategy, driving profitability, technological leadership, and digital innovation across the MENA region, while strengthening enterprise, fintech, and ESG initiatives.
l Hammadi plays a key role in shaping Abu Dhabi’s economic and infrastructure landscape. A member of the Abu Dhabi Executive Council, he currently serves as chairman of the Department of Municipalities and Transport (DMT), overseeing major projects spanning transport, real estate, and urban development. He is also chairman of Etihad Aviation Group, Abu Dhabi Housing Authority, Securities and Commodities Authority, ADX, and Khalifa Fund, among others. Additionally, he is vice-chairman of ADGM and sits on the boards of GCAA, Etihad Rail, and ADTC. Prior to these roles, He was chairman of ADDED and CEO of UEMedical. He holds an MBA from London Business School and has completed executive programmes at Harvard Business School and MIT Sloan, reflecting his leadership in both public service and business development.
MOHAMED ALI AL SHORAFA AL HAMMADI, chairman, Department of Municipalities and Transport (DMT) and Etihad Aviation Group 41
ORIGIN: EGYPT
RESIDENCE: UAE
SECTOR: TELECOMS 2024 RANK: 45
HATEM DOWIDAR, group CEO, e&
Dowidar continues to lead e& through its most transformative period yet. In 2024, the group posted record consolidated net profits of Dhs10.8bn, up 4.3 per cent year-on-year, with revenues rising 10.1 per cent to Dhs59.2bn. Dowidar’s strategic focus saw e& expand its footprint into Central and Eastern Europe via its majority acquisition of PPF Telecom’s assets, adding 10 million subscribers. The group’s total subscriber base grew to 189.3 million across three continents. Investments in AI ecosystems, cloud services, and Emiratisation also defined the year. Dowidar’s leadership has been pivotal in e&’s evolution from a telecom operator to a global technology powerhouse, delivering strong shareholder returns and spearheading digital transformation across its markets.
Al Habtoor is one of the UAE’s most prominent businessmen, leading the Dubai-based Al Habtoor Group across hospitality, automotive, real estate, and education sectors. In 2024, he announced the launch of Al Habtoor Tower, an 81-storey residential skyscraper featuring 1,701 luxury units, set to be one of Dubai’s tallest residential buildings. The group’s real estate portfolio continues to expand, including the 283-unit
Jumeirah waterfront development unveiled last year. Internationally, Al Habtoor maintains business interests across the UK, US, Austria, Hungary, and Lebanon. However, in early 2025, he announced the cancellation of all planned investments in Lebanon, citing instability concerns. Al Habtoor has also reiterated his openness to potentially listing some group subsidiaries, reflecting strategic flexibility in the evolving UAE market landscape.
Al Bannai is an Emirati businessman, currently serving as the chairman of the board of directors at EDGE Group, a leading advanced technology conglomerate in the UAE. Under his leadership since its inception in 2019, EDGE has expanded, boasting a product portfolio that grew from 30 to over 200 solutions across air, land, sea, and cyber domains. This growth has positioned EDGE as a major player in the global defence industry,
with an order backlog worth $12.8bn as of December 2024. Under his helm, acquisitions and partnerships have extended EDGE’s reach into 91 countries. Notably, he has overseen the development of cost-effective unmanned systems, such as the Jeer UAV, aligning with global defense trends. Beyond EDGE, Al Bannai contributes to the UAE’s technological advancement as the Secretary-General of the Advanced Technology Research Council.
Alshaya continues to lead Kuwait-based Alshaya Group’s expansive retail operations across MENA, Türkiye and Europe. Founded in 1890, the conglomerate now manages over 70 globally recognised brands including Starbucks, H&M, The Cheesecake Factory and Victoria’s Secret. In 2024, the group partnered with Trendyol to strengthen its digital presence in the GCC. It also launched the Disney Store in the UAE, opening outlets in Yas Mall and Dubai Mall. Alshaya’s
commitment to corporate responsibility remains strong; in 2024, the group, alongside the Starbucks Foundation, pledged $6m towards youth empowerment programmes across MENA and Türkiye. Furthermore, Alshaya Group achieved 'Great Place to Work' certification across several markets, recognising its focus on employee wellbeing. Under Alshaya’s leadership, the group continues to evolve as a regional retail powerhouse.
Sir Mansour is the founder and chairman of Man Capital LLP, a London-based family office investment firm. Under his leadership, Mansour Group has become one of Egypt’s largest conglomerates, with exclusive distribution rights for Caterpillar and General Motors across multiple African countries. In May 2023, Mansour led a $500m investment to establish San Diego FC, Major League Soccer’s 30th franchise, set to debut in 2025. Beyond business, he served as Egypt’s Minister of Transportation from 2005 to 2009. In March 2024, Mansour was knighted in the UK for his contributions to business, charity, and political service. His philanthropic efforts include supporting educational initiatives, notably at North Carolina State University, his alma mater.
ORIGIN: EGYPT
RESIDENCE: EGYPT
SECTOR: DIVERSIFIED 2024 RANK: 44
MOHAMED MANSOUR, founder and board member, Mansour Group
Al Shamisi continues to lead AD Ports Group’s rapid expansion in global logistics. In 2024, the group posted record results, with revenue rising 48 per cent year-on-year to Dhs17.29.bn, while net profit climbed 31 per cent to Dhs1.8bn. Container throughput reached 5.3 million twenty-foot equivalent units (TEUs), up 8 per cent, and general cargo volumes hit 45 million tonnes. Cruise passenger numbers surged 125 per cent, reinforcing AD Ports’ role in regional tourism. Al Shamisi has overseen the company’s strategic acquisitions and infrastructure investments, positioning it as a key enabler of Abu Dhabi’s economic vision. Since its IPO in 2022, the group has accelerated growth across shipping, logistics, and industrial zones, strengthening its presence across the Middle East, Africa, and Central Asia.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: LOGISTICS
2024 RANK: 46
46
NAYLA
chairperson, Swatch Group; and president and CEO, Harry Winston
Hayek has been at the helm of Swatch Group since 2010, guiding it as one of the world’s largest luxury goods manufacturers. In 2024, the group faced challenges, with net sales declining by 14.6 per cent to CHF6.74bn and net profit dropping to CHF219m from CHF890m in the previous year. Despite these setbacks, Hayek’s leadership continues to influence the luxury watch industry. She also serves as president and CEO of Harry Winston, a role she assumed in 2013 following Swatch Group’s acquisition of the luxury jeweller. Beyond her corporate responsibilities, Hayek is an international Arabian horse judge and breeder, reflecting her diverse interests and commitments.
ORIGIN: SWITZERLAND
RESIDENCE: SWITZERLAND
SECTOR: RETAIL
2024 RANK: 37
USnder Awad's leadership, the group achieved record revenues of approximately $545m in 2024, marking a 66 per cent year-onyear growth.
This impressive performance was driven by robust growth across all three verticals: the Investment Bank (EFG Hermes), the Non-Bank Financial Institutions platform (EFG Finance), and the Commercial Bank (Bank NXT).
The group’s net profit after tax and minority interest soared by 71 per cent year-on-year, reaching an all-time high of around $105.3m. Total assets stood at EGP186.9bn as of December 2024.
Awad’s ability to navigate a rapidly evolving economic landscape has been pivotal in reinforcing EFG Holding’s position as a leading financial institution in the region.
ORIGIN: EGYPT
47
awiris is an Egyptian billionaire and influential investor with a diverse portfolio spanning various industries. As of January, his net worth is estimated at $9.17bn, making him Egypt’s wealthiest individual. Sawiris serves as executive chairman of OCI Global, a leading chemical and fertiliser producer, where he has overseen strategic asset divestments totalling $11.6bn, including the sale of its methanol business to Methanex for approximately $2bn. In December 2023, he
RESIDENCE: EGYPT
SECTOR: FINANCE
2024 RANK: 47
48
announced plans to relocate his family office, NNS Group, to the Abu Dhabi Global Market, aiming to strengthen investment activities across Europe, the Middle East, and North America. Beyond his industrial ventures, Sawiris co-owns the English Premier League club Aston Villa through V Sports, a joint venture with American billionaire Wesley Edens. His investment portfolio also includes a significant stake in German sportswear giant Adidas, valued at over $3.3bn as of January.
NASSEF SAWIRIS, executive chairman, OCI and co-owner, Aston Villa FC
MOHAMED JUMA AL SHAMISI, managing director and CEO, AD Ports Group
KARIM AWAD, group CEO and chairman of the Executive Committee, EFG Holding
HAYEK,
SORIGIN: OMAN
RESIDENCE: OMAN
SECTOR: FINANCE
2024 RANK: 48
ince his appointment in 2015, Alardhi has overseen the firm’s growth, with assets under management tripling to over $35bn, expanding its presence across 12 countries, including the United States, Europe, the Middle East, India, and Asia.
Under his leadership, Investcorp achieved a net profit of $105m in 2024, reflecting a robust financial performance. Prior to his tenure at Investcorp, Alardhi served as the youngest and longest-serving chief of the Royal Air Force of Oman, retiring with the rank of air vice marshal. He holds a master of public administration from the John F. Kennedy School of Government at Harvard University and is a trustee for the Eisenhower Fellowship in Philadelphia. Alardhi has also authored several publications, including Arabs Unseen, reflecting his commitment to thought leadership.
AORIGIN: QATAR
RESIDENCE: QATAR
SECTOR: TELECOMS
2024 RANK: 51
Fakhroo has led Ooredoo Group as managing director and group CEO since 2020, driving consistent growth across its 10-country footprint. In 2024, Ooredoo reported a 2 per cent year-on-year revenue increase to QAR23.6bn and net profit rose 14 per cent to QAR3.4bn. The group’s customer base reached 51.5m, excluding Myanmar operations.
Fakhroo has overseen major initiatives, including the launch of MENA Digital Hub, a regional carrier-neutral data centre business, and a strategic partnership with NVIDIA to advance AI capabilities. He also led Ooredoo’s $2.2bn tower merger with Zain and TASC Towers. Prior to Ooredoo, Fakhroo held key roles at Qatar’s Ministry of Finance and Qatar Investment Authority. He is a board member of Qatar Museums and Indosat Ooredoo Hutchison.
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ORIGIN: BAHRAIN
RESIDENCE: BAHRAIN
SECTOR: MANUFACTURING 2024 RANK: 50
l Rumaihi currently serves as the chairman of Aluminium Bahrain (Alba), having been appointed to this position in October 2023. In addition to his role at Alba, Al Rumaihi is the executive chairman of Amriya Group.
Under Al Rumaihi’s leadership, Alba reported robust financial results for the year ending December 31, 2024. The company achieved a net profit of BD184.5m (approximately $490.8 m), marking a 56.4 per cent increase compared to the previous year. Total comprehensive income for 2024 stood at BD183.4m ($487.8m), up by 71.9 per cent year-on-year.
These financial achievements reflect Alba’s resilience and strong operational performance under Al Rumaihi’s guidance. The company’s strategic initiatives and effective leadership have positioned it well for continued growth in the global aluminium industry.
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ORIGIN: EGYPT
RESIDENCE: EGYPT
SECTOR: DIVERSIFIED 2024 RANK: 52
awiris is an Egyptian billionaire businessman and the eldest son of the prominent Sawiris family. He played a pivotal role in expanding the family business, Orascom, into various sectors, notably telecommunications. In 2011, he sold Orascom Telecom to VimpelCom, marking one of the industry’s significant deals. Currently, Sawiris serves as the executive chairman of Orascom Investment Holding, focusing on sectors such as financial services, agriculture, real estate, logistics, and transport. He also chairs La Mancha Holding, an investment vehicle with interests in gold mining companies like Evolution Mining and Endeavour Mining. In November 2024, Sawiris announced the launch of MONIIFY, a digital business platform aimed at empowering millennials and Gen Z entrepreneurs in emerging markets. The platform has experienced issues, though, with reports of dozens of employees having been let go shortly after launch. As of 2024, his net worth is estimated at $7.6bn, making him one of Africa’s wealthiest individuals.
MOHAMMED BIN MAHFOODH ALARDHI, executive chairman, Investcorp
KHALID AL RUMAIHI, chairman, Alba
AZIZ ALUTHMAN FAKHROO, managing director and CEO, Ooredoo
NAGUIB SAWIRIS, managing director and CEO, Orascom Investment Holding
AORIGIN: BAHRAIN
RESIDENCE: UAE
SECTOR: AVIATION
2024 RANK: 53
li, a veteran in the aviation sector, established Air Arabia in October 2003 as the MENA region’s first low-cost carrier. Under his leadership, Air Arabia reported a record net profit before tax of Dhs1.6bn in 2024, marking a 4 per cent increase from the previous year. The airline’s revenue surged by 11 per cent to Dhs6.63bn, and it expanded its network by adding 31 new routes from its six operational hubs in the UAE, Morocco, Egypt, and Pakistan. Air Arabia’s fleet grew to 81 Airbus A320 and A321 aircraft, serving over 220 destinations across the Middle East, Africa, Asia, and Europe. In recognition of this strong performance, shareholders approved a 25 per cent cash dividend for 2024. Ali’s strategic vision continues to position Air Arabia as a leading player in the aviation industry.
EORIGIN: UAE
RESIDENCE: UAE
SECTOR: FINANCE
2024 RANK: 55
raiqat has been the group CEO since 2009, having joined the bank in 2004. Under his leadership, ADCB reported a profit before tax of Dhs10.585bn in 2024, a 26 per cent increase from the previous year. The bank’s net profit after tax rose 15 per cent to Dhs9.419bn during the same period. Total assets grew by 15 per cent year-on-year to Dhs653bn, with net loans and customer deposits both increasing by 16 per cent. Eraiqat also serves as chairman of Al Hilal Bank and holds board positions at Abu Dhabi National Hotels and the Emirates Institute of Finance. With a career in banking starting in 1991, he previously held senior roles at Citibank and Standard Chartered Bank.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: TOURISM
2024 RANK: 54 55
Kazim has been instrumental in positioning Dubai as a premier global tourism destination. As CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM) since February 2014, he oversees the promotion and marketing of the emirate. Under his leadership, Dubai welcomed a record 18.72 million international visitors in 2024, a 9 per cent increase from 2023’s 17.15 million, surpassing pre-pandemic levels. This growth aligns with the Dubai Economic Agenda (D33), aiming to double the city’s economy by 2033. Kazim’s strategic initiatives have diversified Dubai’s tourism offerings, attracting visitors from North East and South East Asia (24 per cent growth), Africa (20 per cent), and CIS and Eastern Europe (16 per cent). The city’s hotel occupancy rate rose to 78.2 per cent in 2024, reflecting the sector’s robust performance. Dubai was also named the world’s leading shopping and exhibition destination at the 31st World Travel Awards.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: RETAIL
2024 RANK: 56
MOHAMMAD A BAKER, deputy chairman and CEO, GMG
In 2024, under the leadership of Baker, GMG achieved significant milestones. The company expanded its global footprint by entering Southeast Asia, establishing an office in Singapore, and operating 31 stores in the region. GMG’s portfolio now encompasses over 120 brands across 12 countries. The company also launched a sustainability strategy, ‘Make a Difference’, focusing on ‘Planet Forward’, ‘Inspire People’, and ‘Own Change’ initiatives. This commitment led to partnerships with local producers, such as Bustanica, the world’s largest hydroponic farm, and Silal, supporting up to 1,100 UAE farms in accessing the local retail market through Géant. These efforts align with the UAE’s National Food Security Strategy 2051 and the ‘Make in the Emirates’ initiative.
ADEL ABDULLA ALI, group CEO, Air Arabia
ISSAM KAZIM, CEO, Dubai Corporation for Tourism and Commerce Marketing
ALA’A ERAIQAT, group CEO, Abu Dhabi Commercial Bank (ADCB)
MOHAMMAD ALI BIN
RASHED LOOTAH, president and CEO, Dubai Chambers
Lootah oversees three key entities: Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy. Under his leadership, Dubai Chambers attracted over 67,222 new companies in 2023, increasing its total membership to 217,788, a 26.8 per cent rise from the previous year.
In 2024, Dubai Chamber of Commerce welcomed a record number of exporters and re-exporters, reflecting a 3 per cent growth compared to 2023. Lootah is committed to promoting parent-friendly practices among businesses, aiming to enhance Dubai’s appeal as a destination for global talent.
Lootah also emphasises strengthening international trade relations, highlighting Dubai’s strategic importance as a global business hub.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: DIVERSIFIED 2024 RANK: 57
GHAITH AL GHAITH, CEO, flydubai
Appointed as CEO in 2008, Ghaith Al Ghaith has been instrumental in flydubai’s growth into a leading low-cost carrier. In 2023, the airline launched 17 new routes, expanding its network to 122 destinations across 52 countries. It carried 13.8 million passengers, a 31 per cent increase compared to 2022, and took delivery of 13 new aircraft, bringing its fleet to 84. In 2024, flydubai reported its strongest financial results in 15 years, with a record profit of Dhs2.5bn and revenues reaching Dhs12.8bn. The airline carried 15.4 million passengers, marking an 11.6 per cent increase from the previous year. Al Ghaith continues to lead the airline’s strategic growth, focusing on expanding its network and enhancing operational efficiency.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: AVIATION
2024 RANK: 58
Sajwani is one of the pioneers of the property market expansion in Dubai. He also has a solid track record of buoyant forays into capital markets across the world.
Kalban has been with EGA since 1985, ascending to managing director and CEO in 2014 following the merger of Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL).
Under his leadership, EGA is constructing the UAE’s largest aluminium recycling facility in Al Taweelah, with a capacity of 170,000 tonnes per year, expected to be completed within three years. Kalban also serves as Chairman of the Gulf Aluminium Council and Vice Chairman of Dubal Holding and Etihad Water and Electricity Company. His extensive experience has been pivotal in positioning EGA as a global leader in the aluminium industry.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: INDUSTRIES
2024 RANK: 59
The construction of new data centres by EDGNEX Data Centers, a unit of DAMAC, in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana will generate employment opportunities for thousands of Americans. 58 59 60
Apart from the UAE, DAMAC Properties has real estate projects running in global cities like Miami, London, Jeddah, Riyadh, Baghdad, Toronto, and the Maldives, with about 2,000 professionals employed with them. Sajwani has also promised a $20bn
investment in the booming US data centre industry in the coming years, which he and then US President-elect Donald Trump announced in January this year at Trump's home in Palm Beach, Florida.
HUSSAIN SAJWANI, founder and chairman, DAMAC Group
ABDULLA JASSEM KALBAN, managing director, Emirates Global Aluminium (EGA)
ORIGIN: KUWAIT
RESIDENCE: KUWAIT
SECTOR:
DIVERSIFIED
2024 RANK: 60
KUTAYBA YUSUF ALGHANIM, executive chairman, Alghanim Industries
The chairman of Alghanim Industries, who was first brought to the company by his father as the managing director, has significantly introduced contemporary business culture and modernised the organisation since joining the company.
Not only did Alghanim Industries become the first company in Kuwait to have an IBM mainframe under Alghanim's leadership, but it also came to recognise the importance of feedback and professional criticism, transforming the company from a privately owned family business to a professionally managed firm in the region.
In 2003, he founded the DIYA orphanage in Lebanon, and extended his work for orphaned children through his involvement in the Children’s Home project in Kuwait. The project involves the renovation and restoration of six homes, a central kitchen, and an outdoor play area.
ORIGIN: QATAR
RESIDENCE: QATAR
SECTOR: AVIATION
2024 RANK: 71
BADR MOHAMMED AL MEER, group chief executive officer, Qatar Airways
Along with being the group CEO of Qatar Airways, Badr Mohammed Al Meer was also elected to the International Air Transport Association’s Board of Governors in December 2023.
He became group CEO of Qatar Airways on November 5, 2023, following more than 10 years as the COO of Hamad International Airport in Qatar.
Under his leadership, the airport received Skytrax’s ‘Best Airport in the World’ award in 2021 and 2022. It is under his leadership that Qatar Airways is committed to sustainable growth, strategic partnerships, and a strong focus on innovation.
Having delivered a record profit of $1.7bn in the 2023-24 financial year with revenue hitting QAR81bn, Qatar Airways became the first global airline to introduce Starlink Wi-Fi across its fleet, alongside acquiring a 25 per cent stake in Southern Africa’s regional carrier, Airlink.
ORIGIN: KUWAIT
RESIDENCE: KUWAIT
SECTOR: ENERGY
2024 RANK: 62
WADHA AHMED AL-KHATEEB, CEO, Kuwait National Petroleum Company (KNPC)
The CEO of the Kuwait National Petroleum Company (KNPC) brings 28 years of experience in the oil sector. Al Khateeb has made history by being the first woman as well as the first Kuwaiti to head the Gas Processors Association, GCC Chapter. Apart from the oil sector, she is also recognised for her contributions towards the initiation of a pilot programme intended for training women process engineers in the operations department, as well as leading the cost optimisation and profit improvement initiatives at Mina Al Ahmadi Refinery, resulting in a substantial financial benefit of $23m.
Al Khateeb has also served as a member of the TKSC Board (The Kuwait Styrene Company) and has held the position of Chairperson for KPPC (Kuwait Paraxylene Production Company,) since May 5, 2019.
ORIGIN: KUWAIT
RESIDENCE: UAE
SECTOR: LOGISTICS
2024 RANK: 66
TAREK SULTAN, vice chairman of Agility; and chairman of Agility Global
Sultan assumed leadership of the company in 1997 and has since spearheaded its worldwide growth. The company now has more than 65,000 employees.
Agility, a supply chain services, infrastructure, and innovation company, reported Q3 2024 EBIT (earnings before interest, taxes, depreciation, and amortisation) of KD44.8m in November 2024. This represented a 33 per cent increase from the same period a year earlier. Revenue for the same period stood at KD411m, marking a 14 per cent increase from Q3 2023. The company’s third-quarter net profit stood at KD10.1m, or 4.04 fils per share.
Sultan is not only an active supporter of the World Economic Forum (WEF) but is also a steward of the WEF’s Stewardship Board for the Platform on Shaping the Future of Mobility and a governor of the WEF’s Supply Chain & Transport Industry Community.
Born and raised in Dubai, Kanoo chairs one of the largest independent, family-owned groups of companies in the Gulf region.
Kanoo has extensive experience in not only regional business affairs and capital markets but also in the fields of travel, shipping, machinery, power, chemicals, as well as oil and gas. The dynamic business personality is also a visiting lecturer at the American University of Sharjah School of Business Administration, and it is under his leadership that Kanoo Group has been investing in several renewable energy projects for two decades.
ORIGIN: UAE
RESIDENCE: UAE/BAHRAIN
SECTOR: DIVERSIFIED
2024 RANK: 69
Jafar, CEO of Crescent Enterprises and the UAE Special Envoy for Business and Philanthropy, was awarded the London Business School (LBS) Honorary Fellowship in recognition of his multifaceted contributions to global business, philanthropy, and social entrepreneurship in July 2024.
He received the award during the LBS annual congregation ceremony held in London to honour 1,600 graduates. Previous honourees include notable figures such as Bill Gates,
Bahwan leads one of the largest conglomerates in Oman, featuring a portfolio of 100 brands and over 40 companies under its umbrella across the Gulf, North Africa, and South Asia. It has invested in a diverse range of sectors, including engineering and infrastructure, chemicals and fertilisers, energy, healthcare, and logistics, among others. In May 2024, Bahwan acquired an equity stake in Monument Bank (the UK’s neo bank) to help guide the strategy of the bank, which focuses on the mass-affluent market. In December 2023, UAE’s Inventure Metal Products Industries also announced a strategic partnership with Bahwan, a collaboration that reinforced the entity’s stronghold in the UAE and the GCC region.
ORIGIN: OMAN
RESIDENCE: OMAN
SECTOR: DIVERSIFIED
2024 RANK: 70
co-founder of Microsoft; Michael Bloomberg, former mayor of New York City and founder of Bloomberg L.P., and Kofi Annan, former secretary-general of the United Nations.
In 2010, Jafar founded the Pearl Initiative — a non-profit, private sector-led organisation committed to the promotion of a corporate culture of transparency and accountability across the Middle East, functioning in cooperation with the United Nations Office for Partnerships.
Saab, the man who taught himself to sew before the age of 10, is not only a designer of choice for celebrities but also dresses royalty such as Kate Middleton, Princess Rajwa Al Hussein, and Queen Rania. His brand is now valued at $792m. He also became the first nonItalian designer to be accepted into the Camera Nazionale della Moda, the country’s governing body for Milan Fashion Week. In 2003, the designer was invited by the Chambre Syndicale de la Haute Couture in Paris to be a member, and he remains one of the few officially ordained haute couture labels in the world. In January, Dubai-based real estate company SAMANA Developers unveiled the SAMANA Ocean Views interiors by ELIE SAAB project in Dubai’s Madinat Arena.
ORIGIN: LEBANON
RESIDENCE: LEBANON
SECTOR: CULTURE AND SOCIETY
2024 RANK: 61
BADR JAFAR, CEO, Crescent Enterprises
AMAL SUHAIL BAHWAN, vice chairperson, Suhail Bahwan Group
ORIGIN: UAE RESIDENCE: UAE SECTOR: DIVERSIFIED 2024 RANK: 68
ELIE SAAB, fashion designer
MISHAL HAMED KANOO, chairman, The Kanoo Group
ORIGIN: JORDAN
RESIDENCE: UAE
SECTOR: FINANCE/ LOGISTICS
2024 RANK: 72
FADI GHANDOUR, executive chairman, Wamda Capital; and co-founder, Aramex
The executive chairman of Wamda Group and the cofounder of Aramex spent the first 30 years of his career as the CEO of the latter. He transformed it into one of the leading logistics entities in the market, and the first from the Arab world to be listed on Nasdaq and later, on the Dubai Financial Market. He stepped down as CEO in 2012.
His current company, Wamda Group, is a platform involved in investing, nurturing, and building entrepreneurial ecosystems across the Middle East and North Africa. Ghandour also founded and chairs Ruwwad for Development, a private-sectorled community engagement platform that supports marginalised communities across the MENA region.
Wamda recently invested in the UAE-based AI startup qeen. ai, which secured $10m in seed funding, one of the largest seed investments in the MENA region to date.
ORIGIN: OMAN
RESIDENCE: OMAN
SECTOR: ENERGY
2024 RANK: 73
MAZIN RASHID LAMKI, CEO, Energy Development Oman (EDO)
Lamki was appointed as the CEO of EDO in 2022. He has over 22 years of experience in the oil and gas industry, covering various commercial and operational functions, and is also a certified professional in mergers and acquisitions.
Energy Development Oman works on the development of the energy and alternative energy sectors in line with Oman’s Vision 2040. It 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.
The company successfully issued a seven-year $750m sukuk in June 2024. The sukuk was priced at a profit rate of 5.662 per cent. This marks EDO’s second sukuk issuance, following a previous deal in September 2023 for 10 years at a profit rate of 5.875 per cent.
ORIGIN: SAUDI ARABIA
RESIDENCE: SAUDI ARABIA
SECTOR: SPORTS
2024 RANK: 75
FAHAD BIN NAFEL, president, Al Hilal Football Club
Fahad bin Nafel assumed the presidency of Al Hilal Football Club in 2019 and has led the club to its utmost glory. This success has seen his side qualify for the club game’s most anticipated new tournament, the FIFA Club World Cup 2025.
Ever since the club’s inception in 1975 by Sheikh Abdulrahman bin Saeed, Al Hilal has been the dominant force in Saudi Arabian football and has also signed an official five-year sponsorship deal with PUMA until 2027.
In January, Al Hilal signed the 20-year-old Brazilian winger Kaio César from Portuguese club Vitória Guimarães. The deal filled the club’s remaining slot for foreign-born players and strengthened its attacking lineup. The contract spans three-and -a-half years.
ORIGIN: KUWAIT
RESIDENCE: KUWAIT
SECTOR: FINANCE
2024 RANK: 77
SHAIKHA KHALED AL BAHA, deputy group chief executive officer, National Bank of Kuwait (NBK)
Al Baha previously led the NBK Group’s Kuwait operations as NBK-Kuwait CEO between 2010 and 2013, consistently contributing more than 70 per cent of its profits. In addition to her role at the bank, Al Baha was also a member of Kuwait’s Supreme Council for Planning and Development from 2017 to 2021.
It is under her leadership that the bank provided KD25.04m in bank loans to SMEs in 2024, marking a growth of 23.5 per cent compared to 2023, and KD30.19m in community investments made by the bank in 2024, marking a growth of 9.1 per cent compared to 2023. The bank also issued a $500m green bond, the first of its kind for a Kuwaiti financial institution.
She also received the 'Distinguished Services to Arab Banking Award 2022' from the Arab Bankers Association.
RONALDO
Founded by blogger Huda Kattan and her sisters Mona and Alya in 2018, Huda Beauty sells everything from luxury eyelashes to makeup and skincare products. The company boasts more than 54.2 million followers on Instagram, well ahead of rivals Rare Beauty and Kylie Cosmetics, which have eight million and 24.7 million followers, respectively.
Huda Beauty launched a new collection inspired by the beloved Filipino dessert, Ube, in January 2025.
Huda Beauty sold its popular fragrance brand Kayali to its co-founder Mona Kattan and General Atlantic in a move that allows the beauty company’s owners to buy back a stake held by TSG Consumer Partners since 2017.
Mona Kattan will now own the fastgrowing fragrance business with private equity investor General Atlantic and has also starred in Netflix’s megahit Dubai Bling.
ORIGIN: IRAQ/US
RESIDENCE: UAE
SECTOR: CULTURE AND SOCIETY
Mouchawar, known as the MENA region’s first man of the internet, sold the firm he had set up for $580m.
The Syrian entrepreneur built the largest online marketplace in the region, Souq. com, in 2005 and, 12 years later, sold it to US tech giant Amazon, where he stayed on as vice president of Amazon MENA.
His platform now attracts more than 45 million customers per month and offers 9.5 million products, ranging from consumer electronics and household goods to fashion brands and baby products. It employs 4,500 staff.
Mouchawar oversaw the launch of Amazon Prime in the UAE in 2019, followed by Amazon.sa in Saudi Arabia in 2020. It was under his guidance that Amazon Home Services debuted in 2020, and Prime was introduced in Saudi Arabia in 2021.
ORIGIN: SYRIA
RESIDENCE: UAE
SECTOR: RETAIL
2024 RANK: 81
Al Amoudi, the chairman of MIDROC Group, is a globally successful entrepreneur, businessman, and philanthropist.
He is also the founder of companies across three continents —Europe, Asia, and Africa — that employ over 70,000 people in total. His company is also known to have spent ETB2bn on CSR activities.
In the last 70 years since Juma Al Majid laid the foundation of the entity, Juma Al Majid Holding Group now comprises over 75,000 employees hailing from over 40 nationalities, with more than 35 businesses, exceeding 145 brands, and more than 11 million square feet of residential and commercial space.
Known as the man behind thousands of initiatives, he has not only ventured into several businesses but also numerous philanthropic activities.
His generous support for education is recognised not only in the UAE but also globally. Since 1950, Al Majid has held several key positions, including chairman of the Dubai Economic Council, vice chairman of the UAE Central Bank, vice chairman of Emirates Bank International, and director of the Dubai Chamber of Commerce and Industry, among others.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: DIVERSIFIED
2024 RANK: 83
Al Amoudi is now the largest foreign investor in Ethiopia and has interests in agriculture and livestock, gold mining, construction, cement, property, steel, pharmaceuticals, air transport, catering, and manufacturing. Al Amoudi also owns the five-star Sheraton Addis. 82 83 84
Al Amoudi has demonstrated a particular commitment to Saudi Arabia and Africa. His
businesses include, among others, MIDROC Ethiopia and Preem Petroleum. His philanthropy has been strongly focused on education, training and healthcare in Ethiopia.
MOHAMMED HUSSEIN ALI AL AMOUDI, chairman, MIDROC Group
HUDA AND MONA KATTAN, founders, Huda Beauty, Kayali
MOUCHAWAR, co-founder, Souq.com and VP, Amazon MENA
JUMA AL MAJID, founder and chairman, Juma Al Majid Holding Group
Al Futtaim is responsible for leading and growing the business across five business verticals: automotive, financial services, real estate, retail, and health. Al-Futtaim employs 42,000 people and operates through more than 200 brands.
The group’s five divisions operate in more than 20 countries and have expanded their operations by entering a number of new territories, increasing their footprint beyond the GCC and Greater Middle East to encompass South East and North Asia, Australasia, East Africa, and Europe.
He is also chairman and board member of several public organisations, including the Commercial Bank of Dubai, Orient Insurance, Emirates Investment Bank, and the Dubai Chamber of Commerce. Al Futtaim is also the chairman of Al Futtaim Education Foundation, the non-profit education arm of the group.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: DIVERSIFIED 2024 RANK: 94
Al Mheiri has been the CEO of 2PointZero since its launch in 2024. The entity’s portfolio, expected to surpass $27bn, encompasses diverse industries, including private equity, artificial intelligence, mining, and cryptocurrency, and includes industry leaders such as Chimera Investments, Lunate Capital, Beltone Holdings, and International Resources Holding (IRH).
In February, 2PointZero acquired the customer-focused microfinance platform Maseera, pledging $1bn to advance its financial inclusion in emerging markets.
More recently, Abu Dhabi Future Energy Company — Masdar, TotalEnergies, and EPointZero, the decarbonisation arm of 2PointZero, a transformational global investment platform, also signed a framework for action agreement to drive access to clean energy in emerging markets and developing economies in Africa and Asia.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: POLITICS/ SUSTAINABILITY
The first Saudi female astronaut to go to space on May 21, 2023, and one of the first Saudi astronauts to visit the International Space Station (ISS), Barnawi is a biomedical researcher with almost a decade of experience in cancer stemcell research. She worked at King Faisal Specialist Hospital & Research Centre and holds a bachelor’s degree in genetic engineering and tissue development from the University of Otago in Dunedin, New
ZAID
As managing director of Al Khayyat Investments (AKI), Al Khayyat, ensures that AKI’s foundation is built on cultivating young talent and driving the business forward with fresh ideas and energy.
Under Zaid’s leadership, AKI has remained one of the leading Arab family businesses in the region. He attributes this success to the collective spirit of AKI and the people who consistently deliver outstanding results across all its business lines in the Middle East.
Founded in 1982, AKI continues to be a leader among Arab family businesses in the region. In December 2024, the company was awarded the Best Distributor for Enabling Technologies by Stryker in the Middle East.
Zaid’s leadership also reflects the dynamic spirit of the region. He continues to steer AKI toward sustainable operations while fostering new ideas that contribute to national development and progress.
ORIGIN: UAE
RESIDENCE: UAE
SECTOR: DIVERSIFIED 2024 RANK: 89
Zealand. She also has a master’s degree in biomedical sciences from Alfaisal University in Riyadh. Barnawi was a mission specialist aboard Axiom Space’s second private astronaut mission (Ax-2) to the ISS. She was accompanied by fellow Saudi Ali Al-Qarni. During her time on the space station, Barnawi carried out scientific research for Saudi Arabia, focusing on critical areas such as stem cell and breast cancer studies. 86 87
88
RAYYANAH BARNAWI, astronaut
OMAR AL FUTTAIM, vice chairman and chief executive officer, Al-Futtaim Group
NEW
MARIAM AL MHEIRI, chief executive officer, 2PointZero
S AL KHAYYAT, managing director, Al Khayyat Investments (AKI)
ONS JABEUR, tennis player
Being the first Arab tennis player to win a title on the WTA Tour and to play in the quarter-finals of a Grand Slam tournament at the 2020 Australian Open, Jabeur subsequently improved this record and also extended it to the African continent with the historic finals held at Wimbledon and the US Open in 2022. In June 2022, following her victory at the Berlin tournament, Jabeur reached her
best ranking at second position, becoming the first Arab tennis player ever, both among males and females, to break into the top three in the world and the highestplaced African tennis player ever. Her net worth is estimated to be around $6.5m.
In February 2025, Jabeur reached the last eight of the Mubadala Abu Dhabi Open following a straight-sets victory over 17-year-old Wakana Sonobe.
TUNISIA RESIDENCE: TUNISIA SECTOR: SPORTS 2024 RANK: 78
Diab, the legendary Egyptian singer, remains a dominant force in the Arabic pop music, as his latest album Tamally Ma’ak is considered one of the best Arabic pop albums in the 21st century. He’s won multiple World Music Awards including a Guinness world record as the bestselling Middle Eastern artist. In January he partnered with ONE Development to launch a 'musical'
boutique hotel chain, becoming its brand ambassador. His social media statistics have seen a significant growth over the past year, on Instagram his follower count has increased from over 25 million to approximately 32.5 million and on Anghami, followers have grown from over 19 million to 20.8 million along with 2.5 billion plays and 6.2 million subscribers on YouTube.
ORIGIN: EGYPT RESIDENCE: EGYPT SECTOR: CULTURE AND SOCIETY 2024 RANK: 93
Almoayyed has led Y.K. Almoayyed & Sons since 2000, overseeing the company’s wide-ranging business operations across automobile, electronics, and luxury goods. The group represents over 300 global brands in Bahrain, including Nissan, Renault, Ford, Sony and Nikon. On March 10, Y.K. Almoayyed & Sons announced its silver sponsorship of the Crown Prince's International Scholarship Programme. The sponsorship reflects the company’s commitment to supporting Bahraini youth.
The company also unveiled the 2025 Nissan KICKS and expanded its role in Bahrain’s automotive and sporting sectors. Apart from business, she serves as the chairperson of Bahrain’s first micro finance bank, Edbaa. Almoayyed has created new opportunities for the women in Bahrain, she was the first woman elected to the board of a publicly traded company and to the board of the Bahrain Chamber of Commerce and Industry. She is also the co-founder of the Bahrain Businesswomen's Society.
BAHRAIN RESIDENCE: BAHRAIN SECTOR: DIVERSIFIED 2024 RANK: 90
NEZHA HAYAT, chairperson
and CEO,
Moroccan Capital Market Authority
Hayat has been the chairperson and CEO of Morocco’s Capital Market Authority by order of King Mohammed VI since February 2016. She began her career in Spain in 1985, within the banking sector focusing on risk and debt portfolio management. In 1999, she was then elected president of the Association of Stockbrokers in Morocco for two terms and was recognised as a global leader for tomorrow by the World Economic Forum in 2000. In 2017, she was elected vice-chair of the Africa and Middle East Committee within the International Organisation of Financial Market Regulators for the 2016-18 term. Since March 2020, she has been re-elected as chair of the body for following 2020-2022 and 2022-2024 terms. She was recently re-elected for a third consecutive term as chair.
Most recently, Hayat presented the body's 2023 annual report to Moroccan Prime Minister Aziz Akhannouch, highlighting the institution’s achievements and future initiatives.
ORIGIN: MOROCCO
RESIDENCE: MOROCCO
SECTOR: FINANCE
2024 RANK: 92
ORIGIN:
ORIGIN:
MONA ALMOAYYED, managing director, Y.K Almoayyed & Sons; and chairperson, Edbaa Bank
AMR DIAB, singer and composer
AlMatrooshi, the first female Emirati and Arab woman astronaut, was selected as part of the UAE Astronaut Programme’s second cohort in 2021. She holds a bachelor’s degree in mechanical engineering from the United Arab Emirates University and has completed a semester at Vaasa University of Applied Sciences in Finland. She has also achieved another milestone by becoming the first Arab woman to complete NASA’s rigorous training programme.
Professionally, she has worked as a piping engineer at the National Petroleum Construction Company(NPCC) and later served as a technical specialist at ADNOC.
Beyond her space endeavours, she represented her country at the UN International youth conferences in 2018 and 2019. Looking ahead, AlMatrooshi aspires to participate in lunar missions, stating that her ideal space mission would be to “set foot on the moon”.
ORIGIN: UAE RESIDENCE: UAE SECTOR: SPACE 2024 RANK: 97
Labaki is a Lebanese director, actress and activist known for her powerful storytelling and social impact. Born in 1974, in Baadbat, Lebanon, she studied audiovisual arts at Saint Joseph University in Beirut. Her directional debut was with Caramel in 2007, a critically acclaimed film, that premiered at Cannes Film Festival. She is known for representing everyday aspects of Lebanese life and covering a range of political issues
ORIGIN: LEBANON RESIDENCE: LEBANON SECTOR: CULTURE AND SOCIETY
Karim Gharbi, known globally as �K2’, is a Tunisian-French rapper, entrepreneur, and philanthropist. Rising from Tunisia’s hip-hop scene, K2 built an international career, collaborating with stars such as Snoop Dogg, DJ Khaled and Fat Joe. On Instagram alone, he has over 1.5 million followers, making him an entertainment icon, particularly in North Africa. He is also recognised for seamlessly
such as war, poverty and feminism. Her 2018 film Capernaum earned her an Academy Award nomination for Best Foreign Language Film, making her the first female Arab director to achieve this milestone. In 2024, she was selected as a jury member at the 77th Cannes Film Festival.
Labaki remains a powerful voice in global cinema, using film to highlight on social and humanitarian issues worldwide.
blending music, business, and tech. As CEO of K2 Meta, he invests in blockchain, Web3, and emerging tech, focusing on long-term, scalable solutions. His philanthropic initiatives span renovating schools and providing medical aid in Tunisia, reflecting his commitment to social impact. Despite his earlier ‘bad boy’ image, K2 has pivoted to business leadership, highlighting his flexibility and impact.
ORIGIN: TUNISIA RESIDENCE: UAE SECTOR: CULTURE AND SOCIETY
METHODOLOGY Gulf Business looked at the events of 2024-25 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.
NORA ALMATROOSHI, astronaut
NADINE LABAKI, director and actress
KARIM GHARBI, musician and tech entrpreneur
GULF BUSINESS ARAB POWER LIST 2025
01 HH Sheikh Tahnoon Bin Zayed Al Nahyan (ADIA, MGX, G42, IHC, ADQ and Royal Group) NEW
02 Sultan Al Jaber (ADNOC) 2
03 Yasir Al Rumayyan (Governor,Public Investment Fund,Aramco) 1
04 HH Sheikh Ahmed Bin Saeed Al Maktoum (EK Group,ENBD) 3
05 Khaldoon Khalifa Al Mubarak (Mubadala) 5
06 Saad Sherida Al-Kaabi (QatarEnergy/MD,Industries Qatar) 4
07 Mohammed Al Abbar (Emaar/ Noon) 7
08 Amin H Naseer, (Aramco) 6
09 Mohammed Al Hammadi (ENEC) 9
10 HH Prince Alwaleed Bin Talal Al Saud (Kingdom Holding) 10
11 Sultan Ahmed bin Sulayem (DP world) 11
12 Carlos Slim Helu ( America Movil) 8
13 Abdulla Mubarak Al Khalifa (Qatar National Bank) 14
14 Abdul Aziz Al Ghurair (Mashreq) 13
15 Hana Al Rostamani (FAB) 15
16 Mohammed Saif Al Sowaidi (Qatar Investment Authority) NEW
17 Mohammed Ibrahim Al Shaibani (ICD) 16
18 Sarah bint Yousif Al Amiri, UAE Minister of Education 17
19 Salem Humaid Al Marri (MBRSC) 18
20 Lubna Suliman Olayan (Saudi Awwal Bank) 19
21 Essa Kazim (DIFC) 20
22 Mohammed Khalifa Al Mubarak (Aldar,DCT Abu Dhabi) 21
23 Fahd Hamidaddin (Saudi Tourism Authority) 22
24 HH Prince Naif bin Sultan bin Mohammed bin Saud Al Kabeer (Almarai) 23
25 Saeed Mohammed Al Ghamdi (Saudi National Bank) 24
26 Sarah Al Suhaimi ( Saudi Tadawul) 25
27 Dr Raja Al Gurg (Essa Saleh Al Gurg) 26
28 Mohamed Salah (Liverpool FC) 29
29 Ayman Mohammed Alsayari ( Saudi Central Bank (SAMA) 30
30 Helal Al Marri (Dubai’s Department of Economy and Tourism) 31
31 HH Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani (Qatar Museums) 32
32 Sultan AlNeyadi (Astronaut) 27
33 Reem Al Hashimy (Expo City Dubai Authority) 28
34 Abdulrahman Saleh Al-Fageeh (SABIC) 34
35 Elie Habib and Eddy Maroun (Anghami) 33
36 Mohammed Abdul Latif Jameel (Abdul Latif Jameel) 35
37 Olayan Mohammed Alwetaid (stc Group) 41
38 Sheikh Sulaiman bin Abdulaziz AlRajhi (AlRajhi Bank) 38
39 Bader Nasser Al-Kharafi (Zain Group) 40
40 Mohamed Ali Al Shorafa Al Hammadi (DMT/Etihad Aviation Group) 39
41 Hatem Dowidar (e& Group) 45
42 Khalaf Al Habtoor (Al Habtoor Group) 36
43 Faisal Al Bannai (EDGE Group) 43
44 Mohammed Alshaya (Alshaya Group) 42
45 Mohamed Mansour (Mansour Group) 44
46 Mohamed Juma Al Shamisi (AD Ports Group) 46
47 Nayla Hayek (Swatch Group / Harry Winston) 37
48 Karim Awad (EFG Hermes Holding) 47
49 Nassef Sawiris (OCI / Aston Villa FC) 49
50 Mohammed bin Mahfoodh Alardhi (Investcorp) 48
51 Khalid Al Rumaihi (ALBA) 50
52 Aziz Aluthman Fakhroo (Ooredoo) 51
53 Naguib Sawiris (Orascom Investment Holding) 52
54 Adel Abdulla Ali (Air Arabia) 53
55 Issam Kazim (Dubai Corporation for Tourism and Commerce Marketing) 54
56 Ala’a Eraiqat (Abu Dhabi Commercial Bank) 55
57 Mohammad A Baker (GMG) 56
58 Mohammad Ali bin Rashed Lootah (Dubai Chambers) 57
59 Ghaith Al Ghaith (flydubai) 58
60 Abdulla Jassem Kalban (Emirates Global Aluminium) 59
61 Hussain Sajwani (Damac) 74
62 Kutayba Yusuf Alghanim (Alghanim Industries) 60
63 Wadha Ahmed Al-Khateeb (Kuwait National Petroleum Company) 62
64 Badr Mohammed Al Meer (Qatar Airways) 71
65 Tarek Sultan (Agility) 66
66 Mona Ataya (Mumzworld) 63
67 Hesham Al Qassim (wasl Asset Management) 64
68 Khaled Mohammed Balama (Central Bank of UAE) 67
69 Sheikh Abdullah bin Bayyah (UAE Fatwa Council) 65
70 Badr Jafar (Crescent Enterprises) 68
71 Mishal Hamed Kanoo (Kanoo Group) 69
72 Amal Suhail Bahwan (Bahwan group) 70
73 Elie Saab (Fashion designer) 61
74 Fadi Ghandour (Wamda/Aramex) 72
75 Mazin Rashid Lamki (Energy Development Oman) 73
76 Fahad bin Nafel (Al Hilal Football Club) 75
77 Shaikha Khaled Al Baha (National Bank of Kuwait) 77
78 Mohammed Abu Ghazaleh (Fresh Del Monte) 82
79 DJ Khaled (Musician) 76
80 Dr Amina Al Rostamani (AW Rostamani Group) 80
81 Othman Benjelloun (Bank of Africa) 79
82 Huda Kattan and Mona Kattan (Huda Beauty/Kayali) NEW
83 Ronaldo Mouchawar (Souq.com / Amazon MENA) 81
84 Juma Al Majid (Juma Al Majid) 83
85 Mohammed Hussein Ali Al Amoudi (MIDROC) 85
86 Omar Al Futtaim (Al-Futtaim Group) 94
87 Mariam Al Mheiri (2PointZero) NEW
88 Zaid S Al Khayyat (Al Khayyat Investments) 89
89 Rayyanah Barnawi (Astronaut) 87
90 Ons Jabeur (Tennis player) 78
91 Amr Diab (Singer) 93
92 Mona Almoayyed (Y.K. Almoayyed & Sons / Edbaa Bank) 90
93 Nezha Hayat (Moroccan Capital Market Authority) 92
94 Nadir Al-Koraya (Riyad Bank) 95
95 Mutaz Essa Barshim (Track and field athlete) NEW
96 Raed Barqawi (Al Khaleej) 96
97 Mo Amer (Comedian, writer, producer) 98
98 Nora Al Matrooshi (Astronaut) 97
99 Nadine Labaki (Director and actress) NEW
100 Karim Gharbi (Musician and tech entrepreneur) NEW
Habib Bank AG Zurich: Navigating global wealth with a niche focus
Sheheryar Rasul, CEO for group wealth management for Habib Bank AG Zurich, shares how the bank is nurturing South Asian diaspora ties, embracing technological advancements and adapting to evolving regulations and sustainable finance
How does Habib Bank AG Zurich differentiate itself in the highly competitive global private banking sector?
Habib Bank AG Zurich (HBZ) wealth business occupies a very niche private banking offering. While our growth strategy envisages expanding our footprint to newer markets, our primary focus remains tapping into our deep relationships with the South Asian diaspora across the globe. Our client focused business strategy aligns the bank’s interests with those of our clients. The deeply rooted relationships with our clients allows us to have a better understanding of their needs and those of their next generation. This is what sets us apart from our peers.
Which regions are driving the most demand for private banking services, and how is the bank positioning itself in these key markets?
The last two decades have seen an explosion in wealth creation across emerging markets. This was triggered by the insatiable demand for goods and services by nations such as India and China.
The knock on effect of this has been an increase in business flows across our coverage countries. Moreover, the tax changes in certain jurisdictions have prompted several wealthy families to seek permanent
residency in other jurisdictions. We see continued growth in Dubai International Financial Center, as it becomes the epicentre of client activity. To this affect, we opened up our DIFC branch back in 2022 to improve and enhance our client engagement. Our commercial banking and FI network in Africa, UAE, Pakistan, and the UK, enables us to support our clients in the growth of their core businesses. This ability to cross sell and help in their commercial and personal banking needs, provides us with a clear advantage over peers.
What role does technology play in enhancing for HBZ’s private banking offerings, particularly in wealth management and client engagement?
Technology uplift remains front and centre for us. We understand the mindset shift private clients are going through as they get exposure to the ever-evolving digital banking landscape. We have kept abreast by improving our core systems, client experience with improved banking statements, seamless account opening processes, CRM and a modernised credit platform. Whilst we are not employing AI in our banking services, we
see the role of this new technology especially in the space of KYC/AML and in our investment strategy.
We are also seeing our relationships transition to the third or fourth generation. This new client base expects their banking partners to improve turnaround and offer convenience in banking services.
What trends do you see shaping the future of private banking, and how is the bank preparing for these changes?
Firstly, the changing regulatory landscape led by the introduction of CRS and FATCA has reinforced the focus on transparency and compliance. Sustainable long-term investments and Islamic banking are emerging as key segments within the financial system, driven by growing demand for ESG compliant investment solutions.
We have also witnessed a major transfer of wealth from founders to the next generation, highlighting the increasing importance of succession planning.
All these factors have shaped the bank’s business strategy. The bank remains committed to technological improvements, strengthening compliance to ensure regulatory adherence, and offering strategic estate planning solutions. On our product platform, we continue with our efforts to deepen our Islamic banking offering with a focus on Sharia-compliant discretionary mandates. We are also uniquely positioned to leverage our multigenerational client relationships, many of whom have also benefitted from the ongoing wealth spurt being witnessed.
“Our primary focus remains tapping into our deep relationships with the South Asian diaspora across the globe.”
Pics: Supplied
Sheheryar Rasul
Building a thriving British business community in Dubai
More UK entrepreneurs and companies than ever before are choosing Dubai as their gateway to the region. As a result, the British Chamber of Commerce Dubai (BCCD) is stepping up its efforts to provide community, connectivity and expert guidance
As Dubai continues to evolve into a strategic global hub for British businesses and entrepreneurs, the British Chamber of Commerce Dubai (BCCD) remains at the forefront of community building, connectivity and knowledge sharing.
Since 1987, the BCCD has played a key role in supporting UK companies looking to establish and grow in the UAE.
“Networks and word-of-mouth are vital in this region,” says Katy Holmes, CEO of BCCD. “Our role is to expertly connect businesses, celebrate our members’ success, and share timely market insights and regulatory updates.”
With more than three decades of experience, the BCCD has become a trusted partner for both newcomers and long-established firms. Its unique position lies in understanding both the business landscape and the human side of relocation.
In line with the UAE’s Year of Community, the BCCD continues to focus not just on
commercial engagement but also on the human experience of relocation.
“Our role goes beyond the business benefits,” says Holmes. “Leaving your home country to start or grow a business can be overwhelming. Expats often need to recreate a life and support network from scratch and local communities play a vital role in anchoring that transition.”
In 2024, 30 per cent of the BCCD’s new members were recent arrivals in Dubai. To support this growing demand, the
Our role is to expertly connect businesses, celebrate our members’ success, and share timely market insights and regulatory updates.”
Chamber has expanded its footprint back into the UK.
“We have started hosting business events directly in the UK,” Holmes explains, “connecting UK-based companies with UAE stakeholders to share expertise on business and life in the Gulf.”
EXTENDING THE MESSAGE TO THE UK
The BCCD’s most recent UK engagement took place in London on March 19–20. On March 19, the c hamber hosted a business briefing titled ‘ Doing Business in Dubai ’ , attended by over 120 organisations. This was followed by a high-level stakeholder reception on March 20 at The MAINE Mayfair.
“The reception forms part of our ongoing programme supporting British businesses exploring Dubai and the wider region,” Holmes said. Senior attendees included representatives from Ras Al Khaimah Economic Zone (RAKEZ), Fragomen, WellTax, Cigna Healthcare Middle East & Africa, International Free Zone Authority (IFZA), Motivate Media Group, and UK government bodies.
RAKEZ’s lead sponsorship reflected shared priorities. “Our shared goals made them a natural fit,” Holmes noted. Guests also received copies of Don’t They Know It’s Friday? by Jeremy Williams OBE — published by Motivate Books — highlighting the Chamber’s commitment to cultural understanding alongside commercial support.
With over 1,000 active members, a growing digital reach and more than 70 events annually across Dubai, Ras Al Khaimah and now the UK, the BCCD continues to be a vital connector in the UK-UAE business corridor.
Follow BCCD on LinkedIn or visit www. britishchamberdubai. com to learn more.
Pics: Supplied
Guests connected over shared opportunities in Dubai and the wider GCC region at the BCCD’s latest event in Central London on March 19-20, 2025
Business leaders and government representatives recently gathered in Central London to explore opportunities in the UAE and strengthen UK-UAE trade ties
ROLLS-ROYCE REIGNS IN THE REGION
JAMES CRICHTON ,
REGIONAL DIRECTOR FOR
ROLLS-ROYCE MOTOR CARS MEA, SHARES HOW THE BRAND CONTINUES TO LEAD THE BESPOKE LUXURY SEGMENT WHILE ADAPTING TO SHIFTING CONSUMER PREFERENCES
BY NEESHA SALIAN
Luxury carmaker Rolls-Royce Motor Cars reported a recordbreaking year for personalised commissions and sales in 2024 in the Middle East and Africa (MENA) region.
Driven by the region’s discerning clientele and their appetite for unique, story-driven creations, Rolls-Royce is
expanding its presence and capabilities, including the opening of new showrooms and a Private Office in Dubai, alongside significant investments at its Goodwood headquarters.
In this interview, James Crichton, regional director for MEA, sheds light on the brand’s growth in 2024 and its
continuing focus. Crichton offers a perspective on how Rolls-Royce continues to lead the bespoke luxury segment while adapting to shifting consumer preferences.
The MENA region has set a new benchmark for bespoke value. Could you share some of the most notable or unique bespoke commissions from 2024, and how these commissions reflect the region’s growing demand for personalised luxury?
The Middle East remains a very important market for Rolls-Royce Motor Cars, particularly in the realm of bespoke. Every motor car serves as a blank canvas for an
Clients can explore bespoke materials, while advanced technology offers realtime access to Goodwood engineers and craftspeople, allowing them to witness key moments in their motor car’s creation.
This marks the largest investment in Goodwood since its opening in 2003, driven by rising global demand for bespoke and coachbuild commissions. It holds particular importance for the Middle East, a region leading the world in average Bespoke value per motor car. For clients here — who continually seek sophisticated, intricate, and highly personalised designs — this investment ensures RollsRoyce Motor Cars can continue to exceed expectations through enhanced craftsmanship and innovation.
In 2024, the Middle East and Africa region achieved a landmark year for bespoke commissions, reaffirming its pivotal role in Rolls-Royce’s success. To support this demand, the expanded Goodwood facilities will provide the Bespoke Collective — our expert team of designers, engineers, and craftspeople — with the resources and space to realise ever more ambitious and intricate creations.
This investment underscores RollsRoyce’s commitment to its Middle Eastern clients, whose creativity and ambition inspire the marque.
The past year has been a record-breaking one for sales in the region, with notable demand for models like the Spectre, Cullinan Series II, and Phantom. What trends do you see shaping the luxury automotive market in this region in the coming years, and how is RollsRoyce Motor Cars adapting to these evolving client preferences?
This surge underscores key trends shaping the region’s luxury automotive market, particularly the growing demand for highly personalised motor cars. Clients
increasingly view bespoke features as meaningful expressions of their identity, creativity, and heritage — a trend expected to drive the market in the coming years.
A notable shift is the rise of younger, self-made clients who seek modern luxury through innovative design and exclusive personalisation. For them, the commissioning process is a creative journey – an opportunity to craft a masterpiece that reflects their personal story and ambitions.
In response, the significance of expanding the Home of Rolls-Royce at Goodwood equips the Bespoke Collective to deliver increasingly complex and ambitious commissions, ensuring clients continue to immerse themselves in the world of Rolls-Royce.
Our digital dialogue is also enhancing client engagement. Our invitation-only Whispers app, which saw a 55 per cent increase in membership globally in 2024, provides clients with exclusive access to insights, networking opportunities, and direct communication with senior executives. This deepens the relationship between Rolls-Royce and clients who value both immersive physical experiences and curated digital services. As demand for bespoke increases and high-value luxury
experiences continue to grow, Rolls-Royce is uniquely positioned to lead. Through expanded bespoke capabilities, immersive showrooms, and personalised client services, we offer unparalleled opportunities for clients across the region to realise their most ambitious visions.
Tell us about the company’s strategy around electric vehicles and sustainability.
Rolls-Royce Motor Cars is mindful of everything we do — from our unparalleled design, craftsmanship and attention to detail, to our relationships with clients, employees, suppliers and local communities; we strive to reduce the environmental impacts of our design, engineering and manufacturing processes.
Our journey towards the electrification of our product range began with the launch of Spectre in 2023. It has proven that electric drive is perfectly suited to Rolls-Royce: our clients confirm that Spectre’s specially engineered electric drivetrain amplifies the attributes we are most famous for — silence, waftability, effortless power and the world-famous ‘magic carpet ride’.
We recognise that consumer demand for electric vehicles has changed within the automotive sector, but Rolls-Royce is a luxury house and therefore insulated from the mass-market trends.
As a client-led organisation we will continue to monitor the feedback from our clients. However, our electrification strategy has not changed. It is evident that electrification perfectly suits our brand and that is our clear direction of travel. Sales of Spectre show this clearly: in 2024, Spectre was the second best-selling model globally.
A Life Worth Living
Read Bilal Hafeez’s Extraordinary Story of Living with Cerebral Palsy
ON THE HIGH ROAD
FROM CUSTOMISATION TO GROWTH PLANS, PAUL O’CALLAGHAN, GENERAL MANAGER OF HARLEY-DAVIDSON IN ABU DHABI AND DUBAI, SHARES INSIGHTS INTO THE BRAND
BY NEESHA SALIAN
Harley-Davidson has a strong community spirit. What fosters this deep sense of camaraderie among riders?
Harley-Davidson riders transcend social classes. The moment someone puts on their helmet and jumps on a bike — whether it’s an old or new Harley — the passion for riding unites them. This shared enthusiasm creates a brotherhood and sisterhood that makes Harley-Davidson more than just a brand; it’s a way of life. Over generations, this sense of belonging has only grown stronger, binding people together through their love for the open road and social connection.
How would you describe the HarleyDavidson personality?
Harley-Davidson is open to everyone. It’s inclusive, welcoming, and transcends boundaries, uniting communities through a shared passion for riding.
How has Harley-Davidson evolved in the region? What trends are shaping customer demographics?
Dubai has transformed significantly over the last 30 years, and we’ve adapted alongside it. The demographic has widened with more international workers and expats embracing the brand. Locals, too, appreciate Harley-Davidson as both a lifestyle symbol and a collector’s item.
Not everyone is a rider — some are enthusiasts or are collectors. As our original customers age, we’re continuously engaging younger generations. Female riders have also become a major part of our community, marking a significant shift over the years. Harley-Davidson welcomes everyone, and we’ve evolved to reflect that.
How strong is the Harley-Davidson community in the UAE?
Incredibly strong. The Harley Owners
Group (H.O.G.) has well-supported chapters in Dubai and Abu Dhabi. The Enigmas Motorcycle Club, who helped launch our latest initiative, Mid-Life Check, are another key part of this vibrant riding culture.
How has 2024 been for Harley-Davidson in the region, and what are your expectations for 2025?
The year 2024 has been a solid one — revenues and market share are up. But there’s always room for growth. We’re gearing up for an exciting 2025, with new models launching soon. Our upcoming open house will showcase these next-generation bikes.
What is your focus for leading HarleyDavidson forward?
My focus is on brand awareness, partnerships, and expanding our customer base. It’s not just about selling bikes; it’s about
embedding the brand into everyday life — through riding, fashion, and accessories.
We’re exploring new ways to market the non-riding aspects of Harley-Davidson, making it more accessible in Dubai’s lifestyle scene.
Beyond bike sales, our used service park is crucial. We want to recapture service opportunities, especially during Dubai’s quieter summer months. Many customers travel, so we offer a service where we upgrade, customise and detail their bikes while they’re away, ensuring they return to a refreshed ride.
How important is customisation for your customers?
Customisation is at the heart of HarleyDavidson. Every bike has the potential to be one-of-a-kind. Our specialists guide customers through their customisation
“The year 2024 has been a solid one — revenues and market share are up. But there’s always room for growth. We’re gearing up for an exciting 2025, with new models launching soon. Our upcoming open house will showcase these next-generation bikes.”
journey, ensuring modifications suit their style and needs. It’s more than selecting parts from a catalogue — it’s about crafting a personal connection with the bike. We also work to break down barriers, making our space welcoming, especially for female riders entering what was traditionally seen as a male-dominated arena.
What would you recommend to someone new to Harley-Davidson who wants to start riding?
It depends on their experience. If they’re new to riding, we suggest something light, agile, and affordable to ease them into the brand. If they have riding experience, we tailor recommendations based on their style — whether touring, cruising, or adventure riding.
Which Harley-Davidson models are most popular in the UAE?
Our touring models are a favourite. These big bikes are built for long journeys,
equipped with satellite navigation, Bluetooth, large displays, and premium sound systems — perfect for exploring the open road with comfort and style.
What’s your favourite Harley-Davidson model?
The Softail Breakout. It’s been my go-to bike since its launch, and it still is.
Paul O’Callaghan
“THE GROWTH IN THE NUMBER OF SMES AND THE EVENTUAL NEED FOR THEM TO TRANSITION CREATE TREMENDOUS OPPORTUNITY. A SINGLE SEARCH FUND IS ONLY LOOKING FOR ONE BUSINESS TO ACQUIRE AND THE INCREASING NUMBER OF SMES MAKE BOTH MARKETS ATTRACTIVE.”
of these businesses will eventually need a succession solution. Search funds provide a mechanism for those owners who need a succession solution, for whatever reason, while preserving the legacy of what they had originally built.
How do search funds differ from private equity or venture capital?
Search funds, private equity (PE), and venture capital (VC) take distinct investment approaches, each targeting different types and stages of businesses. VC focuses on startups and early-stage companies, raising capital per round and avoiding debt. Founders typically remain post-investment. PE raises capital to acquire mid-tolarge, mature, or distressed businesses, often using high levels of debt. PE firms may replace or retain existing management. Both PE and VC often operate in a fund structure, with each fund investing in 10-20 companies.
Search Funds differ by targeting a single small, stable business, often from family owners without a succession plan. The searcher becomes CEO post-acquisition, while the seller’s role varies based on their goals. Unlike VC, which prioritises founders, or PE, which emphasizes financials, Search Funds combine both — where the searcher’s background and the company’s financials are equally critical to success.
What are the key benefits for investors and business owners?
Search funds provide a mechanism for owners to exit a business to a small group that wants to continue to build on what the owners had developed, for the long-term. They will often retain the original brand,
employees, and thus help keep the legacy of what the first owner built alive.
According to a Stanford GSB study on search funds, for investors, they have on average delievered a roughly 35 per cent IRR and 5x multiple on invested capital. While the search fund asset class is still very small relative to VC and PE, that strong return profile is driving significant interest in the space.
How does Oryx Legacy tackle business succession challenges in the GCC?
Oryx Legacy, along with the other two search funds in the region, Gulf Succession and OxMar Partners, provides business owners with a partner that they can work with to exit their business. The unfortunate fact is that there are not many options to work with to exit a business in the region, despite the fact that many owners have dedicated their careers to building a great business that they would like to see continue to prosper. I know I speak for all other searchers in the region in saying that we want to be that option for business owners looking to transition.
What types of businesses do search funds typically target in the region?
As the search fund model is new in the region, there have not been any deals that
have closed here. Globally however, search funds typically target B2B and sometimes B2C service businesses in stable, non-cyclical industries like healthcare, education, HVAC, animal care, manufacturing, and building services, among others.
The most important aspect of a search fund acquisition is less the sector but rather the financial and business model characteristics of the business. We target businesses that are cash flow positive, already have a clearly defined niche and value proposition, but are too small from a valuation standpoint for larger private equity buyers. The hope is that these businesses are also less risky, because they already generate cash and no longer face startup risk.
Why are family-owned businesses without a succession plan a prime focus?
The “silver tsunami” of retirees in most markets around the world, and the need for them to pass on their life’s work to the next generation, is creating the largest wealth transfer in human history. While it is a different market, by way of example, nearly a quarter of small businesses in the United States are owned by people 65 and older.
Family-owned businesses are typical targets because they’re often at the right size for a search fund, have often identified a clear business model, generate robust cash flows, and in many cases have heirs who have found different passions and don’t want to take over the business. That said, businesses owned by a group of friends in a club, for example, are also candidates.
How do SME growth trends in the UAE and Saudi Arabia create opportunities for search funds?
The growth in the number of SMEs and the eventual need for them to transition create tremendous opportunity. A single search fund is only looking for one business to acquire and the increasing number of SMEs make both markets attractive. Both the UAE and Saudi Arabia have government-led mandates to improve the robustness of the SMB ecosystem, which is also very attractive and encouraging. There are efforts underway to improve access to financing, access to government procurement, and easing the registration process, among others.
