10 Powerful Arabs In Business
These 10 Arab CEOs are heading the Middle East’s biggest sovereign wealth funds and holding companies, making them some of the most powerful business leaders in the region.
These 10 Arab CEOs are heading the Middle East’s biggest sovereign wealth funds and holding companies, making them some of the most powerful business leaders in the region.
Hamed bin Zayed Al Nahyan Abu Dhabi Investment Authority (ADIA)
Al Nahyan has been at the helm of ADIA since 2010. ADIA is Abu Dhabi's largest sovereign wealth fund, with a portfolio diversified across more than 24 asset classes and sub-categories. ADIA's current assets are estimated to be around $580 billion and it has 47 subsidiaries, according to the Sovereign Wealth Fund Institute. Al Nahyan is the son of the late ruler of Abu Dhabi and the U.A.E.'s first president, Sheikh Zayed bin Sultan Al Nahyan, and he is a brother to Sheikh Khalifa bin Zayed bin Sultan Al Nahyan, the current president of the U.A.E.
Yasir Al Rumayyan Public Investment Fund (PIF)
Al Rumayyan is leading PIF towards its goal of more than doubling its assets to over $1 trillion, creating 1.8 million direct and indirect jobs, and contributing $320 billion to the country's non-oil GDP by 2025. PIF's assets under management are estimated to be worth around $400 billion. Al-Rumayyan is the governor of PIF and the chairman of Aramco. He also sits on the boards of several companies, including Uber, Softbank, NEOM, the Red Sea Development Company, and the Saudi Industrial Development Fund. He is also an adviser to Secretariat of the Cabinet of Ministers.
Farouk A. Bastaki Kuwait Investment Authority (KIA)
Bastaki has been the managing director and Group CEO of KIA since 2017, which is the world's fifth largest sovereign wealth fund and the Middle East's second largest by total assets of $533.7 billion. KIA manages two major funds: the General Reserve Fund and the Future Generations Fund. While the assets of the General Reserve Fund are available for use by the State of Kuwait, no assets can be withdrawn from the Future Generations Fund, unless sanctioned by law. Bastaki is also the chairman of the Executive Committee of the Board of Directors of KIA.
Mansoor Al Mahmoud Qatar Investment Authority (QIA)
Al Mahmoud assumed leadership of the $295 billion QIA sovereign wealth fund in 2018 and oversees its workforce of more than 300 employees. QIA acquired an undisclosed stake in German biotech company CureVac as part of a $126 million financing round in July 2020. Al Mahmoud has also been the vice chairman of Qatar Exchange since 2019. He is a member of the QNB board and sits on the boards of both Qatari Diar and Doha Film Institute. He has been a Special Advisor to Qatar Museums' chairperson, Sheikha Al-Mayassa bint Hamad bin Khalifa Al Thani since March 2014.
Khaldoon Al Mubarak Mubadala Investment Company
Al Mubarak has been on the helm of the Mubadala Investment Company since 2002. It's 2019 income was $14.4 billion. A member of the Abu Dhabi Executive Council, Al Mubarak is also the chairman of the Executive Affairs Authority of the Abu Dhabi Government, sits on the board of the newlyformed Supreme Council for Financial and Economic Affairs, and chairs the boards of Emirates Nuclear Energy Corporation, ADCB Group, and Emirates Global Aluminium. He is also chairman of City Football Group, which is 77% owned by Sheikh Mansour bin Zayed Al Nahyan's Abu Dhabi United Group and was valued at $4.8 billion in 2019.
Mohammed Ibrahim Al Shaibani Investment Corporation Dubai (ICD)
ICD posted revenues of $62 billion and a net profit of $6.8 billion in 2019. In the same financial year, the wealth fund reported assets worth $305 billion. It has major holdings in Emirates Group, Dubai Aerospace Enterprise, Emirates NBD, Dubai Islamic Bank, and the Emirates National Oil Company. Al Shabani is also the director-general of HH The Ruler's Court, Government of Dubai. He is chairman of Dubai Islamic Bank, and sits on the boards of Dubai World, and Dubai Aerospace Enterprise. He is also the vice chairman of the Supreme Fiscal Committee of Dubai and Expo 2020's Higher Committee, and chairman of Nakheel.
Mohamed Hassan Alsuwaidi Abu Dhabi Developmental Holding Company (ADQ)
Alsuwaidi has been heading ADQ since May 2019. He is also a board member for Emirates Global Aluminium and Emirates Nuclear Energy Corporation. ADQ has investments in more than 90 companies across different sectors of Abu Dhabi's economy. According to the Sovereign Wealth Fund Institute, ADQ's assets are worth $136 million. Alsuwaidi managed ADQ's $1 billion investment into Lulu International Holdings and the launch of a $299.5 million venture fund at the Abu Dhabi Global Market in 2020. The holding company also acquired a 22% stake in logistics firm Aramex in September 2020.
Abdulsalam Al-Murshidi Oman Investment Authority (OIA)
Al-Murshidi has been at the helm of OIA since its inception in June 2020. It has assets of $17 billion. OIA announced several major projects in 2020, including a five-star hotel in the Mirbat area and another in the Dhofar Governorate. The fund was created by combining the Sultanate's two existing funds: the State General Reserve Fund and the Oman Investment Fund.
Khalid Al Rumaihi Bahrain Mumtalakat Holding Company (Mumtalakat)
Bahrain Mumtalakat Holding Company (Mumtalakat) has assets worth $18.7 billion. In 2020, it donated around $26.3 million to the “Feena Khair” campaign to help combat the impact of COVID-19 in Bahrain. Al Rumaihi also chairs Bahrain Real Estate Investment (Edamah) and the Bahrain Development Bank. Al Rumaihi is also a board member of the World Economic Forum and the National Oil and Gas Authority. Al Rumaihi holds a master's in public policy, specializing in economic development, from Harvard University.
Ayman Soliman The Sovereign Wealth Fund Of Egypt
The Sovereign Fund of Egypt was established in 2018 to attract private investments to Egypt and promote and co-invest in stateowned assets. It has $11.95 billion in assets under management according to the Sovereign Wealth Fund Institute. Soliman has been at the helm of the fund since October 2019, with has over two decades of experience in the investments industry. Before taking on his current role he was the Managing Director and CEO of Gemini Holding, and the head of strategic planning for Orascom Telecom Holding.