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

ORIGIN: SAUDI ARABIA RESIDENCE: SAUDI ARABIA SECTOR: DIVERSIFIED 2023 RANK: 1

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

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

Al-Rumayyan is also the chairman of Saudi Aramco. In 2023, Aramco’s average hydrocarbon production was 12.8 million barrels of oil equivalent per day, including 10.7 barrels per day of total liquids. The company also continues to be rated as the Middle East’s most valuable brand by Brand Finance Global 500 index. Al-Rumayyan, who serves on the boards of Uber and Reliance Industries, also chairs Riyadh Air, which recently marked its first anniversary. The airline is set to launch flights in 2025.

ORIGIN: UAE RESIDENCE: UAE SECTOR: ENERGY 2023 RANK: 2

DR SULTAN AL JABER

MD AND GROUP CEO, ADNOC AND CHAIR, MASDAR

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

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

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

ORIGIN: UAE RESIDENCE: UAE SECTOR: DIVERSIFIED 2023 RANK: 3

HH SHEIKH AHMED BIN SAEED AL MAKTOUM

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

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

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

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

ORIGIN: QATAR RESIDENCE: QATAR SECTOR: DIVERSIFIED 2023 RANK: 4

SAAD SHERIDA AL-KAABI

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

Saad Sherida Al-Kaabi, the president and CEO of QatarEnergy, stands at the forefront of Qatar’s energy sector. Al-Kaabi’s journey began when he joined QatarEnergy as a university student. Since assuming leadership in 2014, he has steered the company towards success, cementing its position as a global leader in liquefied natural gas (LNG) production. Under Al-Kaabi’s guidance, QatarEnergy has executed strategic initiatives to bolster its LNG production capacity and secure long-term partnerships. In October 2023, the company inked a significant LNG sale and purchase agreement with Eni, further solidifying its market presence. One of the pivotal projects overseen by Al-Kaabi is the North Field Expansion, aimed at elevating Qatar’s LNG production capacity to meet surging global demand. With new finds in the North Field and extensive appraisal efforts, QatarEnergy announced the ambitious North Field West project, set to add 16 million tonnes of LNG by 2030. Al-Kaabi also serves as Qatar’s Minister of State for Energy Affairs and holds key positions in prominent organisations such as Industries Qatar and the Qatar Investment Authority. ORIGIN: UAE RESIDENCE: UAE SECTOR: DIVERSIFIED 2023 RANK: 5

KHALDOON KHALIFA AL MUBARAK

MANAGING DIRECTOR AND GROUP CEO, MUBADALA INVESTMENT COMPANY

Khaldoon Khalifa Al Mubarak has spearheaded the Mubadala Investment Company’s impressive evolution over the past two decades. Under his leadership, Mubadala has grown into a formidable $276bn business with a global footprint, boasting assets across more than 50 countries and six international offices. Beyond Mubadala, Khaldoon chairs prominent organisations such as Manchester City FC, Melbourne City FC, and Mumbai City FC. He also serves on the boards of ADNOC, Emirates Nuclear Energy Corporation, Abu Dhabi Commercial Bank, and Emirates Global Aluminium, among others. Mubadala’s recent collaborations underscore its strategic approach to investment diversification and global partnerships. Collaborations with entities such as Goldman Sachs and Apollo Global Management highlight Mubadala’s commitment to exploring new investment avenues, such as private credit opportunities in Asia and the Middle Market Apollo Institutional Private Lending fund. Moreover, Mubadala’s initiatives include the creation of MGX with G42. MGX aims to deploy advanced technologies for society’s advancement.

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Energy 2023 rank: 6

AMIN NASEER

PRESIDENT AND CEO, ARAMCO

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

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

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

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

Origin: UAE Residence: UAE Sector: Real Estate/ Retail 2023 rank: 8

MOHAMED ALABBAR

FOUNDER, EMAAR AND NOON.COM

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

Origin: Lebanon/Mexico Residence: Mexico Sector: Telecoms 2023 rank: 7

CARLOS SLIM HELÚ

HONORARY CHAIRMAN, AMÉRICA MÓVIL

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

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

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

Origin: UAE Residence: UAE Sector: Energy 2023 rank: 10

MOHAMED AL HAMMADI

MANAGING DIRECTOR AND CEO, EMIRATES NUCLEAR ENERGY CORPORATION

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Finance 2023 rank: 9

HRH PRINCE ALWALEED BIN TALAL BIN ABDULAZIZ AL SAUD

CHAIRMAN, KINGDOM HOLDING COMPANY

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

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

Origin: UAE Residence: UAE Sector: Logistics 2023 rank: 11

SULTAN AHMED BIN SULAYEM

GROUP CHAIRMAN AND CEO, DP WORLD

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

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

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

Origin: Qatar Residence: Qatar Sector: Finance 2023 rank: 13

Origin: UAE Residence: UAE Sector: Finance

2023 rank: 14

MANSOOR EBRAHIM AL-MAHMOUD

CEO, QATAR INVESTMENT AUTHORITY

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

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

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

ABDUL AZIZ AL GHURAIR

CHAIRMAN, MASHREQ

Abdul Aziz Al Ghurair is an influential figure in the region’s banking and business circles. Under his guidance, Mashreq has achieved remarkable financial results, with net profit surging to a record Dhs8.6bn for 2023, marking a 130 per cent increase year-on-year.

Stepping beyond the traditional realm of finance, Mashreq under Al Ghurair’s leadership has embarked on innovative ventures to diversify its offerings and enhance its brand presence, including sport sponsorship and digital operations in Pakistan.

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

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

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

Origin: Qatar Residence: Qatar Sector: Finance 2023 rank: 15

ABDULLA MUBARAK AL-KHALIFA

GROUP CEO, QATAR NATIONAL BANK

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

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

Origin: UAE Residence: UAE Sector: Finance 2023 rank: 16

HANA AL ROSTAMANI

GROUP CEO, FIRST ABU DHABI BANK

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

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

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

Origin: UAE Residence: UAE Sector: Finance 2023 rank: 17

MOHAMMED IBRAHIM AL SHAIBANI

MANAGING DIRECTOR, INVESTMENT CORPORATION OF DUBAI (ICD)

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

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

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

Origin: UAE Residence: UAE Sector: Science

& Tech 2023 Rank: 12

SARAH BINT YOUSIF AL AMIRI

CHAIR, UAE SPACE AGENCY

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

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

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

SALEM HUMAID AL MARRI

DIRECTOR GENERAL, MOHAMMED BIN RASHID SPACE CENTRE (MBRSC)

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

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia

Sector: Finance 2023 rank: 19

LUBNA SULIMAN OLAYAN

CHAIRPERSON, SAUDI AWWAL BANK (FORMERLY SAUDI BRITISH BANK)

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

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

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

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

Origin: UAE Residence: UAE Sector: Finance

2023 rank: 20

ESSA KAZIM

GOVERNOR, DIFC

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

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

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

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 21

MOHAMED KHALIFA AL MUBARAK

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Tourism 2023 rank: 22

FAHD HAMIDADDIN

CEO, SAUDI TOURISM AUTHORITY

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: FMCG

2023 rank: 23

HH PRINCE NAIF BIN SULTAN BIN MOHAMMED BIN SAUD AL KABEER

CHAIRMAN, ALMARAI

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Finance 2023 rank: 26

SAEED MOHAMMED AL GHAMDI

CHAIRMAN, SAUDI NATIONAL BANK

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Finance 2023 rank: 24

SARAH AL SUHAIMI

CHAIRPERSON, SAUDI TADAWUL GROUP

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

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

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

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 27

DR RAJA AL GURG

CHAIRPERSON AND MANAGING DIRECTOR, EASA SALEH AL GURG GROUP

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

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

SULTAN ALNEYADI

ASTRONAUT

Sultan AlNeyadi arrived at the International Space Station in March last year, marking the beginning of a six-month mission that would include him becoming the first Arab to carry out a space walk. AlNeyadi became the second Emirati astronaut to travel to space, following Hazza Al Mansoori’s voyage in 2019.

As part of NASA’s SpaceX Crew-6, AlNeyadi collaborated with multiple space agencies on the mission to conduct scientific studies across a range of topics. Upon his return to earth, AlNeyadi was recognised for all his achievements and late last year he became the Minister of State for Youth Affairs in the UAE.

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 28

REEM AL HASHIMY

CEO, EXPO CITY DUBAI AUTHORITY

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

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

Origin: Egypt Residence: UK Sector: Sports 2023 rank: 29

MOHAMED SALAH

FOOTBALLER, LIVERPOOL FC

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Finance 2023 rank: 35

AYMAN MOHAMMED ALSAYARI

GOVERNOR, SAUDI CENTRAL BANK (SAMA)

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

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

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

Origin: UAE Residence: UAE Sector: Tourism/ Diversified

2023 rank: 32

HELAL AL MARRI

DIRECTOR GENERAL, DUBAI’S DEPARTMENT OF ECONOMY AND TOURISM

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

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

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

Origin: Qatar Residence: Qatar Sector: Culture and Society

2023 rank: 33

SHEIKHA AL MAYASSA BINT HAMAD BIN KHALIFA AL THANI

CHAIRPERSON, QATAR MUSEUMS

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

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

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

ELIE HABIB AND EDDY MAROUN

CO-FOUNDERS, ANGHAMI

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Industry 2023 rank: 30

ABDULRAHMAN SALEH AL-FAGEEH

CEO, SABIC

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

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

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

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Diversified 2023 rank: 36

MOHAMMED ABDUL LATIF JAMEEL

CHAIRMAN AND CEO, ABDUL LATIF JAMEEL

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

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

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

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

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

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 37

KHALAF AL HABTOOR

FOUNDING CHAIRMAN, AL HABTOOR GROUP (AHG)

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

Origin: Switzerland Residence: Switzerland Sector: Retail 2023 rank: 38

NAYLA HAYEK

CHAIRPERSON SWATCH GROUP/ PRESIDENT AND CEO OF HARRY WINSTON

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

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Finance 2023 rank: 39

SHEIKH SULAIMAN BIN ABDULAZIZ ALRAJHI

CO-FOUNDER ALRAJHI BANK

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

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

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

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

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 40

MOHAMED ALI AL SHORAFA AL HAMMADI

CHAIRMAN, ABU DHABI DEPARTMENT OF ECONOMIC DEVELOPMENT

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

Origin: Kuwait Residence: Kuwait Sector: Telecoms

2023 rank: 43

BADER NASSER AL-KHARAFI

VICE CHAIRMAN AND CEO, ZAIN GROUP

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Telecoms 2023 rank: 41

OLAYAN MOHAMMED ALWETAID

GROUP CEO, STC GROUP

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

Late last year, stc also acquired a 9.9 per cent stake in Spain’s Telefonica for SAR8.5bn ($2.27bn). The telecoms giant also has more than 47 million subscribers across four countries in the Middle East and Southeast Asia.

Alwetaid headed stc Bahrain before he was appointed group CEO in 2021.

Origin: Kuwait Residence: Kuwait Sector: Retail 2023 rank: 42

MOHAMMED ALSHAYA

EXECUTIVE CHAIRMAN, ALSHAYA GROUP

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

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

Origin: UAE Residence: UAE Sector: Science and technology 2023 rank: 45

FAISAL AL BANNAI

CHAIRMAN, EDGE GROUP

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

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

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

Origin: Egypt Residence: Egypt Sector: Diversified 2023 rank: 44

MOHAMED MANSOUR

FOUNDER AND BOARD MEMBER, MANSOUR GROUP

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

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

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

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

HATEM DOWIDAR

GROUP CEO, E&

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

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

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

Origin: UAE Residence: UAE Sector: Logistics 2023 rank: 47

MOHAMED JUMA AL SHAMISI

MANAGING DIRECTOR AND CEO, AD PORTS GROUP

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

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

Origin: Egypt Residence: Egypt Sector: Finance 2023 rank: 48

KARIM AWAD

GROUP CEO AND CHAIRMAN OF THE EXECUTIVE COMMITTEE, EFG HOLDING

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

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

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

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

Origin: Oman Residence: Oman Sector: Finance 2023 rank: 49

MOHAMMED BIN MAHFOODH ALARDHI

EXECUTIVE CHAIRMAN, INVESTCORP

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

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

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

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

NASSEF SAWIRIS

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

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

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

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

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

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

KHALID AL RUMAIHI

CHAIRMAN, ALBA

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

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

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

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

Origin: Qatar Residence: Qatar Sector: Telecoms 2023 rank: 56

AZIZ ALUTHMAN FAKHROO

MANAGING DIRECTOR AND CEO, OOREDOO

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

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

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

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

Origin: Egypt Residence: Egypt Sector: Diversified 2023 rank: 53

NAGUIB SAWIRIS

MANAGING DIRECTOR AND CEO, ORASCOM INVESTMENT HOLDING

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

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

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

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

Origin: Bahrain Residence: UAE Sector: Aviation 2023 rank: 54

ADEL ABDULLA ALI

GROUP CEO, AIR ARABIA

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

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

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

Origin: UAE Residence: UAE Sector: Tourism 2023 rank: 60

ISSAM KAZIM

CEO, DUBAI CORPORATION FOR TOURISM AND COMMERCE MARKETING

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

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

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

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

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

Origin: UAE Residence: UAE Sector: Finance

2023 rank: 59

ALA’A ERAIQAT

GROUP CEO, ABU DHABI COMMERCIAL BANK (ADCB)

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

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

The group’s annual profit jumped 28 per cent to Dhs8.21bn in 2023 while its total assets grew from Dhs498bn in 2022 to Dhs567bn in 2023, driven by higher interest and financing income, as well as a one-off gain from the sale of its property unit.

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

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

Origin: UAE Residence: UAE Sector: Retail 2023 rank: 57

MOHAMMAD A BAKER

DEPUTY CHAIRMAN AND CEO, GMG

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

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

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

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 58

MOHAMMAD ALI BIN RASHED LOOTAH

PRESIDENT AND CEO, DUBAI CHAMBERS

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

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

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

Origin: UAE Residence: UAE Sector: Aviation 2024 rank: 65

GHAITH AL GHAITH

CEO, FLYDUBAI

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

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

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

Origin: UAE Residence: UAE Sector: Industries 2023 rank: 63

ABDULLA JASSEM KALBAN

MANAGING DIRECTOR AND CEO, EMIRATES GLOBAL ALUMINIUM (EGA)

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

He is spearheading the construction of the UAE’s largest aluminium recycling facility in Al Taweelah. The 170,000 tonnes per year facility is expected to be built within three years and will supply recycled metal under the product name RevivAL. EGA agreed to acquire 100 per cent of German aluminium recycling firm, Leichtmetall Aluminium in March. The deal, which is the company’s first major acquisition since its formation in 2014, is expected to close during the first half of 2024.

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

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

Origin: Kuwait Residence: Kuwait Sector: Diversified

2023 rank: 61

KUTAYBA YUSUF ALGHANIM EXECUTIVE CHAIRMAN, ALGHANIM INDUSTRIES

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

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

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

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

Origin: Lebanon Residence: Lebanon Sector: Culture and Society 2023 rank: 62

ELIE SAAB

FASHION DESIGNER

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

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

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

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

Origin: Kuwait Residence: Kuwait Sector: Energy

2023 rank: 66

WADHA AHMED AL-KHATEEB

CEO, KUWAIT NATIONAL PETROLEUM COMPANY

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

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

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

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

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

Residence: UAE

Sector: Retail 2023 rank: 64

MONA ATAYA

FOUNDER AND CEO, MUMZWORLD

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

She plans to expand the digital healthcare platform’s operations into the UAE in Q1 2024. Before being an entrepreneur, Ataya worked for several multinational companies including Procter & Gamble and Johnson & Johnson. Ataya co-founded Mumzworld in 2011, but prior to establishing the e-commerce platform, she was part of a group of entrepreneurs who founded the job portal and online recruitment platform Bayt.com.

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

Origin: UAE Residence: Kuwait Sector: Real Estate 2023 rank: 67

HESHAM AL QASSIM

CEO, WASL ASSET MANAGEMENT

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

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

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

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

Origin: Mauritania Residence: UAE Sector: Culture and Society 2023 rank: 68

SHEIKH ABDULLAH BIN BAYYAH

CHAIRMAN, UAE FATWA COUNCIL

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

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

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

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

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

TAREK SULTAN

CEO AND VICE CHAIRMAN, AGILITY

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

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

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

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

Agility plans to list its operations and assets management unit, Agility Global, on the Abu Dhabi Securities Exchange. Sultan sits on the board of DSV A/S, and the World Trade Organisation’s Business Advisory Group.

Origin: UAE Residence: UAE Sector: Finance 2023 rank: 73

KHALED MOHAMMED BALAMA

GOVERNOR, CENTRAL BANK OF THE UAE (CBUAE)

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

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

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

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 69

BADR JAFAR

CEO, CRESCENT ENTERPRISES

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

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

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

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

Origin: UAE/ Bahrain Residence: UAE Sector: Diversified 2023 rank: 70

MISHAL KANOO

CHAIRMAN, THE KANOO GROUP

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

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

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

Origin: Oman Residence: Oman Sector: Diversified 2023 rank: 71

SHEIKHA AMAL SUHAIL BAHWAN

VICE CHAIRPERSON, SUHAIL BAHWAN GROUP

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

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

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

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

Origin: Qatar Residence: Qatar Sector: Aviation

BADR MOHAMMED AL MEER

GROUP CEO, QATAR AIRWAYS

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

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

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

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

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

Origin: Jordan Residence: UAE Sector: Finance/ Logistics 2023 rank: 74

FADI GHANDOUR

EXECUTIVE CHAIRMAN WAMDA/CO-FOUNDER, ARAMEX

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

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

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

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

Origin: Oman Residence: Oman Sector: Energy 2023 rank: 75

MAZIN RASHID LAMKI

CEO, ENERGY DEVELOPMENT OMAN

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

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

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

Origin: UAE Residence: UAE Sector: Real Estate 2023 Rank: 81

HUSSAIN SAJWANI

FOUNDER AND CHAIRMAN, DAMAC PROPERTIES

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Sport

FAHAD BIN NAFEL

PRESIDENT, AL HILAL SFC

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

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

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

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

Origin: Palestine Residence: US Sector: Culture and Society 2023 rank: 76

DJ KHALED

MUSICIAN

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

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

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

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

Origin: Kuwait Residence: Kuwait Sector: Finance 2023 rank: 79

SHAIKHA KHALED AL BAHAR

DEPUTY GROUP CEO, NATIONAL BANK OF KUWAIT (NBK)

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

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

Shaikha has been instrumental in positioning NBK as the largest financial institution in Kuwait along with earning accolades such as ranking among the world’s top safest banks. She is a strong proponent of women empowerment in the world of finance and the corporate structure. She is credited with the launch of ‘NBK Rise’, a first-of-its-kind global women’s leadership initiative that advocates for greater boardroom diversity.

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

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

Origin: Tunisia Residence: Tunisia Sector: Sports 2023 rank: 83

ONS JABEUR

TENNIS PLAYER

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

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

Origin: Morocco Residence: Morocco Sector: Finance 2023 rank: 85

OTHMAN BENJELLOUN

CHAIRMAN AND CEO, BMCE BANK OF AFRICA

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

Benjelloun’s illustrious career has seen the market capitalisation profits of the banking aspect of his business touch $4bn and he is among the richest businessmen in Africa. Through his holding company FinanceCom, he also owns a stake in the Moroccan arm of French telecom firm Orange.

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 78

DR AMINA AL ROSTAMANI

COO, AW ROSTAMANI GROUP

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

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

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

Origin: Syria

Residence: UAE

Sector: Retail 2023 rank: 80

RONALDO MOUCHAWAR

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

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

Following Souq's acquisition by Amazon in 2017, Mouchawar has been at the helm of the company's regional expansion. His strategic focus has revolved around integrating Souq and Amazon offerings, ensuring localised services, fostering a trusted online shopping environment, and continuously enhancing the product range while maintaining competitive pricing and swift delivery. Mouchawar's leadership saw the introduction of Amazon Prime in the UAE in 2019, followed by the launch of Amazon.sa in Saudi Arabia in 2020.

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

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

MOHAMMED ABU GHAZALEH

CHAIRMAN AND CEO FRESH DEL MONTE PRODUCE

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

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

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

Origin: UAE Residence: UAE Sector: Diversified 2023 rank: 86

JUMA AL MAJID

FOUNDER, JUMA AL MAJID GROUP

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

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

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

Origin: UAE Residence: UAE Sector: Diplomacy 2023 rank: 87

LANA NUSSEIBEH

UAE’S AMBASSADOR AND PERMANENT REPRESENTATIVE TO THE UNITED NATIONS

Lana Nusseibeh has served as the UAE’s Ambassador and Permanent Representative to the United Nations since September 2013.

Nusseibeh has held a long list of key diplomatic positions over the past decade.

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

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

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

Origin: Saudi Arabia/ Ethiopia Residence: Saudi Arabia Sector: Diversified

2023 rank: 88

MOHAMMED HUSSEIN ALI AL AMOUDI

OWNER, MIDROC

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

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

Origin: Iraq/US Residence: UAE Sector: Culture and Society 2023 rank: 90

HUDA KATTAN

FOUNDER, HUDA BEAUTY

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

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

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

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Space 2023 rank: 82

RAYYANAH BARNAWI

ASTRONAUT

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

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

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

Origin: US/Egypt Residence: US Sector: Culture and Society 2023 rank: 96

RAMI MALEK

ACTOR

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

Origin: UAE Residence: UAE

Sector: Diversified 2023 rank: 89

ZAID S AL KHAYYAT

MANAGING DIRECTOR, AL KHAYYAT INVESTMENTS

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

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

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

Origin: Bahrain Residence: Bahrain Sector: Diversified 2023 rank: 92

MONA ALMOAYYED

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

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

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

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

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

Origin: UAE Residence: UAE Sector: Finance

DR MARYAM AL SUWAIDI

CEO, SECURITIES & COMMODITIES AUTHORITY

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

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

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

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

Origin: Morocco Residence: Morocco Sector: Finance

2023 rank: 94

NEZHA HAYAT

CHAIRPERSON AND CEO, MOROCCAN CAPITAL MARKET AUTHORITY

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

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

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

In 2017, Nezha was elected vice-chair of the Africa and Middle East Committee (AMERC) within the International Organisation of Financial Market Regulators (IOSCO) for the remaining 20162018 term, and since March 2020, she was elected twice as Chair of the AMERC for the terms 2020-2022 and 2022-2024. She has been awarded the King of Spain and the King of Morocco, for her commitment and work in favor of strengthening Morocco-Spain economic relations.

Origin: Egypt Residence: Egypt Sector: Culture and Society 2023 rank: 95

AMR DIAB

SINGER AND COMPOSER

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

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

Origin: UAE Residence: UAE Sector: Diversified

OMAR AL FUTTAIM

VICE CHAIRMAN AND CEO OF AL-FUTTAIM GROUP

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

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Finance

NADIR AL-KORAYA

CEO OF RIYAD BANK

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

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

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

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

Origin: Jordan Residence: UAE Sector: Culture and Society 2023 rank: 98

RAED BARQAWI

EDITOR IN CHIEF, AL KHALEEJ NEWSPAPER

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

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

He has also authored Dare to Dream: How Sheikh Mohammed bin

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

Origin: UAE Residence: UAE Sector: Space

NORA ALMATROOSHI

ASTRONAUT

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

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

Origin: Palestine Residence: US Sector: Culture and Society

MO AMER

COMEDIAN, WRITER AND PRODUCER

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

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

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

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

Origin: Saudi Arabia Residence: Saudi Arabia

Sector: Sports 2023 rank: 99

REEMA JUFFALI

RACING DRIVER

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

Juffali is a Jeddah-born professional racing driver and the founder of Theeba Motorsport. From a young age, Juffali developed a keen interest in cars and began her career with appearances in the TRD 86 Cup and MRF Challenge in 2018, before switching to the UK to contest the F4 British Championship in 2019.

She previously joined Douglas Motorsport for the 2021 GB3 Championship. Following this, Juffali founded Theeba Motorsport, and the team achieved victory on debut in the 2022 International GT Open series, making Juffali the first Saudi woman to win an international race. Juffali has established herself as a role model to female athletes in Saudi Arabia and female racing drivers across the world.

Origin: Saudi Arabia Residence: Saudi Arabia Sector: Culture and Society

ZENA EMAD

SINGER

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

Zena’s debut single ‘Love is All Around’ earned her critical acclaim, landing her a nomination for best new artist at the 2021 Grammy Awards. Additionally, she has been featured in various publications such as Rolling Stone and Billboard Magazine. Spotify had Emad as its ambassador for the month of September 2023 and her single was also featured on several Spotify playlists. Her international collaborations have made her a standout in the Saudi music industry and has amassed over two million followers on Instagram.

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