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Graduate Housing Statistics 2023-24

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General Housing Statistics

Approximately 4,825 graduate students live in on-campus housing and about 1,138 are assigned to subsidized off-campus apartments this year.

Assignment Round Statistics

Statistics will be added throughout the year as the assignment rounds are completed.

  View historical graduate housing assignment statistics.

2023-24 First Round Summer Quarter Assignment Results

Overall first-round summer quarter statistics.

In the 2023-24 first round of the Graduate Housing summer assignments, there were a total of 502 students who applied for Graduate Housing. After the first round, there were a total of 18 unassigned students (1 single graduate student, 12 couples without children, and 5 students with children). For more details, see below.

2023-24 Spring Rolling Assignment Results

2023-24 First Round Spring Quarter Assignment Results

Overall first-round spring quarter statistics.

In the 2023-24 first round of the Graduate Housing spring assignments, there were a total of 103 students who applied for Graduate Housing. After the first round, there were a total of 15 unassigned students (1 new students with high priority, 4 continuing doctoral students with medium priority, 1 second year master's student with low priority, and 9 non-matriculated students). For more details, see below.

All Graduate Students

By Housing Category

2023-24 Winter Rolling Assignment Results

2023-24 First Round Winter Quarter Assignment Results

Overall first-round winter quarter statistics.

In the 2023-24 first round of the Graduate Housing winter assignments, there were a total of 228 students who applied for Graduate Housing. After the first round, there were a total of 44 unassigned students (3 new students with high priority, 5 continuing doctoral students with medium priority, 2 second year master's student with low priority, 1 continuing students without priority and 33 non-matriculated students). For more details, see below.

2023-24 Autumn Rolling Assignment Results

2023-24 Second Round Autumn Quarter Assignment Results

Overall second-round lottery statistics.

In the second-round 2023-24 Lottery, there were a total of 364 students who applied for Graduate Housing and 585 who applied for reassignment. After the second round, there were a total of 164 unassigned students (23 new students, 36 continuing doctoral students with medium priority, 58 continuing students with low priority and 47 continuing students without priority years). For more details, see below.

All Graduate Students Seeking Assignment

Student Seeking Assignment By Housing Category

Student Seeking Reassignment By Housing Category

*Non-matriculated students were not eligible to apply for graduate housing in the Second Round Lottery for Single Graduate and Couples Without Children housing.

2023-24 First Round Autumn Quarter Lottery Assignment Results

Overall First-Round Lottery Statistics

In the 2023-24 Lottery, there were a total of 7,142 students who applied for Graduate Housing. After the first round, there were a total of 294 unassigned students (24 new students, 64 continuing doctoral students with medium priority, 108 continuing students with low priority and 98 continuing students without priority years). For more details, see below.

*Non-matriculated students were not eligible to apply for graduate housing in the First Round Lottery for Single Graduate and Couples Without Children housing.

Historical Graduate Housing Assignment Statistics

2022-23 Graduate Housing Statistics

2021-22 Graduate Housing Statistics

2020-21 Graduate Housing Statistics

2019-20 Graduate Housing Statistics

2018-19 Graduate Housing Statistics

2017-18 Graduate Housing Statistics

2016-17 Graduate Housing Statistics

2015-16 Graduate Housing Statistics

2014-15 Graduate Housing Statistics

2013-14 Graduate Housing Statistics

2012-13 Graduate Housing Statistics

2011-12 Graduate Housing Statistics

OAE Summer Office Hours*

*Monday, June 24 - Friday, August 30, 2024

Monday - Thursday: 9am - 12pm & 1pm - 4pm

Friday: 9am - 1pm

The OAE Graduate Housing Lottery

Main navigation, the oae graduate housing lottery timeline.

• Friday, 29 March 2024: The Summer 2024 and Academic Year (AY) 2024-25 OAE Graduate Lottery Housing Accommodation Request Form (HARF) opens in  OAE | CONNECT
• Wednesday, 3 April 2024: Summer 2024 and AY 2024-25 housing applications open in  Axess
• Deadline: HARFs for Summer 2024 and AY 2024-2025
• Deadline: housing applications for Summer 2024 and AY 2024-2025 due in  Axess
• Saturday, 25 May 2024: All   Graduate Lottery results - including disability accommodation assignments - released by Housing Assignment Services

Please note:  HARFs and Axess applications received after their respective deadlines may not be processed in time for OAE assignments. If you have an accommodation request that comes in after the deadline, or if your accommodation request is not substantiated by documentation in time for the deadline, your accommodations will not be implemented until the summer re-assignments round or thereafter on a rolling, as available, basis. 

Frequently Asked Questions

What's the graduate housing assignment lottery, what's the oae graduate housing assignment lottery.

• How do I enter The OAE Lottery?

When is The OAE Lottery Deadline?

Can i apply with friends and still take part in the oae lottery, what should friends know about joining me in the oae lottery, can i take part in the oae lottery and the standard lottery, how do i know what my approved disability-related accommodations are.

• Why is The OAE Lottery Deadline so early?
• What if I missed The OAE Lottery Deadline? 

R&DE Student Housing uses a lottery to assign housing to graduate students. You are assigned according to (1) your assignment priority level , (2) a random lottery number and (3) your housing choices.

It is known by a variety of names - The Grad Lottery, The Housing Lottery, The Lottery - and takes place each spring for assignments during Summer Quarter and the following academic year.

Return to top of FAQs

The OAE and R&DE Student Housing use a parallel process to assign housing to graduate students who need disability housing accommodations for themselves, their spouse, partner, or child. You are assigned according to (1) OAE approved disability-related accommodations, (2) your assignment priority level , (3) a random lottery number and (4) your housing choices.

You'll see this referred to as The OAE Grad Housing Lottery, The OAE Graduate Lottery, The OAE Grad Lottery, The OAE Lottery, etc.

How do I participate in The OAE Lottery?

• Be registered with the OAE;
• Have documentation on file;
• Submit an OAE Lottery Housing Accommodation Request Form (HARF) in OAE | CONNECT  by the OAE Graduate Lottery deadline; and
• Submit a graduate housing application in Axess by the OAE Graduate Lottery deadline.

The OAE Graduate Lottery deadline changes annually, but is typically two weeks prior to the close of the standard First Round Lottery period. This is published in the Timeline  above.

Yes, you can apply for housing with friends in Axess  and participate in the OAE Graduate Lottery to have your disability-related accommodations met. See  Applying with Friends In Graduate Housing  for details on group sizes, group retention, and other aspects of applying as a group.

When you apply with friends, it's your responsibility to explain:

• They will not automatically be assigned along with you if their priority level  does not warrant the same assignment;
• Only the housing choices listed on your housing application in Axess will be considered; and 
• They will be assigned to a space that meets your accommodation needs, even if that space (e.g., an apartment type or building) is ranked lower on their list.

Make sure they consent to take part in the OAE Grad Lottery with you. Share this page:  Applying with a Friend in The OAE Graduate Housing Lottery . Here's an easy url:  bit.ly/OAE-lottery-friend .

Since The Lottery and The OAE Lottery are parallel processes, you (and your group members) can participate one  or the other - not both. Being a part of the OAE Lottery means relinquishing the right to participate in the standard First Round Lottery.

Your Disability Adviser at the OAE will send a notice of your approved housing accommodations via email, no later than five business days after the OAE Lottery Deadline. Any questions, concerns, or appeals for reconsideration should be articulated right away. 

Why is The OAE Lottery Deadline so early?  

In order to ensure that facilities modifications, specific room configurations, and other disability-related needs are met, The OAE Graduate Lottery assignments are determined ahead of the standard First Round Lottery results.

What if I missed The OAE Lottery Deadline?  

After the published OAE Grad Lottery deadline, all disability-related housing accommodation requests are reviewed by the OAE on a rolling basis and implemented by Student Housing as space becomes available. Groups are not considered after The OAE Lottery deadline.

Here’s how the neighborhood assignment process actually works

After Stanford announced its implementation plan for neighborhoods — the hallmark of the University’s ResX initiative that seeks to reimagine the residential experience — many students were left with lingering questions about how the system will work. As the April 25 neighborhood application deadline rapidly approaches, The Daily sought out to answer the community’s most pressing questions, from what a neighborhood actually is to how the neighborhood assignment application differs from pre-assignment, living complex and room selection. So, here’s everything you need to know as you apply for your neighborhood. 

First, what actually is a neighborhood? 

Your neighborhood, which is intended to be your home for the rest of your time as a Stanford undergraduate, is a collection of residential buildings and students in which and with whom you can live. Undergraduate students will be divided into eight neighborhoods — temporarily named with the letters S, T, A, N, F, O, R and D — each of which includes a combination of frosh and multi-year residences, University Theme Houses (UTH), Row houses, Greek houses, cooperatives, apartment-style residences and housing options for students with disability-related accommodations. You can view a map of the neighborhoods and learn more about each one here .

With the intention of building a tight-knit community, each neighborhood will also have a professional staff, a community council and community gathering spaces. According to Residential and Dining Enterprises (R&DE) spokesperson Jocelyn Breeland and Senior Director of Communications for Student Affairs Pat Harris, R&DE and Residential Education are still ironing out the details of these resources. Each neighborhood will also have its own Neighborhood Theme Houses , which will only be open to students in that neighborhood. And, though each neighborhood will have its own dining options , students will be able to access all dining halls regardless of their neighborhood assignment. 

How does the neighborhood application process work? 

You can apply for your neighborhood, which requires ranking all eight neighborhoods in order of preference, as an individual or in a group of up to eight peers. Groups can consist of students from multiple class years. If you choose to apply in a group, your group will be assigned a unique name and code. Each member of the group must fill out an individual application using the group name and code, but only the student who is the creator of the group can rank neighborhoods and edit the rankings up until the April 25 application deadline. Neighborhood assignments will be announced on Friday, May 21. 

Is applying for your neighborhood the same as applying for housing? 

No. Applying for your neighborhood is the first step of a three-step housing assignment process. Your neighborhood assignment indicates which Stanford residences are available to you (remember, you can only live in buildings and with people in your neighborhood, unless you live in a UTH or serve in a student staffing role). 

Starting in mid-June, you will be able to complete the residence selection process, in which you will rank residences in your neighborhood. This is also when you can complete the pre-assignment process if you want to live in a cultural, ethnic or academic theme house, cooperative, Row house or Greek house, and it’s when ResEd will select student staff . If you need medical housing accommodations, this is when you should file a request with the Office of Accessible Education. Finally, in August, you will be able to select your room in your assigned residence — the last step of the assignment process. 

So if I complete the neighborhood application with a group, does my roommate need to be included in that group? 

Nope! While your roommate can be among the people with whom you apply for your neighborhood, they do not have to be. Remember: You can only live with people within your assigned neighborhood (except if student staffing or living in a UTH), so your roommate can be anyone who is also in your neighborhood.

During the residence selection process, “you may apply with the same group that submitted a neighborhood application together, or you can form a new group,” Breeland and Harris wrote in a statement to The Daily.

Who will be given priority assignment, and how will class year be defined for those who took time off from school this past year? 

Stanford’s housing system categorizes students based on cohort year (the year they came to Stanford), so students who took time off this past year will still be considered members of their original cohort. Neighborhood assignments will be made with the help of randomly generated numbers, though they will not be the only guiding factor. The University has said that their primary goal is to keep friend groups together and ensure that class cohorts are evenly distributed across all eight neighborhoods. So, if you choose to apply to a neighborhood with a group of students in multiple class years, this will not necessarily put you at a disadvantage, according to Breeland and Harris. Class year priority will become relevant during the residence and room selection processes, in which seniors will receive top priority, followed by juniors and then sophomores.

What if I want to live in a University Theme House (UTH)? 

You may live in a UTH regardless of whether it is located in your neighborhood. So, if you are in Neighborhood S but want to live in an ethnic theme house located in Neighborhood T, you can do that ! You are permitted to live outside of your neighborhood for up to two years, unless you have a staff assignment or hold an executive leadership position in a Greek organization. Students should apply to live in a UTH during the pre-assignment process, which will take place after neighborhood assignments are completed. 

“As you consider which neighborhoods to rank, please keep in mind that all of the UTHs will be 100% preassigned and open to students from all neighborhoods,” Breeland and Harris wrote. “Therefore, students should not rank neighborhoods based on theme programs as they will always be eligible to preassign into all theme programs.”

What if I don’t like my neighborhood? Can I switch?

If you aren’t happy with your neighborhood assignment, you can try to switch neighborhoods, though the process for switching will not be formalized until next spring, according to Breeland and Harris. Though you can switch neighborhoods, keep in mind that you will receive the lowest priority within your class cohort for housing assignment. 

What is going on with EVGR-A and Mirrielees? 

Both Escondido Village Graduate Residences Building A (EVGR-A) and Mirrielees House offer apartment-style living, which, because it is highly sought after by upperclassmen, is distributed across all eight neighborhoods. 

“We wanted to be sure that every neighborhood had some portion of Mirrielees and EVGR-A, so upperclass students can continue to be a part of their assigned neighborhoods, while enjoying these more independent living options,” Breeland and Harris wrote. They said that each neighborhood will have a wing(s) and/or floor(s) of EVGR-A and Mirrielees. EVGR-A will continue to be used for undergraduate housing next year to accommodate a nearly 400-student increase in the Class of 2025.

I’m a sophomore who hasn’t been to campus yet. Will there be any recreation of the frosh experience I missed? 

Yes! Rising sophomores have the option to be assigned roommates and housing, as they would have been had they come to campus last year. You can also request to live in all-sophomore housing. R&DE wrote in a recent email on the application process that they “strongly encourage rising sophomores to consider participating in [the roommate matching program] as a way to alleviate any stress you may be feeling regarding the assignment process.” They also emphasized that applying to a neighborhood individually is something they expect many students to do. 

Students who took a gap year after their frosh year can also live in all-sophomore housing, though cohort-year sophomores will be given first priority. 

I’m an incoming frosh. Does all of this still apply to me?  

No; incoming frosh do not need complete the neighborhood application process. Instead, they will complete their own Approaching Stanford housing assignment process, in which they may be assigned to all-frosh housing in a neighborhood or to a UTH, like an ethnic or academic theme dorm. Incoming frosh will still be matched with a roommate, as in previous years. 

I’m completing a coterminal degree next year. Can I still apply for a neighborhood? 

While coterminal students may apply for undergraduate housing via the neighborhood process, the University is encouraging these students to apply for housing through the Graduate Housing Lottery due to potentially limited space in undergraduate residences. 

What about incoming transfer students? 

Incoming transfer students do not need to apply for a neighborhood and will still be provided with all-transfer housing, though the University has not yet selected the house in which this will exist and may also decide to rotate the location of transfer housing each year. These students will go through a separate Approaching Stanford process and will be matched with a roommate for their first year. 

More questions? You can ask them here and we’ll keep updating this story as we get new information!

This article has been updated to reflect that a decision to use EVGR-A for undergraduate housing for the next four years has not yet been made. The University told The Daily that Vice Provost Susie Brubaker-Cole misspoke in an April Parents’ Club Q&A session when she indicated that the building would be used to house undergraduates for the next four years to accommodate an increase in the incoming frosh class.

Georgia Rosenberg is the Vol. 261 executive editor for print. She was previously a Vol. 260 news managing editor and a Vol. 258/259 desk editor for university news. Contact her at grosenberg 'at' stanforddaily.com!

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Taking Care of Ourselves & Each Other

Health & Well-Being

Pre-Assignment

Students apply for university theme houses through the Pre-Assignment process. Some of Stanford's on-campus residences offer special academic, cultural, social, or leadership programs, while other residences are co-ops. Co-ops offer a space where  the cooking and cleaning for residents is performed by the students who live in the house.

Application Timeline

• Monday, April 1:  Pre-Assignment applications for University Theme Houses open (1:00 p.m. PST)
• Wednesday, April 10:  Pre-Assignment applications close (1:00 p.m. PST)
• Wednesday, May 15:  University Theme House pre-assignment placements announced

More About Pre-Assignment

One of the core tenets of the housing assignments process is to support these unique residential programs through the University Theme House Pre-Assignment process.

Students who want to live in a residence with a University Theme House can come together with other students to create a community committed to exploring a topic, lifestyle, or culture.

To learn more about Pre-Assignment, please explore the following links. 

Application Process

Here you'll find information detailing the process of applying for pre-assignment. 

Participating Houses

Explore the different types of houses that participate in Pre-Assignment, find out about open houses, and more. 

Frequently Asked Questions

We've set up this FAQ to help clarify the pre-assignment process for all who are interested.

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Chances for reassignment (grad housing)

I got waitlisted after the first round of housing assignments, then placed in a nonrenewable off-campus apartment (Sharon Green). The day I got the assignment, I applied for reassignment, ranking a bunch of studios (I would really like to live alone for a multitude of reasons). I'm not too optimistic about getting reassigned on campus. Does anyone have anecdotes to share about getting reassigned, or any advice about the next stage of actions one should be taking to find better housing?

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Undergraduate students recently learned which existing housing will be grouped into the newly designed residential neighborhoods that will provide a social and intellectual home during their time at Stanford. These neighborhoods are part of the ResX initiative that arose out of the Long-Range Vision’s increased focus on community and civic engagement.

In designing the neighborhoods, Residential & Dining Enterprises (R&DE), Land, Buildings & Real Estate (LBRE) and Residential Education along with student and alumni advisory boards prioritized all-frosh housing in every neighborhood, plus all-soph housing in every neighborhood for the 21-22 academic year. These dorms provide students in their first year on campus a chance to meet classmates and create lasting friend groups.

“Many students communicated the desire to develop relationships and experience a sense of community in their frosh year, and have the opportunity to learn and grow in that same community during their undergraduate years at Stanford,” said Shirley J. Everett, senior associate vice provost for R&DE. “To support that vision, we have designed the neighborhoods so that each offers a broad spectrum of options – dormitories, theme houses, coops, self-ops, Greek houses, apartments and accommodations for students with disabilities.”

The group is seeking community input for neighborhood names. In the interim, the neighborhoods are named S, T, A, N, F, O, R and D.

New undergraduate neighborhoods create a social and intellectual home for students during their time at Stanford. (Click on image to enlarge.) (Image credit: Courtesy ResX)

When the assignment portal opens, students will rank their neighborhood preferences as individuals or in groups of up to eight students as a way of keeping friend groups intact. They will learn their neighborhood assignments in late May. In June, students will be invited to rank the housing options within their neighborhood and they will learn those assignments in late July. Then, in August, students will pick individual rooms within their assigned residences.

Upper-class students can leave their neighborhoods to live in a university-wide theme house, including an ethnic theme dorm, academic, coop or Greek house, anywhere on campus for two of their three years – called a neighborhood abroad year.

The new neighborhoods also include a flexible meal program that allows students the opportunity to eat across the campus and deepen friendships, regardless of their housing assignment. Students will pay the same meal plan cost, whether they live in a house with a dining hall or in more independent housing – a substantial reduction in meal plan costs compared with previous years for some independent housing options.

Students involved in the process advocated for access to meals across neighborhoods as important opportunities to engage with each other, with faculty and with members of the Stanford community. The neighborhood meal plans are aligned with the core principles of ResX to advance diversity, equity and inclusion; to promote opportunities for community and belonging, and to support student health and well-being.

“We have created a new neighborhood assignment process to assist students in building connections within their neighborhoods while providing housing options that allow them to explore a variety of choices during their time at Stanford,” Everett said. “Students will receive an email from R&DE on April 9 with information and instructions on how to apply and a link to our new website that includes maps to help them become familiar with the neighborhoods and the housing and dining options in each.”

When students arrive at their new neighborhoods in the fall, the inaugural neighborhood residents will begin designing the cultures that will permeate and define each neighborhood for future students, including swag and themes, and students will work to create inclusive cultures that embrace diversity.

Media Contacts

Amy Adams, University Communications: (650) 497-5908;  [email protected]

Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More

by Staff Writer

More of this topic

Revealed: Arabian Business 100 Most Inspiring Leaders 2024

The Arabian Business Inspiring Leaders List isn’t just a roll call of success stories; it’s a testament to resilience, foresight, and the sheer will to transform both companies and communities

Welcome to the Arabian Business Inspiring Leaders List, where we spotlight the visionaries who have redefined the business landscape of the Middle East. From driving economic innovation to shaping industries and fostering creativity, this list recognises those at the pinnacle of leadership and influence.

In a region steeped in history and brimming with opportunity, these leaders stand out not only for their business acumen but for their ability to push boundaries, redefine industries, and chart bold new courses. The Arabian Business Inspiring Leaders List isn’t just a roll call of success stories; it’s a testament to resilience, foresight, and the sheer will to transform both companies and communities. These figures aren’t just leading – they’re trailblazing.

Visionary inspiring leaders

Take Hatem Dowidar, Group CEO of e&, a man whose leadership has propelled the telecom giant into a digital powerhouse. Or Yogesh Mehta, the founder and CEO of Petrochem Middle East, who transformed the petrochemical landscape with an entrepreneurial vision few could match. And then there’s Yasir Othman Al Rumayyan, governor of the Public Investment Fund (PIF), who is the architect behind Saudi Arabia’s economic diversification, guiding the fund’s investments to reshape the kingdom’s future. Not to mention Hala Badri, Director General of Dubai Culture & Arts Authority, who stands at the forefront of cultural innovation in the UAE, driving a new wave of artistic excellence.

These names aren’t just successful – they’re influential. They have navigated the complexities of the modern marketplace, taken bold steps where others hesitated, and set benchmarks that will resonate across generations. From startup disruptors to corporate titans, these leaders have not just built businesses; they’ve created legacies.

What makes this list truly exceptional is the diversity of sectors represented – from finance to technology, healthcare to energy. It’s a celebration of those who have harnessed innovation, fostered creativity, and kept their eyes firmly on the future. And they’ve done it all while inspiring those around them, proving that great leadership isn’t just about numbers on a balance sheet – it’s about vision, passion, and the ability to drive real, lasting change.

So as you immerse yourself in stories of the Arabian Business Inspiring Leaders, you’re not just reading about success – you’re uncovering the DNA of progress, the blueprints of innovation, and the very essence of leadership in the Middle East. This is the power of visionary leadership. This is the future, being written right now.

Rank: 01 Name: Yasir Othman Al Rumayyan Designation: Governor Company: Public Investment Fund (PIF) Industry: Investment

As the governor of the Public Investment Fund, Yasir Othman Al Rumayyan has led the fund’s transformation from a sleepy domestic holding company into one of the biggest investors in global technology start-ups.

He brings a wealth of experience spanning more than two decades within the Kingdom of Saudi Arabia’s pivotal financial institutions. After obtaining a degree in accounting from King Faisal University in Saudi Arabia, Al-Rumayyan began his career in the late 1990s at Saudi Hollandi Bank, where he occupied key positions across various departments before becoming the head of international brokerage until 2004. This was followed by an appointment to the Capital Markets Authority (CMA) as part of its founding team, serving as the head of securities listings and later the director of finance.

From 2010 to 2015, he served as the CEO and board member of Saudi Fransi Capital, while also sitting on the board of Tadawul, the Saudi Stock Exchange, between 2014 and 2015. Al Rumayyan is also a graduate of the Harvard Business School’s General Management Programme.

Al Rumayyan first joined the PIF in 2015, when he became managing director and a board member, before taking on his current role in 2019. In this capacity, Al Rumayyan spearheads all operational aspects of the sovereign wealth fund, a cornerstone of Saudi Arabia’s Vision 2030 and economic transformation strategy. In 2021, he played a pivotal role in the highly publicised acquisition of English football club Newcastle United, a $392m takeover that granted PIF 80 percent ownership stake.

Saudi diversification plans

Aligned with Vision 2030, the PIF seeks to build an investment portfolio of companies across diverse sectors in KSA and further afield. This includes in sectors such as aerospace and defence, the automotive industry, construction, entertainment, finance, healthcare, food and agriculture, real estate, telecom, transport, renewables and much more.

The fund also owns globally renowned giga-projects such as NEOM, Qiddiya, Red Sea Global, ROSHN and Diriyah Company. Each of these projects is rooted in real estate and infrastructure, but their benefits are expected to significantly expand beyond these sectors, helping to stimulate the kingdom’s economy and diversify away from oil. In particular, NEOM, the $500bn mega-city in the north-west of the kingdom, is set to pioneer a circular economy, zero-carbon approach, operating entirely on renewable energy, while Red Sea Global is developing two of the world’s most ambitious regenerative tourism projects, The Red Sea and Amaala.

The PIF governor also serves as director, chairman and board member on several significant global entities, including Saudi Aramco, for which he has been chairman of the board since 2019 and leads the Decision Support Centre. He further holds board positions with the Saudi Industrial Development Fund and Uber Technologies, chairs Sanabil Investments and Ma’aden, a mining and metals company, and is director for technology provider Arm, while also working as an advisor to the General Secretariat of the Cabinet of Ministers in the KSA Royal Court.

Rank: 02 Name: Mohamed Alabbar Designation: Founder and Chairman Company: Emaar, Noon Industry: Real estate/E-commerce

Mohamed Alabbar laid the foundation of Emaar in Dubai back in June 1997, driven by the ambition to contribute to the emirate’s visionary pursuit of transforming into one of the most modern and advanced cities in the world. Since then, he’s led the company to where it stands today – as a behemoth in the realm of integrated real estate development.

Emaar Properties is now a major real estate company in the region, known for developing Dubai Downtown which is home to iconic landmarks such as the Burj Khalifa and Dubai Mall. The company also works across the Middle East, North Africa and Asia, with a total land bank of more than 1.7 billion square feet, having delivered over 100,000 residential units across the world, while also owning and managing almost 40 hotels and resorts.

Alabbar remains an integral part of Dubai’s growth in multiple industries, with interests in real estate, retail, hospitality, e-commerce, technology, logistics, food and beverage and venture capital. With an impressive portfolio of investments and achievements in the region and globally, he is also considered a driving force behind several key achievements including the world’s tallest tower, founded by his company Emaar Properties.

Visionary leadership

A graduate in Finance and Business Administration from the Seattle University, USA, Alabbar holds several honorary doctorates, including from Seattle University, the London School of Economics and Political Science, and from Sun Moon University in South Korea.

A testament to his indomitable spirit, Alabbar’s journey has also unfolded in the hospitality sphere through Emaar Hospitality Group, which has aimed to establish home-grown brands that rival its international counterparts. Today, the group boasts key hospitality assets such as Address Hotels and Resorts, Armani Hotels and Resorts, Vida Hotels and Resorts, along with serviced residences, leisure clubs, and an array of restaurants and spas.

Alabbar is also the chairman of Americana Restaurants, the largest restaurant operator in the MENA region and Kazakhstan in terms of number of restaurants in its countries of operations, with global brands under its banner such as KFC, Pizza Hut, Hardee’s, Krispy Kreme and TGI Fridays.

Beyond his pioneering role in real estate, Alabbar’s ventures encompass retail businesses that span over 20 global markets. Alabbar’s transformative vision extends to his e-commerce firm, Noon, which collaborates with government entities to provide an expansive platform for startups in Abu Dhabi and Ajman. He also established Noon Food, a venture fostering a sustainable ecosystem for both businesses and consumers.

Alabbar also formed Abu Dhabi-based private real estate investment and development company, Eagle Hills, taking its financial capability, expertise, and extensive relationships to drive the creation of large-scale, master-planned communities, with a blend of facilities that will elevate local economies, support holistic living and working solutions, while catering to both tourists and residents. The UAE-based projects include Maryam Island, Sharjah and the Kalba Waterfront, while Eagle Hills International includes Serbia, Bahrain, Morocco, Oman, Jordan, Ethiopia, Egypt and Albania.

Rank: 03 Name: Hatem Dowidar Designation: Group CEO Company: e& Industry: Technology

Hatem Dowidar is the Group CEO of e&. He joined e& in September 2015, initially serving as Group Chief Operating Officer. He was appointed CEO, International in March 2016, and in May 2020, he became the Group’s CEO.

Ever since he took the company’s helm, Dowidar was the architect for the group’s transformation from a traditional telco to a technology group. He has spearheaded several ground-breaking strategic programmes that propelled the company’s business growth to new heights across the 33 markets where it now operates. As the company transformed into a global technology and investment conglomerate in February 2022, and despite the ever-changing business landscape, his astute brand stewardship has been the foundation for enhancing e&’s brand equity, enhancing employee experience, and adding value to stakeholders.

From regional to global

Today, e& is the Fastest Growing Technology Brand and the most valuable brand portfolio in the Middle East and Africa, standing tall in global rankings. Dowidar also has been recognised by Brand Finance as the number one ranked telecom leader globally on the Brand Guardianship Index 2024. e& also attained the highest position in Brand Finance’s inaugural Employer Brand Report 2024, with its UAE entity ranking as the Top Global Telecoms Employer.

Prior to joining the group, Dowidar was the Group Chief of Staff for Vodafone Group based in London. He brings 32 years of experience in multinational companies and more than 25 years of these within the telecommunications industry across various leadership positions.

He initially joined Vodafone Egypt in 1999, served as Marketing Director (CMO), and later became the CEO of Vodafone Egypt from 2009 – 2014, where he steered the business growth with benchmark profitability in challenging and competitive environments.

Dowidar has a long track record of achievements in the various leadership positions he held at Vodafone Group and its subsidiaries, including Group Core Services Director, Chairman and CEO of Vodafone Malta, CEO of Partner Markets with partnerships covering over 45 markets, and Regional Director Emerging Markets. He also has extensive Corporate Governance experience through his representation as Chairman and Board Member on several Corporate Boards within and outside the telecommunications industry.

Dowidar began his career in AEG/Deutsche Aerospace (Daimler Benz Group) in Egypt before moving into marketing at Procter & Gamble, where he held several managerial roles. He is currently a board member of Vodafone Group, Etihad Etisalat Company (Mobily), Maroc Telecom, and Etisalat Misr (Etisalat Egypt).

On a global industry level, Dowidar is a member of the GSMA and the United Nations Internet Governance Forum (IGF) leadership panel. GSMA is an industry organisation representing the interests of global mobile operators and the broader mobile ecosystem. IGF leadership panel is a multi-stakeholder group for policies and practices relating to the Internet and technologies. Convened by the Secretary-General of the United Nations, the IGF facilitates knowledge exchange on how to maximise Internet opportunities and address risks and challenges.

Rank: 04 Name: Turki Al Sheikh Designation: Chairman Company: General Entertainment Authority Industry: Entertainment

Turki bin Abdul Mohsen Al Sheikh has been instrumental in developing Saudi Arabia’s sporting and live events arenas as the kingdom opens up ahead of its grand 2030 vision. Al Sheikh was born in Riyadh in 1981 and holds a Bachelor’s Degree in Security Sciences from King Fahad Security College, where he graduated in 2001. He has since had a long and illustrious career within Saudi Arabia’s governmental authorities, starting out in the Ministry of Interior, where he quickly moved up the ranks to become a captain. He also worked in the office of the prince of Riyadh, as well as the defense minister and crown prince.

Leadership roles

In 2015, he was appointed as an advisor to the royal court, followed by his appointment in 2017 as head of the General Sporting Authority, which represents Saudi sport at an international level and manages the Saudi Arabian Olympic Committee as well as Saudi sports federations. He was also president of the National Olympic Committee of Saudi Arabia.

As head of GSA, Al Sheikh reshaped committees and organisations, changing the face of the sporting landscape across the kingdom. He also quickly tasted global fame when the GSA and wrestling organisation WWE brought the Greatest Royal Rumble event to Jeddah in 2018. With millions watching worldwide, Al Sheikh presented the championship belt to winner Braun Strowman.

That same year, Al Sheikh was appointed as chairman of the General Entertainment Authority, which was established in 2016 to nurture entertainment in all its forms, while also safeguarding the kingdom’s cultural heritage in line with Vision 2030. The country aims to pump $64bn into the industry by the end of the decade.

Sport and entertainment industry in KSA

Under his guidance, the country’s entertainment sector, which is crucial for the diversification of the Saudi economy, has gone from strength to strength, with live events and activations, such as Saudi Seasons and Riyadh Boulevard City, drawing in millions of domestic and regional visitors over the past few years. The kingdom has also seen an influx of leisure and entertainment industry players from around the world, as it is on track to become the sector’s leading MENA market.

In this role, Al Sheikh has launched a number of initiatives that aim to benefit the Kingdom’s youth, including the Makers of Happiness, which seeks to qualify and train more than 100,000 young Saudi talents to fill specialised job in the entertainment sector. This includes providing training, qualifications and educational programmes to enhance the sustainability of the industry.

Al Sheikh lives and breathes sports and entertainment not only at work, but also in his spare time. The authority chief famously took over Spanish football club Almeria in 2019. No stranger to the world of professional football, Al Sheikh had formerly been the owner of Egyptian side Pyramids FC. He is also an influential poet and a songwriter in his own right.

Rank: 05 Name: Khaldoon Khalifa Al Mubarak Designation: Managing Director and Group CEO Company: Mubadala Investment Company Industry: Investment

Under Al Mubarak’s leadership, Mudabala has experienced a remarkable transformation over the past two decades. Al Mubarak has been instrumental in leading this company through substantial growth with a combination of organic expansion, strategic acquisitions and mergers, propelling it into a $302bn enterprise with a global presence spanning six continents with interests across multiple sectors and asset classes.

Headquartered in Abu Dhabi, today Mubadala also has offices in London, Moscow, New York and Beijing. Embracing a global perspective and entrepreneurial spirit, Mubadala has emerged as a responsible sovereign investor, committed to generating sustainable financial returns for its shareholder, the government of Abu Dhabi. Mubadala also embarked on the renewable energy journey early with the establishment of Masdar in 2006, a key player in global utility-scale renewable projects actively working to reduce its carbon footprint and strategically investing in industries that shape the future.

Executive leadership

Beyond his commercial endeavours, Al Mubarak, who holds a degree in Economics and Finance from Tufts University in Boston, holds various key positions within the UAE and Abu Dhabi governments, underscoring his influence and commitment to public service. Since 2006, he has been a member of the Abu Dhabi Executive Council, providing strategic guidance and oversight on matters of economic and financial importance. As a founding member of Abu Dhabi’s Supreme Council for Financial and Economic Affairs, he contributes to shaping the emirate’s economic policies and priorities. Furthermore, his role as the Presidential Special Envoy to China since 2018 underscores his diplomatic acumen and efforts to strengthen bilateral relations.

In January, Al Mubarak also became a founding member of the Artificial Intelligence and Advanced Technology Council, followed by his appointment as Vice Chair of the newly founded Mohammed bin Zayed Water Initiative. He is also a member of the Abu Dhabi Advanced Technology Research Council.

In addition to his governmental roles, Al Mubarak plays an instrumental role in steering the direction of several significant businesses. He serves on the boards of prominent entities such as the Abu Dhabi National Oil Company (ADNOC), where he contributes to shaping the region’s energy landscape, and G42, the Abu Dhabi-headquartered global AI company.

As the chairman of the boards of the Emirates Nuclear Energy Corporation, Abu Dhabi Commercial Bank, Emirates Global Aluminium, and City Football Group, he provides strategic leadership and oversight, ensuring these organisations operate effectively and achieve their objectives. Since 2008, he has also been the chairman of Manchester City Football Club. Al Mubarak co-chairs important bilateral forums such as the Abu Dhabi-Singapore Joint Forum and the UAE-France Strategic Dialogue, facilitating dialogue and cooperation between nations, as well as fostering international partnerships and driving economic development.

In this vein, he was also instrumental in establishing New York University Abu Dhabi and continues to serve on the New York University Board of Trustees, thus contributing to the advancement of education and academic excellence on a global scale.

Rank: 06 Name: Nora Al Matrooshi Designation: Astronaut and Engineer Company: Mohammed Bin Rashid Space Centre (MBRSC) Industry: Science

Nora Al Matrooshi has harboured ambitions to blast off into space since she was just five years old and her kindergarten teacher sat her class under a black tent and asked them to imagine they were on a rocket ship.

In 2021 she took one giant leap towards those dreams as she was named the UAE’s first woman astronaut, who, alongside Mohammad Al Mulla, was chosen for the second batch of the UAE’s Astronaut Programme. She was then sent on a two-year astronaut training programme at NASA’s Johnson Space Centre in Houston, Texas, which acquainted the students with the multifaceted challenges and prerequisites associated with space travel.

In March 2024, Al Matrooshi, a former mechanical engineer, graduated from the course along with Al Mulla and 10 other American astronauts. Now her training is complete, Al Matrooshi is eligible to participate in NASA-led missions, although it could be a while before she reaches space.

In the meantime, she will be given assignments by the Mohammed Bin Rashid Space Centre (MBRSC) to work in mission control and school outreach activities in Houston and the UAE. Al Matrooshi, a Sharjah native, was born in 1993 and holds a Bachelor’s Degree in Mechanical Engineering from the United Arab Emirates University. She also received training from Vaasa University of Applied Sciences in Finland.

Reaching for the stars

Previously, Al Matrooshi worked at the National Petroleum Construction Company, but it was always her dream to be among the first Arab women to fly to space. Now she is following in the footsteps of Hazza Al Mansouri, the first Emirati man in space, who spent eight days aboard the International Space Station (ISS) in 2019, and Dr Sultan Al Neyadi, who blasted off for a six-month tenure on the ISS last year, becoming the first Arab astronaut to do a space walk while he was there.

It is a crucial time to be involved in space exploration, as the ISS is expected to retire at the end of this decade. NASA is planning to launch Gateway, the first space station that will orbit the Moon, and the MBRSC will support this by providing the airlock, an airtight room that is used to enter and exit the station, as well as engineering support for the life span of the lunar space station. Under the arrangement, MBRSC has also secured a seat for one UAE astronaut to fly to Gateway on a future Artemis mission. Al Matrooshi, or any one of the other Emirati cohorts, could well be on that mission.

Moreover, the MBRSC has said it will try to secure a mission to the ISS every three to five years.

Gateway promises to support sustained exploration and research in deep space as part of NASA’s programme Artemis, the most diverse and broad coalition of nations in human exploration of deep space that includes the collaboration of the MBRSC, Canadian Space Agency, European Space Agency, and Japan Aerospace Exploration Agency.

Rank: 07 Name: Amin Nasser Designation: President and CEO Company: Saudi Aramco Industry: Energy

With a company career spanning 40 years, Amin Nasser has occupied various leadership roles at Saudi Aramco, a prominent integrated energy and chemicals company, and a significant global provider of crude oil. He currently serves as president and CEO, as well as a member of the company’s board of directors and senior vice president of Upstream, through which he led Aramco’s largest capital investment programme in its integrated oil and gas portfolio.

Under his guidance, the company is augmenting its upstream prominence by expanding into the downstream and chemical sectors of the petroleum value chain. This expansion involves notable investments and joint-venture collaborations both within the kingdom and overseas markets.

Industry veteran

Nasser joined Aramco in 1982, after he earned his Bachelor’s Degree in Petroleum Engineering from King Fahd University of Petroleum and Minerals (KFUPM) in Dhahran, KSA. He held several assignments from November 1982 to February 1991 with the Drilling and Reservoir Management department and the Production Engineering department. From 1991 to 1997, he was responsible for multiple supervisory positions in the Engineering and Producing departments. In 1999, he completed the Saudi Aramco Management Development Seminar in Washington, DC; and later, completed the Saudi Aramco Global Business Programme in 2000, and in 2002, followed these with the Senior Executive Programme at Columbia University in 2002.

Nasser actively promotes education and training as well as drives the company’s innovation and technology strategy. He particularly champions the advancement and development of Saudi youth and strongly supports the Young Leader’s Advisory Board, which facilitates a connection between Saudi Aramco leadership and the perspectives of young professionals.

Supporting a sustainable future

Simultaneously, Nasser spearheads Saudi Aramco’s robust initiatives towards advancing the development of cleaner energy sources and products. These endeavours entail substantial investments in cutting-edge technologies such as next-generation fuel-engine interfaces, innovative processes for converting crude oil into chemicals, renewable energy applications, and the strategic backing of emerging startups dedicated to offering sustainable energy solutions.

His involvement extends to broader industry initiatives focused on reducing greenhouse gas emissions, notably his participation in the Oil and Gas Climate Initiative (OGCI). This underscores his commitment to addressing environmental concerns at a larger scale through collaborative efforts within the energy sector.

Furthermore, Nasser champions the establishment of an efficient and easily accessible supply chain ecosystem designed to accommodate the evolving procurement needs of Saudi Aramco. Notably, his emphasis on inclusivity sees the active involvement of small and medium-sized enterprises (SMEs), contributing to the growth and sustainability of the supply chain network.

Rank: 08 Name: Sir Tim Clark Designation: President Company: Emirates Airline Industry: Aviation

In 1985, Sir Tim Clark joined Emirates Airline’s founding team in the role of head of airline planning, working his up to president in 2003, a role he still serves to this day. He has been instrumental in the transformation of the Dubai carrier into the global giant it is today.

Emirates is now the world’s biggest long-haul airline. As of March 2024, the airline posted a new record profit of $4.7bn, exceeding last year’s $2.9bn, with a profit margin of 14.2 percent, making it the best performance in its history. Its total passenger and cargo capacity also increased by 20 percent in 2023-24, recovering to near pre-pandemic levels. This surge was driven by the strong demand for air transport across the world since Covid-19 travel restrictions were lifted.

Under Clark’s guidance, these record achievements are only set to continue. In August 2023, the airline’s cabin crew numbers crossed the 20,000 mark. It now stands at 22,000, with new recruits still being onboarded as it prepares to take delivery of its new fleet of Boeing 777X planes in 2025, following the arrival of its latest Airbus A350 wide-bodies this summer.

Charitable initiatives

Outside of aviation, Clark has also been fundamental in the airline’s goal to improve the lives of children in need through non-profit charity organisation Emirates Airline Foundation, motivated by the belief that every child deserves access to a safe home, healthcare, and education. Furthermore, in June 2022, he was appointed to the board of multinational logistics leader DP World as an independent non-executive director.

Aviation’s finest

Prior to Emirates, Clark built his reputation as a talented route planner at Bahrain’s Gulf Air, which had recruited him from Caledonian Airways. He also worked as managing director of Sri Lankan Airlines until 2008.

This decades-long career has meant Clark has been rewarded with many prestigious accolades, underscoring his significant contributions to the global aviation industry. Perhaps one of his biggest achievements to date came in 2014, when he was included on the Queen’s New Year’s Honours list and invested as a Knight of the Most Excellent Order of the British Empire (KBE) for services to British prosperity and the aviation industry. In November 2009, he was also conferred an “Officier de la Legion d’Honneur” by the French government for services to transport and aviation, and he holds the 2009 Gold Award from the Royal Aeronautical Society for his contribution to civil aerospace.

At the 2011 Airline Business and Flightglobal Achievement Awards, he was recognised as Leader of the Year, and in 2013, he received the Centre for Aviation (CAPA) Legends award and was inducted into the CAPA Hall of Fame.

Clark holds a degree in Economics from London University, UK, and is a fellow of the Royal Aeronautical Society. He also holds an honorary doctorate from the University of Middlesex and an honorary degree from the Newcastle Business School at Northumbria University, both in the UK.

Rank: 09 Name: Jerard J. Inzerillo Designation: Group CEO Company: Diriyah Gate Development Authority (DGDA) Industry: Tourism

Throughout his five-decade career, Jerry Inzerillo has been globally recognised as a celebrated visionary leader in tourism and hospitality, and a champion for the people at the heart of these sectors. In recognition of his dedication to the hospitality industry, he was awarded the prestigious HOTELS magazine Corporate Hotelier of the World Award and the Tourism for Peace Award by WANGO.

More recently, President Joe Biden awarded Inzerillo the Presidential Volunteer Service Award and is the recipient of the Nelson Mandela Children’s Fund Lifetime Achievement Award. Last year, he was also inducted into the Global Travel Hall of Fame.

A legend of the industry

Inzerillo started his career in 1967, when he worked for five years in the kitchen and as waitstaff for a catering hall in New York City. By 1972, he’d moved into management at a restaurant in Las Vegas, going on to become general manager of Four Seasons hotels and president of hospitality groups.

In 2012, he became president and CEO of IMG Artists. Leadership is a role he’s perfected over the many decades since, across America, South Africa and now Saudi Arabia.

In June 2018, Inzerillo was appointed by Crown Prince Mohammed bin Salman Al Saud to be the founding CEO of the Ad Diriyah Gate Development Authority (now Diriyah Company). The $63.2bn Diriyah giga-project aims to develop the 14 square kilometre area, encompassing world-class cultural, entertainment, retail, hospitality, educational, religious, office and residential assets, with the UNESCO World Heritage Site of At Turaif as its anchor.

In this role, Inzerillo is tasked with developing and implementing the master plan to turn Diriyah into one of the world’s greatest gathering places, restoring and reimagining the birthplace of the kingdom. Diriyah, The City of Earth, has always been a convergence point for culture, celebrating its heritage through modern art exhibitions and showcasing local designers and talent. The mission is to celebrate the area’s culture and heritage as the foundation of the project’s identity. The first phase of the Diriyah masterplan, for example, is being built entirely in the traditional Najdi architectural style, a defining part of Diriyah’s identity and culture.

Sustainability is also at the heart of the project and the company has enrolled in Saudi Arabia’s own sustainability certification program, MOSTADAM, having been awarded the platinum-level USGBC LEED pre-certification, the first of its kind in the Middle East. Protecting the natural environment and the way of life that has existed in the area for centuries is fundamental to the project’s mission – conserving, enhancing, and celebrating the community and environment.

Inzerillo has previously revealed that he has always approached challenges in two ways: first, building an excellent team, and second, meticulous planning. This is exactly what he did when Crown Prince Mohammed bin Salman Al Saud approached him for Diriyah. “Assess, action, manage, three words to live by when managing a project like this,” he said.

Rank: 10 Name: Prince Alwaleed Bin Talal Al Saud Designation: Founder and Chairman Company: Kingdom Holding Company (KHC) Industry: Diversified

International businessman and investor, Prince Alwaleed Bin Talal Al Saud , who has been dubbed the “Arabian Warren Buffet”, has propelled his corporation, Kingdom Holding Company (KHC), into a prominent global value investment firm. Over 40 years, KHC has become revered on the world’s stage for its impressive portfolio that spans high-performance, renowned brands and strategically significant regional interests. Born in 1955, Prince Alwaleed is the grandson of King Abdulaziz Al Saud, the first ruler of Saudi Arabia, and Riad El Solh, Lebanon’s first Prime Minister.

He laid the foundation of KHC in Riyadh, KSA, back in 1980, turning a gift of $30,000 from his father into the tens of billions KHC oversees today and setting the stage for an unparalleled journey of investment excellence. By 2007, KHC had evolved into a publicly traded entity, garnering recognition for its dynamic and diversified portfolio encompassing regional investments alongside its esteemed collection of global powerhouse brands. This positioning has not only solidified KHC’s stature as a trailblazer in the investment landscape but has also underscored Prince Alwaleed’s unwavering commitment to driving growth and success on a global scale. Prince Alwaleed also chairs the diversified media company Rotana Group.

Diversified investments

KHC has ownership or interests in luxury hotels and hospitality management, including the Hotel George V in Paris and London’s Savoy Hotel, while global hotel and hospitality brands include Accor and Four Seasons. Some of KHC’s international investment segments include in finance with Citigroup and Banque Saudi Fransi; mobility solutions with Careem, Uber and Lyft; and digital technology and social media with JD.com, Deezer and X, formerly Twitter.

In KSA, KHC has investments in petrochemicals with Tasnee, while real estate interests include the Kingdom Tower in Riyadh, Jeddah Economic City, and Riyadh Land, as well as the Jeddah Tower, which aims to be the world’s tallest tower with a height exceeding one kilometre.

KHC is also invested in healthcare with Kingdom Hospitals and Consulting Clinics, aviation with flynas and NasJet, and in education with Kingdom Schools Company. His investment firm led a $133m funding round for Nana, a grocery delivery app in KSA, considered one of the largest investment rounds for Saudi startups.

In recognition of his many business and civic accomplishments, Prince Alwaleed has received several honours and accolades from organisations, monarchs and heads of state, including 27 honorary doctorates from universities across the world.

He received his Bachelor of Science in Business Administration from Menlo College in California in 1979, followed by a Master’s in Social Sciences from Syracuse University in New York in 1985.

Rank: 11 Name: Sheikha Bodour Bint Sultan Al Qasimi Designation: Chairperson of the Board of Trustees and President Company: American University of Sharjah (AUS) Industry: Education/Culture and Arts

Sheikha Bodour leads several Sharjah, UAE, regional, and global institutions and initiatives to foster socio-economic development, support cultural industries and heritage, and catalyse multi-stakeholder partnerships for sustainable development. With a career that spans public service, business, and community organisations, she bridges the interests of public, private, and non-profit stakeholders to address the most pressing challenges of today and build for the future.

In January 2023, Sheikha Bodour was appointed Chairperson of the Board of Trustees and President of American University of Sharjah to align the institution with Sharjah’s socio-economic, workforce, and innovation priorities. She is working to achieve excellence in teaching, research, and public service to develop global citizen graduates who become future leaders in their communities, the UAE, and the world.

Sheikha Bodour is forging deeper university-industry R&D and commercialisation collaboration as Chairperson of the Board and President of the Sharjah Research, Technology, and Innovation Park (SRTIP). She oversees SRTIP’s $150m push to position Sharjah as a global leader in emerging technology fields. As Chairperson of the Sharjah Investment and Development Authority, Sheikha Bodour has mobilised more than $4bn in foreign direct investment, created more than 20,000 jobs and contributed to a 78 percent growth in Sharjah’s gross domestic product. Her work as Chairperson of Sharjah Entrepreneurship Centre (Sheraa) is accelerating the development of Sharjah’s entrepreneurship ecosystem and has supported over 180 startups that have raised $128m in investment and created over 1,900 jobs.

Sharjah’s emergence as a global publishing hub

Sheikha Bodour was appointed Chairperson of Sharjah Book Authority in May 2023 to solidify Sharjah’s status as an emerging global publishing hub. Sharjah Book Authority manages the Sharjah International Book Fair, the world’s largest book fair, and operates Sharjah Publishing City, the world’s first free trade zone for publishing.

Sheikha Bodour established the Emirates Publishers Association, UAE Board on Books for Young People and Knowledge Without Borders to boost the growth of the UAE’s $300m-plus publishing sector. She founded Kalimat Publishing Group, a global, multi-imprint publishing and edtech company with licensing and distribution in more than 15 countries. She also chaired the Sharjah World Book Capital 2019 Committee and led efforts to establish the Emirates Reprographic Rights Management Association.

Sheikha Bodour served as the International Publishers Association’s second-ever female and first-ever Arab President since the influential global association’s founding in 1896. She also founded PublisHer, a 1,000+ member global community of female publishing leaders addressing publishing’s diversity and inclusion challenges.

Sheikha Bodour is taking action on the world’s most pressing challenges through her involvement in international organisations. She has leveraged these global platforms to catalyse action on youth education and employment, female entrepreneurship, small and medium-size enterprise development, expanding funding for the cultural industries, and climate change.

Rank: 12 Name: Nadhmi Al Nasr Designation: CEO Company: NEOM Industry: Real estate

In 2018, Nadhmi Al Nasr took on the leadership of NEOM, marking a significant milestone in his already illustrious career. His appointment to spearhead the visionary $500bn project, a pioneering initiative that aims to reshape and redefine the future of sustainable development on a global scale, highlights his strategic vision, foresight, and capacity to drive large-scale transformative projects.

Al Nasr started out in his career at Saudi Aramco back in 1978, shortly after graduating from King Fahd University of Petroleum and Minerals. During his tenure at the global petroleum and gas juggernaut, Al Nasr demonstrated exceptional skill and dedication, gradually advancing through the ranks, and taking on increasingly key roles within the organisation. His robust experience in steering major projects and leading teams to success solidified his reputation as a proficient and strategic leader in the engineering field.

Noteworthy among his accomplishments is his role in overseeing the successful execution of significant projects that played a crucial role in shaping the energy landscape of the kingdom. This included spearheading the monumental master gas system and assignments on the refinery programme, Southwest Refinery, and Ras Tanura Refinery. Al Nasr’s managerial prowess was evident in overseeing the Ghawar oil field capital programmes, including the successful completion of the Ghawar oil field crude expansion programme in 1993.

His exceptional performance led to his promotion as manager of oil and gas pipeline projects at Saudi Aramco. He also led on the Shaybah Development Programme, completed a year ahead of schedule and below budget by 1998. This project, the Shaybah mega-project, stands as a testament to Al Nasr’s leadership and proficiency, is recognised as one of Saudi Aramco’s prime achievements.

Leadership in action

After his distinguished career at Saudi Aramco, Al Nasr held several senior roles at the King Abdullah University of Science and Technology, including that of interim president. In this role, Al Nasr showcased his ability to navigate complex academic environments, fostering innovation and excellence within the institution. His stint at KAUST further enriched his leadership acumen and honed his visionary approach towards driving progress and growth.

Al Nasr was then appointed by Prince Mohammed bin Salman bin Abdulaziz Al Saud, NEOM’s chairman, to lead the ground-breaking NEOM project. Supported by the Public Investment Fund (PIF), NEOM is an ambitious giga-project aimed at shaping the future of KSA’s economic landscape. Al Nasr’s strategic vision and proven track record position him as a key figure driving this transformative project towards success and global recognition.

Al Nasr’s journey, from his humble beginnings post-graduation from King Fahd University of Petroleum and Minerals to becoming a respected figure in the fields of engineering and leadership, is a testament to his unwavering commitment to excellence, innovation, and creating a lasting impact in every role he undertakes. His wealth of experience and expertise continue to position him as a trailblazer in the industry, driving change in engineering and development.

Rank: 13 Name: Sultan Ahmed Al Jaber Designation: UAE Minister of Industry and Advanced Technology; Group Managing Director and CEO Company: Abu Dhabi National Oil Company (ADNOC) Industry: Government/Energy

Dr. Sultan Ahmed Al Jaber has spent his career devoted to public service, helping to lay the groundwork for the UAE’s economic diversification and the country’s green agenda. In his capacity as the UAE’s Special Envoy for Climate Change and as the president-designate for COP28, Al Jaber has played a significant role in advancing the UAE’s green initiatives while emphasising the importance of energy transition to expedite economic growth and achieve environmental objectives.

At COP28, Al Jaber played a central role in guiding a global climate agenda in alignment with the UAE’s dedication to sustainable development. His responsibilities encompassed collaborating with international governments, key stakeholders, and civil society to chart a roadmap that would facilitate practical solutions, bringing lasting socioeconomic advantages to the global sphere.

In his other governmental roles, Al Jaber has worked with other nations to bolster the UAE’s economic growth since he was appointed to the UAE Federal Cabinet in 2013, where he held the position of Minister of State until July 2020. Subsequently, Al Jaber assumed the role of Minister of Industry and Advanced Technology. In his current ministerial capacity, Al Jaber is directing his efforts towards expanding the industrial development infrastructure of the UAE to drive economic growth through technological advancements. To elevate the UAE’s global competitiveness, he is actively promoting economic diversification and facilitating the integration of diverse sectors to strengthen the country’s industrial framework.

It was during his tenure as the CEO of the Energy platform at Mubadala, the Abu Dhabi government’s strategic investment arm, Al Jaber first laid the foundation for the UAE’s green agenda. In 2006, just two years into his role, he played a crucial role in establishing Masdar, an Abu Dhabi-based future energy company renowned for its emphasis on clean energy and sustainable development. His seven-year leadership as CEO saw the deployment of significant renewable energy projects worldwide, including the renowned Masdar City in Abu Dhabi. This low-carbon, low-waste urban development has garnered global recognition as a model for sustainable urban planning.

A key aspect of Al Jaber’s environmental mission, during two separate terms as the Special Envoy for Climate Change since 2010, has been to fulfil the UAE’s pledge of achieving Net Zero carbon emissions by 2050 following the 2015 Paris Agreement. Notably, the UAE was the first Middle Eastern nation to take a substantial stride towards climate action in a global context.

Adopting technology

As the group managing director and CEO of ADNOC, Al Jaber has driven a strategic transformation that focuses on operational efficiency, innovation, and sustainability. By championing initiatives such as investing in cutting-edge technologies like artificial intelligence and blockchain, he is spearheading ADNOC’s evolution towards a more sustainable and technologically advanced energy company. His commitment to decarbonisation, including ambitious targets to reduce carbon intensity and achieve net zero emissions, demonstrates a forward-thinking approach that aligns with global efforts to combat climate change.

Rank: 14 Name: Hussain Sajwani Designation: Founder and Chairman Company: DAMAC Holding Industry: Real estate

Self-made Emirati entrepreneur Hussain Sajwani has become a prominent character in Dubai’s property market. In the mid-1990s, his visionary foresight enabled him to anticipate the growing demand for accommodation, responding by constructing distinguished hotels and helping to forge Dubai’s reputation as a hub for global business travellers.

In 2001, Sajwani spotted an opportunity in the real estate market when the Dubai government announced foreigners could own property and, in 2002, Sajwani launched DAMAC Properties. His strategy at the time was to sell off-plan and use the buyers’ downpayments to help fund construction. DAMAC Properties, for which he is founder and chairman, has since evolved into one of the largest development companies of its kind in the Middle East.

Route to success

Sajwani started his career in an entirely different field, however. After graduating from the University of Washington, he got a job in the finance department at Abu Dhabi Gas Industries. Two years later, however, he started his own catering business in the capital, scoring customers such as the US military and American construction behemoth Bechtel. This company still operates today as Global Logistics Services.

In the 1980s, he also established DAMAC Group as his private investment vehicle, steered by the team’s experience in investments and financial services, thus giving his a solid track record of success in the global equity and capital markets. Today, DAMAC Group’s global footprint extends across five continents and the company focuses on building a diversified portfolio of new businesses in sectors such as luxury fashion, data centres, real estate, manufacturing, and more.

DAMAC Properties, meanwhile, has delivered over 43,700 homes, with more than 30,000 in development, and has projects in over 10 countries, including cities such as London, Toronto, Miami and the Maldives. Notably, DAMAC’s international portfolio features remarkable projects like the 50-storey DAMAC Towers Nine Elms, a flagship development in central London, which bears the iconic branding of Italian fashion house Versace.

DAMAC also manages hotels under its umbrella, collaborating with key brands like Radisson, Paramount, Rotana, and DAMAC Maison. The company is also developing a resort in the Maldives in partnership with the Mandarin Oriental Hotel Group. DAMAC’s ambitions extend beyond real estate, with the establishment of its own hotel management company.

Under its umbrella, the company oversees eight hotel properties, collaborating with renowned brands such as Radisson, Paramount, Rotana, and DAMAC Maison. These collaborations have resulted in opulent living spaces that merge luxury and style, reflecting a commitment to elevating living standards.

Education and social progress are also close to Sajwani’s heart. Alongside his family, he champions quality education through the Hussain Sajwani – DAMAC Foundation. Notably, the One Million Arab Coders initiative, a flagship programme under the foundation, seeks to empower one million Arabs with essential coding skills, positioning them for success in the digital era.

Rank: 15 Name: Abdul Aziz Al Ghurair Designation: Chairman Company: Al Ghurair Investment Industry: Investment

Abdul Aziz Al Ghurair is a distinguished Emirati business pioneer whose career track record is proof that he embodies the qualities of great leadership, innovation and entrepreneurial prowess.

In addition to his current role, Al Ghurair holds the directorship of the Abdullah Al Ghurair Group of Companies, a business legacy with a presence in over 20 countries and over 50 years of history. Before his role as the chairman of the board of directors at Mashreq Bank, he spent around three decades as the bank’s CEO.

He is also on the board of directors of his family’s extensive Abdulla Al Ghurair Group, a venture that spans numerous countries, as well as the chairman of the Dubai Chamber of Commerce.

Al Ghurair, who holds an Honours’ Degree in Industrial Engineering from the California Polytechnic State University, established Al Ghurair Investment in Dubai back in 1960 as a prominent diversified family business group in the UAE. The company spans seven distinct sectors, including foods, resources, properties, construction, energy, mobility, and ventures, with operations expanding across over 50 countries and a workforce of nearly 30,000 individuals.

AGI has been named a Top Employer in the country by the Top Employers Institute more than once. This recognition reflects the group’s ongoing efforts to create a supportive environment for learning and employee development, in alignment with Sustainable Development Goal 8 (SDG 8) – promoting decent work and economic growth.

Fostering local talent

Furthermore, Al Ghurair’s commitment to advancing Emirati talent through a robust Emiratisation programme underscores its dedication to fostering diversity and empowering local individuals within the organisation. Through internal initiatives and strategic partnerships with key entities in the UAE, the group has created opportunities for Emiratis to thrive within the company.

As part of this mission, Al Ghurair is also chairman of the Abdulla Al Ghurair Foundation, founded by his father in 2015 to empower Emirati and Arab youth to thrive and contribute to the sustainable development of the region through innovative educational solutions. It is one of the largest privately funded philanthropic foundations in the region and supports the provision of technology-based education opportunities and the development of relevant skills for a successful transition into higher education and the labour market.

Throughout his career, Al Ghurair has also held vital positions on the boards of entities like Mastercard, Visa International, Dubai Investments and Emaar. His leadership extended to co-chairing the Arab Business Council-World Economic Forum (WEF), showcasing his influence in global economics. He was also the speaker of the House of the Federal National Council in the UAE from 2007 to 2011.

Al Ghurair’s commitment to advancing knowledge is also evident in his role as a board member of trustees at New York University, USA. Moreover, he has also contributed to the Consultative GCC Council for the GCC Leaders and held the prestigious position of the president of The Knowledge Fund, solidifying his dedication to progress and growth.

Rank: 16 Name: Paul Griffiths Designation: CEO Company: Dubai Airports Industry: Aviation

Paul Griffiths has been instrumental in transforming Dubai into an international aviation hub. Griffiths joined Dubai Airports as its first CEO in October 2007, a role he still fulfils today, with the responsibility for the operation and development of Dubai International (DXB) and Dubai World Central (DWC).

He is now also in charge of overseeing the move to Dubai’s $35bn passenger terminal at Al Maktoum International Airport, a transition that is expected to be completed in a decade. The airport, which will spread across 70 square kilometres, is expected to become one of the world’s biggest, with an annual capacity of over 250 million passengers once all phases are complete.

One of Griffiths’ most notable achievements came just one year after he took on the role of CEO, as he launched Terminal 3 at DXB. In 2010, he also launched the emirate’s second airport, DWC, and achieved another milestone in Dubai’s aviation history in 2013 with the opening of Concourse A, the world’s first purpose-built A380 facility, followed by Concourse D in 2016. Two years later, he joined Dubai Airports chairman Sheikh Ahmed bin Saeed Al Maktoum in welcoming DXB’s billionth passenger.

Under his leadership, Dubai Airports successfully managed the Covid-19 crisis and became one of the first airports to welcome back international tourists. He led the teams at DXB and DWC to support a repatriation operation in cooperation with diplomatic missions, UAE authorities, airlines and other service partners, which helped nearly half a million people get back home during the first global lockdown in 2020.

Griffiths also played a crucial role in the recovery of DXB’s operations. This included helping pave travel corridor arrangements with several key markets, as well as lobbying the industry to push for standardised testing-based travel protocols. He was also able to achieve the airport’s return to 100 percent operational capacity by November 2021.

Aviation hub

DXB has since gone on to surpass pre-pandemic levels of traffic and is the world’s busiest airport by international passenger numbers. In the first six months of 2024, DXB handled 44.9 million passengers, which is 8 percent more than in the same period last year, and it is expecting 91.8 million by the end of the year. In H1 2024, direct traffic to Dubai accounted for 56 percent of airport users, with key markets including nearby nations such as India and Saudi Arabia. India remained DXB’s top destination country, with 6.1 million passengers.

Before he came to Dubai, Griffiths was the managing director of London’s Gatwick Airport. Prior to joining airport operator BAA in 2004, he spent 14 years with the Virgin Group, working closely with Sir Richard Branson as a board director of the Virgin Travel Group. He has received many accolades for his esteemed career in aviation so far, including as Businessperson of the Year at the Arabian Business Achievement Awards in 2024.

Rank: 17 Name: Sultan Bin Sulayem Designation: Group Chairman and CEO Company: DP World Industry: Logistics

Sultan Ahmed Bin Sulayem’s expertise have greatly contributed to the impressive upward trajectory of the UAE’s growth. His vision and skills have played an instrumental role in propelling Dubai’s expansion and his strategic contributions have extended to pivotal areas such as the development of regional free zones, ports, and infrastructure.

His influence in this regard is reflected in his multifaceted roles, such as being a board member of the Dubai Executive Council, the chairman of Virgin Hyperloop One, and holding the position of the chairman of the UAE Federal Tax Authority.

Bin Sulayem’s achievements span a diverse spectrum, showcasing his adeptness in orchestrating transformational ventures. This includes steering the international expansion of DP World, a leading marine terminal operator. DP World provides solutions including third-party logistics (3PL), container services and automated customs clearance and brokerage. With 80 terminals and economic zones around the world, they are at the centre of smarter logistics delivery and offer specialist solutions for industry sectors, fully customised to make the logistics experience transparent, accessible, and cost-effective.

Every year, under Bin Sulayem’s guidance, DP World enables the movement of $1 trillion worth of goods, and completes over 300 projects a year at its drydocks in Dubai, home to some of the world’s biggest-ever new-build offshore fabrication programmes.

Investing for the future

DP World is further reimagining the future with step-change terminal handling innovations designed to streamline their global network of ports. This includes BoxBay, an intelligent High Bay Storage (HBS) system, which is increasing terminal handling speed, energy efficiency and safety, while decreasing operating costs.

The company has also invested in Virgin’s revolutionary Hyperloop technology, an on-demand, incredibly fast cargo pod system that will give cargo owners synchronised and intelligent movement of goods. Moreover, DP World extends their technological influence to the realm of freight forwarding through the establishment of the Digital Freight Alliance.

Notably, thanks to Bin Sulayem’s visionary foresight, DP World acquired the P&O Group for $6.8bn in March 2006, positioning it as one of the world’s largest port operators and a pivotal trade facilitator, with an impressive global presence spanning 78 marine and inland terminals across six continents.

His business acumen further manifested in the dynamic development of the Jebel Ali Free Zone (Jafza), which he transformed into a thriving business hub housing over 7,300 companies. Additionally, Bin Sulayem’s led the inception of Nakheel, with contributions that include the creation of iconic Dubai landmarks, such as Palm Jumeirah.

Bin Sulayem also established and led Istithmar World, a venture with a focus on private equity investments. The impressive portfolio includes diverse investments across North America, Europe, Asia, and the Middle East, encompassing sectors like retail and financial services.

Rank: 18 Name: Mohammed Alshaya Designation: Executive Chairman Company: Alshaya Group Industry: Retail

The face of the Middle East’s retail sector has been forever changed by Mohammed Alshaya. He is the driving force behind the Kuwaiti family-owned enterprise Alshaya, a prominent international franchise operator across the Middle East, Africa, Europe, and Russia, and has been instrumental in steering the company’s evolution, fostering its progression and widespread expansion.

His journey within the organisation began in 1990 when he assumed the role of CEO, later ascending to the position of executive chairman in 2007. Today, the group boasts an impressive roster of over 80 franchise stores and global brands under its name, with a vast and diverse portfolio that spans continents.

The group’s endeavours encompass multiple sectors, from health and beauty to pharmacy, food, fashion, home furnishings, and leisure and entertainment. Also included under the expansive Alshaya Group umbrella is local coffee shops, drive-thrus, and restaurants. This collection includes key names like Boots, The Body Shop, H&M, Starbucks, Mothercare, M.A.C, Debenhams, American Eagle Outfitters, P.F. Chang’s, The Cheesecake Factory, Victoria’s Secret, Pottery Barn, and KidZania, and more.

ESG initiatives

Alshaya Group’s commitment to its communities is also paramount and as a leading employer in the retail sector, Alshaya recognises the various avenues through which they can contribute sustainably. This includes creating jobs and fostering skills development, sourcing locally, providing charitable support, and collaborating with government and local NGOs. Additionally, the company is dedicated to environmental stewardship, implementing initiatives such as harnessing solar energy, recycling fashion and electronics, and minimising packaging.

A wide range of responsibilities

Alshaya’s sphere of influence extends far beyond his role within Alshaya Group. He plays a pivotal role as a board member for the Arab Thought Foundation, contributing his insights and expertise to this intellectual platform. Furthermore, his leadership extends to real estate development, where he holds the position of chairman of the board of directors at Mabanee, a distinguished player in Kuwait’s real estate landscape and the development company behind Kuwait’s leading mall development, The Avenues. It’s worth noting that the Alshaya family’s ownership stake of 34.1 percent in Mabanee underscores the family’s substantial commitment to the company’s success.

Alshaya is also a member of Kuwait’s Supreme Council of Planning and Development and the country’s Supreme Council of Education, as well as the International Business Advisory Council for London. He is further on the board of trustees for the Foreign Direct Investment Council of Turkey, the Leadership Council of Harvard Kennedy School, Cleveland Clinic’s International Leadership Board.

He graduated with a Bachelor’s Degree in Marketing from Kuwait University, before studying a Master’s Degree in Business Administration at the Wharton School, the business school of the University of Pennsylvania. He then went on to work for a short time at Morgan Stanley bank in New York before moving back to the Middle East.

Rank: 19 Name: Yusuff Ali MA Designation: Chairman and Managing Director Company: Lulu Group Industry: Retail

A driving force in the Gulf’s retail industry, Indian businessman Yusuff Ali MA is the powerhouse behind Lulu Group, which has an international business portfolio that ranges from hypermarket operations to shopping mall development, as well as manufacturing, goods trading, hospitality assets, and real estate. The company, which operates in 25 countries, turns over $8bn annually and has a staff of more than 70,000.

Retail heavyweight

Headquartered in Abu Dhabi, Lulu Group is best known in the Gulf for its chain of popular shopping centres and hypermarkets, which have long served a wide segment of multi-ethnic residents in the region. Lulu Group International is one of the largest retail chains in Asia and the biggest in the Middle East, with more than 250 outlets in the Gulf countries and beyond, and was once listed by auditing and research firm Deloitte as one of the world’s 50 fastest growing retail chains.

Driving success

In 2015, the group famously moved into the hotel development business, making international headlines after it paid AED550m ($149.7m) for Great Scotland Yard in London, the former headquarters of the Metropolitan Police, renovating and reopening it as a luxury hotel in 2019.

Ali, who was born in Kerala, moved to the UAE in 1973 on a ship that sailed from Mumbai. He has held many positions over the years, including as former Second Vice Chairman of the Abu Dhabi Chamber of Commerce and Industry and he was also a member of the board of directors of ADCCI for four successive terms. He’s also a former trustee of the India Development Foundation and served on the board of Air India.

Today, he still serves on the board of directors for Cochin and Kannur international airports, and as a corporate member of the Federation of Indian Chambers of Commerce & Industry, as well as a national council member of the Confederation of Indian Industry (CII) and co-chairman of CII Gulf Committee, demonstrating his firm commitment to shaping the future of industry and commerce across the Middle East and India.

Aside from his corporate responsibilities, Ali is also active in social causes and is associated with several organisations. This includes his role as vice-chairman of Norka Roots, the Non-Resident Keralite Affairs Department set up by the Government of Kerala to ensure the welfare of non-resident Keralites.

Recognitions

Notably, in 2005 he was honoured with the Pravasi Bharatiya Samman Award by the former President of India, Dr APJ Abdul Kalam. In 2008, he also received the Padma Shri Award by India’s then-president Pratibha Devisingh Patil.

In 2017, he was also the recipient of the Queen’s Award for Enterprise in the UK, for his Birmingham-based food processing plant’s role in boosting Britain’s position as an investor-friendly destination. The company, called Y International UK Ltd, was established in 2013 to source and process food products from the UK to support the demand for high-quality British products for sale in Lulu Group’s hypermarkets across the Middle East, India and other countries in Asia.

Rank: 20 Name: Dr. Shamsheer Vayalil Designation: Founder and Chairman Company: Burjeel Holdings Industry: Healthcare

In his nearly two-decade-long career in the UAE’s healthcare industry, Dr. Shamsheer Vayalil has enjoyed a meteoric rise. This remarkable journey has seen him building one of the region’s leading super-specialty healthcare networks, balancing the roles of an entrepreneur, strategist, and philanthropist with great ease. In all these roles, his mission has been the same – to offer world-class care across the region. He serves as the founder and chairman of Burjeel Holdings and chairman of Amanat Holdings.

Since setting up his first hospital in 2007, Shamsheer’s leadership has transformed his company, Burjeel Holdings, into a healthcare giant with a diverse portfolio comprising hospitals, medical centres, homecare services, occupational health, and retail pharmacies. Shamsheer plays a key role in steering Amanat towards becoming the region’s gateway to sustainable investing, driving strategic investments in healthcare and education. His expertise lies in recognising market gaps and orchestrating the expansion of healthcare services to address them, solidifying his position as a leading investor in the largest healthcare companies in the MENA region.

Shamsheer leads the group’s efforts in elevating the level of care in the market across the demographic spectrum through brands like Burjeel, Medeor, LLH, Lifecare, Tajmeel, and PhysioTherabia. With him at the helm, Burjeel Holdings pursues a bold strategy to use innovation to address healthcare challenges in the UAE and beyond. The group has expanded its geographic footprint to new regions within the GCC as well as globally. His passion for addressing global healthcare challenges has led to initiatives like the establishment of the Burjeel Institute for Global Health in New York, US.

Shamsheer embodies the spirit of determination and success that defines the dynamic landscape of the UAE. By taking two of his companies – RPM and Burjeel Holdings – public and listing them on the Abu Dhabi Securities Exchange, Shamsheer has demonstrated steadfast belief in the economic potential of the country. His efforts have complemented a comprehensive ecosystem that provides advanced care within the UAE while supporting the nation’s ambitions to become a global destination for patients worldwide. A strategic healthcare investor, he has been a member of several important healthcare and industry boards, including the UAE Medical Council. His contributions have earned him various accolades for his excellence in healthcare, entrepreneurship, and social initiatives.

A committed philanthropist, Shamsheer attributes his charitable values to his upbringing in Kozhikode, Kerala, where his family emphasised the importance of giving back to the community. He supports various initiatives aimed at improving public health and inspiring young entrepreneurs globally. He is also involved in several philanthropic endeavours, focusing on healthcare access, education, and community development.

Shamsheer remains an influential figure in the healthcare sector. Under his guidance, his companies are scaling up operations in new regions within the GCC and beyond, aiming to address broader healthcare challenges and set new standards in the industry.

Rank: 21 Name: Ronaldo Mouchawar Designation: CEO and Co-founder/Vice President Company: Souq.com/Amazon MENA Industry: E-commerce

Ronaldo Mouchawar pioneered a revolutionary shift in online retail across the region. As a visionary entrepreneur, he is a transformative force in the MENA’s e-commerce landscape as co-founder of Souq.com Group, which he continues to serve as CEO. He cultivated the platform’s growth into the largest e-commerce retailer in the Arab world, catching the attention of tech giant Amazon, which acquired Souq.com for $580m in 2017.

Road to success

Mouchawar’s leadership began in 2005, coinciding with Souq.com’s inception in the UAE. Under his guidance, the platform expanded into key markets such as KSA and Egypt. In 2014, he introduced the White Friday sale, now a highly anticipated annual shopping event in the region. Mouchawar also extended Souq.com’s influence by launching PayFort, a leading online payment service, and Q-Express, a logistics arm aimed at improving delivery efficiency.

In 2016, Souq.com secured a $275m investment, propelling its valuation to over $1bn, marking it as the first unicorn in the region. Following Amazon’s acquisition, Souq.com rebranded as Amazon.ae in the UAE in 2019 and Amazon.sa in KSA in 2020. Mouchawar’s commitment to providing Arabic language support was evident with the introduction of Amazon Prime in the UAE in 2019, Amazon Home Services in 2020, and Prime in KSA in 2021.

Amazon MENA, under Mouchawar’s guidance, continues to revolutionise ecommerce in the region. In April 2023, the company launched a state-of-the-art fulfilment centre in Dubai, equipped with advanced technology to increase storage capacity by 70 percent. Situated in Dubai South’s Logistics District, the facility ensures efficient operations with access to key transportation hubs, contributing to the UAE’s digital economy agenda. The expanded capacity aims to host products from 100,000 SMEs on Amazon.ae by 2026 and offers training and upskilling programmes for employees, further contributing to the UAE’s growing digital economy.

Driving innovation

Amazon.ae has also expanded its International Shopping experience to Qatar, offering local customers the convenience of browsing and purchasing hundreds of thousands of eligible products shipped from the UAE. This service is accessible in both Arabic and English, tailoring the user’s experience based on their location and shipping address.

Beyond Souq.com and Amazon, Mouchawar’s impact spans involvement as a board director for Instashop, a UAE-based grocery app. A devoted advocate for innovation and technology, his journey began as a Technical and Systems Consultant with EDS in the US, later spearheading pioneering web and ecommerce projects like Maktoob.com (acquired by Yahoo! in 2009).

Mouchawar actively contributes to shaping the future of technology and innovation in the region, serving on key councils and advisory boards, such as the Dubai Future Council on Artificial Intelligence, Dubai Future Academy board of trustees, and International Advisory Council at the Executive Council.

Rank: 22 Name: John Pagano Designation: Group CEO Company: Red Sea Global Industry: Hospitality

John Pagano currently serves as the Group CEO of Red Sea Global (RSG), a pioneering real estate firm leading the charge in regenerative development projects along Saudi Arabia’s Red Sea coast. RSG is behind two of the country’s most ambitious projects: The Red Sea and AMAALA, both located on the west coast of Saudi Arabia. With over 30 years of international experience in the commercial property industry, Pagano brings a wealth of knowledge from North America, Europe, and the Caribbean to his role.

Pagano’s expertise spans a wide range of areas, including project structuring, financing, construction, asset management, and master planning. He is at the forefront of transforming RSG’s vision into reality, driving the development of these regenerative luxury tourism destinations from the ground up, all aligned with Saudi Arabia’s Vision 2030.

KSA’s hospitality transformation

Since taking the helm at The Red Sea project in January 2018, Pagano has played a pivotal role in steering one of the three mega-projects designed to diversify Saudi Arabia’s economy. The Red Sea project, primarily focused on island development, is set to become a global benchmark for sustainable luxury tourism. Alongside The Red Sea, Pagano also oversees the ultra-luxury destination AMAALA, another groundbreaking initiative under RSG’s umbrella.

The first phase of The Red Sea project, expected to be completed by 2024, covers an expansive 28,000 square kilometers, including six inland sites and 22 islands. Upon its full completion, The Red Sea project will boast around 50 hotels and 1,300 residential properties across its islands, making it a cornerstone of Saudi Arabia’s tourism strategy.

In addition to The Red Sea project, Pagano is leading the development of AMAALA, which, in its first phase, will feature an international airport, the delivery of 16 luxury hotels, and the creation of the iconic Sheybarah Island hotel, characterised by its stunning mirrored orbs. Under Pagano’s leadership, Red Sea Global is poised to redefine luxury and sustainability in the hospitality industry, setting new standards for tourism development worldwide.

Pagano spent more than two decades at the world-renowned Canary Wharf development in London, during which time he held several leading executive positions. He also served as President of Baha Mar Development Company (BDMC) based in Nassau, the Bahamas. The $3.6bn development included four new hotels, a convention centre and a Jack Nicklaus Signature championship golf course. Pagano holds a BASc degree in Mechanical Engineering from the University of Toronto.

Rank: 23 Name: Shayne Nelson Designation: Group CEO Company: Emirates NBD Industry: Banking

Veteran banker Shayne Nelson has undoubtedly had a major impact on the UAE’s financial sector. During his tenure, Emirates NBD’s assets have increased from around $83.8bn to $228bn as of September 2023, including a significant acquisition of DenizBank in Turkey for $2.7bn.

The bank has achieved substantial organic growth, securing the largest market share in corporate and retail banking in the UAE and leading in regional technology innovation. Additionally, it has expanded in Egypt, India, and KSA, obtaining the highest number of branch licenses among foreign banks in KSA. The group now also has operations in Turkey, Singapore, the UK, Austria, Germany and Bahrain, with representative offices in China and Indonesia, and more than 850 branches and over 4,200 ATMs/SDMs.

In H1 2024, Emirates NBD confirmed a net profit of $3.7bn, a 12 percent increase year on year. Across the group, between April and June, its quarterly profit surpassed $1.9bn for the first time, helped by record results from Emirates Islamic Bank and DenizBank.

Leading banking institution

The group is also one of the largest and most culturally diversified employers in the UAE, with more than 30,000 staff members representing over 90 nationalities, and with a string of annual awards to its name since Nelson took over in 2013.

From bank teller to CEO, Nelson has been involved in most parts of the banking industry over his decades-long career, firstly in his home country of Australia and later in Asia, when he moved between Hong Kong, Singapore and Malaysia with Standard Chartered, before taking over as CEO of its MENA business. Previously, he was the CEO of Standard Chartered Private Bank in Singapore for three years. He chaired the Standard Chartered Saadiq Islamic advisory board and was a board member of Standard Chartered Bank (China) Ltd. Other positions include the regional CEO of Standard Chartered Bank Middle East and North Africa for five years.

Responsible leadership

He also chaired Standard Chartered (Pakistan) Limited and the Banking Advisory Council to the Dubai International Financial Centre Board. He was also CEO and managing director of Standard Chartered Bank, Malaysia Berhad, based in Kuala Lumpur. Today, Nelson serves on various boards, including Emirates Islamic, Emirates NBD Capital Ltd., Emirates NBD Capital PSC, Tanfeeth, DenizBank A.Ş. (Turkey), International Monetary Conference, Marsh Emirates Insurance Brokers, and the University of Wollongong in Dubai’s Advisory Board. He is also a member of the International Cooperation Council France UAE (CCI France UAE).

He is also a graduate member of the Australian Institute of Company Directors, as well as an associate fellow of the Australian Institute of Managers. But he has more strings to his bow than simply banking. Nelson is also a dedicated family man and former state rugby player with Western Australia – and even holds a world record for fishing, having landed the biggest Giant Grouper, weighing 179.5kg, off Latham Island, Tanzania.

Rank: 24 Name: Lubna Olayan Designation: Chairperson Company: Saudi Awwal Bank (SAB) Industry: Banking

Lubna Olayan is an influential presence in the region’s financial landscape and became a champion of women’s empowerment in KSA when she was the first woman to join the board of a Saudi publicly listed company after being elected to the board of Alawwal Bank in 2004. She also served as the bank’s deputy chairman prior to the merger with Saudi Awwal Bank (SAB), the third-largest bank by assets in KSA, where she now serves as chairperson.

In April 2023, the Saudi British Bank (SABB) revealed its new name, SAB. This change came after two years of significant efforts following the merger of SABB and Alawwal Bank. SAB’s forward-looking approach aligns with KSA’s Vision 2030 objectives as the bank’s adoption of blockchain technology for international trade transactions in 2022 reflects the push for digital transformation and innovation in the industry.

Olayan’s appointment as the chair of a Saudi-listed entity was a ground-breaking achievement, making her a trailblazer in the region. Her career, which began in 1983, spans diverse leadership positions, including her role as the CEO of Olayan Financing Company (OFC) for over 35 years. After resigning from the CEO position in April 2019, she remains a member of OFC’s board.

Family enterprise

Established by her father in 1947, OFC operates across manufacturing, services, investments, and distribution sectors. Headquartered in Riyadh, the city serves as the cornerstone of The Olayan Group’s operations and investment activities within KSA and the wider Middle East. Since its inception in 1969, OFC has developed a diversified investment strategy, embracing public and private equities, strategic alliances, and real estate ventures. The company boasts a robust portfolio exceeding 32 entities, alongside global investments spanning the Middle East, Turkey, and India, all managed by its Riyadh-based team.

Under Olayan’s guidance, OFC, in collaboration with King Abdullah University of Science and Technology (KAUST) via the Suliman S. Olayan Foundation, launched the Suliman S. Olayan Institute for Innovation and Entrepreneurship. This institute specialises in sustainability solutions for the water, food, and energy sectors and is named in memory of the late visionary and founder of Olayan Group.

Female leadership

Olayan is also the chairperson of the board and executive committee of the Saudi-Swedish Business Council (SSBC). Additionally, she presides over the Suliman S. Olayan Foundation and the UK-based Alfanar philanthropy organisation, along with holding memberships on key international and local corporate, university boards, and advisory councils. She was also appointed to join the World Economic Forum’s board of trustees in September 2022.

Additionally, over her esteemed career, Olayan has received numerous awards and recognitions, including an Honorary Doctor of Laws from Trinity College, Dublin, and the insignia of Member First Class of the Royal Order of the Polar Star by King Carl Gustav XVI of Sweden.

Olayan has a Bachelor’s Degree in agriculture from Cornell University and an MBA from Indiana University.

Rank: 25 Name: Hesham Al Qassim Designation: CEO Company: Wasl Industry: Real estate

Hesham Al Qassim is a key figure in the region’s business landscape. He is the CEO of Wasl (formerly Wasl Asset Management Group) and the Chairman of Emirates NBD. He is also the Chairman of Emirates Islamic, Vice Chairman of Dubai Real Estate Corporation, Chairman of BNP Paribas Egypt, and Board Member of Amlak Finance, International Humanitarian City, Etisalat, DIFC, and National General Insurance.

Key achievements

Al Qassim has spearheaded Wasl’s transformation into a world-class company since 2008. He was responsible for restructuring and developing the group’s key subsidiaries: Wasl Properties, Wasl Hospitality and Leisure and Dubai Golf. Wasl’s hospitality division is now the largest hotel asset company in Dubai, with 35-plus hotels and hotel apartments; including the Mandarin Oriental Jumeirah, Mina Seyahi, and all the Hyatt hotel brands in Dubai. He has played a pivotal role in driving this expansion to include more than 8,200 hotel keys across the city. His vision, passion and dedication have played a key role in attracting over 150 restaurants to Dubai, most notably Tasca, Carine, Bussola and Stay by Yannick Alleno.

Wasl continues to thrive under his leadership. The company is currently expanding its portfolio in Dubai to include upcoming hotels, like the second Mandarin Oriental hotel in Dubai. Furthermore, Al Qassim is overseeing the introduction of key brands, including MGM, Bellagio and Aria, to the Middle East for the first time, with a total of 1,883 additional hotel keys to be added to the city.

Sustainability initiatives

Al Qassim played a key role in overseeing Wasl’s sustainability initiatives to meet the UAE’s climate goals and strengthen Dubai’s reputation as a global leader in adopting state-of-the-art sustainability solutions in the construction sector. Currently, he is overseeing the development of Wasl Tower, one of the UAE’s most ambitious sustainability projects.

He has played a pivotal role in the development of Food Tech Valley, a project that will triple the UAE’s food production. The site can grow up to 3,000 tonnes of produce annually and recycle more than 50,000 tonnes of food waste, supporting the UAE’s move towards decarbonising food production and replacing 1 percent of the country’s fresh produce imports.

Wasl successfully completed one of the largest on-grid solar projects in Dubai, with more than 22,000 PV panels installed across 44 buildings and company facilities, enhancing the grid’s capacity by over 11 million kWh annually. The solar energy produced is expected to offset 4,500 metric tonnes of carbon dioxide annually, with the same impact as taking 2,200 cars off the road, planting 180,000 trees, or providing a year’s worth of energy for 900 Dubai homes.

Key CSR initiatives

Wasl has supported numerous charitable causes in Dubai over the past 12 months, including extending financial sponsorships to the Dubai Autism Centre during World Autism Day, supporting the Sheikha Latifa Bint Mohammed Award for Childhood Creativity, supporting the Tarahum Charity Foundation by sponsoring Al Nas Ll Nas radio show, and supporting the Emirates Environment Group.

Rank: 26 Name: Abdulrahman Al Fageeh Designation: CEO Company: Saudi Basic Industries Corporation (SABIC) Industry: Energy

Over the past 35 years, Abdulrahman Al Fageeh has solidified his reputation as a key figure in the global chemical industry. During his decades-long tenure at SABIC, Al Fageeh has excelled in many senior executive positions, including in project management, plant operations, and corporate and business management.

As one of the world’s leading petrochemical manufacturers, SABIC operates as a public entity headquartered in Riyadh, KSA. Saudi Aramco holds 70 percent ownership stake in the company, while the remaining 30 percent is publicly traded on the Saudi stock exchange.

Over the years, SABIC’s phenomenal growth trajectory has allowed the company to attain a strong foothold in the global market share, with operations that span approximately 50 countries and a workforce of more than 31,000 staff members. SABIC’s primary corporate hubs and headquarters are located in Riyadh, complemented by significant industrial operations in Al Jubail on the Arabian Gulf and Yanbu along the Red Sea coastline.

The company’s manufacturing, sales, technology, and innovation facilities are geographically dispersed to ensure a comprehensive global presence and seamless operations. Managed through four regional offices spanning the Middle East and Africa, Asia, the Americas, and Europe, SABIC maintains a proactive approach towards shaping the future landscape. Emphasising the paramount importance of Technology and Innovation (T&I), SABIC channels substantial investments into pioneering research and development endeavours.

Al Fageeh has contributed in myriad ways to this extraordinary growth. Before assuming his current position in September 2022, he was the executive vice president of petrochemicals, performance chemicals and polymers business units, demonstrating his strategic acumen across different segments of the organisation. His impressive track record also includes key positions such as vice president of the Polyethylene Business Unit and a significant six-year tenure as president of Yansab.

Versatile professional

Al Fageeh’s leadership contributions extended to chairing notable entities within SABIC such as Petrokemya, Sadaf, Ibn Sina, Shrouq, Yanpet, Kemya, SAMAC, SABIC SK Nexlene Company, Gulf Coast Growth Ventures, and SABIC Fujian. Moreover, he served as vice chairman of the board of Ibn Zahr and held directorial positions at Ar Razi and SABIC Capital B.V.

In his external appointments, Al Fageeh’s influence extends beyond SABIC. He holds the prestigious position of chairman at both the Gulf Petrochemicals and Chemicals Association (GPCA) and the Saudi Petrochemical Manufacturers Committee. Now, while CEO, he also serves as an executive member of the board of directors. Concurrently, he holds the positions of chairman of SABIC Agri-Nutrients Company and NUSANED™ Investment company.

Rank: 27 Name: Mohammad A. Baker Designation: Deputy Chairman and CEO Company: GMG Industry: Retail

A visionary on a mission to redefine success within the global business community, Mohammad A. Baker is leading GMG into an exciting new chapter within its 47-year legacy. Under his leadership, Baker has metamorphosed GMG into a worldwide well-being entity that impacts millions of lives.

The family-owned company, established in 1977 by Abdul Aziz Baker, first began as a small butchery offering fresh Western meat, fish, and cold cuts. Over the past four decades, it has grown to encompass a diverse portfolio of home-grown and international brands, and today, Baker is steering the company towards a new era, advocating for a world enriched by positive contributions. This endeavour entails staying at the forefront of innovation while delivering robust investment returns for GMG’s global partners.

Expanding the family business

GMG’s portfolio spans across five key verticals: GMG Sports, GMG Everyday Goods, GMG Health and Beauty, GMG Properties, and GMG Logistics. Baker is driven by an unwavering commitment to excellence and positive impact, transitioning GMG from a single Dubai store, to introducing over 120 brands to markets across the MENA region and Asia. These encompass both home-grown names such as Sun & Sand Sports, Supercare Pharmacy, Farm Fresh, and international brands such as JD Sports, Nike, Vans, and Columbia. Additionally, GMG successfully launched nike.ae and nike.sa for regional customers.

Baker has also orchestrated a comprehensive presence across the entire food consumption chain, aligning with GMG’s visionary ‘farm-to-fork’ approach and commitment to the UAE’s National Food Security Strategy 2051. GMG has established state-of-the-art food manufacturing facilities, an expansive food retail network, and distribution of highly sought-after international brands. These facilities are enhanced by a cutting-edge R&D kitchen and food laboratory, covering various product lines.

GMG ventured into the food retail industry in April 2022 by acquiring the Middle Eastern operations of Groupe Casino’s prestigious brands, including Géant, Franprix, Monoprix, and Monop. GMG’s commitment to excellence continued with the acquisition of aswaaq LLC, consolidating its position as one of the UAE’s largest community mall operators.

The group has also expanded its health portfolio within the UAE, introducing innovative concept stores such as Supercare, Arabella, Glu, and Good Health, and GMG’s global footprint is rapidly expanding, with Baker envisioning the opening of 100 stores in Southeast Asia by 2025.

In April, GMG announced plans to expand the store network of VF Corporation’s brands, such as Vans®, The North Face®, and Timberland®, across the MENA region and Southeast Asia (SEA). Currently, GMG operates 90 mono-brand stores for VF in MENA and SEA, with plans to roll out over 300 stores in the next five years.

Outside of corporate operations, Baker strongly believes in empowering the UAE’s youth and has launched several initiatives to support their growth. He played an instrumental role in promoting healthier lifestyles across schools in the UAE by collaborating closely with the government and integrating sports and active living into the curriculum.

Rank: 28 Name: Yogesh Mehta Designation: CEO Company: Petrochem Middle East Industry: Energy

Driven by passion and a need to succeed, Yogesh Mehta established the brand in 1995 at age 35 which today is considered one of the best in the chemicals industry. With an annual turnover in excess of $1.5bn, Petrochem is the largest chemical distributor in the Middle East and the 12th largest distributor in the world.

Apart from their state-of-the-art tank farm in Jebel Ali Free Zone in the UAE, The company also has two large bulk chemical storage terminals in Egypt (Adabiya and Port Said) that can store more than 55,000 tonnes of various chemicals and a drumming and logistics facility in KSA which has not only expanded their portfolio, but has created economies of scale.

Petrochem distributes chemicals across pharmaceutical, oilfield, and paint, coating, printing and packaging industries, in more than 32 countries. Under his leadership, Petrochem Middle East has now expanded into chemical trading, tank leasing and logistics.

With new expansion plans already underway, Petrochem is newly tripling its chemical storage and distribution capacity with stainless steel tanks with manufacturing and blending capability in Jebel Ali investing more than $95m to committing to sustainable development in UAE. Construction of this large bulk storage terminal has already started a few months ago to complete in late 2025. Petrochem has offices in China, Singapore, Taiwan, London, Egypt, Colombia and India with their corporate head office in Dubai.

Born leader

Mehta earned his Bachelor of Science degree in Chemistry from Mumbai; India and his first job was at his father’s chemical manufacturing factory in western India. It was here that Mehta honed his innate leadership skills and gained valuable hands-on business experience.

He then went on to open his own chemical trading business, which enjoyed limited success. Mehta then relocated to Dubai in 1990, and in five years, managed to establish a successful chemical distribution business and become a market leader. Mehta attributes his company’s success to the team of engineers and professionals who are like a family.

His son Rohan joined Petrochem 10 years ago and is very successful in his own right. Rohan plans to take the company to new heights and believes that they have just started the growth period at Petrochem.

Mehta is a Harvard Business School Alumni and a trustee board member of GSN, Global Sustainability Network, supporting human rights and abolition of child slavery. He is also the vice chairman and Trustee of the iconic BAPS Temple being built in Abu Dhabi and a board member of the Education for Employment ( EFE) Middle East chapter.

Mehta’s contribution to the Dubai music and culture and arts is legendary and has promoted several events regularly.

Rank: 29 Name: Helal Al Marri Designation: Director General Company: Dubai Department of Economy and Tourism (DET) Industry: Tourism

Helal Al Marri has one of the most important jobs in Dubai: planning, overseeing and delivering the city’s vision to the world. As Director General of the Dubai Department of Economy and Tourism, he holds a key responsibility in enhancing the emirate’s status as a sought-after destination for investment, business, and leisure, while concurrently bolstering its economic foundation and driving sustainable tourism.

DET assumes the central authority for steering, overseeing, fostering, and promoting the growth of Dubai’s economic and tourism sectors. The authority further plays a pivotal role in marketing and advocating for the emirate’s thriving commerce sector. Additionally, it bears the responsibility of licensing and categorising all economic and tourism services, encompassing key domains such as hotels, tour operators, and travel agents. Its comprehensive mandate spans the planning, supervision, development, and strategic marketing efforts essential to propel Dubai’s economic and tourism landscape forward.

In 2023, Dubai experienced a record-breaking year in tourism, welcoming 17.15 million international overnight visitors, a 19.4 percent increase from 2022. This year is already set to break those records, with the city welcoming 9.31 million overnight visitors between January and June, an increase of 9 per cent compared to the same period last year.

This exponential growth aligns with the objectives of the Dubai Economic Agenda D33 , launched by Sheikh Mohammed bin Rashid Al Maktoum to solidify Dubai’s position as a premier global city for both business and leisure. Dubai’s international recognition as a leading destination has been further reinforced by prestigious awards and accolades, including being named the Number 1 global destination for the third consecutive year in the esteemed Tripadvisor Travellers’ Choice Awards for 2024. This recognition is a testament not only to the city’s world-class infrastructure, but also the continuous collaboration between the private sector and government authorities, including DET under Al Marri’s leadership.

Tourism drive

A hallmark of Al Marri’s tenure has been his adept steering of numerous impactful global campaigns that have been consistently launched across traditional, digital, and social media platforms and spotlight Dubai’s multifaceted allure to international audiences.

Al Marri’s expansive portfolio encompasses both the leisure and business facets of Dubai’s value proposition. In this capacity, Al Marri plays a key role in orchestrating the planning, supervision, and execution of Dubai’s visionary goals and ambitious targets within the sector.

Alongside his position at the DET, he also holds significant leadership roles, standing as a distinguished member of the Executive Council of Dubai and concurrently serving as the director general of the Dubai World Trade Centre Authority (DWTCA), which houses the foremost event venue in the UAE and the largest event and exhibition centre across the region.

His influence also extends to his board memberships at esteemed institutions, including the Dubai Chamber of Commerce and Industry, ICD, Taaleem PJSC, and Emaar Malls. His professional background includes valuable experience gained at reputable consulting firms such as McKinsey and KPMG, further enhancing his expertise in driving strategic growth and innovation within the business landscape.

Rank: 30 Name: Badr Mohammed Al Meer Designation: Group CEO Company: Qatar Airways Industry: Aviation

Badr Mohammed Al Meer has played many integral roles in Qatar’s landmark developments. This includes 10 years as COO of Hamad International Airport (HIA), a role he successfully undertook before assuming the position of Group CEO at Qatar Airways in November 2023. His leadership at HIA, which is part of Qatar Airways Group, was characterised by visionary initiatives and remarkable accomplishments in significant airport projects. Noteworthy among these was the expansion endeavour known as The Orchard, a unique indoor tropical garden that sprawls 6,000 square metres and features 65 of the airport’s 180 retail and dining experiences. This initiative revolutionised the airport experience and solidified Doha’s status as a premier global aviation hub.

In 2023, HIA received over 45.9 million passengers, almost double the 26.3 million the new airport welcomed when it first opened back in 2014. During the decade, Al Meer not only oversaw this exponential growth, but was also instrumental in securing industry accolades for HIA, including Skytrax’s prestigious Best Airport in the World awards in 2021, 2022, and 2024.

Al Meer’s previous role as a board director of the Airports Council International in the Asia/Pacific Region further underscores his commitment to airport development and sustainability initiatives. Now, Al Meer’s tenure at the helm of the airline group symbolises a period marked by a dedication to innovation, fostering a culture of empowerment within the organisation, and driving continued success in the competitive aviation landscape with his guidance and industry expertise.

Harnesssing technology

Most recently, Qatar Airways made a groundbreaking debut at ITB Berlin 2024 with the introduction of Sama 2.0, described as the first digital human in aviation, as an innovative AI assistant for passengers. This advanced technology, which represents a second generation of AI, offers passengers information on various topics such as travel details and on-board services. Sama 2.0 has been designed to appear more human-like, displaying expressions and simulated breathing compared to its earlier appearance. The integration of Sama 2.0 into Qatar Airways’ digital ecosystem signifies a significant advancement in passenger interaction and service provision. This AI assistant can help passengers with booking flights, completing transactions, and providing personalised recommendations.

In December 2023, Al-Meer was also elected to the board of governors of the International Air Transport Association (IATA), a prestigious appointment that underscores his exceptional leadership in the aviation industry. IATA, recognised as the trade association for the world’s airlines, boasts a membership of approximately 320 airlines, representing 83 percent of global air traffic. Through his role, Al Meer will contribute to shaping the future growth of secure and sustainable air transport, in line with IATA’s mission to advocate for airline interests globally.

His extensive expertise in the aviation sector positions him to make further significant contributions as a member of the Executive Committee of the Arab Air Carriers’ Organisation (AACO). AACO, the regional association of Arab Airlines comprising 34 carriers, focuses on fostering cooperation among members in various areas such as aero-political affairs, environmental sustainability, and training initiatives.

Rank: 31 Name: Kabir Mulchandani Designation: Founder and Chairman Company: FIVE Holdings Industry: Hospitality

Kabir Mulchandani, founder and chairman of FIVE Holdings is arguably one of the most successful entrepreneurs in the region.

With assets valued at $2.9bn, over 1,700 keys, and 3,060 employees, Mulchandani’s leadership has expanded FIVE Holdings to include three UAE hotels – FIVE Palm Jumeirah, FIVE Jumeirah Village, FIVE LUXE – along with FIVE Zurich in Switzerland, Destino Hotel Pacha Ibiza and El Hotel Pacha in Spain, Pacha Ibiza nightclub, FIVE MODE and The Pacha Collection Fashion Lines; and a range of assets including Toy Room Clubs, and WooMoon Storytellers (Globally). The brand also encompasses FIVE Music, a joint venture with The Warner Group.

Guided by Mulchandani’s Sustainable Indulgence philosophy, in 2023, FIVE’s pro forma EBITDA margin reached 39 percent, and the company earned an ‘A’ ESG rating from ISS. FIVE’s Dubai, Zurich and Ibiza hotel properties stood out with an average Occupancy Rate of 86 percent for LTM ended 31st March 2024, with total revenue growing approximately 349 percent from $123m in 2019 to proforma* revenue of $552m in LTM ended 31st March 2024.

Global vision

Mulchandani’s global vision led to the opening of FIVE Zurich in 2022 and the acquisition of The Pacha Group in a landmark deal valued at €302.5m ($336.44m) in October 2023, in line with the group’s strategic vision towards universal entertainment and hospitality.

Creating sustainable entertainment

With FIVE’s Sustainable Indulgence ethos of guilt-free luxury lifestyle and immersive entertainment experiences, Mulchandani pioneers a no-compromise model of sustainable hospitality. Achieving 100 percent solar power for his Dubai hotels, 100 percent LEED Platinum Dubai and Zurich hotel portfolio (1,500 Total Platinum Rooms at FIVE vs. 1,430 Total Platinum Rooms in the US) and earning the world’s highest ISS ‘A’ ESG Rating, Mulchandani proves his conviction in sustainability. Guest carbon footprints at FIVE Hotels are just 24kgCO2e per night, beating the competition, validated by CHSB 2023. Mulchandani has also developed a Net Zero ‘Build Tech’ Luxury Building Design Concept, ready for development.

Mulchandani’s sustainability leadership has been recognised with FIVE Holdings listed in Construction Week’s Top Green Developers in the Middle East 2023 and was a finalist in Arabian Business Achievement Awards Sustainable Company of the Year 2023. Mulchandani is also nominated for The World Sustainability Awards 2024 in the Sustainability Leader of the Year category, and the Reuters Events Sustainability Awards 2024 in the Sustainability Trailblazer Award category, and 2024 Skift IDEA Awards in the Change Makers – Leadership category.

Effective altruism

Philanthropy is a key aspect of Mulchandani’s approach. Recognised as Philanthropist of the Year by CEO Middle East, he has contributed over $1.8m to various causes, including literacy and girls’ empowerment through Room to Read and 800 life-saving surgeries for children in India. The FIVE Cares programme, championed by Mulchandani, provides critical financial aid to employees during medical crises.

*Proforma figures include the effect of acquisition of Universo Pacha S.A as if the business combination was effective for LTM ended 31st March 2024.

Rank: 32 Name: Ahmed Baghoum Designation: CEO Company: Masdar City Industry: Real estate

Ahmed Baghoum is the CEO of Masdar City, Abu Dhabi’s flagship sustainable urban development, free zone, and innovation hub. He oversees operations and development, driving strategy, innovation, partnerships, and R&D clusters towards sustainable growth.

A Masdar veteran, Baghoum joined in 2009 as director of the Free Zone, overseeing all special economic zone functions. He then became Executive Director of Human Capital and Services, leading talent acquisition, development, and optimizing the UAE national workforce. He also managed the company’s corporate services activities.

Under his leadership, Masdar City has evolved into a world-class business and technology hub for clean-tech and innovation, attracting a diverse array of organizations, from start-ups to multinationals and government agencies.

Baghoum has spearheaded several landmark projects at Masdar City, including NZ1, the region’s first designed for net-zero energy commercial building, and The Link, a 30,000-square-meter development featuring the region’s first net-zero energy shared working and living ‘Co-Lab’ building. He is overseeing the development of Masdar City Square, which includes the region’s first net-zero energy HQ building, announced at COP28 to be occupied by the Department of Energy. He also oversaw the groundbreaking of the region’s first net-zero energy mosque and the delivery of the Estidama Mosque, Abu Dhabi’s first LEED Platinum mosque.

Additionally, he enhanced Masdar Park, providing Abu Dhabi residents with more sustainable recreational spaces. These initiatives further align Masdar City with the UAE’s Net-Zero Energy 2050 strategy and reinforce its commitment to pioneering sustainable urban development.

Pioneering sustainability

Baghoum has fostered a culture of innovation and collaboration at Masdar City, supporting the growth of the city’s R&D clusters. He facilitated partnerships with the Abu Dhabi Department of Health to bolster the life sciences cluster and with the Abu Dhabi Investment Office for the Smart Autonomous Vehicle Industry (SAVI) and the AgriFood Growth & Water Abundance (AGWA) clusters, both located at Masdar City. Other R&D industry clusters include energy, AI, and space-tech. Aligning Masdar city with Abu Dhabi’s Falcon Economy strategy and reinforcing its role as a global leader in sustainability and technological advancement.

Before joining Masdar, Baghoum was Executive Director of Customer Operations at the Dubai Technology & Media Free Zone Authority, overseeing Dubai Internet City, Dubai Media City, and Dubai Knowledge Village. There, he led client interface and re-engineered the Government Service Operations Department, developing innovative servicing concepts with key government entities.

Baghoum holds an MBA from Texas Tech University and a master’s certificate in project management and management concepts from Regis University in the United States.

Rank: 33 Name: Olayan Alwetaid Designation: Group CEO Company: Saudi Telecom (stc) Industry: Technology

Backed by more than two decades of experience, Olayan Alwetaid has climbed an upward trajectory across several key senior leadership roles at Saudi Telecom (stc) and was appointed to his current role in 2021 as a reflection of his dedication and success. He previously served as the senior VP for the consumer sector, stc Bahrain’s CEO, and vice chairman of the BoD of stcPay.

Now, Alwetaid also serves as the chairman of SAMENA and is a GSMA board member. He leads multiple boards of directors of stc subsidiaries, including Integral, CCC, and Channels, where he holds the chairmanship of several key committees responsible for strategic decision-making and oversight. This diverse and extensive experience has equipped him with a deep understanding of the telecommunications sector and a proven track record of driving impactful growth and innovation across diverse markets and business units.

Supporting the kingdom’s tech transformation

Steered by Alwetaid, stc is leading the region’s digital transformation nationally and regionally, transforming from a telecommunications provider to an advanced digital player, backed by multiple achievements across cloud services, cybersecurity, application programming interface (API) management, and big data.

The company is dedicated to achieving three key pillars of Vision 2030: A vibrant society, a thriving economy, and an ambitious nation. As of June 2023, stc entered into a binding agreement with Devoteam SAS (France) and ORTLL Investment, culminating in the acquisition of a 40 percent stake in Devoteam Middle East (DME). This will bolster stc’s capabilities within the IT sector and amplify digital transformation through a holistic network of affiliates, each specialising in diverse areas such as digital infrastructure, Internet of Things, cloud computing, cybersecurity, and digital financial services.

Expansion plans

In April 2024, the Public Investment Fund (PIF) of KSA announced plans to acquire a 51 percent stake in Tawal, the largest telecommunications infrastructure company in KSA and a key player in the regional market, valued at $5.85bn. This stake was previously held by stc Group.

Following the acquisition, PIF and stc Group will merge Tawal with Golden Lattice Investment Company (GLIC), where PIF holds a majority stake, to create a new entity that will become the largest company in the telecommunications infrastructure sector regionally. PIF will own 54 percent of the new entity, stc Group will own 43.1 percent, and GLIC minority shareholders will hold the remaining shares.

The agreements between PIF and stc Group signify their joint commitment to integrate and strengthen the telecommunications infrastructure sector in KSA, with the aim of unlocking its combined potential. This initiative follows Tawal’s acquisition of infrastructure assets in Bulgaria, Croatia, and Slovenia, positioning this Saudi national champion as the largest independent tower company in the region. The new merged entity is expected to operate around 30,000 mobile tower sites, making it one of the largest global tower companies with projected annual revenues of approximately $1.3bn.

Olayan’s leadership will be integral in this endeavour, thanks to a demonstrated executive management track record and more than two decades of experience in the telecom, media and technology sectors.

Rank: 34 Name: Fadi Ghandour Designation: Executive Chairman Company: Wamda Capital Industry: Investment

Fadi Ghandour is a visionary figure in the flourishing startup landscape of the MENA region, having founded Aramex and now also Wamda Capital, a venture capital firm with a $70m growth fund. This entity not only injects capital into early-stage tech start-ups but also cultivates entrepreneurship ecosystems throughout the region.

Before establishing Wamda in 2010, Ghandour occupied the role of CEO at Aramex for more than three decades, after he co-founded the logistics company in 1982, ushering in a new era of logistics in the MENA. It started as Arab American Express, later branded as Aramex, and specialised in the delivery of parcels originating from the US to countries in the Middle East. Under his helm, Aramex transformed into a leading firm within emerging markets, boasting a network of more than 250 offices across 90 countries.

He also took the company public twice, first on Nasdaq, a historic moment for the Arab world, and subsequently on the Dubai Financial Market. Upon his strategic exit from the company, he sold his remaining 10 percent shareholding to Boson Ventures Corporation, although he still contributes his expertise as an active member on the Aramex board.

Helping the region’s entrepreneurs

At Wamda, Ghandour is cultivating innovation across the region. It first came to life with the launch of wamda.com, a free, bi-lingual independent online platform that publishes articles in English and Arabic related to the tech ecosystem in the Arab world. The platform now plays a key role in empowering emerging entrepreneurs with the essential resources and support, equipping these ventures to thrive in the ever-evolving business terrain.

At the heart of Wamda’s mission lies Wamda Capital, a crucial component of the organisation that serves as a venture capital fund, providing financial backing to early-stage and growth-stage technology startups across the MENA. Wamda is also deeply committed to fostering a vibrant entrepreneurial ecosystem through mentorship programmes and networking initiatives. By linking start-ups with experienced mentors, industry experts, and potential investors, Wamda facilitates access to guidance, strategic partnerships, and additional funding to fuel their growth trajectory.

Ghandour’s drive is built upon an unwavering entrepreneurial ethos. He has consistently invested in, founded, and launched various companies and non-profit organisations, with diverse ventures encompassing sectors such as fitness, wellness, digital technology, hospitality, and security. This includes becoming a founding investor in Maktoob, one of the region’s pioneering tech companies, culminating in Yahoo’s groundbreaking acquisition of the company in 2009.

Additionally, he holds several strategic roles on the boards of leading entities within the financial and entrepreneurial landscapes, including Abraaj Capital and Endeavor Jordan, while providing advisory support to the Suliman S. Olayan School of Business at the American University of Beirut.

He is also a dedicated philanthropist and founded Ruwwad Al Tanmeya, a community development NGO that uplifts displaced communities across Lebanon, Palestine, Jordan, and Egypt through avenues like education, financial inclusion, and civic engagement. Moreover, he co-founded non-profit sports club Al Riyadi in Jordan.

Rank: 35 Name: Ghaith Al Ghaith Designation: CEO Company: Flydubai Industry: Aviation

Ghaith Al Ghaith has had a long and illustrious career in the commercial aviation sector, with more than 15 years as head of budget carrier flydubai, a role for which he was hand-picked by the Dubai government. In this position, Al Ghaith has earned the airline a stellar reputation, having implemented products and pioneering technologies to improve the passenger experience, while ensuring costs remain low.

Closely collaborating with the airline’s group chairman Sheikh Ahmed bin Saeed Al Maktoum, Al Ghaith is responsible for flydubai’s strategic direction. Dubai’s flagship budget airline now flies to more than 125 destinations in 58 countries and over 100 million passengers have chosen to travel with the carrier, making it the second-largest by passenger numbers operating out of Dubai International (DXB). More than 90 of its routes did not have previous direct air links to Dubai or were not served by a UAE national carrier from the city.

Upward trend

Flydubai has recorded sustained growth in passenger numbers since the beginning of the year, carrying almost five million between 1 January and 28 April 2024, a 13 percent increase compared to the same period in 2023. Since the start of 2024, it has further enhanced its network with the commencement of operations to Al Jouf, Langkawi, Mombasa, Penang, and The Red Sea, as well as seasonal summer operations to Basel, Riga, Tallinn, and Vilinius. Additionally, it increased frequencies on routes such as Colombo, Doha, Krakow, Milan, and Salalah.

Two new aircraft have also been received in 2024, growing its fleet to 86 Boeing 737 aircraft, with six more expected before the end of the year. At the same time, the carrier launched a multi-million dollar retrofit project in January that will see a complete upgrade of the cabin interior for much of its next-generation Boeing fleet. This includes the installation of the carrier’s flagship lie-flat Business Class seats and new Economy seats. All the retrofitted aircraft will also be equipped with inflight entertainment, a rarity for low-cost carriers, and will ensure a more cohesive and consistent travel experience for passengers across the fleet.

Leading the way

The airline’s expansive network and financial accomplishments under Al Ghaith’s leadership testify to the airline’s significant contributions to the aviation sector, further solidifying his position as a distinguished player in the industry.

Prior to this role, for 14 years Al Ghaith was the executive vice president for commercial operations worldwide for Emirates. Equipped with a business administration degree from the University of Arizona, Al Ghaith first joined Emirates as a management trainee in 1986 and, in 1988, transitioned to deputy passenger sales manager for the UAE and next to deputy manager for overseas development and marketing. He became the UK and Ireland’s area manager in 1991, and then general manager for commercial operations for North America and Europe in 1993.

Al Ghaith’s strategic vision and deep understanding of the aviation industry have played a key role in shaping the success of flydubai.

Rank: 36 Name: Dimitrios Dosis Designation: President, Eastern Europe, Middle East and Africa Company: Mastercard Industry: UAE

Dimitrios Dosis is the President of Mastercard’s Eastern Europe, Middle East and Africa (EEMEA) region and a member of the company’s global management committee. He is responsible for driving Mastercard’s strategy across an incredibly diverse region with high-potential growth opportunities, encompassing 81 markets spanning three continents. Under his leadership, Mastercard is advancing its ambitions to become a leading technology company, collaborating with a diverse range of public and private sector partners to enhance the region’s digital ecosystem.

Previously, Dosis was President of Mastercard Advisors, the company’s professional services arm. In this role, he accelerated the use of predictive technologies to advance Mastercard’s industry-proven problem-solving skills and leveraged data-driven insights and analytics to help retail and banking customers solve pressing business issues.

Dosis has more than 25 years of experience in technology, transaction banking and management consulting. He joined Mastercard in 2005 from Roland Berger Strategy Consultants, where he was leading the transaction banking practice. Previously, he worked for A.T. Kearney, covering the financial institutions business. He serves as an independent director on the Board of Directors for the Athens Stock Exchange (ATHEX) in Greece. He holds an MBA and PhD from the European Business School as well as a Master of Economics from the University of Hagen.

With Dosis at the helm, technologies such as big data and artificial intelligence are playing a key role in driving Mastercard’s future. He told Arabian Business: “At Mastercard, we are ramping up our investments in AI governance, new technologies and talent. For example, our use of AI and Machine Learning in fraud detection systems such as Decision Intelligence have enabled us to bring fraud to historically low levels, protecting society’s wellbeing and helping our partners solve real business challenges.”

“Our AI-powered innovations aim to solve next-generation problems, including and transcending payments, to equip people with new digital tools and support our customers’ digital transformation journeys,” he added.

Trusted partner

Mastercard serves as a trusted partner, technology provider and policy advisor to governments in the region and beyond to shape digitisation strategies and innovative solutions which help build a connected world that works for everyone. Mastercard’s vision is to embed AI further into the business so that all its products and services will be powered by Ethical AI, helping to solve problems efficiently, at scale, thus improving the consumer experience.

Mastercard last year launched the Centre for Advanced AI and Cyber Technology, which is aimed at enhancing AI capabilities and readiness in the region. Drawing on the organisation’s technical knowledge and expertise, the initiative supports the UAE National Strategy for Artificial Intelligence 2031 that seeks to position the Emirates as a global leader in AI.

The centre focuses on developing AI-powered solutions to battle financial crime, secure the digital ecosystem and drive inclusive growth in the UAE and beyond.

Rank: 37 Name: Rola Abu Manneh Designation: CEO UAE, Middle East, and Pakistan Company: Standard Chartered Industry: Banking

Abu Manneh is the first Emirati woman to lead an international bank across the UAE, Middle East, and Pakistan following her role as CEO of Standard Chartered UAE, which she held since August 2018. She has been instrumental in transforming Standard Chartered’s UAE business into one of the largest three markets for the Standard Chartered Group globally. In January and May 2023, Abu Manneh was appointed director on the boards of both Standard Chartered (Pakistan) and Standard Chartered Uganda. She is also a board member at MyZoi, a wholly owned subsidiary of Standard Chartered and incubated through SC Ventures.

In 2021, she was selected as a member of the board of directors of the Dubai International Chamber, whose mission is to represent, support and protect the interests of the business community in Dubai. Throughout the years, she has consistently championed women’s empowerment and female entrepreneurship.

She actively spearheads initiatives aimed at providing mentorship programmes for university students, ensuring participants are well-prepared with the necessary skills for success. Her impact extends globally, as evidenced by her roles such as a member of the Global Council for Sustainable Development Goal 5 – Gender Equality (SDG5), a UAE delegate in the G20Empower, and a member of the NYUAD Vice Chancellor’s Leadership Council. Additionally, she serves as a director on the Board of Make-A-Wish Foundation UAE and holds advisory positions for both the Global Summit of Women and the Fortune Global Forum.

Prior to her career with Standard Chartered, Abu Manneh served as the Head of Corporate & Investment Banking for Abu Dhabi at First Abu Dhabi Bank (FAB). Prior to this, she held the role of general manager of FAB’s Wholesale Banking Group, comprising Project Finance Syndications, Financial Institutions Group, and Global Transaction Banking. She holds a Bachelor of Science in Mathematics & Operational Research from the University of London, Royal Holloway, and Bedford New College.

About Standard Chartered

Standard Chartered’s purpose is to drive commerce and prosperity through its unique diversity. It sets a single direction for everything the bank does, connecting its strategy to its growth and the ambitions it has in the societies that it operates in. The bank’s strategic priorities put this purpose into action by connecting the Bank with major economic and social shifts in the markets they call home. This defines how the Bank engages with its customers and society as it aligns its activities to these shifts to shape the forces driving its growth.

Furthermore, the bank has pledged its support to the UAE’s sustainability agenda, with a dedicated team focusing on environmental, social, corporate governance, and sustainable finance and is well positioned to deploy its resources strategically to support the UAE in achieving its 2050 net zero objective.

Rank: 38 Name: Hamad Salem Mohammed Saeed Al Ameri Designation: Group CEO and Managing Director Company: Alpha Dhabi Holding Industry: Investment

As the group CEO and managing director of one of the fastest-growing Abu Dhabi-based investment holding companies, Hamad Salem Al Ameri is able to extend his influence in many sectors. Alpha Dhabi Holding has more than 250 businesses spread across industries such as healthcare, renewable energy, investment, oil and gas, real estate, construction, hospitality, and more.

Al Ameri was appointed group CEO in 2021 and has since transformed the company as a strategic contributor to the UAE’s economy. He is steadfast in his commitment to drive continuous growth for its stakeholders not only through investments, but also by supporting emerging businesses and championing innovation and diversity.

Guiding the organisation to new heights

Some of Al Ameri’s most notable achievements during his tenure include guiding the group’s IPO on the Abu Dhabi Stock Exchange in June 2021, which in its first year saw overseas revenues increase by over 500 percent, as well as leading a multi-billion-dollar mergers and acquisitions and investment strategy. This saw Alpha Dhabi Group enter new sectors including renewable energy, petrochemicals, fintech, and luxury lifestyle. Al Ameri has also endeavoured to expand the group’s geographic reach.

For H1 2024, Alpha Dhabi Holding reported a net profit of $1.8bn, while its revenue reached $7.97bn, a 32 percent increase year on year. The company’s total assets stood at $42bn. Key developments for the year have included Enersol, the group’s joint venture with ADNOC Drilling Company, agreeing to acquire a 51 percent equity stake in NTS Amega – a provider of manufacturing, repair, and rental solutions for the oil and gas sector – for $58m. PureHealth reported a 53 percent year-on-year increase in consolidated revenue, while the National Marine Dredging Company secured projects worth AED8.4bn ($2.29bn). Aldar Investment Properties also issued a second $500m green sukuk.

In 2012, Al Ameri founded Trojan Holding, one of the largest construction service providers in the GCC, which in 2021 was rebranded to Alpha Dhabi Holding and transformed into the investment juggernaut it is today. Trojan Construction Group is now a subsidiary of the construction vertical at Alpha Dhabi Holding, with in-house capabilities for delivering turnkey projects, of which it has more than 200, spanning 17 million square metres of built-up area and 2,500 kilometres of roads, utilities and railways.

Leading multiple companies

Alongside his current roles, Al Ameri also holds several key positions in other listed and private companies spanning multiple sectors across the UAE. This includes serving as a board member of Aldar Properies, OCI Methanol Group, Mawarid Holding, Nshmi Development LLC, Pure Health, ADC Acquisition Corporation, and Al Jazeera Technical and Oilfield Supplies Company. He is also vice chairman of the National Marine Dredging Company, and chairman of Abu Dhabi National Hotels.

Al Ameri graduated from the American University in Dubai in 2006 with a Bachelor’s Degree in Civil Engineering, before studying for an MBA at the Canadian University Dubai in 2012.

Rank: 39 Name: Hala Badri Designation: Director-General Company: Dubai Culture and Arts Authority Industry: Culture and society

In April 2019, Hala Badri was appointed as the Director General of Dubai Culture and Arts Authority by a royal decree from Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, following 20 years of an impressive path in dynamic business sectors critical to the UAE’s economic development: telecommunications, oil and gas, media and real estate. A passionate marketer, a technology enthusiast, transforming businesses through innovation and her exemplary managerial qualities, she is able to capably spearhead the achievement of the Authority’s strategic objectives.

Under her leadership, Badri managed to transform the authority in the first three years, and increase Employee Happiness by 24 percent, and raise its ranking in Customer Happiness from 33rd in 2019 to 13th in 2022. Additionally, she orchestrated the launch and execution of sectoral strategy 2020- 2025, creative economy strategy as well as public art and Al Fahidi rehabilitation strategies. Under her supervision, the authority also won the bid to host – and for the first time in the MENASA region – the largest conference on museums, ICOM Dubai 2025.

Prior to joining Dubai Culture, Badri was a senior advisor on strategic communications for ADNOC, the 12th largest oil and gas company in the world. She oversaw the management of strategic communications, while managing several projects that reflected positively on the company’s brand image, value and equity. During her tenure with ADNOC she was also seconded to the National Media Council as a senior consultant to oversee the content strategy and visitor experience for the UAE National Pavilion at Expo2020.

Before ADNOC, she spent 11 years at UAE’s second telecommunications company, du, as the Executive Vice President of Brand and Communications. While at du, Badri passionately championed the creation of an enhanced, end-to-end brand and communications experience. Her efforts resulted in a cohesive brand strategy for the telecom operator that was then worth over AED2bn, making it the fourth most valuable telecommunications brand in the region in 2016.

Nurturing the leaders of tomorrow

In order to link strategic vision with employee productivity, Badri orchestrated several initiatives to nurture the next generation of Emirati visionaries. Throughout her career, she led communications teams comprised of the highest number of Emirati employees, many of whom progressed from graduate trainees to mid-management and director-level roles.

A staunch advocate of social responsibility and the driving force behind the execution of long-term sustainability goals, Badri headed the first implementation of Social Return on Investment (SROI) for any telecom in the region in 2014. Her passion extends to female empowerment and she has championed women in ICT throughout her career, breaking stereotypes along the way. She is the Vice Chairperson for the Dubai Women Establishment Board of Directors, a member of Dubai Media Council, as well as Hamdan Bin Mohammed Bin Rashid Al Maktoum International Photography Award (HIPA) Board of Trustees.

Rank: 40 Name: Dr. Raja Al Gurg Designation: Chairperson and Managing Director Company: Easa Saleh Al Gurg Group Industry: Diversified

As a keen businesswoman, Dr Raja Al Gurg has a string of stellar achievements on her impressive resumé, but she is also well known for her support of Arab women entrepreneurs. Not only is she the chairperson and managing director of the Easa Saleh Al Gurg Group, but also the president of the Dubai Business Women Council, where she leads and supports other women looking to carve their own niche within the corporate world and achieve a similar level of success.

Family business

Al Gurg’s leadership was steered by her late father, Easa Saleh Al Gurg, the company’s founder. Easa Saleh Al Gurg Group, established in 1960, is a multidivisional conglomerate with over 30 companies under its banner. It has a range of diverse products and business interests, including retail, construction, client services, industrial operations, and joint ventures, with an active presence across the UAE and Oman, as well as reach across Asia, Africa, America, Australia, and New Zealand.

It is a regional partner to hundreds of international brands, from Siemens to Dunlop and Smeg to 3M, among many others, and its key joint ventures include AkzoNobel, Al Gurg Unilever, and Siemens. Al Gurg joined the group back in 1989 as a member of the board of directors, and continues to successfully oversee day-to-day operations and the continual expansion of the business.

Outside of this role, Al Gurg also serves as a member of the board of directors of Dubai Chamber of Commerce & Industry. She occupies roles on the board of Dubai Chamber of Trade and Dubai Women’s Association, as well as for the German-Emirati Joint Council for Industry & Commerce. She is also a member of the Arab International Women’s Forum.

In addition to these key contributions, Al Gurg is the vice chairman of the boards at the National Bank of Fujairah and Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU), and vice chair at the University of Dubai. She contributes her insights to the advisory board of Coutts Bank, the wealth division of the Royal Bank of Scotland Group. She is also a vital component of the board of directors for Dubai Academic Health Corporation and on the board of trustees for Hamdan Bin Mohammed Smart University and member of the board of trustees for Ajman University.

She was awarded with an honorary doctorate at Queen’s University Belfast for economics and also conferred the Doctor of Literature honour by Amity University in India. In 2022, she assumed the role of honorary pro-chancellor at Heriot Watt University, which is complemented by the presence of Professor Dame Heather McGregor, the provost and vice-principal in Dubai. Al Gurg’s influence within education also extends to her role on the board of directors of the Emirates Schools Establishment, an independent entity that oversees the implementation of policies, strategies, and standards related to the sector.

Her vast contributions additionally span philanthropic realms through the Easa Saleh Al Gurg Charity Foundation, and she holds the role of chairperson of the board of directors at the Al Jalila Foundation.

Rank: 41 Name: Thomas Lundgren Designation: Founder and CEO Company: THE One Industry: Retail

THE One is not just a chain of furniture stores, but instead Thomas Lundgren’s dream to “save the world from soulless, overpriced furniture retailers”. The founder of the affordable luxury furniture brand refuses to think of his shops as “stores” and opts to call them “theatres”. He doesn’t call himself a CEO, either, but a “creative emotional originator”. This out-of-the-box thinking is what has led to the company being recognised as the best workplace in the UAE by Great Place to Work time and time again. THE One has achieved remarkable success by prioritising the well-being and happiness of its employees.

Lundgren first moved to Saudi Arabia from his home country Sweden when he was 24 years old, after seeing an advertisement for a job at IKEA in the kingdom. He started working as a decorator for the brand, but later moved to the UAE and, after three years of persistence and challenges, including several rejection letters from banks and investors, he launched his own self-funded company in Abu Dhabi in 1996, before relocating it to Dubai. This ushered in a new era in home décor retailing in the region.

Almost 30 years later and Lundgren is still fascinated by furniture, reportedly designing and/or handpicking 60 percent of the creations showcased at his 18 stores and one bistro café across eight countries in the MENA region. In the UAE, that includes retail outlets in Mall of the Emirates, Al Quoz, Jumeirah Beach Road and, most recently, Dubai Hills Mall in Dubai, as well as Al Ain Mall, Yas Mall, and Mushrif in Abu Dhabi.

As a brand, THE One aims to offer a ‘total home experience’ of affordable yet unique furnishings and accessories for all living spaces with new collections released throughout the year. Lundgren does all this while making sure everything remains true to the values of their brand, engaging staff, suppliers, customers, and communities in their core purpose of “changing the world together” through doing good.

This includes working with ethical suppliers that aren’t involved in the use of child labour, and sourcing eco-friendly and sustainable materials. The company uses FSC-certified wood endorsed by the Forest Stewardship Council, promoting responsible forest management. Products also meet European E1 standards, ensuring low formaldehyde emissions for a safe home. Additionally, the brand supports several local and international charities, particularly in education and environmental conservation, and makes a point of employing people of determination.

Employee wellbeing

Notably, Lundgren rejects the idea of traditional leadership, instead advocating for authenticity as a superpower that fosters trust and cooperation. He places happiness and employee well-being as a top priority and refers to his team as his “family” and his “tribe”. This success not just in business but also society has earned him numerous accolades over the years, which stand testament to Lundgren’s creativity as well as his perseverance.

Rank: 42 Name: PNC Menon Designation: Founder and Chairman Company: Sobha Realty Industry: Real estate

Kerala-born Omani businessman Puthan Naduvakkatt Chenthamaraksha Menon, better known as PNC Menon, has made a mark on the UAE’s real estate landscape thanks to his Sobha Group of Companies, a multinational real estate and construction group with diversified global interests and a footprint across India and the GCC.

Menon moved to Oman in the 1970s to work as an interior designer on projects such as the Sultan Qaboos Grand Mosque and Al Bustan Palace Hotel, working with royalty and diplomats across the world. In 1995, the Sultan of Oman granted citizenship to Menon and his family.

That same year, Menon saw opportunities in the real estate industry back home, launching Sobha Developers in Bangalore, naming the company after his wife. It is now a publicly listed $1bn market-cap company with a presence across 24 cities and 13 states in India, having delivered more than 100 million square feet of residential and commercial projects since inception. Today, the company is run by Menon’s son, Ravi, an engineer from Purdue University, while Menon lives in Dubai.

Capitalising on the booming market

In 2003, he launched Sobha Middle East in the UAE, entering the luxury market with a mission to provide residential development, construction, glazing, metal works, and furniture manufacturing. It is now a thriving company that has turned him into a billionaire property developer and one of the country’s most successful real estate moguls.

Sobha has myriad noteworthy real estate projects under its banner, including the $4bn resort-style luxury housing development Sobha Hartland in Dubai’s Mohammed Bin Rashid City, encompassing eight million square feet of freehold community and mixed-use development, with 30 percent of the community reserved for green and open spaces. Another pinnacle project includes District One, an $8bn joint venture with Meydan Group that includes 1,500 ultra-luxury villas.

Philanthropy in action

Menon is also a dedicated philanthropist, having launched initiatives such as Sobha Hermitage, Sobha Rural Women Empowerment Programme, Sri Kurumba Educational and Charitable Trust, Sobha Icon, Sobha Healthcare Centre, Sobha Social Weddings, Sobha Vocational Training Centre, Sobha Academy, and Sobha Green Initiative. Furthermore, he serves on the board of governors of the Rashid Centre for People of Determination in Dubai and is a valued partner of the Al Jalila Foundation. In 2016, he and his wife signed The Giving Pledge, a campaign by the Bill and Melinda Gates Foundation and Warren Buffet to donate 50 percent of their wealth to charity.

It is perhaps no wonder that Menon has been awarded with many prestigious accolades, including the Golden Peacock Lifetime Achievement Award for Business Leadership by the Institute of Directors, a Lifestyle Achievement Award by NDTV Property Awards and the Pravasi Bharatiya Samman Puraskar, given to him in 2009 by the then-president of India, Pratibha Patil. Additionally, Menon serves as a member of the Prime Minister’s Advisory Council of Overseas Indians.

Rank: 43 Name: Ahmed Abdelaal Designation: Group CEO Company: Mashreq Industry: Banking

In 2019, just before the Covid-19 pandemic hit, Ahmed Abdelaal took over as CEO of Mashreq, one of Dubai’s oldest financial institutions, from Abdulaziz Al Ghurair, who had been in the position for three decades. Abdelaal has a career spanning more than 30 years himself, having established an impressive track record as a seasoned banking professional, ascending through senior roles within international and regional banks across key global markets.

Abdelaal moved to Mashreq as group head of corporate and investment banking in November 2017, after spending a decade in various senior roles at HSBC in Dubai. Prior to that, he had worked at ABN AMRO, Arab African International Bank, American Express, and Arab Bank.

Banking expert

His breadth of expertise encompasses a diverse array of fields, showcasing his hands-on proficiency in both corporate and banking sectors, including areas such as trade finance, real estate finance, payment and cash management. Additionally, his skill set extends to investment banking, encompassing debt capital markets, equity capital markets, project finance, and advisory services. Notably, he also possesses in-depth knowledge in Islamic banking, retail banking, and portfolio management. Abdelaal’s expertise further extends to global market products, structured trade, and supply chain solutions, highlighting his versatile skill set in navigating complex financial environments.

Academically, Abdelaal is a distinguished alumnus of both London Business School and Harvard Business School. He holds an MBA from the University of London, UK, obtained from the London Business School. He is also a graduate of the Harvard AMP programme and holds a BA in Economics and Political Sciences with a major in Economics from the Faculty of Economics and Political Sciences at Cairo University, Egypt.

At Mashreq, he has been able to steer the bank through some of the most trying crises, including the pandemic. Now, he is leading it through further transformation as it becomes a banking as a service (BaaS) platform and integrates artificial intelligence (AI) into its operations with a focus on leveraging AI technologies for positive impact. His leadership style is paying off, as the lender reported net profit of $544.6 million in Q1 of 2024, reflecting a 25 percent year-of-year increase.

In its digital transformation journey, Mashreq achieved a significant milestone with the launch of Mashreq NEO, an all-encompassing digital bank tailored to the needs of the online generation. Furthermore, Mashreq has established a seamless digital account opening process for Non-Resident Indian (NRIs) customers in the UAE, in collaboration with Kotak Mahindra Bank, facilitating access to both UAE and NRE accounts through the Mashreq NEO App. Expanding its digital offerings, Mashreq has introduced NEOBiz, a dedicated platform targeting start-ups and contributing to the growth of the UAE’s startup ecosystem.

In line with its global expansion strategy, Mashreq is strategically focusing on key markets such as Pakistan and KSA to strengthen its digital banking presence and drive long-term growth and digitalisation efforts in these high-potential markets.

Rank: 44 Name: Abdullah Albader Designation: CEO Company: Almarai Industry: Industry

Abdullah Albader embarked on his tenure at Almarai in 2000, progressing to the role of CEO in March 2021. Throughout his two-decade career at the multinational dairy company, he has held several positions across different sectors, including manufacturing, distribution, sales, marketing, and shared services. The most recent position was the executive vice president of the Bakery Division. Albader holds a Master’s Degree in Business Administration from the University of Leicester in the UK.

Almarai products are distributed to more than 220,000 retailers in seven countries. A household brand name with a commitment to quality, Almarai conducts over 10,000 daily quality tests to ensure that consumers receive products they can trust. Notably, Almarai secured the third spot on the list of the most influential global and local brands in KSA for 2023, as per the Consumer Confidence Index released by Ipsos, a global research firm.

Recognised as the world’s largest vertically integrated dairy company, Almarai was listed fourth among the top 20 companies in KSA as well as the UAE for brand value in 2023, as reported by Kantar, a global research organisation. Presenting a diverse portfolio of 622 products under seven brands, Almarai serves over 100,000 customers with a commitment to consistent quality.

Steered by Albader, the company also set 25 sustainability goals to achieve by 2025 under the strategy ‘Doing better every day’. Goals include increasing clean energy usage to 20 percent across divisions and supporting the packaging economy transformation in KSA. With a significant presence in key markets, Almarai stands at the forefront of driving sustainability initiatives and contributing to a more resilient and equitable future. The company demonstrates consistent dedication to achieving its sustainability targets, aligning closely with the goals of Saudi Vision 2030 and the United Nations Sustainable Development Goals.

Upholding principles of transparency and responsibility, Almarai has recently released ESG policies and position statements, outlining its commitments in areas such as animal welfare, climate action, community engagement, energy conservation, sustainable packaging, ethical sourcing, environmental stewardship, human rights, responsible marketing, and water management. Most recently, the company signed a memorandum of understanding with the Charity Association for Orphan Care in Riyadh, as well as the Autism Families Association and Cochlear Implants Association.

Investment plans

Albader has outlined Almarai’s ambitious investment plans totalling $4.8bn until 2028. The company aims to enhance its current operations and venture into new market segments, with a significant portion of the investment earmarked for strategic growth initiatives. Specifically, Almarai intends to allocate $1.8bn towards expanding its poultry sector and an additional $1.3bn to fortify key food categories including dairy, juice, and bakery. In a strategic move in February 2023, the group’s subsidiary, Almarai Investment Holding, successfully concluded the acquisition of PepsiCo’s 48 percent ownership in IDJ for $68m, thereby securing full ownership.

Rank: 45 Name: Paras Shahdadpuri Designation: Chairman Company: Nikai Group of Companies Industry: Diversified

Embarking on an extraordinary journey spanning decades, Paras Shahdadpuri’s journey unlike conventional career trajectories, is a tapestry woven with threads of diplomacy, entrepreneurship, and community service. His voyage, which began in the hallowed halls of the Indian Foreign Services, took an unexpected turn when he decided to chart his course in the uncharted waters of business.

Shahdadpuri, a former diplomat in the Indian Foreign Services with illustrious postings in China, the US, KSA, and Libya, took an unexpected turn in 1987. Choosing to pivot from a successful diplomatic career, he embarked on an entrepreneurial journey that led him to the vibrant city of Dubai. What began as a layover en route to London transformed into a 35-year residence, positioning Shahdadpuri at the helm of the Nikai Group of Companies. The conglomerate, with interests ranging from electronics and appliances to food products, staffing outsourcing, Technology, Digital Transformation and 3PL logistics, has grown into a global force, employing over 6000 people present in the UAE, Oman, China, KSA, Qatar, Egypt and beyond.

Shahdadpuri’s strategic prowess is evident in the accolades achieved by the Nikai brand, earning Superbrand status in 2011, 2016, 2017, 2018, 2020, 2021, 2022 and 2024. Leading the charge, he transformed Nikai into a major contender in the electronics market, offering a diverse portfolio of over 400 products that challenge industry giants. With a footprint in 60 countries and a customer base exceeding 65 million, Nikai’s global reach mirrors Shahdadpuri’s vision.

Beyond corporate boardrooms, Shahdadpuri’s impact extends to strengthening India-UAE business relations. As the former chairman of the Indian Business and Professional Council (IBPC), he played a pivotal role in fostering economic, investment and trade relations between the two nations. His leadership turned IBPC into a driving force, contributing significantly to the UAE becoming one of India’s largest trading partners. Continuing his commitment, Shahdadpuri remains an influential figure at IBPC as governor on its Board, contributing to ongoing initiatives.

Beyond the business world

In late 2022, he assumed the role as Chairman of The Electronics Group (TEG) under Dubai Chambers, representing the electronics industry. He actively promotes large-scale investments and business setups between India and the UAE.

Acknowledging his contributions, Sheikh Juma bin Maktoum bin Juma Al Maktoum had appointed Shahdadpuri as an Honorary board member of the UAE Billiards and Snooker Association. Beyond business, his commitment to community development is evident in his support for initiatives like Dubai Cares and organisations such as the Dubai Autism Group and Rashid Centre for the Disabled, of which he is a Board member.

His philanthropic efforts extend to education where, under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, he established awards for excellence in teaching and outstanding student achievement at the Higher Colleges of Technology in the UAE.

Rank: 46 Name: Abdullah Al Khalifa Designation: Group CEO and Chairman Company: QNB Industry: Banking

Only eight months after graduating from Eastern Washington University in the US with a Bachelor’s Degree in business administration in 1995, Abdulla Al Khalifa joined QNB’s corporate banking team. Now, with a diverse business and finance career spanning over two decades, Al Khalifa has held numerous posts within the Qatari banking group, including chief business officer and executive general manager. Since November 2018, he has held the position of Group CEO, taking the banking behemoth to even greater heights.

His experience spans risk management, finance, business, M&A, sales and marketing, and strategic planning. In 2007, Al Khalifa was appointed to the role of general manager for QNB’s Corporate Banking Group. Now, he is also the chairman of QNB Capital, a market leader in Qatar in investment banking services and financial advisory, established in 2008, with headquarters in Doha, and European offices in Paris and London.

In addition to these responsibilities, since 2018, Al Khalifa has served as a board member for Ooredoo, Qatar’s multinational telecommunications company.

Solid foundations

Established in 1964, QNB is the largest bank in Qatar and the largest financial institution in the MEA region, with 51.93 percent owned by the Qatar Investment Authority. The group, subsidiaries and associate companies have a presence in more than 28 countries across three continents. It employs 28,000 people serving over 27 million customers, with over 900 locations supported by more than 4,800 ATMs.

This year, QNB reported its net profit for H1 2024 reached $2.2bn, an increase of 7 percent compared to the same period last year, with operating income up by 9 percent to reach $5.5bn, reflecting the group’s ability to maintain growth across multiple diversified revenue streams.

The group’s total assets as of the end of June 2024 reached $345bn, a year-on-year increase of 5 percent. This increase was primarily fuelled by a solid 7 percent growth in loans and advances, reaching $242bn. Customer deposits also saw significant growth of 6 percent to amount to $245bn from the prior year. The loans to deposits ratio was at 98.7 percent as of 30 June 2024.

QNB Group demonstrated operational efficiency with a cost-to-income ratio of 22.4 percent, positioning it as one of the top performers among major financial institutions in the MEA region. Additionally, the loan loss coverage ratio reached 100 percent, indicating the prudent approach taken by the group towards non-performing loans. Significantly, subsidiary QNB Financial Services received recognition from the Qatar Stock Exchange in June 2023 after successfully implementing and launching the exchange’s new trading system.

Al Khalifa has demonstrated that being user-friendly is a top priority of the group, particularly when, in April 2024, it introduced FAWRAN, a cutting-edge payment solution designed to enhance customer payment experiences through innovative technology. This new payment method enables swift and secure transactions to individuals in Qatar using the recipient’s mobile number or alias. Powered by the real-time payment infrastructure of the Qatar Central Bank, FAWRAN stands as a ground-breaking addition to Qatar’s digital payments ecosystem, offering customers advanced convenience and efficiency.

Rank: 47 Name: Ghada Othman Alrumayan Designation: Group Chief Marketing and Communications Officer Company: ROSHN Group Industry: Real estate

Ghada Othman Alrumayan excels in fostering sustainable relationships across governmental and private sectors, thanks to a wealth of experience spanning more than a decade in the communications sector. Her leadership style enhances organisational reputation as well as its outreach.

Alrumayan is group chief marketing and communications officer for ROSHN Group, which is owned by Saudi’s Public Investment Fund (PIF) and is the leading real estate developer in the nation. It is known for creating integrated living environments that feature accessible green spaces, sports amenities, and cycling infrastructure.

Through the use of advanced technology and sustainable practices, ROSHN is spearheading large-scale construction projects across KSA. Their ambitious plans include the development of over 400,000 homes, 1,000 educational facilities, and 700 places of worship by 2030, covering a land area exceeding 200 million sq m. ROSHN has set a precedent with the successful early delivery of the SEDRA community in Riyadh, spanning 35 million sq m, followed by the completion of the ALAROUS community in Jeddah, covering 4 million sq m. Currently, they are working on various projects, including the innovative MARAFY canal project, which will connect residential areas in Jeddah to the Red Sea via an 11km canal.

Since she joined in 2021, Alrumayan’s media strategy has expertly navigated the complexities of a large-scale company, utilising a diversified approach that leverages both established and emerging media channels to promote ROSHN’s new sustainable, quality-focused communities. Alrumayan’s biggest contributions to the group have included utilising varied marketing tools and techniques to increase ROSHN brand awareness, positioning the group as a leading developer in the region. Another key component of her strategy involves utilising ROSHN’s prominent sponsorship activities to elevate brand recognition and achieve the company’s communication objectives. Notable partnerships include KSA’s inaugural Formula 1 events in Jeddah and the Saudi Pro League.

CSR initiatives

Moreover, Alrumayan’s commitment to community made her instrumental in the creation of YUHYEEK, ROSHN’s pioneering CSR programme, which seeks to restore homes across the kingdom to support underprivileged families.

Prior to her work at ROSHN, Alrumayan held the role of senior vice president of Public Relations, Communications, and Events at Riyad Bank, where she spearheaded the development and execution of the bank’s communication strategies, solidifying its reputation for expertise and transparency among stakeholders. Her tenure at the Olayan Group involved managing strategic partnerships and the supply chain department, while her role at Olayan Financing Co. focussed on corporate communications.

Alrumayan’s diverse career in communications additionally includes roles such as corporate communications manager at Saudi Hollandi Bank, marketing manager at Kempinski Hotels in Riyadh, director of Social Development at Atheeb Group, and roles at Etihad Atheeb Telecom Co. and King Faisal Specialist Hospital and Research Centre. Throughout her professional journey, she has demonstrated a deep commitment to building strong relationships and driving impactful communication strategies across various organisations.

Rank: 48 Name: Zubin Karkaria Designation: Founder and CEO Company: VFS Global Group Industry: Outsourcing and technology services

Zubin Karkaria is the founder and CEO of VFS Global Group, the world’s largest outsourcing and technology services specialist for governments and diplomatic missions worldwide. VFS Global, headquartered in Dubai, UAE, and Zurich, Switzerland, is a portfolio company of Blackstone, the world’s largest alternative asset manager. The Swiss-based Kuoni and Hugentobler Foundation and EQT, a global investment organisation, headquartered in Stockholm, Sweden, hold minority stakes in VFS Global.

With a rich experience of more than 30 years in the travel and tourism business and in developing a truly global business, Karkaria has taken-on and overcome several challenges successfully. An economic value creator, his success lies in his sharp entrepreneurial sense combined with organisation building skills.

Leader in visa, passport and consular services

Zubin’s greatest achievement has been the conceptualisation and the outstanding success of VFS Global – the world’s leading outsourced visa, passport and consular services specialist. He was primarily responsible for launching the business in 2001 to serve one client government with three application centres in Western India, and growing it into a world leader in its space serving 68 client governments with close to 3,400 application centres across 153 countries (as on 30 June 2024). The company has handled over 292 million applications since its inception.

In 2002, VFS Global entered a partnership with Emirates to manage UAE visa services for its passengers across 180 countries worldwide, its first foray into business with the UAE. This was closely followed by the start of visa services in the UAE in 2007, a network that currently serves 40 client governments through 40 visa centres.

Recognising the growing potential of the Middle East as a market, and Dubai as a global business epicentre, Zubin established VFS Global’s headquarters in the UAE in 2013. However, Karkaria’s connection with the UAE dates back to the 1990s when as a Tour Operating business leader in India he played an important role in promoting the UAE as a tourism destination in partnership with Emirates.

In December 2016 Zubin was appointed ‘Chevalier dans l’Ordre National du Mérite’ (Knight of the National Order of Merit) by the President of the French Republic, François Hollande. This exclusive distinction recognised his exemplary contributions of over the past three decades in supporting the development of travel and tourism to France.

In June 2022, Zubin was appointed as the Goodwill Ambassador of Zanzibar to support the government’s tourism and trade development vision, keeping his extensive experience in tourism development and his experience as a global entrepreneur.

Rank: 49 Name: Ziad El Chaar Designation: CEO Company: DarGlobal Industry: Real estate

Ziad El Chaar is reshaping the real estate industry in more ways than one. In his role as CEO of DarGlobal, he is leading the company on its mission to satisfy global demand for second homes. Meanwhile, as chairman at PropGenius, he’s helping to transform the sector through innovative AI-powered solutions. He’s also vice chairman at Quara Holding, which has established some of the most prominent names in today’s real estate and finance worlds, including Dar Al Arkan, Khair Capital, and Quara Finance.

DarGlobal is unique in that it focuses on creating luxury second and vacation homes that are both great to live in, but also offer a solid investment for internationally mobile, affluent customers. World-class architects curate these homes, which are modelled by renowned design and fashion icons and built with the highest quality materials. They are also located in some of the world’s most desirable destinations, from downtown Dubai to the Costa del Sol in southern Spain.

El Chaar has been clear in his goal for this role: to position DarGlobal among the top 50 global developers within the next decade. With more than 20 years of experience in real estate development and investment, plus a decade in corporate governance, board affairs and regulatory compliance, as well as a Master’s Degree in business administration from the American University in Beirut, El Chaar is well positioned to achieve this goal within, if not before, this timeline.

While El Chaar joined DarGlobal in 2019, the company was established in 2017 as the international development subsidiary of the Dar Al Arkan Real Estate Development Company, which is listed on the Saudi Stock Exchange in 2007. Today, DarGlobal has a successful listing on the London Stock Exchange and more than $6bn in projects under development since inception.

The company has delivered more than 15,000 residential units, 500,000 square metres of commercial space and boasts $8.6bn in assets. It has also signed partnerships with leading luxury brands, such as Missoni, Versace, W Hotels and Elie Saab. In June 2023, the company launched Tierra Viva in Marbella, its first project in continental Europe, in partnership with Lamborghini.

Property portfolio

DarGlobal is also focusing on hospitality assets, with the aim of acquiring or building hotels to sell after three to five years of operation, once the property’s revenue streams stabilise. Last year, it announced it is developing a bespoke project in the Maldives with global fashion powerhouse Dolce&Gabbana. In June 2024, it unveiled $500m Trump International Oman, a five-star, 140-key hotel complex set to open in December 2028 at its AIDA project, one of the world’s largest premium mixed-used real estate developments.

Before DarGlobal, El Chaar held prestigious roles such as CEO at Emaar (International, Ventures, and Blockchain), CEO at Dar Al Arkan, and managing director at DAMAC Properties. In every role, El Chaar has always endeavoured to work hard, deliver excellence, drive innovation and provide solid results.

Rank: 50 Name: Bijan Alizadeh Designation: Co-founder and Group CEO/General Partner Company: Phoenix Group/Cypher Capital Industry: Cryptocurrency

Back in 2012, Bijan Alizadeh developed an interest in Bitcoin that has since led him to become one of the founding fathers of the crypto industry in the Middle East. He has spent more than a decade pushing the boundaries of what was once thought impossible. Now, as the co-founder and group CEO of Phoenix Group, a pioneering crypto mining and infrastructure company based in the UAE, Alizadeh’s journey exemplifies the perseverance and vision required to establish new industries.

With a background in finance but intrigued by the revolutionary new technology underlying digital currencies, Alizadeh educated himself on blockchain and decentralised networks. This led to him co-founding Phoenix Group in 2017 , with the goal of establishing one of the region’s first cryptocurrency mining facilities.

Its growth has been exponential, transforming from an initial capital of approximately $272,000 into a multi-billion-dollar corporation. As Bitcoin’s price surged, Phoenix expanded aggressively by securing equipment and power supplies. Today, it encompasses 23 business that operate 725 megawatts across nine mining facilities in the US, Canada, CIS, and the UAE. Its joint venture with the Abu Dhabi government saw them build a $2m crypto mining farm that is now considered the biggest of its kind in the world. That is until its project with Muscat’s Green Data City to develop a $300m, 150-megawatt crypto mining farm in Oman comes to fruition by the second quarter of 2025.

Additionally, Phoenix Group is the official distributor in the Middle East of Bitmain and MicroBT, and in 2022 it invested in Norway’s Bitzero, a future-ready data centre company with extensive experience in Bitcoin mining and the high-performance computing sector. Phoenix also acquired a 25 percent stake in the social networking and content monetization platform, Lyvely.

Sustainability remains a cornerstone of Phoenix’s ethos under Alizadeh’s leadership. The company’s facilities source over 60 percent of electricity from renewable sources like solar panels and hydroelectric dams. Through strategic partnerships in the UAE, Phoenix secures competitively priced renewable energy supplies to power its growing facilities.

Regional collaboration

Alizadeh is also active and working closely with regional authorities to help craft balanced frameworks and regulation to drive the industry forward. This collaborative approach proved instrumental in Phoenix establishing regional headquarters in Abu Dhabi Global Market (ADGM), the financial free zone. Beyond Phoenix, Alizadeh’s regulatory advocacy extends through initiatives like UAE’s first fully regulated crypto exchange, M2, which Phoenix founded with key Abu Dhabi stakeholders.

Now, Alizadeh wants to pass on his knowledge and foster the next generation of talent. In 2021, Alizadeh founded Cypher Capital, a $100m venture firm focusing on early-stage investments in crypto, blockchain, and digital asset projects. Through this, his goal is to actively mentor regional innovators, hoping to incubate local startups and help turn them into global household names rooted in the Middle East.

Rank: 51 Name: Othman Ibrahim Designation: Vice Chairman and Group CEO Company: Rawabi Holding Industry: Diversified

For over three decades, Othman Ibrahim has been a key figure in the ever-evolving and challenging field of supply solutions and consultancy services within the petroleum exploration and production industry. As Vice Chairman and Group CEO of Rawabi Holding, Ibrahim has steered the company’s growth into a leading conglomerate in Saudi Arabia and one of the Middle East’s fastest-growing enterprises.

Beyond his role as CEO, Ibrahim serves as Executive Vice Chairman of Rawabi Holding’s Board of Directors, Chairman of the Board’s Investment Committee, and Vice Chairman of Rawabi Energy Company, a key subsidiary of the group. Recognising the rising demand for sustainable, high-end projects, Ibrahim spearheaded the establishment of Magnom Properties, taking on the role of Vice Chairman. Magnom Properties is positioned to play a pivotal role in the region’s pursuit of net zero goals, with a vision of creating dynamic environments and developments that align with the evolving lifestyles and aspirations of businesses, industries, and future generations. The company is set to develop high-value commercial, residential, and lifestyle projects across the kingdom and the broader region.

Sustainable project

Just last month, Magnom reached a groundbreaking milestone with its upcoming Forbes International Tower, becoming the first tower globally to officially register for the International Living Future Institute (ILFI) Zero Carbon Certification. This accomplishment brings Magnom Properties closer to realising its vision of a lifecycle net-negative carbon footprint for the futuristic Forbes International Tower, set to be developed in Saudi Arabia, the UAE, and Egypt.

The ILFI’s Zero Carbon Certification, a prestigious and third-party verified standard, is renowned for its rigorous sustainability criteria, which assess both the operational and embodied carbon emissions of a built project. By pursuing this certification, the Forbes International Tower, designed by Adrian Smith + Gordon Gill Architecture (AS+GG Architecture), solidifies its status as the world’s first net-zero carbon tower.

The project will incorporate state-of-the-art design, construction, and operational technologies. The tower will be fully independent of conventional power grids, relying entirely on clean energy sources. Specifically, clean hydrogen will supply 75percent of the tower’s energy needs, while its photovoltaic-integrated design will harness solar energy to provide the remaining 25 percent.

Ibrahim expressed his pride in this achievement, stating: “The registration of Forbes International Tower for the ILFI Zero Carbon Certification marks a significant milestone in the real estate sector, reflecting the outstanding work of our global partners and team. At Rawabi Holding, we draw inspiration from the natural environment unique to our region, and this is mirrored in our projects and services. Beyond using renewable materials and sustainable energy, we are committed to leveraging advanced technologies and innovations to establish best-in-class sustainability standards for the Forbes International Tower.”

This initiative not only underscores Magnom Properties’ dedication to sustainability but also positions the Forbes International Tower as a leader in the global shift towards environmentally responsible construction and design.

Rank: 52 Name: Waleed Al Mogbel Designation: Managing Director, CEO, and Board Member Company: Al Rajhi Bank Industry: Banking

A robust career at Al Rajhi Bank has ensured Waleed Al Mogbel is widely recognised among the region’s most notable CEOs. With experience spanning over 26 years in the financial and banking sector, Al Mogbel has demonstrated multifaceted expertise in areas such as auditing, tax, financial management, as well as strategic consultation. His tenure at Al Rajhi Bank has been marked by noteworthy achievements and leadership roles, reflecting his strategic acumen and operational excellence.

Al Mogbel has assumed several key executive positions within the organisation, including serving as the chief financial officer in 2010, where he oversaw financial planning and performance management to drive sustainable growth. Subsequently, he became chief operations and information technology officer in 2014, which positioned him at the crossroads of operational efficiency and technological innovation, spearheading transformative initiatives to enhance the bank’s digital capabilities.

He was later appointed in 2019 as the deputy CEO by the bank. During this time, he has been instrumental in leading and executing numerous transformational projects that have propelled Al Rajhi Bank towards new heights of success and competitiveness in the dynamic financial industry. Al Rajhi Bank, firmly rooted in Islamic banking principles and values and headquartered in Riyadh, serves as a leader in harmonising modern financial requirements with Sharia compliance. In a strategic move in March 2024, under Al Mogbel’s guidance, Al Rajhi Bank collaborated with flynas to introduce an exclusive co-branded credit card. This joint venture aims to provide customers with unique benefits and rewards tailored to their travel and lifestyle needs.

Funding growth

In May 2024, Al Rajhi Bank also announced the signing of a supplier financing contract worth $433m with Zain Saudi Arabia, the predominant provider of communication and digital services in the kingdom. This financing agreement aims to support Zain in expanding its fifth-generation (5G) network and upgrading its infrastructure to cater to the business sector. Through this investment, Zain Saudi Arabia plans to substantially enhance its qualitative investments in its 5G network nationwide, enriching its portfolio with cutting-edge digital solutions and applications.

Al Mogbel’s sphere of influence extends beyond the bank, as he also serves as a board member at Al Rajhi Takaful, contributing his insights to drive strategic decisions in the insurance sector. Additionally, his role as the chairman of Emkan Finance and Neoleap reflects his commitment to fostering innovation and growth in diverse financial domains.

In 2022, Al Mogbel was also appointed chairman of business outsourcing company Tanfeeth, where he lends his expertise to push forward the firm’s mission to pioneer automated and AI-driven operations solutions. Al Mogbel graduated in 1999 from King Saud University with a Bachelor’s Degree in accounting, later attaining a Master’s Degree in finance from the University of Southampton, UK in 2003. He then went on to achieve a PhD in auditing from Cardiff University in 2006.

Rank: 53 Name: Naser Taher Designation: Founder and Chairman Company: MutiBank Group Industry: Finance

Naser Taher’s leadership is a testament to the power of resilience and strategic vision. With over 36 years of unmatched expertise in the global financial and commercial sectors, his determination and foresight have consistently driven him to the forefront of the industry.

As the founder and chairman of MultiBank Group, established in California in 2005, he has led the company to become one of the largest financial derivatives groups in the world, with a paid-up capital exceeding $322m. Additionally, the group is the most regulated globally by 15 financial regulators across five continents. Under his stewardship, MultiBank has grown its presence to 100 countries, serving more than 1,000,000 institutional and retail clients with a daily turnover surpassing $12.1bn.

The group provides an array of brokerage services and asset management solutions, and its award-winning trading platforms offer a diverse range of products, including forex, metals, shares, commodities, indices, and digital assets. Throughout his career, Taher has worked with several prominent financial institutions, including BNP Paribas, Barclays, UBS, Merrill Lynch, and Credit Suisse. His acumen extends across forex, electronic banking systems, e-commerce, and raising finance, earning him significant respect within the financial world.

Array of accomplishments

In addition to founding the MultiBank Group, his accomplishments include building a 180-kilometer, six-lane highway between Jordan and Iraq, establishing the first private airline company in Eastern Europe, and securing the largest banking syndicate in the history of Ireland at that time. Furthermore, as Chief Fleet Manager, he oversaw a substantial fleet of 23 ships, including three of the largest vessels globally in the foodstuffs industry. He also made submissions to the UK House of Lords in relation to Uniform Customs and Practice for Documentary Credits (UCP 600) in Commercial Law.

In 2005, Taher was appointed as the Head of the Irish Stock Exchange Development Projects. By 2008, he had taken on the role of Vice President at the Chinese Banking and Entrepreneur Association. His contributions were further recognized in 2013 when he was named Honorary Chief Financial Advisor to the Chinese Government of Tianjin. In 2016, he was also appointed Senior Advisor to the Chinese Central Financial Government. In 2019, Taher was honoured with the prestigious Le Fonti Award for CEO of the Year in the Financial Services sector (Asia and Europe). In 2023, he was once again recognised by Le Fonti, receiving the award for Chairman of the Year in Dubai.

Beyond his numerous business achievements, Taher is a visionary leader with a deep commitment to innovation. He has introduced cutting-edge trading technologies and is working towards establishing the first interbank and prime brokerage in the Eastern Hemisphere, with the ultimate goal of positioning MultiBank as the largest financial group worldwide.

Rank: 54 Name: Easa Al Gurg Designation: Group CEO Company: Easa Saleh Al Gurg Group (ESAG) Industry: Diversified

The preservation and protection of his family’s legacy is a cornerstone of Easa Al Gurg’s approach to his business, ensuring its growth for future generations and reflecting a commitment to continuous improvement and forward-thinking strategies.

A dynamic leader, Al Gurg is from the third generation of the leading business family and commenced his tenure at Easa Saleh Al Gurg Group (ESAG) in August 2010 as the general manager of Scientechnic, the group’s flagship entity. Before joining ESAG, he held the position of assistant manager within the Accounting & Finance department at Siemens. Assuming the role of group CEO since May 2021, he has championed a strategic approach centred on performance management and positive leadership principles, aiming to drive sustainable revenue and profitability.

ESAG stands as one of the UAE’s premier family businesses, boasting a diverse portfolio of over 30 companies. Established in 1960, the group has forged strategic partnerships with industry-leading brands across a multitude of sectors. Having initially focused on trading prestigious consumer brands like Grundig and Siemens, ESAG has evolved into a dynamic conglomerate with interests spanning retail, building materials, industrial, and real estate sectors.

Notable joint ventures include Al Gurg Unilever, Siemens, Al Gurg Fosroc, Al Gurg Smollan, Akzo Nobel Decorative Paints, Siemens Healthcare, Siemens Mobility, as well as Links Insurance Brokers. With its robust engineering and manufacturing capabilities, the group provides comprehensive technical consultancy, project management, and construction services to diverse industries including construction, oil and gas, power, and other infrastructure sectors. Within the consumer segment, ESAG collaborates with global brands focusing on both residential and commercial markets.

Group transformation

Under Al Gurg’s strategic direction, ESAG maintains a steadfast commitment to organic expansion initiatives while consistently providing innovative turnkey solutions for high-impact projects spanning various industry sectors. Renowned for his unwavering dedication to excellence, Al Gurg advocates for empowerment and accountability within the organisation, instilling a culture of ownership.

Notably, he has been instrumental in defining the strategic trajectory of Easa Saleh Al Gurg Commercial and Industrial Group during his tenure as CEO. By leveraging enduring partnerships and adept leadership teams, he has emphasised key growth catalysts, including innovative customer engagement strategies, fostering a culture of shared accountability among staff, and a proactive approach to meeting evolving regional and global market demands.

Over the years, ESAG has played an integral role in the nation’s advancement and ongoing prosperity, contributing to key transformative initiatives. With Al Gurg’s emphasis on responsibility, ethical practices, and strategic diversification, he offers a roadmap for family businesses aiming to build and sustain their legacies in a rapidly evolving economic landscape.

Furthermore, Al Gurg also serves as a board member of the Al Gurg Charity Foundation, a philanthropic organisation established under royal decree in October 2010. The foundation plays a role in supporting charitable initiatives such as housing projects, orphanages, elderly care facilities, academic institutions, student scholarships, and medical assistance programmes for those in need.

Rank: 55 Name: Essa Kazim Designation: Governor Company: Dubai International Financial Centre (DIFC) Industry: Finance

With a wide sphere of influence within the UAE, Essa Kazim has been playing an instrumental role in shaping the financial landscape since the 1980s. Kazim embarked on his professional career trajectory as a senior analyst in the Research and Statistics Department of the UAE Central Bank in 1988, later transitioning to the Dubai Department of Economic Development. In 1993, he was appointed in the role of director of Planning and Development.

Progressing further, he served as the director-general of Dubai Financial Market from 1999 to 2006, subsequently taking on the role of the chairman from 2007 to 2021. In 2013, he was appointed governor of Dubai International Financial Centre (DIFC), propelling the emirate’s financial free zone to greater success, while again helping to shape the entire ecosystem.

Regional financial hub

Under Kazim’s guidance, DIFC has continued to strengthen its position as the premier global financial centre for the MEASA region, achieving strong results so far in 2024 amid expansion plans. The hub added 820 companies in the first half of the year and firms operating in the financial technology and innovation sectors rose by a third year-on-year to 1,081. Total assets under management across the financial district rose to over $700bn. The centre created 4,647 new jobs between January and June, increasing its total workforce to 43,787, a 12 percent increase.

Last year, the combined annual revenues expanded at their fastest pace since inception, nearing $354m, a significant 23 percent surge compared to 2022. It attracted a record number of companies in 2023, up 26 percent annually and contributing to a 45 percent jump in its net profit for the year. Operating profit reached $234m, indicating a 27 percent increase. Illustrating the robust financial status of DIFC, total assets amounted to $4.9bn, up by 18 percent.

Recent additions of prominent global entities include Alliance Bernstein, Blue Owl Capital, Revolut, Theia Investments, Baring Asset Management, and more, further augmenting DIFC’s financial landscape.

Apart from his present role, Kazim holds several key positions, including the chairmanship of Borse Dubai, deputy chairmanship of the Supreme Legislation Committee in Dubai, and membership on the Securities and Exchange Higher Committee and Dubai Supreme Fiscal Committee.

Educational background

Kazim has been awarded an honorary doctorate from Coe College and holds a Master’s Degree in Economics from the University of Iowa (USA), a Master’s Degree in Total Quality Management from the University of Wollongong (UAE), and a Bachelor’s Degree from Coe College. He has also actively participated in numerous official advisory committees and boards, both regionally and globally.

Moreover, he is a member of the Higher Board of Directors of the Dubai International Financial Centre (DIFC); chairman of the DIFC Authority Board of Directors; chairman of the DIFC Investments Board of Directors; and a board member of Nasdaq Dubai, Free Zones Council, and Nasdaq. Additionally, he holds a notable position on e&’s board and is involved in the field of education.

Rank: 56 Name: Bader Al Kharafi Designation: Vice Chairman and Group CEO Company: Zain Group Industry: Telecoms

Bader Al Kharafi joined Zain Group’s board of directors in 2011, was appointed vice chairman in 2014, and became group CEO in 2017, where he now oversees 7,900 staff who serve 47.8 million active customers. Appointed as vice chairman of Zain KSA in October 2015, Al Kharafi’s journey within the Zain ecosystem has been characterised by a series of key positions that underscore his visionary leadership. Notably, he has served as vice chairman of Zain Group, Kuwait since February 2014, and assumed the mantle of group CEO in March 2017, following his significant contribution as a board member.

Al Kharafi has led Zain into a robust period of financial performance. The group’s generated consolidated revenue hit $1.6bn in Q2 2024, up 4 percent compared to the same period last year, while it reached $3.1bn for H1 2024. Meanwhile, normalised net income growth soared 55 percent to reach $170m, reflecting an earnings per share of 12 Kuwaiti fils. Kuwait, KSA, Bahrain and Jordan showed impressive 5G revenue growth, while fintech services saw a 24 percent year-on-year revenue increase.

Zain further reported enterprise revenue rose by 9 percent, bolstered by deals and the integration of ZainTECH’s complete acquisition of Specialised Technical Services Company (STS), one of the largest digital transformation providers in the region and Jordan. Moreover, Zain maintained the region’s highest A- rating on the CDP Score Report–Climate Change 2023 for the third year in a row, highlighting its commitment to environmental sustainability and responsible business practices.

Wide responsibilities

Beyond his tenure at Zain, Al Kharafi’s expertise and leadership extend to a diverse portfolio of roles and responsibilities. He also serves as a board member of Atheer Telecommunications Iraq (Zain Iraq) and as the managing director of Al Khatem Telecommunications Company, an Iraq-based joint-stock entity since September 2013. Moreover, Al Kharafi’s leadership is noteworthy as the vice-chairman of Zain Sudan. On 4 March 2024, the Board of Directors of Gulf Bank unanimously elected Al Kharafi as the new chairman.

Additionally, Al Kharafi has been on Gulf Bank’s board since March 2012. His influence encompasses diverse industries and initiatives beyond the telecommunications sector, serving as chairman, vice chairman and board member of several reputable entities, including the Executive Committee and the Nomination and Remuneration Committee of the Kuwait Stock Exchange Company, playing a crucial role in shaping the financial landscape in Kuwait. In 2016, he also founded BNK Holding, his personal holding company headquartered in Kuwait, overseeing and managing a portfolio of businesses spanning multiple industries.

He also serves as the director of the group executive committee at Mohammed Abdulmohsin Al Kharafi & Sons since 2003 and as the chairman of National Investments Company, Kuwait. Meanwhile, Al Kharafi’s commitment to social development and youth empowerment is reflected in his role as the vice chairman of the Board of Injaz, Kuwait, a non-profit organisation dedicated to fostering the growth and development of youth in the region.

Rank: 57 Name: Aloki Batra Designation: CEO Company: FIVE Hospitality and The Pacha Group Industry: Hospitality

Aloki Batra is the visionary CEO of FIVE Hospitality and The Pacha Group, driving their phenomenal global success. Since 2017, Batra has spearheaded FIVE Hospitality’s explosive growth, identified key investments, led sales and marketing, and product development including creating FIVE’s unique investor model, where buyers purchase hotel rooms and lease them back to the operator.

Under his leadership, FIVE has welcomed over 7.6 million guests from 179 countries across its diverse portfolio, including three UAE hotels – FIVE Palm Jumeirah, FIVE Jumeirah Village, FIVE LUXE – along with FIVE Zurich in Switzerland, Destino Hotel Pacha Ibiza and El Hotel Pacha in Spain, Pacha Ibiza nightclub, FIVE MODE and The Pacha Collection Fashion Lines; and a range of assets including Toy Room Clubs, and WooMoon Storytellers (Globally). The Group also encompasses FIVE Music, a joint venture with The Warner Group and the launch of FIVE Music Studio at The Penthouse Dubai.

FIVE’s Dubai, Zurich and Ibiza hotel properties stood out with an average Occupancy Rate of 86 percent with an ADR of $318, and a TrevPAR of $536.07 for LTM ended 31st March 2024. From LTM ended 31st December 2019 to LTM ended 31st March 2024, total revenue grew by 349 percent from $123m in 2019 to proforma* revenue of $552m. Digital innovation is a cornerstone of FIVE’s success, with 50 percent of bookings coming through Brand / Direct channels (Website, Reservation office and Walk-ins), leading FIVE Jumeirah Village to be the most reviewed hotel on Booking.com with 39,700 reviews and an impressive 9.1/10 rating. Similarly, FIVE Palm Jumeirah boasts a stellar rating of 9.2/10 and FIVE LUXE at 9.3/10 on Booking.com.

Fun-dining powerhouse

Batra is the visionary behind successful home-grown concepts, including Dubai’s iconic rooftop venue, The Penthouse voted DJ Mag’s #1 Nightclub in the Middle East 2023 and 2024. He also created Cinque, recognised by the Michelin Dubai Guide 2024, Gambero Rosso 2023, and Gault&Millau 2023 and 2024; Maiden Shanghai, an MSG-free gourmet Chinese experience awarded by What’s On Dubai Nightlife Awards 2022, Fact Dining Awards 2022, and BBC Good Food Middle East Awards 2022; the immersive street-food destination, Soul St.; and Trattoria by Cinque.

Going global

Following the opening of FIVE Zurich in 2022, FIVE acquired the legendary Spanish nightlife brand, The Pacha Group in a deal valued at €302.5m ($336.4m) in October 2023, with Batra as CEO. This acquisition includes a range of assets from the Pacha Nightclub, Destino Pacha Hotel, El Hotel Pacha, Toy Room Clubs, The Pacha Collection, and WooMoon Storytellers, expanding FIVE’s global footprint in hospitality and entertainment.

Awards and recognitions

Batra is recognised as CEO of the Year – Hospitality 2023 by CEO Middle East, ranks 44th in the Arabian Business Dubai 100 List for 2024, and sits amongst Arabian Business Indian Aces 50 Powerful Indians in the Middle East in 2023 and 2024.

Rank: 58 Name: Ramy Jallad Designation: Group CEO Company: Ras Al Khaimah Economic Zone (RAKEZ) Industry: Industry

Ramy Jallad serves as the Group CEO of Ras Al Khaimah Economic Zone (RAKEZ), one of the largest economic zones in the Middle East. With over 30 years of experience in foreign direct investment (FDI) attraction, business and industrial park development, award-winning customer experience, mergers and acquisitions, and end-to-end digital transformation, he has played a role in shaping the UAE’s economic landscape across diverse sectors.

Since joining RAKEZ, Jallad has been instrumental in driving the free zone’s growth, expanding its portfolio from 7,500 to nearly 25,000 companies. He is celebrated for his expertise in building economic zones from the ground up, crafting innovative business environments, and fostering ecosystems that transform companies into multi-million-dollar success stories. Under his leadership, a team of 460 multicultural professionals, each an expert in their field, works cohesively to achieve shared goals.

Jallad has held executive roles across a spectrum of industries, including mixed-use real estate development and construction, aviation and aerotropolis hubs, oil and gas, and economic zone development and operations. His experience spans leading organisations like Abu Dhabi Airports, Dubai Holding, TECOM Investments, Shell, and Caltex. As a globally recognised keynote speaker and industry expert, Jallad is known for his emphasis on innovation and his ability to simplify complex business challenges.

Expanding horizons

RAKEZ stands as a leading business and industrial powerhouse, strategically positioned in Ras Al Khaimah. It offers a wide range of customisable solutions to global investors, currently housing almost 25,000 companies from more than 100 countries, covering over 50 industries. This makes it one of the largest economic zones in the region.

RAKEZ provides both free zone and non-free zone entity formations, offering clients seamless access to rapidly growing markets in the Middle East, North Africa, Europe, and South and Central Asia, thanks to the emirate’s major logistical hubs.

The economic zone is highly customer-centric, providing cost-effective, efficient services with simplified business setup processes, fast-track visa and license issuance, and top-tier services through one-stop shops. RAKEZ also offers a variety of facility options, including shared workstations, offices, warehouses, and land for development across its specialised zones.

RAKEZ is committed to nurturing investors worldwide within its supportive ecosystem, where businesses can collaborate and thrive.

Rank: 59 Name: Adel Abdullah Ali Designation: Group CEO Company: Air Arabia Industry: Aviation

Widely recognised as a trailblazer in the advancement of modern aviation, Adel Abdullah Ali has contributed to the air transport and tourism sector in the broader Arab world, particularly for his role in establishing Air Arabia, the first low-cost carrier in the MENA region, in October 2003. This opened an unexpected market niche in the region, soon transforming it into a thriving sector.

As the visionary behind Air Arabia, Ali has steered it to become the largest low-cost carrier in the MENA region. It also became the first publicly owned airline in the Arab world, holding the title of the region’s largest by market value.

Leveraging his extensive 28 years of experience with industry giants such as Gulf Air and British Airways, Ali guided Air Arabia to establish itself as one of the world’s best-run low-cost carriers, consistently achieving profitability. Ali’s leadership has strengthened Air Arabia’s business model, facilitating the expansion of operations, entry into new ventures, and diversification into additional revenue streams. Presently, the group boasts a successful portfolio of businesses and projects, offering travel, tourism, and hospitality services globally.

Rising numbers

In 2024, despite rising costs and slower yield growth due to various economic and geopolitical factors, Air Arabia reported a turnover of AED3.19bn ($8.6bn) in the first half of the year, marking a 13 percent increase year-on-year. From January to June, more than 8.9 million passengers travelled with the airline across its hubs, representing a 16 percent growth compared to the same period in 2023.

At the same time, Air Arabia added three new aircraft to its fleet, bringing its total to 77 owned and leased Airbus A320 and A321 aircraft. It also expanded its network by launching 16 new routes across its operating hubs in the UAE, Morocco, Egypt, and Pakistan. Additionally, the airline has demonstrated a keen commitment to environmental sustainability, implementing a circular economy approach for all in-flight service items, which are biodegradable. All food and beverage packaging and containers are also now 100 percent recyclable.

Alongside leading this consistent upward trajectory at Air Arabia, Ali assumes the distinguished role of chairman at various entities, including Sharjah Information Systems Associates, Alpha Sharjah Catering, Alpha Aviation Academy, and Cozmo Travel. Moreover, he brings his expertise to the board of Sharjah Aviation Services, where his strategic insights contribute to the growth and development of the aviation sector.

Furthermore, Ali occupies board positions within Air Arabia subsidiaries, showcasing his commitment to diverse aviation ventures. He lends his guidance and leadership acumen to Air Arabia (Maroc) stationed at Casablanca’s Mohamed V International Airport, and also plays an instrumental role at Air Arabia (Egypt) located at Alexandria’s Burj Al Arab International Airport, ensuring operational excellence and driving strategic initiatives to enhance the aviation landscape. These varied roles underscore Ali’s multifaceted contributions to the aviation and travel industry, positioning him as a key figure in shaping the future trajectory of these esteemed organisations.

Rank: 60 Name: Yousef Al Obaidly Designation: Group CEO Company: beIN MEDIA GROUP Industry: Media

For the past five years, Yousef Al Obaidly has been making strides in the Middle East’s broadcasting landscape as the Group CEO of beIN MEDIA GROUP, a leading regional independent sports, entertainment and media group that operates in 43 countries and has the world’s largest portfolio of sports rights.

In this role, Al Obaidly heads beIN MENA, beIN SPORTS France, Americas and Asia-Pacific, as well as beIN’s Hollywood movie studio, MIRAMAX, and the group’s new OTT MENA-based streaming platform, TOD. This platform, which launched in 2022, was the official streaming partner of the FIFA World Cup Qatar 2022 and an integral part of beIN’s vision and strategy for a digital future.

Under Al Obaidly’s guidance, the group has transformed into a global entertainment powerhouse. In 2019, the group sold a minority 49 percent stake in MIRAMAX to ViacomCBS for $375m. In July 2024, beIN SPORTS reported it set a new record for cumulative viewership of more than 1.2 billion of its multilingual coverage of the month-long EURO 2024, a 27 percent rise on the EURO 2020 tournament.

Earlier this year, it also secured exclusive rights to the FIA Formula One World Championship in 25 countries across the MENA region and Turkey from the start of the 2024 season until the end of the 2033 season. This collaboration will also include Doha becoming a dedicated regional content production hub, which will harness beIN’s world-leading production capabilities.

Promoting the media industry

Al Obaidly, a Seattle University graduate, has spent the past two decades driving the sports and creative industries forward in the region. He played an instrumental role in the launch of Al Jazeera Sport, which later transformed into beIN Sports, kicking off the international expansions of the network by introducing new sports channels in France, the US, Canada and dozens of countries across the Asia-Pacific.

Concurrent to his significant responsibilities at beIN MEDIA GROUP, Al Obaidly is also CEO of Digiturk, the largest PayTV operator in Turkey, founded in 1999, with a mix of sports and entertainment content via 200-plus channels serving millions of Turkish subscribers across 160 countries. Al Obaidly further contributes to the media, sports and technology sectors by serving as an esteemed board member for beIN MEDIA GROUP, but also as a member of several other boards, including MIRAMAX, Paris Saint-Germain Football Club, Premier Padel, Qatar Tennis Federation, Qatar Sports Investments, and Ooredoo Group.

His dedication to the media industry also extends to the protection of intellectual property, a subject he is publicly passionate about, as he believes it ensures the creative industries will remain a thriving source of entertainment across the world.

Moreover, his admiration of the world of sports does not only stem from Al Obaidly’s illustrious career in broadcast media, as he is also a former professional tennis player, having participated in the David Cup, among other major global tournaments.

Rank: 61 Name: Michel Ayat Designation: CEO Company: AW Rostamani Automotive Group Industry: Mobility

Michel Ayat’s journey in the automotive industry has been an inspiring one marked by creative leadership and an unparalleled commitment to excellence, from pioneering automotive strategies to shaping industry standards.

For almost 35 years at AW Rostamani Automotive Group, 17 of which as CEO, Ayat has played an instrumental role in managing some of the world’s most celebrated automotive brands across Nissan, INFINITI, and Renault as part of Arabian Automobiles Company (AAC). He also leads AWR Trading Company, the official distributor of world premium brands in allied businesses such as TOTAL Lubricants, AMARON Batteries, CEAT Tires, FORTRON Automotive Treatments, and X-Cool Heat Control Films.

Additionally, he oversees AWR Mobility, which offers innovative and quality mobility options for UAE consumers, with renowned Shift Car Rental standing as the most established entity of AWR Mobility, boasting a fleet of over 11,000 vehicles. Recently, under his guidance, AWR also acquired exclusive distributor rights to Chery, Zeekr, and Smart.

Industry leader

AWR Automotive Group has emerged as a leading automotive and mobility company in the region, with over 50 facilities inclusive of all brands and business units, spanning showrooms, pre-owned showrooms, service centres, and spare parts outlets across the UAE. Ayat’s strategic prowess led him to introduce the Balanced Scorecard (BSC) concept that revolutionised strategic planning and performance measurement. This innovative approach led AAC to be the first privately owned UAE company honoured with the Palladium Balanced Scorecard Hall of Fame Award for Strategy Execution. Ayat’s leadership also propelled the company to prestigious awards such as the Mohammed Bin Rashid Al Maktoum Business Award and the Dubai Quality Gold Award, underscoring its unwavering commitment to excellence.

In 2023, AAC received Nissan’s Global Aftersales award for a record 23rd time since the award’s inception in 1981. Ayat’s leadership has positioned the company as an industry benchmark for excellence, evident in its ISO accreditation and unwavering commitment to quality management systems.

In June 2024, AAC notably began development of a parts distribution centre that aims to serve as a hub for industry innovation and excellence at Dubai Industrial City. The state-of-the-art centre, which is scheduled to be completed in 2025, will have a built-up area spanning over 32,500 sq m and will house 150 employees who will work to enhance safety, productivity, and commercial efficiencies.

Beyond AWR, since 2019 Ayat has also been the Chairman of the Dubai Car Dealers Business Group (DCDBG), which was established under the umbrella of the Dubai Chamber of Commerce and aims to unite the voices of automotive distributors and foster public-private sector dialogue on important matters impacting the automotive sector in Dubai.

Beyond the UAE, Ayat’s achievements within the automotive sector are just as exemplary, expanding AWR’s operations into potential emerging markets with the acquisition of a Honda dealership in Delhi and Westway Nissan & Brayleys in the UK, representing leading automotive brands such as Honda, Kia, Mazda, Renault and Dacia.

Rank: 62 Name: Sunny Varkey Designation: Founder and Chairman Company: GEMS Education Industry: Education

The name Sunny Varkey does not only foster admiration across the Middle East, but the entire world. An entrepreneur and philanthropist, Varkey is a passionate educationalist who has devoted his entire adult life to raising the standard of education around the globe. He passionately believes in its power to reduce poverty, prejudice, and conflict, and so he founded GEMS Education after taking over the running of a single school, which had been established by his teacher parents after their move to Dubai in 1959 from their native India.

Today, GEMS educates more than 170,000 students from 176 countries, with 420,000 alumni, and it is now the world’s largest operator of K-12 schools, globally renowned for its blend of high educational standards, solid core values, innovation, excellence, and choice at all fee points.

Varkey and the GEMS organisation is driven by a core belief that every child has genius within, and it is the duty of all schools to find that unique talent. Its international footprint extends to 49 schools across the UAE, Qatar and Egypt. It also expanded this year with the opening of two new schools in the UAE, in Dubai South and Masdar City in Abu Dhabi.

Guided by his passionate conviction that every child has a birthright to a quality education, Varkey founded the Varkey Foundation in 2011 with several initiatives underlining the key role that teachers play in our society around the world. This includes the $1m Global Teacher Prize, launched in 2015. Varkey also signed the Giving Pledge, an initiative founded by Bill and Melinda French Gates and Warren Buffett, where he committed to donate more than half of his wealth to charity to help support teachers across the world. Furthermore, he has forged key partnerships with the World Economic Forum, Microsoft, Unesco, and The Clinton Global Initiative to further his agenda of finding solutions to world education issues.

Unparalleled contribution to education

Among his many accolades, Varkey has been honoured by the Government of India for his contributions to education with the Padma Shri Award and Rajiv Ghandi Award, two of the country’s highest civilian honours. In 2011, the UAE Ministry of Education conferred an award of distinction for Varkey’s service to education. The following year, he was named a UNESCO Goodwill Ambassador for Education Partnerships and in 2016 he was appointed a member of Harvard University’s Global Advisory Council.

While Varkey remains integral to GEMS Education, his son Dino now leads the daily operations of the company as Group CEO. In July, Dubai Islamic Bank led a $3.25bn financing facility for GEMS. The deal, described as the largest leveraged buy-out transaction in the region, was underwritten by a consortium of UAE banks. The sustainability-linked facility, along with investment from a group led by Brookfield Asset Management, has enabled GEMS to refinance its existing debt and facilitate the exit of minority shareholders, allowing the education provider to propel towards sustainable growth.

Rank: 63 Name: Hana Al Rostamani Designation: Group CEO Company: First Abu Dhabi Bank (FAB) Industry: Banking

As the first female CEO of a UAE-based bank, Hana Al Rostamani is widely recognised for her role as a change leader. At First Abu Dhabi Bank (FAB), the largest bank in the UAE with over $320bn in total assets, where she’s led the charge since 2021, she focuses on embedding a culture driven by innovation, diversity, and inclusion.

Under her leadership, FAB announced its record performance with a first half 2024 net profit at $2.28bn, the highest ever achieved by the group in a half-year period, marking a 16 percent year-on-year growth and the bank’s consistent upward trajectory. Its results were driven by double-digit growth across interest and non-interest income sources, helped by strong business momentum, expansion in net interest margin, and an improved revenue mix.

In March 2024, the bank announced a significant partnership with MasterCard, heralding an exclusive long-term global collaboration that extends their longstanding relationship in the EEMEA region. The transformative agreement, covering key markets such as the UAE, KSA, Oman, and Egypt, will unite these industry frontrunners to drive advancements in the digital payments landscape across the region. To date, Al Rostamani has accumulated over 25 years of experience in banking and financial services and previously held the role of deputy group chief executive officer and group head of Personal Banking at FAB. In this capacity, she spearheaded the transformation of FAB’s consumer bank, instilling a customer and digital-first mindset.

Sustainability plans

Sustainability is another top priority for Al Rostamani. With her guidance, FAB is strategically advancing towards sustainable growth and prosperity. A significant milestone was marked in 2023 during COP28 in Dubai, when FAB unveiled plans to offer over $135bn in sustainable and transition financing by 2030. This pledge underscores Al Rostamani’s unwavering commitment to responsible and ethical banking practices. Additionally, Al Rostamani currently chairs the Global Council on the Sustainable Development Goals, with a specific focus on development goal 7, ‘Affordable and Clean Energy.’

Before joining FAB, she spent years shifting the face of the male-dominated financial landscape through various roles in both domestic and international contexts at First Gulf Bank, Citibank, and AW Rostamani Group.

Today, she also serves as a board member of several entities, including Buna, a cross-border payment system by the Arab Monetary Fund aimed at strengthening investment ties among Arab economies, as well as the Institute of International Finance (IIF), the supervisory board of the International Institute for Management Development (IMD), and the executive board of the US-UAE Business Council. She has also served as an independent director in Emirates Integrated Telecommunication Company (du) and was vice chairperson of the Emirates Institute for Banking and Financial Services. She is currently a member of MasterCard Advisory.

Al Rostamani is a graduate of George Washington University in the US, where she earned a Bachelor of Science in Business Administration and a Master of Science in Informational Management.

Rank: 64 Name: Maaz Sheikh Designation: CEO and Co-founder Company: Starzplay Industry: Media and Entertainment

Maaz Sheikh is one of the masterminds behind StarzPlay, which is ranked consistently among the region’s top three subscription video-on-demand services. It has an extensive variety of premium content covering Hollywood movies, TV shows, documentaries and same-time-as-the-US series – plus live sports, dedicated kids’ entertainment and Arabic content – to 19 countries across MENA and Pakistan.

Earlier this year, at the Arabian Business Leadership Summit 2024, Sheikh revealed StarzPlay is currently ranked number 2 in the MENA region as an OTT platform with an 18 percent market share as of 2023.

Popular platform

Sheikh co-founded StarzPlay in 2015, driven by a passion for emerging technologies and offering the best possible user experience to viewers. Today, as CEO and with more than 25 years of experience in the media and technology sector behind him, he is responsible for leading the platform along its upward trajectory, which has seen it reach more than 2.9 million subscribers, showing steady year-on-year growth, with the backing of investors like Lionsgate, GE, and the Abu Dhabi Investment Office.

StarzPlay’s strategic pillars include: Localisation and building content for the MENA audience; partnerships and creating win-win distribution and content deals with companies like Ooredoo, STC, UFC, Disney, and ICC; and agility, adapting the model to cater to evolving content and audience preferences across Western, Arabic, anime, and sports genres.

It has thousands of prime titles including exclusive StarzPlay Arabia original content such as Kaboos, Say Yes to the Dress Arabia, Baghdad Central, STARZ Original content such as Power, Outlander, Spartacus, and The White Queen, as well as a range of content with add-ons such as AD Sports, Premier Sports (Rugby), NBA League Pass, and STARZPLAY Sports, the dedicated sports package covering football (Italian Serie A and Dutch Eredivisie leagues), wrestling (All Elite Wrestling), cricket, UFC Arabia, boxing, basketball and more. StarzPlay Arabia has also secured tie-ups with a host of leading global studios, including Lionsgate, MGM, Warner Bros, Universal, Discovery, and Sony Studios, along with regional producers such as UMS, Eagle Films, and Falcon.

The platform allows subscribers to watch its full HD and 4K content via most internet-enabled devices, smart TVs, and game consoles, and is widely available on regional IPTV services. Its iOS and Android apps – installed on over three million devices – also allow downloads for offline playback.

In early 2021, STARZPLAY Arabia secured its first independent financing in the region of $25m (AED 92m) from Abu Dhabi-based Ruya Partners. In 2022, E-Vision, from e& and ADQ, an Abu Dhabi-based investment and holding company, acquired a majority equity stake of circa 57 percent in the company at a valuation of $420m. This is a significant achievement for the platform which is now fully capitalised to independently grow the business further.

Establishing its headquarters in Abu Dhabi with ADIO’s support has also enabled StarzPlay to further strengthen the production of regionally relevant original content for its subscribers.

Rank: 65 Name: Mohammad Ali Rashed Lootah Designation: President and CEO Company: Dubai Chambers Industry: Business and Industry

Mohammad Ali Rashed Lootah has many impressive achievements to his name, not least of which being appointed to his current role in Dubai Chambers in October 2022. In this capacity, he supervises the implementation of strategic initiatives aimed at enhancing the ease of doing business in Dubai, supporting global business expansion, attracting foreign investment, and advancing the digital economy. The decision aligned with the Chambers’ commitment to fulfilling the leadership’s vision to advance Dubai’s global economic status, and its dedication to enlisting competent and experienced leaders to maintain the emirate’s momentum towards further accomplishments.

Dubai Chambers is a non-profit public entity dedicated to advancing Dubai’s global standing by empowering businesses, offering innovative value-added services, and facilitating access to influential networks. In March 2021, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the reorganisation of Dubai Chamber. This restructuring resulted in the formation of three chambers for the emirate: the Dubai Chamber of Commerce, the Dubai International Chamber, and the Dubai Chamber of Digital Economy.

These entities now operate collectively under the umbrella of Dubai Chambers, which is leading the charge for innovation among chambers globally through its Chamber Model Innovation (CMI) framework, a pioneering imitative for which it received recognition from the International Chamber of Commerce (ICC) in April 2024. This framework, introduced at the World Chambers Conference in Dubai in 2021, aims to accelerate innovation within chambers worldwide. The CMI framework, devised and launched by Dubai Chambers, offers a systematic approach to enhancing the effectiveness of the Chambers of Commerce in response to evolving business landscapes and global challenges. Since its inception, Dubai Chambers has conducted 17 training courses on the CMI framework, benefiting over 1,500 employees and officials from 638 chambers worldwide.

Huge responsibilities

Through his current and former roles, Lootah has been shaping Dubai’s economic landscape for years. He has also successfully led the transformation of several government services to smart services. Previously, he held the position of CEO at the Commercial Compliance & Consumer Protection for Dubai’s Department of Economy and Tourism. In this role, he oversaw consumer protection, business protection, intellectual property protection, and commercial compliance. He has also held various leadership roles at the Department of Economic Development, including deputy CEO of the Commercial Compliance & Consumer Protection Sector, deputy CEO of the Dubai Export Development Corporation, executive director of Corporate Quality and Excellence, and deputy director of the Information Technology Department at Dubai Land Department.

During this time, Lootah has become a future-focused leader and keen strategist, with proven strengths in communication and negotiation honed during his many years in governance. He has demonstrated experience in many key areas, including public policy, international trade, business development, corporate quality and business re-engineering, organisational excellence, operations, and franchising.

Lootah earned a Bachelor’s Degree in Computer Systems Engineering from Arizona State University in the US and an executive MBA in Strategic Management from the Higher Colleges of Technology in Dubai.

Rank: 66 Name: Sameh Muhtadi Designation: CEO Company: RAK Properties Industry: Real estate

Sameh Muhtadi is at the helm of one of the UAE’s most ambitious publicly listed property developers. A real estate industry veteran with a proven track record, he has been leading RAK Properties since 2022, formulating and achieving its strategy. His tenure has been marked by strategic brilliance fostering growth and greatly helping Ras Al Khaimah’s positioning as a leading tourism and investment destination.

His visionary approach has propelled RAK Properties to new heights. His focus on cultivating a culture of excellence and innovation underpins the company’s growth, not just in size but in setting new standards within the real estate sector. Muhtadi’s strategic acumen has played a major role in maintaining a formidable liquidity position, enabling transformative acquisitions, and spearheading a series of project launches.

Partners in progress

Founded in accordance with the vision of Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties is committed to advancing economic growth and community development initiatives in the emirate of Ras Al Khaimah. The company seeks to enhance shareholder value through development projects in both coastal and inland areas of Ras Al Khaimah. Embracing the company’s ethos that “people make the place”, Muhtadi has substantially augmented the RAK Properties team, currently boasting a robust 200-plus workforce.

In 2024, the company has showcased sustained financial growth and strategic progress. It recorded a revenue of $166 million in H1, a 19 percent year-on-year increase driven by strong demand for its diverse property portfolio and the ongoing success of its flagship developments in Mina Al Arab. The inauguration of the Anantara Mina Al Arab resort and Spa earlier this year, coupled with high-profile collaborations with esteemed global brands such as Ellington Properties and Nikki Beach, also exemplify the company’s ambitious trajectory.

Muhtadi still has a robust agenda set for the year, aiming to launch seven major projects following the successful introduction of several last year. Furthermore, Ras Al Khaimah has seen increasing international demand, which, for RAK Properties, has translated to investors from 42 nationalities. Renowned in the industry for his strong corporate governance, market expertise, and for building communities, Muhtadi brings with him extensive international prime real estate and operational experience from Asia, the Middle East, and the US.

Backed by more than 30 years of experience in real estate development and investment, construction management, project management, financial regulations, and planning, he has previously held leadership positions at Arabtec Construction, The Morgan Stanley-Orascom Infrastructure Fund, Emaar Properties-Misr and Orascom-Contrack.

Muhtadi’s leadership has not only achieved impressive financial milestones but has also reshaped the landscape of Ras Al Khaimah with developments that blend with nature. His dedication to both the community and the environment, combined with his strategic partnerships as well as rebranding initiatives, positions him as a trailblazer, leading RAK Properties into a bright future that will significantly contribute to Ras Al Khaimah’s vision for 2030, ensuring its status as a premier destination for both investors and tourists.

Rank: 67 Name: Ala’a Mohamed Atta Khalil Eraiqat Designation: CEO Company: Abu Dhabi Commercial Bank (ADCB) Industry: Banking

With a rich professional history dating back to 1991, Ala’a Mohamed Atta Khalil Eraiqat’s tenure in the banking industry has been underscored by notable stints at prestigious financial institutions such as Citibank and Standard Chartered Bank. He embarked on his journey with ADCB in 2004 and ascended through the ranks, assuming his current role in February 2009. Leveraging his extensive experience and expertise gained over nearly three decades as a banker, he has made significant contributions to the growth and strategic direction of ADCB.

ADCB has witnessed a significant surge in its value over the last year, recording an impressive 8.7 percent increase to reach $2.86bn by the year 2024. This remarkable growth was underscored by a recent report from Finance Brand, a leading global consultancy specialising in brand valuation.

Steered by Eraiqat’s leadership, the bank was acknowledged as one of the top 10 financial institutions in the world. ADCB ranked as the top financial institution for customer experience excellence and the second across all sectors in the latest annual survey conducted by KPMG Lower Gulf. A holistic approach to customer satisfaction, combining excellent services, diverse product offerings, technological innovation, operational efficiency, and a strong focus on security and trust has enabled ADCB to earn the top slot, according to KPMG’s annual Customer Experience Excellence (CEE) report.

The bank has continuously invested in advanced technology to support its growing customer base while recognising the importance of personal interaction with customers. As part of ADCB’s focus on building a future-ready bank, it continues to invest significantly in its digital transformation programme driving scalable growth, higher productivity, and enhanced customer experience.

In addition to his prominent position as CEO, Eraiqat shoulders additional responsibilities that reflect his multifaceted leadership role within the organisation. He assumes the prestigious role of chairman of the Board of Directors of Al Hilal Bank, further exemplifying his commitment to driving strategic initiatives and overseeing the growth of affiliated entities.

Furthermore, Eraiqat presides over a myriad of subsidiaries and committees within ADCB, including key entities such as Abu Dhabi Commercial Properties and Abu Dhabi Commercial Engineering Services. His leadership extends to chairing essential committees within the institution, such as the ADCB Management Executive Committee and the ADCB Management Credit Committee, where his vision and decision-making prowess help shape the bank’s operational framework.

Beyond his responsibilities within ADCB, Eraiqat’s influence extends to the broader financial and business landscape in Abu Dhabi. As a board member of the Abu Dhabi Chamber, he plays a key role in guiding strategic initiatives that drive economic growth and development within the region. He also serves as the chairman of the Abu Dhabi Chamber Audit & Compliance Committee and holds a board membership at Abu Dhabi National Hotels PJSC (ADNH), where his expertise contributes to the organisation’s strategic direction and governance.

Rank: 68 Name: Phil Malem Designation: CEO Company: Serco Middle East Industry: Industry

Phil Malem is the CEO of Serco in the Middle East, where he leads the region’s operations, a legacy that began in 1947. As of July 2024, Malem also began an additional role as CEO of Serco’s international advisory business, with the external launch of this new venture pegged for September.

Since joining Serco in April 2019, Malem has been the driving force behind the company’s purpose. He has successfully repositioned the business with a strategic focus on growth, innovation, and impacting a better future. His leadership has been pivotal in assembling the right talent, technology, and partnerships to address some of the region’s most complex challenges.

Under his guidance, Serco has expanded its operations, secured vital contracts, and consistently delivered excellence. Malem’s leadership is defined by care, consideration, and a deep understanding of the market. He has also been a passionate advocate for Diversity, Equity, and Inclusion (DEI), with women now making up 50 percent of the leadership team and significant initiatives in place for People of Determination (PODs).

Commitment to innovation

Malem’s tenure at Serco has seen the introduction of new service lines that align with the visions of the UAE and Saudi leadership. He was instrumental in launching ExperienceLab in the Middle East, a consultancy that creates world-class, user-centric experiences driven by data and the latest insights, showcasing Serco’s commitment to innovation and capability transfer.

As CEO, Malem is dedicated to delivering exceptional client service across the sectors in which Serco operates. His focus is on supporting essential public services by leveraging both international expertise and local market knowledge. A strong advocate for nationalisation, Malem’s contributions have been recognised by the government, awarding him a ten-year golden visa, among other accolades.

With over 25 years of experience across various sectors, his expertise mirrors Serco’s multi-domain capabilities. In his new role as CEO of Serco’s international advisory business, Malem will further develop a unique offering that has already seen success in Saudi Arabia.

This new venture, distinguished by consulting from real experience, exemplifies his versatility and ability to lead with poise, purpose, and precision. His capacity to manage two complex businesses simultaneously underscores his commitment to fostering connections and driving success across the wider organisation.

With customer-centric approach to its operations, Serco is dedicated to the delivery of excellent client service with a commitment to supporting the delivery of essential public services and leveraging the team’s international expertise and local market knowledge. Malem’s vision and growth for the business lies in leveraging the latest technology and the best people to continue to deliver best-in-class services for clients.

Rank: 69 Name: Zaid S. Al Khayyat Designation: Managing Director Company: Al Khayyat Investments (AKI) Industry: Investment

As AKI embarks on its next chapter of transformation, Zaid S. Al Khayyat oversees the company’s strategic direction. Building on the founding principles established by Dr Saad F. Al Khayyat, Chairman of AKI, the company’s success lies in its dedication to core values, embedded in a people-first philosophy. By embracing diverse thinking and developing individual skillsets, AKI sustains a robust growth trajectory.

Cultivating a culture of excellence and innovation, AKI has solidified its position as a leading family business in the region today. With a deep understanding of the regional business landscape, Zaid continually drives growth and innovation across AKI’s multiple verticals. He effectively engages partners and customers, allowing AKI to touch every part of people’s lives and bring them the things that matter.

Regional growth and expansion

Founded in 1982, AKI has grown from a single pharmaceutical company in Dubai to a multibillion-dollar diversified business, with approximately seven thousand employees in the UAE and operations in the GCC, Egypt, Jordan, and Iraq. Zaid has been instrumental to continuing AKI’s tradition of growth and diversification, bringing people across the region premium products and services. AKI remains at the forefront of each industry it operates in, spanning pharmaceuticals, medical and laboratory equipment, retail, food and non-food consumer goods, fitness, automotive, environmental services, and contracting.

Within the past year Zaid has overseen the continued expansion of BinSina Pharmacy, now boasting over 150 stores across the region. He also led the expansion of the Befit brand and the launch of fashion brands across the GCC. Continuing to invest in its Iraq healthcare and FMCG sectors, AKI opened a new office to support operations. Zaid also spearheaded AKI’s geographical expansion, successfully entering markets such as Saudi Arabia and Egypt, while expanding the company’s presence in Oman.

Driving value and excellence

With many longstanding and diverse partnerships, AKI supports leading international and local brands to nurture and elevate their business in the region. Beyond this, AKI also adds real value to the communities it serves through its original, homegrown brand concepts, such as BinSina Pharmacy, Befit, and Gulf Contracting and Landscaping (GCL).

In the pharmaceutical sector, AKI Pharma has tripled its brand partnerships over the last five years. AKI’s Medlab division continues to be a trusted and sought-after partner of cutting-edge medical and laboratory equipment.

Meanwhile, AKI Consumer Goods (food and non-food) ranks among the top three largest UAE FMCG suppliers, establishing itself as one of the top go-to-market partners in the country. AKI’s GCL is an industry leader in contracting services, recently unveiling one of the UAE’s largest plant nurseries in an effort to drive the responsible production and propagation of plant life for local climates.

Pursuing innovation

Over four decades, AKI has cultivated a unique ecosystem based on its family ethos, solid foundations, and smart operations. In alignment with regional ambitions, Zaid embraces the power of advanced technology integration to bring AKI’s customers digital-first, mobile-enhanced experiences. The launch of AKI’s state-of-the-art fulfilment centre in the UAE, spanning 48,000 square metres, will integrate new technological capabilities and automation. This will empower the company to manage inventory tracking and distribution more efficiently than ever before, tripling its capacity and supporting its growth.

Zaid shares the region’s spirit, energy, and optimism for what is possible, steering AKI to drive sustainable operations and support regional long-term economic growth.

Rank: 70 Name: Tony Jashanmal Designation: Group President Company: Jashanmal Group Industry: Retail

Jashanmal Group has a legacy dating back to 1919 and Tony Jashanmal is currently in charge of preserving that legacy for many years to come. Born in Kuwait and educated in India and Switzerland, Tony assumed the role of managing director of the retail group for its Kuwait operations in 1973. During his tenure, he successfully instituted new business ventures, spearheaded the reconstruction of operations post the first Gulf War, orchestrated the group’s strategic expansion into India, and facilitated various joint ventures.

The Jashanmal family has been in business for more than a century, when Tony’s grandfather, the late Rao Sahib Jashanmal, established his first store in Basra, Iraq. A department store in Kuwait came in 1934, followed by another in Bahrain in 1935. The family didn’t enter the UAE market until over 20 years later, with a store in Dubai by 1956. Eight years later, it reached Abu Dhabi and in 2001 made its first foray to India.

The group continues its expansion today. In 2019, marking its 100th anniversary, Jashanmal Group rebranded its store with a more digital-savvy concept and revamped its online platform. In 2020, it launched its e-commerce platforms in the UAE, preceding the opening of its flagship KSA store in 2021 and a debut in Oman the following year.

Today, Tony is recognised globally as a trusted partner for international enterprises entering the GCC region across the fashion, footwear, home appliances, travel gear, and publishing sectors. Known for his innovative mindset, he is dedicated to fostering brand development in the region through the group’s retail operations, distribution and wholesale network.

Retail portfolio

With a portfolio comprising approximately 110 brands, including 30 regional exclusives, the group’s retail footprint extends across 150 stores in Kuwait, UAE, Bahrain, Oman, and India. Supported by a robust distribution network comprising over 1,000 points of sale, Jashanmal is headquartered in Dubai, with offices located in Abu Dhabi, Kuwait, Bahrain, Oman, Qatar, KSA, and India, and is at the forefront of the UAE’s retail and distribution activities.

The group serves as a franchise partner for international brands such as Bally, Reiss, Brooks Brothers, Santoni, Porsche Design, MAX&Co., Replay, Swatch, Kipling, Hugo Boss, and group entities including Jade, Harmony, OCS, and Troika. The group holds equity partnerships and actively engages in joint ventures, operating a proprietary logistics network overseeing supply chains, freight-forwarding, and warehousing. It also has its own stores, such as popular multi-brand footwear hub Sole District, which has a presence at Dubai Hills Mall.

Tony also serves as a board member for the group, but has also been a board member at several educational institutions, as he believes strongly in the value of not-for-profit education. This includes his former role as co-founder and chairman on the board of the New Indian School of Kuwait. He is also a previous trustee of the board for Kuwait College of Science and Technology, as well as an honorary member of the board of Aiglon College in Switzerland.

Rank: 71 Name: Dr. Saeeda Jaffar Designation: Senior Vice President and Group Country Manager – GCC Company: Visa Industry: Financial technology

Dr. Saeeda Jaffar is a seasoned leader with over 20 years of expertise in financial services, payment systems, and digital technologies. Her experience encompasses roles in private and investment banks, private equity firms, and sovereign wealth funds, with a focus on delivering pragmatic business solutions to strategic issues, while driving bottom-line impact and fast results.

Throughout her 20-year career, Jaffar has been deeply involved in strategic, M&A, and performance-related undertakings across diverse industries. In her current position, she leads a dedicated team focused on propelling Visa’s business growth with key clients and partners from financial institutions, governmental bodies, and collaborators, furthering Visa’s overarching mission to foster prosperity for individuals, businesses, and economies.

She is also prioritising digitisation, which is high on the regional agenda, while also identifying new growth opportunities in the market for its clients and partners. This includes launching Visa’s latest payment solution, called Visa Instalments Solution (VIS), for cardholders in the UAE, allowing them to split purchases into smaller payments of equal value at select checkouts online and in stores. VIS empowers clients and partners to implement installment solutions on a broader scale, ensuring widespread acceptance and enhancing the overall consumer shopping experience.

She has also spearheaded innovative initiatives, such as sponsoring the FIFA World Cup and launching the Visa Masters of Movement NFT Collection, providing football fans the opportunity to create digital art. Moreover, Jaffar played an instrumental role in leading Visa’s She’s Next initiative in the UAE, empowering local women entrepreneurs through access to networking, mentoring, and funding opportunities. Through this impactful initiative and grants, Visa has dedicated over $3m since 2020 to support women-owned businesses in over 30 countries.

Collaborating with clients in both the private and public sectors, Jaffar now reports directly to Andrew Torre, the regional president for Central Europe, Middle East, and Africa (CEMEA), solidifying her integral role within the CEMEA Leadership Team. Alongside her consulting work, Jaffar specialises in restructuring, PMI, operational programmes, strategy, and transformation. Her professional journey has seen her engage extensively across the Middle East, Europe, and the US, contributing strategic insights and expertise to clients in the financial services sector, including universal banks, investment banks, private banks, private equity firms, sovereign wealth funds, government entities, and family-owned businesses.

Executive roles

In addition to her role at Visa, she serves as a board member of trustees at Kuwait University, bringing extensive knowledge in financial services and payments to her responsibilities. With a background as the managing director for the Middle East at Alvarez and Marsal, she has also held leadership and board member positions at United Arab Bank, Bahrain FinTech Bay, Ishraq, and McKinsey and Company.

Jaffar earned a Bachelor’s Degree in Biomedical Engineering from Boston University, where she was the valedictorian, followed by a Master’s Degree and PhD in Chemical Engineering from Massachusetts Institute of Technology (MIT).

Rank: 72 Name: Mustafa Al Khalfawi Designation: CEO Company: Ajman Bank Industry: Banking

CEO of Ajman Bank, Mustafa Al Khalfawi, led Ajman Bank to achieve an all-time high net profit of AED233m ($63.44m) before tax in H1 2024, marking a 127 percent increase YoY. This performance was driven by a 12 percent increase in total operating income to AED813m ($221.35m). Return on Shareholder Equity (annualised) and Return on Assets (annualised) doubled in H1 2024 compared to the corresponding period of 2023, reaching 15 percent and 1.8 percent, respectively. A healthy balance sheet, with total assets of AED24.2bn, customer deposits of AED20.2bn, and equity of AED2.9bn.

New era of excellence

With over two decades of extensive experience in the UAE’s banking sector, Al Khalfawi is leading Ajman Bank into a new era of growth and innovation. Under his leadership, Ajman Bank has reinforced its commitment to enhance the shareholders value, increase the customer base and invest in the human capital by focusing on three main principles – Service excellence, speed, and specialisation – that are at the core of the bank’s operations. Ajman Bank has made significant strides in digital innovation, enhancing its platforms to provide seamless, user-friendly experiences that meet the demands of a rapidly evolving financial landscape.

Trusted institution

Ajman Bank ensures that every interaction at the bank is guided by integrity and a genuine understanding of its client needs. This approach has fostered long-term relationships and positioned Ajman Bank as a trusted partner in the financial journeys of its clients, as made an important of creating its first fully owned subsidiary Sky-rise property management to manage its real estate portfolio.

Ajman Bank excels in offering tailored products and services that adhere to Islamic principles while meeting the diverse financial needs of its clients, from individuals to large corporations. This specialisation not only distinguishes Ajman Bank in a competitive market but also underscores its dedication to providing relevant, ethical, and effective financial solutions. Looking ahead, Al Khalfawi’s leadership is set to drive the institution to new heights while playing a pivotal role in its digital journey.

Ajman Bank’s strategic initiatives are designed to ensure sustained growth, innovation, and value creation for its customers, shareholders, and the broader community. With a clear vision and a strong leadership team, Ajman Bank is poised to continue its ascent as a leader in Sharia-compliant banking, setting benchmarks for excellence in the UAE and beyond.

Rank: 73 Name: Aamer Sheikh Designation: CEO Company: PepsiCo Middle East Industry: Industry

As head of the Middle East Business Unit at PepsiCo, Aamer Sheikh assumes a key role in the cluster under PepsiCo Africa, Middle East, and South Asia (AMESA), which integrates the snacks and nutrition (Quaker) businesses with franchise beverages operations. In addition to his role at PepsiCo, Sheikh holds the co-chair position at the US-Saudi Business Council and is a member of the Multinational Companies’ Business Group (MCBG) Regional Presidents Forum, alongside other associations.

Sheikh’s association with PepsiCo dates to 1999, when he first joined the company in Pakistan within the finance function. Over the years, he has ascended through various leadership roles in Pakistan, the UAE, and the US. Preceding his current role, he served as the president and general manager for the MENA region and Pakistan.

In 2017, he assumed the position of chief financial officer for PepsiCo’s Asia Middle East & North Africa Sector (AMENA), overseeing financial operations in over 40 countries, covering beverages, snacks, and nutrition businesses, including 10 joint ventures. His diverse leadership roles also include chief financial officer for the Middle East and Africa (MEA) region in 2008, SVP for Planning and Transformation for the AMENA region in 2014, and SVP for Commercial Finance for Frito Lay North America in 2016.

Consumer manufacturing

Since 2022, Sheikh has been able to spearhead PepsiCo’s growth in the Middle East as CEO, including an increase of 1.5 percent net revenue in H1 2024. This falls under the AMESA sector, which boasts a portfolio of prominent global snack brands including Lay’s, Cheetos, and Doritos, alongside local favourites. Additionally, the sector features a diverse range of beverage brands including 7UP, Pepsi, Aquafina, Mountain Dew, Mirinda, and Sting.

In the UAE, PepsiCo actively participates in waste reduction and resource optimisation, integrating circular economy principles into its operations. As a founding member of the Circular Packaging Association in the UAE, the F&B leader engages in a platform that brings together leaders and stakeholders to collectively make a positive impact in the form of more sustainable packaging, enhancing the accessibility of recycling infrastructure, involving youth in innovative solutions, and providing sustainably innovative packaging technologies and business models.

In September 2023, Pepsico launched a recycling solution with Talabat and Yalla Return across UAE communities. Since 2021, PepsiCo has also collaborated with Bee’ah in the UAE to collect and recycle an amount equivalent to all Aquafina packaging produced in the country annually. Moreover, it recently introduced recycled bottles for Pepsi, Diet Pepsi and Pepsi Zero. Prior to his tenure at PepsiCo, Sheikh held various finance roles, including a five-year stint in the US working as an auditor for Ernst & Young and The Walt Disney Company. He also spearheaded the finance function for Unisys for three years in Pakistan.

He is a certified public accountant with a BBA in public accounting from Loyola University of Chicago, US and has completed executive education courses at Harvard and the Wharton School of Business.

Rank: 74 Name: Talal Moafaq Al Gaddah Designation: Founder and CEO Company: Keturah Industry: Real estate

With a wealth of experience and a drive for innovation, Al Gaddah stands out as a pioneering figure in the real estate sector. As the visionary behind the innovative Keturah concept and the CEO of MAG Lifestyle Development, he has overseen a multitude of ground-breaking projects that have transformed the landscape of the UAE. From iconic residential towers to visionary mixed-use developments, his portfolio showcases a steadfast commitment to excellence and a dedication to creating spaces that inspire, elevate, and revitalise communities. Al Gaddah’s current real estate portfolio exceeds $5bn, encompassing 14 completed projects and 7 projects currently in progress.

Shaping the future of real estate

In 2022, marking a landmark year, Al Gaddah introduced the Keturah brand, a cutting-edge concept that embodies luxury intertwined with wellness principles. This pioneering endeavour underscores his exceptional talent for blending luxury with sustainability, positioning the Keturah brand as a frontrunner in shaping future global developments.

Subsequently, his forward-thinking approach has propelled the Keturah brand beyond traditional real estate boundaries, promoting a lifestyle centred on innovation, exceptional quality, and holistic well-being. This marks a significant shift in the industry towards creating communities that serve as bastions of sustainable and enriching living environments. As a visionary leader driving transformative innovation in real estate, Al Gaddah embodies a commitment to excellence, sustainability, and community well-being.

Catering to luxury living

Keturah made its debut at The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort, the first fully wellness certified resort in the MENA region. Shortly thereafter, Keturah Reserve was introduced, marking another first in the Middle East with its innovative ‘Bio Living’ concept, providing residents with an immersive experience in landscaped nature to enhance their physical, mental, and emotional well-being significantly.

Positioned as a game-changer in luxury real estate, Keturah seamlessly integrates extravagance with well-being to deliver unparalleled living experiences. Under the leadership of Al Gaddah, Keturah transcends traditional norms by offering transformative environments that prioritise holistic wellness, sustainability, as well as community cohesion. From the distinguished Keturah Resort to the innovative Keturah Reserve, each project epitomises excellence and sets new benchmarks for luxury living not only in the UAE but also on a global scale.

With all his vast experience at a young age, he is considered as a visionary leader driving transformative innovation in real estate, embodying a commitment to excellence, sustainability, and community well-being. His visionary outlook transcends conventional boundaries, driving forward a future where innovation and sustainability converge seamlessly in real estate development.

Rank: 75 Name: Mudassir Sheikha Designation: Co-founder and CEO Company: Careem Industry: Transport

Mudassir Sheikha co-founded Careem, which has since become a leading technology platform for the region, later acquired by Uber for $3bn in 2020, the largest technology sector transaction in the Middle East. With a degree in economics and computer science from the University of Southern California, USA, and a Master’s degree in computer science at Stanford, USA, Sheikha began his career in tech in Silicon Valley in 2000.

Sheikha started out working with Brience, a San Francisco-based mobile experience startup, following a brief stint at Trilogy Software in Austin, Texas. After three years, he spent a few months as a summer associate at Garage Technology Ventures, working with companies in the software and consumer internet industry, before moving back to Pakistan, where he took on a leadership role at system software company DeviceAnywhere, steering its offshore development centre.

Later, Keynote Systems acquired DeviceAnywhere and then Sheikha joined Dubai’s McKinsey & Company office as an associate partner. Four years later, he teamed up with his former McKinsey colleague Magnus Olsson to launch Careem, in a bid to help simplify the lives of people in the Middle East region and fill a gap in the public transportation market. In 2013, Abdullah Elyas became Careem’s third co-founder and within a decade the trio led the company into 14 countries, hiring a staff of 12,000 along the way.

Now, following the buy-out, Careem operates in over 70 cities across 10 countries, from the UAE to Morocco and Pakistan, with Sheikha still in the driving seat as CEO. Since 2012, the company has created earnings for more than 2.5 million drivers, referred to by Careem as captains, and serviced over 50 million customers.

Popular app

In Dubai, Careem provides customers 11 services, including payments, food and grocery delivery, ride-hailing, micro-mobility, payments, and more. In April 2023, buoyed by a $400m investment, telecom giant e& became the majority shareholder in Careem’s app, while Uber retains complete ownership of Careem’s ride-hailing business.

The Careem Everything App offers a wide range of services, including micro-mobility, food and grocery delivery, and third-party services such as home cleaning and car rental. Fintech offerings include Careem Pay, which offers peer-to-peer transfers, bill payments, digital wallet and international remittances. The recent investment supports core services such as Careem Food, Careem Quik Groceries, Careem Pay, and Careem DineOut, leveraging Careem’s strengths in logistics, digital payments, and customer experience, with plans to accelerate the expansion of its app across the Middle East, North Africa, and South Asia. In Q2 2024, e& life, a vertical of e&, delivered strong revenue growth of 78 percent year-on-year, attributable to Careem Technologies.

Outside of Careem, Sheikha is a founding board member of Karachi-based non-profit Endeavor, a global organisation that aims to support and invest in the world’s top founders, with a network that spans over 40 countries and more than 2,500 entrepreneurs whose companies generate combined revenues of over $28bn and have created more than 3.9 million jobs.

Rank: 76 Name: Aziz Fakhroo Designation: Group CEO Company: Ooredoo Industry: Telecoms

Aziz Fakhroo assumed the managing director and CEO role at Qatar’s Ooredoo Group in November 2020, subsequently rising to group CEO in March 2024. Fakhroo has played a pivotal role in driving the company’s growth trajectory, leveraging his extensive experience as well as strategic vision. His tenure as a board member at Ooredoo Group, which commenced in 2011, reflects his longstanding commitment to the organisation’s success and direction.

With operations spanning 10 countries, Ooredoo Group is committed to enhancing its network infrastructure to deliver seamless connectivity, addressing the evolving digital needs of consumers and businesses while empowering global customers to access the internet easily. Positioned as a true digital enabler, Ooredoo operates as a catalyst for simplifying lives and fostering enriching digital experiences across its diverse markets. Guided by a strategic vision spearheaded by Fakhroo, Ooredoo Group has orchestrated noteworthy deals, including the $750m telecommunication tower agreement with Edge Point Indonesia and the $6bn merger with CKK Hutchinson in Indonesia, underscoring the company’s commitment to growth and innovation.

With a substantial investment of $1.1bn earmarked for the period spanning 2024-2026, Ooredoo intends to bolster mobile coverage, elevate service quality, and spearhead digital transformation initiatives in regions including Algeria, Tunisia, Palestine, Iraq, and the Maldives, potentially benefiting over 109 million individuals within these areas. In H1 2024, the group’s revenue increased by 3 percent to approximately $3.2 billion, while normalised net profit was up by 14 percent, reaching $521.9m. In 2023, its full-year revenue reached $6.4bn.

Streaming venture

Moreover, March 2024 marked an exciting milestone for Ooredoo Group with the introduction of its pioneering Over-The-Top (OTT) streaming venture through the launch of the Go Play Market platform. Developed in collaboration with MediaKind and supported by Microsoft, Go Play offers a diverse array of entertainment content, including live TV channels and video-on-demand services.

Prior to his leadership roles at Ooredoo Group, Fakhroo held the position of deputy undersecretary for Budget, Treasury, and Financial Affairs at the country’s Ministry of Finance, where he also became advisor to the Minister of Finance, honing his financial acumen and leadership skills. Additionally, his role as a board member at Accor SA since 2015 underscores his broad expertise in diverse industries.

With a distinguished background in mergers and acquisitions, Fakhroo’s tenure as the co-head of Mergers and Acquisitions at the Qatar Investment Authority further solidified his reputation as a leader with a keen eye for transformative business opportunities. His expertise and insight are demonstrated by his recent appointments to prominent boards, including the Board of Trustees of Qatar Museums and the board of KATARA Hospitality in March 2021. He has previously served on the boards of prominent global institutions such as Canary Wharf Group, United Arab Shipping Company, Aspire Katara Investments, CITIC Capital, and KinderCare Education.

Furthermore, his appointment as a board member of commissioners at Indosat in December 2021 highlights his expanding international presence and strategic influence in the telecommunications sector.

Rank: 77 Name: Rahul Malhotra Designation: Head Emerging Markets and Member of the Executive Boards Company: Bank Julius Baer Industry: Private Banking

Rahul Malhotra is the Head of Emerging Markets and Member of the Executive Boards at Bank Julius Baer and Julius Baer Group.

Based in Dubai, UAE since 2022, Rahul is responsible for expanding the business presence and client base of Region Emerging Markets which accounts for a 28 percent share of Julius Baer’s assets under management (AuM). The Region covers five markets including Global India – Onshore and Non-Resident Indian (NRI) Market, Middle East & Africa, Central & Eastern Europe and Israel, Greece & Cyprus, Turkey with over 300 Relationship Managers based in almost 10 countries.

Growth ambitions

Under his leadership, Region Emerging Markets has embarked on an ambitious expansion strategy especially in focus markets such as the Middle East and India. While Julius Baer has a formidable footprint in the Middle East with a first presence in Dubai as early as 2004 followed by offices in Manama and Doha, the organisation is further focussing on a strong growth trajectory to capture the immense wealth creation in the region especially the countries of the Gulf Cooperation Council (GCC).

Malhotra is also overseeing the five-year business transformation of Julius Baer India, which has a solid positioning as the largest foreign wealth manager in the country. Currently present in seven cities, Julius Baer has plans to expand to more than 10 cities to capture the new wealth created in India. Julius Baer also launched its first ever equity fund for investors looking to capture the opportunities presented by the Indian market with the fund hitting over $350m.

Career highlights

Malhotra brings with him over 35 years of extensive experience in financial services and is deeply familiar with the evolving needs of clients. Before taking on the role as a member of Julius Baer’s Executive Board, he was heading the Global India business for the bank.

Passionate about philanthropy, Malhotra is also a member of the Julius Baer Foundation working closely with colleagues from across the globe on education and wealth inequality initiatives. Prior to joining Julius Baer, Malhotra was Head of Southeast Asia and previously Head of South Asia at J.P. Morgan Private Bank for 11 years covering clients in Singapore, Malaysia, Indonesia, Thailand, Australia and NRIs across regions, and was most recently responsible for special projects of the International private bank.

Before that, he was Head of Wealth Management for Asia at Merrill Lynch and successfully built the Global India business. Earlier in his career, Malhotra spent 20 years in Citibank where he was based in India, Dubai, London, and Singapore.

About Julius Baer

Julius Baer is the leading Swiss wealth management group with origins dating back to 1890 and is a premium brand in this global sector, with a focus on servicing and advising sophisticated private clients. Julius Baer is present in around 25 countries and 60 locations.

Julius Baer established its presence in the Middle East in 2004 with an office in the Dubai International Financial Centre (DIFC). It is the proud recipient of Licence no. 1 in the DIFC and is the oldest company in the financial centre. Julius Baer has capitalised on its first mover advantage in the country and is currently one of the largest wealth managers in the UAE; celebrating its 20th anniversary in 2024.

Rank: 78 Name: Randa Sadik Designation: CEO Company: Arab Bank Industry: Banking

In February 2022, Sadik was appointed to her current role, a culmination of her career trajectory that began over three decades ago in the banking sector. Notably, she had spent more than a decade as the deputy CEO at Arab Bank, Jordan’s largest financial institution, as well as 24 years in diverse leadership capacities. Her journey featured a prominent stint as the group general manager of the International Banking Group at the National Bank of Kuwait (NBK).

Sadik’s strategic guidance has been a driving force behind Arab Bank’s expansion and growth trajectories. Her leadership and key accomplishments have significantly contributed to Arab Bank’s local and regional prominence. Recently, Arab Bank Group reported a 25 percent increase in net income after tax for the first half of 2024, reaching $503m, compared to $401m for the same period last year. It has also maintained its strong capital base with total equity of $11.5bn. Meanwhile, net operating profit grew by 11 percent due to core banking activities and controlled operating expenses.

In alignment with the bank’s growth strategy, it is embarking on establishing its operations in the Iraqi market in 2024. This initiative aims to deliver a range of comprehensive banking solutions and services to both existing and prospective customers in that specific market. Other growth areas Sadik is committed to include wealth management, private banking, and Islamic banking. Sadik is also dedicated to digital transformation as a top priority at the bank. This vision led to the establishment of Acabes International, the bank’s technological division, as a leading global competence centre, servicing the bank’s operations globally.

Additionally, the bank rolled out Arabi Shopix, a pioneering service that allows Arab Bank customers to construct and customise an e-commerce website as part of integrated digital banking solutions formulated to meet the requirements of SMEs through the Arabi SMEs initiative, a comprehensive suite of integrated banking solutions specifically tailored to meet the unique requirements of small and medium-sized enterprises. At the core of Arabi SMEs are multiple cutting-edge digital solutions, spearheaded by Arabi Next, an innovative app meticulously designed to cater to the needs of SMEs.

Empowering women

A holder of an MBA degree from the American University of Beirut, Sadik’s commitment to the business community extends beyond financial endeavours. Under her leadership, the bank has also partnered with Dar Abu Abdullah in the Women’s Economic Empowerment project. This initiative empowers women by facilitating their enrolment in programmes that offer income stability and elevate their living standards.

She also serves as a board member of Oman Arab Bank, chairs the board of Arab Tunisian Bank, leads the management committee of Al-Arabi Investment Group, and holds the vice chairman position at Arab Bank Australia Ltd. Additionally, Sadik holds several positions within the Arab Bank Group, including chairman of the Arab Tunisian Bank, vice chairman of Arab Bank Australia, board member of Oman Arab Bank, and chairman of the Management Committee of the Al-Arabi Investment Group.

Rank: 79 Name: Haider Ali Khan Designation: CEO Company: Bayut and dubizzle Group MENA Industry: Real estate technology

Haider Ali Khan is a tech visionary at the helm of Bayut & dubizzle, steering these platforms into the future of proptech. With a background in electrical engineering from the University of Texas at Austin, US, Khan’s journey into technology and leadership began in 2000 as a programming analyst at Goldman Sachs. He then honed his skills in product management at National Instruments, where he spent six years, before moving to Silicon Laboratories as a systems engineer in the broadcast division.

At Silicon Labs, he collaborated with tech giants like Apple, Nokia, and Bose, integrating cutting-edge solutions. His return to National Instruments in 2007 as a section manager allowed him to lead a global team, overseeing 20 managers and over 100 employees across the US, Europe, China, and India.

In 2014, Khan brought his extensive expertise to the UAE, taking on the role of CEO at Bayut.com, the leading property portal. His leadership prowess was further recognised when he became the CEO of dubizzle after Bayut’s parent company acquired it in April 2020, creating a unicorn with a valuation of $1bn (AED3.6bn).

Today, Khan serves as the CEO of both Bayut & dubizzle, as well as the CEO of Dubizzle Group MENA, where he is also a board member responsible for driving expansion strategies. Dubizzle Group, backed by industry stalwarts such as Naspers, KCK Group, and Exor Seeds, stands as the most well-funded property classifieds company in the UAE.

Under Khan’s leadership, Bayut has grown into a national powerhouse, expanding its influence across the region. Simultaneously, he has strengthened dubizzle’s position as the leading platform for buying, selling, and finding anything from vehicles and homes to jobs and services, engaging millions of active users across the UAE.

Khan also contributes his strategic expertise as a member of the Advisory Council of the Dubai Chamber of Digital Economy, where he plays a pivotal role in supporting the government’s ambitious plans for digital transformation and the growth of the digital economy in the region.

Surging property market

With the UAE’s property market consistently showing positive trajectory, Dubai’s off-plan property market has experienced significant growth in the first six months of 2024, according to the latest report by Bayut.

The sector has seen sales transactions reach AED103.8bn, indicating robust investor interest and market performance.

The report highlighted that demand continues to outpace supply in the emirate’s property sector. This growth, coupled with a thriving rental market, has contributed to higher rental yields for investors.

“Over the past year and during the first six months of 2024 in particular, Dubai’s off-plan market has been thriving like never before and showing promising signs of extraordinary growth. With approximately 48,000 new units being launched during H1, demand is still high with the influx of new residents continuing to rise,” Khan said.

Rank: 80 Name: Yasser Abdul Malak Designation: Chairman and CEO Company: Nestlé MENA Industry: Industry

While he has only been in his current role for three years, Yasser Abdul Malak has over two decades of experience with Swiss manufacturing giant Nestlé, where he has held multiple senior leadership positions across key regions.

Previously, he was appointed as the CEO in Nestlé Turkey from April 2021 to January 2022, where he delivered robust results and helmed expansion projects that led to the company’s growth in the country. Prior to this, he was the CEO for Nestlé’s Northeast Africa region based in Egypt until he was assigned the role of Dairy Category Head Zone Europe Middle East and North Africa in 2018 at the Nestlé headquarters in Vevey, Switzerland.

Nestlé, a company with a heritage spanning more than 150 years, has had a presence in the MENA region for over a century, beginning with the sale of the first infant cereals in Egypt. The company’s portfolio in the region comprises more than 60 innovative product brands across various categories, including dairy, infant nutrition, coffee, creamers, confectionery, bottled water, breakfast cereals, and pet food.

Abdul Malak embarked on his career trajectory with Nestlé in KSA in 1999. Following his first assignment, he moved to their regional head office to helm the MAGGI business as the senior brand manager until mid-2003. This was followed by an appointment as the global marketing advisor for the food business in Switzerland. In 2005, he was promoted to lead the food business in the Southeast Africa region. Three years later, he returned to the Middle East as the business executive officer prior to his assignment as the country manager.

Driving growth

As chairman and CEO of Nestlé MENA, Abdul Malak oversees the operation of its 24 food and beverage factories across 19 countries in the region, which provide direct employment to over 14,000 people. Nestlé’s regional office for the MENA region is located in Dubai South, with operations across the UAE in cities such as Dubai, Abu Dhabi, Al Ain, Fujairah, and Ras Al Khaimah. The company works with more than 1,700 retail outlets in the UAE, including supermarkets and pharmacies. It also locally produces confectionery, dairy, culinary, and coffee at two food and beverage factories in Dubai, along with operating two water manufacturing sites, one in Dubai and the other in Abu Dhabi.

ESG programmes

Under his guidance, Nestlé Middle East has made substantial strides in its commitment to sustainability, achieving a 52 percent reduction in greenhouse gas emissions and a 35 percent decrease in energy consumption. Furthermore, Nestlé is embracing renewable energy on a broader scale, with 25 percent of its MENA sites now being powered by renewable sources.

Since 2008, gender balance has also been a priority for Nestlé, driving an increase in the number of women at all levels in the organisation. Nestlé’s global and local initiatives on gender diversity include development opportunities through mentoring and coaching programmes, a flexible and supportive work environment, leadership development training, and the Maternity Protection Policy.

Rank: 81 Name: Mona Kattan-Elamin Designation: Co-founder and Global President; Founder Company: Huda Beauty; Kayali Industry: Retail

Former investment banker Mona Kattan-Elamin is on a mission to create another multi-billion-dollar empire with KAYALI. In 2018, she established the fragrance company as the inaugural sub-brand under the umbrella of Huda Beauty. This marked the commencement of a new chapter in her career, with a specific focus on perfume manufacturing.

Kattan-Elamin has nurtured a lifelong passion for fragrances that became the cornerstone of her journey as an entrepreneur. After achieving success with the launch and expansion of Huda Beauty alongside her sister Huda in 2013, she delved into the creation of her own brand. Together, Huda Beauty, KAYALI, and Wishful, the latter focusing on skincare, form the beauty empire built by the Kattan sisters. KAYALI, meaning ‘My Imagination’ in Arabic, positions itself as an accessible luxury niche fragrance brand blending Middle Eastern heritage with Kattan-Elamin’s American upbringing. The brand ethos revolves around empowering individuals to feel regal through self-love and fragrance, emphasising KAYALI’s commitment to providing exceptional scent experiences to a worldwide audience.

Between 2022 and 2023, KAYALI distinguished itself within the fragrance industry by launching an impressive line-up of 10 new fragrances, showcasing the brand’s commitment to innovation and excellence. It’s now onto its 21st and is growing at 100 percent each year. The products can be found in 1,750 stores across 30 countries in four continents. By the end of the year, they will be in 2,715 stores. It is already one of the top 10 fragrance brands in Sephora US, is taking Europe by storm and set to enter China for the first time.

Social media giant

Kattan-Elamin’s business approach is notably influenced by social media, through which she has effectively cultivated an engaged community, amassing over 4 million followers across various platforms. She also made an appearance in Dubai Bling on Netflix during its second season, which featured the launch of KAYALI.

As co-founder of Huda Beauty, along with her sisters Huda and Alya, Kattan-Elamin has a proven track record of having the corporate Midas touch. What started as a blog in 2010 has turned into a company that has since been valuated at over $1bn in 2017, when a minority stake was sold to TSG Consumer Partners, and is likely to be worth much more today.

Since December 2017, Kattan-Elamin has served with distinction as co-founder, president, and board member of HB Investments in Dubai. The company’s diverse investment portfolio includes Kitopi, a comprehensive cloud kitchen network; Fresha, a refined tool for salon reservations; Humantra, a brand offering wellness supplements; and The Luxury Closet, a high-end consignment platform for luxury goods.

Kattan-Elamin’s involvement in various capacities, including as an advisory board member at The Retail Summit since August 2023, a board member and partner at Heroine Sport since May 2023, and a creative council board member at Waldencast since the same period, highlight her diverse contributions to the business landscape. Furthermore, her membership in the YPO UAE chapter underscores her engagement with a global community of chief executives.

Rank: 82 Name: Geoffrey Alphonso Designation: CEO Company: Alef Education Industry: Education

A thought leader in education technology, Geoffrey Alphonso has been listed among the Top 30 CEOs list by Arabian Business and among the 100 Most Inspiring Leaders in the Middle East list, also by Arabian Business.

Alphonso brings a background of strategic thinking. He has over 25 years of experience implementing business transformations in the North American, Australian, and Middle Eastern markets and has held senior positions in edtech, telecommunications, and finance globally.

Prior to joining Alef Education, Alphonso was General Manager and Head of Pearson Education’s digital business practice in the Middle East and Africa for over nine years. He currently sits on the board of THAKI – a non-governmental organisation that provides digital education products and services to underprivileged children in the MENA region – and is a member of the Forbes Technology Council. He holds an MBA from London Business School.

Under his leadership, Alef Education has grown from a startup in 2016 to a prominent organisation. As CEO of Alef Education and founding member of the AI award-winning Alef Platform, Alphonso leads the overall vision, design, innovation, and product portfolio to cater to global growth at scale. He rapidly grew the company into five new markets, serving more than 1 million learners.

In an interview with CEO Middle East, Alphonso shared his views on the evolving education sector. He said: “Our mission is to provide accessible, personalised, and innovative education solutions that inspire a love of learning and empower students with 21st-century skills. We recognise the transformative power of technology in education, and our solutions are designed to make education accessible anytime, anywhere.”

“Our services make education more inclusive and address the needs of learners of all levels. We advocate for systemic change and improve educational outcomes worldwide by working with educators, schools, and policymakers. We also work closely with teachers to provide professional development and training that enables effective integration of technology in the classroom,” he added.

Cutting-edge education

Alef Education has laid out a strategic vision to leverage innovative technologies and expand globally to reach more students and have a more significant impact on K-12 education. The company envisions a future where every student, regardless of where they live or their circumstances, has access to high-quality, personalised education.

With cyber security a top priority among Gulf organisations, Alef Education is making sure it aligns with the times.

“At Alef Education, we understand the importance of cyber security and student privacy – our primary focus is online safety. We have taken various measures to protect student data, comply with relevant data protection regulations, and ensure secure access to the platform,” Alphonso explained.

As the demand for educational services in the region increases alongside a demographic boom, organisations like Alef Education, led by Alphonso, are poised to play a significant role in the Middle East.

Rank: 83 Name: Irfan Tansel Designation: CEO Company: Al Masaood Automobiles Industry: Mobility

With over 40 years of experience in the automotive sector, Irfan Tansel embarked on his career as a teenage apprentice in a car workshop. Today, he heads one of the most prominent automotive companies in the UAE and won esteemed awards such CEO of the Year by CEO Middle East. He has also been listed in the Greatest CEOs in the Middle East by Arabian Business.

Shaping success

In his role as CEO of Al Masaood Automobiles, Tansel has steered the company to numerous milestones and accolades. Under his leadership, the company not only clinched the esteemed Sheikh Khalifa Excellence Award 2023 but also continued its tradition of excellence with multiple editions of the Nissan Global Dealer Award, Global Nissan Aftersales Award, the INFINITI Global Award, Renault Global P.A.R.I.S. Award and many more. 2023 marked a significant triumph in Irfan’s tenure, as it became a record-breaking year for Al Masaood Automobiles across multiple facets, including unprecedented achievements in sales and aftersales.

Under his guidance, Al Masaood Automobiles made history in 2019 by launching the region’s first Nissan ecommerce car-buying website, along with a virtual, live, and interactive sales platform, one of many firsts launched. In 2023, the company achieved record-breaking sales figures, surpassing all previous records.

Leadership excellence

Tansel’s vision for Al Masaood Automobiles is grounded in forward-thinking, innovation-driven, and customer-centric principles, which he uses to carefully craft tailored strategies designed to keep Al Masaood Automobiles at the forefront of a competitive market, prepared for any challenges that may arise. His leadership style is deeply rooted in a belief in the power of effective, inclusive management with transparency and trust leading to empowerment, recognising that the true driving force behind Al Masaood Automobiles’ success is its dedicated team.

Building leaders of tomorrow

As a revered voice in the automotive world, his insights on business disruption, leadership, and the future of the automotive industry are frequently featured in notable publications such as Bloomberg, CNBC, CEO Middle East, Al Bawaba, The National, Gulf News, Entrepreneur, Economy ME, and many others.

Tansel also shares his expertise internationally, delivering motivational keynotes on topics ranging from preparing businesses for disruption to leadership, autonomous vehicles, the future of mobility, electrification and future dealerships. Tansel is keen to groom his leadership team to become the next superstars in the industry.

Rank: 84 Name: Nadir Al Koraya Designation: President and CEO Company: Riyad Bank Industry: Banking

As the CEO and president of the fifth largest bank in the GCC region, boasting an impressive asset value exceeding $100bn, Nadir Al Koraya’s leadership at Riyad Bank has been instrumental in steering it towards a trajectory of growth, innovation, and customer-centricity.

Al Koraya’s key role in the strategic transformation of Riyad Bank has contributed to its reputation as one of the region’s fastest-growing and most dynamic financial entities. Riyad Bank stands out as one of the premier financial institutions in KSA and the wider Middle East region. Their illustrious history traces back to 1957, highlighting a legacy of excellence and financial prowess. A cornerstone of their success lies in their dedicated and proficient workforce, comprising over 7,880 professionals who embody excellence and commitment. With an emphasis on nurturing local talent, Riyad Bank boasts an impressive national employment rate of 96 percent, positioning them as a vital contributor to the Saudi employment ecosystem.

Renowned for its pioneering role in finance and investment across KSA, Riyad Bank has garnered acclaim as a leading financier and arranger of syndicated loans, particularly in pivotal sectors such as oil, petrochemicals, and key infrastructure projects crucial to the kingdom’s development. Their expansive network of 334 licensed branches, coupled with over 232,243 POS terminals and 2,117 strategically located ATMs, ensures convenient access to their services for customers across the kingdom.

Recognising the importance of global connectivity, Riyad Bank maintains a presence in London, alongside offices in Houston and Singapore, catering to the international banking requirements of their clients operating beyond Saudi borders.

Rise to the top

Al Koraya first joined the bank in 2013 as group treasurer, before being promoted to chief treasury and investment officer in 2017, backed by a wealth of experience spanning over three decades in both KSA and global financial markets. He embarked on his professional journey at Samba Financial Group, where he spent 20 years honing his expertise in treasury management before transitioning to Riyad Bank.

As chief treasury and investment officer, Al Koraya orchestrated comprehensive overhauls in funding mechanisms, capital management, asset and liability management, product development, and investment strategies, driving Riyad Bank’s exceptional expansion. He spent over seven years in this role, before he assumed the position of CEO in February 2024. By the end of the following month, the bank had recorded total assets of $108bn and operating income of $1.1bn.

Beyond his leadership remit at Riyad Bank, Al Koraya actively contributes to the broader financial landscape as the chairman of the board at Jeel Innovation Digital Company, a board member of Riyad Capital, and a member of the Mastercard Middle East and Africa Advisory Board. His diverse portfolio showcases a commitment to fostering innovation and excellence across various sectors within the financial realm.

Al Koraya holds a Bachelor’s of Science in Civil Engineering and MBA from California State University at Fullerton. Additionally, he has attended various executive and leadership programmes at Harvard Business School, IMD, JP Morgan, UBS and Citibank.

Rank: 85 Name: Alisha Moopen Designation: Managing Director Company: Aster DM Healthcare Industry: Healthcare

Alisha Moopen serves as the managing director and group CEO of Aster DM Healthcare FZC. Since joining the company as a director in 2013, she has played a pivotal role in guiding the direction and development of the company, particularly in spearheading the group’s expansion into new markets. She also assumed the role of deputy managing director for over four years before taking on her new position.

Since its inception in 1987, Aster DM Healthcare has grown from a single medical centre to a performance-driven healthcare enterprise across the GCC and India, with its Gulf network comprising 15 hospitals, 117 clinics and 285 pharmacies spread across the UAE, KSA, Oman, Qatar and Bahrain. This expansion cements Aster DM Healthcare as a leading healthcare authority in the Middle East and India, and one of the largest and fastest-growing conglomerates in the MENA region.

Providing quality healthcare

Aster DM Healthcare boasts an expansive portfolio that includes hospitals, clinics, pharmacies, diagnostic centres, educational institutions, healthcare management, and healthcare support systems. Headquartered in Dubai, the Aster DM network now encompasses over 19,657 employees, including doctors, nurses, and other healthcare professionals.

In November 2023, Aster announced a significant restructuring, with Fajr Capital-led consortium acquiring a 65 percent stake in its UAE-Gulf operations. This strategic move positions Aster DM to strengthen its presence in KSA, complementing its existing footprint in Oman and Qatar. In parallel, its founders, the Moopens, increased their stake in the India operations to 42 percent, a strategic realignment that sets the stage for Aster DM’s focused expansion and heightened market presence.

In recognition of her contributions to healthcare, Moopen was elected by the World Economic Forum (WEF) as a Young Global Leader in 2018. This accolade inducted her into a five-year programme that brings together like-minded individuals committed to tackling the world’s main challenges, with healthcare being a primary focus.

A chartered accountant from the Institute of Chartered Accountants of Scotland with a background with Ernst & Young, Moopen holds degrees from the University of Michigan in Finance and Accounting, as well as Global Leadership and Public Policy Change from Harvard University, both in the US.

Women in leadership roles

Beyond her responsibilities at Aster DM Healthcare, Moopen was also the first female Chapter Chair of YPO’s Dubai Chapter, facilitating connections among chief executives from over 130 countries. With a fervent commitment to women’s empowerment and mental health, she initiated the Women in Leadership programme at Aster DM Healthcare, an initiative fostering growth and leadership opportunities for talented female employees, ultimately breaking through the glass ceiling.

Moopen is also a philanthropist, serving as a trustee of the Aster DM Foundation and participating in social welfare initiatives through the Aster Volunteers programme. The programme bridges the gap between those willing to help and those in need. Her focus is on ensuring humanity benefits from scientific advances and personal lifestyle choices, maintaining physical and mental health, and leveraging technology to enhance health outcomes through precision medicine, connected care, and artificial intelligence.

Rank: 86 Name: Fahad Al Hassawi Designation: CEO Company: du Industry: Technology

In his current role at du, a prominent player in the telecommunications sector, Fahad Al Hassawi helms operations within digital lifestyle and innovation divisions with finesse. His responsibilities span a diverse spectrum, including steering digital transformation, infrastructure development, technological implementations, network investments, and the ongoing expansion of 5G capabilities.

Beyond his operational roles, Al Hassawi remains steadfast in nurturing the growth of the next generation of Emirati entrepreneurs and business leaders. As a thought leader, his influence resonates through his commitment to fostering the development of local talent, thereby shaping the trajectory of the industry.

Al Hassawi’s journey within du dates to its inception in 2006, when he was appointed as the executive vice president of Human Resources until 2009. His responsibilities encompass various business units, ranging from enterprise and consumer engagement to branding, communication, strategic planning, and government relations. Noteworthy achievements include spearheading strategic partnerships, amplifying network experiences, and elevating customer engagement standards.

Now, Al Hassawi is guiding du through a digital transformation journey aimed at enhancing customer experiences and unlocking the full potential of the company’s operational capacities. Notably, in March 2024, du, part of Emirates Integrated Telecommunications Company (EITC), announced a partnership with Microsoft to drive innovation in the digital landscape of the UAE. Through the integration of Generative AI technology powered by Microsoft Azure and Azure Open AI Service, du aims to enhance operational efficiency and customer experience across its operations by utilising the latest advancements in the industry.

Boosting fintech

Moreover, in April 2024, the telecom introduced a new fintech service, du Pay, to revolutionise digital financial services across the UAE. Licensed by the Central Bank of the UAE, du Pay offers an array of digital financial and payment services, ranging from international money transfers to mobile top-ups and bill payments. The platform supports salary deposits through IBAN, serving as a versatile account available in six languages. Among its standout features are the options for international money transfers to over 200 countries at competitive rates, peer-to-peer transfers within the UAE, and the provision of a unique IBAN for direct fund deposits.

Buoyed by these strategic implementations, for H1 2024, du’s net profit increased by over 54 percent year-on-year to $321.3m, while revenue rose 5.7 percent to almost $2bn. Its mobile subscriber base went up by 2.9 percent per annum, while its fixed-base customer base soared nearly 13 percent.

Al Hassawi started his career as the first lieutenant engineer for the Dubai Police. He also worked across multiple leadership roles at Emirates for seven years including as senior industrial engineer, performance development manager, manager of National Recruitment and Development, and vice president of Human Resources.

With a rich background that includes leadership roles at esteemed organisations like Emirates, Al Hassawi brings a wealth of experience and expertise to the telecoms sector, poised to drive innovation and excellence in the industry.

Rank: 87 Name: Talal Said Al Mamari Designation: CEO Company: Omantel Industry: Telecoms

Al Mamari has an extensive background with Omantel, having served the organisation for over two decades before assuming his current role in June 2014. Before this position, he held various leadership roles within the organisation, including his most recent as Omantel’s chief financial officer.

He played a key role in several significant projects during his tenure, such as leading the Omantel team in the acquisition of a 21.9 percent stake in the Zain Group. He also oversaw the restructuring of Omantel by consolidating its mobile and fixed operations and successfully facilitated the legal merger of Oman Mobile with Omantel.

Now, Al Mamari is propelling Omantel into the future, diversifying the telecom’s offering, expanding in the region, and working towards the achievement of Oman Vision 2040 objectives by investing in emerging technologies and providing the latest solutions in modern technology, such as cloud solutions, AI, cybersecurity, and more.

Oman’s digital transformation

Under Al Mamari’s guidance, as the telecommunications sector leverages digital innovation, Omantel is striving towards enabling large corporates and enterprises to migrate to the cloud through its subsidiary company Oman Data Park. The company is doing this by designing cost-effective solutions that streamline customers’ operations without compromising data security. In April 2023, a five-year contract was signed between Omantel and Bank Dhofar to provide the bank with a wide suite of data centre offerings, ranging from co-location and connectivity solutions to bespoke hybrid solutions followed by steps for workload migration into cloudification.

In April 2024, Omantel and Asyad Group, a global integrated logistics provider in Oman, announced a collaborative partnership to introduce an innovative accelerator programme aimed at empowering local tech startups within the logistics industry. The formal signing ceremony represented a significant milestone in Oman’s tech and logistics sectors.

The Asyad-Omantel Accelerator Programme has been meticulously crafted to provide comprehensive support to Omani tech start-ups, encompassing mentorship, training, networking opportunities, and fundraising assistance. Spanning over six months, the programme specifically targets promising start-ups with innovative technologies that contribute to the enhancement of Oman’s logistics landscape, with a strategic focus on supply chain optimisation, cold chain enhancement, and sustainable logistics solutions.

Operating from the Omantel Innovation Labs, participants in the Asyad-Omantel Accelerator Programme stand to gain a host of benefits, including access to mentorship from industry experts, specialised training sessions, potential investment prospects, and a dedicated learning platform. Additionally, startups will have the opportunity to engage in collaborative discussions and knowledge-sharing within the dynamic community of the Omantel Innovation Labs, while also exploring Asyad’s integrated logistics ecosystem.

The company is also committed to several innovative CSR initiatives. In August 2024, for example, Omantel teamed up with Omani startup Innotech to boost local fish populations by creating artificial reefs using 3D concrete printing technology.

In Al Mamari’s efforts to create value for shareholders and drive Omantel towards achieving its growth plans, he also serves on the boards of the Al Amal Fund, the Zain Group, and the Oman Corporate Governance & Sustainability Centre.

Rank: 88 Name: Ross Veitch Designation: CEO and co-founder Company: Wego Industry: Travel and hospitality

Ross Veitch is CEO and co-founder of the online travel company Wego which operates the MENA region’s #1 travel app and is used by over 100 million travellers every year to search and book flights and hotels.

The Wego Group also operates WegoPro, a business travel & expense management business, WegoBeds, a B2B hotel booking platform, ShopCash a cashback e-commerce app and Wego Media Solutions which runs digital campaigns for most of the tourism boards, airlines and hotel chains operating in the region.

Wego was founded in Singapore way back in 2005 as a metasearch website focused on Southeast Asia but in 2011 switched the focus to the MENA region where the conditions seemed right for the then nascent online travel market to really take-off. The company established its Dubai Internet City office in 2013 and now operates a dual headquarters model across both Dubai and Singapore.

Veitch is a resident of both Dubai and Singapore and travels so frequently between the two hubs then he can just about do the DXB-SIN commute blind-folded. Wego has raised over $60m and is backed by investors including Tiger Global Management, Ares Management, Square Peg Capital, MBC Group, MEVP and Arqaam Capital. The company is one of the largest privately-held tech companies in the MENA region and is likely to go public in the next few years.

A product guy by training and a passionate technologist, he is most absorbed when researching the latest technologies and thinking about how to apply them at Wego. Recent breakthroughs in AI systems are a particular focus for Veitch currently. Beyond his own venture, Veitch has also been angel investing in the tech sector for more than two decades now and he enjoys working with and advising other passionate entrepreneurs at both the initial startup phase and the later scale-up phase.

He is a regular public speaker on topics of travel, tourism, aviation, technology and startups and a regular on the travel and technology conference circuit. Veitch is a long serving board member of the Ras Al Khaimah Tourism Development Authority (RAKTDA) and has been lucky enough to have a ring-side seat to see tourism boom in the northern emirate.

He is a veteran of the internet industry having established operations in Singapore for Yahoo! in 1998 where he led product and engineering teams and built out products across 40 verticals and across 10 countries. Yahoo! in the early days was the most exciting company in tech and he considers himself very fortunate to have been a part of that and to have worked with so many amazingly talented people. After finishing up at Yahoo! and taking an extended break to do some more traveling, Veitch and business partner Craig Hewett co-founded Wego and nearly 20 years later they are still going strong.

Future of Middle East travel and tourism

Wego perfectly timed its move into the Middle East region to ride the online travel boom of the last decade and it looks set to continue for the foreseeable future. Economies and populations are growing rapidly in the GCC and across the wider MENA region and the transition from offline shopping to online is accelerating. Travel and tourism sectors are key pillars in the economic transformation and investment plans of all GCC countries and the billions being invested into travel hubs, new airports, new airlines, new destinations and tourism infrastructure will ensure the sector remains vibrant for the decade.

Veitch and the team at Wego stand to benefit from this rising tide but they will also be working furiously and applying their technology expertise to help turn these tourism visions into reality.

Rank: 89 Name: Alex Zagrebelny Designation: Founder, Owner and Chairman of the Board Company: R.Evolution Group Industry: Real estate

Alex Zagrebelny is a visionary leader at the helm of one of the most innovative companies in the luxury real estate sector. With operations spanning Latvia, Spain, Germany, and most recently, the UAE, Zagrebelny’s creative leadership and strategic foresight have established R.Evolution Group as a prominent player in the high-end real estate market. His pioneering approach integrates cutting-edge advancements in architecture, construction, sales, marketing, and company philosophy, ensuring the group stays ahead of industry trends.

With over 24 years of experience in real estate development, including two years in the UAE, Zagrebelny brings a wealth of knowledge and expertise to his role. His leadership is characterized by a relentless drive to push boundaries and explore new possibilities, making him a key force behind R.Evolution Group’s growth and success.

Luxury real estate player

Beyond his role at R.Evolution, Zagrebelny holds positions on several prestigious boards, including LEGEND. Jurmala; Lofts&Rosegold; Bulduru Investment; TAL Residence; Philosophers Residence; Villa Milia; Hoft; R.Evolution Nami; R.Evolution City GmbH; and R.Evolution Strategy. His academic background includes a Master’s Degree in Finance and Credit from Riga Aviation University, Latvia, which has further contributed to the sustained growth and excellence of the group in the luxury real estate market.

Exclusive development

R.Evolution Group, with a legacy spanning over two decades, is set to make a significant impact on Dubai’s skyline with its debut project, Eywa, located in Business Bay along the Dubai Water Canal. This exclusive waterfront development covers 22,000 square meters and features a 19-story tower with 48 residences, offering two, three, four, and five-bedroom apartments. Each unit includes a private jacuzzi, while the penthouse levels boast individual swimming pools, providing unparalleled luxury.

The Eywa project is designed with a focus on sustainable and health-centric living, aiming for LEED Platinum, Well Platinum, and WiredScore Platinum certifications. The lead concept and design architect is Open AD, with Brewer Smith Brewer Group (BSBG) serving as the executive architect and lead design consultants. Christie’s International Real Estate Dubai has been appointed as the exclusive real estate broker for Eywa.

Inspired by the sacred Tree of Life, Eywa’s architecture embodies a deep connection with nature. The design, featuring open round columns and intertwining branch and trunk elements, echoes the symbolism of the Banyan tree. By blending the ancient principles of Vastu Shastra with modern technologies, Eywa aligns the building’s energies to promote well-being and exemplifies the essence of contemporary living.

Scheduled for completion by 2026, Eywa is poised to offer extraordinary lifestyle experiences in the heart of Dubai, setting a new standard for luxury living.

Rank: 90 Name: Rizwan Sajan Designation: Founder and Chairman Company: Danube Group Industry: Real estate

Prominent Indian-Emirati businessman Rizwan Sajan, founder and chairman of one of the most significant conglomerates in the Middle East, embodied an entrepreneurial flair from a very young age. He commenced his professional journey at age 16 while studying in Mumbai, India, driven by the need to support his family following his father’s untimely death. His father’s colleagues offered him employment, and he managed both work and college. At age 18, Sajan accepted a job in Kuwait from his uncle, expanding the family’s building materials business during the Gulf War.

He later pursued his dream in Dubai, leveraging his business skills. Sajan sought opportunities in the building materials supply sector, creating valuable connections. By 1993, he had established Danube Building Materials, which was initially a modest venture but has transformed to become the largest supplier of building materials in the GCC region.

Real estate boom

Today, Danube Group is a diversified business conglomerate with interests that also encompass home décor and real estate development.

By the time Sajan forayed into the UAE’s property sector with Danube Properties, there were already multiple big players established in the sector, but Sajan had a plan. Realising that 80 to 90 percent of expats were still renting, he aspired to convert them into buying their properties, allowing them to possess their own dream home and relish the luxuries this vibrant city has to offer. It was this belief that led to him devise the ‘one percent payment plan’. This meant, apart from a small down payment on an off-plan property, buyers had to make a monthly payment of one percent, and the balance was collected once the building was complete.

As the building progressed to 60 percent completion, banks were willing to finance the remaining 40 percent of the property’s cost, even prior to the title deed transfer. This approach eliminated the need for customers to engage directly with banks, bypassing prolonged approval processes and the uncertainties associated with interest rates. The one percent plan ultimately emerged as the foundational principle that shaped Danube Properties and fuelled its subsequent success, helping the company build more than 15,000 homes.

For more than a decade, Danube Properties has delivered affordable luxury to thousands of families in the UAE. The company has come a long way in perfecting the science of developing homes with all the facilities, amenities, as well as quality finishings and delivering them on time; all at an affordable price. In 2023, Danube Properties partnered with luxury brands including Aston Martin, FashionTV and Tonino Lamborghini Casa to bring branded residences to their buyers who like a touch of class in their homes.

Sajan continues to guide the trajectory of Danube. Since 2014, the company has launched 28 projects with a combined development value of almost $5bn. In January 2024, it announced its largest project to date, Bayz101, a 101-storey tower in Business Bay that will span almost 200,000 square metres and encompass 1,346 apartments.

Rank: 91 Name: Ashish Vijay Designation: Founder and Chairman Company: AV Group Industry: Retail

In a city that gleams with luxury and innovation, few names stand out with the quiet yet impactful presence of Ashish Vijay, a leader who has not only shaped the gemstone and luxury jewelry industry but also left an indelible mark through his philanthropic efforts. Recently named one of the 100 Most Inspiring Leaders in the UAE, his journey is one of humility, compassion, and a steadfast commitment to bettering the lives of others.

Born and raised in India, he was introduced to the world of diamonds and gemstones at an early age, thanks to his family’s legacy in the trade. This early exposure sparked a deep passion for the industry, but it was his innate sense of responsibility and empathy that truly set him apart. Moving to Dubai, he brought with him not just the expertise of a seasoned jeweller but the heart of a philanthropist, determined to use his success to create meaningful change.

At the helm of AV Group, he has overseen the company’s growth into a global powerhouse in the luxury jewellery market. Yet, despite his achievements, he remains deeply rooted in his values, which are reflected in every facet of his business. He believes that progress is meaningless without ethics, and this principle has guided AV Group’s operations, ensuring that every gemstone is ethically sourced and that every business practice upholds the highest standards of integrity and transparency.

Philanthropic initiatives

But it is his commitment to philanthropy that truly defines him as a leader. Through the Gems of Hope Initiative, a collaboration between the AV Group and Tata Memorial Hospital, he has focused his efforts on cancer research. He is deeply committed to children’s welfare initiatives, especially focusing on providing education to young girls.

A percentage of profits from AV Group’s activities is dedicated to supporting these causes, reflecting his belief that wealth is not to be hoarded but shared in ways that uplift communities and improve lives.

Humility is perhaps his most defining trait. Despite his immense success, he carries himself with a modesty that draws him to everyone he meets. His philosophy is simple yet profound: “Nothing is mine. Not before, not now, and not even 25 years from now. There’s nothing that is mine.”

This awareness of the fleeting nature of material wealth shapes his actions, ensuring that his focus remains on the greater good rather than personal gain. His deep empathy enables him to connect with people from all walks of life, inspiring those around him to pursue a greater purpose.

As one of the 100 Most Inspiring Leaders in the UAE, he serves as a reminder that true leadership is not about power or prestige, but about how one can positively impact the lives of others. His story is not just about business success; it is about a life lived with purpose, humility, and a deep commitment to making the world a better place. In a city known for its grandeur, his quiet yet powerful legacy of philanthropy and humility shines the brightest.

Rank: 92 Name: Badr Jafar Designation: Managing Director Company: Crescent Group Industry: Industry

Emirati businessman and social entrepreneur Badr Jafar has many responsibilities beyond his day-to-day job. In addition to his multiple current roles, Jafar is also the president of Crescent Petroleum, the first independent and privately-owned petroleum company in the Middle East. He also serves as the chairman of Gulftainer, the largest privately-owned container port and logistics operator in the world, and chairman of Pearl Petroleum, the largest natural gas producer in the Kurdistan Region of Iraq.

Today, Crescent Enterprises encompasses a diverse group of over 50 subsidiaries with operations in 15 countries across nine industry sectors, including ports and logistics, business aviation, power and engineering, healthcare, private equity, and more. The corporate structure now includes four platforms: CE-Operates, CE-Invests, CE-Ventures, and CE-Creates.

Under CE-Operates, the focus is on smart infrastructure for economic development and growth, with key operating companies like Gulftainer leading the ports and logistics business across strategic locations globally, including the UAE, KSA, Iraq, and the US. CE-Invests serves as the strategic investment platform supporting late-stage businesses in the MENA region.

Investments include healthcare-focused fund TVM Capital and private equity firm Growthgate Capital, spanning sectors such as green building materials, environmental services, and advanced biometrics.

Humanitarian involvement

Beyond business, Jafar is deeply involved in humanitarian initiatives, philanthropy, corporate governance, and education and arts. He advises the UN Secretary General’s High-Level Panel on Humanitarian Financing, serves on UNESCO’s International Commission on the Futures of Education, and is part of boards including the International Rescue Committee and International Peace Institute. He also contributes his expertise to advisory committees focusing on climate change and sustainability.

Noteworthy among his contributions is the founding of the Pearl Initiative, a non-profit organisation promoting transparency and accountability in the corporate sector in collaboration with the United Nations. He also co-founded Arab World Social Entrepreneurship Programme (ASEP) and is active in Sharjah Entrepreneurship Centre and MIT Legatum Centre.

Moreover, Jafar is a Cambridge Judge Business School Advisory Board member, on the American University of Beirut International Advisory Council, and Sharjah Business Advisory Council member, and founder of strategic philanthropy centres.

Driven by a strong belief in the integral role of arts in innovation economies, Jafar established the Middle East Theatre Academy in 2011. In the same year, he co-founded the Global Gumbo Group with music producer Quincy Jones, in a bid to promote cross-cultural understanding through entertainment. He’s also a member of several arts-related advisory councils and circles, and a past recipient of the Gold Medal in the Arts by the Kennedy Centre International Committee on the Arts for his efforts to connect cultures through music and theatre.

Jafar’s educational background boasts a Master of Engineering degree from the University of Cambridge, with additional leadership and governance roles focusing on new economy, society, and sustainability efforts at various global forums. His diverse contributions across business, philanthropy, education, and the arts underscore his commitment to driving positive change and innovation in diverse sectors.

Rank: 93 Name: Renuka Jagtiani Designation: Chairwoman and CEO Company: Landmark Group Industry: Retail

For more than three decades, Renuka Jagtiani has helmed Landmark Group’s corporate strategy, and in doing so, has propelled the group to emerge as the foremost omnichannel retailer of trusted, locally established brands in the MENA region.

Landmark Group has reshaped Dubai’s retail landscape, embarking on an extraordinary journey from a single store selling baby products in Bahrain in 1973, established by her husband, Micky Jagtiani. The store was called Mothercare, now known as Babyshop, a renowned brand across the region today. Expanding to four stores in Bahrain within a few years, the group entered the UAE market in 1990 with its second brand, Shoemart. This journey has since evolved into an extensive network of over 20 owned brands, 2,200 retail establishments across 21 countries, covering more than 2.7 million sq m, with around 50,000 employees.

At the core of Landmark Group’s evolution is Jagtiani’s profound influence. In 1993, she catalysed the creation of the high-street fashion brand, Splash, which quickly gained prominence under her leadership. Beyond that, her approach led the group to invest in the MENA region’s largest privately-owned logistics and distribution hub. She also facilitated the group’s seamless entry into the realm of ecommerce over a decade ago. This strategic vision aimed to bring the group’s offerings to customers, regardless of their shopping preferences or locations.

In her present role, she is concentrated on nurturing the group’s vision, shaping its strategy, and exploring emerging business opportunities. Moreover, in her capacity as the chair of the Landmark board, Jagtiani closely collaborates with leadership teams, contributing her insights to shape strategic decisions that guide the group’s direction.

Her unwavering commitment and expertise have not only been the foundation of Landmark Group’s success but also symbolised its dedication to innovation and expansion. This success led Jagtiani to being inducted into the World Retail Congress Hall of Fame in 2017, and she has been the recipient of several accolades and awards over her esteemed career, including Entrepreneur of the World Year by World Entrepreneurship Forum, alongside her husband, in 2014.

Beyond its commercial success, Landmark Group has also emerged as a champion for a diverse range of critical causes. For over 14 years, the group has ardently supported early diabetes detection, raised awareness about diabetes in the region, and enhanced care within UAE communities. By fostering awareness about diabetes risks and complications, the group promotes active lifestyles and encourages regular testing among residents.

Giving back to the community

The group’s philanthropic commitment extends beyond borders, collaborating with the Jagtiani Foundation and The LIFE Foundation. Through partnerships with reputed local non-profit organisations across India such as Apnalaya, Jan Sahas, Oscar Foundation, and SAVE, the group addresses vital issues like textile and garment worker rights and child labour eradication.

Landmark Group, guided by the visionary leadership of Jagtiani, continues to redefine the retail realm through its transformative journey, enriching lives both within its business operations and its extensive philanthropic efforts.

Rank: 94 Name: Faizal Kottikollon Designation: Founder and Chairman Company: KEF Holdings Industry: Industry

Renowned as a visionary entrepreneur and dedicated philanthropist, Faizal Kottikollon is respected both for his business acumen and passion for giving back to society. His journey with KEF Holdings started in 1995, with the opening of Al Ahamadi General Trading in Ajman. Two years later, he set up one of the world’s three most technologically advanced foundries – the fully integrated valve casting firm Emirates Techno Casting (ETC). By 2012, ETC was sold to Tyco International for over $400m.

With an educational background in engineering and management, Kottikollon then used the capital to create KEF Holdings, which today is a multi-billion-dollar DIFC-based conglomerate with operations in strategic investments, infrastructure manufacturing, and healthcare development across the Middle East, India, and Singapore. It specialises in offsite manufacturing technology in industries including healthcare, education, sports, and agriculture. Kottikollon’s vision was that KEF continuously look for ways to use technology to make a difference, reflected in the company’s statement of purpose: Be Different, Make a Difference.

Under its banner, there are various verticals. KEF Infra was founded in 2014 as the world’s largest integrated offsite manufacturing facility and in 2018 merged with Katerra, the US-based construction technology company, to create a $3.75bn conglomerate with a $8.5bn order book at the time. In 2017, KEF Investments was founded and today has a large global investment portfolio capitalising on low-risk, high-income opportunities in growing markets. That same year, KEF Healthcare established its flagship hospital Meitra Hospital, in Calicut, a state-of-the-art prefabrication facility with a patient-centric, ethical healthcare model.

Its wellness and health-focused services have been under significant development in 2024. Earlier this year, the company introduced the first project of KEF Hospitality, a new venture in the luxury hospitality market, with Tulåh Clinical Wellness, promising to provide holistic wellness and eco-conscious services to travellers with an outlet in Kerala, India, to open in 2024. Moreover, in February 2024, Kottikollon signed an MOU with Oman’s Future Health to collaborate on medical and digital technologies, as well as to support Neem Hospital set up and operate Integrated Clinical Wellness facilities, with a mission to further advance healthcare services in the Sultanate.

Transforming lives

Kottikollon’s wife, Shabana Faizal, has been an integral part of his endeavours and is the vice-chairperson of KEF Holdings. Their daughter, Sophiya Faizal, also heads up KEF Holdings corporate strategy function as the company’s director. Together, Kottikollon and Shabana co-founded in 2007 the Faizal and Shabana Foundation, of which Kottikollon is the chairman. Through this foundation, the businessman is focussed on giving back by creating sustainable initiatives to build a more equitable society. This has included providing a holistic development programme for eight villages in Krishnagiri that has impacted the lives of over 5,000 people, and transforming a 120-year-old school in Kerala that is now ranked among the top government schools in India.

Furthermore, Kottikollon is a member of the Indian Prime Minister Narendra Modi’s prestigious panel of Champions of Change for Infrastructure.

Rank: 95 Name: JS Anand Designation: Co-founder and CEO Company: LEVA Hotels and Resorts Industry: Hospitality

JS Anand prides himself on his people-centric and future-focused approach to business. Establishing LEVA Hotels in 2019, Anand has steered the brand to include nine hotels, spanning both domestic and international markets, including Dubai, Jeddah, Africa, and beyond.

With an impressive career spanning 25 years, Anand’s expertise has been honed through senior roles at key establishments including Louvre Hotels and Holiday Inn in the region, as well as in Canada for Marriott International, Hilton, Delta Hotels, and more. His leadership expertise has been instrumental in steering LEVA Hotels as a trailblazing player in the hospitality landscape today.

Anand created LEVA Hotels to cater to the discerning tastes of tech-savvy guests and offer a contemporary experience that caters to both business and leisure travellers. Positioned as a lifestyle hotel, LEVA Hotels is now setting its sights on an expansion strategy that extends into untapped markets across the Middle East and Africa. Among the strategic targets for this expansion are countries such as Morocco, Egypt, Sri Lanka, KSA, and Qatar.

Capitalising on Dubai’s tourism boom

LEVA’s hallmark property, LEVA Mazaya Centre, Dubai, stands as a testament to the brand’s commitment to excellence. Within just three years of its inauguration, it had risen to occupy the prestigious top spot on TripAdvisor, reflecting the brand’s dedication to exceeding guest expectations. At the heart of LEVA’s charm is its trendy dining space, managed by Baker’s Kitchen, which aligns with LEVA’s overarching vision of crafting a contemporary hotel concept tailored to the modern traveller’s preferences.

LEVA Hotels has firmly established its presence in KSA through two strategic hotel management agreements, namely, EKONO by Leva Al Shati and EKONO by Leva Jeddah Airport Hotel. Located within an hour’s drive from Mecca, these properties offer ideal accommodations for Umrah (pilgrimage) travellers seeking convenience and comfort.

In Nigeria, LEVA Hotels assumes responsibility for overseeing the transformation and management of REIZ Continental Hotel by LEVA. In partnership with Kostarget Projects LTD and under the ownership of REIZ Continental Hotels LTD, this project is poised to evolve into an upscale five-star luxury lifestyle hotel. Ethiopia is also a prominent destination on LEVA Hotels’ expansion map, characterised by two strategic partnerships, as LEVA Afrotsion Semera Resort and the Harsade Harbour Resort by LEVA introduce hospitality experiences to the forefront.

Moreover, LEVA Hotels has unveiled two forward-thinking projects in Zimbabwe as a collaborative venture with Troika Design Workshop (TDW), a leading consulting firm specialising in architecture, quantity surveying, and engineering, and Turnbury Property Developers (TPD), a real estate development company dedicated to community shaping. While TDW and TPD lead the property development efforts, LEVA will oversee the management of the 120-unit residential complex, LEVA Hotel Residences, and a four-star LEVA hotel featuring 180 rooms in the Mount Pleasant suburb.

Rank: 96 Name: Samia Bouazza Designation: Group CEO and Managing Director Company: Multiply Group Industry: Investment

Samia Bouazza oversees the strategic development of a diversified portfolio of businesses in her current role at Multiply Group, an Abu Dhabi-based holding company she founded and listed on the Abu Dhabi Securities Exchange. She is committed to fostering growth by integrating technology, optimising efficiencies, promoting synergy, making acquisitions, and driving sustainable progress among the group’s subsidiaries to ensure optimal shareholder returns.

Her central focus is to strike a balance between investing in the digital economy commerce, including telehealth, digital media, and advertising and platforms, and establishing sustainable assets in established industries that are undergoing transformative changes across mobility, energy, and beauty. Bouazza champions mental and physical health and spearheaded the launch of the group’s health-tech startup, HealthierU, an online wellness and prevention platform. Under her guidance, Multiply Group also launched the Ma’ak initiative in 2023, providing staff with monthly confidential one-on-one virtual sessions with licensed psychologists, combining counselling and coaching to enhance employee well-being.

Her leadership ethos is backed by a culture based on trust building, intellectual advancement, and data-driven, technology-oriented solutions within her team. At the age of 22, she founded Multiply Marketing Consultancy (MMC), a local boutique agency, which she subsequently elevated into an acclaimed global firm. She successfully orchestrated an acquisition and merger with Viola Communications before leading the listing of Multiply Group on the ADX in December 2021, becoming the first female CEO to take a company public on this exchange.

Multiply Group reported high performance and significant growth across its core verticals for Q2 2024, with a net profit of $270m due to consolidating new acquisitions. Bouazza has also declared 2024 as the Year of Efficiency at the group, as the team creates efficiencies and synergies to reduce operating costs and introduce digitalisation and AI initiatives across its portfolio companies.

Strategic acquisitions

Notably, in June 2024, Multiply Group’s Omorfia Group announced the acquisition of The Grooming Company Holding (TGCH), a UAE provider of salon and beauty services, from private equity investor CedarBridge Capital Partners. This move solidifies Omorfia Group’s position as a leader in the GCC and MENA beauty sector, as the TGCH portfolio includes almost 50 owned and operated salons and 15 franchises, with brands such as N.BAR, 1847, and Sisters Beauty Lounge. Omorfia’s existing brands include Tips & Toes, Jazz Lounge Bar, and Bedashing Beauty Lounge.

Bouazza is recognised as a business speaker and has authored and co-authored books. She holds board positions in companies across Switzerland, New York, and UAE, including with Viola Communications, the Middle East Public Relations Association, Selphagy Therapeutics, Inc., Arena Events Group Ltd, Emirates Driving Company, and TAQA Group. She is also part of the Young Presidents’ Organisation community and a keystone member of Friends of Abu Dhabi Art.

Rank: 97 Name: Satish Sanpal Designation: Chairman Company: ANAX Holding Industry: Investment

Satish Sanpal, Chairman of ANAX Holding, is a man who has transformed ambition into achievement. With a natural flair for business and an eye for opportunity, Sanpal has become a figurehead of innovation, guiding ANAX Holding and its subsidiaries – ANAX Developments and ANAX Hospitality – to new heights. Sanpal’s rise to prominence is a testament to his vision and versatility. His business acumen extends across sectors and borders, making ANAX Holding a globally recognised name. Yet, Sanpal’s success is built on more than just business skills – it’s his unwavering commitment to excellence, his foresight in recognising future trends, and his belief that businesses can be powerful agents of change that define his leadership.

Every venture under ANAX Holding reflects Sanpal’s philosophy: Innovation, integrity, and impact. Whether it’s luxury real estate developments or ventures in hospitality, Sanpal’s touch is unmistakable. His leadership is characterised by a hands-on approach, constantly driving growth and ensuring that every project aligns with his vision of leaving a positive mark on the world. His ambitions stretch beyond the boardroom. Sanpal envisions ANAX Holding becoming a global leader in its fields, with his personal goal of being listed among the world’s top billionaires by 2034. Yet, wealth is not his only pursuit.

Deeply invested in philanthropy, Sanpal believes in giving back, a value embodied by the Sanpal Foundation, which will be making strides in helping disadvantaged communities, starting in Uganda. His leadership, recognised recently with the prestigious Golden Excellency Award for his contributions to the UAE’s real estate sector, is set to drive ANAX Holding’s future. His vision for the company is to continually push boundaries, whether through cutting-edge real estate projects like the Vento Tower or through trailblazing hospitality concepts inspired by the best of Asian innovation.

Sanpal’s approach to leadership is as inclusive as it is strategic. He firmly believes in empowering his team, fostering a culture of transparency, collaboration, and trust. For him, leadership is about inspiring others, and in every sense, he is the heartbeat of ANAX Holding.

As Sanpal looks ahead, his journey as a serial entrepreneur only continues to inspire. With eyes set on London for the next chapter of ANAX Holding’s expansion, his operations in the UAE are built on excellence, innovation, and a deep commitment to making a meaningful difference.

About ANAX Holding

ANAX Holding is a trailblazing investment firm rooted in the heart of Dubai, continuously pushing boundaries since its inception in 2018. Through a forward-thinking and sophisticated approach, ANAX Holding has consistently cultivated success, driven by an unwavering dedication to exceptional quality. Under the leadership of Sanpal, who injects bold ambition and creative energy into the company, ANAX Holding remains at the forefront of innovation, fostering positive growth across its diverse sectors, including ANAX Developments and ANAX Hospitality.

Rank: 98 Name: Patrick Chalhoub Designation: Group President Company: Chalhoub Group Industry: Retail

In his role at Chalhoub Group, a luxury retail distribution company that traces its roots to 1955, Chalhoub has been instrumental in the growth and expansion of the business. The company’s journey began in Syria but later relocated to Beirut, Lebanon followed by a final move to the UAE in 1990. Chalhoub helped to develop a regional distribution platform within the Jebel Ali Free Zone and, by 2001, was appointed as co-CEO alongside his brother.

In addition to overseeing multiple luxury brands in the region, Chalhoub has steered the development of home-grown luxury brands. He contributed to the turnaround of the Christofle brand, which is currently under the ownership of the group. Under his guidance, the group has exclusively collaborated with several key brands, including Sephora and Dior Couture, as well as fully owned concept stores such as the Level Shoe District at The Dubai Mall.

Leading the way in sustainability and gender equality

Chalhoub was pivotal in shaping the group’s sustainability strategy through Chalhoub Impact, which underlined its commitment to align with the UN Sustainable Development Goals and the UN Global Compact principles that emphasise collaboration to drive meaningful change.

In 2023, the group reported advancements in pay parity and gender equality, with women now representing over 32 percent of executive leadership. Additionally, it made strides in its commitment to reducing carbon emissions across its regional warehouses and UAE headquarters.

Notably, Chalhoub is a staunch advocate of servant leadership, reverse mentorship, and supporting start-ups in their scaling-up journey. He has also been steadfast in his belief that the group puts its employees first. In February 2024, Chalhoub Group received the Parent-Friendly Label (PFL) from the Abu Dhabi Early Childhood Authority (ECA) for its exemplary parent-friendly policies. This recognition identifies Chalhoub Group as an organisation supportive of its workforce, emphasising the company’s dedication to ensuring the health, safety, and well-being of its employees. The group has established comprehensive parental leave policies, providing 90 days of paid maternity leave and 14 days of paid paternity leave.

In addition, Chalhoub Group has introduced an Employee Assistance Programme offering confidential mental health support, counselling, and therapy from psychologists. A Wellbeing Academy has been established to provide access to resources and training on mental, physical, financial, social, and professional well-being. The group also encourages a culture of collaboration through ’Culture Labs’, designed to promote dialogue between employees and management to improve policies, procedures, and operational practices.

Beyond his responsibilities at Chalhoub Group, Chalhoub serves as a board member of the UN Global Compact and the Dubai Chamber of Commerce & Industry and is a council member of the UAE’s Circular Economy. Moreover, in recognition of his endeavour to promote cross-cultural understanding between France and the Middle East, the French government awarded him with the French National Order of Merit and the National Order of the Legion of Honour, the country’s highest civilian distinction, alongside his entrepreneurial wife, Ingie.

Rank: 99 Name: Captain Pradeep Singh Designation: Founder and Chairman Company: Aethon Group Industry: Real estate

Captain Pradeep Singh, a natural leader, has been pivotal in steering companies through various growth stages, from startups to market leaders, by crafting and executing strategic plans that drive business expansion and profitability. With a sharp eye for brand creation, he has successfully developed a portfolio of notable brands such as Aethon, Karma, and Spectrum Networks across diverse industries.

Singh’s expertise in acquisitions has elevated his companies, securing favourable terms with investors, banks, and third-party vendors. He excels at forming joint ventures and strategic alliances, leading to numerous partnerships that enhance living experiences for end-users. His focus on accelerating project deliverables while maintaining top-tier quality has been instrumental in building a substantial customer base and launching an ambitious project pipeline valued at over AED4bn ($1.09bn).

Extensive knowledge

An alumnus of T.S. Chanakya (IMU) maritime school in Mumbai, Singh has earned qualifications from prestigious global institutions, including an MSc in Finance, MBA, and LLM from Manchester, Northumbria, and Northampton Universities. A firm believer in lifelong learning, he is currently pursuing the Owner/President Management Programme at Harvard Business School. Singh is also a Chartered Accountant, with fellowships from CPA Australia, CIMA UK, CGMA, and a Doctorate from City University, Malaysia.

In 2013, Singh co-founded Karma Real Estate Development Group, a company with a significant presence in the UK, Cyprus, Romania, India, and the UAE, capitalising on the rapidly growing real estate sector. His expertise in joint ventures and strategic alliances has resulted in partnerships that deliver exceptional living experiences. His ability to fast-track project completion while maintaining high standards has been key to building a large customer base and advancing a project pipeline across continents.

In 2018, Singh expanded into the technology sector by acquiring Spectrum Networks. Under his leadership, the company was transformed into an award-winning, professional certification-oriented technology training and consulting firm, establishing strategic partnerships with leading global technology companies. His flagship company, Aethon Marine Services, ranks among the world’s top risk management firms, serving a client portfolio that includes international oil companies and shipowners.

Singh also played a crucial role in establishing Karma as a distinguished name in the competitive UAE luxury residential market, earning recognition at the Ultimate Realty Awards in 2024.

Maximising real estate potential

Singh further expanded his operations by setting up a real estate bridge finance company in the UK and investing in numerous startups. The group has centralised its key functions in Dubai, leveraging the UAE’s robust economic growth and business-friendly policies. The group’s proposed billion-dollar investment in the region underscores the strategic importance of the Middle East to its future.

Singh also developed an eye for talent, and over the years built and nurtured a committed and well-trained team, fostering a culture of creativity, collaboration, and excellence within the group.

His journey from a Master Mariner to a visionary entrepreneur is the result of his strategic insight, innovative thinking and unwavering commitment to excellence and hard work.

Rank: 100 Name: Mazen Nahawi Designation: Founder and CEO Company: News Group International Industry: Media

UAE-headquartered News Group International (NGI) is a leading communications, media, and digital intelligence firm, which boasts notable subsidiaries such as CARMA and SOCIALEYEZ. Since their inception in 2016, NGI has achieved remarkable growth, evolving from startups to respected global players serving both public and private sectors. This success is attributed to the visionary leadership, passion, and tenacity of founder and CEO, Mazen Nahawi. A lifelong resident of the UAE, Nahawi is driven by his mission to modernise legacy sectors with innovation and value-driven services. With 25 years of startup, strategic and leadership experience, Nahawi believes regional entities can compete globally, with his companies standing as testament to this belief.

A vigilant global leader in communications and media intelligence and an industry disruptor, Nahawi has consistently been able to identify opportunities in the market. One of Nahawi’s key achievements is being the first individual to introduce a next generation portal to analyse and monitor all forms of media, with the goal of enabling stakeholders to make informed decisions that deliver on measureable and successful ROI.

Global approach to business

NGI, CARMA and SOCIALEYEZ’s success can be attributed to three of Nahawi’s management approaches: A relentless, ethics-driven focus on value and making a positive difference in the world through positive engagements with clients, and delivering services to the highest standards; creating, nurturing and empowering culturally diverse teams of owner-operators who can grow into senior roles and earn shareholding privileges, and taking a global view, with the understanding that the world has no borders with regards to business in general, and tech-media services in particular.

As a result of his inspirational stewardship, today NGI operates 22 offices and employs more than 1,000 professionals worldwide and is a substantial investor in artificial intelligence (AI) and consulting, serving a diverse clientele spanning government, corporate, sports and NGO sectors. Over the past five years, NGI has increased its revenue by 300 percent to $63m in its most recent financial year. CARMA, with its state-of-the-art AI capabilities and consulting services, has revolutionised research, and empowers 2,000 clients including Aramco, Emirates and HSBC with crucial reputational intelligence and competitor data. SOCIALEYEZ, which has made a name for itself by focusing on providing digital-first social media marketing and consulting solutions, is one of the largest and fastest-growing digital marketing groups in the MENA region, in terms of fees and headcount. The company serves an elite client base such as du, Emirates NBD and Emirates Islamic Bank. 

Nahawi also looks outwards with an eagerness to support the growth of the industry, and is a reputed global speaker who has spoken at leadership conferences including summits held by the Middle East PR Association, the European Association of Communications Directors, AMEC and FIBEP. He has also been a guest speaker at US Central Command, the Office of the Director of National Intelligence (ODNI), and other governmental and private sector events across the world.

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