GR E A TTES S CE O ARABIAN BUSINESS PRESENTS THE MOVERS AND SHAKERS OF THE REGION’S BUSINESS COMMUNITY 2402 ABE_Greatest CEOs 2024_01_Cover_13323236.indd 129/06/2024 05:40+971 54 308 6000 sales@byrevolution.com eywa.ae CAN A BUILDING HELP Y OU BE HAPPIER, HEALTHIER, & MORE FFECTIVE IN YOUR LIFE? YES IT CAN AT EYWA DUBAI Eywa is the most health-conscious, sustainable and unique building on Earth. The fact is that Eywa Dubai, by R.Evolution, is a game-changer in the real-estate market. It’s more than a residential building – it’s a living, breathing ecosystem designed to elevate your physical and mental well-being. Fewer than a handful of projects in the world can make this claim. Environmentally conscious and the first and only LEED Platinum and WELL Platinum Certified in combination for enhanced wellbeing, energy and cost efficiency, Eywa is a cut above the rest. 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PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Off ices in KSA, UAE, UK, US, and INDIA ITP MEDIA GROUP CEO Ali Akawi MANAGING DIRECTOR Marne Schwartz MANAGING DIRECTOR Anil Bhoyrul EDITORIAL EDITOR-IN-CHIEF Rob Corder, rob.corder@itp.com EDITORIAL DIRECTOR Matthew Amlot, + 971 4 444 3264, matthew.amlot@itp.com SUB EDITOR Edward Liamzon, +971 4 444 3474, edward.liamzon@itp.com ARABIANBUSINESS.COM EDITOR AT LARGE Will Milner DESIGN SENIOR DESIGN MANAGER Geri Batara Sonny ART DIRECTOR Mohammed Irqsosy STUDIO VIDEOGRAPHER Muhammad Kaleem VIDEO EDITOR Liju Cheruvathur PRODUCTION PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles EVENTS & MARKETING SENIOR MARKETING AND EVENTS MANAGER Anthony Chandran, +971 4 444 3685, anthony.chandran@itp.com SENIOR EVENTS MANAGER Shivangi Roy, +971 4 444 3460, shivangi.roy@itp.com DISTRIBUTION HEAD OF DISTRIBUTION AND NEWSTRADE Abdulrahim Alparambil DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai ADVERTISING GENERAL MANAGER Mirei Avdou, +971 4 444 3215, mirei.avdou@itp.com GROUP COMMERCIAL MANAGER Neha Sikri, +971 4 444 3353, neha.sikri@itp.com SENIOR COMMERCIAL MANAGER Samir Glor, +971 4 444 3320, samir.glor@itp.com COMMERCIAL MANAGER Pallavi Choudhary +971 4 444 3359, pallavi.choudhary@itp.com ITP GROUP CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.com CELEBRATING LEGENDS MATTHEW AMLÔT Editorial Director, Arabian Business @MatthewAmlot Excellence takes centre stage this month EDITOR’S LETTER Hello and welcome to the July issue of Arabian Business. Gracing our cover this month is a figure who embodies the new generation of Middle Eastern business leaders – Ali Sajwani of DAMAC Properties. In our exclusive interview, Ali unpacks his remarkable journey, offering insights into the unique challenges and opportunities of growing up in one of the region’s most prominent business families. From his early days delivering speeches at product launches in Madinat Jumeirah at the tender age of 13, to his current role at DAMAC, Ali’s story is one of determination, innovation, and a deep-rooted commitment to pushing boundaries. “We grew up with it,” he reflects, recounting how the world of real estate and development was woven into the fabric of his childhood. What stands out in Ali’s narrative is not just his inheritance of a business empire, but his drive to carve out his own path within it. His journey offers valuable lessons for aspiring entrepreneurs and established business leaders alike. It’s a story that resonates with the evolving landscape of Middle Eastern business – one that honours tradition while embracing innovation and change. But Ali’s story is just the beginning of what this issue has to offer. As we dive deeper into the pages, we explore some of the most pressing topics shaping our business world today. In an era where digital influence reigns supreme, we turn our attention to the burgeoning influencer economy. On page 12, we delve into the world of social media stardom and its impact on marketing strategies. But as the influencer bubble continues to expand, we ask the crucial question: Is it sustainable, or are we on the brink of a burst? Our in-depth analysis offers valuable insights for businesses navigating this new terrain of digital marketing. The gig economy, another disruptive force reshaping our world, takes centre stage on page 24. From ride-hailing services to freelance platforms, we explore how companies like Uber, Deliv- eroo, and Upwork have revolutionised the concept of employment. But with this shift comes new challenges. We examine the skills that leaders need to cultivate in this evolving landscape and how traditional businesses can adapt to this new reality. In a region where real estate continues to be a cornerstone of economic growth, we’re excited to introduce a new feature: Legends of Real Estate. This comprehensive guide showcases the top brokers who are making waves in the UAE’s property market. It’s our way of recognising the often-unsung heroes who play a crucial role in one of our most vital sectors. Last but certainly not least, we’re proud to include our annual supplement: The 2024 edition of the Greatest CEOs. This cele- bration of leadership excellence showcases the visionaries who are steering Middle Eastern businesses towards new horizons. From tech startups to established conglomerates, these leaders are shap- ing the future of business in our region and beyond. With that I’ll let you get to reading. Until next time. ABE_Greatest CEOs 2024_03_Flannel and Letter_13325316.indd 329/06/2024 05:504 July 2024 GREATEST CEOS 2024 Many Middle Eastern CEOs come from the region’s tradi- tional strongholds - oil and gas. These industries have been the backbone of the economy for decades. Leaders such as Amin Nasser, CEO of Saudi Aramco, exemplify the role of stewarding vast natural resources while transitioning to more sustainable energy practices. Nasser’s leadership focuses on leveraging technology and innovation to enhance efficiency and sustainability, guiding the company through volatile oil markets and into new energy domains. Aviation and innovation As the Middle East seeks to diversify its economies away from oil dependency, business leaders such as Paul Griffiths, CEO of Dubai Airports, lead by exam- ple. He has transformed DXB into a global transport powerhouse, empha- sising infrastructure development and strategic innovation. His vision extends beyond boundaries, demonstrating how Middle Eastern companies can compete on a global scale. Financial sector pioneers In the financial sector, leaders including Abdul Aziz Al Ghurair, CEO of Mashreq Bank, have driven financial technology and modernisation. He has been instru- mental in advancing digital banking and financial services, ensuring that the sector keeps pace with global advance- ments. His leadership highlights the importance of embracing fintech to cater to a younger, tech-savvy population. Real estate visionaries Real estate is another critical sector in the Middle East, with cities like Dubai 4 July 2024 CEOS IN THE MIDDLE EAST ARE A DIVERSE GROUP OF DYNAMIC LEADERS WHO PLAY A CRUCIAL ROLE IN SHAPING THE REGION’S ECONOMIC LANDSCAPE, DRIVING GROWTH AND INNOVATION IN A RAPIDLY CHANGING GLOBAL ECONOMY MEET THE CEOS TRANSFORMING THE MIDDLE EAST and Abu Dhabi symbolising rapid urban development. Mohamed Alab- bar, founder of Emaar and Noon, has been a prominent figure in this trans- formation. Alabbar’s vision has led to the creation of iconic skyscrapers and luxur y developments, positioning Dubai as a global real estate hub. His ability to anticipate market trends and adapt to changing economic conditions underscores the strategic foresight required in this competitive industry. Technology and communication The rise of the tech industry in the Middle East has been spearheaded by leader s such as Hatem Dowidar, Group CEO of regional giant e&. Dowidar’s journey reflects the region’s growing emphasis on technology and communication. His success story inspires a new generation of entrepre- neurs, demonstrating the potential for home-g rown tech companies to achieve international acclaim. Female leadership Women leaders in the Middle East are breaking barriers and setting new standards across various industries. Lubna Olayan, CEO of Olayan Financing Company, is a trailblazer in Saudi Arabia’s corporate world. She has been a vocal advocate for women’s participation in the workforce, driving significant cultural and economic shifts. Similarly, Noor Sweid, General Partner of UAE-based international venture capital firm Global Ventures, has made substantial contributions to the UAE’s business landscape. Social responsibility Modern Middle Eastern CEOs often emphasise social responsibility and sustainability. They understand that long-term success involves addressing environmental and societal challenges. Hotelier Kabir Mulchandani, founder of FIVE, advocate for philanthropy and sustainable dev elopment. Mulchandani’s charity work under- scores the importance of ethical lead- ership in today’s business environment. Global influence Middle Eastern CEOs are increasingly influential on the global stage, partic- ipating in international forums and collaborating with global leaders. Their ability to navigate complex geopolitical landscapes while driving business growth makes them pivotal players in the global economy. Their leadership, vision, and adapt- ability are driving economic diversifi- cation, technological advancement, and sustainable growth, positioning the region as a key player in the global business arena. ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 429/06/2024 06:04arabianbusiness.com 5 GREATEST CEOS 2024 In addition to his current role, Al Ghurair also 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. Throughout his career, he has held vital positions on the boards of entities like Mastercard, Visa International, Dubai Investments, Emaar, and the Dubai Chamber of Commerce and Industry. His leadership extended to co-chairing the Arab Business Council-World Economic Forum (WEF), showcas- ing his influence in global economics. Al Ghurair’s commitment to advancing knowledge is evident in his role as a board member of trustees at New York University, USA. He has also contributed to the Consultative GCC Council for the GCC Leaders and held the position of the president of The Knowledge Fund. Established in 1960 and headquartered in Dubai, Al Ghurair Investment (AGI) spans six industry sectors. With operations expanding across over 50 countries and a workforce of around 28,000 individuals, AGI has become a driving force in multiple domains. As a prominent diversified family busi- ness group in the UAE, AGI has been named a Top Employer in the country for the second consecutive year by the Top Employers Institute. This recognition reflects the group’s ongoing efforts to create a supportive environment for learning and employee development, in alignment with Sustainable Develop- ment Goal 8 (SDG 8) – promoting decent work and economic growth. The Top Employe r s Institute programme evaluates organisations based on their HR Best Practices Survey results, covering six HR domains and 20 topics such as People Strategy, Work Environment, Talent Acquisition, and Wellbeing. Al Ghurair’s acknowledgment underscores its commitment to unleashing the full potential of its workforce, as evidenced by positive feedback from a recent company-wide people opinion survey highlighting transparency and effective alignment of people strategies with business objectives. In the past three years, Al Ghurair has embarked on a transformation journey, incorporating the ‘Fit for Future’ model into its ‘Employee Value Proposition’ and talent strategy to support employee engagement and advancement. This programme, in line with the group’s focus on SDG 8, aims to enhance skills and career paths across its diverse talent pool. Initiatives such as Executive Leadership Development and Advanced Leadership Development Programmes have been successful in driving professional growth, with participants amassing over 6,000 learning hours. Furthermore, Al Ghurair’s commitment to advancing Emirati talent through a robust Emiratisation programme underscores its dedication to fostering diversity and empow- ering local individuals within the organisation. Through inter- nal initiatives and strategic partnerships with key entities in the UAE, the group has created opportunities for Emiratis to thrive within the company. DIVERSIFIED ABDUL AZIZ AL GHURAIR Chairman Al Ghurair Investment ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 529/06/2024 06:046 July 2024 GREATEST CEOS 2024 ADEL ALI CEO Air Arabia Widely recognised as a trailblazer in the adv ancement of moder n aviation, Ali has contributed to the air transport and tourism sector in the broader Arab world, particularly for his role in establishing Air Arabia in October 2003, the first low-cost carrier (LCC) in the MENA region. As the visionary behind Air Arabia, Ali steered its growth 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, he guided Air Arabia to establish itself as one of the world’s best-run low-cost carriers, consistently achieving profitabil- ity consecutively. Ali’s leadership has strengthened Air Arabia’s business model, facilitating the expansion of oper- ations, entry into new ventures, and diversification into addi- tional revenue streams. Presently, the group boasts a success- ful portfolio of businesses and projects, offering travel, tourism, and hospitality services globally. In addition to his present executive responsibilities, 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 Avia- tion 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 instru- mental role at Air Arabia (Egypt) located at Alexandria’s Burj Al Arab International Airport, ensuring operational excel- lence 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. In the year 2023, Air Arabia demonstrated its steadfast commitment to expansive growth by significantly extending its operations across all seven operational hubs and unveil- ing 26 additional routes within its extensive global network. This strategic move not only bolstered the airline’s opera- tional capacity but also translated into a notable 31 percent upsurge in the total number of passengers transported across the group, culminating in an impressive figure of 16.7 million passengers. Amidst this period of expansion, the fourth quarter closing on 31 December 2023, saw Air Arabia achieving a net profit of $61m. While this figure indicated a 37 percent decrease compared to the previous year’s record high profit of $97m, which was attributed to exceptional yield margins, the airline recorded a noteworthy turnover increase of 11 percent, amounting to $419m for the final quarter of 2023. AVIATION ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 629/06/2024 06:04arabianbusiness.com 7 GREATEST CEOS 2024 PRINCE ALWALEED BIN TALAL AL SAUD Founder and Chairman Kingdom Holding Company (KHC) An international businessman and astute global investor, Prince Alwaleed has orchestrated the transformation of Kingdom Holding Company (KHC) over the years into a prominent global value investment firm, revered on the international stage for its impressive portfolio that spans high-performance global brands and strategically significant regional interests. Embark- ing on this visionary endeavour, Prince Alwaleed laid the foun- dation of KHC in Riyadh, KSA, back in 1980, setting the stage for an unparalleled journey of investment excellence. By the milestone year of 2007, KHC had evolved into a publicly traded entity, garnering recognition for its dynamic and diversified portfolio encompassing high-performance regional investments alongside its esteemed collection of global powerhouse brands. This positioning has not only solid- ified 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. KHC has ownership or interests in luxury hotels and hospitality management, including the George V in Paris and London’s Savoy Hotel, while global hotel brands include Accor, Movenpick, the Fairmont, Raffles, and Swissotel. Some of KHC’s international investment segments include in finance with Citigroup and Saudi Fransi Bank; mobility solutions with Careem and Uber; digital technology and social media with JD.com and Twitter; and media and entertainment, including Time Warner, NewsCorp, 21st Century Fox, and Euro Disney. In KSA, KHC has investments in petrochemicals with Tasnee while real estate interests include the Kingdom Tower in Riyadh. KHC is also invested in healthcare with King- dom Hospital, aviation with NAS Saudi Arabia, and in educa- tion with Kingdom schools. His investment firm led a $133m funding round for Nana, a grocery delivery app in KSA, consid- ered one of the largest investment rounds for Saudi startups. KHC is fully committed to playing its part in helping to make Vision 2030 a success from a commercial perspective and in bringing international best practice and investment opportunities to a wider cross-section of stakeholder interests. In October 2023, Red Sea Global (RSG) officially concluded a successful investment agreement with KHC. This $533m joint venture marks a strategic alliance between RSG and KHC, with both entities sharing an equal 50/50 partnership in the development and ownership of the Four Seasons Resort Red Sea in KSA. Slated to welcome guests in early 2025, this luxurious retreat will be nestled on Shura Island, the central hub within The Red Sea destination. Boasting 149 opulent rooms and suites, along with 31 residential properties, the resort will showcase six distinctive dining venues, alongside versatile meeting spaces, a marine discovery centre, as well as a dedicated Kids For All Seasons area. The exquisite Shura Island will feature an exclusive 18-hole championship golf course, a 118-berth marina, and a captivating retail, dining, and entertainment precinct, promising an immersive and enriching experience for both visitors and residents. DIVERSIFIED ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 729/06/2024 06:048 July 2024 GREATEST CEOS 2024 AMIN NASSER President and CEO Saudi Aramco A world leader in integrated energy and chemicals, Nasser joined Saudi Aramco in 1982 after he earned a Bachelor’s Degree in Petroleum Engi- neering from King Fahd University of Petroleum and Minerals (KFUPM) in Dhahran, KSA. He held several assign- ments from November 1982 to Febru- ary 1991 with the Drilling and Reser- voir Management department and the Production Engineering department. From March 1991 to May 1997, he was responsible for multiple supervisory positions in the Engineering and Produc- ing 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. Active in many organisations devoted to education, R&D, entrepreneurship and technology development, Nasser leads the largest provider of crude oil to global markets. Nasser’s extensive tenure at Saudi Aramco spans four decades, during which he has assumed various key leadership roles within the organisation. Noteworthy among these positions is his distinguished tenure as the senior vice president of upstream operations, where he orchestrated Saudi Aramco’s most substan- tial capital investment programme in its integrated oil and gas portfolio. Operating under his guidance, the company has stra- tegically advanced its position in upstream operations, marked by strategic investments and collaborative partnerships within the kingdom, thereby expanding its footprint in the downstream and chemicals segments of the petroleum value chain. Moreover, Nasser spearheads Saudi Aramco’s strategic endeavours towards fostering cleaner energy solutions and sustainable products. This strategic vision is underpinned by investments in cutting-edge technologies, including renewable energy applications, next-generation fuel-engine interfaces, and pioneering crude oil-to-chemicals processes. Further- more, he champions entrepreneurial ventures focused on delivering innovative solutions for cleaner energy. Actively dedicated to fostering personal and professional growth through educational initiatives and training programmes, Nasser serves as an advocate for the development and empowerment of Saudi youth at Saudi Aramco. A staunch supporter of the company’s Young Leader’s Advisory Board (YLAB), a structured programme facilitating dialogue between Saudi Aramco’s leadership and its dynamic young profession- als, he underscores the importance of nurturing talent within the organisation. In addition to his corporate responsibilities, Nasser holds key positions on various advisory boards and councils that shape strategic decision-making across diverse sectors. These influen- tial roles include membership on the International Advisory Board of the King Fahd University of Petroleum and Minerals, the Board of Trustees of the King Abdullah University of Science & Technology, the World Economic Forum’s Interna- tional Business Council (IBC), the Massachusetts Institute of Technology Presidential CEO Advisory Board, the JP Morgan International Council, and the BlackRock Board of Directors. 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-genera- tion 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. ENERGY ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 829/06/2024 06:04arabianbusiness.com 9 GREATEST CEOS 2024 ALEX REINHARDT Founder and entrepreneur Smart Blockchain A lex Reinhardt is a prominent figure in the world of blockchain and startup development, recognised as one of the ten most influential individuals in the global blockchain industry by leading American business publications. A multifaceted professional, Reinhardt has established himself as a successful entrepreneur, venture capitalist, economist, and business coach. Born in Russia, Reinhardt's journey to success began at the age of 15 when he emigrated to Germany with his family. Faced with the challenge of adapting to a new culture and learning German from scratch, he demonstrated remarkable resilience and determination. Despite initial struggles in school, Reinhardt's unwaver- ing commitment to self-im- provement saw him learn 30 new German words daily and employ creative strategies to practice the language with his peers. His perseverance paid off, enabling him to enroll in an elite gymnasium and subsequently gain admission to the prestigious Humboldt University of Berlin, an institution once graced by Albert Einstein as a faculty member. During his university years, Reinhardt began his foray into the startup ecosys- tem, assisting innovative entrepreneurs in securing funding. Over the next decade, he successfully launched hundreds of startups, raising an impressive total of more than €500m ($536m). His portfolio now boasts over 20 thriving business ventures, including his own crowdfunding platform and marketplace. Reinhardt’s expertise extends beyond entrepreneurship and investing. As a business coach, he has conducted over 100 coaching seminars, imparting knowledge and insights to approximately 500,000 attendees. His ability to guide and inspire others has solidified his reputation as a thought leader in the business world. In March 2023, Reinhardt embarked on his latest venture, the Smart Blockchain project. This initiative aims to make a positive impact on the market of blockchain technologies by ensuring the stable operation of decentralised networks and simplifying scalability. The project represents Reinhardt’s ongoing commitment to advancing the field of blockchain technologies and fostering innovation in the digital economy. Throughout his career, Reinhardt has consistently demonstrated the power of perseverance, adaptability, and vision. From overcoming language barriers to becoming a key player in the global blockchain industry, his jour- ney serves as an inspiration to aspiring entrepreneurs and innovators worldwide. TECHNOLOGY I REALISED THAT MY SUCCESS COULD HELP OTHER PEOPLE. I AM ABSOLUTELY SURE THAT MY IDEAS WILL RESONATE IN THE HEARTS OF MANY PEOPLE. LET THEM BECOME A BREATH OF FRESH AIR FOR YOU AND A SPRINGBOARD FOR YOUR OWN SUCCESS ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 929/06/2024 06:05Next >