< Previous30 July 2024 GREATEST CEOS 2024 TALAL MOAFAQ AL GADDAH Founder and CEO Keturah With a wealth of experi- ence and a dr ive for innovation, Al Gaddah stands out as a pioneer- ing figure in the real estate sector. As the visionary behind MAG Lifestyle Devel- opment, 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 devel- opments, 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 seven projects currently in progress. 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. His visionary outlook transcends conventional boundaries, driv- ing forward a future where innovation and sustainability converge seamlessly in real estate development. Keturah made its debut at The Ritz-Carlton Residences, Dubai, Creekside with Keturah Resort, the inaugural devel- opment in the region to actively pursue a WELL Health- Safety Rating certification. Shortly thereafter, Keturah Reserve was introduced, marking another first in the Middle East with its innovative ‘Bio Living’ concept, providing resi- dents 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 cohe- sion. From the distinguished Keturah Resort to the innova- tive Keturah Reserve, each project epitomises excellence and sets new benchmarks for luxury living not only in the UAE but also on a global scale. REAL ESTATE ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 3029/06/2024 06:09arabianbusiness.com 31 GREATEST CEOS 2024 SIR TIM CLARK President Emirates Airline In addition to his current role at Emirates Airline, Clark is also the chairman of the Emirates Airline Foundation. He joined the Emirates airline’s founding team in 1985 in the role of head of Airline Planning and went on to become its president in 2003. He has been instrumental in the transformation of Emirates into the global giant it is today. Also, in June 2022, he was appointed to the board of DP World as an independent non-executive director. Prior to Emirates, Clark built his reputation as a talented route planner at Gulf Air, which had recruited him from Cale- donian Airways. He previously has also held the position of managing director of Sri Lankan Airlines until 2008. In the 2014 Queen’s New Year’s Honours list, Clark was invested as a Knight of the Most Excellent Order of the British Empire (KBE) for services to British prosperity and to the aviation industry. In November 2009, he was 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 Univer- sity, 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 Univer- sity, both in the UK. As of November 2023, The Emirates Group announced its best-ever six-month financial result. The group is reporting a 2023-24 half-year net profit of $2.7bn, surpassing its record half-year profit of $1.2bn last year by 138 percent. The group also reported an EBITDA of $5.6bn, a significant improvement from $4.2bn during the same period last year, illustrating its strong operating profitability. Group revenue was at $18.3bn for the first six months of 2023-24, up 20 percent from $15.3bn last year. This surge was driven by the strong demand for air transport across the world, which has been on an upward trajectory since Covid-19 travel restrictions were lifted. The group closed the first half year of 2023-24 with a solid cash position of $11.6bn on 30 September 2023, compared to $11.6bn on 31 March 2023. Emirates, the world’s biggest long-haul airline, is preparing to hire 5,000 cabin crew this year as it prepares to take the delivery of its new fleet of Airbus A350 wide bodies this summer and Boeing 777X planes in 2025. The airline is seek- ing to hire new graduates with internships or part-time jobs on their CVs and those with about a year of hospitality or customer service experience. Last year, the airline hired 8,000 cabin crew and held recruitment events in 353 cities as it ramped up services to meet a boom in travel after the pandemic. In August 2023, the airline’s cabin crew numbers crossed the 20,000 mark. It now stands at 21,500, with the new recruits set to boost that figure by 25 percent. The airline also ordered 110 additional Airbus and Boeing wide-body aircraft for a total value of $58bn at list prices during the Dubai Airshow in November 2023, as part of its ongoing future growth plans. AVIATION ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 3129/06/2024 06:0932 July 2024 GREATEST CEOS 2024 TONY JASHANMAL Group President Jashanmal Group Born in Kuwait and educated in India and Switzerland, Jashanmal assumed the role of managing director of the group for its Kuwait operations in 1973. During his tenure, he successfully insti- tuted new business ventures, spear- headed the reconstruction of operations post the first Gulf War, orchestrated the group’s strategic expansion into India, and facilitated various joint ventures. Known for his innovative mindset, Jash- anmal is dedicated to fostering brand development in the GCC region through the group’s retail operations, distribu- tion, and wholesale network. The group’s legacy began in 1919 when Rao Sahib Jashan- mal, the patriarch of the family, launched a single general store in Basra, Iraq. As the oil industry expanded throughout the GCC, so too did the Jashanmal business, which by the 1960s had established its presence in all the markets it operates within today. A century later, the Jashanmal Group has forged strong collaborations with international business partners from the premium and luxury sectors and an extensive distribution and wholesale network across the fashion, footwear, home appli- ances, travel gear, and publishing sectors. The group has initiated a comprehensive plan aimed at expanding and modernising their department stores and book- stores, integrating the latest in retail innovations to enhance the shopping experience. Concurrently, their distribution business is undergoing significant updates in collaboration with key retail partners across the region, ensuring that Jash- anmal continues to adapt and thrive in the ever-evolving commercial landscape of the GCC. 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 headquar- tered in Dubai, with offices located in Abu Dhabi, Kuwait, Bahrain, Oman, Qatar, KSA, and India. Their diverse product range includes luggage, home appliances, corporate gifts, perfumes, cosmetics, consumer electronics, and print media. Jashanmal’s clientele encompasses a wide array of business sectors, including Duty-Free operators, supermarkets, hyper- markets, and department stores. The group serves as a franchise partner for international brands such as Bally, Reiss, Brooks Brothers, Santoni, Porsche Design, MAX&Co., Replay, and group entities including Jade, Harmony, OCS, MINIML, and Trolka. In a strategic move to enhance brand visibility and customer engagement, Jashanmal reinvigorated its brand iden- tity in 2019, incorporating advanced in-store technologies to foster a seamless shopping experience. This initiative included a comprehensive overhaul of the retail website and the modernisation of a flagship store with interactive tablets and touchscreens, thereby enriching the digital shopping experi- ence for both sales associates and customers. Jashanmal has fundamentally transformed the dynamics of their supply chain, embarking on strategic investments aimed at fostering growth, optimising operations with an emphasis on human resources and assets. RETAIL ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 3229/06/2024 06:10arabianbusiness.com 33 GREATEST CEOS 2024 THOMAS LUNDGREN Founder THE One A philanthropist and retailer, Lundgren launched its first store in Abu Dhabi in 1996 that was conceived as an antidote to IKEA. With stores spread across the MENA region, his focus is on selling emotions rather than commodities, characterising THE One stores as theatres where seasonal home fashion shows unfold and are curated by a team of decorators. Larger stores prioritise furniture, with accessories complementing the arrangement, while smaller stores, termed boutique theatres, highlight accessories and incor- porate furniture to enhance the overall accessory experience. Fascinated by furniture, he still plays a role in the design at THE One and curates around 60 percent of the creations showcased at his stores. A UAE-grown lifestyle brand showcasing seasonal collections of affordable home fashion, THE One boasts over 22 stores and 1 Bistro Restaurant across the MENA region. THE One has expanded its footprint in the UAE with retail outlets in Dubai Hills Mall, Mall of the Emirates, Al Quoz, Jumeirah Beach Road, and Jumeirah 1 in Dubai, as well as at Al Ain Mall, Yas Mall, and in the Mushrif Area in Abu Dhabi. Lundgren supports multiple local and international char- ities and the brand promotes their Do Good initiatives. These encompass ethi- cal sourcing, challenged employees, local volunteering as well as global education through THE Onederworld. THE One brand today consists of: THE One; FUSION by THE One; THE One Basics; THEOne.com; and THE One Bistro. Having wanted to leave Sweden, Lundgren’s rise began when saw an ad for IKEA in Saudi Arabia and decided to take it. He then started working as a decorator for the brand. “My father died when I was five years old. So my mother was really doing a remarkable job. We had very little means. So every month, we were waiting for the money, insecurity etc. I dreamed there must be something much better. I just wanted to move out of Sweden, I just thought there must be a better life for me somewhere else.” But he didn’t exactly hit the big time on day one. He first started dreaming up the idea of running his own show in 1993, but spent a full year going from bank to bank, and being rejected by everyone. Nobody was in slightest bit inter- ested in lending in the $4m he forecast was needed to get the venture off the ground. In 1995, he teamed up with Rashed Al Mazroui and Shakir Abal, and after several months of “blood, sweat and tears” managed to open his first shop in Abu Dhabi. By his own admission, that proved “a disaster” and he relocated to Dubai. Worse was to come. “Fires, floods, cash flow prob- lems, people problems, heart problems, bank problems, supplier problems, psychological problems, you name it, we have been through it,” he states on his own website. RETAIL ABE_Greatest CEOs 2024_04-34_The List_13319689.indd 3329/06/2024 06:1034 July 2024 GREATEST CEOS 2024 YOGESH MEHTA CEO Petrochem Middle East 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 chem- icals industry. With an annual turnover in excess of $2bn, Petrochem is the larg- est 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 under- way, Petrochem is newly tripling its chemical storage and distribution capacity with stainless steel tanks with manufac- turing 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 have offices in China, Singapore, Taiwan, London, Egypt, and India with their corporate head office in Dubai. Mehta earned his Bachelor of Science degree in Chemis- try 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 valu- able 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 eight 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 Educa- tion 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. 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