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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 MANAGER Denny Kollannoor 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 DIRECTOR Andy Sulahian, +971 4 444 3597, andy.sulahian@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 This year’s Arabian Business 100 Most Influential Arabs list shines a light on individuals across the Arab world who are making a significant impact through their work and leadership. From business lead- ers and entrepreneurs to artists, philanthropists and technologists, these influential Arabs are helping to shape the region’s future and drive progress. In a dynamic time of change and economic develop- ment happening across many Arab nations, the individ- uals profiled in this list are helping to positively influence their industries and communities. Whether leading multi-billion-dollar companies, starting innovative new businesses, working on impactful social causes or using their platform to inspire others, their contributions are not only important on a national level but are also help- ing to strengthen the region on a global stage. Cutting across many different sectors, from finance and technology to media and retail, these influential Arabs exemplify the entrepreneurial spirit that is driving growth and economic diversification. Their vision and determination to succeed despite challenges have helped create jobs and opportunities for others. Some are also making significant philanthropic impacts through their foundations and charitable work. This year’s list shines a light on the breadth of talent and leadership emerging from across the Arab world. Though diverse in their backgrounds and fields of work, those featured in this collection of the region’s most influential individuals have all significantly contributed to progress through their achievements and example over the past year. Region’s finest MATTHEW AMLÔT @MatthewAmlot Arab business leaders have made significant contributions across various sectors including finance, real estate, construction, telecoms, and energy EDITOR’S LETTER 100 MOST INFLUENTIAL ARABS 2024 4 May 2024arabianbusiness.com 5 100 MOST INFLUENTIAL ARABS 2024 I n the dynamic landscape of global business, Arab entrepreneurs have played a significant role in shaping industries, fostering innovation, and driving economic growth. Their influence transcends borders, impacting not only the Arab world but also resonating on a global scale. Among the plethora of influ- ential Arab businessmen and women, several stand out for their remarkable contributions, vision, and entrepreneurial spirit. One such luminary is Emirati billionaire and philanthropist Abdul Aziz Al Ghurair, whose diverse business interests span across multiple sectors, including construction, banking, real estate and energy. Through his organisation, Al Ghurair has spearheaded transformative projects that have fuelled economic development in the UAE. His visionary leadership and strategic invest- ments have positioned him as a driving force behind infrastructure development and economic expansion in the region. Another towering figure is Lubna Olayan, a trailblazing businesswoman from Saudi Arabia. As the CEO of Olayan Financing Company, she has shattered glass ceilings and paved the way for women in the male-dominated world of finance and investment. Olayan's commitment to corpo- rate governance, innovation, and social responsibility has not only propelled her own company to success but has also inspired a new generation of female entre- preneurs in the Arab world. In the realm of technology and entrepre- neurship, Ronaldo Mouchawar has indeed left an indelible mark. As the co-founder of souq.com (acquired by Amazon in 2017), he revolutionised the digital retail landscape in the Middle East, providing a platform for communication, collaboration, and commerce. His pioneering efforts laid the groundwork for the region’s burgeoning retail and ecommerce startup ecosystem, catalysing innovation and fostering entre- preneurship across borders. Chairman and CEO of Emirates Airline and Group Sheikh Ahmed bin Saeed Al Maktoum has played a pivotal role in shaping Dubai’s economic landscape. His leadership in establishing Emirates and Dubai Aero- space Enterprise has propelled the emirate onto the global stage. With a blend of inno- vation and strategic foresight, he continues to drive growth, fostering prosperity and connectivity for Dubai and beyond. These exemplary leaders demonstrate the spirit of innovation, resilience, and leadership that defines Arab entrepreneurship. Their success stories serve as beacons of inspiration for aspiring entrepreneurs, symbolising the transformative power of vision, determina- tion and hard work in overcoming obstacles and achieving greatness in the world of busi- ness. As they continue to chart new frontiers and push the boundaries of possibility, their legacy will endure as a testament to the enduring impact of Arab entrepreneurship on the global stage. We present the leading figures whose commitment to leveraging their resources, expertise, and influence help propel the region’s economies forward arabianbusiness.com 5 The best and the brightest100 MOST INFLUENTIAL ARABS 2024 ABDALLAH SULTAN AL OWAIS Chairman Rawabi Emirates Group, Sharjah Chamber of Commerce and Industry and Sharjah Expo Centre In his role at the Sharjah Chamber of Commerce and Industry and Expo Centre Sharjah since May 2014, Al Owais has played a key role in promoting business growth as well as trade opportunities in the region. Also serving as vice chairman of the Federation of UAE Chamber s of Commerce and Industry since Decem- ber 2014, he collaborates with industry leaders to advance economic development. Having held various board positions, including the Feder- ation of UAE Chambers of Commerce and Industry, the Shar- jah Chamber of Commerce and Industry, and the Germa- ny-Arab Chamber of Commerce, Al Owais has a diverse range of industry experience. He embarked upon his career after he graduated from the United Arab Emirates University (UAEU) with a bachelor’s degree in Business Management in 1990. He began working in the Ministry of Economy and Commerce between 1990 and 2003, and later joined the Ministry of Energy as the deputy minister. His tenure at these esteemed institutions not only showcased his dedication and commit- ment to public service but also provided him with invaluable insights and experiences that would shape his future leadership roles in the business sector. Al Rawabi Dairy Al Owais is also the chairman of Al Rawabi Dairy, the UAE’s biggest dairy that was established in 1989, and through his leadership, has steered and shaped Al Rawabi’s journey to become a pioneer dairy company in the Middle East. Setting new standards across global best practices, under Al Owais’ leadership, Al Rawabi Dairy is the first dairy company to intro- duce plastic milk bottles in the UAE in 1991. It is also the first company to bring fresh juices in 1995 to the GCC region. The dairy is also the first company to launch functional dairy prod- ucts into the market with plans that include an environmen- tally friendly biogas plant. Furthermore, he actively engages in the business sector, while also contributing to the educa- tional sector as head of the executive committee of Sharjah Institute of Technology. Al Owais has demonstrated his commitment to promoting economic development through his involvement in various committees, such as the Secretariat-General Investment Secto- rial Committee of the Federation of GCC Chambers as well as the Gulf Industry and Promotion Committee of the Feder- ation of GCC Secretariat-General. An active participant in the Arab pavilion of the Joint Austrian-Arab Chamber of Commerce, he leverages his expertise in the industrial, educa- tional, banking, and food industries to drive private invest- ments and support economic growth. With diverse experience across various sectors, Al Owais was also a board member of Emirates NBD from 2005 to 2013. He has also occupied multiple positions at the UAE Ministry of Economy and Commerce since 1990 to 2003. Al Owais has been a driving force in bridging opportunities across sectors and creating a more robust business environment in the region. GOVERNMENT 6 May 2024arabianbusiness.com 7 100 MOST INFLUENTIAL ARABS 2024 DIVERSIFIED ABDUL AZIZ AL GHURAIR Chairman Al Ghurair Investment 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 commit- ment 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 Knowl- edge Fund. About Al Ghurair Investment (AGI) 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 multi- ple domains. As a prominent diversified family business 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 environ- ment for learning and employee devel- opment, in alignment with Sustainable Development Goal 8 (SDG 8) - promot- ing decent work and economic growth. The Top Employer 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.8 May 2024 100 MOST INFLUENTIAL ARABS 2024 ABDULAZIZ AL-SOWAILIM Chairman and CEO EY MENA Abdulaziz Al-Sowailim leads the EY MENA management team as EY MENA Chairman and CEO and is a member of the Board of Management of EY’s Europe, Middle East, India and Africa area (EMEIA), which is EY’s largest geographical area worldwide. During his tenure, Al-Sowailim has been a vocal advocate of the EY purpose of building a better working world, helping to create long-term value for clients, people, and society as well as build trust in the capital markets. A century in the making Most recently he has seen EY celebrate 100 years in the MENA region, having established its first regional office in 1923. Al-Sowailim believes that the strength of the EY legacy comes from harnessing the power of its people and network to create sustainable and inclusive growth. EY is proud to support visionary policymakers and local governments as they embrace cutting-edge technologies to develop cities of the future and reshape economies to benefit generations to come. EY has made a number of large investments in MENA over the past 15 years to grow its capabilities and offerings for clients. As a result, the EY MENA practice has grown to over 8,000 people united across 26 offices and 15 countries, includ- ing over 500 partners with highly specialised competencies to address the evolving needs of clients. In a rapidly changing world, this is a testament to the enduring impact the organi- sation has made in the countries it operates in. As a Saudi national, Al-Sowailim is especially proud of the investments being made by EY in Saudi Arabia to support the nation’s ongoing journey to becoming a global powerhouse. EY Wavespace, which brings together business, design, and technology to bolster accelerated transformation and create measurable outcomes, will soon have a flagship location in Riyadh. The state-of-the-art centre is designed to act as a powerful accelerator for innovation and strategic development, aligning with the bold ambitions set forth by Vision 2030. Furthermore, the global EY organisation launched EY.ai, a unifying platform that brings together human capabilities and artificial intelligence (AI) to help clients transform their businesses through confident and responsible adoption of AI. EY investments of $1.4bn have provided the foundation for the platform, which leverages leading-edge EY technology platforms and AI capabilities, with deep experience in strategy, transactions, transformation, risk, assurance, and tax - all augmented by a robust AI ecosystem. EY MENA will continue to build upon its legacy and create long-term value for local communities with youth development programmes, entrepreneur mentorships, and by guiding the next generation workforce. This, along with strategic partner- ships, sustainability programmes, and an unwavering commit- ment to quality, reaffirms its position as the largest and most established professional services organisation in the region. FINANCEarabianbusiness.com 9 100 MOST INFLUENTIAL ARABS 2024 BANKING ABDULLA AL KHALIFA Group CEO QNB Group With a diverse business and finance career span- ning over two decades, Al Khalifa has held numerous posts within the QNB banking group, including chief business officer and executive general manager. Since 2018, he has served as a board member for Ooredoo, Qatar’s multinational telecommunications company. His experience spans risk management, finance, business, M&A, sales and marketing, and strategic planning. Al Khalifa joined the company in March 1996 and in 2007, was appointed to the role of general manager for QNB’s Corporate Banking Group. 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 as well as London. About QNB Established in 1964, QNB is the largest bank in Qatar with 51.93 percent owned by the Qatar Investment Authority. The group has a presence in more than 28 countries across three continents. It employs 28,000 people serving over 27 million customers. As the largest financial institution in the MEA region, QNB reported its financial performance for the three-month period ending on 31 March 2024. During this quarter, the net profit amounted to $1.1bn, marking a 7 percent increase compared to the same period in the previous year. The group’s operating income surged by 11 percent to reach $2.8bn, underscoring its consistent growth across diversified revenue streams. As of 31 March 2024, the total assets of QNB stood at $340bn, reflect- ing a 5 percent rise from the same date the previous year. This increase was primarily fuelled by a solid 7 percent growth in loans and advances, reaching $238bn. Customer deposits also saw significant growth of 6 percent to amount to $242bn from the prior year. The loans to deposits ratio was at 98.6 percent as of 31 March 2024. QNB Group demonstrated operational efficiency with a cost-to-income ratio of 21.7 percent, positioning it as one of the top performers among major financial institutions in the MEA region. Additionally, the loan loss coverage ratio was at a robust 98 percent, indicating the prudent approach taken by the Group towards non-performing loans. In April 2024, QNB Group 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 indi- viduals in Qatar using the recipient’s mobile number or alias. The launch of FAWRAN represents a significant addition to QNB’s expanding array of digital payment solutions. 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. QNB custom- ers can easily access the FAWRAN service by registering through QNB’s mobile banking and internet banking plat- forms, either through a designated Qatar mobile number or by selecting a personalised alias name.Next >