Forbes magazine has recently published the 'Top 100 CEOs 2023' list for the Middle East, which includes six individuals from Qatar.
Among the list is QatarEnergy's President and CEO, H.E. Eng. Saad bin Sherida Al Kaabi has secured the 4th position, while Nasser Abdulla Mubarak Al Khalifa, the CEO of QNB Group, ranked 11th.
Al-Kaabi became president and CEO of QatarEnergy in 2014, 28 years after joining the company while he was still a university student. In October 2023, QatarEnergy signed a long-term LNG sale and purchase agreement with Eni to supply up to one million tonnes of LNG annually from Qatar to Italy. In 2018, Al-Kaabi was appointed as Qatar’s Minister of State for Energy Affairs. QatarEnergy’s revenues for 2022 stood at $52 billion, and its profit for the year was $42.5 billion.
Al-Khalifa joined the group in 1996 and assumed his current role in November 2018. In the first nine months of 2023, QNB Group’s net profit increased by 8% to $3.3 billion, and its total assets increased by 4% to $326 billion. In September 2023, the group announced a banking partnership with Expo 2023 Doha, contributing to its green financing strategies. QNB Financial Services (QNBFS), a subsidiary of the QNB Group, received official recognition from the Qatar Stock Exchange in June 2023 for implementing and launching the exchange’s new trading system.
Fakhroo has been a member of the board of directors since 2011 and assumed his current role in November 2020. In the first nine months of 2023, Ooredoo reported a 2% growth in revenue to $4.7 billion compared to the same period in 2022. In October 2023, the Ooredoo Group signed an MoU with the GCC ESG Telecommunications Alliance to drive sustainability and knowledge exchange across the regional countries. Fakhroo is also a board member at Katara Hospitality, a member of the board of trustees of Qatar Museums, and the deputy president commissioner at Indosat.
Gamal assumed his current position in 2013, with over 30 years of experience in the banking and finance industry. By Q3 2023, QIB recorded a total income of $2.2 billion, net profits worth $838 million, and assets worth $51.3 billion. In February 2023, QIB partnered with Mastercard to launch a smart payment solution for merchants. The new QIB SoftPOS app secures acceptance of contactless payments using embedded near-field communication functionality. Before joining QIB, Gamal worked at Ahli United Bank Group in Bahrain and CIB in Egypt. He is also chairman of QIB-UK and a board member of Qinvest.
Al-Sulaiti joined Nakilat in 2011 and assumed his current role in 2013.By the end of Q3 2023, Nakilat made over $954.4 million in revenues and had $8.8 billion in assets by the end of September 2023. In March 2023, Nakilat signed a long-term service agreement with HSD Engine. Al-Sulaiti has over 20 years of industry experience. He is also the chairman of Nakilat-Keppel Offshore and Marine and the Qatar Fabrication Company, a joint venture between Nakilat and McDermot. Al-Sulaiti previously held roles at Qatargas Operating Company.
El Sayed has led ARTIC since 2017, which is a wholly-owned subsidiary of Al Faisal Holding. ARTIC has expanded across Europe, the U.S., and MENA and built a diversified portfolio of over 35 hotels. It has key partnerships with international companies and hotel operators such as Four Seasons, Marriott International, Hilton, Hyatt, and Radisson Blu. In 2023, ARTIC signed a franchisee agreement with IHG Hotels & Resorts to rebrand the New York Times Square Hotel to Crowne Plaza New York Times Square. In 2022, ARTIC opened Delta Hotels by Marriott City Center Doha and Element City Center Doha by Marriott International, among others. El Sayed also serves as the chairman of ARTIC's subsidiary, Seldar Misr.
The third annual list of the top 100 CEOs in the Middle East features leaders representing 22 nationalities. Emiratis dominate with 23 entries, followed by Egyptians with 19 and Saudis with 18. This is a positive sign for localization, with most large companies now headed by local executives. The banking sector has the most entries, with 17, followed by real estate and construction with 14 and telecommunications with nine.
In 2023, the region’s top CEOs have focused on sustainability, consolidation, and growth. Saudi Arabia, in particular, invested across sectors. Accelerated corporatization boosted economies, and the consolidation of government companies saw larger corporations emerge.
A number of large IPOs in the region also unlocked value for companies. Global events also contributed to burgeoning corporate profits, including the FIFA World Cup Qatar 2022 and COP28 in Dubai.
Source and Cover Image: Forbes Middle East
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