Emiratis dominate Forbes top 100 Mideast CEOs’ list

Emiratis dominate this year’s Forbes Middle East’s list of the “Top 100 CEOs” with 19 entries.

Heads of Saudi Aramco, Adnoc, and Emirates Group make up the top three spots in the list of 100 CEOs representing 26 nationalities in the region.

Other prominent nationalities in the prestigious list include Egyptians with 16 entries, and Saudis with 15. Combined they managed revenues of over $1 trillion in 2021. Their companies are currently collectively worth more than $5 trillion.

Combined, the top three nationalities — Emiratis, Saudis and Egyptians — made up 50 per cent of the ranking. With 27 CEOs, banking and financial services is the most represented sector. Eight entrants work in telecom, and seven head energy and logistics companies. Four of the top five leaders work in energy.

Topping the CEO list is Saudi Aramco’s Amin H. Nasser, who led the company to become the world’s most valuable by market value again, surpassing Apple. Adnoc’s Sultan Ahmed Al Jaber placed second as the firm took three of its subsidiaries – Adnoc Drilling, Fertiglobe, and Borouge – public, with Borouge’s $2 billion IPO becoming Abu Dhabi’s largest-ever IPO.

Rounding up the top three is Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates Group. All three maintained their rankings for the second consecutive year.

Others in the top ten include Toufik Hakkar (Algerian), chairman & CEO, Sonatrach; Saad Sherida Al Kaabi (Qatari), deputy chairman, president & CEO, QatarEnergy; Akbar Al Baker (Qatari), group CEO, Qatar Airways Group; Yousef Abdullah Al Benyan (Saudi), vice-chairman & CEO, Sabic; and Sultan Ahmed Bin Sulayem (Emirati), group chairman & CEO, DP World; Syed Basar Shueb (Emirati), CEO & managing director, IHC; and Osama Rabie (Egyptian), chairman & managing director, Suez Canal Authority.

“Irrespective of the economic environment, market conditions, and other factors, it is the CEO who bears most of the responsibility for the success or failure of the company they lead. This is becoming more apparent in the Middle East, where corporate governance has been improving for several years,” Forbes Middle East said in a statement.

“There is now a clear separation between ownership and management in companies throughout the region. This trend is particularly strong in government-owned businesses, with sectors such as defense and utilities now being incorporated and even being listed on stock exchanges. This has made CEOs focus more on long-term benefits that stem from innovation, technology, and ESG initiatives,” Forbes added.

“When we released our first Top CEOs ranking in 2021, the mood among the Middle East’s CEOs was focused on safety and the protection of business. This year has seen a reversal in fortunes, with record profits, new investments, large IPOs, and mega deals taking center stage,” Forbes statement said.

To construct this ranking, Forbes Middle East assessed the size of the CEO’s company using various metrics, the individual’s accomplishments and innovations over the past year, and their impact on their firm and the wider industry.

—issacjohn@khaleejtimes.com