Top business players in the Middle East

The Middle East is brimming with top talent and the influence of Arabs on the global business scene in increasing with every year that passes. In this issue of Business Management we take a look at some of the most powerful, influential and successful Arabs. All of those named here have demonstrated particular business prowess, which has enabled them to propel their particular business ventures onto the international business stage. Some of those featured have been so successful that they now feature in Forbe’s world billionaires list.

1)    Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud Chairman, Kingdom Holding, Saudi Arabia

As the man behind one of the world’s most successful international holding companies, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has been named twice by Forbes magazine as one of the smartest and most creative investors in the world. He has also received numerous honours and accolades from many organisations, societies, monarchs and heads of state, including 14 Honorary Doctorates from universities in the US, Britain, Korea, Egypt, Malaysia, Ghana, Palestine, the Philippines, Tunisia and Uganda, to name but a few.

Prince Alwaleed formed his company in 1980 and his first contract was a US$8 million project to build a bachelor’s club at a Riyadh military academy representing a Korean contractor. The business grew rapidly, and before long the Prince was involved in a variety of profitable joint ventures. Investments in the banking sector in particular have seen the Prince catapulted onto the international financial stage. He is the largest individual shareholder in Citigroup and his 3.5 percent stake now constitutes the biggest portion of his wealth, which is estimated at $19.4 billion and ranks the Prince at number 19 on Forbe’s list of the world’s billionaires.

2)    Abdul Aziz Al Ghurair CEO, Mashreq Bank, UAE

As CEO of the publicly traded Mashreq Bank, Abdul Aziz Al Ghurair has an estimated worth of over $8 billion and his influence on the banking world is substantial. Mashreq is the largest private bank in the UAE with a growing retail presence in Egypt, Qatar, Kuwait and Bahrain. It was the first bank to introduce ATM machines and credit cards to the Emirates and was also the first bank in the region to introduce customer loans and digital point-of-sale readers.
In 2009 Al Ghurair was honored by the Banker Middle East with the ‘Lifetime Achievement Award’ in recognition of his significant contribution towards the development and progress of the banking industry in the Middle East.

Aside from his responsibilities at Mashreq, Al Ghurair is also Vice President of the Dubai International Financial Centre and also sits on the board of the Emirates Foundation and the Dubai Economic Council.

4)    Sultan Ahmed Bin Sulayem Chairman, Dubai World, UAE

Sultan Ahmed Bin Sulayem is the Chairman of Dubai World and its subsidiary companies and has been a driving force behind the Group’s rapid expansion to become the fourth largest marine terminal operator in the world. The Jebel Ali Free Zone (Jafza) is now an unrivalled business park with global operations.

Bin Sulayem was also behind the establishment of Nakheel, one of the biggest master developers in the world and the creators of icons such as The Palm and The World. In addition he founded the investment house Istithmar, the Dubai Multi Commodities Centre (DMCC), and the international real estate developer Limitless.

Bin Sulayem has won several regional and international awards and honours. In October 2008 the UK-based Middlesex University conferred on him an Honorary Doctorate for his dedication to excellence and commitment to the economic development of the UAE and the Arab World. He was chosen as ‘Global Leader for tomorrow’ by the World Economic Forum.

5)    Sultan Ahmed Al Jaber CEO, Adfec, UAE

Dr Sultan Ahmed Al Jaber is the Chief Executive Officer of the Abu Dhabi Future Energy Company (ADFEC), which is mandated by the government to undertake and drive the Masdar Initiative. Masdar is Abu Dhabi's vision for the world’s first car-free, carbon neutral, sustainable, zero-waste city, which is due for completion in 2014. The multi-billion dollar project explores the future of energy and environmental sustainability in response to the need for a global focus on the development of advanced energies and sustainability-related technologies.

Al Jaber also holds the position of Senior Projects Manager at Mubadala Development Company where he has held broad responsibilities that included direct project origination and execution in the energy and utilities sectors, as well as relationship management with key multinational companies and government institutions.

Al Jaber is also a board member of the Abu Dhabi Shipbuilding Company and a member of the Advisory Board of the College of Business and Economy at the UAE University. He also serves on the board of the American University of Dubai (AUD) and was recently appointed as a Board Member of the Young Arab Leaders Organization.

6)    Mohammed Al Jaber CEO, MBI International, Saudi Arabia

International entrepreneur Mohamed Bin Issa Al Jaber is the founder, Chairman and CEO of MBI International, a hotel and resort, real estate development, oil and gas, and agro-industries conglomerate. With Al Jaber at the helm, the group, which employs over 9000 people across three continents and has a net asset value of over $9billion, has become a major international player.

A self-made businessman, Al Jaber was recently ranked as 93rd in Forbe’s 2010 list of world billionaires due to his personal fortune of $7.5 billion.

His drive to champion the development of democracy throughout the Arab world has, through his foundation, provided many under-privileged students throughout the Middle East with the opportunity to study in top universities in Europe and around the world.

Al Jaber is also founder, chairman and sole patron of the MBI Al Jaber Foundation, a UN Spokesperson for Global Forums on Reinventing Government, and UNESCO Special Envoy for Education Tolerance and Cultures in the Middle East, which is aimed at helping to build peace and democracy in the Middle East.

7)    Adel Ali CEO, Air Arabia, UAE

Air Arabia CEO Adel Ali is credited for setting up the Middle East and North Africa’s first low-cost carrier (LCC) and as such was awarded world’s Low Cost Airline ‘CEO of the year’ in 2008. Since the company commenced operations in October 2003, Adel has brought a wealth of strategic aviation, tourism and marketing experience to the company, which was voted the world’s best low cost carrier in 2009.

Adel drove Air Arabia’s growth to become the largest low cost carrier in the Middle East as well as the first publicly owned airline in the Arab World with in a span of only five years.
Previously, Adel served as Vice President (Commercial and Customer Service) for Gulf Air and spent over 20 years with British Airways. He has been recognised within the industry as a Middle East airline expert and has received awards for his contribution to air transport and tourism in the Middle East and Africa.

8)    Mohammed Alshaya Chairman, Alshaya Group, Kuwait

Alshaya has become a byword for trading and commerce in the Arabian Gulf and Mohammen Alshaya is the undisputed king of Gulf retail. A major player across a variety of sectors –  real estate, construction, hotels, retail, information technology and advertising – Alshaya initially operated in Kuwait and the Kingdom of Saudi Arabia and more recently throughout the Middle East, Turkey, Cyprus, Russia, Poland, Egypt, Czech Republic and Slovakia.

Mohammed Alshaya was appointed Chief Executive Officer of the Retail Division in 1990, and Executive Chairman in 2007 and has driven the rapid and continuing expansion of the company. The retail arm of Alshaya currently owns and operates over 1800 stores across 15 countries, representing over 40 international brands, such as MAC, H&M and Mothercare, among others.

Mohammed Alshaya is also a member of the Supreme Council of Planning and Development of the State of Kuwait, a member of The Board of Trustees of the Arab Thought Foundation and a Board member of Mentor Arabia and Mentor International.

9)    Mohi-Din Bin Hendi President, BinHendi Enterprises LLC, UAE

When market research analysts at BinHendi Enterprises recognised a growing consumer interest in international products and fashion brands, the company’s response was to establish the United Arab Emirate's first exclusive fashion boutique – Pierre Cardin. Enthusiastic consumer response propelled the company to fill another untapped niche in the Middle Eastern market with the introduction of Dubai's first car rental agency. BinHendi Enterprises currently operate 29 successful fashion, jewellery, accessory and food retail outlets.

Mohi-Din BinHendi is President of BinHendi Enterprises and has brought a wealth of experience to the company. He was appointed Director General of the Department of Civil Aviation in June 1979 by special decree issued by the Ruler of Dubai and together with Sheikh Ahmed Saeed Al Maktoum, President of Civil Aviation, he was responsible for the development of Dubai International Airport into the Middle East's busiest air terminal, the award-winning Dubai Duty Free Complex, the New Arrivals Terminal, Aviation Club, Aviation College and Dubai Air Cargo Terminal.

10)    Esam Janahi Chairman, Gulf Finance House, Bahrain

One of the main founding members of Gulf Finance House (GFH), Esam Janahi successfully led the organisation as Chief Executive until 2007, when he was elected Chairman. With 21 years of financial experience Janahi sets the long-term strategic direction and advises on operational matters for the short and medium term.

Consequently, GFH is one of the most successful Islamic investment banks in the Middle East and saw a 61 percent increase in profits to US $340 million during 2007.

Since 1999, Janahi has led flagship initiatives including the launch of Energy Cities in Qatar, Libya and Kazakhstan, a series of Financial Harbours in Bahrain and Tunisia, and the largest GFH concept to date, the US$10 billion Mumbai Economic Development Zone. Elsewhere, GFH has announced First Energy Bank, the world’s first Islamic investment bank offering tailored energy based finance.