Nine Qataris topped the list of the region’s most powerful CEOs, launched yesterday by Forbes Middle East in its fourth edition, which represents an elite group of business leaders who have contributed to enhancing the success and achievements of the companies they lead. His Excellency Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, Vice Chairman, Managing Director and CEO of Qatar Energy, and Mr. Abdulla Mubarak Al Khalifa, CEO of QNB Group, were among the 10 most powerful CEOs in the region.
* 4th place: His Excellency Eng. Saad bin Sherida Al Kaabi
Position: Vice Chairman, Managing Director and Chief Executive Officer
Company: Qatar Energy
Sector: Energy
Forbes said that Al-Kaabi became the managing director and CEO of Qatar Energy in 2014. In 2018, he became the Minister of State for Energy Affairs, a member of the Cabinet of Ministers in Qatar, and the Vice Chairman of the Board of Directors of Qatar Energy.
In May 2024, QatarEnergy signed a $6 billion deal with China State Shipbuilding Corporation (CSSC) to build 18 advanced QC-Max LNG carriers. In February 2024, QatarEnergy announced a new LNG expansion project (North Field West) to increase Qatar’s LNG production capacity to 142 million tons per annum by 2030, an 85% increase over current production levels.
* 10th place: Mr. Abdullah Mubarak Al Khalifa
Position: Group CEO
Company: QNB Group
Sector: Banking
QNB Group was established in 1964. Al Khalifa joined the group in 1996 and assumed his current position in November 2018. The group’s assets grew by 4% in 2023 to $338.2 billion, while its net profit increased by 8% to $4.3 billion. In May 2024, it announced the extension of its partnership with Ooredoo Fintech to develop financial technology services and drive digital innovation in Oman.
* 36th place went to Mr. Aziz Al Othman Fakhro.
Position: Managing Director and Group CEO
Company: Ooredoo Group
Sector: Telecommunications
Fakhroo has been leading Ooredoo Group since November 2020, with operations spanning 10 countries across the Middle East, North Africa and Southeast Asia. In June 2024, the group announced a partnership with NVIDIA Cloud Partner to tap into market demand for generative AI, accelerated computing and hyperconnectivity. In Q1 2024, the group reported revenues of $1.6 billion and total assets of around $15.6 billion.
Fakhroo previously served as Assistant Undersecretary for General Budget Affairs at the Ministry of Finance, a member of the Board of Trustees of Qatar Museums, and Deputy Chairman of Indosat.
* In 59th place came Mr. Basil Jamal.
Position: Group CEO
Company: Qatar Islamic Bank (QIB)
Sector: Banking
Jamal has led Qatar Islamic Bank (QIB) since 2013. In 2023, the bank recorded total assets of $52 billion, revenues of $3.1 billion and net profits of $1.2 billion, an increase of 6.6% compared to 2022. In November 2023, the bank issued a 5-year dollar-denominated sukuk worth $500 million. Jamal is also Chairman of Qatar Islamic Bank, UK, and a member of the Board of Directors of QInvest.
* In the 64th place, His Excellency Sheikh Abdul Rahman bin Fahad Al Thani
Position: Group CEO
Company: Doha Bank
Sector: Banking
He assumed his current position in October 2023. Doha Bank has 17 branches in Qatar and 4 overseas branches in UAE, Kuwait and India, and representative offices in UK, Singapore, Turkey, China, Japan, South Korea, Germany, Australia, Bangladesh, South Africa and Nepal, until June 2024.
In the first half of 2024, the bank recorded net profits of $118.8 million and assets of $29.1 billion. In May 2024, it launched its new mobile banking application, where about 89% of transactions are now conducted. Al Thani previously held senior positions at Dukhan Bank and Barwa Bank.
* In 70th place Abdullah Al Sulaiti
Position: CEO
Company: Carriers
Sector: Logistics
Al Sulaiti joined Nakilat in 2011 and assumed his current role in 2013. Nakilat has one of the largest LNG fleets in the world, comprising 69 LNG carriers, 4 LPG carriers, 1 floating storage and regasification unit (FSRU), and has an order book for 27 new LNG carriers, 9 QC-MAX carriers and 4 new LPG/ammonia carriers.
In March 2024, Nakilat signed long-term agreements with Qatar Energy to charter and operate 25 conventional-sized LNG carriers. Al-Sulaiti also serves as Chairman of Qatar Shipyards Technical Solutions and Qatar Structures Manufacturing Company, and is a Board Member of Gulf Drilling International Limited.
* 78th place Youssef Mohammed Al-Jidah
Position: CEO
Company: Qatar Financial Centre
Sector: Financial Services
Al-Jaidah assumed his current position in June 2015. In June 2024, the Qatar Financial Centre Authority and Masraf Al Rayan signed a Memorandum of Understanding to support the Digital Assets Lab and develop the QFC’s FinTech initiatives.
In May 2024, the Authority signed a strategic partnership with Hashgraph Association to launch a $50 million digital asset venture studio. Al-Jaidah previously served as Director of Indirect Investment at the General Retirement and Social Insurance Authority, and has worked at Qatar Energy and Dolphin Energy. He is also a board member of several local and international institutions, including: the World Alliance of International Financial Centers, the Qatar Finance and Business Academy, the Qatar Free Zones Authority, the Qatar Stock Exchange, and Sidra Medicine.
* 80th place Tariq Al-Sayed
Position: Managing Director & CEO
Company: Al Rayyan Tourism Investment Company (ARTC)
Sector: Travel & Tourism
Mr. Al-Sayed has been leading Al Rayyan Tourism Investment Company (ARTIC), a wholly owned subsidiary of Al Faisal Holding, since 2017. The company’s current portfolio includes more than 35 hotels and projects in the Middle East, Africa, Europe and North America. In November 2023, the company signed a franchise agreement with IHG Hotels & Resorts to rebrand its hotel in Times Square, New York, to Crowne Plaza. Mr. Al-Sayed previously served as the CFO of Al Faisal Holding.
* 82nd place Salem Al-Manaei
Position: Group CEO
Company: Qatar Insurance Group (QIC)
Sector: Insurance
Al-Mannai joined Qatar Insurance Group in 2001, and assumed his current role as Group CEO in 2020. The group provides its services across 11 countries, and its revenues reached $2 billion in 2023. It recorded a net profit of $169 million, compared to losses of $325 million in 2022.
Al-Mannai also serves as Chairman of the MENA Insurance Technology Association, and in 2023 contributed to the launch of the third strategic plan for the financial sector with Qatar Central Bank, which aims to transform Qatar into an international hub for innovation in the field of financial services.
CEO Rating
To compile this year’s list, Forbes Middle East ranked CEOs based on a variety of factors, including the CEO’s achievements and performance over the past year, as well as the innovations and initiatives he or she has implemented, the size of the company he or she leads, and his or her impact on the businesses and markets he or she oversees. The ranking included CEOs of companies headquartered in the Middle East and North Africa region only.
Amin Nasser, President and CEO of Saudi Aramco, topped the list. He was followed in second place by Sultan Al Jaber, Group CEO and Managing Director of Abu Dhabi National Oil Company (ADNOC). Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, and Eng. Saad Sherida Al Kaabi, Vice Chairman, Managing Director and CEO of Qatar Energy, came in third. They all retained their positions from last year’s list. Syed Basar Shuaib, CEO and Managing Director of International Holdings Company (IHC), moved up four places from ninth to fifth in this year’s list.
The list of 100 business leaders this year includes 19 different nationalities, with Emiratis leading the ranking with 27 CEOs, followed by Egyptians with 21, and Saudis with 14 CEOs, together making up 62% of the total ranking. This reflects a growing trend towards localisation, with most major companies having local CEOs. The banking sector also dominates the list with 19 CEOs, followed by the real estate sector with 10 CEOs, reflecting the boom the sector has achieved over the past two years. The CEOs in the top 10 positions on the list also lead companies operating in 6 different sectors.
Promote innovation and efficiency
In their drive to drive innovation and efficiency, several of the leaders on the list have launched new businesses and projects to expand their regional footprint. This year, ASYAD Group, led by CEO Abdulrahman Al Hatmi, announced the establishment of the Hafeet Rail project, in addition to starting the management and operation of the ASYAD Container Terminal at the Port of Duqm in Oman. Meanwhile, Contact Financial Holding, led by CEO Saeed Zaatar, launched a new financing program to support the purchase of electric vehicles. Aluminium Bahrain (Alba), led by CEO Ali Al Baqali, launched its Eternal low-carbon product line, which contains 30% and 15% recycled aluminium, in May.
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