● The 100 CEOs managed combined revenues of $1 trillion in 2022 and the firms are collectively worth over $5 trillion.
● Emiratis reign with 23 entries, followed by 19 Egyptians and 18 Saudis.
● Four of the top 10 executives represent the energy sector.
● Heads of Saudi Aramco, ADNOC, and Emirates Group retain their top three spots.
Dubai 14 January 2024:
Forbes Middle East has released its third annual list of the Top 100 CEOs in the Middle East, spotlighting the business heads that are running the region’s biggest and most influential homegrown companies. Combined, the 100 CEOs managed revenues of over $1 trillion in 2022. Their firms are collectively worth more than $5 trillion.
Amin H. Nasser, President and CEO of the world’s largest crude oil producer Saudi Aramco, topped the ranking. ADNOC Group’s Sultan Al Jaber and Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group rounded up the top three spots. These three executives have retained their ranking for the third consecutive year.
The 2023 cohort represents leaders from 22 nationalities. Emiratis dominated with 23 entries, followed by Egyptians with 19 and Saudis with 18. These three groups comprise 60% of the ranking, signaling positive momentum for localization. With 17 CEOs, the banking sector claimed the most entries, followed closely by real estate and construction with 14 and telecommunications with nine. Among the top 10 alone, six different industries are represented, illustrating the sector diversity in top leadership.
Against the recurring priority of sustainability this year, the leaders on this ranking have accelerated their corporate sustainability measures to align with global commitments. Majid Al Futtaim – Holding’s Ahmed Galal Ismail led the group to achieve an 82% reduction in single-use plastic consumption in the first half of 2023. At the COP28 held in Dubai, ADNOC Group’s Sultan Al Jaber served as the president-designate of this year’s climate change conference for global transformative climate action. Meanwhile, Dubai Electricity and Water Authority’s (DEWA) Saeed Mohammed Al Tayer intends to increase its water desalination capacity to 730 million imperial gallons per day by 2030, up from 490 million in 2023.
To construct this ranking, Forbes Middle East assessed the CEOs using various metrics, including the individual’s accomplishments and implemented innovations over the past year, size of their company, and their impact on their firm and the wider industry. Only CEOs of companies headquartered in MENA were considered.
Top 10 CEOs In The Middle East 2023
1. Amin H. Nasser
Nationality: Saudi
President & CEO, Saudi Aramco
2. Sultan Al Jaber
Nationality: Emirati
Group CEO & Managing Director, ADNOC Group
3. Ahmed bin Saeed Al Maktoum
Nationality: Emirati
Chairman & Chief Executive, Emirates Airline & Group
4. Saad Sherida Al-Kaabi
Nationality: Qatari
Deputy Chairman, President & CEO, QatarEnergy
5. Isam Jasem Al-Sager
Nationality: Kuwaiti
Vice Chairman & Group CEO, National Bank of Kuwait (NBK Group)
6. Nawaf S. Al-Sabah
Nationality: Kuwaiti
Deputy Chairman & CEO, Kuwait Petroleum Corporation (KPC)
7. Sultan Ahmed Bin Sulayem
Nationality: Emirati
Group Chairman & CEO, DP World
8. Olayan Alwetaid
Nationality: Saudi
Group CEO, stc Group
9. Syed Basar Shueb
Nationality: Emirati
CEO & Managing Director, International Holding Company (IHC)
10. Hatem Dowidar
Nationality: Egyptian
Group CEO, e&
About Forbes Middle East
Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspiring business journalism and entrepreneurial capitalism. Its online and social platforms break news covering billionaires, business, investment, technology, economy, entrepreneurship, leadership, and luxury lifestyles. The monthly magazine, featuring in-depth interviews with the Middle East’s most influential and innovative leaders, is published in print in English and Arabic, with digital versions available to both regional and global audiences online. Forbes Middle East extends the Forbes brand of journalism across the Arab world, conducting its own comprehensive research to publish original lists that adhere to strict methodologies. Its content attracts business leaders, investors, active and potential entrepreneurs, and a wide audience of ambitious and influential executives.
Media contact: Basma Aly Sadek: basma@forbesmiddleeast.com
