Forbes magazine recently unveiled its highly anticipated annual list of “The Most Powerful CEOs in the Middle East 2023.” This prestigious ranking showcases the top 100 business leaders who helm the largest and most influential local companies in the region. The selection process took into account the CEOs’ accomplishments and performance in the previous year, as well as the innovative initiatives they implemented and their influence on the region, the countries they operate in, and the markets they oversee. Additionally, the size of the companies they lead played a significant role in determining their rankings.
One standout CEO from Kuwait, Issam Al-Saqr, Vice Chairman of the Board of Directors and CEO of the National Bank of Kuwait Group, secured fifth place in the entire Middle East region, earning him the title of the most powerful CEO in Kuwait. Al-Saqr’s leadership and contributions to the growth and development of his company have been recognized and celebrated by Forbes.
Joining Al-Saqr on the list are other notable Kuwaiti CEOs, including Nawaf Saud Al-Sabah of Kuwait Petroleum Corporation, Bader Al-Kharafi of Zain Communications Company, Adana Al-Sabah of Kuwait Projects Holding Group, and Mohammed Al-Osaimi of Kuwait Stock Exchange Company. These executives have not only demonstrated exceptional leadership but have also played pivotal roles in their respective companies’ success.
CEOs in the Middle East hold significant power and take on responsibilities that surpass those of their counterparts in other regions. They lead major companies that wield immense influence in the Arab world and are at the forefront of global leadership. This is partly due to the Gulf Cooperation Council countries’ investments in their sovereign wealth, which allows for substantial stakes in local corporations. Furthermore, many government entities in the region own prominent banks, telecommunications firms, industrial powerhouses, oil and gas giants, mining corporations, and hospitality companies, making the role of CEOs even more demanding.
The responsibilities of these CEOs extend beyond managing profitability; they must also align with their respective governments’ visions for their countries. Many of these leaders hold positions in government bodies, and some even serve as ministers or are part of ministerial councils. This multifaceted role requires strategic thinking and effective decision-making to meet the demands of both their companies and their nations.
The most powerful CEOs in the Middle East in 2023 are focused on sustainability, inclusion, and growth. Saudi Arabia, in particular, has made significant strides in diversifying its economy by investing in various sectors. The acceleration of corporate transformation processes has bolstered these economies, and the merger of government-owned companies has led to the emergence of larger entities. Additionally, the region has witnessed numerous significant initial public offerings, further enhancing the value of companies.
Global events such as the FIFA World Cup Qatar 2022 and the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) held in Dubai have also contributed to increased corporate profits. These events have provided opportunities for collaboration and innovation across various industries. Forbes’ third edition of “The Most Powerful CEOs in the Middle East 2023” features 100 business leaders from 22 different nationalities, highlighting the diversity and global reach of the region’s CEOs.
Emiratis dominate the list with 23 CEOs, followed by Egyptians with 19 leaders, and Saudis with 18 CEOs. This trend indicates positive localization, as most major companies are now led by local CEOs. The banking sector leads the way with approximately 17 companies, followed by real estate and construction with 14 companies, and communications with 9 companies.
The recognition and inclusion of these CEOs in Forbes’ prestigious list showcase their exceptional leadership and the significant impact they have on their companies, industries, and the Middle East region as a whole. Their strategic vision, innovative initiatives, and commitment to growth and sustainability position them as influential figures in the global business landscape.
Source: TimesKuwait
