Translated by: Hayat Hernández

Forbes Middle East has published the annual report on the most potent CEOs in MENA in 2021. In this article we will focus on the report’s most significant highlights by presenting these executive leaders’ nationalities and the sectors they operate by, as well as showing Forbes basic strategy in making the list of the Top CEOs, and finally, a glance on the progress of their business sectors on corporation level.

Nationality of most influential CEOs 

Saudi Arabia came first by 18 CEOs, followed by UAE and Egypt with 16 CEOs each, making up 50% of the list of most potent CEOs which included 100 CEOs from 24 Arab and foreign country.

Top Sectors of industry

Firstly, The Finance Sector resembles almost the third of Forbes’ classification (29%), Abdullah Mubarak Al Khalifah, CEO in Qatar National Bank association (QNB), came in the lead, operating in this sector. Secondly, The Energy Sector” (oil and gas) took over the next 5 ranks, led by Amin Al-Nasser, CEO and executive chairman in Saudi Aramco. Followed by Sultan Ahmed Al-Jaber, CEO in Abu Dhabi National Oil Company “ADNOC”.  Coming in fourth place, Hashem Hashem, CEO and vice president of the board directors of the Kuwait Petroleum. Followed by Toufik Hakkar, executive board chairman and CEO in “Sonatrach” in Algeria. And Saad Bin Sherida Al-Kaabi in the sixth, Forum member, CEO, and vice president of executive board in Qatar Petroleum, and also the minister in Qatar Ministry of Energy Affairs since November 2018.

Top Ten CEOs 

The table below illustrates the ten most potent CEOs in MENA according to Forbes, and the companies they operate.

Forbes’ Evaluation Criteria

Forbes Middle East follows these criteria in their classification of the top CEOs:

• Company’s volume of incomes, assets, and staff number.

• The influence of the CEO and his company on the sector, society, and country.

• Company’s growth and CEO accomplishments in the previous year.

• CEO’s experience in the current position in addition to his general experience.

• CEO’s personal endeavors including presidency/ membership of Executive Boarder and social initiatives.

• Recognitions and prizes by countries and well known associations.

Development of the business sector

In the report on most powerful CEOs, Forbes Middle East has focused on the business sector development during the last decade regarding companies, governmental and familial organizations and regulatory agencies. Nevertheless, Forbes highlighted two significant progresses. The first one is that many governmental establishments have witnessed many restructured operations, turning its tactic of running the business into the same as a private company. According to the magazine, Aramco is considered an example of restructured corporations. This company hadn’t been announcing its operational and financial process, but after it has been listed as a public company in the Saudi capital market, it discloses the business outcomes periodically every 3 months.

According to Forbes, the shift in the path of governmental companies has led to an increase in corporate governance standards in MENA, and has also increased the responsibilities and tasks that CEOs in many corporations in the region bear. In fact, CEOs in governmental companies like Dubai International Financial Center have become concerned about their companies’ growth and development in terms of the country’s economic strategy. 

As for the second progress, familial foundations have become more forthright than before as they were inconspicuous about their business, but after some of them have been incorporated in the stock market, their levels of authenticity and responsibility towards young investors have risen, taking into consideration, most of stock shares in these foundations still belong to family members.