27 of the region’s most powerful CEOs are Emirati

The UAE topped the Forbes Middle East list of the region’s “Most Powerful CEOs” for 2024, with 27 CEOs. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, came in third place, while Sultan Al Jaber, Group CEO and Managing Director of Abu Dhabi National Oil Company (ADNOC), came in second. Amin H. Nasser, President and CEO of Saudi Aramco, topped the list, while Saad bin Sherida Al Kaabi, Vice Chairman, Managing Director and CEO of Qatar Energy, came in fourth.

According to Forbes Middle East, all four CEOs retained their same positions on last year’s list, while Syed Basar Shuaib, CEO and Managing Director of International Holding Company (IHC), moved up four places from ninth to fifth on the 2024 list.

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, came in seventh, while Hatem Dowidar, CEO of E& Group, came in ninth.

The list of 100 business leaders of 19 different nationalities includes Emiratis who top the list with 27 CEOs, followed by Egyptians with 21 leaders, and Saudis with 14 CEOs, together making up 62% of the total list.

This reflects a growing trend towards localisation, with most major companies having local CEOs.

The banking sector topped the list with 19 leaders, followed by the real estate sector with 10 leaders, reflecting the boom achieved by the sector over the past two years.

It is noteworthy that the presidents in the top 10 positions on the list lead companies operating in six different sectors.

Criteria

Forbes Middle East ranked CEOs based on various factors, including the CEO’s achievements and performance over the past year, as well as the innovations and initiatives he implemented, the size of the company he leads, and his influence on the businesses and markets he oversees. The ranking included CEOs of companies headquartered in the Middle East and North Africa region exclusively.

• Forbes’ list of the year includes 100 business leaders from 19 nationalities.