Forbes magazine names Eng Yasser Zaghloul, Group CEO of National Marine Dredging Company (NMDC), as one of the Top 10 CEOs in the UAE and Top 20 in the Middle East

Posted on January 9, 2024

Many CEOs residing in the Middle East have broad powers and carry responsibilities that go beyond their counterparts in other regions, as they head major companies that are influential in the Arab world and leading globally. This is partly due to GCC countries investing their sovereign wealth in major local companies.

The region’s governments also own the largest banks, telecommunications companies, industry, oil and gas, mining and hospitality companies, making the role of the CEO more challenging. In addition to running the business to generate profits, a CEO also needs to focus on achieving the vision of the government in the country in which he or she works, especially since many of these leaders also head government bodies, and some are even ministers or belong to ministerial councils.

In 2023, the region’s most powerful CEOs are focused on sustainability, inclusion and growth. Saudi Arabia, in particular, has invested in various sectors to diversify its economy. The acceleration in corporate transformation has strengthened these economies, and the merger of government companies has led to the emergence of larger companies. In addition to the number of large initial public offerings that the region witnessed, which raised the value of these companies. Global events and conferences also contributed to increasing corporate profits, 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) in Dubai.

Our annual list, “The Most Powerful CEOs in the Middle East 2023,” in its third edition, includes 100 business leaders from 22 different nationalities. The Emiratis dominate with 23 CEOs, followed by the Egyptians with 19 leaders, then the Saudis with 18 CEOs. This is a positive sign of localization, as most major companies are headed by local CEOs. While the banking sector tops the list with about 17 companies, followed by the real estate and construction sector with 14 companies, and communications with 9 companies.

Among the CEOs on the list of the year are the head of the world’s largest oil company, the head of one of the world’s largest liquefied natural gas companies, the head of the world’s busiest international airport, and the head of one of the largest international airlines. 100 CEOs were also able to achieve combined revenues exceeding $1 trillion in 2022, and the value of all companies reached more than $5 trillion.