Doha: Forbes Middle East released its fourth annual list of the region's top CEOs on Wednesday, August 14, recognising business leaders who have made a significant impact over the past year.
The list features 100 CEOs from companies based in the MENA region, representing 19 nationalities. Minister of State for Energy Affairs, the President and CEO of QatarEnergy HE Eng. Saad bin Sherida Al Kaabi ranked fourth and QNB Group CEO Nasser Abdulla Mubarak Al Khalifa ranked 10th among this year's most impactful CEOs.
Here are nine Qatar-based business leaders who have been recognised for their achievements and the success of the companies they lead.
• 4th - HE Eng. Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs
• Position: Deputy Chairman, President and CEO
• Company: QatarEnergy
• Nationality: Qatari
• Sector: Energy
In 2014, HE Al Kaabi took on the roles of President and CEO of QatarEnergy. In 2018, he also became the Minister of State for Energy Affairs and Deputy Chairman of QatarEnergy. In May 2024, QatarEnergy finalised a $6 billion agreement with China State Shipbuilding Corporation (CSSC) to build 18 state-of-the-art QC-Max LNG vessels. In February 2024, QatarEnergy announced the 'North Field West' project, aiming to boost Qatar's LNG production capacity to 142 million tonnes annually by 2030, an 85% increase from current levels.
• 10th - Nasser Abdulla Mubarak Al Khalifa
• Position: Group CEO
• Company: Qatar National Bank
• Nationality: Qatari
• Sector: Banking
The QNB Group was founded in 1964. Al-Khalifa joined in 1996 and assumed his current role in November 2018. In 2023, QNB's assets increased by 4% to $338.2 billion, and net profit rose by 8% to $4.3 billion. In May 2024, QNB extended its partnership with Ooredoo Fintech to develop fintech services and digital innovation in Oman.
• 36th - Aziz Aluthman Fakhroo
• Position: Group CEO & Managing Director
• Company: Ooredoo
• Nationality: Qatari
• Sector: Telecommunications
Fakhroo has led Ooredoo Group since November 2020, overseeing operations across 10 countries in MENA and Southeast Asia. In June 2024, Ooredoo announced a partnership with NVIDIA to tap into the growing demand for generative AI, accelerated computing, and hyperconnectivity. In the first quarter of 2024, the group reported revenues of $1.6 billion and total assets of $15.6 billion.
• 59th - Bassel Gamal
• Position: Group CEO
• Company: Qatar Islamic Bank
• Nationality: Egyptian
• Sector: Banking
Gamal has led QIB since 2013. In 2023, the bank reported $52 billion in assets, $3.1 billion in revenues, and $1.2 billion in net profits, up 6.6% from 2022. In November 2023, QIB issued a $500 million five-year sukuk. Gamal also chairs QIB-UK and sits on the board of QInvest.
• 64th - Sheikh Abdulrahman bin Fahad bin Faisal Al Thani
• Position: Group CEO
• Company: Doha Bank
• Nationality: Qatari
• Sector: Banking
Sheikh Abdulrahman took on his current role in October 2023. As of June 2024, Doha Bank operates 17 branches in Qatar, four overseas branches in the UAE, Kuwait, and India, and representative offices in the UK, Singapore, Turkiye, China, Japan, South Korea, Germany, Australia, Bangladesh, South Africa, and Nepal. In the first half of 2024, it reported $118.8 million in net profits and $29.1 billion in assets. In May 2024, the bank launched a new mobile banking app, now handling nearly 89% of transactions. Sheikh Abdulrahman previously held senior roles at Dukhan Bank and Barwa Bank.
• 70th - Abdullah Al Sulaiti
• Position: CEO
• Company: Nakilat
• Nationality: Qatari
• Sector: Logistics
Al Sulaiti joined Nakilat in 2011 and became CEO in 2013. Nakilat operates one of the world’s largest LNG fleets, with 69 LNG carriers, four very large LPG carriers, and a floating storage and regasification unit (FSRU). The company has 27 new LNG carriers on order, plus nine QC-MAX carriers and four LPG/Ammonia carriers. In March 2024, Nakilat signed a long-term charter agreement with QatarEnergy for 25 LNG vessels. Al Sulaiti also chairs Qatar Shipyard Technology Solutions and Qatar Fabrication Company, and is a board member of Gulf Drilling International.
• 78th - Yousuf Mohamed Al Jaida
• Position: CEO
• Company: Qatar Financial Centre
• Nationality: Qatari
• Sector: Financial Services
Al Jaida took on his role in June 2015. In the first half of 2024, QFC registered 505 new companies, bringing its total to over 2,200. QFC also launched Qatar's first Digital Assets Lab, focusing on Digital Ledger Technology solutions. Al Jaida serves on the boards of the World Alliance of International Financial Centers, Qatar Finance and Business Academy, Qatar Free Zones Authority, Qatar Stock Exchange, and Sidra Medicine.
• 80th - Tarek El Sayed
• Position: CEO and Managing Director
• Company: Al Rayyan Tourism Investment Company (ARTIC)
• Nationality: Egyptian
• Sector: Travel & Tourism
El Sayed has been CEO and managing director of ARTIC, a subsidiary of Al Faisal Holding, since 2017. ARTIC's portfolio includes over 35 hotels and projects across the Middle East, Africa, Europe, and North America. In November 2023, ARTIC signed a franchise agreement with IHG Hotels & Resorts to rebrand its Times Square, New York, hotel as Crowne Plaza. El Sayed previously served as group CFO for Al Faisal Holding. He recently claimed the 26th spot in Forbes ME's 2024 'Top 100 Travel & Tourism Leaders'.
• 82nd - Salem Al Mannai
• Position: Group CEO
• Company: Qatar Insurance Company
• Nationality: Qatari
• Sector: Insurance
Al Mannai joined QIC Group in 2001 and became group CEO in 2020. In 2023, the group operated in 11 countries, generating $2 billion in revenue and a net profit of $169 million, recovering from a $325 million loss in 2022. Al Mannai also chairs the MENA Insurtech Association and played a key role in launching Qatar’s Third Financial Sector Strategy in 2023 with Qatar Central Bank, aiming to position Qatar as an innovative financial hub.
"Many of the CEOs on our list hold influential roles in government institutions. Out of the top 10 leaders, nine are from companies where the majority stake is owned directly or indirectly by the government. Two entries in the top 10 are also government ministers and another two are members of royal families," according to Forbes.
Emirati CEOs lead with 27 representatives, followed by Egyptians with 21 and Saudis with 14. A number of criteria were used to assess the CEOs, including the individual's achievements and innovations implemented in the previous year, the size of their business, and their influence on both their company and the industry at large.
Overall, the list is dominated by the banking industry with 19 leaders, followed by the real estate sector with 10 leaders, and the telecommunications with nine CEOs.
