Forbes.. The most powerful CEOs in the Middle East 2023

Forbes Middle East has unveiled its third annual list of the Middle East’s Most Powerful CEOs 2023, highlighting 100 business leaders who head the region’s largest and most influential local companies. The leaders on the list generated combined revenues of over $1 trillion in 2022, while the combined market value of the companies they run exceeded $5 trillion.

Amin Hassan Al-Nasser is in the lead This year’s list is topped by Amin Nasser, president and chief executive officer of Saudi Aramco, the world’s largest crude oil producer. He is followed by Sultan Al Jaber, group chief executive officer and managing director of ADNOC, and Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline, all of whom retain their rankings on the list for the third year in a row.

The 100 business leaders featured on the Forbes list come from 22 different nationalities, with Emiratis dominating this year’s list with 23 CEOs, followed by Egyptians with 19 and Saudis with 18. Together, they make up around 60% of the ranking, a positive sign for Emiratisation, as most major companies are headed by CEOs from their own countries.

Banking sector The banking sector tops the list with 17 companies, followed by the real estate and construction sector with 14 companies, and telecommunications with 9 companies. The top 10 CEOs also lead companies operating in 6 different sectors, reflecting the diversity of sectors in this classification.

With sustainability at the top of Forbes’ corporate priorities this year , business leaders have focused on accelerating their sustainability efforts in line with global commitments. Majid Al Futtaim Holding, led by CEO Ahmed Galal Ismail, reduced its consumption of single-use plastics by 82% in the first half of 2023.

Sultan Al Jaber Sultan Al Jaber, Group CEO and Managing Director of ADNOC, was also appointed President-Designate of COP28 in Dubai, while Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), plans to increase DEWA’s desalinated water capacity from 490 million gallons per day (MIGD) in 2023 to 730 MIGD by 2030.

To prepare the list, Forbes ranked CEOs according to several factors, including: the CEOs’ achievements and performance in the past year, as well as the innovations and initiatives they implemented, as well as their impact on the region, the countries in which they operate, the markets they oversee, and the size of the companies they head.