Forbes Middle East July 2020

TOP 100
SAUDI LAUNCHES $49B FUND TO SUPPORT TOURISM THE WORLD’S 5 MOST VALUABLE CARMAKERS
ARAB FAMILY
THE WORLD’S HIGHEST-PAID CELEBRITIES BUSINESSES MOST EXPENSIVE CITIES FOR EXPATS
JULY 2020 ISSUE 95
Diriyah
Gate Development
Authority CEO
JERRY
INZERILLO
“People are not
only going to
travel again,
they’re going to
travel in great
numbers.”
VISIONARY
AS IT REOPENS IN THE WAKE OF A GLOBAL PANDEMIC,
SAUDI ARABIA IS NOT PAUSING ON THE ROAD TO VISION 2030,
WITH THE KINGDOM’S TREASURED DEVELOPMENT OF
JULY 2020 ISSUE 95
DIRIYAH GATE DRIVING ITS HOPES FOR TOURISM.
OMAN................................ OMR 3 BAHRAIN............................BHD 3 UAE.....................................AED 30

OTHERS..................................... $8 KUWAIT..........................KWD 2.5 SAUDI ARABIA.................. SAR 30
83
F O R B E S M I D D L E E A S T.CO M JULY 2020

6 I Sidelines
Onwards 19
By Claudine Coletti
I LEADERBOARD
8 I The World’s 5 Most Valuable Carmakers
10 I The Largest Corporate Commitments To Tackle Inequality 1
12 I 5 Most Expensive Cities For Expats
14 I Top 10 Largest Sovereign Wealth Funds In The World
C O N T E N T S
18 I The Middle East Reopens
19 I Saudi Launches $49B Fund To Support Tourism Sector
26 I Why Are Middle East Investors Pouring Money

Into Jio Platforms?
28 I Opportunity Calls
With its recent $1.2 billion investment in India’s Jio Platforms,
the Mubadala Investment Company is exploring a new market
and targeting a popular telecoms opportunity. Khaled Al Qubaisi,
the Abu Dhabi fund’s CEO for the aerospace, renewables, and ICT
sectors, helped oversee the deal.
By Samuel Wendel
I THOUGHT LEADERS
57 I Developing Autonomous Resilience In A Globalized
28
Economy By Stas Louca
66 I How COVID-19 Is Shaping The Future Of Commerce For Good
46
By Ramez T. Shehadi
71 I The Future Of Financial Inclusion In MENA

By Dr. Sheikh Selim
58 I Arab Celebrities Doing Their Part During COVID-19

Lockdown By Samar Khouri
I CELEBRITY 100
60 I The World’s Highest-Paid Celebrities
68 I Ronaldo’s $105 Million Year Tops Messi And Crowns

Him Soccer’s First Billion-Dollar Man By Christina Settimi
70 I Inside Oprah’s Return To The Celebrity 100

By Madeline Berg
I NEXT BILLION-DOLLAR STARTUPS 2020

72 I MIRROR, ON YOUR WALL
Peloton isn’t the only home fitness gadget suddenly prospering in
the coronavirus era. Former ballerina BRYNN PUTNAM has hit
a $300 million gusher with an interactive workout device that you
can hang up anywhere at home.
By Amy Feldman

Top 100 Arab Family Businesses
In The Middle East
34
2
C O N T E N T S

3

JULY 2020 ISSUE 95
4
• INSIDE •
C O N T E N T S
COVER STORY
20 I Visionary
As it begins to reopen in the wake of a
global pandemic, Saudi Arabia is not
pausing in its journey on the road to
Vision 2030. Heading the development
of one of the kingdom’s most treasured
sites, Jerry Inzerillo, CEO of the Diriyah
Gate Development Authority, is
helping to drive its hopes for tourism.
By Claudine Coletti

5

Sidelines
6
FORBES MIDDLE EAST
Onwards
D
are I say it, things are starting to feel a little normal again. Many of our favorite places are
open, we can see each other in real life, and it’s almost too hot to be outside. While we
still need to observe new ways of life and stay cautious, we can also start looking ahead to
brighter times.
This seems to be also true for one of the hardest-hit industries over the past three months: travel
and hospitality. While much of central Europe has started opening its borders to travelers, the
Middle East is quickly following suit. Saudi Arabia has reopened its entertainment and commercial
activities, and announced that it will not be doing what many thought it might, that is cancel Hajj,
although this year’s pilgrimage will be limited to citizens and residents of the kingdom. Dubai has
announced that it will be opening its airports to international travelers again from the beginning of
July and bringing back the thousands of residents that have been waiting to come home—news that
many families and hotels have been praying for. Egypt has been busily preparing its archeological
sites and beaches ready to welcome visitors again when it can be confident of their safety. And
Jordan is reopening Petra to domestic visitors, and has announced a stimulus package for its travel
industry, reducing fees for restaurants, offering loans to travel companies, and liquidating around
$42.3 million worth of bank guarantees to help out travel and tourism agents.
We’re a long way from being out of the woods, but these little signs of hope show at least that
the wheels are in motion again. We want to travel, and other countries want us to visit. Who isn’t
looking forward to that first post-COVID holiday?
Another sign that we can be confident of happy times ahead is the level of investment that’s being
made, whether by big companies, venture capitalists, or sovereign wealth funds. When these guys
put their money down, they are seeing opportunity. And they’re not sat at home at the moment
binge-watching Netflix and ordering their second takeaway of the day, no—they are back to work
in a big way.
In our part of the world, Saudi’s Public Investment Fund, Abu Dhabi’s Mubadala, and ADIA have
recently all taken the same bet, pouring $1.5 billion, $1.2 billion, and $750 million respectively into
Jio Platforms, the current cash cow for Asia’s richest man, Mukesh Ambani. With a net worth of
$64.4 billion, the Reliance Industries chairman has reeled in approximately $15.1 billion since the
end of April in investment for 24.5% of his broadband connectivity platform. He invested around
$33 billion in it 2016, and the money he’s made during lockdown so far seems to have gone largely
towards making Reliance Industries net-debt free in less than 60 days—in March it owed around
$21 billion. Want to know why it’s such a money magnet? Well, you can find out in this issue.
You can also take a look at the world’s wealthiest sovereign funds, the Middle East’s largest
and most successful family businesses, and the world’s highest-earning celebrities. And if you’re
dreaming of travelling again, take a look at one of the mega-projects on the cards for Saudi Arabia,
Diriyah Gate—something to look forward to.
—Claudine Coletti, Managing Editor

JULY 2020 ISSUE 95
7
Dr. Nasser Bin Aqeel Al Tayyar President & Publisher
nasser@forbesmiddleeast.com
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LEADERBOARD • MARKETS
The World’s 5 Most

8 Valuable Carmakers
The brainchild of Elon Musk, Tesla, made history in June by surpassing Toyota to become the world’s
MARKETS
most valuable automaker globally. Its stock jumped 90% in less than six months in the middle of
a pandemic, when the market crashed 30%. But of course, stock market valuation doesn’t tell the
entire story. Here’s a look at the performances of the automobile companies Tesla overtook to land
the top spot in terms of valuation.
LEADERBOARD •
Tesla
Market cap: $178 billion
Founded: 2003
HQ: U.S.
Over the past year, Tesla’s share
price has surged by nearly 350%,
reaching a valuation of more than
seven times its 2019 revenue. The
electric market leader delivered
less than 400,000 cars in the 12
months up to March 31, exceeding
the total number of cars it
produced in ten years between
2008 and 2017. On March 9, CEO
Elon Musk announced that Tesla
had produced its one-millionth
vehicle since releasing its first
consumer car, the Roadster, in
2008. On January 22, 2020, Tesla
became the first-ever American car
company to reach more than $100
billion in market valuation. Tesla
ranked #586 on Forbes’ Global
2000 list this year, reporting 2019
revenues of $26 billion.
FREDERIC J. BROWN / AFP
By Jamila Gandhi

9
MARKETS
LEADERBOARD •
Toyota Motor Volkswagen Group Honda Motor Daimler
Market cap: $174.4 billion Market cap: $77 billion Market cap: $43.7 billion Market cap: $42 billion
Founded: 1937 Founded: 1937 Founded: 1948 Founded: 1886
HQ: Japan HQ: Germany HQ: Japan HQ: Germany
Toyota is currently valued Industry leader The Honda Motor Before the pandemic,
at 0.6 times its annual Volkswagen produces company produced over Daimler’s Mercedes
revenue. In the fiscal year more than 10 million five million automobiles in forecasted an operating
ended March 31, 2019, the vehicles per year. The 2019. Honda’s automotive profit of at least 4% in
company reported revenue of automotive company has revenue has increased 2020 and at least 6% in
around $281.6 billion. It sold acquired several brands consistently over the years, 2022. Now, the parent
nearly 10.5 million vehicles over the years, including recording $93.2 billion in company of luxury
in the 12 months ended Audi, Porsche, Skoda, FY 2017 to $99.7 billion automaker, Mercedes-
March 31, about 10 times as and Bentley. The group’s in FY 2019. Motorcycle Benz, has confirmed that
many as Tesla has built in its top brand is its namesake revenue witnessed similar its cost-cutting plan would
lifetime. According to data by Volkswagen passenger car growth, increasing from reach $1.5 billion by the
GoodCarBadCar.net, Toyota’s brand, which accounted $15.9 billion in FY 2017 to end of 2022. As per Trefis
Tacoma was America’s fourth for a third of all vehicles $18.9 billion in FY 2019. estimates, Mercedes-Benz
bestselling new pickup truck sold by the conglomerate Honda’s electric vehicle cars and vans make up 60%
in 2019, delivering 187,622 in 2019. The company has model, the e compact, is of Daimler’s top line. The
pieces. Meanwhile, the Toyota said that by 2025, at least expected to begin deliveries German giant is expected
Corolla was the world’s best- 25% of its global sales in Europe by late summer to launch an electric A class
MARIO TAMA / Getty Images via AFP
selling car model in 2019, will be battery-electric. this year. The Japanese sedan and an electric van
according to data by Statista. Volkswagen ranked #23 carmaker ranked #83 on this year. Daimler ranked
Toyota ranked #11 on Forbes’ on Forbes’ Global 2000 Forbes’ Global 2000 list #326 on Forbes’ Global
Global 2000 list this year, list this year, reporting this year, reporting 2019 2000 list this year, reporting
reporting 2019 revenues of 2019 revenues of $275.2 total revenues of $142.4 2019 revenues of $189.2
$280.5 billion. billion. billion. billion.
Figures as of June 26, 2020.

LEADERBOARD • LEADERS
10
The Largest Corporate
Commitments To Tackle Inequality
LEADERS
In light of the global Black Lives Matter protests, several corporations have made public
statements against racism and injustice. Here are some of the most significant donations
unveiled by companies in June in response to fighting racial inequality.
LEADERBOARD •
Bank of America
Donation: $1 billion
Sector: Financial services
On June 2, the US’ second-
largest bank by assets
announced a commitment of
$1 billion to be deployed over
four years. The new program
will focus on assisting people
and communities of color that
have seen the greatest negative
impact of the COVID-19
crisis. Specific areas of focus
will be to continue hiring
low-to-moderate-income
staff, building partnerships
with historically black colleges
and universities that help
with hiring, and supporting
investment for affordable
shelter and neighborhood
revitalization.
PayPal
Donation: $530 million
Sector: Technology
includes a $15 million Softbank Group Corp venture capital industry. In
fund to strengthen the tech a staff letter, CEO Marcelo
Payments giant PayPal company’s internal diversity Claure highlighted that only
Holdings Inc. unveiled its and inclusion programs and Sector: Financial services 1% of VC-backed founders
$530 million investment employee resource groups. On June 3, SoftBank started are black. As such, this new
to support black and PayPal will also match $2 a $100 million fund that fund will specifically look
minority-owned businesses for every $1 donated by will exclusively invest in to support founders from
and communities in the US, employees and $10 for every firms led by people of communities that face
By Jamila Gandhi
particularly those hardest hit volunteer hour dedicated to systemic disadvantages in

Oli SCARFF / AFP
color. The Japanese group

by the pandemic. Announced racial, economic justice efforts has historically been developing and scaling up
on June 11, the commitment in local communities. underrepresented in the their businesses.

Warner Music five years through a new chairman and CEO, Brian Apple
center on racial equity Roberts, declared that
Group Donation: $100 million
on June 5. In a letter to the cable giant will be
Donation: $100 million Sector: Technology
company staff, CEO Doug allocating $100 million
On June 11, Apple CEO Tim
Sector: Entertainment McMillon revealed that to fight injustice and
Cook said the tech giant’s Racial
Major record label Warner the center’s goal will be to inequality against any
Equity and Justice Initiative,
Music Group (WMG) address systematic racism race, ethnicity, gender
worth $100 million, will promote 11
launched its $100 million in society head-on and identity, sexual orientation,
racial equality for people of
fund on June 3 to support accelerate change. The or ability. Over the next
color with a focus on criminal
fund will be used to tackle three years, Comcast will
LEADERS
the music community and justice reform, economic
groups promoting social issues surrounding social distribute $75 million in
equality, and education. The
justice in partnership with determinants of health, cash and $25 million in
program will be led by Apple’s
the Family Foundation strengthening workforce media. The pledge will
vice president of environment,
development, and related focus on accelerating the
LEADERBOARD •
of its primary owner, Len policy, and social initiatives,
Blavatnik. CEO of WMG, educational systems. company’s diversity and
Lisa Jackson. Currently, 24% of
Steve Cooper, stated that inclusion, amplifying black
Apple’s workforce is made up
the fund will go towards Comcast voices and stories, and
of underrepresented minorities.
supporting girls of color
organizations that are on Donation: $100 million Cook also added that the
the frontlines of the fight to become innovators in
Sector: Entertainment company would match specific
against racism and those STEM fields, among other
employee donations two-for-one
in need across the music On June 8, Comcast plans.
during the month of June.
industry. An advisory panel
will determine the amount
of the financial gifts and
timing.
Sony Music Group

Sector: Entertainment
Chairman Rob Stringer
announced Sony’s $100
million fund to support
anti-racist and social
justice initiatives across
the world, on June 5. The
company added that it will
be expanding its mental
health support for staff as
well as matching employee
donations to several social
justice charities globally
throughout June, including
the Minnesota Freedom
Fund.
John Gress Media Inc / Shutterstock.com
Walmart
Sector: Retail
One of the world’s largest
retailers, Walmart and
the Walmart Foundation, Apple CEO Tim Cook
pledged $100 million over

LEADERBOARD • ECONOMY
5 Most Expensive Cities For Expats

According to Mercer’s 26th annual Cost of Living Survey, factors like currency fluctuations, cost of
12
inflation for goods and services, and instability of accommodation prices are critical to determining the
cost of expatriate packages for employees on international assignments during uncertain times. Of 209
ECONOMY
cities, these are this year’s five most expensive destinations for expatriates worldwide. Four of the top
five cities in this year’s ranking are in Asia.
Hong Kong in the top 10, not helped by

LEADERBOARD •
concerns over the economic

2020 rank: 1
outlook, the Brexit unease,
2019 rank: 1 and an escalating trade war.
Despite facing political unrest The Economist Intelligence
and an incoming national Unit lists Zurich as the
security law, Hong Kong number one city in the world
has retained its spot as the for quality of life. The Swiss
most-costliest city for expats city also ranks second in
both in Asia and globally terms of the highest salaries,
for the third year running. driving up the cost of rent
This is due to currency and groceries. After Zurich,
movements measured against the next most-costliest
the US dollar driving up the European cities are Bern (8)
cost of living locally, as well and Geneva (9).
as the city’s staggering real
estate market. According
to CBRE, Hong Kong is the Singapore
world’s most expensive real Ashgabat 2020 rank: 5
estate market worldwide, 2019 rank: 3
with ownership out of reach Mercers. As such, the Asian found that foreign-affiliated Singapore has made the top
even for people with higher city’s cost of importing food companies in Japan generally five despite relatively low
salaries. and raw materials has become have a positive view of their inflation and weakening
pricier, upending the supply business conditions as well as global trade growth. It’s now
Ashgabat, and demand balance. the prospects of the Japanese more expensive than Beijing
economy. Besides Tokyo, (10) and Shanghai (7),
Turkmenistan Osaka (22) and Kyoto are also partly due to the weakness
2020 rank: 2 Tokyo, Japan popular expat destinations of the yuan against major
2019 rank: 7 2020 rank: 3 and slightly cheaper cities to currencies in the past year.
The capital of Turkmenistan 2019 rank: 2 live in than the capital. After Hong Kong, Singapore
is not somewhere As the most populous city ranks second among the
synonymous with lush in Japan, the Asian city’s Zurich, Switzerland most expensive residential
living, and yet in the past exorbitant costs influence the 2020 rank: 4 property markets globally,
12 months, it has surpassed rest of the nation. Boasting as per CBRE research. The
2019 rank: 5
gonetothemoon / Shutterstock.com
Tokyo (3), Singapore (5), a population of over nine financial hub is an attractive
and New York (6). The high million people, Tokyo has a Europe’s most expensive location for multinational
rank of Ashgabat comes as high cost of living, with a loaf city, Zurich, has climbed companies to establish their
Turkmenistan witnesses of bread estimated at $7.41 the ranks to fourth place regional headquarters and is
By Jamila Gandhi
a critical economic and on average, according to the this year thanks to the Swiss known for its ease of doing
social crisis, combined with Economist Intelligence Unit. franc. No other European business and top-notch
hyperinflation, according to A 2017 survey by JETRO country has landed a spot infrastructure.

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LEADERBOARD • WEALTH
Top 10 Largest Sovereign Wealth

14
Funds In The World
The world’s sovereign
WEALTH
wealth funds have crossed

$8.2 trillion in assets
under management, with
LEADERBOARD •
the top 10 largest wealth

funds controlling 69% of
total assets worldwide,
according to a recent report
by Sovereign Wealth Fund
Institute (SWFI).
KEY FACTS
• The top 10 largest
sovereign wealth funds are
currently managing assets
of $5.7 trillion, according to
SWFI.
• The Norwegian sovereign
wealth fund maintained
its top position with
assets worth $1.18 trillion,
followed by the Chinese
fund “China Investment
corporation” with assets of
$940.6 billion. Abu Dhabi
Investment Authority’s fund Norges Bank headquarters
came in third with $579.6
billion in assets.
• Three Arab sovereign
funds made it to the top 10
including the Abu Dhabi
1 Norway Government Pension Fund Global
Total assets: $1.18 trillion
Investment Authority (#3), Founded: 1990 Country: Norway

the Kuwait Investment The Norwegian fund is the world's largest sovereign fund with
Authority Fund (#4), and assets under management of $1.18 trillion.
Saudi’s Public Investment In 2019, the fund achieved returns of 19.9%, which was the
Fund (#9). second-highest since 1998 in percentage terms, and the highest
• Asian countries including
Photo: Esten Borgos / Norges Bank
in the local currency “krone” according to the fund’s annual

China and Singapore report in 2019.
dominate the top 10 with six On October 25, 2019, the fund reached a historic milestone when its market value
funds, followed by Arab gulf passed 10 trillion kroner ($1 trillion) for the first time.
By Amany Zaher
countries with three funds. The fund is investing in 9,202 companies worldwide, and holds almost a 1.5% stake
Norway is the only European of all the world’s listed companies. Apple, Nestle, Microsoft and Samsung are among the
country in the top 10. fund’s investments.

2 China Investment Corporation (CIC) In October 2019, a consortium led by a wholly owned
subsidiary of the Abu Dhabi Investment Authority and
Total assets: $940.6 billion EQT bought Nestlé Skin Health for $10.6 billion.
Founded: 2007 Country: According to the recent report from the fund, the
China 20-year and 30-year annualized rates of return for the
ADIA portfolio were 5.4% and 6.5% respectively, as end
China’s sovereign wealth fund, of 2018, which is lower than 2017 ratios with 1.1%, 0.5%
the CIC is the world’s second largest wealth fund with respectively. 15
$940.6 billion in assets under management.
According to the fund’s 2018 annual report that was
WEALTH
released late September 2019, a 10-year cumulative
annualized net return was 6.07% and exceeded the fund’s
ten-year performance target by 45 bps. CIC’s assets have
4 Kuwait Investment
Authority (KIA)
steadily grown, with $940.6 billion in gross assets and Total assets: $533.6 billion
LEADERBOARD •
$858.8 billion in net assets in 2018. Founded: 1953 Country: Kuwait
About 44.1% of the fund’s investments was in
alternative investments (including direct investments)
overseas, while 38.3% was in public equity, according to
the report. The fund was founded in 2007 with a registered
capital of $200 billion to be a vehicle to diversify China's
foreign exchange holdings.
3 Abu Dhabi Investment

Authority (ADIA)
Total Assets: $579.6 billion
Founded: 1976 Country: United Arab Emirates
ADIA, which was established by the
government of Abu Dhabi in 1976, is the
world’s third biggest wealth fund and the
largest in the Middle East with assets under management
of $579.6 billion.
KIA is currently the fourth largest fund worldwide with

assets of $533.6 billion.
The fund is set up with a goal to diversify the Kuwaiti
economy and reduce its reliance on oil revenue. KIA is
responsible for the management and administration of
the General Reserve Fund and the assets of the Future
ADIA photo by JoemanjiArts-ESOS / Shutterstock.com;
Generations Fund, with any other funds entrusted to it

by the Minister of Finance for and on behalf of the gulf
country. A minimum of 10% of all state revenues are
KIA photo by SCraitza / Shutterstock.com
transferred to the Future Generations Fund annually.

In 2019, the fund sold its 16.1% stake in Gulf Bank for
around $500 million, generating around $100 million in profit.
The fund didn’t disclose any figures related to the
returns or detailed investments portfolio, but according to
the stock market disclosures, KIA holds a 19.20% stake in
the Bank of Bahrain and Kuwait (BBK) and a 24.08% stake
in Kuwait Finance House, among other investments.

5 Hong Kong Monetary Authority
Investment Portfolio 8 Temasek Holdings
Total assets: $375.4 billion
Total assets: $528 billion
Founded: 1974 Country: Singapore
Founded: 1935 Country: China-Hong Kong
Singapore-based investment
The Hong Kong Government’s
company, Temasek, is managing
Exchange Fund was established in 1935
assets of $375.4 billion. Temasek is wholly-owned by the
16 then later renamed the Exchange Fund
Singapore Minister for Finance.
Ordinance. The fund is managed by
The annualized total return since its inception in 1974
the Hong Kong Monetary Authority
is 15% in terms of Singapore dollar terms, according to the
WEALTH
(HKMA).
fund’s website.
In May 2020, HKMA announced that the total
As of March 2019, the fund holds 56% stake in Singapore
assets of the exchange fund had increased to $528
Airlines and 1% Stake in the Chinese giant Alibaba, among
billion as of April 2020, with a $180.6 million increase
other investments.
LEADERBOARD •
compared to March 2020.

In 2019, the fund recorded an investment return
of 6.2%, with the investment portfolio achieving a
return of 9.7%, while the long-term growth portfolio
recorded an annualized internal rate of return of
9 Public Investment Fund (PIF)
Total assets: $360 billion
about 12.4% since its inception in 2009 and until end Founded: 1971 Country: Saudi Arabia
of September 2019. PIF is currently the third largest sovereign fund
in the Arab world with assets worth $360 billion.
6 GIC Private Limited

Saudi’s fund has advanced 22 spots in the
world ranking since Mohammed bin Salman took the helm of
Total assets: $440 billion the fund in 2015, according to analysis of the economic report
Founded: 1981 Country: Singapore unit in Saudi newspaper “Al-Iqtisadiya.” The fund’s assets have
increased by 137% since 2015 when the assets were almost
GIC, Singapore’s sovereign wealth fund, is the sixth $152 billion, ranking 31 globally.
largest fund in the world with $440 billion in assets The kingdom transferred nearly $40 billion from the central
under management. bank foreign reserves to fund investments of PIF in March and
GIC achieved annual return of 3.4% above global April 2020. Saudi Arabia aims to increase the fund’s assets to
inflation, during the 20-year period that ended 31 $400 billion this year.
March 2019. PIF is actively investing in international companies and has
In February 2020, GIC acquired Beijing’s LG Twin bought $8.2 billion worth of new investments in 25 global stocks
Towers from South Korean conglomerate LG Group, in 2020 so far.
for $1.12 billion. About 32% of GIC’s portfolio is
invested in the US, while 7% is in Africa, the Middle
East and Europe.
10 National Council for Social
Security Fund
7 SAFE Investment Company Total assets: $325 billion
Total assets: $417.8 billion Founded: 2000 Country: China
Founded: 1997 Country: China The Chinese National Council for Social Security Fund,
established in 2000, is the tenth largest sovereign fund in the
The SAFE Investment Company was world with assets under management worth of $325 billion.
founded in 1997 in Beijing, China. The National Council for Social Security Fund manages the
It is currently the seventh largest assets of the National Social Security Fund, which serves as the
fund in the world with assets under national social security reserve fund to supplement and adjust
management worth $417.8 billion. the social security spending.
In 2020, the SAFE Investment Funding sources include fiscal allocation from the central
Company announced a sizable stake in Euroclear SA government, the transfer of state-owned capital, fund
to became the fifth largest shareholder in the company investment proceeds, and capital raised by other methods
with 4.26% stake, according to SWFI. approved by the State Council.

P RO M OT I O N
Grandiose Supermarket Poised

for Major UAE Expansion
Olivier Latour, CEO of Grandiose Supermarkets, reveals the latest
plans from the unique local supermarket chain.
G
randiose, the contemporary
neighborhood supermarket
chain, is embarking on
an aggressive expansion
to establish itself as a leading grocery
retail player in the U.A.E. Encouraged
by its initial success with U.A.E. grocery
shoppers, the chain has ramped up
it’s activities to penetrate into more
communities in need of better providers.
Grandiose supermarkets currently
operate in Dubai Marina, Um Suqeim,
Barsha, Dubai Mall, Silicon Oasis,
Address Downtown), Ras Al Khaimah
(Grove) and Abu Dhabi (Reem Island). foods (organic & free from), balanced ensuring efficient home deliveries to
The chain is now set to expand into fresh ready meals and freshly baked customers has become even more
several locations over the next two bakery products. Grandiose has important for Grandiose. Grandiose has
years, promoting its popular assortment collaborated with leading French retailer strengthened its delivery offering and
of products and enhanced levels of Intermarche to offer its wide range of stock levels are constantly monitored
consumer loyalty. niche products. and adjusted to adequately meet
Sourcing from local producers and customer needs, providing them with
Customer-Centric Offering farms is a key aspect of Grandiose even greater value and convenience.
Seeking to differentiate from its operations, in addition to promoting a In response to the current situation,
competition in the market, Grandiose positive eco-citizenship concept. Grandiose has also stepped up its
focuses heavily on an entirely customer- health and safety measures to ensure
centric approach to product range and Fostering Eco-Citizenship the well-being of staff and customers.
shopping experience. Customers have Since its launch, Grandiose has been The supermarkets and their facilities are
reacted positively to the refreshing focusing on enabling consumers to well sanitized based on approved best
change in the grocery retail landscape, purchase high-quality products while practices. The staff are well trained with
particularly supporting the eco-friendly acting responsibly in conserving the updated practices in hygiene, health
practices adopted by Grandiose. Its environment. The outlets encourage protection and social distancing.
initiatives towards promoting a healthy customers to bring their own re-usable Grandiose aims to be a responsive
lifestyle have also gained traction, shopping bags or opt for the paper bags and innovative provider of grocery
creating excellent reputation in its available at the plastic-free checkout and is thereby investing significantly
communities. counters. In addition to the instore in enhancing its online and instore
Grandiose offers many common and initiatives, Grandiose organizes several capabilities. In the coming months,
regularly-consumed products for good social events like the beach clean-up residents of UAE can anticipate a
value, while also providing a gourmet drive and partners actively with the refreshing transformation in this sector.
customized range. The customers enjoy government youth hub to educate
a unique look and feel environment consumers on the reduction of waste.
with the associated warmth of service.
Amongst its specialties are an extensive Convenience, Health & Safety
range of international foods, healthy During the ongoing COVID 19 crisis, www.grandiose.net
The Middle East Reopens

Across the region, restrictions are being lifted to allow travel and tourism to begin again,
18 subject to guidelines. Here are the recent moves made by Egypt, Jordan, and Dubai.
Dubai
ECONOMY
The emirate is welcoming tourists

into the country from July 7.
Travelers will need to present
a recent COVID-19 negative
LEADERBOARD •
certificate or undergo testing at

Dubai airports.
Key Facts
• Before being allowed into the
country tourists need to fill in
a Health Declaration Form and
ensure they have valid health
Tourists sit at a cafe in the vicinity of al-Hussein mosque in the Islamic Cairo district insurance before embarking on
their journey.
Egypt Jordan • Upon arrival, tourists need to
Egypt is lifting curfew and A number of protection and economic prove that they are not infected. If
gradually reopening its economy, empowerment programs have been announced they don’t have a negative PCR test
with cafes, restaurants, and by Jordan’s Prime Minister, Omar Razzaz, certificate, they will have to undergo
houses of worship being partially to support the private sector. The travel and the PCR test at the airport.
reopened. The country is also tourism sector is the first to receive aid from • Tourists who test positive for
reopening its airports and the government as one of the industries most COVID-19 need to register their
welcoming international tourists affected by the COVID-19 pandemic. details on the COVID-19 DXB app
from July 1 in three coastal and isolate themselves at their own
Key Facts
governorates: South Sinai, Red Sea, expense in a government-provided
and Marsa Matruh. • $42.3 million worth of bank guarantees will institutional facility for 14 days.
Key Facts
be liquidated and made available to travel and
tourism agents.
• Citizens with valid residency
• Restaurants and cafes can open at • Sales tax will be reduced from 16% to 8% for
visas that were issued in Dubai are
now allowed to return home. Flights
25% capacity until 10pm. services provided by hotels and tourist-classified can be pre-booked on any airline,
• Theaters, cinemas, and sports restaurants. but citizens need to obtain approval
clubs can open at 25% capacity, • Service charges at tourist hotels and coordinated between the General
while malls and commercial shops restaurants are reduced from 10% to 5%. Directorate of Residency and
will close by 9pm.
• 2019 income tax can be paid in incremental Foreigners Affairs and the airline.
• Houses of worship will be allowed installments from July to December 2020. • Citizens and residents can travel
to open for daily prayer.
• Companies will have access to $211.5 million to select foreign countries, subject
• All tourists are exempt from worth of loans to finance operating expenses and to travel guidelines before, during
tourism visa fees until October 31. payrolls. and after their travels. The full
• Egypt reopened for domestic • Approximately $1.4 million is being dedicated guidelines and safety precautions
tourism in May, with hotels allowed to operating daily flights between Amman and for tourists, citizens and residents
AHMED HASAN / AFP
to operate at 50% capacity. Aqaba for Royal Jordanian, Fly Jordan, and are available on the Dubai Media
• In 2019, the country’s tourism Jordan Aviation. Office website.
sector generated $13 billion in • $4.2 million in financial support is available • Select cultural sites and
revenues. for tourist transport. museums can now welcome visitors.

Saudi Launches $49B Fund To

Support Tourism Sector 19
ECONOMY
KEY FACTS
• Funding will be directed to support mixed-use
destinations, to address gaps in the tourism value chain,
and to enable technologically-enhanced tourism.
LEADERBOARD •
• Projects supported by the fund will include flagship
mixed-use and hospitality developments by leading
international operators and investors with the aim of
enhancing Saudi Arabia’s tourism offering, supporting
growth across domestic and international tourism,
attracting foreign direct investment and driving job
creation.
• The Tourism Development Fund’s launch is part of
Minister of Tourism, Ahmed Al-Khateeb the first phase of the National Tourism Strategy, which
focuses on developing and enhancing 38 sites across
Saudi Arabia’s Ministry of Tourism has created a seven destinations by 2022.
Tourism Development Fund to boost growth across the • The National Development Fund, chaired by Crown
sector. The fund will launch a range of equity and debt Prince Mohammed Bin Salman, has approved the
investment vehicles, with an initial $4 billion in capital appointment of five board members: Princess Haifa
and $45 billion in memoranda of understanding already Mohammed Al Saud, Vice Minister of Strategy and
signed with private banks, raising total support to about Investment at the Saudi Ministry of Tourism; Ihsan
$49 billion. Bafakih, Governor of the Real Estate General Authority;
The Tourism Development Fund, which has been Stephen Groff, Governor of the National Development
approved by Saudi Arabia’s Council of Ministers, Fund; Mohammed Omran AlOmran, Member of the
will collaborate with private and investment banks to Board of Directors at Saudi British Bank; and Mohammed
support the private-sector and offer further incentives to Al-Hokal, Member of the Board of Directors at the
support investments across the industry. National Commercial bank (NCB).
• Tourism has become one of the country’s highest
KEY QUOTE potential growth sectors after Saudi Arabia opened to
“The Tourism Development Fund will play a critical international tourism in 2019.
role in developing outstanding tourism experiences • Tourism is expected to contribute more than 10% of
and unlocking the full potential of Saudi Arabia as annual GDP, compared to 3% currently, and to create
a destination,” said Ahmed Al-Khateeb, Minister of more than a million new jobs by 2030.
Tourism.
• The announcement of the fund follows confirmation
“The launch of the fund at this time, as the tourism
earlier this year of the Ministry of Tourism as a distinct
Sctawiki / Wikipedia / CC BY-SA 4.0
sector faces unprecedented global challenges, is

ministry with overarching strategic and regulatory control
testament to investor and private-sector confidence in
of tourism in Saudi Arabia, and the Saudi Tourism
the long-term outlook for tourism in Saudi Arabia. The
Authority, which is responsible for destination promotion
social and economic importance of the sector cannot be
and tourist experience. Together, the three entities will
By Hagar Omran
understated: it drives growth and diversification, attracts

collaborate to evolve and enhance Saudi Arabia’s tourism
international investment, creates job opportunities and
eco-system.
enhances quality of life for millions of Saudis,” he added.

• COVER STORY •
J
20
JERRY INZERILLO
VISIONARY
AS IT BEGINS TO REOPEN IN THE WAKE OF A GLOBAL PANDEMIC, SAUDI
ARABIA IS NOT PAUSING IN ITS JOURNEY ON THE ROAD TO VISION 2030.
HEADING THE DEVELOPMENT OF ONE OF THE KINGDOM’S MOST TREASURED
Image from Diriyah Gate Development Authority
SITES, JERRY INZERILLO, CEO OF THE DIRIYAH GATE DEVELOPMENT

AUTHORITY, IS HELPING TO DRIVE ITS HOPES FOR TOURISM.
BY CLAUDINE COLETTI

Jerry Inzerillo,
CEO of the Diriyah
Gate Development
Authority
21

A
the kingdom in that role to help train Saudi hoteliers
in how to epitomize luxury service that he first met the
Crown Prince. And when the young royal selected him
to be the founding CEO of the DGDA, Inzerillo didn’t
hesitate. “This is a great honor for me,” says the CEO.
“We’re ready. We’re building a masterplan as we speak
right now, and we’re fired up.”
22
This unique project is part of a much bigger
plan. In June, Saudi launched a $49 billion Tourism
JERRY INZERILLO
Development Fund, made up of an initial $4 billion

in capital and a further $45 billion in MoUs with
private banks. The fund will support flagship mixed-
use and hospitality developments, grow domestic
and international tourism, and attract foreign direct
investment. Over the next 10 years, the country intends
to increase the contribution of tourism to its GDP
At the heart of Saudi Arabia in June, in the baking from 3% to 10% and increase the number of visitors to
ruins of a sandy, mud-brick town roughly 23kms 100 million per year by 2030—according to data from
north-west of Riyadh, work is once again underway on trading economics, the kingdom had just over 17.5
a project to turn one of the kingdom’s oldest and most million tourist arrivals in 2018. It made a historic step
sacred treasures into a modern-day cultural hub for towards this in September 2019, when it introduced
international tourism. The town is Diriyah, a historic e-visas for non-religious tourists from 49 countries for
settlement that is believed to have been the birthplace the first time. Over 77,000 tourist e-visas were issued
of the Saudi nation more than 300 years ago. And over the first 33 days, according to the Saudi Ministry of
with a pipeline budget of over $20 billion, the Diriyah Foreign Affairs.
Gate development project to transform seven-square- This has piqued investor interest in the enigmatic
kilometers of the old city into one of the world’s largest country, both local and foreign. “We have been
historical, cultural, and lifestyle destinations is a key receiving significant interest from investors and
part of Saudi’s bid to become a world-class hub for operators around the world, who want to be a part of
tourism within its Vision 2030. a very unique cultural and historical site like Diriyah,”
Diriyah is currently preparing to host the says Majed M. AlGhanim, Tourism & Quality of Life
international electric motorsport competition, the Managing Director at Saudi’s Ministry of Investment.
ABB FIA Formula E Championship, for the third “Interest from investors in Saudi Arabia’s tourism,
time in February 2021. Next season’s post-pandemic culture and entertainment industry is growing, with 23
provisional calendar has just been approved by the new foreign investment projects being set up during the
FIA World Motor Sport Council. “Sport is all part of first quarter of 2020, which is almost 50% more than
offering a vibrant, healthy lifestyle,” says veteran travel the same period in 2019.”
luminary Gerard “Jerry” Inzerillo, CEO of the Diriyah Today, Saudi’s Vision 2030 plans are very much still
Gate Development Authority (DGDA). Already making on track. The kingdom is now among the first states in
a name for itself globally, Diriyah first hosted races the Middle East to reopen its mosques, entertainment
from the annual event in 2018. venues, and commercial activities after the country,
According to Inzerillo, it has been a long-standing along with the rest of the world, spent three months in
vision of Saudi Arabia’s King Salman bin Abdulaziz, various stages of lockdown due to the global COVID-
custodian of the two holy mosques, and Crown Prince 19 crisis.
Mohammad Bin Salman to bring Diriyah back to life As the kingdom gradually reopens, activity on the
as a “gathering place” for sport, study, and storytelling. Diriyah Gate construction is also ramping up. Ground
The DGDA was established with this in mind in 2017, is now being broken on what will eventually be home
and Inzerillo was brought on board a year later. to more than 80 principle assets. “We’ve assembled the
At that time, he was the CEO of the Forbes Travel world’s foremost authorities on culture and heritage,
Guide, where he was instrumental in globalizing the headed up by His Excellency Dr. Fahd AlSamari, to
luxury hospitality star-system, including launching it assist and counsel us on the preservation, restoration
in the Middle East three years ago. It was while visiting and communication of this rich culture and heritage

23
JERRY INZERILLO
Over a third of DGDA’s staff are Saudi women, and 16% of them are in management.
for all Saudis and guests from all over the world,” says Government Practice leader at Kearney Middle East.
Inzerillo. “Vision 2030 has earmarked the tourism sector as a
Once finished, the masterplan development will key engine for the kingdom’s economic diversification
reportedly house at least 20 hotels and a selection efforts and various initiatives have been planned to
of museums, entertainment, retail, hospitality, achieve the kingdom’s tourism ambitions.”
educational, office and residential areas. It will also Other major destination projects in the pipeline for
restore two-square-kilometers of the Wadi Hanifah, Saudi include the Red Sea Project, a 28,000-square-
a palm grove that will serve as a natural outdoor kilometer development including an archipelago of
recreational space. And that’s just above the ground. more than 90 islands that also reportedly broke ground
While the outward-facing development of Diriyah Gate in April, and NEOM, a 26,500-square-kilometer
will stay true to its traditional Najdi architecture and technology-based sustainable mega-city in the north-
classic mud-brick facades, its construction will also west of the country.
remove nine million cubic meters of soil to excavate But Diriyah holds a particularly special place in the
15 meters below ground to build three kilometers of heart of the kingdom. This is not just about bringing
tunnels and 10,500 car parking spaces. in tourist dollars. “Diriyah is not a theme park,” says
“Diriyah is to Saudi Arabia what Machu Pichu is to Inzerillo. “It’s the birthplace of the Saudi Kingdom; the
the Peruvians, what the acropolis is to the Greeks, what home of kings and heroes.” Stories of Diriyah date back
the colosseum is to the Romans. It’s not just a beautiful as far as 627AD, when Islamic Prophet Mohammed
place, it’s the origin of the civilization,” Inzerillo was said to have staged a military campaign there
explains. This is not a new resort; this is the reimagining known today as the “Expedition of Muhammad ibn
and modernization of a beloved city. Maslamah.” Thanks to the welcoming oasis of the
The first public spaces and assets are due to be Wadi Hanifah providing respite for Bedouins, over
complete from mid-2021. In the meantime, the the centuries Diriyah grew to become Saudi Arabia’s
newly-rejuvenated undulating walls and turrets of first capital and was home to its first royal dynasty for
Image from Diriyah Gate Development Authority
the Al-Turaif district, which was named a UNESCO almost 100 years.
World Heritage Site in 2010, is preparing to officially Its deep-rooted historical significance was highlighted
welcome guests in September 2020, of course while at a glittering Royal Inauguration event held at Diriyah
bearing in mind any restrictions or measures still in in November 2019 to introduce the new Diriyah Gate
place at that time. masterplan to the world. And with construction due
A return to relative normality cannot come soon to begin in early 2020, February saw the DGDA sign a
enough for Saudi Arabia. “KSA has big plans for memorandum of understanding with what was then the
its tourism sector,” says Antoine Nasr, Partner and Saudi Arabia General Investment Authority (now Saudi’s

Ministry of Investment) to boost local
and international investment in the
project.
All signs were positive, but
February 2020 also brought with it a
new challenge that could never have
been predicted. Starting from China
and moving fast, the world suddenly
24
found itself falling deep into a crisis
as the COVID-19 novel coronavirus
JERRY INZERILLO
spread. Across the globe schools

and offices were closed, planes
were grounded, borders shut, and
economies halted.
The impact of COVID-19 on the
travel industry worldwide remains
devasting, not least for the Middle East. “Our estimates the world’s most recognized hotel brands—as well as
reveal that international tourist arrivals to KSA in 2020 rubbing shoulders with celebrities, politicians, and
could decline anywhere between 34% to 70%. This royalty along the way—the CEO should know what he’s
would translate to a 10 to 15-year low in terms of tourist talking about. As a veteran in hospitality, the Diriyah
arrivals,” says Kearney’s Nasr. Gate project is the latest in a long career of creating
According to Inzerillo, with roughly one in 10 global travel destinations.
jobs globally related to tourism, by June the sector Hailing from humble beginnings, Inzerillo got his
had seen approximately 30 million temporary job start in hospitality cleaning tables as a banquet busboy in
losses worldwide. But as borders begin to reopen and catering halls and hotels in his hometown of New York
economic activity begins to resume, his outlook for the in 1967, aged just 13. Years later he got his Bachelor
future, while cautious, is positive. “I have no doubt that of Science in Hotel Administration at the University
people are not only going to travel again, they’re going of Nevada, Las Vegas (UNLV). According to a UNLV
to travel in great numbers, but we have to be realistic to story highlighting “intriguing alumni,” Inzerillo was
know that it’s going to take 12 to 18 months to get back first accepted at the Cornell University School of Hotel
the confidence,” he admits. Administration, but made the switch because he felt he
With more than 50 years of industry experience, wouldn’t be encouraged to work at the same time as
which have seen him play a role in building some of studying if he went to Cornell. He later went on to also
Saudi Arabia’s Mega-Developments

Diriyah may be described as the pearl in Saudi’s crown, but it is far from being the only tourism
magnet in the pipeline. Here are four of some of the others in various stages of development.
Diriyah Gate Development Authority; The Red Sea Development Company
Red Sea Project
Size: 28,000 square kms
Where: Western coast of Saudi,
between the cities of Umluj
and Al Wajh
The Red Sea Project encompasses an
archipelago of more than 90 islands,
75% of which will remain undeveloped,
with nine designated as areas of special
conservation interest. The landscape
includes dormant volcanoes, nature and
marine habitats, and archaeological sites.

pick up a Certified Hotel Administrator Degree from of properties in South Africa, the Bahamas, Dubai,
the American Hotel and Lodging Educational Institute. Morocco, Mauritius, Mexico, and the Maldives, while
Learning his trade through the 70s, he spent nine conceptualizing and laying the foundations for the One
years working at Hilton Hotels in Las Vegas, New York & Only and Atlantis brands.
City and Miami Beach, Florida. He also started to make It was during this time, in the late nineties on
some impressive celebrity connections. “I got to take a summer trip to the Middle East, that Inzerillo
care of Elvis Presley and Frank Sinatra, and met my remembers first visiting Diriyah with a Saudi friend. “It
beloved friends Quincy Jones and Michael Jackson,” was hot,” he laughs. “Regrettably, [Diriyah] was in very
25
he remembers. Spotting his talent, Isadore Sharp, poor condition. But my friend told me this is where the
founder of Four Seasons, went on to hire Inzerillo as a Saudi state started; this is our heritage. I asked why does
JERRY INZERILLO
general manager. Aged just 26 at the time, it was a big it look like this? He said, I don’t know, but I can tell you
job for the young hotelier, but Inzerillo’s dedication to something good—our governor (now King Salman) is
hospitality already ran deep. I love to serve and create going to fix it up.”
joy, festivity, and happiness,” he says. “I deeply believe Inzerillo returned to New York in 2011, and
that service is noble, and joins us all in a collective after a three-year stint as CEO at artist and event
humanity that transcends borders and boundaries.” management company, IMG Artists, he went back to
He left Four Seasons after seven years to work with his hospitality roots to lead the Forbes Travel Guide.
entrepreneurs and Studio 54 co-founders, Ian Schrager He says he may have closed out his career in that role,
and Steve Rubell, becoming the first president of the were it not for the offer from Saudi’s Crown Prince.
Morgans Hotel Group, introducing a boutique concept Comparing his work with the Saudi royal to that of his
that was at the time new to the market. However, by work in South Africa in the time of Nelson Mandela,
1991 Inzerillo had left and headed to South Africa to Inzerillo describes it as an opportunity to “walk in the
join Sol Kerzner, founder of Sun International and footsteps of history.”
Kerzner Hospitality, which had launched Sun City, a Now the focus is on rebuilding momentum as Saudi
luxury resort and casino. plows forward in its wide-reaching ambitions. “With
Nelson Mandela had just been released from prison borders beginning to reopen in the post-pandemic
and South Africa was growing as a tourist hub. “There period, we look forward to welcoming back visitors
was an optimism, people were excited,” Inzerillo and working with Diriyah to showcase the wide range
remembers. “By 1996 we had brought seven million of investment and business opportunities the project
tourists to South Africa.” and the kingdom’s wider culture sector offers,” says the
Inzerillo worked with Kerzner for over 20 years, first Ministry of Investment’s AlGhanim.
as COO of Sun City and then, from 1996, as President For Inzerillo, the message is clear. “There’s only one
of Kerzner Entertainment Group to raise the profile Diriyah,” he smiles.
NEOM AMAALA Qiddiya

Size: 26,500 square kms Size: 3,800 square kms Size: 334 square kms
Where: North-west Saudi Where: Red sea, Tabuk province Where: Outskirts of Riyadh
Images courtesy of NEOM; AMAALA; Qiddiya
NEOM is a new technology- AMAALA, Arabic for “Hope,” Qiddiya will be home to a golf
based sustainable area that will will embody sustainable living, course, cinema, cliff-top stadium, and
include towns and cities, ports and combining art and culture, sports, Formula One racetrack. More than
enterprise zones, research centers, sea, and land, across three main 300 recreational and educational
sports and entertainment venues, sites. Aimed at luxury tourists, facilities will be centered around
and tourist destinations. When there will be a focus on integrative five themes: parks and attractions,
complete it will be the home and and medical wellness, with facilities sports and wellness, nature and
workplace for more than a million for golf, polo, reef diving, and environment, arts and culture, and
people. submarine exploration. motion and mobility.

• MONEY & INVESTMENTS •
Why Are Middle East Investors

26
Pouring Money Into Jio Platforms?
telecommunications specialist.
MONEY & INVESTMENTS
"However, unlike Mubadala's

diverse portfolio, ADIA has a history
of investing heavily in the US, Europe,
and Japan for its security and low-
risk benefits," adds AlMarzooqi
apprehensively. "ADIA's backing into a
developing market like India's telecom
sector is new territory and against
the company's traditionally low-risk
strategy."
SO, WHY JIO?

Jio Platforms is getting a lot of its
investor appeal partly from being
a debt-free holding company with
a capital structure similar to global
technology peers. The multi-million-
dollar bets come as India is the only
On June 18, Saudi's Public WHAT THE BIGGEST INVESTOR primary open internet market where
Investment Fund (PIF) announced SAYS overseas tech giants like Alphabet
it will be investing $1.5 billion, or a "We're making a financial investment, and Amazon can compete for market
2.33% stake in Jio Platforms. and more than that, we're committing share. As a leading digital platform
Since late April 2020, Indian to work together on some major in the world's second-most populous
tycoon Mukesh Ambani has raised projects that will open up commerce country, the company consequently
$15.1 billion from a clutch of well- opportunities for people across can leverage the subscriber base to
known international investors by India," Facebook founder and CEO pursue new growth opportunities.
selling around 24.59% of his digital Mark Zuckerberg said in a statement Reliance Jio's net revenue for
connectivity business, Jio Platforms. on his Facebook page. As the largest the fiscal year 2019 was over $4.5
Better known as the chairman stakeholder yet, at 9.9%, Facebook's billion. According to German
and managing director behind oil WhatsApp is likely to benefit from research firm Statista, Jio is estimated
and gas giant, Reliance Industries, a huge business opportunity by to generate over $8.2 billion by
Ambani is scoring plentiful success investing $5.7 billion in Jio. the end of the 2021 financial year.
at a time when many companies are "Despite a forecasted growth, these
filing for bankruptcy. WHAT THE EXPERT SAYS numbers are nothing compared to
Jio's new roster of investors "Rated AA by Moody's, Mubadala the financials reported by Facebook,"
from the last three months jumped on the investing bandwagon says AlMarzooqi. "As a data-driven
include Facebook, Silver Lake after seeing credible international company, it is clear that Facebook's
Partners, Vista Equity Partners, companies like Facebook back Jio. purchase in Jio's nearly 400 million
fotosunny / Shutterstock.com
General Atlantic, KKR, Mubadala Due to its history of making quick userbase was made to gain access to
sell more customer data." In a few
By Jamila Gandhi
Investment Company, and Abu exits, Mubadala is likely to resell its

Dhabi Investment Authority shares to a new investor at a higher years, AlMarzooqi predicts that this
(ADIA), TPG, L Catterton and the price within a year or two," said figure could quickly go up to 500
PIF. Mohamed AlMarzooqi, an Emirati million users, proving to be even

more lucrative for the Silicon Valley company hadn't made a profit since
social network. its official launch in 2016.
While the 4G venture has begun Fast forward three years, the
digitizing services for customers magnate is now preparing to take
across the country, it seeks to bring Jio public outside of India within
small bodega or "kirana" stores to the next 12 to 14 months. With an
the digital world. With hundreds of IPO on the agenda, if Jio hits $100
millions of Indians using WhatsApp, billion, these global investors can WHAT IS JIO?
this partnership serves as an entryway expect to get a 20-30% return, an • As India's only pure-play 4G
into an exploding digital economy anonymous source told Business platform and largest wireless 27
and an e-commerce ecosystem that Insider. No details are currently carrier, Jio is focused on delivering
could be a gamechanger for Facebook available on listing venue or size, digital services across the country.
MONEY & INVESTMENTS

and Indian SMEs. although international tech firms In 2016, it launched a data-centric
Facebook also retains a more tend to prefer listing in the US as 4G LTE network and now reigns
significant advantage over Middle it offers firms greater liquidity and in the country's hyper-competitive
East investors. Even if Jio's userbase more comprehensive capital access. telecom industry.
hits a billion, Mubadala and ADIA The telecom arm's listing in the US
are not equipped with the experience would also give its heavy-weight • Once dominated by several
nor have a platform to capitalize backers—including Facebook, players, India's telecom sector is
on the data that Facebook will be Silver Lake, Vista, General Atlantic today ruled by fellow billionaire
leveraging. In the current investment and KKR—a stronger and lucrative Sunil Mittal's Airtel and loss-
landscape, investors across industries valuation in a capital market that is making Vodafone Idea, chaired by
target purchasing stakes to acquire deeper than Mumbai's. the billionaire, Kumar Birla.
the data of customers. "Data is the On the other hand, the parent • Thanks to its affordable high-
new oil today. One day, we might company of Jio's national rival Bharti speed data, Jio has transformed
see Facebook expand its offering to Airtel is seeking roughly $1 billion by India's digital ecosystem. Before
become a mobile operator," predicts selling a stake in the Indian mobile Jio, the download speed was 256
AlMarzooqi. carrier. The move came as Airtel's kbps, with 1 GB of data priced at
Given its 388 million-and- share price hit a record of $7.87 in between $3 and $263. Whereas
growing subscriber base, Jio has late May as its user revenues surged Jio's download speed is now 21
quickly become a vehicle for by 14% in Q1 2020. mbps, costing less than $0.2 for 1
Reliance to diversify from its GB of data.
primary oil and petrochemicals
business. Reliance is also in ARE THERE MORE INVESTORS • The platform has witnessed
discussions with Saudi Arabian Oil ON THE WAY? an unprecedented growth
Co. to sell around $15 billion of Jio will need to collect at least $8 trajectory from 72 million users in
its oil and chemical business. As of billion for a 5G license and around December 2016 to 355 million as of
March 31 this year, Reliance had a $6 billion for 4G enhancement, September 2019.
net debt of $21.2 billion. By selling totaling to around the $15-20 billion • Shares of Reliance have risen
stakes in Jio, the group has reached mark to merely grow the network, 2.4% this year, outperforming the
its net debt-free goal much ahead estimates AlMarzooqi. Having raised 18% drop in the benchmark S&P
of its deadline of March 2021. For $15.1 billion so far, it seems Jio still BSE Sensex Index.
the fiscal year ended March 2020, has room to secure more sales worth
Reliance Industries reported a net a minimum of $5 billion and more • Reliance is set to infuse an
profit of $5.3 billion. Thanks to a if India is looking to compete with incremental $14.2 billion of
continuous rally in its share price, China in the 5G race. liabilities in the connectivity
Reliance became the first Indian According to an anonymous business through a Scheme of
firm to hit a market valuation of source in a story by The Hindustan Arrangement, marking the total
$150 billion on June 22. Times, tech conglomerate Microsoft capitalization in digital services at
was mulling a $2 billion stake $22.8 billion.
IS AN IPO ON THE HORIZON? in Jio Platforms in late May. If • Forbes listed Ambani as Asia's
According to reports, Ambani was negotiations prove to be successful, richest man this year, with a real-
considering an IPO of Reliance Jio the $2 billion investment will time net worth of $64.4 billion as
following a $31 billion investment buy Microsoft a 2.5% stake in Jio of June 27.
spree back in 2017. At the time, the Platforms.

• MUBADALA •
K
28
KHALED AL QUBAISI
OPPORTUNITY CALLS
WITH ITS RECENT $1.2 BILLION INVESTMENT IN INDIA’S JIO PLATFORMS,
THE MUBADALA INVESTMENT COMPANY IS EXPLORING A NEW MARKET
AND TARGETING A POPULAR TELECOMS OPPORTUNITY. KHALED AL QUBAISI,
THE ABU DHABI FUND’S CEO FOR THE AEROSPACE, RENEWABLES, AND ICT
SECTORS, HELPED OVERSEE THE DEAL.
BY SAMUEL WENDEL

Khaled Al Qubaisi,
Mubadala’s CEO for the
aerospace, renewables,
and ICT sectors
29

I
In June 2020, the Mubadala to adapt, exploring new markets and evolving sectors.
Investment Company made Case in point, only days after the Jio deal became
international headlines by public, Mubadala’s Group CEO Khaldoon Khalifa
investing $1.2 billion in Jio Al Mubarak revealed plans to double down on its
Platforms, a rising Indian exposure to the technology sector, with a focus on Asia,
telecom and digital services in remarks made during a virtual conference. That
company that’s positioned to includes looking at India, China, and Southeast Asia
30
become a dominant player in the for potential investments.
market. The Abu Dhabi investor looks well-placed to make
KHALED AL QUBAISI
India was on Mubadala’s those moves and more. Only days after the Jio deal,
radar for quite some time, says Mubadala released its 2019 review, reporting income
Khaled Al Qubaisi, CEO for of $14.4 billion for the year. That was a four-fold jump
the Abu Dhabi wealth fund’s compared to 2018, results that were driven mainly by
aerospace, renewables, and gains in its public equities portfolio and funds. The
ICT portfolios, but until recently the global investor monetization of mature assets and distributions from
was noticeably absent from the world’s second most investments totaled $17 billion in 2019.
populous country. “We were looking of course for the “2019 was a remarkable year for Mubadala. Not
right opportunity,” says Al Qubaisi. only did we deliver strong financial results, but we
Mubadala ranks as the 13th largest sovereign wealth also continued to grow our presence across multiple
fund in the world with $232 billion in assets under asset classes in key sectors and markets to help further
management at the end of 2019, according to the diversify Abu Dhabi’s economy,” said Al Mubarak, in a
Sovereign Wealth Fund Institute. The deal secured it a statement announcing the results.
1.85% share in Jio Platforms, while also adding it to the The fund deployed a total of $18.5 billion last year,
list of marquee players that have snapped up a piece of while assets under management rose 1.5% compared
the company—including Facebook, which recently paid to 2018. With a strong cash position, Mubadala
$5.7 billion for a stake. will continue to look for opportunities in public
Jio is part of Reliance Industries, a conglomerate funds and private assets while wrangling with the
controlled by Asia’s richest man, billionaire Mukesh economic situation and remaining a long-term, patient
Ambani. The mobile operator has already amassed investor, said its CFO Carlos Obeid, also in comments
nearly 400 million subscribers in only a few years. “From announcing the 2019 results.
the return on investment potential it’s hard not to see But COVID-19 certainly complicates that outlook,
the attractiveness,” says Ali Hamoudi, Global Chief even as Mubadala’s team shows it can navigate the
Business Development Officer at the Iraqi Islamic Bank challenge of remote deal-making. The pandemic has
for Investment and Development. hurt some areas of its portfolio, such as aerospace. With
There’s plenty of room for Jio to grow, with access airlines grounded and airports closed, Mubadala has seen
to a market of 1.35 billion and the potential to use orders drop up to 50% for its subsidiary Strata, which
online services to expand in industries including retail, manufactures parts for the likes of Boeing and Airbus.
entertainment and payments, which should create plenty But rather than stand idle, Strata has looked for ways
of value to send back to investors. But this deal wasn’t to adapt. That led it to work with Honeywell to begin
business as usual for Mubadala. producing N95 respirators in the U.A.E., which will
For starters, due to the COVID-19 pandemic the contribute to the fight against COVID-19.
investment had to be worked out remotely, and during “The respirators use technology and machinery
Ramadan. Coordinating across 14 time zones, Al provided by Honeywell, while we have provided a
Qubaisi says it took more than 400 emails, thousands of dedicated space in our existing manufacturing facility
WhatsApp messages, and 25 hours of video conferences in Al Ain,” explains Ismail Abdulla, CEO of Strata.
to secure the deal. The stake was finalized just after Eid. Production capacity is 90,000 per day, targeting over 30
“This all happened without anyone ever getting on a million per year. Strata is also currently actively involved
plane,” says Al Qubaisi. “We did not have one single in supplying face shields designed to protect the wearer’s
physical meeting.” entire face from hazards and reduce potential infections.
Although Al Qubaisi admits the Jio deal was unique, Meanwhile, the pandemic has also created a chance for
it also falls into a broader pattern. Even with the global big investors like Mubadala to deploy further funds in the
economy mired in uncertainty, Mubadala is continuing markets. Falling stock prices in March led to bargain-bin

prices for even blue-chip companies, (he also manages utilities and defense
and Mubadala managed to identify a as part of his portfolio). “This platform
couple of good opportunities, says Al is unique in that historically the assets
Qubaisi. COVID-19 is also highlighting we hold are all homegrown greenfield
the importance of life sciences and digital businesses,” says Al Qubaisi.
health technology, leading Mubadala That included investments in
to hint at plans for a healthcare fund local companies such as Injazat Data Mubadala’s
targeting new demand in these areas. Systems, the telecom Du, the satellite
All this comes as Mubadala has communications company Yahsat, Most Notable 31
changed considerably in recent years. In Strata, and Sanad, which is another Investments
KHALED AL QUBAISI
2017, Mubadala and the International aerospace company. Then there’s
Petroleum Investment Company (IPIC) Masdar, the Abu Dhabi-based clean Cepsa
merged, bringing together two of Abu energy firm, founded in 2006. These Stake: 61.5%
Dhabi’s top funds. The following year companies were all created as part of Value: $7.38 billion
the Abu Dhabi Investment Council the effort to diversify and bring new
joined Mubadala. Combined, the industries to Abu Dhabi. ADCB
company’s global portfolio has interests But in recent years the portfolio Al
Stake:60.2%
in industries from oil and gas to medical Qubaisi manages has grown to include
Value: $5.8 billion
technology and beyond, in addition to notable assets outside the U.A.E., such
its financial holdings. It has a presence as taking a stake in 2018 in Hyperoptic,
from Moscow to Rio de Janeiro and San a U.K. telecoms group specializing Dolphin Gas
Francisco. in metropolitan fiber networks. That Project
Now, the Jio deal and a new emphasis marked Mubadala’s first investment Stake: 51%
on tech deals in Asia offer a glimpse in Europe’s telecom sector, before it
Value: $3.2 billion
into how Mubadala is continuing to offloaded the stake in 2019. Last year
adapt to a changing global investment also saw Mubadala invest $500 million
landscape. In mature markets, many into Cologix, a U.S.-based data center
BP
players are chasing the same deals, company. “Cologix is a high-quality Stake: 2%
which compresses returns. Against that company with robust fundamentals in Value: $2.2 billion
backdrop, accessing good opportunities an industry growing rapidly,” says Al
means looking in new directions. “We Qubaisi. Al Dar Properties
had to shift our focus a bit and either There should be plenty of Stake: 29.75%
do deals that are more complex in opportunities to continue investing in Value: $1.2 billion
developed markets, or go into new ICT globally, in part because of how
frontier markets, like with what we just COVID-19 has influenced the rise of Jio Platforms
did with Jio,” says Al Qubaisi. remote work, e-learning, e-commerce, Stake: 1.85%
His portfolio is a good example of and new communication services during Value: $1.2 billion
some of those changes (in addition the pandemic, leading to changes that
to the sectors he oversees, Mubadala may be here to stay. “COVID-19 showed Du
has structured its portfolio into four the importance of communication
Stake: 10.06%
main platforms plus ADIC: aerospace, services and information technology,”
Value: $632 million
renewables & ICT; alternative says Hamoudi, from the Iraqi Islamic
investments and infrastructure; Bank for Investment and Development.
technology, manufacturing, “These two sectors are only set to grow
Cologix
and mining; and petroleum and and [are] expected to attract both private Value: $500 million
petrochemicals). and public investments globally.”
Al Qubaisi, a company veteran who Against that backdrop, the recent Shams 1 Abu Dhabi
previously served as its Chief Human telecoms deal looks all the more Stake: 80%
Capital Officer, took over his current relevant—and potentially lucrative if Value: $480 million
role in 2017 following the merger the Indian firm can take advantage of
with IPIC. At that time aerospace, its market position and technology. Equinox Gold
renewables and ICT represented just “We’re betting on that with Jio,” says Al Value: $130 million
over 10% of the company’s total assets Qubaisi.

Top 100 Arab Family Businesses
32
In The Middle East
T O P 1 0 0 A R A B F A M I LY B U S I N E S S E S
F
amily businesses are the backbone of the Middle tech companies like Spotify and Uber. It is followed by
East’s economies, with some of the largest the Al Futtaim Group, which owns 100% of Arab Orient
businesses in the region run by families through Insurance and 50% of Emirates Investment Bank, as well
private companies. as large auto dealership, real estate, and construction
Most of the companies on our list of the Top 100 businesses.
Family Businesses In The Middle East have been passed With 36 family businesses, Saudi Arabia dominates
down through at least one generation, with 10 companies the list. These businesses have grown with Saudi Arabia,
more than a century old, and 13 formed between 75 and making billions from the prosperity that transformed
100 years ago. In some cases, companies on the list appear the country after the drilling of oil began. The U.A.E.
younger than they actually are because they have been follows with 21 entries on the list. Egypt, the region’s
formed later, due to the splitting of the business between most populous country, has only three family businesses
members, or the consolidation of diversified investments on the list, mainly because a large number of large family
into one holding company. business were nationalized in the 1950s and 60s.
Family businesses have certain advantages. They are As most of the large family businesses in the region are
able to take a long-term view on business, as they are reaching the second or third generation, they have begun
not answerable to shareholders. They are able to adapt to change with the times. Many of them are bringing in
quickly to changes in the business environment, and, more corporate governance, establishing clear structures, and
importantly, they tend to diversify. Of the 100 companies putting professional managers in place. A few companies
on the list, 87 are diversified businesses. have separate family boards and corporate boards, and
Though diversified, over 80% of these family businesses several have non-family members on their board. Most
are agents or dealers for international brands, either in have a non-family member in the top management team.
their home countries or across the region. Dealers of Many are still focused on traditional business and to a
international automotive brands, FMCG brands, bottlers large extent have stayed clear of the tech industry, but
and distributors of Coca Cola and Pepsi, and fashion while currently successful they will need to transform as
retailers have been particularly successful. tech begins to disrupt industry after industry.
Many family businesses have benefited from
doing business with government-owned companies, Methodology
particularly servicing the top national oil companies.
We looked at Arab family-owned businesses in the
Several founders as well as other members of the family
region and considered:
business have held various government positions serving
as ministers or mayors, or heading up government • Group investments in regional and global stock
departments. Osama Al Zamil of the AlZamil Group is exchanges and real estate assets.
the Deputy Minister of Industry and Minerals in Saudi. • Business diversification and the number of sectors
Obaid Al Tayer of the Al Tayer Group is the U.A.E.’s in which they have significant operations.
Minister of State for Financial Affairs. Aziz Akhannouch • Types of business activity and to what extent they
is the Minister of Agriculture in Morocco. have been affected by this crisis.
The Mansour Group tops the list, with three family • Number of employees.
members on the Forbes’ World’s Billionaires 2020 list. • Number of countries they are present in and
While the group is among the world’s General Motors geographical diversification.
dealers, it has also made some smart investments in U.S. • Date of establishment.
To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com

Companies By Country
Analysis Country Number of companies
Saudi
36
The top 10 families on Arabia
the list have a net worth U.A.E. 21
of more than 33
$31 billion Kuwait 10
GLOBAL 2000
Oman 6
The top 100 Bahrain 5

family businesses
employ more than Qatar 5
LEADERBOARD •
600,000 Jordan 4
people
Morocco 4
Algeria 3
Companies By Sector
Egypt 3
Lebanon 3
Companies By Age
Age of the Number of
company companies
25 years or less 5
26-50 years 30
Diversified Other sectors
51-75 years 42
Diversified 87 76-100 years 13
Retail 3 More than 100 10
Manufacturing 2
Food and beverage 2 Generation The Chairman Belongs To
FMCG 1
Number of
Jewelry 1 Generation companies
Industrials 1 First generation 38
Petrochemical 1 Second generation 47
Real estate 1
Third generation or older 15
Textiles 1

Top 100
Arab Family Businesses
34
In The Middle East

1 Mansour Group
Chairpersons: Mohamed, Youssef and Yasseen Mansour
Country: Egypt Established in:1952
Sector: Diversified
Founded by Loutfy Mansour, Egypt’s Mansour Group has operations in over 100 countries. The group comprises of six
divisions: Automotive, Mantrac, Mansour Financial, Manfoods, MMID, and Man Capital. It is one of the largest dealers and
distributors of General Motors and Caterpillar equipment worldwide. It also distributes international brands in Egypt and
runs over 100 McDonald’s outlets. Man Capital was an early investor in Spotify, Uber, Airbnb, Facebook, and Twitter, among
others. The group is run by the Mansour brothers: Yasseen, Mohammed, and Yousseff Mansour. All three are billionaires with a
combined net worth of $7.4 billion.
Image from Mansour Group

2 Al-Futtaim Group 5 Rashed Abdul Rahman Al
Chairperson: Abdullah Al Futtaim Rashed & Sons Group
Country: U.A.E. Established in:1930
Chairperson: Abdulaziz Al Rashed
Sector: Diversified
Country: Saudi Arabia
Founded in the 1930s, by current chairman Abdulla Established in:1950
35
Al-Futtaim, the Al-Futtaim Group today has over 200 Sector: Diversified
businesses in sectors including automotive, financial
services, real estate, retail, and health categories. The Founded in 1950 by Rashed
group runs dealerships for Toyota and Honda, and it Al Rashed, Saudi’s
manufactures tractors in Pakistan. The company holds Rashed Abdul Rahman
the license to operate several brands across fashion, Al Rashed & Sons
including Zara and Marks and Spencer. Its real estate Group has 26 wholly-
portfolio includes Dubai Festival City, Cairo Festival City, Intercontinental owned companies.
Hotel, and Crowne Plaza. Al-Futtaim ranked #1001 on Forbes World’s It operates in seven
Billionaires list 2020 with a net worth of $2.1 billion. The conglomerate is run business areas, including
by his son Omar. building materials, cement, and
bulk materials, finishing materials, real estate,
contracting, industrial products, automotive
3 Olayan Group products, and food products. The company’s
investments include 9.83% in Banque Saudi
Chairperson: Hutham Olayan
Fransi, 9.9% of Arab National Bank, and
Country: Saudi Arabia Established in:1947 16.9% of Al Yamamah Steel Industries making
Sector: Diversified it one of the biggest private investors in the
Saudi Stock market. Rashed Al Rashed’s son
Founded in 1947 by Suliman S. Olayan, the Olayan Abdulaziz Al Rashed chairs the company.
Group built its foundations in contracting and
commerce in Saudi Arabia. Today, the conglomerate
is famed for its diverse commercial, industrial
operations and investment portfolio. The family 6 Abdul Latif
owns 4.93% of Swiss bank Credit Suisse, and 18.24% Jameel
of the Saudi British Bank. Real estate assets include
550 Madison Avenue in New York City, Knightsbridge Chairperson:
Estate in London, and the Hotel Ritz in Madrid, as well as office, retail, and Mohammed Abdul
residential assets in Paris’s 8th Arrondissement. Hutham Olayan, who chairs Latif Jameel
the company corporate board, has also been a board member of IBM.
Established in:1945
4 Majid Al Futtaim Sector: Diversified
Chairperson: Michael Rake Abdul Latif Jameel

Abdullah Al Futtaim, Image from Source; Olayan Group; Majid Al Futtaim;
was founded in
Rashed Abdul Rahman Al Rashed & Sons Group; Abdul Latif Jameel
Jeddah in 1945
Sector: Diversified by Abdul Latif Jameel as a small trading
business. Ten years later, the group was
Majid Al Futtaim Holding (MAF) was founded in 1992
appointed as a Toyota distributor and built
by billionaire Majid Al Futtaim. The retailing and
the largest vehicle distribution network in the
entertainment giant currently owns and operates 27
kingdom. Today it operates in 30 countries in
shopping malls and 13 hotels, which receive about
the Middle East, North Africa, and Turkey. Its
200 million and 1.6 million visitors and guests a year,
core operations are mainly in transportation,
respectively. Its famous mall brands are Mall of the
engineering and manufacturing, financial
Emirates, Mall of Egypt and the City Center Malls
services, land and real estate, energy and
across the region, which house over 3,000 retailers.
environmental services, consumer products,
In 1995, MAF bought the exclusive franchise rights to
and advertising and media sectors. The group
Carrefour in 38 countries. Majid Al Futtaim has a net worth of $3.3 billion
has grown through various investments and
and ranked #590 on Forbes World’s Billionaires list 2020.
acquisitions.

7 Al-Ghurair 9 Al-Ghurair Group
Chairperson: Abdul Aziz Abdulla Al Ghurair Chairperson: Abdul Rahman Saif Al
Country: U.A.E. Established in:1960 Ghurair
Sector: Diversified Country: U.A.E.
Established in:1960
36 Al-Ghurair’s portfolio includes Al Ghurair Properties,
which manages several residential, office, street retail, Sector: Diversified
industrial, and hospitality businesses. It established the The Al Ghurair Group
Al Ghurair Centre in 1982, the first shopping mall in the was founded by
MENA region, which also owns Swissôtel Al Ghurair. Al Saif Ahmed Al
Ghurair Foods, operates the largest poultry farm in the Ghurair in 1960.
U.A.E. and produces flour, semolina, and oats. Billionaire The BurJuman
Abdulla Al Ghurair owns the holding company and founded Mashreq Bank, the Centre in Bur
largest private sector bank in the U.A.E. Founder, Abdulla Al Ghurair ranked #494 Dubai is the group’s
on Forbes World’s Billionaires List 2020 with a net worth of $3.7 billion. flagship property
under its real estate
portfolio. Its petrochemical business,
Taghleef Industries, is among the
8 Alghanim Industries largest global manufacturer of biaxially
oriented polypropylene film used in food
Chairperson: Kutayba Y. Alghanim packaging. The group is also involved in
Country: Kuwait Established in:1932 metal manufacturing through Al Ghurair
Sector: Diversified Iron and Steel, a producer of hot-dipped
galvanized steel. Saif Ahmed Al Ghurair’s
Alghanim Industries was founded by Yusuf Alghanim in 1932. Yusuf was a founding son Abdul Rahman Saif Al Ghurair chairs
member of the Commercial Bank of Kuwait, the Kuwait National Petroleum the company.
Abdul Aziz Abdulla Al-Ghurair Image courtesy of Mashreq Bank; Omar and Kutayba Al Ghanim, Image from kutaybaalghanim.com;
Company, and the Kuwait Pipes Company. Today the group has over 30 businesses
in six key segments—automotive, engineering, food, and beverage, industrial,
consumer, and services. Among the famous brands under its portfolio are Costa 10 Zamil Group Holding
Coffee, Wendy’s, GM, and Ford. Executive chairman Kutayba Alghanim is a Chairperson: Khalid A. Al-Zamil
billionaire, with a fortune worth $1.3 billion.
Established in:1920
Sector: Diversified
Founder Abdullah
Hamad Al Zamil
first established
his trade and
services business
Abdul Rahman Saif Al Ghurair and Khalid A. al-Zamil, Images from Source
in Bahrain in 1920.
While its portfolio
is dominated by
wholly-owned and joint-venture entities,
Al Zamil Group also owns shares of two
publicly listed companies on Saudi Stock
Exchange, Zamil Industrial and Sahara
petrochemical. Zamil Industrial became
the first family-owned company in Saudi
Arabia to be listed on the Saudi Stock
Exchange in 2002 and was later followed
by Sipchem in 2006. Prior to his current
positions, Khalid Al Zamil was chairman
of the Saudi Council of the Chambers of
Commerce.

11 Al Muhaidib Group
Chairperson: Sulaiman Al Muhaidib 13 Al Nahla Group
Country: Saudi Arabia Chairperson: Abdulrahman Hassan Sharbatly
Established in:1943
Country: Saudi Arabia Established in:1996
Sector: Diversified
Sector: Diversified
Investment conglomerate,
The Al Nahla Group, founded by Hasan Abbas Sharbatly, 37
Muhaidib Group was
is one of the oldest businesses in Saudi Arabia and
founded in 1943
belongs to the Sharbatly family. The holding and
by Abdulkadir Al
investment company is composed of four clusters:
Muhaidib. Today
automotive, real estate, trading, and investment. Under
it has more than
its automotive sector are SAMACO Automotive and Fast
200 companies
Auto Technic. SAMACO Automotive imports and distributes
and investments in
Audi, Volkswagen, Porsche, Bentley, and Lamborghini. Fast Auto Technic is
the region. It holds
Saudi’s exclusive dealer of Ferrari and Maserati. Abdulrahman Sharbatly is the
stakes in some of Saudi Arabia’s leading
chairman of the group. He also chairs the Egyptian Golden Pyramids Plaza
organizations, including publicly-listed
company.
Savola Group where it owns 8.2%
and Bawan Holding Company. The
group’s investments are mainly focused
on food and retail, industrial and
14 Alshaya Group
infrastructure, real estate, and financial Chairperson: Mohammed Al Shaya
services. Abdulkadir Al Muhaidib ran the
Country: Kuwait Established in:1890
company until the 1980s and remained
involved in decision-making along with Sector: Retail
his children, who took over the group’s
The Alshaya Group was established in 1890 by the Alshaya
management.
family. It opened its very first retail franchise store,
Mothercare, in Kuwait in 1983. Today it has more than
4,500 stores in MENA, Russia, Turkey, and Europe,
12 Yousuf M.A. Naghi & anchoring 90 franchised brands across multiple sectors.
Alshaya’s portfolio includes Starbucks, H&M, Debenhams,
Sons Group The Cheesecake Factory, Boots, and Pottery Barn. The
Chairperson: group is also involved in property investment, commercial
Mohammed Yousuf Naghi trading, joint ventures, and mall developments. It owns 34.1% in Mabanee.
Chairman Mohammed Alshaya joined the group in the 1980s and oversaw the
Country: Saudi Arabia expansion into the retail industry.
Established in:1911
Sector: Diversified
Family conglomerate 15 E. A. Juffali & Brothers

Yousuf M.A. Naghi
Chairperson: Khaled Al Juffali
Al Muhaidib Group; Yousuf M.A. Naghi & Sons Group; Al Nahla Group;
& Sons Group

is divided into Country: Saudi Arabia Established in:1946
four diversified
Sector: Diversified
companies—
each managed by Brothers Ebrahim, Ali, and Ahmed Abdullah Juffali founded
one of the sons of the E. A. Juffali & Brothers company in 1946 in the fields
founder, Yousuf M.A. Naghi. The group of electric power, communications, and cement. Juffali
is Saudi Arabia’s exclusive wide sales began growing its international partnerships with brands
M.H. Alshaya; E.A. Juffali & Brothers
and distribution agent for Rolls-Royce, in the early 1950s including Electrolux, Siemens, and
BMW, Mini, and Jaguar. Its FMCG sector Massey Ferguson, mainly for product sale, marketing,
includes Reckitt Benckiser products and distribution. By 1959, Juffali became the exclusive
such as Dettol, Harpic and Finish. The distributor of Daimler-Benz AG’s Mercedes-Benz. From
group also produces and distributes automotive, the company has expanded to technology, AC and refrigerator,
pharmaceuticals and food products, and construction, and chemicals. Khaled Al Juffali is the current chairman. He also
electronic brands including LG. heads his own Khaled Juffali Industrial Company.

16 S.S. Lootah Group 18 M.A. Al-Kharafi & Sons
Chairperson: Saeed Bin Ahmed Al Lootah Chairperson: Bader Al Kharafi
Country: U.A.E. Established in:1956 Country: Kuwait
Sector: Diversified Established in:1956
Sector: Diversified
38 The Dubai-based S.S. Lootah Group was established in 1956
by founder and chairman, Saeed Bin Ahmed Lootah, who Founded in 1956 by
passed away on June 28, 2020. Lootah also founded the first Mohammed Al-
Islamic bank in the world and the U.A.E.’s largest Islamic Kharafi, Kuwaiti
bank by assets, the Dubai Islamic Bank (DIB). The Lootah conglomerate,
Group established the U.A.E.’s first contracting company M.A. Al-Kharafi &
and medical college. Its other businesses are in the construction, Sons, owns stakes
energy, real estate, food and hospitality and healthcare sectors. S.S. Lootah in several Kuwaiti
International was established to manage the group’s international investments. companies, including
Zain and Gulf Cable &
Electrical Industries. In 2016, the group
17 Suhail Bahwan Group sold its shares in Americana for $2.3 billion,
which operates fast-food chains in the
Chairperson: Suhail Bahwan
Middle East, including KFC and Hardees.
Country: Oman Established in:1965 The group also runs one of the biggest
Sector: Diversified construction companies in the region,
“Kharafi National.”
Oman’s Suhail Bahwan Group was founded by billionaire Suhail Bahwan. Along
with his brother Saud, Suhail established the family’s first business in 1965,
selling building materials and fishing nets. Today, the group’s portfolio covers
engineering and construction, infrastructure, telecommunications, electronics,
19 Morad Yousuf
furniture, healthcare, and travel and logistics among others. Its fertilizer and Behbehani Group
chemicals division generates 1.3 million tons of urea annually. Its automobile
business, Bahwan International Group, represents brands such as Nissan, Infiniti, Chairperson: Ali Morad Behbehani
and Renault. Suhail Bahwan is still the chairman and ranked #1001 on Forbes Country: Kuwait
World Billionaires list 2020, with a net worth of $2.1 billion. Established in:1935
Sector: Diversified
The Morad Yousuf

Behbehani Group
was founded by
Morad Yousuf
Behbehani, who
helped introduce
air-conditioning
and radio and TV
broadcasting to Kuwait. Today it represents
over 100 international brands through its
subsidiaries and joint ventures. Founded
M.A. Al-Kharafi & Son; Morad Yousuf Behbehani Group
in 1935, the group trades luxury watches

and jewelry, luggage and travel accessories,
surveying systems, and equipment for
S.S. Lootah Group; Suhail Bahwan Group;
audio-visual, medical, air-conditioning,

and telecommunications. Its automobile
dealerships include Porsche and
Volkswagen. The family also owns 5.47%
of Gulf Bank and 37.5% of Ahli Bank of
Kuwait. Chairman Ali Morad Behbehani
is also chairman of the Kuwait insurance
company and vice chairman of Gulf Bank.

20 Sedco 22 Cevital Group
Holding Chairperson: Issad Rebrab
Chairperson: Saleh Salem Bin Mahfouz Country: Algeria Established in:1971
Country: Saudi Arabia Sector: Diversified
Established in:1976
Cevital, Algeria’s first and biggest privately-held company, 39
Sector: Diversified was founded by billionaire Issad Rebrab. The group
has 26 subsidiaries on three continents. Cevital
SEDCO is a Shariah-
has the largest sugar refinery in the world, with an
compliant private
annual production capacity of two million tons and
wealth management and
the biggest oil refinery in Africa, which produces
institutional investment
570,000 tons per year. Over the last decade, the Cevital
company, founded in 1976
Group has expanded its global portfolio, particularly
by Salem Ahmed bin Mahfouz.
in Europe, with the acquisition of French home appliances
The Mahfouz family’s businesses include direct,
maker Groupe Brandt and Italian steelmakers Luccini. Rebrab, ranked #426 on
financial, and real estate investments, as well
Forbes’ World’s Billionaires list 2020, currently serves as CEO and chairman.
as education and healthcare. SEDCO Holding
wholly owns Saudi Arabia’s biggest car rental
company, Auto World, which was founded
in 1981. It also owns 50% of MENA’s largest 23 Juma Al Majid
pharmacy chain, Nahdi, 49.5% of Red Sea Mall Holding Group
in Jeddah, and 21.3% of Indonesia’s largest
Islamic bank, Bank Muamalat. Chairperson: Juma AL Majid
21 Zubair Corp Sector: Diversified
Chairperson: Rashad M. Al Zubair Group founder and chairman, Juma Al Majid
Country: Oman established the Juma Al Majid Group in 1950. Today
the group is comprised of around 33 companies
Established in:1967
with 150 branches across the GCC operating in
Sector: Diversified automotive, shipping, real estate, contracting,
construction, FMCG, and travel. The group is also
Founded in 1967 by Mohammad Al Zubair in
active in financial investments and portfolio management
Muttrah, family-owned Zubair Corporation has six
both regionally and global in equities and real estate, in addition to a range
divisions in diversified fields, comprising of nearly
of non-profit charity organizations and educational institutions. Juma Al
60 companies. The conglomerate is also involved
Majid also set up the Juma Al Majid center for culture and heritage in 1991,
in the art and heritage scene of Oman, having
which restores and preserves manuscripts from all over the world.
established the Al Zubair Museum in 1998 to help
preserve the family’s history. The museum was
the Al Zubair family’s old residence built in 1914,
which now houses the largest private collection of
24 Zahid Group
Omani artifacts in the Sultanate. It also supports Chairperson: Talal Zahid
local artists through Bait Al Zubair Foundation,
SEDCO Holding; Zubair Corp; Issad Rebrab Image from Source;
Country: Saudi Arabia Established in:1943

which manages the museum.
Sector: Diversified
Headquartered in Jeddah, Saudi Arabia, the Zahid

Group was founded by Mohamed Mahmoud Zahid.
Juma Al Majid Holding Group; Zahid Group
The group’s first business was to represent GM in the

Kingdom. Today it has a portfolio of 23 companies
operating across 11 sectors and representing over
50 international and homegrown brands, including
Volvo and Daewoo. The company specializes in
the supply of heavy vehicles and has been dealing
Caterpillar vehicles in the kingdom for over a half a century. Chairman Talal
joined his family’s company in 1967.

25 AKWA Group 28 Dallah
Chairperson: Aziz Akhannouch Albaraka
Country: Morocco Established in:1959 Holding
Sector: Diversified Acting chairperson: Abdullah
Established in 1959, the AKWA Group has one of the Saleh Kamel
40
largest storage capacities of gas in Morocco. With a Country: Saudi Arabia
fleet of 23 million bottles, AKWA Group’s subsidiary, Established in:1969
Afriquia Gaz distributes six brands: Afriquia Gaz,

Tissir Gaz, Ultra Gaz, Camping Gaz, National Gaz and Sector: Diversified
Butafric. The lubricant and fuel division produces and Dallah Albaraka
distributes fuels and lubricants from import, logistics Holding was Saudi
and transport to distribution to customers. Afriquia billionaire and
Gaz, holds more than 46% market share in the distribution of LPG. Chairman philanthropist,
Aziz Akhannouch also serves as Morocco’s Minister of Agriculture and Saleh Kamel. In
Fisheries, and as the president of a royalist political party. its early years, the
group cemented its
name in the media
26 AlFardan Group sector, establishing a TV production
company that provided materials for Arab
Chairperson: Hussain Ibrahim Alfardan TV stations. In 2012, Dallah Albaraka
Country: Qatar Established in:1954 acquired a 12% stake of Belgium-based
chocolate maker, Godiva and opened the
Sector: Diversified first store in the kingdom in the same
year. Founder and chairman Saleh Kamel
The group’s founder, Ibrahim Alfardan, was a reputed
passed away on May 18, 2020.
pearl trader, but the group expanded into commercial
activities under the current chairman Hussain
Alfardan, who is also the vice chairman and founder of
Qatar commercial bank. Alfardan today has businesses 29 Al Fozan Group
in real estate, hospitality, jewelry and automotive, as Chairperson:
well as investments in stock markets across the region.
Abdullah bin Abdul
Alfardan Properties was established in 1993. The group
also owns the St. Regis Doha Hotel at Al Gassar Resort, Laguna Beach, Marsa Latif Al Fozan
Malaz Kempinski, and the Al Sadd Residency. It is a dealer of Rolls-Royce, Country: Saudi Arabia
BMW, MINI, Land Rover, Jaguar, Ferrari, and Maserati. Established in:1959
Sector: Diversified
27 Saudi Bugshan Group
ABDELHAK SENNA / AFP; Alfardan Group; Khaled Bughsan Image from source;
The Al Fozan Group
was founded in
Chairperson: Khaled Bugshan 1959 by Abdullatif
Country: Saudi Arabia Established in:2000 and Mohamed
Sector: Diversified Al Fozan who
established a business
The Saudi Bugshan Group has been building its that traded building
investment portfolio for nearly a century and is present materials. It has maintained its focus
in 10 countries across three continents. It manages on the retail, manufacturing, real estate,
Dallah Albaraka Holding; Al Fozan Group
and owns 17 businesses in sectors including real and trading sectors. Two of the group’s
estate, automotive, food and beverage, education, businesses are listed on the Saudi Stock
healthcare and, beauty and fragrances. Its automotive Exchange: Bawan Holding Company
unit consists of Al-Talayi Company Ltd, the oldest and United Electronics Company. The
distributor of Bridgestone Tires in the world and the Al Fozan family took over the group and
largest in MENA. Its education segment comprises the Advanced Generations diversified its portfolio into consumer
International Schools, which deliver Cambridge International Curriculum to electronics, real estate development and
K-12 students. homewares.

32 AW Rostamani Group
Chairperson: Khalid AL Rostamani
Country: U.A.E.
Established in:1954
Sector: Diversified
41
The AW Rostamani Group was founded in
1954 when brothers Abdul Wahid and Abdulla
Al Rostamani opened Dubai’s first bookstore.
Abdul Wahid Al Rostamani also served the Dubai
Government in the 1950s. Today the group has
14 companies representing automotive, real estate
and construction, retail, logistics, information
technology, travel, and consultancy. The group’s
biggest business unit, Arabian Automobiles is one of
the Gulf region’s largest car dealers, holding exclusive
rights to distribute Nissan, INFINITI, and Renault.
30 YK Almoayyed & Sons

Chairperson: Farouk Yousuf Almoayyed
Country: Bahrain Established in:1940
Sector: Diversified
Y.K. Almoayyed & Sons was established in 1940 in the Kingdom of

Bahrain by Yousuf Khalil Almoayyed. Today, the company’s portfolio
includes automobiles, heavy equipment, building materials, electronics
and home appliances, furnishing, ready mix concrete and high-end
luxury goods. In 1946, it began representing General Electric Company
and Lister Blackstone. Since its first partnership with Nissan in 1968 the
automotive business has added Infiniti, Ford, and Renault. More recently,
it became the kingdom’s sole dealer of China’s auto brands, Great Wall
and Dongfeng Motors. 33 Saud Bahwan Group
Chairperson: Mohammed Saud Bahwan
YK Almoayyed & Sons; AW Rostamani Group; Image from Saudi Industrial Services Co.;
Country: Oman Established

31 Xenel in:1965
Chairperson: Mohamed Zainal Alireza Sector: Diversified
Oman’s Saud Bahwan Group
Established in:1973
was founded by Saud Salim
Sector: Diversified Bahwan, who received
recognitions including
Xenel was founded in 1973 by the descendants of one of
the Sultan Qaboos Order,
the oldest trading families in the Middle East. It has
Oman’s highest civilian
interests in energy, petrochemicals, construction,
order, and the Order of
infrastructure development, healthcare, industrial
the Rising Sun, the highest
services, IT, logistics, real estate, and global
civilian honor bestowed by the
investing in over 40 countries. Working with
Emperor of Japan, His Majesty Akihito. The group
International Power and the World Bank, Xenel
brought the first Toyota vehicles to Oman in 1975.
led the development of the first privately-owned
Since then, it has widely expanded its automotive
Saud Bahwan Group
green-field power plant in East Asia in Pakistan. Through

business unit with brands including Lexus, Ford,
its subsidiaries the group helped restore electricity back to Kuwait City in
Kia, Yokohama, and Daihatsu, as well as heavy
1992. Chairman Mohamed Zainal Alireza chairs the board of the Saudi
vehicle brands, MAN and Hino.
Industrial services Company.

34 BoodaiCorp 36 Nesma Holding
Chairperson: Jassim Boodai Chairperson: Saleh Ali Al-Turki
Country: Kuwait Country: Saudi Arabia Established in:1979
Established in:1955 Sector: Diversified
Sector: Diversified
42 Headquartered in Jeddah, the Nesma Holding was founded by chairman Saleh
BoodaiCorp is Ali Al-Turki in 1979. He served as the company’s president and chairman until
involved in media, his appointment as Mayor of Jeddah in July 2018. The group also operates
building materials, in the U.A.E., Egypt, Turkey and Croatia. It covers multiple sectors including
commodities, engineering and construction, food and retail, materials and manufacturing,
engineering, heavy property management, hospitality and tourism, transportation, and marine
machinery, logistics, and airport services, among others. In 2014, the group launched the Nesma Art
print media, public Gallery, which aims to support and promote local artists.
transportation, publishing
and distribution, travel, and aviation, with
investments in global distribution systems,
and travel agencies. The group owns Jazeera
Airways, which was among the first private
airlines in the region. It also owns City
Bus, Kuwait’s first non-government-owned
public transport service with a standing
fleet of 552 vehicles. Jassim Boodai is the
current chairman and was one of the
founders of the group. He has assumed
several roles including chairman of Jazeera
Airways and Al-Rai Media Group.
35 Easa Saleh
Al Gurg Group
Chairperson: Easa Saleh
Al Gurg
Country: U.A.E.
Established in:1960
Sector: Diversified
The Easa Saleh Al

Gurg Group was 37 Al Habtoor Group
founded in 1960
Chairperson: Khalaf Al Habtoor
by chairman Easa
Saleh Al Gurg when he Country: U.A.E. Established in:1970
acquired Grundig’s sole Sector: Diversified
distributorship in the U.A.E. and the agency
rights for British American Tobacco. He was The Al Habtoor Group was established as a small engineering
also a former ambassador to the U.K. and the firm in 1970 by chairman Khalaf Ahmad Al Habtoor. Today
it invests in sectors such as hospitality, automotive and
Nesma Holding Group; Al Habtoor Group
Republic of Ireland from 1991 to 2009. The

BoodaiCorp; Easa Saleh Al Gurg Group;
group’s portfolio today has 27 companies car-leasing, real estate, education and publishing. Some
and over 370 international brands, including of its U.A.E.-based hotels are the Al Habtoor City Hotel
Osram, SieMatic, British American Tobacco, Collection, Waldorf Astoria Dubai Palm Jumeirah, and
Dunlop, Danfoss, Smeg, and 3M. Some of Habtoor Grand Resort. Automotive division, Al Habtoor
its key joint ventures are Al Gurg Unilever, Motors, represents Mitsubishi, JAC and Chery, McLaren,
Siemens, Al Gurg Fosroc, Al Gurg Smollan, Bugatti and Bentley. Khalaf Al Habtoor’s philanthropic activities
and Siemens Healthcare. include contributions to the Dubai Harvard Foundation for Medical Research.

38 FinanceCom 40 Al Faisal Holding
Chairperson: Othman Benjelloun Chairperson: Faisal Bin Qassim Al Thani
Country: Morocco Country: Qatar Established in:1964
Established in:1977 Sector: Diversified
Sector: Diversified
Al Faisal Holding, 43
FinanceCom is the one of Qatar’s biggest
holding company for conglomerates, was founded
billionaire founder in 1964 by chairman Faisal
and chairman, Al Thani. He started selling
Othman Benjelloun, car parts in Doha at age
which has diverse 16, and became the sole
investments across distributor of Bridgestone
the banking sector, tires in the 1960s. Today
real estate, insurance, and the company has interests
telecom. The group is building the $500 in property, hospitality,
million 55-story Mohammed VI Tower in trading, transport, education,
Rabat. It will be one of the tallest buildings services, and information
in Africa. FinanceCom is part of a project technology. It owns more
to develop a multi-billion-dollar tech city than 20 hotels around the
in Tangiers that is expected to host 200 world, including the St. Regis
Chinese companies. FinanceCom group’s in Washington, D.C. and
biggest asset is its 36% stake in BMCE Miami, and the W Hotel in
bank. Benjelloun and his wife received the London. Al Faisal Holding
David Rockefeller Bridging Leadership also has a majority stake in
Award for building schools in rural publicly-traded Aamal, which
Morocco in 2016. owns real estate in Qatar and
sells medical supplies and
pharmaceuticals.
39 Yusuf Bin
Ahmed Kanoo
Chairperson: Khalid 41 Aujan Group Holding
Mohamed Kanoo
Chairperson: Abdulla Aujan
Country: Bahrain
Established in:1890 Country: Saudi Arabia Established in:1905
Sector: Diversified Sector: Diversified
Yusuf Bin Ahmed AGH is a family-owned

Kanoo (YBA Kanoo) conglomerate, with a history
was formed as a that dates back to as early as
trading and shipping 1905. One of its landmark
enterprise by Haji partnerships was with the
Yusuf Bin Ahmed Coca-Cola Company in 2011,
Kanoo in 1890. Its line which led to the establishment
of business has evolved into of the Aujan Coca-Cola
Beverages Company (ACCBC)
BMCE Bank; YBA Kanoo; Al Faisal Holding;
shipping, travel, machinery, engineering,

logistics, property, energy, industrial and Rani Refreshments—the
chemicals, and commercial activities. group’s FMCG business unit.
Wholly-owned activities are spread across The group also sells Vimto
Bahrain, Saudi Arabia, the U.A.E., Oman cordial in the Middle East. In
2014, ACCBC acquired the
Aujan Group Holding
and Qatar, with investments across Africa,

Europe, and Asia. Khaled Kanoo, the majority stake in Lebanese Coca-Cola bottler (NBC). In 2016, the group built
group’s chairman is a published author of another beverage manufacturing plant in Egypt. AGH owns The Oberoi Hotel
two books. Dubai.

42 Abudawood Group 44 Al-Qahtani Holding
Chairperson: Anas, Ayman Abudawood Chairperson: Abdulaziz Al-Qahtani
Country: Saudi Arabia Established in:1935 Country:
Sector: FMCG Saudi Arabia
Established in:1948
44 Ismail Ali Abudawood founded the Abudawood Group in
1935. He has served for 30 years as President of the Jeddah Sector: Diversified
Chamber of Commerce, among his other affiliations. Founded by Abdulhadi
Growing from a small wholesale business in Jeddah to Abdullah Al Qahtani

one of the largest distributors of consumer goods in Saudi in 1948, the Al-
Arabia, Abudawood Group today is present in Yemen, Qahtani Group
Egypt, Iraq, Bahrain, and Pakistan. The group has been the has interests
exclusive distributor of Procter & Gamble (P&G) products in in beverages
Saudi since 1956. production
& distribution,
manufacturing, oil and gas, petrochemical,
43 Al Naboodah Holding mining, real estate, and industrial sectors.
Abdulhadi Abdullah Al-Qahtani & Sons
Chairperson: Abdullah Mohammed Juma Beverage Industry Ltd was established in
Al Naboodah 1982. It is the franchised bottler of Pepsi
Cola, supplying soft drinks to more than
four million people in the southern region
Sector: Diversified of Saudi Arabia. Central Mining Co.
Investment, explores develops and operates
Founded in 1958 by two brothers, the Saeed & Mohammed Al Naboodah
mines across Saudi Arabia. Chairman
Holding Group employs over 15,000 people. The Al Naboodah Construction
Abdulaziz B. Al-Qahtani also chairs the
Group (ANCG) is its biggest subsidiary, with 14,000 people. ANCG has worked
Arabia Insurance Cooperative Company.
on many of the U.A.E.’s iconic projects including Palm Jumeirah, Business
Bay, Yas Island, Dubai Water Canal Project, Dubai airports, DWC, and Expo
2020. Other than construction, the group is into automobile, travel, electrical,
logistics, agriculture, fit-out, and renewable energy.
45 WJ Towell & Co.
Chairperson: Hussain Jawad
Country: Oman
Established in:1866
Sector: Diversified
WJ Towell & Co. LLC

was founded in
1866 and named
after William
Jack Towell from
the U.K. It is
one of the oldest
family businesses
in the Gulf. Mohamed
Al-Qahtani Holding; Towell International Holding
Fadhil bought the company in 1914,

Abudawood Group; Al Naboodah Holding;
but decided to keep the name. Other

than Oman, the group has significant
operations in Kuwait, Iraq, and Dubai. It
is a 51% partner in a Joint Venture with
Nestle. The group also has interests in
real estate, engineering and construction,
automobile, industrial and building
materials industries.

46 Ajlan & Bros. 48 AlOthman Holding
Chairperson: Ajlan Bin Chairperson: Mohammed Abdullah Al-Othman
Abdulaziz Al Ajlan Country: Saudi Arabia Established in:1967
Established in:1979
The Othman Holding was established in 1967 by 45
Sector: Textiles chairman, Mohammed Abdullah Al-Othman as
Known for its a trading and contracting company. The group is
classic menswear involved in food, manufacturing, packaging, industrial
line, the Ajlan & manufacturing, oil and gas, and real estate. NADA, the
Bros. Company company’s dairy arm founded in 1982, is one of the
manufactures largest manufacturers of dairy products in the kingdom,
ready-to-wear and owns 23,000 cows. The group also owns 12.7% of
pieces and winter the National Agricultural Development Co. listed and is a majority shareholder
clothes, including in Takween Advanced Industries that manufactures plastic products—both
its popular men’s headwear, Yashmagh and companies are listed on the Tadawul.
Ghuttra. Founded in 1979, the Riyadh-based
company has operations in 10 countries.
Ajlan & Bros. also has investments in the 49 Ali & Sons Holding
real estate sector in Saudi Arabia, Europe, Chairperson: Ali Bin Khalfan Al Mutawa Al Dhaheri
Asia, the U.S., and China in addition to its
private property investments. The company Country: U.A.E. Established in:1979
is run by the three Ajlan Brothers, with Sector: Diversified
Ajlan Al Ajlan serving as chairman.
Ali & Sons Holding was set up by founder and chairman, Ali Al Daheri. Oil field
supplies and services was the first division and is still one of the biggest revenue
generators for the group. ADNOC is its biggest customer. The group is also a
47 Khalifa Juma dealer for Volkswagen, Audi, Porsche, and Skoda in Abu Dhabi. It has interests in
Al Nabooda Group construction, real estate, shipbuilding, ship repair, and jewelry.
Chairperson: Khalifa Juma Al Nabooda

Sector: Diversified
Chairman Khalifa Juma Al Nabooda

founded the Dubai Printing
press in 1963. Today the
group has 20 different
companies in
industries including
automobiles, real
estate, hospitality
Ajlan & Bros.; Khalifa Juma Al Nabooda Group;
and food services

management, construction,
AlOthman Holding; Ali & Sons Holding
civil and marine engineering, hotels,

education, printing, equipment trading
and facilities management and consultancy,
and employs about 10,000 people. Al
Nabooda Automobiles is the sole importer
of Volkswagen, Audi and Porsche in Dubai
and the Northern Emirates.

50 MASIC 52 Ghassan Aboud Group
Chairperson:Ibrahim Alsubeaei Chairperson: Ghassan Aboud
Country: Saudi Arabia Established in:1933 Country: U.A.E. Established in:1994
Sector: Diversified Sector: Diversified
46 MASIC was founded by The Ghassan Aboud Group was founded in 1994 by chairman Ghassan
Mohammed Ibrahim Aboud. He pivoted the business from being a car re-exporter to being
Alsubeaei in 1933. an automotive supply-chain solutions provider that serves over 100
The family trading countries. The group is an international conglomerate based out of
business evolved into a Dubai with interests in automotive, logistics, media, hospitality, real
conglomerate and Saudi estate, retail, and catering. It also has offices in Australia, Belgium, China,
investment company, Jordan, and Turkey. It established a TV production company and a
which focuses on financial satellite channel in 2008.
services, real estate, agricultural (aquaculture),
manufacturing, industrial, and retail. Its
investment portfolio, which is segmented as asset,
direct, and real estate, includes Bank Albilad,
Fajr Capital, Lubaref, and National Aquaculture
Group—the world’s largest integrated desert
aquaculture operation.
51 Albwardy
Investment
Chairperson: Ali Saeed Juma Albwardy
Sector: Diversified
Founder and chairman of Albwardy Investment,

Ali Saeed Juma Albwardy, established the company
in the mid-1970s. Dubai-based Albwardy
Investment’s portfolio capitalizes on more than
30 companies in food distribution and retail,
construction, and hospitality sectors through
sole ownership, joint ventures and equity stakes.
It represents international brands such as Four
Seasons, Hyatt, Melia, and Desert Palm under
its hospitality division. While its retail umbrella 53 Obeikan Investment Group
consists of Spinneys, Waitrose, and Al Fair. It
distributes product brands such as Nestle, Kraft, Chairperson: Fahd AlObeikan
Maggi, Dettol, Kleenex, Heinz, Henkel, Colgate, Country: Saudi Arabia Established in:1982
Ferrero Rocher and Libby’s.
Sector: Diversified
MASIC; Albwardy Investment; Ghassan Aboud Group;
Founder and chairman Dr Fahad bin Abdul Rahman

Al Obeikan established his first business, Obeikan
Printing Press, in 1982. He diversified the group’s
portfolio with 20 specialized companies. Today, the
Obeikan Investment Group’s business units include
bottling and packaging, printing, and binding,
publishing, curriculum development and e-learning.
Obeikan Investment Group
Its subsidiaries include Obeikan Glass Co. With an

annual production capacity of 288,000 tons, the company
exports to more than 30 countries worldwide. Obeikan Real Estate private
residential cities and apartment complexes.

56 Mohsin Haider Darwish
54 Al Mulla Group Holding Co
Chairperson: Areej Mohsin Darwish
Chairperson:Najeeb Al Mulla
Country: Oman Established in:1987
Sector: Diversified
Sector: Diversified
Founded over 80 years ago by Abdulla Saleh Al Mulla to sell General Electric 47
products, today the Al Mulla Group is a diversified, privately-held business
in Kuwait affiliated with over 40 companies and subsidiaries. It is the sole Oman’s Mohsin Haider
distributor of Chrysler, Dodge, and Plymouth, and Mitsubishi Motors in Kuwait, Darwish LLC was
and added Daimler AG Mercedes-Benz to its portfolio in 2019. The group established in 1987
launched the Kuwait College of Science and Technology (KSCT) in 2015. Abdulla by Mohsin Haider
Saleh Al Mulla served as the Secretary of State of Kuwait for over two decades. Darwish, a former
chairman of Oman
Chamber of Commerce
55 Memaar Al Morshedy and Industry (OCCI)
and one of the founders of the University of
Chairperson: Mohamed Morshedy
Muscat. MHD Automotive represents premium
Country: Egypt Established in:1983 brands like Land Rover, Jaguar, McLaren, and
Sector: Real Estate and Construction Volvo. Its tires and batteries division includes
product lines such as Michelin, BF Goodrich,
Founder and chairman, Mohamed Morshedy founded Memaar Al Morshedy Federal, and Hero. The company is also the sole
in 1983. The company is poised to build the world’s largest residential distributor of AVON in the Sultanate, a leading
project in Cairo, Skyline, at a cost of $550 million. Skyline will feature 13,500 direct seller of beauty and cosmetic products.
apartments. More than 3,000 units have already sold at a total value of $176 Chairperson Areej Darwish has been listed
million until mid 2019. The developer’s other residential communities as one of Forbes Middle East’s most powerful
in Egypt include Degla Palms, an affordable housing project, and Degla businesswomen in 2019.
Landmark, a residential and commercial complex.
57 Nuqul Group
Chairperson: Ghassan Nuqul
Country: Jordan
Established in:1952
Sector: Diversified
The Nuqul Group was

established by Elia
Nuqul as Nuqul
Brothers Company in
1952, which traded
and imported food
and consumer goods.
Memaar Al Morshedy; Mohsin Haider Darwish; Nuqul Group
The group is subdivided

into two groups. Promise
Holding—Nuqul’s investment group—
spans interests in the automotive, banking,
insurance, and real estate sectors. Fine Hygienic
Holdings—the group’s biggest business—
manufactures, markets, and distributes
hygienic paper products to 75 countries
worldwide. It operates specialized production
and distribution facilities across MENA
using 100% virgin pulp. Chairman Ghassan
Nuqul holds a master’s degree in Business
Administration from Purdue University, U.S.

58 Al Sayer Group 60 Sumou Holding Company
Chairperson: Faisal Bader Chairperson: Ayedh Farhan Al-Qahtani
Al-Sayer Country: Saudi Arabia Established in:2008
Country: Kuwait Sector: Diversified
Established in:1954
Sumou Holding was established in 2008 and is involved in most of the industry sectors
48 Sector: Diversified essential to Saudi Arabia’s long-term success—including real estate investment and
The Al Sayer development, construction, logistics, and other related investments. Its success is powered
Group was by subsidiary companies such as Sumou Real Estate, which specializes in developing large
founded real estate projects. The company recently listed Sumou Real Estate on the Saudi Stock
by Naser Exchange (Tadawul).
Mohamed
Al-Sayer in
the 1930s. He
brought the first
Toyota Land Cruiser into the Arab
region in 1955. The Al Sayer Group
represents international brands in
automotive, heavy equipment brands,
engineering, and construction. Today,
the group has 18 divisions in diverse
sectors. It works with brands such as
Lexus, Bobcat, Yokohama Sakai, Ausa,
and Doosan. Al Sayer International
currently has a joint venture with
India’s Force Motors, which produces
up to 300,000 vehicles each year.
59 Sayegh Group
Chairperson: Michael Sayegh
Country: Jordan
Established in:1932
Sector: Diversified
Sayegh Group was

established in 1932
when Fa’eq
Ibrahim Sayegh
established a 61 Marafie Group
company at Chairperson: AbdulIlah Mohamed Rafie Marafie
the time called
Al Taqadum. Country: Kuwait Established in:1919
Al Sayer Holding; Sayegh Group; Sumou Holding Company;
Sayegh Group’s 35 Sector: Diversified

Abdul Ilah Mohamed Rafie Marafie image from source
companies are spread across the Arab

world, Eastern and Western Europe, Founded in 1919 by Mohammad Rafie Hussain Marafie, the Marafie
and Asia. Its biggest division is the Group today has 30 subsidiaries and operations in construction,
production, distribution, and export contracting, hospitality, real estate, manufacturing, power
of paints. It owns 14 paint and three systems, and data centers. It holds the Guinness World Record for
resin plants worldwide. It also holds building the biggest wooden dhow in the world in 2002, the Al-
shares in Jordan Commercial Bank, Hashemi II. The group traces its history back to the trading and
Roya TV, and Canning Industries Co. exporting of agricultural produce to Arabian countries, Africa, and
Chairman Michael Sayegh has been India in the 1700s. Abdullah Mohamed Rafie Marafie is the group
with the company for more than 40 chairman. He is also the chairman and CEO of First Hotels and a board member of the
years. gulf insurance group.

62 Batterjee Holding 64 Al Mana Group
Company Chairperson: Omar Hamad Almana
Chairperson: Country: Qatar Established in:1960
Mazen Mohammed Ibrahim Batterjee Sector: Diversified
Founded by chairman Omar Hamad Almana in
Established in:1982 1960, the Almana Group is a Qatari conglomerate 49
Sector: Diversified with over 30 businesses. It represents over 100
brands from its portfolio of diverse sectors including
The Batterjee Holding
automotive, industrial, contracting, real estate, food
Company was founded and beverage, financial, security and IT, and travel. Coca-
in 1982, but its family Cola Al Mana is considered one of Qatar’s oldest entities. It also represents
history goes back to brands such as Ford, Chrysler, and Hertz.
the establishment of
I.H. Batterjee and Sons
in 1908 by Ibrahim
Hassan Batterjee. The 65 Manaseer Group
group produces and distributes medical
Chairperson: Ziad Al Manaseer
supplies and equipment, fabricated steel
structures, construction materials, personal Country: Jordan Established in:1999
healthcare, and household detergent products, Sector: Industrials
among others. Some of its companies are
HomeCare Saudi Arabia, Batterjee Nordic Jordan’s Manaseer Group was founded by chairman Eng. Ziad Al
Holding, Batterjee Mining and Services, Manaseer in 1999. The company started as a chemical and fertilizer
Batterjee Packaging Systems, Batterjee Paper distribution business and has grown to 20 subsidiary companies, covering
Products, Drop Clean, Batterjee Clinic, and food industries, gas and lubricants distribution, industrial chemicals,
Batterjee Pharma. fertilizers manufacturing, international trading, warehousing services,
scrap recycling and reprocessing, cement and ready mix production, and
steel manufacturing.
63 Zahran Holding
Chairperson: Ghurmallah Al Zahrani
Established in:1975
Sector: Diversified
Founder and chairman,

Ghurmallah Al Zahrani,
Batterjee Holding Company; Ghurmallah Al Zahrani image from source;
established the
Zahran Operation &
Maintenance Company
(ZOMC) in 1975.
Today it is one of the
largest maintenance services
companies in Saudi Arabia. Zahran Holding
has expanded to construction and contracting,
travel and tourism, financial and real estate
Al Mana Group; Manaseer Group
investment, and home appliances through its

15 subsidiaries in Saudi Arabia and abroad.
Some of its businesses are Lamar Travel
Company, Zahran Real Estate, Al-Joudah
Security, Al-Mashriq Medical, and Badr
Investment.

66 Bukhamseen Holding
Chairperson: Jawad Ahmed Bukhamseen
68 Elaraby Group
Sector: Diversified Chairperson: Mahmoud Elaraby
Kuwait’s Bukhamseen Group, was founded over 60 years ago by Jawad Ahmed Country: Egypt
Bukhamseen, who still serves as the chairman. The family business is highly invested Established in:1964
50
in the banking and finance sector, having co-established the Kuwait
Sector: Manufacturing
International Bank in 1973. It is also a shareholder of the Warba
Insurance Company, one of Kuwait’s oldest insurers, and Ritaj
The Elaraby Group

Takaful. The Bukhamseen Group’s real estate segment has was founded
eight companies, including publicly listed firm, Al-Arabiya in 1964 by
Real Estate Company. Al-Mubarra, the family’s charity three brothers,
arm, provides funds for medical care locally in Kuwait and Mahmoud,
overseas. It also funds education for students with limited Mohamed, and
financial resources. Abdel-Gayed
Elaraby, who started
67 Abu Ghazaleh Investments a hardware store in Cairo selling school
supplies and children’s toys. Today the
Chairperson: Amir Abu Ghazaleh ELARABY Group manufactures and
Country: U.A.E. Established in: 1970 markets engineering products. It operates
eight commercial, industrial, and services
Sector: Diversified companies, and two industrial complexes,
Abu Ghazaleh Investments’ is a family business based in Dubai, with a portfolio which run 16 factories. Mahmoud,
that ranges from fresh produce, healthcare services, and manufacturing to chairman of the group, was awarded the
aviation, hospitality, venture capital and real estate. It holds full ownership or Order of the Rising Sun by the Emperor
shareholdings in companies worldwide including Del Monte, International Wings of Japan for the company’s four-decade
Group, Form Hotel, CF Tennis Academy, Oryx Ventures, and AGI Real Estate. commercial relationship with the country.
Emirati national Amir Abu Ghazaleh is the founder and chairman. He also serves Mahmoud Elaraby, the chairman of
on the Board of Directors for Fresh Del Monte Produce, Arab Wings, Royal the group, is a former member of the
Jordanian Air Academy, Clemenceau Medical Centre, and the National Poultry Egyptian parliament.
Company.
69 Almajdouie Group
Chairperson:
Ali Almajdouie
Established in:1965
Sector: Diversified
Established in 1965,
Almajdouie Group
business units
include logistics,
Jawad Ahmed Bukhamseen image from source; AGI;
food, automotive,
manufacturing,
real estate and
investment, with
Elaraby Group; Almajdouie Group
operations in the GCC, North America,

Europe, the Far East, the Middle East
and Africa. Almajdouie Steel Industries
manufactures 200 trailers every month and
distributes in Italy, South Africa, Nigeria,
Kuwait, Bahrain Kingdom, and Sudan.

73 Al Faisaliah Group
Chairperson: Abdulrahman Al
Abdullah Al Faisal
Established in:1971
Sector: Diversified
51
Founded in 1971 and
headquartered in Riyadh, Saudi Arabia, the
70 Mouawad
Al Faisaliah Group’s main sectors include
dairy, electronics, healthcare, and food
Chairperson: Robert Mouawad
service. It owns restaurant brands such
Country: Lebanon Established in:1890 Sector: Jewelry as Steak House, Piatto, Fire Grill and City
Fresh Kitchen. Under its dairy division is
Mouawad is one of the oldest family businesses in Lebanon. David Mouawad opened
Al Safi Danone (ASD)—a joint venture
the conglomerate’s first watch and jewelry shop in 1890. Mouawad boasts one of the
between AFG’s Al Safi Dairy Company
world’s most dazzling gem collections, including Dynasty, a 51.12 carat Russian
and French company, Groupe Danone.
diamond estimated to be worth nearly $10 million. Billionaire Robert Mouawad
ASD operates the world’s largest integrated
established the company’s presence in Europe, Asia, and North America before turning
dairy farm, with 50,000 cows that produce
over the management to his sons Fred, Alain, and Pascal in 2010. Robert ranked
over a million liters of fresh milk every
#1415 in this year’s Forbes World Billionaires List with a net worth of $1.5 billion.
day. Abdulrahman Al Abdullah Al Faisal is
the chairman of AFG. He also chaired the
71 Al Nowais Investments Qassim Cement Company.
Chairperson: Hussain Al Nowais
Country: U.A.E. Established in:1979 Sector: Diversified 74 Abdulla Yousif
Chairman Hussain J. AlNowais founded Al Nowais Investments Fakhro Group
in the late 1970s. Based in Abu Dhabi, it manages and controls
subsidiary companies in the energy, infrastructure, healthcare, Chairperson: Esam
hospitality and real estate, FMCG, and technology sectors. Abdulla Fakhro
Danway, its energy infrastructure arm, serves the GCC market. Country: Bahrain Established in:1888
It also has a stake in Rotana Hotels. It owns 7.5% of Alwaha
Sector: Diversified
Capital and AMEA Power, a developer of renewable and thermal
power projects across Africa, the Middle East and Asia. Bahraini conglomerate
Fakhro Group
72 BinDawood Holding was founded in
1888. It began
Chairperson: Abdulrazzaq as a small family
Bin Dawood trading business
of building materials
and dates. The group,
Hussain Al Nowais; BinDawood photo by Fares Jammal; Fakhro Group
Established in:1984 Sector: Retail which expanded to the U.A.E. and Qatar,
BinDawood Holding has businesses in automotive, industrial
was formally products, electronics, telecommunications,
established in 1984 insurance, contracting, shipping, and
by the BinDawood family, today they are logistics. The Fakhro Group has partnered
one of Saudi Arabia’s largest retailers. The with international brands such as Budget
group manages two retail chain brands: Rent-A-Car, Mobil, Dunlop, Omia, Sony
BinDawood Stores and Danube Stores. It Ericsson, Cisco, OKI, Avaya, McDonald’s,
has 73 hypermarkets and supermarkets MK, and Honeywell, among others. Dr
located in the kingdom’s major cities. Esam Abdulla Fakhro is currently the
BinDawood introduced its e-commerce chairman of Abdulla Yousif Fakhro Group.
platform and mobile app for Danube’s He also chairs Bahrain Cinema Company
grocery products in 2017, followed by the and serves as the Deputy Chairman of
launch of the BinDawood app in 2019. National Bank of Bahrain.

75 Marei Bin Mahfouz Group & Co. 79 Omar Kassem
Chairperson: Marei bin Mahfouz Alesayi Group
Country: Saudi Arabia Established in:1976 Sector: Diversified Chairperson: Saeed Omar Kassem Alesayi
Founded by chairman Marei Bin Mahfouz in Makkah, Saudi Country: Saudi Arabia
Arabia, over 50 years ago, the Marei Bin Mahfouz Group is Established in:1945
divided into the industrial, trade, and services sectors. The
52 Sector: Diversified
industrial division includes petrochemical, construction
and building materials, textile industry, mineral and food
processing. Its trade sector consists of Marei Bin Mahfouz
Gold & Jewelry and Matajer Al Saudia. Marei Bin Mahfouz is

also the deputy chairman of Mecca Chamber of Commerce and Based in Jeddah,
Industry and a member of the Holy Mecca Emirate Council. Saudi Arabia, the
Alesayi Group
was established
76 Oasis Investment Company by Omar Kassem
Alesayi in 1945.
Chairperson: Abdulla M. Al Shirawi Its business lines
Country: U.A.E. Established in:1971 Sector: Diversified include general
trading, real estate, consumer and
Al Shirawi Group’s holding company, U.A.E.-based Oasis trading, manufacturing, engineering and
Investment, has 30 companies, with operations in trading, industrial, technology, and services and investments.
distribution, contracting and service industries. Under its wings are It carries automotive brands such as
Emirates Printing Press, Arcadia Education, Al Shirawi Contracting Mitsubishi Motors, Fuso Trucks, Chrysler,
Co., Global Shipping & Logistics, and Arabian Oasis Industries—the and Dodge. Panasonic, TCL, Moulinex,
largest producer of dished heads in the GCC. Abdulla M. Al Shirawi is the chairman of and TEFAL fall under its consumer
Oasis Investment. He and vice chairman, Mohan Valrani, founded the group in 1971. electronics brand portfolio. Saeed Omar
K. Alesayi is currently the chairman and is
a board member at Sahara International
77 Alissa Group Petrochemical Company.
Chairperson: Abdulmohsen Abdullatif Alissa
Country: Saudi Arabia Established in:1940 Sector: Diversified 80 AL ZAYANI
The Alissa Group is a diversified business group in Saudi Arabia, INVESTMENTS
in the fields of real estate, finance, and transportation. Some of its
investments are in Gulf Real Estate, Tania, Alpha Capital, Alissa Chairperson: Nawaf Khalid Al Zayani
Auto, and Alissa Universal Motors, among others. The group was Country: Bahrain
founded by Abdullatif Alissa in the 1940s, which was initially Established in:1977
focused on textiles and food trading. Chairperson Abdulmohsen
Alissa began his career with Aramco. Sector: Diversified
Omar Kassem Alesayi Group, image from source; Al Zayani Investments B.S.C.
Marei Bin Mahfouz Group; Oasis Investment; Alissa Group; Al Fahim Group;
Al Zayani Investments
78 Al Fahim Group Group was
established in
Chairperson: Ahmed Abdul Jalil Al Fahim Manama, Bahrain,
in 1977. It has a
Country: U.A.E. Established in:1958 Sector: Diversified
diverse business
The ALFAHIM Group was founded over 60 years ago by portfolio that
Abdul Jalil Al Fahim. The group’s subsidiaries and outlets in includes automotive,
automotive, real estate, industrial, hospitality, and travel are healthcare, manufacturing,
spread across the emirates of Dubai, Abu Dhabi, and Sharjah. real estate, service businesses and food and
The group owns and operates Fairmont Hotel Bab Al Bahr, beverages. It owns Zayani Foods, which
ALFAHIM Motors, and Marjan Industrial Development holds the exclusive development rights for
(MID)—a supplier of engineering products and technical services Costa Coffee in Bahrain. Zayani’s Euro
related to oil, gas, and petrochemicals. Mohammed Abdul Jalil Al Motors represents brands such BMW,
Fahim is the chairman of Al Fahim Family Council and Al Fahim Supervisory Board MINI, Land Rover, Jaguar, Rolls-Royce
Member, while Ahmed is the chairman of Al Fahim’s management board. Motor Cars, Ferrari, and Maserati.

81 Chalhoub Group 83 Diana Holding
Chairperson: Michel Chalhoub Chairperson: Rita Maria Zniber
Country: U.A.E. Country: Morocco Established in:1956
Established in:1955 Sector: Food and Beverage
Sector: Retail
Diana Holding was founded by Brahim Zniber in Morocco 53
Dubai-based Chalhoub in 1956. The company’s scope includes agriculture, olive
Group was founded growing, poultry farming, and trade and distribution. Its
by Michel olive sector spans across 1,000 hectares of olive groves with
Chalhoub by an annual production of 500 tons of extra virgin olive oil.
licensing the Under its agriculture segment is a composting platform
rights to sell three that has a production capacity of 10,000 tons per year. The
foreign brands: founder’s wife, Rita Maria Zniber, chairs the company.
Christofle, Baccarat,
and Jean Patou in 1955
in Damascus, Syria. Today it is among
the region’s largest luxury retailers, with
84 Al Tayer Group
650 retail outlets across 14 countries. Chairperson: Obaid Humaid Al Tayer
The Chalhoub Group has over 300
brands under its brand portfolio today,
including Chanel, Louis Vuitton, and Sector: Diversified
Christian Louboutin. The group has been
a member of the United Nations Global Since 1979, Dubai-based Al Tayer
Compact Community since 2014 and a Group has introduced over 80
signatory of the Women’s Empowerment automotive and retail brands
Principles. Patrick Challoub is the CEO to the Middle East. Its retail
of the group and is currently heading the division has operations in Saudi
group's digital transformation efforts. Arabia, Kuwait, Bahrain, Qatar,
and Oman, with nearly 200
outlets across the region. In 2006,
82 El Seif Engineering Al Tayer launched the largest
Harvey Nichols outside the U.K.
Contracting Company in the Mall of the Emirates.
In 2010 it opened the first
Chairperson: Khaled Musaed El Seif
international Bloomingdale’s
Country: Saudi Arabia store in Dubai Mall. Al Tayer
Established in:1975 Motors represents brands such
as Ferrari, Maserati, and Jaguar.
Sector: Diversified
Obaid Humaid Al Tayer is the
The El Seif Engineering chairman of Al Tayer Group and
Contracting Company the U.A.E.’s Minister of State for
was established in Financial Affairs.
Chalhoub Group; Khaled Musaed El Seif and Rita Maria Zniber,
1975. It is part of
the El Seif Group
headquartered in 85 Arabian Fal Holding
Riyadh. In 1989, the
company completed Chairperson: Saleh Abdullah Al-Sayed
the civil works and Country: Saudi Arabia Established in:1979
images from source; Al Tayer Group
military structures for its first military

Sector: Diversified
project, the Air-Field Facilities Project
for the Royal Saudi Air Force. Among Saudi-owned Arabian Fal Holding was founded in 1979, with 12 business units in
its most notable MEP projects are the 15 locations. Its expertise lies on site development, construction, operations and
Sabic Plastics Application Development maintenance, scaffolding services, industrial cleaning, and hazardous material
Center, and the Millennium Hotel in transport mainly for the Saudi Arabian oil and gas industry. Among its high-
Hail and Tabouk. profiled industry clients are Saudi Aramco, SABIC, and Marafiq.

86 Averda Group 89 Tamimi group
Chairperson: Steve Lucas Chairperson: Tariq Al Tamimi
Country: Lebanon Established in:1964 Sector: Diversified Country: Saudi Arabia
One of the oldest waste management companies in the region, Averda was founded Established in:1977
by Maysarah Sukkar in Lebanon over 50 years ago. Averda is spread Sector: Diversified
54 across the U.A.E., Saudi Arabia, Oman, Morocco, the Republic of
Congo, Gabon, South Africa, and the U.K. Its main business lines Founded in
are cleaning and collection, processing and recycling, energy Dammam,
and disposal, and technical services. Steve Lucas was appointed Saudi
chairman of the board of Averda in March 2020. He also chairs Arabia, over
mining company, Ferrexpo plc and was previously the finance 60 years
director of National Grid plc. ago by Ali
bin Abdullah
Al-Tamimi, the
87 Alturki Holding Tamimi Group has grown from
being a Pipelines Installation
Chairperson: Khalid Al Turki Company, to entering the fields of
Country: Saudi Arabia Established in:1975 construction, contracting, trade,
industry, catering, maintenance,
Sector: Diversified operation and retail. The group
Alturki Holding was founded in 1975 in Saudi Arabia. currently has over 10 joint
Through its subsidiaries, joint ventures, and venture capital, ventures and 30 companies.
Alturki’s investment portfolio spans construction and building Its trading arm, the Tamimi
materials, infrastructure, transportation, information and Commercial Division, is one of
communications technologies, oil-field tools and services, and the kingdom’s oldest and largest
real estate. Its subsidiary, Saudi Readymix, is the country’s distributors. The family owns 22%
largest producer of ready-mixed concrete products. Khalid Ali of Tadawul-listed Basic Chemical
Alturki is the founder and chairman of Alturki Holding. He was Industries.
also the former chairman of the Advisory Council at the Center for Middle Eastern
Studies at Harvard University.
90 Jaidah Group
Chairperson: Jassim M. Jaidah
88 Holmarcom Group Country: Qatar
Chairperson:Mohamed Hassan Bensalah Established in:1898
Country: Morocco Established in:1978 Sector: Diversified
Sector: Diversified The Jaidah

Group dates
The Holmarcom Group was founded back 130 years
in 1978 by Abdelkader Bensalah. Its is one of Qatar’s oldest trading
businesses are in finance, real estate, conglomerates. Today, the
the agro-industry, distribution and group has a presence in over 30
logistics. It has two companies listed countries, representing more
on Casablanca Stock Exchange: than 100 brands. Jaidah’s seven
Averda Group; Kahlid Al Turki, image from source;
Les Eaux Minérales d’Oulmès and business sectors cover automotive,

Atlanta Assurances. Headquartered equipment, telecom, electrical,
in Casablanca, Holmarcom has furniture, investment, and real
a presence in Senegal, the Ivory estate. The company is a dealer
Holmarcom Group; Tamimi Group
Coast, and Benin. Mohamed Hassan of international brands like

Bensalah is the chairman of the Komatsu, Bobcat, Hyundai, Isuzu,
group. He was honored as Knight and Chevrolet. Jassim Jaidah is
of the Order of the Throne of the chairman of the group, and
Morocco (Wissam Al Arch) by King a member of the board of Qatar
Mohammed VI, in 2004. Insurance Company.

91 Abunayyan 93 Gulf Marketing Group
Holding Chairperson: Abdul Aziz Hassan Baker
Chairperson: Mohammad Abunayyan Country: U.A.E. Established in:1978
Established in:1950
With operations across the GCC, GMG belongs to the Baker family and is based 55
Sector: Diversified in the U.A.E. The company is divided into eight divisions: sports, consumer,
healthcare, education, living, properties, services, and logistics. One of its most
Abdullah Abunayyan
recognizable retail brands is Sun & Sand Sports under GMG Sports—the largest
founded Abunayyan sports retailer and distributor in the Middle East with more than 200 stores.
Holding in 1950. Other homegrown concepts of GMG are Farm Fresh, Super-Care Pharmacy,
It is one of Saudi and Good Health Nutrition. GMG was founded by chairman Abdul Aziz Hassan
Arabia’s longest- Baker.
active companies in
the power and water
business. Abunayyan 94 Kettaneh Group
Holding introduced
Chairperson: Nabil Kettaneh
the first diesel-powered turbine pump,
which changed the agriculture scene Country: Lebanon Established in:1922
of the kingdom. Today, the company’s Sector: Diversified
core activities include engineering,
manufacturing, supply, construction, and The Kettaneh Group was established in 1922
service, with 14 business units. Mohammad by Francis Kettaneh, who was later joined by
A. Abunayyan is the chairman of Abunayyan his three younger brothers, Alfred, Charles,
Holding. He also chairs ACWA Power and Désiré. Based in Lebanon, the business
International and is a member of the became the sole distributor of many high-end
Advisory Committee of the Chairman of brands, starting with Volkswagen in 1953. It was
High Supreme Economic Council. followed by an expansion into several fields,
including automotive, energy and automation,
medical, pharmaceutical, baby products,
construction, travel, and home appliances. The
92 Benhamadi Group Kettaneh Group is present in the U.A.E., Saudi
Arabia, Qatar, and Egypt. Nabil Kettaneh sits as
Chairperson: Abderrahmane the chairman of the Board for Kettaneh Group.
Benhamadi He has an MBA from INSEAD in France.
Country: Algeria
Established in: 1948
Sector: Manufacturing 95 Munir Sukhtian Group
The Benhamadi Group is a holding company Chairperson: Nidal Sukhtian
of the Benhamadi family. The Benhamadi Country: Jordan Established in:1933
family’s business history originated from
Sector: Diversified
a small trading business that El Hadj
ACWA Power; Image from source; Munir Sukhtian Group
Mohamed Taher Benhamadi, the patriarch Pharmacist Munir Sukhtian established a neighborhood
of the family, had set up. The group’s biggest pharmacy in 1933. The Munir Sukhtian Group today
company is the Condor Group, which has diversified business lines in the fields of agriculture,
manufactures and distributes electronic chemical, communication and security, environmental
equipment, home appliances, computers, and water sciences, legal, medical, pharma, professional
agri-food, packaging, and construction hair and beauty care, and veterinary. One of its
materials. The group also has investments independent company associates is Beit Jala Pharmaceutical
in, construction, hospitality, and agriculture. Company (BJP), which was the first pharmaceutical company
The Condor Group today is chaired by in Palestine to be established in 1969. Headquartered in Amman Jordan, the
Abderrahmane Benhamadi, who served as group is currently under the chairmanship of Nidal Sukhtian. He is also the
a college professor before joining the family chairman of Palestine Industrial Investment Co.
business full time.

99 Haji Hassan Group
96 Al Muftah Group
Chairperson: Adel Hassan Al A’ali
Chairperson: Abdulrehman Muftah Almuftah
Country: Bahrain
Country: Qatar Established in:1963
Established in:1952
Sector: Diversified
Sector: Diversified
56 Chairman Abdulrehman Muftah Almuftah established the
Founded in 1952 by
group’s first tire showroom in Doha in 1963. Today
Haji Hassan, the Haji
the Al Muftah Group encompasses diverse business
Hassan Group is
sectors, which includes engineering and construction,

one of Bahrain’s
automotive and transport, industrial equipment,
pioneers in the
furnishings and accessories, consumer electronics and
construction sector.
home appliances, restaurants and catering, and education.
The group was behind
In 1971, the Almuftah Rent-a-Car was established and
the construction of
became one of the pioneers in Qatar’s car-leasing industry. It
Bahrain’s International Circuit—the first
was one of the first companies in Qatar to introduce cable television technology
professional racing track in the region. The
in the country.
project was completed in record time and
the kingdom held the first F1 Grand Prix in
97 MB Holding the Middle East in 2004. Other important
projects are the Sheikh Isa Bin Salman
Chairperson: Mohammed Al Barwani Causeway, the Sheikh Khalifa Bin Salman
Country: Oman Established in:1982 Bridge, the North Manama Causeway, and
Bahrain International Airport along with
Sector: Petrochemical
hotels, the Ritz Carlton and Sofitel.
MB Holding was founded by chairman Dr.
Mohammed Al Barwani in 1982. Today
it has operations and subsidiaries in over
20 countries in the Middle East, Europe,
100 Mehri Group
Africa, South Asia, and Australia. Its Chairperson: Djillali Mehri
business scope includes drilling and oilfield
Country: Algeria
services, the exploration and production
of oil and gas, mining and minerals, and Established in:1965
oilfield and marine engineering services. Sector: Food, Hospitality
Dr. Mohammed Al Barwani also sits on
the board of Al Madina Investment SAOG, Mehri Groupe, is owned by
Oman Air, and Nautilus Minerals. He is Algerian businessman
also the President of the Oman American Djillali Mehri,
Business Centre. with operations in
trade, real estate,
tourism, hospitality,
agriculture, and
98 Al Wazzan Group manufacturing. The
Mehri Groupe controls MB Holding; Haji Hassan Group; Djilali Mehri, image from source
Chairperson: Abdel Rahman Jassim Al Wazzan
the Atlas Bottling Corporation—the sole
bottler of Pepsi products in Algeria. The
Sector: Diversified conglomerate owns some of the finest
luxury hotels in Algeria, including the
Kuwait-based Al Wazzan Group was founded by Jassim Mohammad Ali Royal Hotel, La Gazelle d’Or, and La
Al Wazzan, who started with a small grocery business in Kuwait City. He Coupole. Other international brands under
Al Muftah Group image from source;
established the food manufacturing segment of the group and built the GCC’s its portfolio are Accor, Rolls Royce, and
first meat processor producing halal meat, which was then rebranded as BMW. Djillali Mehri, having been active in
Khazan. The group’s main asset is a 63.26% stake in Mezzan Holding, which business in Algeria since 1962, also created
is listed on the Kuwait stock exchange. Mezzan manufactures and distributes the Group of Investors of North Africa
over 25,000 Stock Keeping Units and has production facilities in Kuwait, and the Middle East, where he is the main
Qatar, and the U.A.E. Abdel Rahman Al Wazzan became chairman in April shareholder.
2016. He was previously vice chairman.

• THOUGHT LEADERS •
By Stas Louca, Managing Director at H+A
Developing Autonomous Resilience

In A Globalized Economy 57
THOUGHT LEADERS
All cities compete on an international was asked to consider scenarios for natural
stage, whilst remaining co-dependent on a and man-made disasters, making sure the
globalized economy. However, the recent hospital design could be flexible and adapted
pandemic has highlighted the pitfalls of at short notice, without disrupting the facility.
global interdependence, suggesting the Another example of a country effectively
need to re-evaluate how cities can become implementing resilient measures, is
more self-reliant and re-focus resilience on Switzerland. The country spends more than
healthcare, to prepare socioeconomic systems 20% of its budget on insuring against most
for future shocks. potential hazards. The first regulations on
While international supply chain systems the subject were passed on October 4, 1963,
have provided considerable opportunities translating into 300,000 shelters in Swiss
and convenience, it has also made the systems dwellings, institutions and hospitals, as well as
we rely on in our daily lives vulnerable to sudden and 5,100 public shelters, providing protection for a total of 8.6
unexpected disruption. Cities must find the right tension million individuals—a coverage of 114%, as of 2006.
between resilience and efficiency, the ability to anticipate, In the context of healthcare, the creation of country-
absorb, recover and adapt to unexpected threats. Both the specific Resilience Task Forces, made up of experts
private and public sectors have an opportunity to come dedicated to future pandemics would serve citizens
together and re-evaluate reliance on global trade, what and economies well. Governments can start to look
shortcomings exist and how these might be developed at mandating resilience policies such as: storing
locally. essential goods in country for emergency situations;
Cities often demonstrate resilience time and time again, ensuring no gaps exist in the healthcare service, such
evolving or transforming in the face of resource shortages, as specialty treatments that currently rely an external
disease, natural hazards or conflict. Looking at epidemics service or services; making provisions in all new health
like MERS, SARS, Ebola and H1N1 in our recent history, facilities for dealing with emergency situations, without
there are valuable case studies as to how best we can compromising existing health needs; mandating existing
develop resilient infrastructure. Singapore is one of the health facilities that can be adapted and are flexible for
world’s best examples. It began its Civil Defence Shelter re-purpose; and identifying infrastructure that can be
program in 1983. Public shelters are constructed according adapted for emergency scenarios.
to Singapore Civil Defence Force (SCDF) regulations and The UAE authorities are a good example of a swift and
specifications. These are places citizens can take refuge flexible response to the current COVID-19 pandemic.
during an emergency. Shelters perform the most effective Authorities converted the Dubai World Trade Centre into
exclusion method available, whether it be exclusion of a field hospital able to house 3,000 coronavirus patients
natural or man-made disaster, warfare or disease. and Sheikh Hamdan established “The Disease and
In 2012, Sengkang General Hospital, one of the largest Epidemic Control Centre” designed to develop a rapid
hospitals in Singapore, a 1,000 bed facility, covering intervention plan in coordination with the public and
385,000 sqm of floor area, with an additional 200,000 private sectors.
sqm for back of house, public support spaces and future Government bodies are truly the only entities able to
expansion, gave cities a good benchmark for resilient mandate healthcare resilience, by becoming the regulator,
healthcare infrastructure. The facility was built to serve the we can hope for the mandating of new and/or existing
north-east population of Singapore and build additional upgrades to be done in hospitals to incorporate pandemic
resilience as a result of the SARS epidemic, which took resilience measures. In order to get to the finish line, there
place in 2002/3, affecting over 8,000 people across 29 is no one-size-fits all answer, but it will require joined-up
countries, claiming 775 lives worldwide. The design team thinking if we are to create resilient cities of the future.

• ARAB CELEBRITIES •
Arab Celebrities Doing Their Part

58
During COVID-19 Lockdown
Celebrities around the Arab
I Ahlam
ARAB CELEBRITIES
region have played a role in

mobilizing and fighting the Emirati singer Ahlam, who
coronavirus outbreak that ranked third on Forbes Middle
continues to rip through the East’s “Women behind Middle
global economy. Eastern Brands,” has urged
the country to follow the local
The music industry’s biggest
government's health warnings
names—Mohamed Mounir,
and other COVID-19 initiatives
Samira Said, Tamer Hosny,
her country is partaking in.
Saber Rebai, Wael Gassar
In April, the prolific singer
and Carole Samaha—joined
launched a “zero hour" hashtag,
hands to release “Enta Akwa”
with the aim to reach zero cases
(You Are Stronger) to support
of COVID-19 in the UAE.
coronavirus patients and
healthcare workers in the
region.
Aside from Lebanese celebrities
joining the COVID-19 fight,
various Egyptian celebrities
have competed in the “Kheir”
challenge, or “goodwill
Kadim Al Sahir
challenge” initiated by The Iraqi singer and
El-Ahly player Saad Samir in crooner has been posting
collaboration with the Resala informative posts on
Charity Organization. The likes COVID-19 and the
of Tamer Hosny, Mohammed importance of social
Ramadan, Ahmed el-Saadany, distancing to his 3.5 million
Hossam Ghaly, Mahmoud Instagram followers.
Genesh, and Mona Zaki During Eid, he gave fans
have taken up the initiative, an online treat by joining a
sponsoring a number of star-studded virtual concert
Kadim Al Sahir photo by Ben Houdijk / Shutterstock.com
families affected by COVID-19. hosted by Department of
Culture and Tourism Abu
Some celebrities, like Egyptian
Dhabi and the Abu Dhabi
actor Karim Kassem who
Ahlam's Image via Ahlam's Facebook page;
Cultural Foundation as
revealed via Instagram that he
part of the Abu Dhabi
contracted COVID-19, have
government's #StayCurious
been setting a good example by
initiative.
quarantining.
From self-isolating to raising
By Samar Khouri
funds, here are some other

regional celebrities doing
their part:

I Assala Nasri
Alongside other Egyptian celebrities
supporting families struggling
during COVID-19, the Syrian singer
has joined the challenge “Kheir” and
promised to support 100 families.
59
I Nassif Zeytoun
The Syrian singer posted a video of frontline workers and
ARAB CELEBRITIES
families dancing on balconies during
the COVID-19 lockdown with his
I Hussain Al Jassmi 2019 song Mesh Khayef Mennak,
Emirati singer Hussain Al Jassmi performed in the star- which loosely translated to “I am
studded “One World: Together at Home” virtual benefit not scared of you” in English. He
show to raise funds for the World Health Organization. kept fans entertained by uploading
Organized by award-winning songstress Lady Gaga, the a video of his band performing
World Health Organization, and charitable organization remotely at home.
Global Citizen, the six-hour cross-platform variety concert
raised $128 million for COVID-19 relief efforts around I Sonia Ben Ammar
the world. Aside from singing alongside global artists,
Al Jassmi joined a slew of artists releasing coronavirus
support songs. His song “Benaady” addresses the region's
coronavirus efforts.
Image via Nasri's Facebook page; Image via Zeytoun's Facebook page; Image by Featureflash Photo Agency / Shutterstock.com
I Mohamed Ramadan
Hussain Al Jassmi image credit: WAM; Image via Ramadan's Facebook page; Image by Andrea Raffin / Shutterstock.com;
Ramadan is among various Egyptians

mobilizing the fight against COVID-
19. The actor donated two million
Egyptian pounds to the Long Live
Egypt Fund in efforts to support
COVID-19 patients and accepted the
“Kheir” challenge to financially assist
affected Egyptian families.
Ramadan also donated 300,000 Egyptian pounds,
equivalent to approximately $19,000 dollars, to the
Ministry of Health and Population to reduce the spread
of the Coronavirus, according to the ministry’s official
Facebook page.
I Hend Sabry
French-Tunisian singer and model Sonia Ben Ammar
The Tunisian actress has become
recently donated 100 facemasks to the elderly in
involved in the “Kheir” challenge,
retirement homes.
disclosing in an Instagram post that
“Made 100 masks to donate to retirement homes I
she will sponsor 100 families and will
really recommend you do this if you need masks (I used
take care of all their bills.
materials I had at home). They’re not medical masks but
Sabry, who is set to star and executive
they are perfectly safe for everyday use & can be washed
produce a new Arabic drama-comedy
(sustainable!!),” she wrote in an Instagram post.
original Netflix series by her company SALAM Production,
She has also taken part in #BlackOutTuesday on social
has also started the #supportourcarers initiative dedicated to
media and joined protestors in Paris to show support for
frontline workers at the forefront of fighting COVID-19.
the Black Lives Matter movement.

THE CELEBRITY 100
THE WORLD’S
60 HIGHEST-PAID CELEBRITIES
THE CELEBRITY 100
CELEBRITY
100
Robin Marchant / Getty Images via AFP
From Netflix to Yeezy: How this year’s top-earning stars

turned the business of celebrity into $6.1 billion,
$200 million shy of last year’s haul.
Kanye West

We pegged his net worth at $1.3 billion. (Kanye maintains
he’s worth well more than double that.) Why insist on
paperwork? When dealing with such oversized ambitions,
verification is key.
The Coty sale backed up our estimate, based on the
value of Kylie Cosmetics, that Kylie Jenner was the world’s
61
youngest self-made billionaire. (Her net worth has now
fallen below $1 billion as Forbes has reevaluated her business
THE CELEBRITY 100

amid the pandemic.) But new filings released by Coty lay
bare one of the family’s best-kept secrets: Kylie’s company is
substantially smaller than she claimed. Kylie and her mother,
Kris Jenner, who helps run the business, had been insisting
that Kylie Cosmetics was generating over $300 million in
revenue every year since 2016—even going so far as to
provide Forbes with tax returns, which she signed and says
were submitted to the IRS. While we can’t prove that those
documents were fake (though it’s likely), it’s clear that Kylie’s
camp has been lying. The filings indicate that sales were
just $125 million in 2018, not $360 million as her reps had
previously claimed. Then there’s Kylie’s skin-care line, which
it said did $100 million in sales in less than two months last
year; the fi lings show it was actually “on track” to end the
year with revenue of $25 million.
Pressed for answers on the many discrepancies, the
typically chatty Jenners did something out of character: They
stopped answering our questions.
Kylie Jenner
I
1. Kylie Jenner 11. Rush Limbaugh
n one of the biggest celebrity cash-outs of all $590.0 MIL • PERSONALITY $85.0 • PERSONALITY
time, Kylie Jenner agreed to sell 51% of her Kylie 2. Kanye West 12. Ellen DeGeneres
Cosmetics to beauty giant Coty in November. $170.0 • MUSICIAN $84.0 • PERSONALITY
Her cut: $540 million before taxes, by Forbes’
3. Roger Federer 13. Bill Simmons
estimates—more than Wall Street thought it
$106.3 • ATHLETE $82.5 • PERSONALITY
was worth, and more than enough to crown her
this year’s top-earning celebrity. Right behind 4. Cristiano Ronaldo 14. Elton John
her at No. 2 is brother-in-law Kanye West, who $105.0 • ATHLETE $81.0 • MUSICIAN
brought in all but $10 million or so of his estimated $170 5. Lionel Messi 15. James Patt erson
million in pretax earnings from his high-end sneaker brand, $104.0 • ATHLETE $80.0 • AUTHOR
Yeezy. 6. Tyler Perry 16. Stephen Curry
But this cash-grabbing clan would rather talk about their $97.0 • PERSONALITY $74.4 • ATHLETE
“billions” than their millions. “It’s fair to say that everything
7. Neymar 17. Ariana Grande
the Kardashian-Jenner family does is oversized. . . . To stay
$95.5 • ATHLETE $72.0 • MUSICIAN
on-brand, it needs to be bigger than it is,” says Stephanie
8. Howard Stern 18. Ryan Reynolds
Rich Fury / Getty Images via AFP
Wissink, a consumer product analyst at Jeff eries. That’s what

led Kanye to open his books to Forbes in April to prove he’s $90.0 • PERSONALITY $71.5 • ACTOR
a billionaire. America’s hip-hop genius sent over documents 9. LeBron James 19. Gordon Ramsay
outlining the massive royalty checks Adidas sends him, plus $88.2 • ATHLETE $70.0 • PERSONALITY
an accounting of his assets, all the way down to $297,050 10. Dwayne Johnson 20. Jonas Brothers
worth of livestock on his Wyoming ranches. $87.5 • ACTOR $68.5 • MUSICIANS

43. Billie Eilish 54. James Harden
$53.0 • MUSICIAN $47.8 • ATHLETE
44. Rory McIlroy 55. Giannis Antetokounmpo
$52.0 • ATHLETE $47.6 • ATHLETE
45. Simon Cowell 56. Jennifer Lopez
62 $51.0 • PERSONALITY $47.5 • MUSICIAN
45. Jerry Seinfeld 57. Anthony Joshua
$51.0 • COMEDIAN $47.0 • ATHLETE
THE CELEBRITY 100
47. BTS 57. Pink

$50.0 • MUSICIANS $47.0 • MUSICIAN
48. Kim Kardashian West 59. Deontay Wilder
$49.5 • PERSONALITY $46.5 • ATHLETE
49. Drake 60. David Copperfi eld
$49.0 • MUSICIAN $46.0 • MAGICIAN
49. Jared Goff 60. Rihanna
Ryan Reynolds $49.0 • ATHLETE $46.0 • MUSICIAN
The hotshot who plays a billionaire on Netflix’s Six 49. Judy Sheindlin 62. Lin-Manuel Miranda
Underground and stars in its upcoming film Red Notice $49.0 • PERSONALITY $45.5 • ACTOR
collected $48.5 million from the streaming giant in the past 52. Akshay Kumar 62. Luke Bryan
year, more than anyone on this list; all together, the stars $48.5 • ACTOR $45.5 • MUSICIAN
here pulled in $220 million from Netflix, up 200% from
53. Conor McGregor 64. Backstreet Boys
2019, bringing the five-year total to nearly $600 million.
$48.0 • ATHLETE $45.0 • MUSICIANS
21. The Chainsmokers 32. Rolling Stones

$68.0 • MUSICIANS $59.0 • MUSICIANS
22. Dr. Phil 33. Mark Wahlberg
$65.5 • PERSONALITY $58.0 • ACTOR
23. Ed Sheeran 34. Tyson Fury
24. Kevin Durant 35. Marshmello
25. Taylor Swift 35. Russell Westbrook
26. Tiger Woods 37. Ben Affleck Sam Aronov / Shutterstock.com; DFree / Shutterstock.com
$62.3 • ATHLETE $55.0 • ACTOR

27. Kirk Cousins 37. Diddy
28. JK Rowling 39. Shawn Mendes
$60.0 • AUTHOR $54.5 • MUSICIAN
28. Post Malone 40. Vin Diesel
Billie Eilish
$60.0 • MUSICIAN $54.0 • ACTOR Winner of five Grammys this year. When We All Fall
Asleep, Where Do We Go? was the No. 1 album of 2019,
28. Ryan Seacrest 40. Lewis Hamilton with 3.9 million units sold. She reportedly collected $25
$60.0 • PERSONALITY $54.0 • ATHLETE million from Apple for a documentary about her life and
31. Carson Wentz 42. Jay-Z career, and if the coronavirus hadn’t killed her arena tour,
$59.1 • ATHLETE $53.5 • MUSICIAN she might have cracked the Top 20.

87. Bon Jovi 91. Oprah Winfrey
$38.0 • MUSICIANS $37.0 • PERSONALITY
87. Lady Gaga 95. DJ Khaled
$38.0 • MUSICIAN $36.5 • MUSICIAN
87. U2 95. Kiss
$38.0 • MUSICIANS $36.5 • MUSICIANS
63
90. Naomi Osaka 97. Sebastian Vettel
THE CELEBRITY 100

91. Canelo Álvarez 98. Serena Williams
91. Damian Lillard 99. Angelina Jolie
91. Paul McCartney 100. Mohamed Salah
Travis Scott
He played the Super Bowl for free, but his Astroworld tour
grossed $53.5 million in 2019, the year’s top hip-hop road
show. He followed it with a free Fortnite concert series for
over 27 million viewers—far more than saw Astroworld—
when the pandemic hit, helping boost sales of his Cactus
Jack products: sneakers, action figures and more.
64. Tom Brady 75. Adam Sandler

64. Phil Collins 77. Phil Mickelson
67. Drew Brees 78. Julio Jones
68. Novak Djokovic 78. Metallica Naomi Osaka
$44.6 • ATHLETE $40.5 • MUSICIANS A mix of Japanese and Haitian heritage (and a monster
Ovidiu Hrubaru / Shutterstock.com; Leonard Zhukovsky / Shutterstock.com
69. Will Smith 80. Jackie Chan backhand) make her a dream for marketers including Nike,
$44.5 • ACTOR $40.0 • ACTOR Nissan and a dozen others that signed endorsement deals
70. Blake Shelton 80. Rafael Nadal with the 22-year-old ace ahead of the Tokyo Olympics.
Back-to-back Grand Slam wins and a massive overseas
following have made Osaka the top-earning female athlete
71. Sean Hannity 82. Heidi Klum for the first time.
$43.0 • PERSONALITY $39.5 • PERSONALITY
71. Sofia Vergara 82. Travis Scott Edited by Zack O’Malley Greenburg and Rob LaFranco
$43.0 • ACTOR $39.5 • MUSICIAN Reported by Kurt Badenhausen, Kellen Becoats, Madeline Berg,
Dawn Chmielewski, Hayley Cuccinello, Abigail Freeman, Chase
73. Celine Dion 84. Kevin Hart Peterson-Withorn, Christina Sett imi, Ariel Shapiro and Chloe Sorvino
$42.0 • MUSICIAN $39.0 • COMEDIAN METHODOLOGY: This list ranks “front of the camera” stars
worldwide using pretax earnings from June 2019 through May 2020
74. Kyrie Irving 85. Klay Thompson before deducting fees for managers, lawyers and agents. Figures
$41.9 • ATHLETE $38.8 • ATHLETE are based on information from Nielsen Music/MRC Data, Pollstar,
IMDB, NPD BookScan and ComScore, as well as interviews with
75. The Eagles 86. Katy Perry
industry experts and many of the stars themselves.
$41.0 • MUSICIANS $38.5 • MUSICIAN ALL FIGURES GIVEN IN MILLIONS

THE CELEBRITY 100
WHERE ARE THE

64
HOLLYWOOD WOMEN?
THE CELEBRITY 100
A dozen actors and actresses earned a combined $624 million

this year, but Hollywood’s earning elite remains a boys club.
This year’s list has just two actresses: Sofia Vergara, who
earned half from endorsements and licensing, and Angelina
Jolie, who slips in at No. 99.
CUMULATIVE EARNINGS:
ACTORS ACTRESSES
CELEB 100:
$545.5 M
2020 $78.5 M
$553.3 M
2019 $99 M
$714.5M
2018 $83 M
$488.5 M
2017
$41.5 M
$488.5 M
Joe Seer / Shutterstock.com
2016
$122 M

THE CELEBRITY 100
THE CUMULATIVE EARNINGS:

NETFLIX $600 M
NETFLIX MARVEL APPLE AMAZON 65
EFFECT
THE CELEBRITY 100

$500 M
Netflix has paid
$540-million to Celebrity
$400 M
100 performers since
2016, more than even $300 M
Disney spent on the seven
stars of its $22 billion- $200 M
plus Marvel franchises.
Along with Apple and
Amazon it has salary
$100 M
commitments of more
than $100 million teed up $0
for next year’s list. 2016 2017 2018 2019 2020
COMBATING COVID
Tinseltown / Shutterstock.com; Andrea Raffin / Shutterstock.com; Sky Cinema / Shutterstock.com
The currency of fame isn’t RIHANNA

just valued in dollars, but Donated $5 million to relief organizations
also influence, as seen in including Feeding America and the International
the chorus of celebrity Rescue Committee.
voices calling for change
after the killing of George
Floyd. Many have also LADY GAGA
donated time, ideas or Co-producer of the Together At Home concert with
money to help fight Global Citizen that raised nearly $130 million and
coronavirus. Here are some featured listmates Billie Eilish, Taylor Swift and the
of the more public gifts. Rolling Stones.
TOM BRADY
His golf charity match with Tiger Woods, Phil Mickelson and Peyton Manning
raised $21 million, including $10 million from the four star participants and
WarnerMedia.

By Ramez T. Shehadi, Facebook MENA’s Managing Director
How COVID-19 Is Shaping The

66 Future Of Commerce For Good
THOUGHT LEADERS
COVID-19 has taken the trends that might social distancing measures. What does this
have seen wider adoption over the next five mean for the future of commerce and how can
years and compressed them into a time span businesses and brands adapt?
of months. Necessity has proven to be not just First, businesses will have to find
the mother of invention but of adoption as creative ways to redesign experiences that
well. are completely reliant on in-store footfall.
As a result of this pandemic, digital The variety of online shopping modes will
transformation has proven to be crucial for the continue to expand in the isolation economy:
survivability of businesses across the region, shopping directly from social channels, live
especially within the e-commerce industry that video, messaging with businesses, click-
strongly drives the digital economy closer to and-collect, or subscription services all look
home. According to a 2019 UAE eCommerce poised for explosive growth. Apparel Group,
Landscape Report, the digital economy in the U.A.E. for example, are using WhatsApp as a customer service
contributed to 4.3% of the nation’s GDP and the U.A.E.’s as well as a sales channel. Most recently, it saw 20% more
e-commerce industry is set to reach $63.8 billion by 2023. sales generated by WhatsApp for a given brand, versus
Now, despite the social and economic challenges sales coming from the same brands’ e-commerce website.
presented by the pandemic, the U.A.E.’s e-commerce sector Brands and social platforms are also exploring
has been comparatively more successful than more than 30 VR experiences that can cater to the human need for
other economies, according to a recent analysis conducted tactile and visual connection. If anything, people have
by the Dubai Chamber of Commerce and Industry. discovered there is no one way to shop and it has created
This is illustrated by the fact that online sales in the an openness to new ways of discovering products and
region are on the rise according to a new report “Life shopping online.
After COVID-19: Retail” by the Dubai Future Foundation Next, businesses need to refresh their understanding
(DFF). For example, Dubai-based Majid Al Futtaim of people’s preferences and consistently learn from
(MAF), which operates 27 shopping malls, has seen a their creativity. Businesses are now using live video to
surge in online sales, with a 59% year-on-year increase launch a range of things—from shoe stores announcing
in online customers in March 2020. MAF’s Carrefour new sneakers to beauty influencers trying on different
brand has recently launched one main digital platform lipsticks. People like the immediacy and connection of
that integrates over 100,000 products on its website, shopping real time.
in-store kiosks and tablets, and mobile app, re-inventing Finally, businesses need to pay attention to the
experiences for over 750,000 daily customers. Similarly, fundamental need that buyers and sellers have to connect,
Saudi Arabian retailer BinDawood Holding has seen a chat, and enjoy the social value that makes a transaction
200% increase in its online sales. fun.
Businesses of all sizes are being forced to change their So while we do not know how long the shadow cast by
model and focus primarily on selling online. Even those this global pandemic will last or what new challenges may
who historically viewed digital as a secondary channel, are lay ahead, we do know that there has been a tectonic shift
having to reorient every aspect of their business to enable in the nature of commerce for good. We may in fact be
online shopping. going back full circle. For hundreds of years, commerce
While physical stores will always be important to the was a relationship initiated by a person’s need, and
social and economic wellbeing of local communities, it’s fulfilled by another’s supply. It wasn’t just a conversion;
clear that ecommerce is here to grow. It will continue to it was a connection. And now, even in the current period
power the isolation economy even as countries like the of physical isolation, consumers are still looking for that
U.A.E. and others across the region start to cautiously relax relationship and connection, digitally.

67

THE CELEBRITY 100
By Christina Settimi
68
Ronaldo’s
$105
THE CELEBRITY 100
Million
Year Tops
Messi And
Crowns Him
Soccer’s
First Billion-
Dollar Man
A
dd another zero to soccer’s most
expensive rivalry.
Cristiano Ronaldo earned $105
million before taxes and fees in the past year,
landing him at No. 4 on the 2020 Forbes
Celebrity 100, one spot above his top rival
in the sport, Lionel Messi, and making him
the first soccer player in history to earn $1
billion across his playing career.
The 35-year-old striker is only the third
athlete to hit the mark while still playing,
following Tiger Woods, who did it in 2009
Miguel MEDINA / AFP
on the back of his long-term endorsement

deal with Nike, and Floyd Mayweather, who
did it in 2017 and has made most of his
income from a cut of pay-per-view sales for
his boxing matches.

Ronaldo, the first to reach the earnings milestone in a the squad. Real Madrid won the Spanish title twice and
team sport, has made $650 million on the pitch during his 17 the Champions League four times with Ronaldo. During
years as a pro and is expected to reach $765 million in career their years in the league, each player nabbed the Ballon
salary with his current contract, which ends in June 2022. d’Or (soccer’s MVP award) four times, and El Clásico, the
Messi, who began playing at the senior level three years after nickname for their clubs’ fierce clashes, was a record-setting
Ronaldo, has earned a total of $605 million in salary since television event worldwide.
2005. The only team athlete to even come within striking But when it comes to leveraging celebrity, it has been
69
distance of those figures was former New York Yankees no contest. Guided by Jorge Mendes of Gestifute, one of
slugger Alex Rodriguez, who retired in 2016 after 22 years in the world’s most powerful agents, Ronaldo has amassed
THE CELEBRITY 100

Major League Baseball having earned $450 million in salary. an ever-growing following of fans and consumers drawn
Not even soccer legend David Beckham came close, ending to his poster-boy good looks, his trend-setting hair styles,
his career with total earnings of $500 million, half of which his impeccable fashion sense and, lately, his softer side as a
came from off-the-pitch endorsements. family man whose toddlers pop up on his social media posts.
“Cristiano Ronaldo is one of the greatest players of all In January, he became the first person with 200 million
time, in the world’s most popular sport, in an era when followers on Instagram, part of a social media army of 427
football has never been so rich,” said Sporting Intelligence’s million across Facebook, Instagram and Twitter that makes
Nick Harris, whose Global Sports Salaries Survey ranks teams him the most popular athlete on the planet.
Nike pays him upwards of $20 million
annually and signed him to a lifetime deal
Ronaldo, the first to reach the in 2016, making him just the third athlete,
after Michael Jordan and LeBron James,
earnings milestone in a team sport, hitched to the Swoosh for eternity. In
May, the footwear maker announced the
has made $650 million on the pitch release of a ten-year-anniversary edition
of his first signature Mercurial Superfly
during his 17 years as a pro and and a child’s version to celebrate his son’s
10th birthday, complete with his famous
is expected to reach $765 million celebration stance, signature and logo.
in career salary with his current Pitches for Clear shampoo, Herbalife HLF
and pharmaceutical maker Abbott help raise
contract, which ends in June 2022. his endorsement tally to $45 million.
Ronaldo Inc. even has a trademark—CR7,
a mix of his initials and jersey number—part
of a lifestyle brand that Forbes estimates
worldwide based on total salary expense. “He’s box office.” accounts for a quarter of his annual endorsement income,
Ronaldo and Messi’s head-to-heads heated up in 2009 including branded underwear that debuted in 2013 and was
in Spain’s La Liga, where Ronaldo played for Real Madrid followed by a line of shoes, fragrances and denim wear. He
and Messi for Barcelona. Their faceoffs on the pitch ignited partnered with Pestana Hotel Group in 2015 to open his first
a nine-year battle for bragging rights as the best—and top- property a year later in his hometown of Funchal, Madeira,
paid—in the sport, a highly personal tit-for-tat that had right above Museu CR7, a shrine for his trophies and a retail
them re-negotiating contracts in lockstep and monopolizing outlet for his merchandise. He’s since added CR7 clubs with
the game’s highlight reel. Crunch Fitness, posted workout routines on YouTube and
The rivalry was as entertaining as it was profitable, attached his name to a social media influencing degree offered
coming just as clubs around the world were seeing soaring by Italian online university eCampus.
attendance and an influx of television money. The two were And the rivalry is far from done.
perfectly matched for battle, on and off the pitch: Ronaldo Ronaldo’s 2020 earnings include a salary of $60 million,
perfected a shirtless, stylized showmanship while Messi slightly less than last year because of a 30% pay cut he agreed
played the quiet game, always a tad unkempt and as prolific to take this April as a result of the pandemic. Messi, who
a scorer as he was a wingman. Ronaldo strutted after every earned $104 million in the past year after taking a 70% pay
goal. Messi was a master at thanking his teammates. cut while the coronavirus sidelined play, is poised to surpass
Both backed it up. Barcelona won La Liga’s title six $1 billion in all-time earnings as soon as next year, before
times and two Champions Leagues trophies with Messi on his current Barça contract ends.

THE CELEBRITY 100
By Madeline Berg
Inside Oprah’s Return To

70
The Celebrity 100
THE CELEBRITY 100
the majority owner of OWN. There was

her OWN interview show Super Soul
Sunday, a stint on 60 Minutes, and roles
in films The Immortal Life of Henrietta
Lacks and A Wrinkle in Time, but she
worked mostly as an executive for
her investments—including WW and
OWN—and her philanthropy.
Winfrey signaled things were
changing in June 2018, when she signed
a multiyear deal with Apple TV+ to both
create and appear in content, returning
to a camera-ready role with Oprah’s
Book Club. The Apple streaming service
has aired four episodes of the show, an
extension of her popular book club,
including interviews with authors like
Ta-Nehisi Coates and Jeanine Cummins,
whose novel American Dirt has been
criticized by the Latinx community.
In March she debuted Oprah Talks, a
12-episode interview series about the
coronavirus, hosting guests like Idris
Elba and frontline doctors to help
O
prah Winfrey returned to the Forbes list of top- explain the virus and its effects.
earning celebrities this year landing at No. 91 with “I wanted to be able to offer some solace, some comfort,
estimated earnings of $37 million before taxes and some hope,” Winfrey says in the first episode, which she
fees, thanks mostly to a lucrative Apple AAPL TV+ deal. shot from her home. “And in doing so, speak to people
Winfrey’s return to the small screen landed her back who are actually going through it and getting through it,
on the Celebrity 100, which tracks annual earnings for speak to thought leaders who can add some perspective to
performers, athletes and other front-of-the-camera stars. let us all know that we are not alone, that we are indeed in
The nine-figure deal with Apple—the actual number has this together.”
never been revealed—put her back in the mix as a performer Her starpower is a hopeful antidote to the struggles
and brought her an estimated $10 million this year, with a Apple TV+ has had keeping up with its competitors since
much larger payout coming later in the deal. The rest of its debut in November 2019. At the end of last year, it had
Steve Jennings / Getty Images via AFP
her earnings are mostly made up of profits from television only 33.6 million U.S. subscribers, according to research firm
network OWN—she owns a 25% stake—payments from Ampere analysis, compared to Netflix NFLX ’s 61.3 million
WW WW (formerly Weight Watchers) and her deal with and Disney+’s 28.6 million, but a vast majority of those
Hearst to produce O, The Oprah Magazine. Winfrey has a subscribers haven’t paid a cent, with the service offered free
net worth of $2.6 billion. for a year with the purchase of any new Apple device. Apple’s
Since Winfrey ended her eponymous talk show in 2011, other bids for audience include spending $200 million for the
she has largely stayed away from major on-screen projects, next Martin Scorsese film and $36 million for a documentary
in part due to limitations set by a contract with Discovery, on music’s star of the moment, Billie Eilish.

By Dr. Sheikh Selim, University of Birmingham Dubai
The Future Of Financial

Inclusion In MENA 71
THOUGHT LEADERS
A recent World Bank study revealed that region has not been sufficiently formalised.
almost 92% of the Arab World population Only 27% of MENA SMEs generated value
are in immediate need for adequate financial chains and backward linkage (and therefore
inclusion (i.e. greater access, resilience operated on a fully formal scale), making
and choices). While there has been some the rest heavily reliant on third parties and
improvement in banking for all in the GCC therefore vulnerable to business cycle and
countries, important sectors (such as SMEs) external shocks.
remain predominantly informal and have Important employment protection
little access to financial opportunities. There instruments and schemes (such as pensions,
is also a gender gap in the region in terms job security, ILO international labour
of individual access to finance. Of the 69% standards) are either missing or vague in the
of the Arab World population who remain region, which now will make the challenge of
unbanked, more than half are women. The Findex 2017 employment generation more complex for most parts
suggests that only 9% of the women in the MENA region of it. However, the emergence of a digital economy and
have access to adequate financial opportunities. the opportunity to focus on innovative business models
For MENA, the major impediment to financial creates an excellent prospect to develop a more resilient
inclusion is the informal structure of SME growth and SME sector in the region with potential for long-term
female and youth unemployment. While these problems growth and employment generation.
are deep-rooted, and while there has been evidence of Due to the pandemic crisis, a major share of public
collective efforts to make progress in resolving these, it is expenditure in Arab countries is likely to be devoted to
too early for the outcomes to be realised. saving lives, providing healthcare and subsidizing losses
The ongoing pandemic crisis is an excellent in business and income. In the short term, it is difficult
opportunity for the region to prioritise and address these to think of strategic reallocation of public resources that
issues. Stringent preventive measures and continuous could generate financial incentives for the private sector
lockdown in most Arab states have seriously affected to come up with new investments and jobs.
businesses, which will soon have a knock-on effect on The IMF’s key suggestion to overcome these
employment in major sectors. problems is for Arab countries to design reforms to
According to the ILO COVID-19 projections, enhance financial literacy in the disadvantaged parts of
the economic impact of the pandemic will result in the economy. This should include improving the SME
medium-high to high losses in the sectors where almost governance structure and insolvency frameworks and
48% of the MENA workforce are employed (e.g. retail, incentivising technological and structural innovation
manufacturing, transport, accommodation, food, aimed at encouraging female and youth employment.
hospitality). These losses will magnify the frictions in job Policy reforms and public-private partnerships at
search and matching, and eventually will hurt the quality country level to minimize the informal market share and
of jobs and result in job losses. employment gap therefore require immediate attention.
Unfortunately, the region was suffering from This would have to be supplemented by regionally
economic issues prior to the pandemic. In the last decade, agreed long-term vision for human development, which
oil price shocks and heavy reliance on oil exports have should prioritise enhanced and balanced financial
stressed out economic growth in oil-rich Gulf countries. literacy, technological development to minimize the
The non-GCC countries suffered from conflicts and wars, cost of search and matching frictions in employment,
refugee concerns, and hold-ups due to local protests. government initiatives for employment protection, and
The SME sectors have shown moderate growth, but transformation of the regional perception of economic
the governance of SMEs in most parts of the MENA participation.

• NEXT BILLION-DOLLAR STARTUPS •
72
BRYNN PUTNAM
MIRROR,,
ON YOUR WALL
Peloton isn’t the only home fitness gadget suddenly prospering
in the coronavirus era. Former ballerina BRYNN PUTNAM has hit a
$300 million gusher with an interactive workout device that you
can hang up anywhere at home.
BY AMY FELDMAN

Upon Reflection
Brynn Putnam missed the moment to expand her boutique
fitness studio beyond three locations—a mistake she’s
determined not to repeat with Mirror. “I had a bit of a chip
on my shoulder from Refine,” she says.
73
Tommaso Boddi / Getty Images via AFP

ON
Brick-and-mortar gyms and fitness studios
are an almost $100 billion business, according to
the International Health Racquet and Sportsclub
Association. When Putnam launched the product in
September 2018, five years after Peloton first started
connecting bikes, she was betting on a gradual,
continuing shift toward home fitness. Now with
74
millions of people stuck in their homes and desperate
for exercise, she’s riding high, with sales surpassing her
BRYNN PUTNAM
already aggressive projections—and a spot on our Next

Billion-Dollar Startups list, one of 25 private companies
Forbes bets will become unicorns. “We’re seeing
Christmas in April,” Putnam says, noting that Mirror’s
tens of thousands of members are now working out an
average of 15 times a month, up from 10.
While Putnam and the company zealously guard
their numbers, Forbes estimates that revenue reached
March 13, as New York prepared to move indoors $45 million in 2019 and will surge past $100 million this
to slow the spread of the coronavirus, Mirror founder year, which Putnam confirms. While the obvious focus
Brynn Putnam closed the offices of her high-tech fitness is growth, Putnam now says she expects Mirror to turn
startup and sent her nearly 100 employees home. The profitable by early next year.
former ballerina now hunkers down in her Greenwich “It’s definitely one of the most exciting highfliers
Village apartment with her husband, Lowell, also an in the portfolio,” says Ben Lerer, managing partner
entrepreneur. The couple alternates who gets to be on of venture firm Lerer Hippeau, which had previously
Zoom from the bedroom and who watches their 3-year- backed Warby Parker, Allbirds and Glossier. “This
old son, George, in the living room. can be a very big business, as big as Peloton, over a
The only thing that’s easy: working out. Putnam shorter period of time.” To date, Putnam has raised
brought home two of her fitness company’s eponymous $72 million from Lerer Hippeau, Spark Capital and
interactive Mirrors. One is in the bedroom, the other Point72 Ventures, the VC firm of hedge fund billionaire
in the guest bedroom. “If [Lowell] wants to box and I Steve Cohen. Its last raise, in October, brought in $34
want to do yoga, we can,” says Putnam, 36. million and valued the company at just under $300
With a market capitalization above $13 billion and million. Putnam, the sole founder, is worth at least $80
a product and marketing campaign that have become million—and after the
a meme, Peloton has emerged as the buzziest fitness Covid-19 boost, probably much more. Her challenge
company of the coronavirus era. But privately owned going forward: ensuring that Mirror becomes the new
Mirror is hot on its heels, with a single advantage normal, versus a fleeting pandemic trend.
B
Peloton can’t match: compactness. At 22 inches wide,
52 inches high and 1.4 inches deep, Putnam’s product rynn Jinnett Putnam grew up on
looks and acts like a regular mirror. Turn it on, though, Manhattan’s Upper East Side, the daughter
and users see an instructor teaching the class (as well of a lawyer and a stay-at-home mom. At
as their own reflection so they can work on form); age 3, she started dance lessons. “One of
software provides personalized modifications in the their earliest stories of me was that they took me to a
corner of the screen and helps track fitness goals. restaurant where someone was singing and playing live
Members pay $1,495 for the Mirror and an additional music onstage,” she says. “I had found my way to the
$39 a month for access to an array of livestreamed stage and was dancing with the singer.”
classes including cardio, barre, strength training and At age 7, she joined the School of American Ballet,
yoga in 15-, 30- and 60-minute increments. cofounded by George Balanchine. Her debut with the
“No one had thought about putting a screen into a New York City Ballet was noted in the New York Times
mirror and having it be a workout platform,” says Kevin with a photograph of her and two friends. That year,
Thau, general partner at Spark Capital, one of Putnam’s she played the Bunny in The Nutcracker.
early investors. “It seems obvious in hindsight, but it Some dancers only dance; others have additional
wasn’t before.” interests. Putnam was in the latter category.

NEXT BILLION-DOLLAR
STARTUPS 2020
FOR THE SIXTH YEAR in a row, Forbes has
teamed up with TrueBridge Capital Partners
to search the country for the 25 fastest-
growing venture-backed startups most likely 75
to reach a $1 billion valuation. TrueBridge
asked 300 venture capital firms to nominate
BRYNN PUTNAM
the companies they thought were most likely
to become unicorns, while Forbes reached out
directly to more than 100 startups. Then came
the deeper look, as we analyzed finances for
roughly 140 of them and interviewed founders.
This list represents the 25 we think have the
best shot of reaching the billion-dollar mark.
ACORNS
Founders: Jeff Cruttenden, Walter Cruttenden;
Pandemic Workouts: Mirror’s eight instructors, dressed in bright colors CEO: Noah Kerner
(never black, because they’re filmed against a black backdrop), teach
Equity Raised: $257 million
50 types of classes that thousands stuck inside can stream whenever
they want. MIRROR Estimated 2019 revenue: $50 million
Lead investors: Bain Capital, e.ventures,
“My dad said to me, ‘It would be great if you could learn Greycroft, NBCUniversal, PayPal, TPG Capital
some actual skills,’ ” she recalls. She studied Russian literature
and culture at Harvard. ALGOLIA
After college, she went on the road with the Pennsylvania Founders: Nicolas Dessaigne, Julien Lemoine;
Ballet and Les Grands Ballets Canadiens de Montréal. During CEO: Bernadette Nixon
the off months in New York, she taught ballet and toning Equity Raised: $184 million
classes. Boutique fitness studios were booming, and it was
Estimated 2019 revenue: $50 million
an easy way to bring in cash. When she retired from ballet a
decade ago, she sought to open her own boutique studio. Lead investors: Accel, Alven, SaaStr Fund,
At the time, she had just $15,000 in personal savings, Salesforce Ventures
so she wandered the streets of Manhattan searching for
whatever strange off-market space she could find. Walking ANDELA
past an Orthodox church on the Upper East Side, she heard Founders: Iyinoluwa Aboyeji, Ian Carnevale,
people speaking Russian and struck up a conversation, in Nadayar Enegesi, Jeremy Johnson (CEO), Brice
Russian, with the minister and some parishioners. The chat Nkengsa, Christina Sass
soon switched to English, and she learned they had a space Equity Raised: $181 million
available. In 2010, Refine Method was born. “The catch was
that every Sunday we had to turn it back into a church,”
she says. Lead investors: Chan Zuckerberg Initiative,
Another catch: There wasn’t enough space for standard CRE Venture Capital, Generation Investment
Management, Spark Capital
equipment. So she jerry-rigged a solution with the help of her
husband, who, aside from having cofounded fintech startup
Quovo (acquired by Plaid), grew up sailing as a member of BENCHLING
Image courtesy of MIRROR
one of Boston’s blueblood families (his great-grandfather Founders: Ashu Singhal, Sajith Wickramasekara (CEO)
founded Putnam Investments). The device they built was a Equity Raised: $114 million
series of sailing pulleys and resistance bands that could serve
as a wall-mounted weight machine, enabling each person to
do strength training exercises with just two feet of space. Lead investors: Alkeon, Andreessen Horowitz,
Benchmark, Menlo Ventures, Thrive Capital,
Y Combinator
“It looked kind of like an S&M den,” she recalls.
Clients raved about Refine, and Putnam expanded the
studio into a mini-chain. By 2016, though, newly pregnant
and suffering from severe morning sickness, working out in
a club no longer appealed to her. Peloton was booming, but
Putnam didn’t want a bike in her apartment. Nor did she
like the content and interactivity of the streaming apps she
Eric Kinariwala
tried. Her aha! moment came when she upgraded Refine,
76
adding more mirrors, and got rave reviews from her clientele.
CAPSULE “I realized a lot of the technology I had been thinking about
Founder: Eric Kinariwala (CEO)
BRYNN PUTNAM
could be put in a mirror,” she says.

Equity Raised: $270 million Putnam built a crude prototype in her kitchen with a
Estimated 2019 revenue: $100 million cheap tablet from Amazon, a piece of glass and a Raspberry
Lead investors: Glade Brook Capital, TCV, Thrive Capital Pi, a small, low-cost computer often used by do-it-yourself
hobbyists.
COALITION By the time she had a prototype viable enough to raise
Founders: John Hering, Joshua Motta (CEO) funding, she was seven months pregnant, and as she sought
guidance from entrepreneurs and investors, many told her
to hold off. “I met with a lot of other founders who said,
Estimated 2019 revenue: $27 million ‘It’s great you’re doing this, but I think you’re going to meet
Lead investors: Hillhouse Capital, Ribbit Capital, resistance. They don’t like backing solo founders, they don’t
Valor Equity Partners, Vy Capital like backing solo female founders and they certainly don’t
like backing solo female founders who are seven months
COCKROACH LABS pregnant,’ ” Putnam says.
Founders: Ben Darnell, Spencer Kimball (CEO), But she didn’t want to wait. She had seen boutique fitness
Peter Mattis chains like SoulCycle and Barry’s Bootcamp turn into
Equity Raised: $195 million behemoths, while Refine, which she still owns, was stuck at
three outlets.
She ultimately closed her seed funding with Lerer Hippeau
Lead investors: Altimeter, Benchmark, Bond, GV, from the hospital on November 15, 2016, the day her son was
Index Ventures, Redpoint born. “Don’t mess with Brynn,” says Lerer, who agreed to
invest after seeing her janky prototype. “She is extraordinary
EXPANSE at getting people to believe in her vision and follow her.”
Founders: Tim Junio (CEO), Matt Kraning, Shaun Maguire Putnam and a small team figured out the fitness
Equity Raised: $136 million regimens from her kitchen table. Then came the engineers,
whom Putnam parked at a WeWork. “There was always
stuff everywhere, attachments and mirrors and different
Lead investors: Founders Fund, IVP, New prototypes and ideas,” says Abby Bales, a personal trainer
Enterprise Associates, TPG Capital who now serves as Mirror’s scientific advisor. Product
testing? Early on, Putnam dragged a Mirror prototype to
FIVETRAN the Refine studio to see what loyal customers would think.
Founders: Taylor Brown, George Fraser (CEO) “It was very large, like huge, with a lot of metal, and it was
Equity Raised: $60 million not the easiest thing to move around,” says Kailee Combs,
who was then an instructor and director of programming at
Refine and is now Mirror’s VP of fitness content. “My fiancé
Lead investors: Andreessen Horowitz, CEAS, was driving the U-Haul, and I was in the back of the van with
Noam Galai / Getty Images via AFP
Matrix Partners, Y Combinator

Brynn, and we were literally holding this hunk of a mirror
that was wrapped in an old blanket.”
GONG Putnam says her lack of technical expertise was an
Founders: Amit Bendov (CEO), Eilon Reshef advantage because it enabled her to focus on the few things
Equity Raised: $133 million customers cared about rather than trying to build a perfect
Estimated 2019 revenue: $30 million product. For her, what mattered was that the Mirror be an
inch deep or less, look frameless and have the right balance
Lead investors: Battery Ventures, Norwest
Venture Partners, Sequoia
HOMEBOUND
between transmission and reflection. “The member doesn’t Founders: Jack Abraham, Nikki Pechet (CEO)
care what the back of the mirror looks like because it’s Equity Raised: $53 million
hanging on the wall, and the member doesn’t care if it weighs
50 pounds versus 60 pounds,” she says. “I was ruthless,
and we were able to make good decisions on time, cost and Lead investors: Atomic, Fifth Wall, Thrive Capital
quality.”
After two years of design work, Putnam launched the IRONCLAD
product, now made in Mexico, in September 2018. Though Founders: Jason Boehmig (CEO), Cai GoGwilt
77
that was six months later than she hoped, it went off without Equity Raised: $84 million
any major flaws, a big win for a complex piece of electronic
BRYNN PUTNAM
equipment.
Three months later, she was at her in-laws’ house for Lead investors: Accel, Sequoia, Y Combinator
Christmas, hoping sales would be strong. “I heard my cousin
scream from the other room—Alicia Keys had posted on LYRA HEALTH
Instagram her family gifting her a Mirror,” Putnam recalls. In Founders: Dena Bravata, David Ebersman (CEO),
the video, Keys’ children lead her to a closed door and tell her Bob Kocher, Bryan Roberts
not to yell out, but as soon as she sees the Mirror mounted to Equity Raised: $176 million
the wall, she begins to shriek and dance with excitement.
Soon, Mirror was attracting other celebrity clients, and Estimated 2019 revenue: $50 million
Putnam was promoting their names as a seal of approval: Lead investors: Glynn Capital, Greylock Partners,
Reese Witherspoon, Ellen DeGeneres, Gwyneth Paltrow and IVP, Meritech Capital, Tenaya Capital, Venrock
Kate Hudson, among others. “It was this funny network
effect that started to happen,” she says. “In the early days, MIRROR
orders would come in and your jaw would drop because Founders: Brynn Putnam (CEO)
there were so many celebrities.”
The mix of fitness, glitz and technology turned out to
be the perfect combination for Putnam, who signed on Estimated 2019 revenue: $45 million
influencers and put up billboards, rather than first building a Lead investors: Lerer Hippeau, Point72 Ventures,
following with targeted Facebook and Instagram ads, as most Spark Capital
direct-to-consumer startups do. “We knew from the early
days we were launching not just a new product, but a new MOVEWORKS
category,” she says. “I knew we had to have a launch where Founders: Jiang Chen, Vaibhav Nivargi, Bhavin
the brand seemed bigger than it was.” Shah (CEO), Varun Singh
P
eople have posited that fitness was destined
to move to the home since Jane Fonda released Estimated 2019 revenue: $10 million
her first workout tapes in 1982, and the cycles of Lead investors: Bain Capital, Iconiq Capital,
home versus gym have ebbed and flowed since Kleiner Perkins, Lightspeed
then. The difference this time? Technological advances that
offer a more personalized experience and a way to track your
own results. “This is here to stay. It’s not a fad,” says Jed
Katz, managing director at Javelin Venture Partners, who
personally invested in Peloton but is not invested in Mirror.
“It’s addicting, it’s convenient and the content has gotten so
good.”
For Joe Popson, a 32-year-old IT support manager in New
York, that’s been the case. Although he previously struggled
to go to the gym, since he bought a Mirror last May he’s been
Image credit: Moveworks
working out five times a week, generally starting his day with
15 minutes of dance cardio, and has lost 20 pounds. With
Mirror, he says, he loves that he can see both the instructor
and himself as he works out, and that afterward he can
interact with the instructor on Instagram. “They’ll send you
MOVEWORKS founders

a fire emoji or a ‘100’ emoji or put you in their story,” he
says. “It goes back to making you feel incredibly connected,
especially at a time like this.”
Putnam incentivized her talent, making eight founding
trainers full-time staffers with stock options. They’re
encouraged to focus on teaching the class and delivering an
entertaining experience, as software handles the music and
any necessary modifications based on customer input.
78
Then came the coronavirus and social-distancing
mandates, which Alex Alimanestianu, former CEO of Town
BRYNN PUTNAM
Sports International (parent of New York Sports Clubs) and

Lucas Haldema, SMARTRENT an advisor to Mirror, terms “an existential threat to a lot of
gyms.” In May, Gold’s Gym, with 700 locations worldwide
RIPPLING and minimal digital strategy, filed for Chapter 11 bankruptcy.
There have been reports that Town Sports or 24 Hour Fitness
Founders: Parker Conrad (CEO), Prasanna Sankar
Estimated 2019 revenue: $10 million Brynn Putnam has big
Lead investors: Initialized Capital, Kleiner Perkins,
Y Combinator plans to expand beyond
fitness. Mirror already
SHIPWELL added meditation classes in
Founders: Gregory Price (CEO), Jason Traff
Equity Raised: $47 million partnership with Lululemon.
Estimated 2019 revenue: $30 million Next up: physical therapy,
Lead investors: Fifth Wall, First Round Capital,
Georgian Partners
rehabilitation and maybe
even telehealth.
SIGNAL SCIENCES
Founders: Nick Galbreath, Zane Lackey, Andrew
could well be next. Publicly traded Town Sports is now worth
Peterson (CEO)
just $12 million and has nearly $200 million in debt coming
Equity Raised: $62 million due in November. It issued a “going concern” warning in a
Estimated 2019 revenue: $30 million regulatory filing this spring but did not respond to requests
Lead investors: CRV, Harrison Metal, Index for further comment. 24 Hour Fitness said in a statement
Ventures, Lead Edge Capital, OATV that it is “considering a broad range of options.”
Unfortunately for Putnam, others have also done the
math. Beyond Peloton, there’s now Tonal, which offers a
SMARTRENT smart home gym powered by 3D modeling and artificial
Founder: Lucas Haldeman (CEO)
intelligence; Hydrow, which sells smart rowing machines;
Equity Raised: $102 million and FightCamp, which sells interactive home boxing and
Estimated 2019 revenue: $35 million kickboxing classes. Meanwhile, the big gyms are turning to
Lead investors: Bain Capital, RET Ventures,
digital home fitness to help salvage their businesses. This
Spark Capital spring, Equinox, the gym chain with nearly 100 clubs across
the U.S., began offering its members Variis, a streaming
platform from its sister company that includes free digital
SOLUGEN classes and also pairs its SoulCycle workouts with an at-home
Image credit: SmartRent
Founders: Gaurab Chakrabarti

bike (priced at $2,500). There’s even a competing interactive
(CEO), Sean Hunt
mirror from startup Echelon, which it calls Reflect.
Equity Raised: $80 million Putnam’s plan to stay ahead: Position Mirror as a third
Estimated 2019 revenue: $12 million screen for the home. “I think of a Mirror as the next iPhone,”
Lead investors: Fifty Years, Founders Fund,
she says, without irony. She has already added meditation
Y Combinator
classes in partnership with Lululemon, the yoga clothing
brand, and launched personal training sessions at $40 a
pop, which are now happening remotely from trainers’
homes. Next up: physical therapy and rehabilitation sessions,
though it’s not clear if insurance companies would cover
them. Long-term, she thinks Mirror could ultimately be
used for telehealth, therapy and a host of other interactive
applications, conjuring answers with the ease of Snow
79
White’s Evil Queen.
In fact, Putnam has been getting calls nonstop from Jason Brown and Jasper Platz, TALLY
BRYNN PUTNAM
people who want to talk about partnering to use the screen
for chat, scrapbooking, education and a million other things.
It’s a bit overwhelming. “In a business that is growing so fast
and that has so much potential, how do you stay disciplined SUPERHUMAN
about saying no?” she says. “That has been the hardest but Founders: Conrad Irwin, Vivek Sodera, Rahul
most important lesson of the past 18 months.” Vohra (CEO)
PELOTON vs. MIRROR Lead investors: Andreessen Horowitz, First Round
AS THE IN-HOME FITNESS BATTLE INTENSIFIES, TALLY

UPSTART MIRROR IS BETTING ON ITS VERSATILITY, Founders: Jason Brown (CEO), Jasper Platz
LOWER PRICE AND SMALLER FOOTPRINT TO COMPETE
AGAINST INDUSTRY BEHEMOTH PELETON.
PELOTON MIRROR Lead investors: Andreessen Horowitz, Cowboy
Ventures, Kleiner Perkins, Shasta Ventures
Focus Connected bikes and Interactive mirrors
treadmills
TRAY.IO
CEO John Foley, Brynn Putnam, Founders: Dominic Lewis, Alistair Russell, Richard
competitive cyclist former ballerina Waldron (CEO)
and the former and owner of a
president of boutique fitness Equity Raised: $109 million
Barnesandnoble.com studio in New York
Year Product 2013 2018
Lead investors: GGV Capital, Meritech Capital,
Launched
Mosaic Ventures, Spark Capital, True Ventures
Valuation $13.7 billion $300 million
Revenue $1.2 billion $45 million TRUSTED HEALTH

Founders: Matt Pierce, Lennie Sliwinski (CEO)
Cost $2,245 for the bike $1,495 for the
or $4,295 for the Mirror, plus Equity Raised: $25 million
treadmill, plus $39/ $39/ month
month subscription subscription
Lead investors: Craft Ventures, Felicis Ventures,
Footprint 4 feet by 2 feet (bike) 22 inches by Founder Collective
1.4 inches
Viral Moment Peloton's 2019

holiday ad gets
Alicia Keys'
Instagram post
WEAVE
Founders: Clint Berry, Brandon Rodman (CEO),
Toronja6090 / Wikipedia
viciously mocked and about getting a

turns into a meme Mirror for the 2018 Jared Rodman
holidays draws
635,000 views
Sources: Peloton, Mirror, Forbes research Estimated 2019 revenue: $50 million
Note: Revenue for 2019 calendar year. Peloton's market cap as of May 15, 2020;
Mirror's valuation as of latest funding round, in October 2019. Lead investors: A.Capital Ventures, Catalyst
Investors, Crosslink Capital, Lead Edge Capital,
Tiger Global Management
• THOUGHTS ON •
Ingenuity
80
“I am a brain, Watson. The “You might be poor, your

THOUGHTS
rest of me is mere appendix.” shoes might be broken, but

—Sir Arthur Conan Doyle your mind is a palace.”
—Frank McCourt
“The world is in perpetual
motion, and we must invent “Falsity cannot keep an idea
the things of tomorrow. . . . from being beautiful. There
Act with audacity.” are certain errors of such
—Madame Clicquot ingenuity that one could
regret their not ranking
“I just invent, then wait among the achievements of
until man comes around to the human mind.”
needing what I’ve invented.” —Jean Rostand
—Buckminster Fuller
“Be alert and of sober
“Even if the situation or mind. Your enemy the devil
challenge is very complex, prowls around like a roaring
usually the simplest solution lion, looking for someone to
is the one to go with.” devour.”
—Roxanne Quimby —1 Peter 5:8
“They were a strange and

mercantile people, these
Americans. One never knew
what they might come up
with next.”
—Lauren Willig
“Fear is an excellent
motivator. I fi nd that it
Antonie van Leeuwenhoek picture and Fyodor Dostoevsky, from wikipedia.org

really brings out the true
B.C. Forbes Picture from Forbes; Lauren Willig picture from laurenwillig.com
Lauren Willig
ingenuity of a creature.”
—M.D. Elster
“The more I pushed myself to “They tried to be too
get over my fears, I realized clever, and that was their
“It will be found, in fact,
that my imagination was the undoing.”
that the ingenious are
thing that stopped me.” —Agatha Christie FINAL
always fanciful, and the truly
imaginative never otherwise
—Amy Vitale THOUGHT
“Only a mind free of “Ponder the genius
than analytic.”
“Facts aren’t everything; at impediment is capable of exhibited in discovering
—Edgar Allan Poe
least half the battle consists grasping the chaotic beauty substitutes for scarce
in how one makes use of of the world. This is our war materials. . . .
“Whenever I found out
them.” greatest asset.” The research
anything remarkable, I put
—Fyodor Dostoevsky —Oliver Bowden laboratories of private
down my discovery on paper,
so that all ingenious people enterprise have
might be informed thereof.”
SOURCES: THE GARDEN INTRIGUE, BY LAUREN WILLIG; THE CASE BOOK OF SHERLOCK
HOLMES, BY ARTHUR CONAN DOYLE; FOUR KINGS, BY M.D. ELSTER; CRIME AND
wrought miracles.”
—Antonie van PUNISHMENT, BY FYODOR DOSTOEVSKY; THE MYSTERIOUS AFFAIR AT STYLES,
BY AGATHA CHRISTIE; ASSASSIN’S CREED, BY OLIVER BOWDEN; ANGELA’S ASHES,
—B.C. Forbes
Leeuwenhoek BY FRANK MCCOURT; THE MURDERS IN THE RUE MORGUE, BY EDGAR ALLAN POE.

81

82

Forbes Middle East July 2020

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Forbes Middle East July 2020

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TOP 100

JULY 2020 ISSUE 95

DIRIYAH GATE DRIVING ITS HOPES FOR TOURISM.

OMAN................................ OMR 3 BAHRAIN............................BHD 3 UAE.....................................AED 30

F O R B E S M I D D L E E A S T.CO M JULY 2020

26 I Why Are Middle East Investors Pouring Money

71 I The Future Of Financial Inclusion In MENA

58 I Arab Celebrities Doing Their Part During COVID-19

68 I Ronaldo’s $105 Million Year Tops Messi And Crowns

70 I Inside Oprah’s Return To The Celebrity 100

I NEXT BILLION-DOLLAR STARTUPS 2020

F O R B E S M I D D L E E A S T.CO M JULY 2020

F O R B E S M I D D L E E A S T.CO M JULY 2020

F O R B E S M I D D L E E A S T.CO M JULY 2020

F O R B E S M I D D L E E A S T.CO M JULY 2020

F O R B E S M I D D L E E A S T.CO M JULY 2020

—Claudine Coletti, Managing Editor

F O R B E S M I D D L E E A S T.CO M JULY 2020