Forbes Middle East - English Issue - July 2020 by Forbes Middle East

SAUDI LAUNCHES $49B FUND TO SUPPORT TOURISM THE WORLD’S HIGHEST-PAID CELEBRITIES

TOP 100 ARAB FAMILY BUSINESSES

THE WORLD’S 5 MOST VALUABLE CARMAKERS 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 JULY 2020 ISSUE 95

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 DIRIYAH GATE DRIVING ITS HOPES FOR TOURISM. OMAN................................ OMR 3 OTHERS..................................... $8

BAHRAIN............................BHD 3 KUWAIT..........................KWD 2.5

UAE.....................................AED 30 SAUDI ARABIA.................. SAR 30

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6 I Sidelines Onwards By Claudine Coletti

I LEADERBOARD

I The World’s 5 Most Valuable Carmakers 10 I The Largest Corporate Commitments To Tackle Inequality 12 I 5 Most Expensive Cities For Expats 14 I Top 10 Largest Sovereign Wealth Funds In The World 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 8

C O N T E N T S

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 Economy By Stas Louca 66

How COVID-19 Is Shaping The Future Of Commerce For Good

By Ramez T. Shehadi

28 46

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 68

I I

The World’s Highest-Paid Celebrities Ronaldo’s $105 Million Year Tops Messi And Crowns

Him Soccer’s First Billion-Dollar Man By Christina Settimi 70

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

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Top 100 Arab Family Businesses In The Middle East 34

C O N T E N T S

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ISSUE 95

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C O N T E N T S

INSIDE

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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

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Sidelines

FORBES MIDDLE EAST

Onwards

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

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JULY 2020 ISSUE 95 7

Dr. Nasser Bin Aqeel Al Tayyar President & Publisher

FORBES MIDDLE EAST

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Khuloud Al Omian Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House khuloud@forbesmiddleeast.com Claudine Coletti Managing Editor

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Laurice Constantine Digital Managing Editor laurice@forbesmiddleeast.com Fouzia Azzab Arabic Editor fouzia@forbesmiddleeast.com Jamila Gandhi Reporter jamila@forbesmiddleeast.com Samar Khouri Online Editor samar@forbesmiddleeast.com Waleed Hmidan Video Journalist waleed@forbesmiddleeast.com Amany Zaher Quality Assurance Editor amany@forbesmiddleeast.com Research Team Jason Lasrado jason@forbesmiddleeast.com Ahmed Mabrouk ahmed@forbesmiddleeast.com Nermeen Abbas nermeen@forbesmiddleeast.com

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LEADERBOARD • MARKETS

The World’s 5 Most Valuable Carmakers The brainchild of Elon Musk, Tesla, made history in June by surpassing Toyota to become the world’s 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.

Tesla Market cap: $178 billion Founded: 2003 HQ: U.S.

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FREDERIC J. BROWN / AFP

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.

By Jamila Gandhi

LEADERBOARD •

MARKETS

MARIO TAMA / Getty Images via AFP

LEADERBOARD •

MARKETS

Toyota Motor

Volkswagen Group

Honda Motor

Daimler

Market cap: $174.4 billion Founded: 1937 HQ: Japan

Market cap: $77 billion Founded: 1937 HQ: Germany

Market cap: $43.7 billion Founded: 1948 HQ: Japan

Market cap: $42 billion Founded: 1886 HQ: Germany

Toyota is currently valued at 0.6 times its annual revenue. In the fiscal year ended March 31, 2019, the company reported revenue of around $281.6 billion. It sold nearly 10.5 million vehicles in the 12 months ended March 31, about 10 times as many as Tesla has built in its lifetime. According to data by GoodCarBadCar.net, Toyota’s Tacoma was America’s fourth bestselling new pickup truck in 2019, delivering 187,622 pieces. Meanwhile, the Toyota Corolla was the world’s bestselling car model in 2019, according to data by Statista. Toyota ranked #11 on Forbes’ Global 2000 list this year, reporting 2019 revenues of $280.5 billion.

Industry leader Volkswagen produces more than 10 million vehicles per year. The automotive company has acquired several brands over the years, including Audi, Porsche, Skoda, and Bentley. The group’s top brand is its namesake Volkswagen passenger car brand, which accounted for a third of all vehicles sold by the conglomerate in 2019. The company has said that by 2025, at least 25% of its global sales will be battery-electric. Volkswagen ranked #23 on Forbes’ Global 2000 list this year, reporting 2019 revenues of $275.2 billion.

The Honda Motor company produced over five million automobiles in 2019. Honda’s automotive revenue has increased consistently over the years, recording $93.2 billion in FY 2017 to $99.7 billion in FY 2019. Motorcycle revenue witnessed similar growth, increasing from $15.9 billion in FY 2017 to $18.9 billion in FY 2019. Honda’s electric vehicle model, the e compact, is expected to begin deliveries in Europe by late summer this year. The Japanese carmaker ranked #83 on Forbes’ Global 2000 list this year, reporting 2019 total revenues of $142.4 billion.

Before the pandemic, Daimler’s Mercedes forecasted an operating profit of at least 4% in 2020 and at least 6% in 2022. Now, the parent company of luxury automaker, MercedesBenz, has confirmed that its cost-cutting plan would reach $1.5 billion by the end of 2022. As per Trefis estimates, Mercedes-Benz cars and vans make up 60% of Daimler’s top line. The German giant is expected to launch an electric A class sedan and an electric van this year. Daimler ranked #326 on Forbes’ Global 2000 list this year, reporting 2019 revenues of $189.2 billion.

Figures as of June 26, 2020. F O R B E S M I D D L E E A S T.CO M

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LEADERBOARD • 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.

Bank of America Donation: $1 billion Sector: Financial services On June 2, the US’ secondlargest 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.

Donation: $530 million Sector: Technology Payments giant PayPal Holdings Inc. unveiled its $530 million investment to support black and minority-owned businesses and communities in the US, particularly those hardest hit by the pandemic. Announced on June 11, the commitment F O R B E S M I D D L E E A S T.CO M

includes a $15 million fund to strengthen the tech company’s internal diversity and inclusion programs and employee resource groups. PayPal will also match $2 for every $1 donated by employees and $10 for every volunteer hour dedicated to racial, economic justice efforts in local communities.

Softbank Group Corp Donation: $100 million Sector: Financial services On June 3, SoftBank started a $100 million fund that will exclusively invest in firms led by people of color. The Japanese group has historically been underrepresented in the

venture capital industry. In a staff letter, CEO Marcelo Claure highlighted that only 1% of VC-backed founders are black. As such, this new fund will specifically look to support founders from communities that face systemic disadvantages in developing and scaling up their businesses. JULY 2020

Oli SCARFF / AFP

PayPal

By Jamila Gandhi

LEADERBOARD •

LEADERS

The Largest Corporate Commitments To Tackle Inequality

Major record label Warner Music Group (WMG) launched its $100 million fund on June 3 to support the music community and groups promoting social justice in partnership with the Family Foundation of its primary owner, Len Blavatnik. CEO of WMG, Steve Cooper, stated that the fund will go towards organizations that are on the frontlines of the fight against racism and those in need across the music industry. An advisory panel will determine the amount of the financial gifts and timing.

Comcast Donation: $100 million Sector: Entertainment On June 8, Comcast

chairman and CEO, Brian Roberts, declared that the cable giant will be allocating $100 million to fight injustice and inequality against any race, ethnicity, gender identity, sexual orientation, or ability. Over the next three years, Comcast will distribute $75 million in cash and $25 million in media. The pledge will focus on accelerating the company’s diversity and inclusion, amplifying black voices and stories, and supporting girls of color to become innovators in STEM fields, among other plans.

Apple Donation: $100 million Sector: Technology On June 11, Apple CEO Tim Cook said the tech giant’s Racial Equity and Justice Initiative, worth $100 million, will promote racial equality for people of color with a focus on criminal justice reform, economic equality, and education. The program will be led by Apple’s vice president of environment, policy, and social initiatives, Lisa Jackson. Currently, 24% of Apple’s workforce is made up of underrepresented minorities. Cook also added that the company would match specific employee donations two-for-one during the month of June.

Sony Music Group Donation: $100 million Sector: Entertainment

John Gress Media Inc / Shutterstock.com

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.

Walmart Donation: $100 million Sector: Retail One of the world’s largest retailers, Walmart and the Walmart Foundation, pledged $100 million over F O R B E S M I D D L E E A S T.CO M

Apple CEO Tim Cook

JULY 2020

11 LEADERS

Donation: $100 million Sector: Entertainment

five years through a new center on racial equity on June 5. In a letter to company staff, CEO Doug McMillon revealed that the center’s goal will be to address systematic racism in society head-on and accelerate change. The fund will be used to tackle issues surrounding social determinants of health, strengthening workforce development, and related educational systems.

LEADERBOARD •

Warner Music Group

LEADERBOARD • ECONOMY

5 Most Expensive Cities For Expats According to Mercer’s 26th annual Cost of Living Survey, factors like currency fluctuations, cost of 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 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 concerns over the economic outlook, the Brexit unease, and an escalating trade war. The Economist Intelligence Unit lists Zurich as the number one city in the world for quality of life. The Swiss city also ranks second in terms of the highest salaries, driving up the cost of rent and groceries. After Zurich, the next most-costliest European cities are Bern (8) and Geneva (9).

2020 rank: 1 2019 rank: 1

Ashgabat, Turkmenistan 2020 rank: 2 2019 rank: 7 The capital of Turkmenistan is not somewhere synonymous with lush living, and yet in the past 12 months, it has surpassed Tokyo (3), Singapore (5), and New York (6). The high rank of Ashgabat comes as Turkmenistan witnesses a critical economic and social crisis, combined with hyperinflation, according to F O R B E S M I D D L E E A S T.CO M

Singapore Ashgabat

Mercers. As such, the Asian city’s cost of importing food and raw materials has become pricier, upending the supply and demand balance.

Tokyo, Japan 2020 rank: 3 2019 rank: 2 As the most populous city in Japan, the Asian city’s exorbitant costs influence the rest of the nation. Boasting a population of over nine million people, Tokyo has a high cost of living, with a loaf of bread estimated at $7.41 on average, according to the Economist Intelligence Unit. A 2017 survey by JETRO

found that foreign-affiliated companies in Japan generally have a positive view of their business conditions as well as the prospects of the Japanese economy. Besides Tokyo, Osaka (22) and Kyoto are also popular expat destinations and slightly cheaper cities to live in than the capital.

Zurich, Switzerland 2020 rank: 4 2019 rank: 5 Europe’s most expensive city, Zurich, has climbed the ranks to fourth place this year thanks to the Swiss franc. No other European country has landed a spot

2020 rank: 5 2019 rank: 3 Singapore has made the top five despite relatively low inflation and weakening global trade growth. It’s now more expensive than Beijing (10) and Shanghai (7), partly due to the weakness of the yuan against major currencies in the past year. After Hong Kong, Singapore ranks second among the most expensive residential property markets globally, as per CBRE research. The financial hub is an attractive location for multinational companies to establish their regional headquarters and is known for its ease of doing business and top-notch infrastructure. JULY 2020

gonetothemoon / Shutterstock.com

Despite facing political unrest and an incoming national security law, Hong Kong has retained its spot as the most-costliest city for expats both in Asia and globally for the third year running. This is due to currency movements measured against the US dollar driving up the cost of living locally, as well as the city’s staggering real estate market. According to CBRE, Hong Kong is the world’s most expensive real estate market worldwide, with ownership out of reach even for people with higher salaries.

By Jamila Gandhi

LEADERBOARD •

ECONOMY

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JULY 2020

LEADERBOARD • WEALTH

Top 10 Largest Sovereign Wealth Funds In The World The world’s sovereign wealth funds have crossed $8.2 trillion in assets under management, with 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

• Three Arab sovereign

funds made it to the top 10 including the Abu Dhabi Investment Authority (#3), the Kuwait Investment Authority Fund (#4), and Saudi’s Public Investment Fund (#9).

• Asian countries including China and Singapore dominate the top 10 with six funds, followed by Arab gulf countries with three funds. Norway is the only European country in the top 10. F O R B E S M I D D L E E A S T.CO M

Norges Bank headquarters

Norway Government Pension Fund Global Total assets: $1.18 trillion

Founded: 1990 Country: Norway The Norwegian fund is the world's largest sovereign fund with assets under management of $1.18 trillion. In 2019, the fund achieved returns of 19.9%, which was the second-highest since 1998 in percentage terms, and the highest in the local currency “krone” according to the fund’s annual report in 2019. On October 25, 2019, the fund reached a historic milestone when its market value passed 10 trillion kroner ($1 trillion) for the first time. The fund is investing in 9,202 companies worldwide, and holds almost a 1.5% stake of all the world’s listed companies. Apple, Nestle, Microsoft and Samsung are among the fund’s investments. JULY 2020

Photo: Esten Borgos / Norges Bank

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 came in third with $579.6 billion in assets.

By Amany Zaher

LEADERBOARD •

WEALTH

Founded: 2007 Country: China China’s sovereign wealth fund, the CIC is the world’s second largest wealth fund with $940.6 billion in assets under management. According to the fund’s 2018 annual report that was 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 steadily grown, with $940.6 billion in gross assets and $858.8 billion in net assets in 2018. 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.

Investment 4 Kuwait Authority (KIA) Total assets: $533.6 billion Founded: 1953 Country: Kuwait

Dhabi Investment 3 Abu 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.

ADIA photo by JoemanjiArts-ESOS / Shutterstock.com; KIA photo by SCraitza / Shutterstock.com

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

15 WEALTH

Total assets: $940.6 billion

In October 2019, a consortium led by a wholly owned subsidiary of the Abu Dhabi Investment Authority and EQT bought Nestlé Skin Health for $10.6 billion. According to the recent report from the fund, the 20-year and 30-year annualized rates of return for the ADIA portfolio were 5.4% and 6.5% respectively, as end of 2018, which is lower than 2017 ratios with 1.1%, 0.5% respectively.

LEADERBOARD •

China Investment Corporation (CIC)

JULY 2020

Hong Kong Monetary Authority Investment Portfolio

Total assets: $528 billion Founded: 1935 Country: China-Hong Kong

LEADERBOARD •

WEALTH

The Hong Kong Government’s Exchange Fund was established in 1935 then later renamed the Exchange Fund Ordinance. The fund is managed by the Hong Kong Monetary Authority (HKMA). In May 2020, HKMA announced that the total assets of the exchange fund had increased to $528 billion as of April 2020, with a $180.6 million increase 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 about 12.4% since its inception in 2009 and until end of September 2019.

6 GIC Private Limited Total assets: $440 billion

Founded: 1981 Country: Singapore GIC, Singapore’s sovereign wealth fund, is the sixth largest fund in the world with $440 billion in assets under management. GIC achieved annual return of 3.4% above global inflation, during the 20-year period that ended 31 March 2019. In February 2020, GIC acquired Beijing’s LG Twin Towers from South Korean conglomerate LG Group, 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.

8 Temasek Holdings

Total assets: $375.4 billion

Founded: 1974 Country: Singapore Singapore-based investment company, Temasek, is managing assets of $375.4 billion. Temasek is wholly-owned by the Singapore Minister for Finance. The annualized total return since its inception in 1974 is 15% in terms of Singapore dollar terms, according to the fund’s website. As of March 2019, the fund holds 56% stake in Singapore Airlines and 1% Stake in the Chinese giant Alibaba, among other investments.

Public Investment Fund (PIF) Total assets: $360 billion

Founded: 1971 Country: Saudi Arabia PIF is currently the third largest sovereign fund in the Arab world with assets worth $360 billion. Saudi’s fund has advanced 22 spots in the world ranking since Mohammed bin Salman took the helm of the fund in 2015, according to analysis of the economic report unit in Saudi newspaper “Al-Iqtisadiya.” The fund’s assets have increased by 137% since 2015 when the assets were almost $152 billion, ranking 31 globally. The kingdom transferred nearly $40 billion from the central bank foreign reserves to fund investments of PIF in March and April 2020. Saudi Arabia aims to increase the fund’s assets to $400 billion this year. PIF is actively investing in international companies and has bought $8.2 billion worth of new investments in 25 global stocks in 2020 so far.

Council for Social 10 National Security Fund

SAFE Investment Company

Total assets: $325 billion

Total assets: $417.8 billion

Founded: 2000 Country: China

Founded: 1997 Country: China The SAFE Investment Company was founded in 1997 in Beijing, China. It is currently the seventh largest fund in the world with assets under management worth $417.8 billion. In 2020, the SAFE Investment Company announced a sizable stake in Euroclear SA to became the fifth largest shareholder in the company with 4.26% stake, according to SWFI. F O R B E S M I D D L E E A S T.CO M

The Chinese National Council for Social Security Fund, established in 2000, is the tenth largest sovereign fund in the world with assets under management worth of $325 billion. The National Council for Social Security Fund manages the assets of the National Social Security Fund, which serves as the national social security reserve fund to supplement and adjust the social security spending. Funding sources include fiscal allocation from the central government, the transfer of state-owned capital, fund investment proceeds, and capital raised by other methods approved by the State Council. JULY 2020

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.

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 itâ&#x20AC;&#x2122;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). The chain is now set to expand into several locations over the next two years, promoting its popular assortment of products and enhanced levels of consumer loyalty. Customer-Centric Offering Seeking to differentiate from its competition in the market, Grandiose focuses heavily on an entirely customercentric approach to product range and shopping experience. Customers have reacted positively to the refreshing change in the grocery retail landscape, particularly supporting the eco-friendly practices adopted by Grandiose. Its initiatives towards promoting a healthy lifestyle have also gained traction, creating excellent reputation in its communities. Grandiose offers many common and regularly-consumed products for good value, while also providing a gourmet customized range. The customers enjoy a unique look and feel environment with the associated warmth of service. Amongst its specialties are an extensive range of international foods, healthy

foods (organic & free from), balanced fresh ready meals and freshly baked bakery products. Grandiose has collaborated with leading French retailer Intermarche to offer its wide range of niche products. Sourcing from local producers and farms is a key aspect of Grandiose operations, in addition to promoting a positive eco-citizenship concept. Fostering Eco-Citizenship Since its launch, Grandiose has been focusing on enabling consumers to purchase high-quality products while acting responsibly in conserving the environment. The outlets encourage customers to bring their own re-usable shopping bags or opt for the paper bags available at the plastic-free checkout counters. In addition to the instore initiatives, Grandiose organizes several social events like the beach clean-up drive and partners actively with the government youth hub to educate consumers on the reduction of waste. Convenience, Health & Safety During the ongoing COVID 19 crisis,

ensuring efficient home deliveries to customers has become even more important for Grandiose. Grandiose has strengthened its delivery offering and stock levels are constantly monitored and adjusted to adequately meet customer needs, providing them with even greater value and convenience. In response to the current situation, Grandiose has also stepped up its health and safety measures to ensure the well-being of staff and customers. The supermarkets and their facilities are well sanitized based on approved best practices. The staff are well trained with updated practices in hygiene, health protection and social distancing. Grandiose aims to be a responsive and innovative provider of grocery and is thereby investing significantly in enhancing its online and instore capabilities. In the coming months, residents of UAE can anticipate a refreshing transformation in this sector.

www.grandiose.net

LEADERBOARD • ECONOMY

The Middle East Reopens Across the region, restrictions are being lifted to allow travel and tourism to begin again, subject to guidelines. Here are the recent moves made by Egypt, Jordan, and Dubai.

18 ECONOMY

Dubai

LEADERBOARD •

The emirate is welcoming tourists into the country from July 7. Travelers will need to present a recent COVID-19 negative certificate or undergo testing at Dubai airports.

Key Facts

• Before being allowed into the

Egypt Egypt is lifting curfew and gradually reopening its economy, with cafes, restaurants, and houses of worship being partially reopened. The country is also reopening its airports and welcoming international tourists from July 1 in three coastal governorates: South Sinai, Red Sea, and Marsa Matruh.

Key Facts

• Restaurants and cafes can open at

25% capacity until 10pm. Theaters, cinemas, and sports clubs can open at 25% capacity, while malls and commercial shops will close by 9pm. Houses of worship will be allowed to open for daily prayer. All tourists are exempt from tourism visa fees until October 31. Egypt reopened for domestic tourism in May, with hotels allowed to operate at 50% capacity. In 2019, the country’s tourism sector generated $13 billion in revenues.

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Jordan A number of protection and economic empowerment programs have been announced by Jordan’s Prime Minister, Omar Razzaz, to support the private sector. The travel and tourism sector is the first to receive aid from the government as one of the industries most affected by the COVID-19 pandemic.

Key Facts

• $42.3 million worth of bank guarantees will

be liquidated and made available to travel and tourism agents. Sales tax will be reduced from 16% to 8% for services provided by hotels and tourist-classified restaurants. Service charges at tourist hotels and restaurants are reduced from 10% to 5%. 2019 income tax can be paid in incremental installments from July to December 2020. Companies will have access to $211.5 million worth of loans to finance operating expenses and payrolls. Approximately $1.4 million is being dedicated to operating daily flights between Amman and Aqaba for Royal Jordanian, Fly Jordan, and Jordan Aviation. $4.2 million in financial support is available for tourist transport.

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AHMED HASAN / AFP

Tourists sit at a cafe in the vicinity of al-Hussein mosque in the Islamic Cairo district

country tourists need to fill in a Health Declaration Form and ensure they have valid health insurance before embarking on their journey. Upon arrival, tourists need to prove that they are not infected. If they don’t have a negative PCR test certificate, they will have to undergo the PCR test at the airport. Tourists who test positive for COVID-19 need to register their details on the COVID-19 DXB app and isolate themselves at their own expense in a government-provided institutional facility for 14 days. Citizens with valid residency visas that were issued in Dubai are now allowed to return home. Flights can be pre-booked on any airline, but citizens need to obtain approval coordinated between the General Directorate of Residency and Foreigners Affairs and the airline. Citizens and residents can travel to select foreign countries, subject to travel guidelines before, during and after their travels. The full guidelines and safety precautions for tourists, citizens and residents are available on the Dubai Media Office website. Select cultural sites and museums can now welcome visitors.

LEADERBOARD • ECONOMY

Saudi Launches $49B Fund To Support Tourism Sector • Funding will be directed to support mixed-use destinations, to address gaps in the tourism value chain, and to enable technologically-enhanced tourism. • 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. Minister of Tourism, Ahmed Al-Khateeb

Saudi Arabia’s Ministry of Tourism has created a Tourism Development Fund to boost growth across the sector. The fund will launch a range of equity and debt investment vehicles, with an initial $4 billion in capital and $45 billion in memoranda of understanding already signed with private banks, raising total support to about $49 billion. The Tourism Development Fund, which has been approved by Saudi Arabia’s Council of Ministers, will collaborate with private and investment banks to support the private-sector and offer further incentives to support investments across the industry.

By Hagar Omran

Sctawiki / Wikipedia / CC BY-SA 4.0

KEY QUOTE “The Tourism Development Fund will play a critical role in developing outstanding tourism experiences and unlocking the full potential of Saudi Arabia as a destination,” said Ahmed Al-Khateeb, Minister of Tourism. “The launch of the fund at this time, as the tourism sector faces unprecedented global challenges, is testament to investor and private-sector confidence in the long-term outlook for tourism in Saudi Arabia. The social and economic importance of the sector cannot be understated: it drives growth and diversification, attracts international investment, creates job opportunities and enhances quality of life for millions of Saudis,” he added. F O R B E S M I D D L E E A S T.CO M

• The Tourism Development Fund’s launch is part of the first phase of the National Tourism Strategy, which focuses on developing and enhancing 38 sites across seven destinations by 2022. • The National Development Fund, chaired by Crown Prince Mohammed Bin Salman, has approved the appointment of five board members: Princess Haifa Mohammed Al Saud, Vice Minister of Strategy and Investment at the Saudi Ministry of Tourism; Ihsan Bafakih, Governor of the Real Estate General Authority; Stephen Groff, Governor of the National Development Fund; Mohammed Omran AlOmran, Member of the Board of Directors at Saudi British Bank; and Mohammed Al-Hokal, Member of the Board of Directors at the National Commercial bank (NCB). • Tourism has become one of the country’s highest potential growth sectors after Saudi Arabia opened to international tourism in 2019. • Tourism is expected to contribute more than 10% of annual GDP, compared to 3% currently, and to create more than a million new jobs by 2030. • The announcement of the fund follows confirmation earlier this year of the Ministry of Tourism as a distinct ministry with overarching strategic and regulatory control of tourism in Saudi Arabia, and the Saudi Tourism Authority, which is responsible for destination promotion and tourist experience. Together, the three entities will collaborate to evolve and enhance Saudi Arabia’s tourism eco-system.

JULY 2020

LEADERBOARD •

KEY FACTS

ECONOMY

• COVER STORY •

JERRY INZERILLO

VISIONARY Image from Diriyah Gate Development Authority

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

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

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Jerry Inzerillo, CEO of the Diriyah Gate Development Authority

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

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JERRY INZERILLO

At the heart of Saudi Arabia in June, in the baking ruins of a sandy, mud-brick town roughly 23kms north-west of Riyadh, work is once again underway on a project to turn one of the kingdom’s oldest and most sacred treasures into a modern-day cultural hub for international tourism. The town is Diriyah, a historic settlement that is believed to have been the birthplace of the Saudi nation more than 300 years ago. And with a pipeline budget of over $20 billion, the Diriyah Gate development project to transform seven-squarekilometers of the old city into one of the world’s largest historical, cultural, and lifestyle destinations is a key part of Saudi’s bid to become a world-class hub for tourism within its Vision 2030. Diriyah is currently preparing to host the international electric motorsport competition, the ABB FIA Formula E Championship, for the third time in February 2021. Next season’s post-pandemic provisional calendar has just been approved by the FIA World Motor Sport Council. “Sport is all part of offering a vibrant, healthy lifestyle,” says veteran travel luminary Gerard “Jerry” Inzerillo, CEO of the Diriyah Gate Development Authority (DGDA). Already making a name for itself globally, Diriyah first hosted races from the annual event in 2018. According to Inzerillo, it has been a long-standing vision of Saudi Arabia’s King Salman bin Abdulaziz, custodian of the two holy mosques, and Crown Prince Mohammad Bin Salman to bring Diriyah back to life as a “gathering place” for sport, study, and storytelling. The DGDA was established with this in mind in 2017, and Inzerillo was brought on board a year later. At that time, he was the CEO of the Forbes Travel Guide, where he was instrumental in globalizing the luxury hospitality star-system, including launching it in the Middle East three years ago. It was while visiting F O R B E S M I D D L E E A S T.CO M

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.” This unique project is part of a much bigger plan. In June, Saudi launched a $49 billion Tourism 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 mixeduse 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 from 3% to 10% and increase the number of visitors to 100 million per year by 2030—according to data from trading economics, the kingdom had just over 17.5 million tourist arrivals in 2018. It made a historic step towards this in September 2019, when it introduced e-visas for non-religious tourists from 49 countries for the first time. Over 77,000 tourist e-visas were issued over the first 33 days, according to the Saudi Ministry of Foreign Affairs. This has piqued investor interest in the enigmatic country, both local and foreign. “We have been receiving significant interest from investors and operators around the world, who want to be a part of a very unique cultural and historical site like Diriyah,” says Majed M. AlGhanim, Tourism & Quality of Life Managing Director at Saudi’s Ministry of Investment. “Interest from investors in Saudi Arabia’s tourism, culture and entertainment industry is growing, with 23 new foreign investment projects being set up during the first quarter of 2020, which is almost 50% more than the same period in 2019.” Today, Saudi’s Vision 2030 plans are very much still on track. The kingdom is now among the first states in the Middle East to reopen its mosques, entertainment venues, and commercial activities after the country, along with the rest of the world, spent three months in various stages of lockdown due to the global COVID19 crisis. As the kingdom gradually reopens, activity on the Diriyah Gate construction is also ramping up. Ground is now being broken on what will eventually be home to more than 80 principle assets. “We’ve assembled the world’s foremost authorities on culture and heritage, headed up by His Excellency Dr. Fahd AlSamari, to assist and counsel us on the preservation, restoration and communication of this rich culture and heritage JULY 2020

JERRY INZERILLO

Image from Diriyah Gate Development Authority

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 Inzerillo. Once finished, the masterplan development will reportedly house at least 20 hotels and a selection of museums, entertainment, retail, hospitality, educational, office and residential areas. It will also restore two-square-kilometers of the Wadi Hanifah, a palm grove that will serve as a natural outdoor recreational space. And that’s just above the ground. While the outward-facing development of Diriyah Gate will stay true to its traditional Najdi architecture and classic mud-brick facades, its construction will also remove nine million cubic meters of soil to excavate 15 meters below ground to build three kilometers of tunnels and 10,500 car parking spaces. “Diriyah is to Saudi Arabia what Machu Pichu is to the Peruvians, what the acropolis is to the Greeks, what the colosseum is to the Romans. It’s not just a beautiful place, it’s the origin of the civilization,” Inzerillo explains. This is not a new resort; this is the reimagining and modernization of a beloved city. The first public spaces and assets are due to be complete from mid-2021. In the meantime, the newly-rejuvenated undulating walls and turrets of the Al-Turaif district, which was named a UNESCO World Heritage Site in 2010, is preparing to officially welcome guests in September 2020, of course while bearing in mind any restrictions or measures still in place at that time. A return to relative normality cannot come soon enough for Saudi Arabia. “KSA has big plans for its tourism sector,” says Antoine Nasr, Partner and F O R B E S M I D D L E E A S T.CO M

Government Practice leader at Kearney Middle East. “Vision 2030 has earmarked the tourism sector as a key engine for the kingdom’s economic diversification efforts and various initiatives have been planned to achieve the kingdom’s tourism ambitions.” Other major destination projects in the pipeline for Saudi include the Red Sea Project, a 28,000-squarekilometer development including an archipelago of more than 90 islands that also reportedly broke ground in April, and NEOM, a 26,500-square-kilometer technology-based sustainable mega-city in the northwest of the country. But Diriyah holds a particularly special place in the heart of the kingdom. This is not just about bringing in tourist dollars. “Diriyah is not a theme park,” says Inzerillo. “It’s the birthplace of the Saudi Kingdom; the home of kings and heroes.” Stories of Diriyah date back as far as 627AD, when Islamic Prophet Mohammed was said to have staged a military campaign there known today as the “Expedition of Muhammad ibn Maslamah.” Thanks to the welcoming oasis of the Wadi Hanifah providing respite for Bedouins, over the centuries Diriyah grew to become Saudi Arabia’s first capital and was home to its first royal dynasty for almost 100 years. Its deep-rooted historical significance was highlighted at a glittering Royal Inauguration event held at Diriyah in November 2019 to introduce the new Diriyah Gate masterplan to the world. And with construction due to begin in early 2020, February saw the DGDA sign a memorandum of understanding with what was then the Saudi Arabia General Investment Authority (now Saudi’s JULY 2020

the world’s most recognized hotel brands—as well as rubbing shoulders with celebrities, politicians, and royalty along the way—the CEO should know what he’s talking about. As a veteran in hospitality, the Diriyah Gate project is the latest in a long career of creating global travel destinations. Hailing from humble beginnings, Inzerillo got his start in hospitality cleaning tables as a banquet busboy in catering halls and hotels in his hometown of New York in 1967, aged just 13. Years later he got his Bachelor of Science in Hotel Administration at the University of Nevada, Las Vegas (UNLV). According to a UNLV story highlighting “intriguing alumni,” Inzerillo was first accepted at the Cornell University School of Hotel Administration, but made the switch because he felt he wouldn’t be encouraged to work at the same time as 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

JERRY INZERILLO

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 found itself falling deep into a crisis as the COVID-19 novel coronavirus 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 reveal that international tourist arrivals to KSA in 2020 could decline anywhere between 34% to 70%. This would translate to a 10 to 15-year low in terms of tourist arrivals,” says Kearney’s Nasr. According to Inzerillo, with roughly one in 10 jobs globally related to tourism, by June the sector had seen approximately 30 million temporary job losses worldwide. But as borders begin to reopen and economic activity begins to resume, his outlook for the future, while cautious, is positive. “I have no doubt that people are not only going to travel again, they’re going to travel in great numbers, but we have to be realistic to know that it’s going to take 12 to 18 months to get back the confidence,” he admits. With more than 50 years of industry experience, which have seen him play a role in building some of

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.

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

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Images courtesy of NEOM; AMAALA; Qiddiya

of properties in South Africa, the Bahamas, Dubai, Morocco, Mauritius, Mexico, and the Maldives, while conceptualizing and laying the foundations for the One & Only and Atlantis brands. It was during this time, in the late nineties on a summer trip to the Middle East, that Inzerillo remembers first visiting Diriyah with a Saudi friend. “It was hot,” he laughs. “Regrettably, [Diriyah] was in very poor condition. But my friend told me this is where the Saudi state started; this is our heritage. I asked why does it look like this? He said, I don’t know, but I can tell you something good—our governor (now King Salman) is going to fix it up.” Inzerillo returned to New York in 2011, and after a three-year stint as CEO at artist and event management company, IMG Artists, he went back to his hospitality roots to lead the Forbes Travel Guide. He says he may have closed out his career in that role, were it not for the offer from Saudi’s Crown Prince. Comparing his work with the Saudi royal to that of his work in South Africa in the time of Nelson Mandela, Inzerillo describes it as an opportunity to “walk in the footsteps of history.” Now the focus is on rebuilding momentum as Saudi plows forward in its wide-reaching ambitions. “With borders beginning to reopen in the post-pandemic period, we look forward to welcoming back visitors and working with Diriyah to showcase the wide range of investment and business opportunities the project and the kingdom’s wider culture sector offers,” says the Ministry of Investment’s AlGhanim. For Inzerillo, the message is clear. “There’s only one Diriyah,” he smiles.

NEOM

AMAALA

Qiddiya

Size: 26,500 square kms Where: North-west Saudi

Size: 3,800 square kms Where: Red sea, Tabuk province

Size: 334 square kms Where: Outskirts of Riyadh

NEOM is a new technologybased sustainable area that will include towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations. When complete it will be the home and workplace for more than a million people.

AMAALA, Arabic for “Hope,” will embody sustainable living, combining art and culture, sports, sea, and land, across three main sites. Aimed at luxury tourists, there will be a focus on integrative and medical wellness, with facilities for golf, polo, reef diving, and submarine exploration.

Qiddiya will be home to a golf course, cinema, cliff-top stadium, and Formula One racetrack. More than 300 recreational and educational facilities will be centered around five themes: parks and attractions, sports and wellness, nature and environment, arts and culture, and motion and mobility.

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25 JERRY INZERILLO

pick up a Certified Hotel Administrator Degree from the American Hotel and Lodging Educational Institute. Learning his trade through the 70s, he spent nine years working at Hilton Hotels in Las Vegas, New York City and Miami Beach, Florida. He also started to make some impressive celebrity connections. “I got to take care of Elvis Presley and Frank Sinatra, and met my beloved friends Quincy Jones and Michael Jackson,” he remembers. Spotting his talent, Isadore Sharp, founder of Four Seasons, went on to hire Inzerillo as a general manager. Aged just 26 at the time, it was a big job for the young hotelier, but Inzerillo’s dedication to hospitality already ran deep. I love to serve and create joy, festivity, and happiness,” he says. “I deeply believe that service is noble, and joins us all in a collective humanity that transcends borders and boundaries.” He left Four Seasons after seven years to work with entrepreneurs and Studio 54 co-founders, Ian Schrager and Steve Rubell, becoming the first president of the Morgans Hotel Group, introducing a boutique concept that was at the time new to the market. However, by 1991 Inzerillo had left and headed to South Africa to join Sol Kerzner, founder of Sun International and Kerzner Hospitality, which had launched Sun City, a luxury resort and casino. Nelson Mandela had just been released from prison and South Africa was growing as a tourist hub. “There was an optimism, people were excited,” Inzerillo remembers. “By 1996 we had brought seven million tourists to South Africa.” Inzerillo worked with Kerzner for over 20 years, first as COO of Sun City and then, from 1996, as President of Kerzner Entertainment Group to raise the profile

â&#x20AC;˘ MONEY & INVESTMENTS â&#x20AC;˘

On June 18, Saudi's Public Investment Fund (PIF) announced it will be investing $1.5 billion, or a 2.33% stake in Jio Platforms. Since late April 2020, Indian tycoon Mukesh Ambani has raised $15.1 billion from a clutch of wellknown international investors by selling around 24.59% of his digital connectivity business, Jio Platforms. Better known as the chairman and managing director behind oil and gas giant, Reliance Industries, Ambani is scoring plentiful success at a time when many companies are filing for bankruptcy. Jio's new roster of investors from the last three months include Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala Investment Company, and Abu Dhabi Investment Authority (ADIA), TPG, L Catterton and the PIF. F O R B E S M I D D L E E A S T.CO M

WHAT THE BIGGEST INVESTOR SAYS "We're making a financial investment, and more than that, we're committing to work together on some major projects that will open up commerce opportunities for people across India," Facebook founder and CEO Mark Zuckerberg said in a statement on his Facebook page. As the largest stakeholder yet, at 9.9%, Facebook's WhatsApp is likely to benefit from a huge business opportunity by investing $5.7 billion in Jio. WHAT THE EXPERT SAYS "Rated AA by Moody's, Mubadala jumped on the investing bandwagon after seeing credible international companies like Facebook back Jio. Due to its history of making quick exits, Mubadala is likely to resell its shares to a new investor at a higher price within a year or two," said Mohamed AlMarzooqi, an Emirati

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-milliondollar bets come as India is the only primary open internet market where overseas tech giants like Alphabet and Amazon can compete for market share. As a leading digital platform in the world's second-most populous country, the company consequently can leverage the subscriber base to pursue new growth opportunities. Reliance Jio's net revenue for the fiscal year 2019 was over $4.5 billion. According to German research firm Statista, Jio is estimated to generate over $8.2 billion by the end of the 2021 financial year. "Despite a forecasted growth, these numbers are nothing compared to the financials reported by Facebook," says AlMarzooqi. "As a data-driven company, it is clear that Facebook's purchase in Jio's nearly 400 million userbase was made to gain access to sell more customer data." In a few years, AlMarzooqi predicts that this figure could quickly go up to 500 million users, proving to be even JULY 2020

By Jamila Gandhi fotosunny / Shutterstock.com

telecommunications specialist. "However, unlike Mubadala's diverse portfolio, ADIA has a history of investing heavily in the US, Europe, and Japan for its security and lowrisk 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."

MONEY & INVESTMENTS

Why Are Middle East Investors Pouring Money Into Jio Platforms?

IS AN IPO ON THE HORIZON? According to reports, Ambani was considering an IPO of Reliance Jio following a $31 billion investment spree back in 2017. At the time, the F O R B E S M I D D L E E A S T.CO M

company hadn't made a profit since its official launch in 2016. Fast forward three years, the magnate is now preparing to take Jio public outside of India within the next 12 to 14 months. With an IPO on the agenda, if Jio hits $100 billion, these global investors can expect to get a 20-30% return, an anonymous source told Business Insider. No details are currently available on listing venue or size, although international tech firms tend to prefer listing in the US as it offers firms greater liquidity and more comprehensive capital access. The telecom arm's listing in the US would also give its heavy-weight backers—including Facebook, Silver Lake, Vista, General Atlantic and KKR—a stronger and lucrative valuation in a capital market that is deeper than Mumbai's. On the other hand, the parent company of Jio's national rival Bharti Airtel is seeking roughly $1 billion by selling a stake in the Indian mobile carrier. The move came as Airtel's share price hit a record of $7.87 in late May as its user revenues surged by 14% in Q1 2020.

WHAT IS JIO? • As India's only pure-play 4G platform and largest wireless carrier, Jio is focused on delivering digital services across the country. In 2016, it launched a data-centric 4G LTE network and now reigns in the country's hyper-competitive telecom industry.

• Once dominated by several players, India's telecom sector is today ruled by fellow billionaire Sunil Mittal's Airtel and lossmaking Vodafone Idea, chaired by the billionaire, Kumar Birla.

• Thanks to its affordable highspeed data, Jio has transformed India's digital ecosystem. Before Jio, the download speed was 256 kbps, with 1 GB of data priced at between $3 and $263. Whereas Jio's download speed is now 21 mbps, costing less than $0.2 for 1 GB of data.

ARE THERE MORE INVESTORS

• The platform has witnessed

ON THE WAY? Jio will need to collect at least $8 billion for a 5G license and around $6 billion for 4G enhancement, totaling to around the $15-20 billion mark to merely grow the network, estimates AlMarzooqi. Having raised $15.1 billion so far, it seems Jio still has room to secure more sales worth a minimum of $5 billion and more if India is looking to compete with China in the 5G race. According to an anonymous source in a story by The Hindustan Times, tech conglomerate Microsoft was mulling a $2 billion stake in Jio Platforms in late May. If negotiations prove to be successful, the $2 billion investment will buy Microsoft a 2.5% stake in Jio Platforms.

an unprecedented growth trajectory from 72 million users in December 2016 to 355 million as of September 2019.

• Shares of Reliance have risen 2.4% this year, outperforming the 18% drop in the benchmark S&P BSE Sensex Index.

• Reliance is set to infuse an incremental $14.2 billion of liabilities in the connectivity business through a Scheme of Arrangement, marking the total capitalization in digital services at $22.8 billion.

• Forbes listed Ambani as Asia's richest man this year, with a realtime net worth of $64.4 billion as of June 27.

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27 MONEY & INVESTMENTS

more lucrative for the Silicon Valley social network. While the 4G venture has begun digitizing services for customers across the country, it seeks to bring small bodega or "kirana" stores to the digital world. With hundreds of millions of Indians using WhatsApp, this partnership serves as an entryway into an exploding digital economy and an e-commerce ecosystem that could be a gamechanger for Facebook and Indian SMEs. Facebook also retains a more significant advantage over Middle East investors. Even if Jio's userbase hits a billion, Mubadala and ADIA are not equipped with the experience nor have a platform to capitalize on the data that Facebook will be leveraging. In the current investment landscape, investors across industries target purchasing stakes to acquire the data of customers. "Data is the new oil today. One day, we might see Facebook expand its offering to become a mobile operator," predicts AlMarzooqi. Given its 388 million-andgrowing subscriber base, Jio has quickly become a vehicle for Reliance to diversify from its primary oil and petrochemicals business. Reliance is also in discussions with Saudi Arabian Oil Co. to sell around $15 billion of its oil and chemical business. As of March 31 this year, Reliance had a net debt of $21.2 billion. By selling stakes in Jio, the group has reached its net debt-free goal much ahead of its deadline of March 2021. For the fiscal year ended March 2020, Reliance Industries reported a net profit of $5.3 billion. Thanks to a continuous rally in its share price, Reliance became the first Indian firm to hit a market valuation of $150 billion on June 22.

• MUBADALA •

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

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Khaled Al Qubaisi, Mubadalaâ&#x20AC;&#x2122;s CEO for the aerospace, renewables, and ICT sectors

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KHALED AL QUBAISI

In June 2020, the Mubadala Investment Company made international headlines by investing $1.2 billion in Jio Platforms, a rising Indian telecom and digital services company that’s positioned to become a dominant player in the market. India was on Mubadala’s radar for quite some time, says Khaled Al Qubaisi, CEO for the Abu Dhabi wealth fund’s aerospace, renewables, and ICT portfolios, but until recently the global investor was noticeably absent from the world’s second most populous country. “We were looking of course for the right opportunity,” says Al Qubaisi. Mubadala ranks as the 13th largest sovereign wealth fund in the world with $232 billion in assets under management at the end of 2019, according to the Sovereign Wealth Fund Institute. The deal secured it a 1.85% share in Jio Platforms, while also adding it to the list of marquee players that have snapped up a piece of the company—including Facebook, which recently paid $5.7 billion for a stake. Jio is part of Reliance Industries, a conglomerate controlled by Asia’s richest man, billionaire Mukesh Ambani. The mobile operator has already amassed nearly 400 million subscribers in only a few years. “From the return on investment potential it’s hard not to see the attractiveness,” says Ali Hamoudi, Global Chief Business Development Officer at the Iraqi Islamic Bank for Investment and Development. There’s plenty of room for Jio to grow, with access to a market of 1.35 billion and the potential to use online services to expand in industries including retail, entertainment and payments, which should create plenty of value to send back to investors. But this deal wasn’t business as usual for Mubadala. For starters, due to the COVID-19 pandemic the investment had to be worked out remotely, and during Ramadan. Coordinating across 14 time zones, Al Qubaisi says it took more than 400 emails, thousands of WhatsApp messages, and 25 hours of video conferences to secure the deal. The stake was finalized just after Eid. “This all happened without anyone ever getting on a plane,” says Al Qubaisi. “We did not have one single physical meeting.” Although Al Qubaisi admits the Jio deal was unique, it also falls into a broader pattern. Even with the global economy mired in uncertainty, Mubadala is continuing F O R B E S M I D D L E E A S T.CO M

to adapt, exploring new markets and evolving sectors. Case in point, only days after the Jio deal became public, Mubadala’s Group CEO Khaldoon Khalifa Al Mubarak revealed plans to double down on its exposure to the technology sector, with a focus on Asia, in remarks made during a virtual conference. That includes looking at India, China, and Southeast Asia for potential investments. The Abu Dhabi investor looks well-placed to make those moves and more. Only days after the Jio deal, Mubadala released its 2019 review, reporting income of $14.4 billion for the year. That was a four-fold jump compared to 2018, results that were driven mainly by gains in its public equities portfolio and funds. The monetization of mature assets and distributions from investments totaled $17 billion in 2019. “2019 was a remarkable year for Mubadala. Not only did we deliver strong financial results, but we also continued to grow our presence across multiple asset classes in key sectors and markets to help further diversify Abu Dhabi’s economy,” said Al Mubarak, in a statement announcing the results. The fund deployed a total of $18.5 billion last year, while assets under management rose 1.5% compared to 2018. With a strong cash position, Mubadala will continue to look for opportunities in public funds and private assets while wrangling with the economic situation and remaining a long-term, patient investor, said its CFO Carlos Obeid, also in comments announcing the 2019 results. But COVID-19 certainly complicates that outlook, even as Mubadala’s team shows it can navigate the challenge of remote deal-making. The pandemic has hurt some areas of its portfolio, such as aerospace. With airlines grounded and airports closed, Mubadala has seen orders drop up to 50% for its subsidiary Strata, which manufactures parts for the likes of Boeing and Airbus. But rather than stand idle, Strata has looked for ways to adapt. That led it to work with Honeywell to begin producing N95 respirators in the U.A.E., which will contribute to the fight against COVID-19. “The respirators use technology and machinery provided by Honeywell, while we have provided a dedicated space in our existing manufacturing facility in Al Ain,” explains Ismail Abdulla, CEO of Strata. Production capacity is 90,000 per day, targeting over 30 million per year. Strata is also currently actively involved in supplying face shields designed to protect the wearer’s entire face from hazards and reduce potential infections. Meanwhile, the pandemic has also created a chance for big investors like Mubadala to deploy further funds in the markets. Falling stock prices in March led to bargain-bin JULY 2020

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(he also manages utilities and defense as part of his portfolio). “This platform is unique in that historically the assets we hold are all homegrown greenfield businesses,” says Al Qubaisi. That included investments in local companies such as Injazat Data Systems, the telecom Du, the satellite communications company Yahsat, Strata, and Sanad, which is another aerospace company. Then there’s Masdar, the Abu Dhabi-based clean energy firm, founded in 2006. These companies were all created as part of the effort to diversify and bring new industries to Abu Dhabi. But in recent years the portfolio Al Qubaisi manages has grown to include notable assets outside the U.A.E., such as taking a stake in 2018 in Hyperoptic, a U.K. telecoms group specializing in metropolitan fiber networks. That marked Mubadala’s first investment in Europe’s telecom sector, before it offloaded the stake in 2019. Last year also saw Mubadala invest $500 million into Cologix, a U.S.-based data center company. “Cologix is a high-quality company with robust fundamentals in an industry growing rapidly,” says Al Qubaisi. There should be plenty of opportunities to continue investing in ICT globally, in part because of how COVID-19 has influenced the rise of remote work, e-learning, e-commerce, and new communication services during the pandemic, leading to changes that may be here to stay. “COVID-19 showed the importance of communication services and information technology,” says Hamoudi, from the Iraqi Islamic Bank for Investment and Development. “These two sectors are only set to grow and [are] expected to attract both private and public investments globally.” Against that backdrop, the recent telecoms deal looks all the more relevant—and potentially lucrative if the Indian firm can take advantage of its market position and technology. “We’re betting on that with Jio,” says Al Qubaisi.

Mubadala’s Most Notable

Investments Cepsa Stake: 61.5%

Value: $7.38 billion

ADCB Stake:60.2%

Value: $5.8 billion

Dolphin Gas Project Stake: 51%

Value: $3.2 billion

BP Stake: 2%

Value: $2.2 billion

Al Dar Properties Stake: 29.75%

Value: $1.2 billion

Jio Platforms Stake: 1.85%

Value: $1.2 billion

Du Stake: 10.06%

Value: $632 million

Cologix Value: $500 million

Shams 1 Abu Dhabi Stake: 80%

Value: $480 million

Equinox Gold Value: $130 million

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31 KHALED AL QUBAISI

prices for even blue-chip companies, and Mubadala managed to identify a couple of good opportunities, says Al Qubaisi. COVID-19 is also highlighting the importance of life sciences and digital health technology, leading Mubadala to hint at plans for a healthcare fund targeting new demand in these areas. All this comes as Mubadala has changed considerably in recent years. In 2017, Mubadala and the International Petroleum Investment Company (IPIC) merged, bringing together two of Abu Dhabi’s top funds. The following year the Abu Dhabi Investment Council joined Mubadala. Combined, the company’s global portfolio has interests in industries from oil and gas to medical technology and beyond, in addition to its financial holdings. It has a presence from Moscow to Rio de Janeiro and San Francisco. Now, the Jio deal and a new emphasis on tech deals in Asia offer a glimpse into how Mubadala is continuing to adapt to a changing global investment landscape. In mature markets, many players are chasing the same deals, which compresses returns. Against that backdrop, accessing good opportunities means looking in new directions. “We had to shift our focus a bit and either do deals that are more complex in developed markets, or go into new frontier markets, like with what we just did with Jio,” says Al Qubaisi. His portfolio is a good example of some of those changes (in addition to the sectors he oversees, Mubadala has structured its portfolio into four main platforms plus ADIC: aerospace, renewables & ICT; alternative investments and infrastructure; technology, manufacturing, and mining; and petroleum and petrochemicals). Al Qubaisi, a company veteran who previously served as its Chief Human Capital Officer, took over his current role in 2017 following the merger with IPIC. At that time aerospace, renewables and ICT represented just over 10% of the company’s total assets

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Top 100 Arab Family Businesses In The Middle East

amily businesses are the backbone of the Middle East’s economies, with some of the largest businesses in the region run by families through private companies. Most of the companies on our list of the Top 100 Family Businesses In The Middle East have been passed down through at least one generation, with 10 companies more than a century old, and 13 formed between 75 and 100 years ago. In some cases, companies on the list appear younger than they actually are because they have been formed later, due to the splitting of the business between members, or the consolidation of diversified investments into one holding company. Family businesses have certain advantages. They are able to take a long-term view on business, as they are not answerable to shareholders. They are able to adapt quickly to changes in the business environment, and, more importantly, they tend to diversify. Of the 100 companies on the list, 87 are diversified businesses. Though diversified, over 80% of these family businesses are agents or dealers for international brands, either in their home countries or across the region. Dealers of international automotive brands, FMCG brands, bottlers and distributors of Coca Cola and Pepsi, and fashion retailers have been particularly successful. Many family businesses have benefited from doing business with government-owned companies, particularly servicing the top national oil companies. Several founders as well as other members of the family business have held various government positions serving as ministers or mayors, or heading up government departments. Osama Al Zamil of the AlZamil Group is the Deputy Minister of Industry and Minerals in Saudi. Obaid Al Tayer of the Al Tayer Group is the U.A.E.’s Minister of State for Financial Affairs. Aziz Akhannouch is the Minister of Agriculture in Morocco. The Mansour Group tops the list, with three family members on the Forbes’ World’s Billionaires 2020 list. While the group is among the world’s General Motors dealers, it has also made some smart investments in U.S.

tech companies like Spotify and Uber. It is followed by the Al Futtaim Group, which owns 100% of Arab Orient Insurance and 50% of Emirates Investment Bank, as well as large auto dealership, real estate, and construction businesses. With 36 family businesses, Saudi Arabia dominates the list. These businesses have grown with Saudi Arabia, making billions from the prosperity that transformed the country after the drilling of oil began. The U.A.E. follows with 21 entries on the list. Egypt, the region’s most populous country, has only three family businesses on the list, mainly because a large number of large family business were nationalized in the 1950s and 60s. As most of the large family businesses in the region are reaching the second or third generation, they have begun to change with the times. Many of them are bringing in corporate governance, establishing clear structures, and putting professional managers in place. A few companies have separate family boards and corporate boards, and several have non-family members on their board. Most have a non-family member in the top management team. Many are still focused on traditional business and to a large extent have stayed clear of the tech industry, but while currently successful they will need to transform as tech begins to disrupt industry after industry. Methodology We looked at Arab family-owned businesses in the region and considered:

• Group investments in regional and global stock

exchanges and real estate assets. • Business diversification and the number of sectors in which they have significant operations. • Types of business activity and to what extent they have been affected by this crisis. • Number of employees. • Number of countries they are present in and geographical diversification. • Date of establishment.

To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com F O R B E S M I D D L E E A S T.CO M

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$31 billion The top 100 family businesses employ more than

600,000 people

Companies By Sector

Saudi Arabia

U.A.E.

Kuwait

Oman

Bahrain

Qatar

Jordan

Morocco

Algeria

Egypt

Lebanon

33 GLOBAL 2000

The top 10 families on the list have a net worth of more than

Number of companies

Country

LEADERBOARD â&#x20AC;˘

Analysis

Companies By Country

Companies By Age Age of the company

Diversified

Other sectors

Diversified Retail

Manufacturing

Food and beverage

FMCG

Jewelry

Number of companies

25 years or less

26-50 years

51-75 years

76-100 years

More than 100

Generation The Chairman Belongs To Generation

Number of companies

Industrials 1

First generation

Petrochemical

Second generation

Real estate

Textiles

Third generation or older

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1 Mansour Group Chairpersons: Mohamed, Youssef and Yasseen Mansour Country: Egypt Established in:1952 Sector: Diversified Founded by Loutfy Mansour, Egyptâ&#x20AC;&#x2122;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 McDonaldâ&#x20AC;&#x2122;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

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Top 100 Arab Family Businesses In The Middle East

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Chairperson: Abdullah Al Futtaim Country: U.A.E. Established in:1930 Sector: Diversified Founded in the 1930s, by current chairman Abdulla Al-Futtaim, the Al-Futtaim Group today has over 200 businesses in sectors including automotive, financial services, real estate, retail, and health categories. The group runs dealerships for Toyota and Honda, and it manufactures tractors in Pakistan. The company holds the license to operate several brands across fashion, including Zara and Marks and Spencer. Its real estate portfolio includes Dubai Festival City, Cairo Festival City, Intercontinental Hotel, and Crowne Plaza. Al-Futtaim ranked #1001 on Forbes World’s Billionaires list 2020 with a net worth of $2.1 billion. The conglomerate is run by his son Omar.

3 Olayan Group Chairperson: Hutham Olayan Country: Saudi Arabia Established in:1947 Sector: Diversified

Rashed Abdul Rahman Al Rashed & Sons Group; Abdul Latif Jameel

Abdullah Al Futtaim, Image from Source; Olayan Group; Majid Al Futtaim;

Founded in 1947 by Suliman S. Olayan, the Olayan 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 owns 4.93% of Swiss bank Credit Suisse, and 18.24% of the Saudi British Bank. Real estate assets include 550 Madison Avenue in New York City, Knightsbridge Estate in London, and the Hotel Ritz in Madrid, as well as office, retail, and residential assets in Paris’s 8th Arrondissement. Hutham Olayan, who chairs the company corporate board, has also been a board member of IBM.

5 Rashed Abdul Rahman Al Rashed & Sons Group Chairperson: Abdulaziz Al Rashed Country: Saudi Arabia Established in:1950

Sector: Diversified Founded in 1950 by Rashed Al Rashed, Saudi’s Rashed Abdul Rahman Al Rashed & Sons Group has 26 whollyowned companies. It operates in seven business areas, including building materials, cement, and bulk materials, finishing materials, real estate, contracting, industrial products, automotive products, and food products. The company’s investments include 9.83% in Banque Saudi Fransi, 9.9% of Arab National Bank, and 16.9% of Al Yamamah Steel Industries making it one of the biggest private investors in the Saudi Stock market. Rashed Al Rashed’s son Abdulaziz Al Rashed chairs the company.

6 Abdul Latif Jameel Chairperson: Mohammed Abdul Latif Jameel Country: Saudi Arabia Established in:1945

4 Majid Al Futtaim

Sector: Diversified

Chairperson: Michael Rake

Abdul Latif Jameel was founded in Jeddah in 1945 by Abdul Latif Jameel as a small trading business. Ten years later, the group was appointed as a Toyota distributor and built the largest vehicle distribution network in the kingdom. Today it operates in 30 countries in the Middle East, North Africa, and Turkey. Its core operations are mainly in transportation, engineering and manufacturing, financial services, land and real estate, energy and environmental services, consumer products, and advertising and media sectors. The group has grown through various investments and acquisitions.

Country: U.A.E. Established in:1992 Sector: Diversified Majid Al Futtaim Holding (MAF) was founded in 1992 by billionaire Majid Al Futtaim. The retailing and entertainment giant currently owns and operates 27 shopping malls and 13 hotels, which receive about 200 million and 1.6 million visitors and guests a year, respectively. Its famous mall brands are Mall of the Emirates, Mall of Egypt and the City Center Malls across the region, which house over 3,000 retailers. In 1995, MAF bought the exclusive franchise rights to Carrefour in 38 countries. Majid Al Futtaim has a net worth of $3.3 billion and ranked #590 on Forbes World’s Billionaires list 2020.

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2 Al-Futtaim Group

7 Al-Ghurair

9 Al-Ghurair Group

Chairperson: Abdul Aziz Abdulla Al Ghurair

Chairperson: Abdul Rahman Saif Al Ghurair

Sector: Diversified

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Al-Ghurair’s portfolio includes Al Ghurair Properties, which manages several residential, office, street retail, industrial, and hospitality businesses. It established the Al Ghurair Centre in 1982, the first shopping mall in the MENA region, which also owns Swissôtel Al Ghurair. Al Ghurair Foods, operates the largest poultry farm in the U.A.E. and produces flour, semolina, and oats. Billionaire Abdulla Al Ghurair owns the holding company and founded Mashreq Bank, the largest private sector bank in the U.A.E. Founder, Abdulla Al Ghurair ranked #494 on Forbes World’s Billionaires List 2020 with a net worth of $3.7 billion.

8 Alghanim Industries Chairperson: Kutayba Y. Alghanim Country: Kuwait Established in:1932 Sector: Diversified Alghanim Industries was founded by Yusuf Alghanim in 1932. Yusuf was a founding member of the Commercial Bank of Kuwait, the Kuwait National Petroleum 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 Coffee, Wendy’s, GM, and Ford. Executive chairman Kutayba Alghanim is a billionaire, with a fortune worth $1.3 billion.

Country: U.A.E. Established in:1960 Sector: Diversified The Al Ghurair Group was founded by Saif Ahmed Al Ghurair in 1960. The BurJuman Centre in Bur Dubai is the group’s flagship property under its real estate portfolio. Its petrochemical business, Taghleef Industries, is among the largest global manufacturer of biaxially oriented polypropylene film used in food packaging. The group is also involved in metal manufacturing through Al Ghurair Iron and Steel, a producer of hot-dipped galvanized steel. Saif Ahmed Al Ghurair’s son Abdul Rahman Saif Al Ghurair chairs the company.

10 Zamil Group Holding Chairperson: Khalid A. Al-Zamil Country: Saudi Arabia Established in:1920 Sector: Diversified Founder Abdullah Hamad Al Zamil first established his trade and services business 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.

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Abdul Aziz Abdulla Al-Ghurair Image courtesy of Mashreq Bank; Omar and Kutayba Al Ghanim, Image from kutaybaalghanim.com; Abdul Rahman Saif Al Ghurair and Khalid A. al-Zamil, Images from Source

Country: U.A.E. Established in:1960

11 Al Muhaidib Group Chairperson: Sulaiman Al Muhaidib

13 Al Nahla Group

Country: Saudi Arabia Established in:1943

Chairperson: Abdulrahman Hassan Sharbatly

Investment conglomerate, Muhaidib Group was founded in 1943 by Abdulkadir Al Muhaidib. Today it has more than 200 companies and investments in the region. It holds stakes in some of Saudi Arabia’s leading organizations, including publicly-listed Savola Group where it owns 8.2% and Bawan Holding Company. The group’s investments are mainly focused on food and retail, industrial and infrastructure, real estate, and financial services. Abdulkadir Al Muhaidib ran the company until the 1980s and remained involved in decision-making along with his children, who took over the group’s management.

12 Yousuf M.A. Naghi & Sons Group Chairperson: Mohammed Yousuf Naghi Country: Saudi Arabia Established in:1911

Country: Saudi Arabia Established in:1996 Sector: Diversified The Al Nahla Group, founded by Hasan Abbas Sharbatly, is one of the oldest businesses in Saudi Arabia and belongs to the Sharbatly family. The holding and investment company is composed of four clusters: automotive, real estate, trading, and investment. Under its automotive sector are SAMACO Automotive and Fast Auto Technic. SAMACO Automotive imports and distributes Audi, Volkswagen, Porsche, Bentley, and Lamborghini. Fast Auto Technic is Saudi’s exclusive dealer of Ferrari and Maserati. Abdulrahman Sharbatly is the chairman of the group. He also chairs the Egyptian Golden Pyramids Plaza company.

14 Alshaya Group Chairperson: Mohammed Al Shaya Country: Kuwait Established in:1890 Sector: Retail The Alshaya Group was established in 1890 by the Alshaya 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, anchoring 90 franchised brands across multiple sectors. Alshaya’s portfolio includes Starbucks, H&M, Debenhams, The Cheesecake Factory, Boots, and Pottery Barn. The group is also involved in property investment, commercial trading, joint ventures, and mall developments. It owns 34.1% in Mabanee. Chairman Mohammed Alshaya joined the group in the 1980s and oversaw the expansion into the retail industry.

Al Muhaidib Group; Yousuf M.A. Naghi & Sons Group; Al Nahla Group; M.H. Alshaya; E.A. Juffali & Brothers

Sector: Diversified Family conglomerate Yousuf M.A. Naghi & Sons Group is divided into four diversified companies— each managed by one of the sons of founder, Yousuf M.A. Naghi. The group is Saudi Arabia’s exclusive wide sales and distribution agent for Rolls-Royce, BMW, Mini, and Jaguar. Its FMCG sector includes Reckitt Benckiser products such as Dettol, Harpic and Finish. The group also produces and distributes pharmaceuticals and food products, and electronic brands including LG. F O R B E S M I D D L E E A S T.CO M

15 E. A. Juffali & Brothers Chairperson: Khaled Al Juffali Country: Saudi Arabia Established in:1946 Sector: Diversified Brothers Ebrahim, Ali, and Ahmed Abdullah Juffali founded the E. A. Juffali & Brothers company in 1946 in the fields of electric power, communications, and cement. Juffali began growing its international partnerships with brands in the early 1950s including Electrolux, Siemens, and Massey Ferguson, mainly for product sale, marketing, and distribution. By 1959, Juffali became the exclusive distributor of Daimler-Benz AG’s Mercedes-Benz. From automotive, the company has expanded to technology, AC and refrigerator, construction, and chemicals. Khaled Al Juffali is the current chairman. He also heads his own Khaled Juffali Industrial Company. JULY 2020

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Sector: Diversified

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 Established in:1956

Sector: Diversified The Dubai-based S.S. Lootah Group was established in 1956 by founder and chairman, Saeed Bin Ahmed Lootah, who passed away on June 28, 2020. Lootah also founded the first Islamic bank in the world and the U.A.E.’s largest Islamic bank by assets, the Dubai Islamic Bank (DIB). The Lootah Group established the U.A.E.’s first contracting company and medical college. Its other businesses are in the construction, energy, real estate, food and hospitality and healthcare sectors. S.S. Lootah International was established to manage the group’s international investments.

17 Suhail Bahwan Group Chairperson: Suhail Bahwan Country: Oman Established in:1965 Sector: Diversified 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, furniture, healthcare, and travel and logistics among others. Its fertilizer and chemicals division generates 1.3 million tons of urea annually. Its automobile business, Bahwan International Group, represents brands such as Nissan, Infiniti, and Renault. Suhail Bahwan is still the chairman and ranked #1001 on Forbes World Billionaires list 2020, with a net worth of $2.1 billion.

Sector: Diversified Founded in 1956 by Mohammed AlKharafi, Kuwaiti conglomerate, M.A. Al-Kharafi & Sons, owns stakes in several Kuwaiti companies, including Zain and Gulf Cable & Electrical Industries. In 2016, the group sold its shares in Americana for $2.3 billion, which operates fast-food chains in the Middle East, including KFC and Hardees. The group also runs one of the biggest construction companies in the region, “Kharafi National.”

19 Morad Yousuf Behbehani Group Chairperson: Ali Morad Behbehani Country: Kuwait 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 in 1935, the group trades luxury watches and jewelry, luggage and travel accessories, surveying systems, and equipment for 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.

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S.S. Lootah Group; Suhail Bahwan Group; M.A. Al-Kharafi & Son; Morad Yousuf Behbehani Group

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22 Cevital Group

Holding

Chairperson: Issad Rebrab

Chairperson: Saleh Salem Bin Mahfouz

Country: Algeria Established in:1971

Country: Saudi Arabia Established in:1976

Sector: Diversified

Sector: Diversified SEDCO is a Shariahcompliant private wealth management and institutional investment company, founded in 1976 by Salem Ahmed bin Mahfouz. The Mahfouz family’s businesses include direct, financial, and real estate investments, as well 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 pharmacy chain, Nahdi, 49.5% of Red Sea Mall in Jeddah, and 21.3% of Indonesia’s largest Islamic bank, Bank Muamalat.

21 Zubair Corp Chairperson: Rashad M. Al Zubair Country: Oman Established in:1967

SEDCO Holding; Zubair Corp; Issad Rebrab Image from Source; Juma Al Majid Holding Group; Zahid Group

Sector: Diversified Founded in 1967 by Mohammad Al Zubair in Muttrah, family-owned Zubair Corporation has six divisions in diversified fields, comprising of nearly 60 companies. The conglomerate is also involved in the art and heritage scene of Oman, having 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 Omani artifacts in the Sultanate. It also supports local artists through Bait Al Zubair Foundation, which manages the museum.

Cevital, Algeria’s first and biggest privately-held company, was founded by billionaire Issad Rebrab. The group has 26 subsidiaries on three continents. Cevital has the largest sugar refinery in the world, with an annual production capacity of two million tons and the biggest oil refinery in Africa, which produces 570,000 tons per year. Over the last decade, the Cevital Group has expanded its global portfolio, particularly in Europe, with the acquisition of French home appliances maker Groupe Brandt and Italian steelmakers Luccini. Rebrab, ranked #426 on Forbes’ World’s Billionaires list 2020, currently serves as CEO and chairman.

23 Juma Al Majid Holding Group Chairperson: Juma AL Majid Country: U.A.E. Established in:1950 Sector: Diversified Group founder and chairman, Juma Al Majid established the Juma Al Majid Group in 1950. Today the group is comprised of around 33 companies with 150 branches across the GCC operating in automotive, shipping, real estate, contracting, construction, FMCG, and travel. The group is also active in financial investments and portfolio management both regionally and global in equities and real estate, in addition to a range of non-profit charity organizations and educational institutions. Juma Al Majid also set up the Juma Al Majid center for culture and heritage in 1991, which restores and preserves manuscripts from all over the world.

24 Zahid Group Chairperson: Talal Zahid Country: Saudi Arabia Established in:1943 Sector: Diversified Headquartered in Jeddah, Saudi Arabia, the Zahid Group was founded by Mohamed Mahmoud Zahid. 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.

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20 Sedco

25 AKWA Group

28 Dallah

Chairperson: Aziz Akhannouch

Albaraka Holding

Country: Morocco Established in:1959 Sector: Diversified Established in 1959, the AKWA Group has one of the largest storage capacities of gas in Morocco. With a fleet of 23 million bottles, AKWA Group’s subsidiary, Afriquia Gaz distributes six brands: Afriquia Gaz, Tissir Gaz, Ultra Gaz, Camping Gaz, National Gaz and Butafric. The lubricant and fuel division produces and distributes fuels and lubricants from import, logistics and transport to distribution to customers. Afriquia Gaz, holds more than 46% market share in the distribution of LPG. Chairman Aziz Akhannouch also serves as Morocco’s Minister of Agriculture and Fisheries, and as the president of a royalist political party.

26 AlFardan Group Chairperson: Hussain Ibrahim Alfardan Country: Qatar Established in:1954 Sector: Diversified The group’s founder, Ibrahim Alfardan, was a reputed 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 in real estate, hospitality, jewelry and automotive, as well as investments in stock markets across the region. Alfardan Properties was established in 1993. The group also owns the St. Regis Doha Hotel at Al Gassar Resort, Laguna Beach, Marsa Malaz Kempinski, and the Al Sadd Residency. It is a dealer of Rolls-Royce, BMW, MINI, Land Rover, Jaguar, Ferrari, and Maserati.

Country: Saudi Arabia Established in:1969 Sector: Diversified Dallah Albaraka Holding was Saudi billionaire and philanthropist, Saleh Kamel. In its early years, the group cemented its name in the media sector, establishing a TV production company that provided materials for Arab TV stations. In 2012, Dallah Albaraka acquired a 12% stake of Belgium-based chocolate maker, Godiva and opened the first store in the kingdom in the same year. Founder and chairman Saleh Kamel passed away on May 18, 2020.

29 Al Fozan Group Chairperson: Abdullah bin Abdul Latif Al Fozan Country: Saudi Arabia Established in:1959 Sector: Diversified

27 Saudi Bugshan Group Chairperson: Khaled Bugshan Country: Saudi Arabia Established in:2000 Sector: Diversified The Saudi Bugshan Group has been building its investment portfolio for nearly a century and is present in 10 countries across three continents. It manages and owns 17 businesses in sectors including real estate, automotive, food and beverage, education, healthcare and, beauty and fragrances. Its automotive unit consists of Al-Talayi Company Ltd, the oldest distributor of Bridgestone Tires in the world and the largest in MENA. Its education segment comprises the Advanced Generations International Schools, which deliver Cambridge International Curriculum to K-12 students. F O R B E S M I D D L E E A S T.CO M

The Al Fozan Group was founded in 1959 by Abdullatif and Mohamed Al Fozan who established a business that traded building materials. It has maintained its focus on the retail, manufacturing, real estate, and trading sectors. Two of the group’s businesses are listed on the Saudi Stock Exchange: Bawan Holding Company and United Electronics Company. The Al Fozan family took over the group and diversified its portfolio into consumer electronics, real estate development and homewares. JULY 2020

ABDELHAK SENNA / AFP; Alfardan Group; Khaled Bughsan Image from source; Dallah Albaraka Holding; Al Fozan Group

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Acting chairperson: Abdullah Saleh Kamel

32 AW Rostamani Group Chairperson: Khalid AL Rostamani Country: U.A.E. Established in:1954 Sector: Diversified

30 YK Almoayyed & Sons Chairperson: Farouk Yousuf Almoayyed Country: Bahrain Established in:1940 Sector: Diversified

YK Almoayyed & Sons; AW Rostamani Group; Image from Saudi Industrial Services Co.; Saud Bahwan Group

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

31 Xenel

Chairperson: Mohammed Saud Bahwan Country: Oman Established in:1965

Chairperson: Mohamed Zainal Alireza

Sector: Diversified

Country: Saudi Arabia Established in:1973 Sector: Diversified Xenel was founded in 1973 by the descendants of one of the oldest trading families in the Middle East. It has interests in energy, petrochemicals, construction, infrastructure development, healthcare, industrial services, IT, logistics, real estate, and global investing in over 40 countries. Working with International Power and the World Bank, Xenel led the development of the first privately-owned green-field power plant in East Asia in Pakistan. Through its subsidiaries the group helped restore electricity back to Kuwait City in 1992. Chairman Mohamed Zainal Alireza chairs the board of the Saudi Industrial services Company. F O R B E S M I D D L E E A S T.CO M

Oman’s Saud Bahwan Group was founded by Saud Salim Bahwan, who received recognitions including the Sultan Qaboos Order, Oman’s highest civilian order, and the Order of the Rising Sun, the highest civilian honor bestowed by the Emperor of Japan, His Majesty Akihito. The group brought the first Toyota vehicles to Oman in 1975. Since then, it has widely expanded its automotive business unit with brands including Lexus, Ford, Kia, Yokohama, and Daihatsu, as well as heavy vehicle brands, MAN and Hino. JULY 2020

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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.

36 Nesma Holding

Chairperson: Jassim Boodai

Chairperson: Saleh Ali Al-Turki

Country: Kuwait Established in:1955

Country: Saudi Arabia Established in:1979

Sector: Diversified BoodaiCorp is involved in media, building materials, commodities, engineering, heavy machinery, logistics, print media, public 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.

Sector: Diversified Headquartered in Jeddah, the Nesma Holding was founded by chairman Saleh Ali Al-Turki in 1979. He served as the company’s president and chairman until his appointment as Mayor of Jeddah in July 2018. The group also operates in the U.A.E., Egypt, Turkey and Croatia. It covers multiple sectors including engineering and construction, food and retail, materials and manufacturing, property management, hospitality and tourism, transportation, and marine and airport services, among others. In 2014, the group launched the Nesma Art Gallery, which aims to support and promote local artists.

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 founded in 1960 by chairman Easa Saleh Al Gurg when he acquired Grundig’s sole distributorship in the U.A.E. and the agency rights for British American Tobacco. He was also a former ambassador to the U.K. and the Republic of Ireland from 1991 to 2009. The group’s portfolio today has 27 companies and over 370 international brands, including Osram, SieMatic, British American Tobacco, Dunlop, Danfoss, Smeg, and 3M. Some of its key joint ventures are Al Gurg Unilever, Siemens, Al Gurg Fosroc, Al Gurg Smollan, and Siemens Healthcare. F O R B E S M I D D L E E A S T.CO M

37 Al Habtoor Group Chairperson: Khalaf Al Habtoor Country: U.A.E. Established in:1970 Sector: Diversified The Al Habtoor Group was established as a small engineering firm in 1970 by chairman Khalaf Ahmad Al Habtoor. Today it invests in sectors such as hospitality, automotive and car-leasing, real estate, education and publishing. Some of its U.A.E.-based hotels are the Al Habtoor City Hotel Collection, Waldorf Astoria Dubai Palm Jumeirah, and Habtoor Grand Resort. Automotive division, Al Habtoor Motors, represents Mitsubishi, JAC and Chery, McLaren, Bugatti and Bentley. Khalaf Al Habtoor’s philanthropic activities include contributions to the Dubai Harvard Foundation for Medical Research.

JULY 2020

BoodaiCorp; Easa Saleh Al Gurg Group; Nesma Holding Group; Al Habtoor Group

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34 BoodaiCorp

38 FinanceCom

40 Al Faisal Holding

Chairperson: Othman Benjelloun

Chairperson: Faisal Bin Qassim Al Thani

Country: Morocco Established in:1977

Country: Qatar Established in:1964

FinanceCom is the holding company for billionaire founder and chairman, Othman Benjelloun, which has diverse investments across the banking sector, real estate, insurance, and telecom. The group is building the $500 million 55-story Mohammed VI Tower in Rabat. It will be one of the tallest buildings in Africa. FinanceCom is part of a project to develop a multi-billion-dollar tech city in Tangiers that is expected to host 200 Chinese companies. FinanceCom group’s biggest asset is its 36% stake in BMCE bank. Benjelloun and his wife received the David Rockefeller Bridging Leadership Award for building schools in rural Morocco in 2016.

39 Yusuf Bin

Sector: Diversified Al Faisal Holding, one of Qatar’s biggest conglomerates, was founded in 1964 by chairman Faisal Al Thani. He started selling car parts in Doha at age 16, and became the sole distributor of Bridgestone tires in the 1960s. Today the company has interests in property, hospitality, trading, transport, education, services, and information technology. It owns more than 20 hotels around the world, including the St. Regis in Washington, D.C. and Miami, and the W Hotel in London. Al Faisal Holding also has a majority stake in publicly-traded Aamal, which owns real estate in Qatar and sells medical supplies and pharmaceuticals.

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Sector: Diversified

BMCE Bank; YBA Kanoo; Al Faisal Holding; Aujan Group Holding

Ahmed Kanoo Chairperson: Khalid Mohamed Kanoo Country: Bahrain Established in:1890

41 Aujan Group Holding

Sector: Diversified

Yusuf Bin Ahmed Kanoo (YBA Kanoo) was formed as a trading and shipping enterprise by Haji Yusuf Bin Ahmed Kanoo in 1890. Its line of business has evolved into shipping, travel, machinery, engineering, logistics, property, energy, industrial chemicals, and commercial activities. Wholly-owned activities are spread across Bahrain, Saudi Arabia, the U.A.E., Oman and Qatar, with investments across Africa, Europe, and Asia. Khaled Kanoo, the group’s chairman is a published author of two books.

AGH is a family-owned conglomerate, with a history that dates back to as early as 1905. One of its landmark partnerships was with the Coca-Cola Company in 2011, which led to the establishment of the Aujan Coca-Cola Beverages Company (ACCBC) and Rani Refreshments—the group’s FMCG business unit. The group also sells Vimto cordial in the Middle East. In 2014, ACCBC acquired the majority stake in Lebanese Coca-Cola bottler (NBC). In 2016, the group built another beverage manufacturing plant in Egypt. AGH owns The Oberoi Hotel Dubai.

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Chairperson: Abdulla Aujan Country: Saudi Arabia Established in:1905

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42 Abudawood Group

44 Al-Qahtani Holding

Chairperson: Anas, Ayman Abudawood

Chairperson: Abdulaziz Al-Qahtani

Country: Saudi Arabia Established in:1935

Country: Saudi Arabia Established in:1948

Sector: FMCG Ismail Ali Abudawood founded the Abudawood Group in 1935. He has served for 30 years as President of the Jeddah Chamber of Commerce, among his other affiliations. Growing from a small wholesale business in Jeddah to one of the largest distributors of consumer goods in Saudi Arabia, Abudawood Group today is present in Yemen, Egypt, Iraq, Bahrain, and Pakistan. The group has been the exclusive distributor of Procter & Gamble (P&G) products in Saudi since 1956.

43 Al Naboodah Holding Chairperson: Abdullah Mohammed Juma Al Naboodah Country: U.A.E. Established in:1958 Sector: Diversified Founded in 1958 by two brothers, the Saeed & Mohammed Al Naboodah Holding Group employs over 15,000 people. The Al Naboodah Construction Group (ANCG) is its biggest subsidiary, with 14,000 people. ANCG has worked on many of the U.A.E.â&#x20AC;&#x2122;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.

Sector: Diversified Founded by Abdulhadi Abdullah Al Qahtani in 1948, the AlQahtani Group has interests in beverages production & distribution, manufacturing, oil and gas, petrochemical, mining, real estate, and industrial sectors. Abdulhadi Abdullah Al-Qahtani & Sons Beverage Industry Ltd was established in 1982. It is the franchised bottler of Pepsi Cola, supplying soft drinks to more than four million people in the southern region of Saudi Arabia. Central Mining Co. Investment, explores develops and operates mines across Saudi Arabia. Chairman Abdulaziz B. Al-Qahtani also chairs the Arabia Insurance Cooperative Company.

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 Fadhil bought the company in 1914, 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.

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JULY 2020

Abudawood Group; Al Naboodah Holding; Al-Qahtani Holding; Towell International Holding

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46 Ajlan & Bros.

48 AlOthman Holding

Chairperson: Ajlan Bin Abdulaziz Al Ajlan

Chairperson: Mohammed Abdullah Al-Othman

Country: Saudi Arabia Established in:1979

Sector: Diversified

Known for its classic menswear line, the Ajlan & Bros. Company manufactures ready-to-wear pieces and winter clothes, including its popular men’s headwear, Yashmagh and Ghuttra. Founded in 1979, the Riyadh-based company has operations in 10 countries. Ajlan & Bros. also has investments in the real estate sector in Saudi Arabia, Europe, Asia, the U.S., and China in addition to its private property investments. The company is run by the three Ajlan Brothers, with Ajlan Al Ajlan serving as chairman.

47 Khalifa Juma Al Nabooda Group

The Othman Holding was established in 1967 by chairman, Mohammed Abdullah Al-Othman as a trading and contracting company. The group is involved in food, manufacturing, packaging, industrial manufacturing, oil and gas, and real estate. NADA, the company’s dairy arm founded in 1982, is one of the largest manufacturers of dairy products in the kingdom, and owns 23,000 cows. The group also owns 12.7% of the National Agricultural Development Co. listed and is a majority shareholder in Takween Advanced Industries that manufactures plastic products—both companies are listed on the Tadawul.

49 Ali & Sons Holding Chairperson: Ali Bin Khalfan Al Mutawa Al Dhaheri Country: U.A.E. Established in:1979 Sector: Diversified 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 dealer for Volkswagen, Audi, Porsche, and Skoda in Abu Dhabi. It has interests in construction, real estate, shipbuilding, ship repair, and jewelry.

Chairperson: Khalifa Juma Al Nabooda Country: U.A.E. Established in:1963

Ajlan & Bros.; Khalifa Juma Al Nabooda Group; AlOthman Holding; Ali & Sons Holding

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 and food services management, construction, 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. F O R B E S M I D D L E E A S T.CO M

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Sector: Textiles

Country: Saudi Arabia Established in:1967

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

MASIC was founded by Mohammed Ibrahim Alsubeaei in 1933. The family trading business evolved into a conglomerate and Saudi investment company, which focuses on financial 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.

The Ghassan Aboud Group was founded in 1994 by chairman Ghassan Aboud. He pivoted the business from being a car re-exporter to being an automotive supply-chain solutions provider that serves over 100 countries. The group is an international conglomerate based out of Dubai with interests in automotive, logistics, media, hospitality, real estate, retail, and catering. It also has offices in Australia, Belgium, China, Jordan, and Turkey. It established a TV production company and a satellite channel in 2008.

51 Albwardy Investment Chairperson: Ali Saeed Juma Albwardy Country: U.A.E. Established in:1976 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 consists of Spinneys, Waitrose, and Al Fair. It distributes product brands such as Nestle, Kraft, Maggi, Dettol, Kleenex, Heinz, Henkel, Colgate, Ferrero Rocher and Libby’s.

53 Obeikan Investment Group Chairperson: Fahd AlObeikan Country: Saudi Arabia Established in:1982 Sector: Diversified 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. 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.

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JULY 2020

MASIC; Albwardy Investment; Ghassan Aboud Group; Obeikan Investment Group

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50 MASIC

Chairperson:Najeeb Al Mulla Country: Kuwait Established in:1938 Sector: Diversified Founded over 80 years ago by Abdulla Saleh Al Mulla to sell General Electric 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 distributor of Chrysler, Dodge, and Plymouth, and Mitsubishi Motors in Kuwait, and added Daimler AG Mercedes-Benz to its portfolio in 2019. The group launched the Kuwait College of Science and Technology (KSCT) in 2015. Abdulla Saleh Al Mulla served as the Secretary of State of Kuwait for over two decades.

55 Memaar Al Morshedy Chairperson: Mohamed Morshedy Country: Egypt Established in:1983 Sector: Real Estate and Construction Founder and chairman, Mohamed Morshedy founded Memaar Al Morshedy in 1983. The company is poised to build the world’s largest residential project in Cairo, Skyline, at a cost of $550 million. Skyline will feature 13,500 apartments. More than 3,000 units have already sold at a total value of $176 million until mid 2019. The developer’s other residential communities in Egypt include Degla Palms, an affordable housing project, and Degla Landmark, a residential and commercial complex.

56 Mohsin Haider Darwish Chairperson: Areej Mohsin Darwish Country: Oman Established in:1987 Sector: Diversified 47

Oman’s Mohsin Haider Darwish LLC was established in 1987 by Mohsin Haider Darwish, a former chairman of Oman Chamber of Commerce and Industry (OCCI) and one of the founders of the University of Muscat. MHD Automotive represents premium brands like Land Rover, Jaguar, McLaren, and Volvo. Its tires and batteries division includes product lines such as Michelin, BF Goodrich, Federal, and Hero. The company is also the sole distributor of AVON in the Sultanate, a leading direct seller of beauty and cosmetic products. Chairperson Areej Darwish has been listed as one of Forbes Middle East’s most powerful businesswomen in 2019.

57 Nuqul Group Chairperson: Ghassan Nuqul Country: Jordan Established in:1952 Sector: Diversified

Memaar Al Morshedy; Mohsin Haider Darwish; Nuqul Group

The Nuqul Group was established by Elia Nuqul as Nuqul Brothers Company in 1952, which traded and imported food and consumer goods. 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. F O R B E S M I D D L E E A S T.CO M

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54 Al Mulla Group Holding Co

60 Sumou Holding Company

Chairperson: Faisal Bader Al-Sayer

Chairperson: Ayedh Farhan Al-Qahtani

Country: Kuwait Established in:1954

Sector: Diversified

Sector: Diversified The Al Sayer Group was founded by Naser 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.

Country: Saudi Arabia Established in:2008

Sumou Holding was established in 2008 and is involved in most of the industry sectors essential to Saudi Arabia’s long-term success—including real estate investment and development, construction, logistics, and other related investments. Its success is powered by subsidiary companies such as Sumou Real Estate, which specializes in developing large real estate projects. The company recently listed Sumou Real Estate on the Saudi Stock Exchange (Tadawul).

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 company at the time called Al Taqadum. Sayegh Group’s 35 companies are spread across the Arab world, Eastern and Western Europe, and Asia. Its biggest division is the production, distribution, and export of paints. It owns 14 paint and three resin plants worldwide. It also holds shares in Jordan Commercial Bank, Roya TV, and Canning Industries Co. Chairman Michael Sayegh has been with the company for more than 40 years. F O R B E S M I D D L E E A S T.CO M

61 Marafie Group Chairperson: AbdulIlah Mohamed Rafie Marafie Country: Kuwait Established in:1919 Sector: Diversified Founded in 1919 by Mohammad Rafie Hussain Marafie, the Marafie Group today has 30 subsidiaries and operations in construction, contracting, hospitality, real estate, manufacturing, power systems, and data centers. It holds the Guinness World Record for building the biggest wooden dhow in the world in 2002, the AlHashemi II. The group traces its history back to the trading and exporting of agricultural produce to Arabian countries, Africa, and India in the 1700s. Abdullah Mohamed Rafie Marafie is the group chairman. He is also the chairman and CEO of First Hotels and a board member of the gulf insurance group. JULY 2020

Al Sayer Holding; Sayegh Group; Sumou Holding Company; Abdul Ilah Mohamed Rafie Marafie image from source

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58 Al Sayer Group

Company Chairperson: Mazen Mohammed Ibrahim Batterjee Country: Saudi Arabia Established in:1982 Sector: Diversified The Batterjee Holding Company was founded in 1982, but its family history goes back to the establishment of I.H. Batterjee and Sons in 1908 by Ibrahim Hassan Batterjee. The group produces and distributes medical supplies and equipment, fabricated steel structures, construction materials, personal healthcare, and household detergent products, among others. Some of its companies are HomeCare Saudi Arabia, Batterjee Nordic Holding, Batterjee Mining and Services, Batterjee Packaging Systems, Batterjee Paper Products, Drop Clean, Batterjee Clinic, and Batterjee Pharma.

63 Zahran Holding

64 Al Mana Group Chairperson: Omar Hamad Almana Country: Qatar Established in:1960 Sector: Diversified Founded by chairman Omar Hamad Almana in 1960, the Almana Group is a Qatari conglomerate with over 30 businesses. It represents over 100 brands from its portfolio of diverse sectors including automotive, industrial, contracting, real estate, food and beverage, financial, security and IT, and travel. CocaCola Al Mana is considered one of Qatarâ&#x20AC;&#x2122;s oldest entities. It also represents brands such as Ford, Chrysler, and Hertz.

65 Manaseer Group Chairperson: Ziad Al Manaseer Country: Jordan Established in:1999 Sector: Industrials Jordanâ&#x20AC;&#x2122;s Manaseer Group was founded by chairman Eng. Ziad Al Manaseer in 1999. The company started as a chemical and fertilizer distribution business and has grown to 20 subsidiary companies, covering food industries, gas and lubricants distribution, industrial chemicals, fertilizers manufacturing, international trading, warehousing services, scrap recycling and reprocessing, cement and ready mix production, and steel manufacturing.

Chairperson: Ghurmallah Al Zahrani Country: Saudi Arabia Established in:1975

Batterjee Holding Company; Ghurmallah Al Zahrani image from source; Al Mana Group; Manaseer Group

Sector: Diversified

Founder and chairman, Ghurmallah Al Zahrani, 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 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. F O R B E S M I D D L E E A S T.CO M

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62 Batterjee Holding

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 Bukhamseen, who still serves as the chairman. The family business is highly invested in the banking and finance sector, having co-established the Kuwait International Bank in 1973. It is also a shareholder of the Warba Insurance Company, one of Kuwait’s oldest insurers, and Ritaj Takaful. The Bukhamseen Group’s real estate segment has eight companies, including publicly listed firm, Al-Arabiya Real Estate Company. Al-Mubarra, the family’s charity arm, provides funds for medical care locally in Kuwait and overseas. It also funds education for students with limited financial resources.

67 Abu Ghazaleh Investments Chairperson: Amir Abu Ghazaleh Country: U.A.E. Established in: 1970 Sector: Diversified Abu Ghazaleh Investments’ is a family business based in Dubai, with a portfolio that ranges from fresh produce, healthcare services, and manufacturing to aviation, hospitality, venture capital and real estate. It holds full ownership or shareholdings in companies worldwide including Del Monte, International Wings Group, Form Hotel, CF Tennis Academy, Oryx Ventures, and AGI Real Estate. Emirati national Amir Abu Ghazaleh is the founder and chairman. He also serves on the Board of Directors for Fresh Del Monte Produce, Arab Wings, Royal Jordanian Air Academy, Clemenceau Medical Centre, and the National Poultry Company.

Country: Egypt Established in:1964 Sector: Manufacturing The Elaraby Group was founded in 1964 by three brothers, Mahmoud, Mohamed, and Abdel-Gayed Elaraby, who started a hardware store in Cairo selling school supplies and children’s toys. Today the ELARABY Group manufactures and markets engineering products. It operates eight commercial, industrial, and services companies, and two industrial complexes, which run 16 factories. Mahmoud, chairman of the group, was awarded the Order of the Rising Sun by the Emperor of Japan for the company’s four-decade commercial relationship with the country. Mahmoud Elaraby, the chairman of the group, is a former member of the Egyptian parliament.

69 Almajdouie Group Chairperson: Ali Almajdouie Country: Saudi Arabia Established in:1965 Sector: Diversified Established in 1965, Almajdouie Group business units include logistics, food, automotive, manufacturing, real estate and investment, with 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. F O R B E S M I D D L E E A S T.CO M

JULY 2020

Jawad Ahmed Bukhamseen image from source; AGI; Elaraby Group; Almajdouie Group

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Country: Kuwait Established in:1957

73 Al Faisaliah Group Chairperson: Abdulrahman Al Abdullah Al Faisal Country: Saudi Arabia Established in:1971 Sector: Diversified

Chairperson: Robert Mouawad Country: Lebanon Established in:1890 Sector: Jewelry Mouawad is one of the oldest family businesses in Lebanon. David Mouawad opened the conglomerate’s first watch and jewelry shop in 1890. Mouawad boasts one of the world’s most dazzling gem collections, including Dynasty, a 51.12 carat Russian diamond estimated to be worth nearly $10 million. Billionaire Robert Mouawad established the company’s presence in Europe, Asia, and North America before turning over the management to his sons Fred, Alain, and Pascal in 2010. Robert ranked #1415 in this year’s Forbes World Billionaires List with a net worth of $1.5 billion.

71 Al Nowais Investments Chairperson: Hussain Al Nowais Country: U.A.E. Established in:1979 Sector: Diversified Chairman Hussain J. AlNowais founded Al Nowais Investments in the late 1970s. Based in Abu Dhabi, it manages and controls subsidiary companies in the energy, infrastructure, healthcare, hospitality and real estate, FMCG, and technology sectors. Danway, its energy infrastructure arm, serves the GCC market. It also has a stake in Rotana Hotels. It owns 7.5% of Alwaha Capital and AMEA Power, a developer of renewable and thermal power projects across Africa, the Middle East and Asia.

72 BinDawood Holding

Hussain Al Nowais; BinDawood photo by Fares Jammal; Fakhro Group

Chairperson: Abdulrazzaq Bin Dawood Country: Saudi Arabia Established in:1984 Sector: Retail BinDawood Holding was formally established in 1984 by the BinDawood family, today they are one of Saudi Arabia’s largest retailers. The group manages two retail chain brands: BinDawood Stores and Danube Stores. It has 73 hypermarkets and supermarkets located in the kingdom’s major cities. BinDawood introduced its e-commerce platform and mobile app for Danube’s grocery products in 2017, followed by the launch of the BinDawood app in 2019. F O R B E S M I D D L E E A S T.CO M

74 Abdulla Yousif Fakhro Group Chairperson: Esam Abdulla Fakhro Country: Bahrain Established in:1888 Sector: Diversified Bahraini conglomerate Fakhro Group was founded in 1888. It began as a small family trading business of building materials and dates. The group, which expanded to the U.A.E. and Qatar, has businesses in automotive, industrial products, electronics, telecommunications, insurance, contracting, shipping, and logistics. The Fakhro Group has partnered with international brands such as Budget Rent-A-Car, Mobil, Dunlop, Omia, Sony Ericsson, Cisco, OKI, Avaya, McDonald’s, MK, and Honeywell, among others. Dr Esam Abdulla Fakhro is currently the chairman of Abdulla Yousif Fakhro Group. He also chairs Bahrain Cinema Company and serves as the Deputy Chairman of National Bank of Bahrain. JULY 2020

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70 Mouawad

Founded in 1971 and headquartered in Riyadh, Saudi Arabia, the Al Faisaliah Group’s main sectors include dairy, electronics, healthcare, and food service. It owns restaurant brands such as Steak House, Piatto, Fire Grill and City Fresh Kitchen. Under its dairy division is Al Safi Danone (ASD)—a joint venture between AFG’s Al Safi Dairy Company and French company, Groupe Danone. ASD operates the world’s largest integrated dairy farm, with 50,000 cows that produce over a million liters of fresh milk every day. Abdulrahman Al Abdullah Al Faisal is the chairman of AFG. He also chaired the Qassim Cement Company.

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 Arabia, over 50 years ago, the Marei Bin Mahfouz Group is divided into the industrial, trade, and services sectors. The 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 Industry and a member of the Holy Mecca Emirate Council.

76 Oasis Investment Company Chairperson: Abdulla M. Al Shirawi Country: U.A.E. Established in:1971 Sector: Diversified Al Shirawi Group’s holding company, U.A.E.-based Oasis Investment, has 30 companies, with operations in trading, industrial, distribution, contracting and service industries. Under its wings are Emirates Printing Press, Arcadia Education, Al Shirawi Contracting Co., Global Shipping & Logistics, and Arabian Oasis Industries—the largest producer of dished heads in the GCC. Abdulla M. Al Shirawi is the chairman of Oasis Investment. He and vice chairman, Mohan Valrani, founded the group in 1971.

77 Alissa Group

Country: Saudi Arabia Established in:1945 Sector: Diversified

Based in Jeddah, Saudi Arabia, the Alesayi Group was established by Omar Kassem Alesayi in 1945. Its business lines include general trading, real estate, consumer and trading, manufacturing, engineering and technology, and services and investments. It carries automotive brands such as Mitsubishi Motors, Fuso Trucks, Chrysler, and Dodge. Panasonic, TCL, Moulinex, and TEFAL fall under its consumer electronics brand portfolio. Saeed Omar K. Alesayi is currently the chairman and is a board member at Sahara International Petrochemical Company.

Chairperson: Abdulmohsen Abdullatif Alissa Country: Saudi Arabia Established in:1940 Sector: Diversified The Alissa Group is a diversified business group in Saudi Arabia, in the fields of real estate, finance, and transportation. Some of its investments are in Gulf Real Estate, Tania, Alpha Capital, Alissa Auto, and Alissa Universal Motors, among others. The group was founded by Abdullatif Alissa in the 1940s, which was initially focused on textiles and food trading. Chairperson Abdulmohsen Alissa began his career with Aramco.

78 Al Fahim Group Chairperson: Ahmed Abdul Jalil Al Fahim Country: U.A.E. Established in:1958 Sector: Diversified The ALFAHIM Group was founded over 60 years ago by Abdul Jalil Al Fahim. The group’s subsidiaries and outlets in automotive, real estate, industrial, hospitality, and travel are spread across the emirates of Dubai, Abu Dhabi, and Sharjah. The group owns and operates Fairmont Hotel Bab Al Bahr, ALFAHIM Motors, and Marjan Industrial Development (MID)—a supplier of engineering products and technical services related to oil, gas, and petrochemicals. Mohammed Abdul Jalil Al Fahim is the chairman of Al Fahim Family Council and Al Fahim Supervisory Board Member, while Ahmed is the chairman of Al Fahim’s management board. F O R B E S M I D D L E E A S T.CO M

80 AL ZAYANI INVESTMENTS Chairperson: Nawaf Khalid Al Zayani Country: Bahrain Established in:1977 Sector: Diversified Al Zayani Investments Group was established in Manama, Bahrain, in 1977. It has a diverse business portfolio that includes automotive, healthcare, manufacturing, real estate, service businesses and food and beverages. It owns Zayani Foods, which holds the exclusive development rights for Costa Coffee in Bahrain. Zayani’s Euro Motors represents brands such BMW, MINI, Land Rover, Jaguar, Rolls-Royce Motor Cars, Ferrari, and Maserati. JULY 2020

Marei Bin Mahfouz Group; Oasis Investment; Alissa Group; Al Fahim Group; Omar Kassem Alesayi Group, image from source; Al Zayani Investments B.S.C.

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75 Marei Bin Mahfouz Group & Co.

81 Chalhoub Group

83 Diana Holding

Chairperson: Michel Chalhoub

Chairperson: Rita Maria Zniber

Country: U.A.E. Established in:1955

Country: Morocco Established in:1956

Dubai-based Chalhoub Group was founded by Michel Chalhoub by licensing the rights to sell three foreign brands: Christofle, Baccarat, and Jean Patou in 1955 in Damascus, Syria. Today it is among the region’s largest luxury retailers, with 650 retail outlets across 14 countries. The Chalhoub Group has over 300 brands under its brand portfolio today, including Chanel, Louis Vuitton, and Christian Louboutin. The group has been a member of the United Nations Global Compact Community since 2014 and a signatory of the Women’s Empowerment Principles. Patrick Challoub is the CEO of the group and is currently heading the group's digital transformation efforts.

82 El Seif Engineering Contracting Company Chairperson: Khaled Musaed El Seif Country: Saudi Arabia Established in:1975

Chalhoub Group; Khaled Musaed El Seif and Rita Maria Zniber, images from source; Al Tayer Group

Sector: Diversified The El Seif Engineering Contracting Company was established in 1975. It is part of the El Seif Group headquartered in Riyadh. In 1989, the company completed the civil works and military structures for its first military project, the Air-Field Facilities Project for the Royal Saudi Air Force. Among its most notable MEP projects are the Sabic Plastics Application Development Center, and the Millennium Hotel in Hail and Tabouk. F O R B E S M I D D L E E A S T.CO M

Sector: Food and Beverage Diana Holding was founded by Brahim Zniber in Morocco in 1956. The company’s scope includes agriculture, olive growing, poultry farming, and trade and distribution. Its olive sector spans across 1,000 hectares of olive groves with an annual production of 500 tons of extra virgin olive oil. Under its agriculture segment is a composting platform that has a production capacity of 10,000 tons per year. The founder’s wife, Rita Maria Zniber, chairs the company.

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Sector: Retail

84 Al Tayer Group Chairperson: Obaid Humaid Al Tayer Country: U.A.E. Established in:1979 Sector: Diversified Since 1979, Dubai-based Al Tayer Group has introduced over 80 automotive and retail brands to the Middle East. Its retail division has operations in Saudi Arabia, Kuwait, Bahrain, Qatar, and Oman, with nearly 200 outlets across the region. In 2006, Al Tayer launched the largest Harvey Nichols outside the U.K. in the Mall of the Emirates. In 2010 it opened the first international Bloomingdale’s store in Dubai Mall. Al Tayer Motors represents brands such as Ferrari, Maserati, and Jaguar. Obaid Humaid Al Tayer is the chairman of Al Tayer Group and the U.A.E.’s Minister of State for Financial Affairs.

85 Arabian Fal Holding Chairperson: Saleh Abdullah Al-Sayed Country: Saudi Arabia Established in:1979 Sector: Diversified Saudi-owned Arabian Fal Holding was founded in 1979, with 12 business units in 15 locations. Its expertise lies on site development, construction, operations and maintenance, scaffolding services, industrial cleaning, and hazardous material transport mainly for the Saudi Arabian oil and gas industry. Among its highprofiled industry clients are Saudi Aramco, SABIC, and Marafiq. JULY 2020

89 Tamimi group

Chairperson: Steve Lucas

Chairperson: Tariq Al Tamimi

Country: Lebanon Established in:1964 Sector: Diversified

Country: Saudi Arabia Established in:1977

One of the oldest waste management companies in the region, Averda was founded by Maysarah Sukkar in Lebanon over 50 years ago. Averda is spread across the U.A.E., Saudi Arabia, Oman, Morocco, the Republic of Congo, Gabon, South Africa, and the U.K. Its main business lines are cleaning and collection, processing and recycling, energy and disposal, and technical services. Steve Lucas was appointed chairman of the board of Averda in March 2020. He also chairs mining company, Ferrexpo plc and was previously the finance director of National Grid plc.

87 Alturki Holding Chairperson: Khalid Al Turki Country: Saudi Arabia Established in:1975 Sector: Diversified Alturki Holding was founded in 1975 in Saudi Arabia. Through its subsidiaries, joint ventures, and venture capital, Alturki’s investment portfolio spans construction and building materials, infrastructure, transportation, information and communications technologies, oil-field tools and services, and real estate. Its subsidiary, Saudi Readymix, is the country’s largest producer of ready-mixed concrete products. Khalid Ali Alturki is the founder and chairman of Alturki Holding. He was also the former chairman of the Advisory Council at the Center for Middle Eastern Studies at Harvard University.

88 Holmarcom Group

Sector: Diversified Founded in Dammam, Saudi Arabia, over 60 years ago by Ali bin Abdullah Al-Tamimi, the Tamimi Group has grown from being a Pipelines Installation Company, to entering the fields of construction, contracting, trade, industry, catering, maintenance, operation and retail. The group currently has over 10 joint ventures and 30 companies. Its trading arm, the Tamimi Commercial Division, is one of the kingdom’s oldest and largest distributors. The family owns 22% of Tadawul-listed Basic Chemical Industries.

90 Jaidah Group Chairperson: Jassim M. Jaidah

Chairperson:Mohamed Hassan Bensalah

Country: Qatar Established in:1898

Country: Morocco Established in:1978

Sector: Diversified

The Jaidah Group dates back 130 years is one of Qatar’s oldest trading conglomerates. Today, the group has a presence in over 30 countries, representing more than 100 brands. Jaidah’s seven business sectors cover automotive, equipment, telecom, electrical, furniture, investment, and real estate. The company is a dealer of international brands like Komatsu, Bobcat, Hyundai, Isuzu, and Chevrolet. Jassim Jaidah is the chairman of the group, and a member of the board of Qatar Insurance Company.

The Holmarcom Group was founded in 1978 by Abdelkader Bensalah. Its businesses are in finance, real estate, the agro-industry, distribution and logistics. It has two companies listed on Casablanca Stock Exchange: Les Eaux Minérales d’Oulmès and Atlanta Assurances. Headquartered in Casablanca, Holmarcom has a presence in Senegal, the Ivory Coast, and Benin. Mohamed Hassan Bensalah is the chairman of the group. He was honored as Knight of the Order of the Throne of Morocco (Wissam Al Arch) by King Mohammed VI, in 2004. F O R B E S M I D D L E E A S T.CO M

JULY 2020

Averda Group; Kahlid Al Turki, image from source; Holmarcom Group; Tamimi Group

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86 Averda Group

93 Gulf Marketing Group

Holding

Chairperson: Abdul Aziz Hassan Baker

Chairperson: Mohammad Abunayyan

Country: U.A.E. Established in:1978

Country: Saudi Arabia Established in:1950

Sector: Diversified

Sector: Diversified Abdullah Abunayyan founded Abunayyan Holding in 1950. It is one of Saudi Arabia’s longestactive companies in the power and water business. Abunayyan Holding introduced the first diesel-powered turbine pump, which changed the agriculture scene of the kingdom. Today, the company’s core activities include engineering, manufacturing, supply, construction, and service, with 14 business units. Mohammad A. Abunayyan is the chairman of Abunayyan Holding. He also chairs ACWA Power International and is a member of the Advisory Committee of the Chairman of High Supreme Economic Council.

With operations across the GCC, GMG belongs to the Baker family and is based 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 recognizable retail brands is Sun & Sand Sports under GMG Sports—the largest sports retailer and distributor in the Middle East with more than 200 stores. Other homegrown concepts of GMG are Farm Fresh, Super-Care Pharmacy, and Good Health Nutrition. GMG was founded by chairman Abdul Aziz Hassan Baker.

94 Kettaneh Group Chairperson: Nabil Kettaneh Country: Lebanon Established in:1922 Sector: Diversified The Kettaneh Group was established in 1922 by Francis Kettaneh, who was later joined by his three younger brothers, Alfred, Charles, and Désiré. Based in Lebanon, the business became the sole distributor of many high-end brands, starting with Volkswagen in 1953. It was followed by an expansion into several fields, including automotive, energy and automation, medical, pharmaceutical, baby products, construction, travel, and home appliances. The Kettaneh Group is present in the U.A.E., Saudi Arabia, Qatar, and Egypt. Nabil Kettaneh sits as the chairman of the Board for Kettaneh Group. He has an MBA from INSEAD in France.

92 Benhamadi Group Chairperson: Abderrahmane Benhamadi Country: Algeria Established in: 1948

ACWA Power; Image from source; Munir Sukhtian Group

Sector: Manufacturing The Benhamadi Group is a holding company of the Benhamadi family. The Benhamadi family’s business history originated from a small trading business that El Hadj Mohamed Taher Benhamadi, the patriarch of the family, had set up. The group’s biggest company is the Condor Group, which manufactures and distributes electronic equipment, home appliances, computers, agri-food, packaging, and construction materials. The group also has investments in, construction, hospitality, and agriculture. The Condor Group today is chaired by Abderrahmane Benhamadi, who served as a college professor before joining the family business full time. F O R B E S M I D D L E E A S T.CO M

95 Munir Sukhtian Group Chairperson: Nidal Sukhtian Country: Jordan Established in:1933 Sector: Diversified Pharmacist Munir Sukhtian established a neighborhood pharmacy in 1933. The Munir Sukhtian Group today has diversified business lines in the fields of agriculture, chemical, communication and security, environmental and water sciences, legal, medical, pharma, professional hair and beauty care, and veterinary. One of its independent company associates is Beit Jala Pharmaceutical Company (BJP), which was the first pharmaceutical company in Palestine to be established in 1969. Headquartered in Amman Jordan, the group is currently under the chairmanship of Nidal Sukhtian. He is also the chairman of Palestine Industrial Investment Co.

JULY 2020

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91 Abunayyan

Chairperson: Abdulrehman Muftah Almuftah Country: Qatar Established in:1963 Sector: Diversified

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Chairman Abdulrehman Muftah Almuftah established the group’s first tire showroom in Doha in 1963. Today the Al Muftah Group encompasses diverse business sectors, which includes engineering and construction, automotive and transport, industrial equipment, furnishings and accessories, consumer electronics and home appliances, restaurants and catering, and education. In 1971, the Almuftah Rent-a-Car was established and became one of the pioneers in Qatar’s car-leasing industry. It was one of the first companies in Qatar to introduce cable television technology in the country.

97 MB Holding Chairperson: Mohammed Al Barwani Country: Oman Established in:1982 Sector: Petrochemical 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, Africa, South Asia, and Australia. Its business scope includes drilling and oilfield services, the exploration and production of oil and gas, mining and minerals, and oilfield and marine engineering services. Dr. Mohammed Al Barwani also sits on the board of Al Madina Investment SAOG, Oman Air, and Nautilus Minerals. He is also the President of the Oman American Business Centre.

98 Al Wazzan Group Chairperson: Abdel Rahman Jassim Al Wazzan Country: Kuwait Established in:1952 Sector: Diversified Kuwait-based Al Wazzan Group was founded by Jassim Mohammad Ali Al Wazzan, who started with a small grocery business in Kuwait City. He established the food manufacturing segment of the group and built the GCC’s first meat processor producing halal meat, which was then rebranded as Khazan. The group’s main asset is a 63.26% stake in Mezzan Holding, which is listed on the Kuwait stock exchange. Mezzan manufactures and distributes over 25,000 Stock Keeping Units and has production facilities in Kuwait, Qatar, and the U.A.E. Abdel Rahman Al Wazzan became chairman in April 2016. He was previously vice chairman. F O R B E S M I D D L E E A S T.CO M

99 Haji Hassan Group Chairperson: Adel Hassan Al A’ali Country: Bahrain Established in:1952 Sector: Diversified Founded in 1952 by Haji Hassan, the Haji Hassan Group is one of Bahrain’s pioneers in the construction sector. The group was behind the construction of Bahrain’s International Circuit—the first professional racing track in the region. The project was completed in record time and the kingdom held the first F1 Grand Prix in the Middle East in 2004. Other important projects are the Sheikh Isa Bin Salman Causeway, the Sheikh Khalifa Bin Salman Bridge, the North Manama Causeway, and Bahrain International Airport along with hotels, the Ritz Carlton and Sofitel.

100 Mehri Group Chairperson: Djillali Mehri Country: Algeria Established in:1965 Sector: Food, Hospitality Mehri Groupe, is owned by Algerian businessman Djillali Mehri, with operations in trade, real estate, tourism, hospitality, agriculture, and manufacturing. The Mehri Groupe controls the Atlas Bottling Corporation—the sole bottler of Pepsi products in Algeria. The conglomerate owns some of the finest luxury hotels in Algeria, including the Royal Hotel, La Gazelle d’Or, and La Coupole. Other international brands under its portfolio are Accor, Rolls Royce, and BMW. Djillali Mehri, having been active in business in Algeria since 1962, also created the Group of Investors of North Africa and the Middle East, where he is the main shareholder.

JULY 2020

Al Muftah Group image from source; MB Holding; Haji Hassan Group; Djilali Mehri, image from source

96 Al Muftah Group

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

All cities compete on an international stage, whilst remaining co-dependent on a globalized economy. However, the recent pandemic has highlighted the pitfalls of global interdependence, suggesting the need to re-evaluate how cities can become more self-reliant and re-focus resilience on healthcare, to prepare socioeconomic systems for future shocks. While international supply chain systems have provided considerable opportunities and convenience, it has also made the systems we rely on in our daily lives vulnerable to sudden and unexpected disruption. Cities must find the right tension between resilience and efficiency, the ability to anticipate, absorb, recover and adapt to unexpected threats. Both the private and public sectors have an opportunity to come together and re-evaluate reliance on global trade, what shortcomings exist and how these might be developed locally. Cities often demonstrate resilience time and time again, evolving or transforming in the face of resource shortages, disease, natural hazards or conflict. Looking at epidemics like MERS, SARS, Ebola and H1N1 in our recent history, there are valuable case studies as to how best we can develop resilient infrastructure. Singapore is one of the world’s best examples. It began its Civil Defence Shelter program in 1983. Public shelters are constructed according to Singapore Civil Defence Force (SCDF) regulations and specifications. These are places citizens can take refuge during an emergency. Shelters perform the most effective exclusion method available, whether it be exclusion of natural or man-made disaster, warfare or disease. In 2012, Sengkang General Hospital, one of the largest hospitals in Singapore, a 1,000 bed facility, covering 385,000 sqm of floor area, with an additional 200,000 sqm for back of house, public support spaces and future expansion, gave cities a good benchmark for resilient healthcare infrastructure. The facility was built to serve the north-east population of Singapore and build additional resilience as a result of the SARS epidemic, which took place in 2002/3, affecting over 8,000 people across 29 countries, claiming 775 lives worldwide. The design team F O R B E S M I D D L E E A S T.CO M

was asked to consider scenarios for natural and man-made disasters, making sure the hospital design could be flexible and adapted at short notice, without disrupting the facility. Another example of a country effectively implementing resilient measures, is Switzerland. The country spends more than 20% of its budget on insuring against most potential hazards. The first regulations on the subject were passed on October 4, 1963, translating into 300,000 shelters in Swiss dwellings, institutions and hospitals, as well as 5,100 public shelters, providing protection for a total of 8.6 million individuals—a coverage of 114%, as of 2006. In the context of healthcare, the creation of countryspecific Resilience Task Forces, made up of experts dedicated to future pandemics would serve citizens and economies well. Governments can start to look at mandating resilience policies such as: storing essential goods in country for emergency situations; ensuring no gaps exist in the healthcare service, such as specialty treatments that currently rely an external service or services; making provisions in all new health facilities for dealing with emergency situations, without compromising existing health needs; mandating existing health facilities that can be adapted and are flexible for re-purpose; and identifying infrastructure that can be adapted for emergency scenarios. The UAE authorities are a good example of a swift and flexible response to the current COVID-19 pandemic. Authorities converted the Dubai World Trade Centre into a field hospital able to house 3,000 coronavirus patients and Sheikh Hamdan established “The Disease and Epidemic Control Centre” designed to develop a rapid intervention plan in coordination with the public and private sectors. Government bodies are truly the only entities able to mandate healthcare resilience, by becoming the regulator, we can hope for the mandating of new and/or existing upgrades to be done in hospitals to incorporate pandemic resilience measures. In order to get to the finish line, there is no one-size-fits all answer, but it will require joined-up thinking if we are to create resilient cities of the future. JULY 2020

57 THOUGHT LEADERS

Developing Autonomous Resilience In A Globalized Economy

• ARAB CELEBRITIES •

The music industry’s biggest names—Mohamed Mounir, Samira Said, Tamer Hosny, Saber Rebai, Wael Gassar and Carole Samaha—joined hands to release “Enta Akwa” (You Are Stronger) to support 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 challenge” initiated by El-Ahly player Saad Samir in collaboration with the Resala Charity Organization. The likes of Tamer Hosny, Mohammed Ramadan, Ahmed el-Saadany, Hossam Ghaly, Mahmoud Genesh, and Mona Zaki have taken up the initiative, sponsoring a number of families affected by COVID-19. Some celebrities, like Egyptian actor Karim Kassem who revealed via Instagram that he contracted COVID-19, have been setting a good example by quarantining.

I Ahlam Emirati singer Ahlam, who ranked third on Forbes Middle East’s “Women behind Middle Eastern Brands,” has urged the country to follow the local government's health warnings and other COVID-19 initiatives her country is partaking in. In April, the prolific singer launched a “zero hour" hashtag, with the aim to reach zero cases of COVID-19 in the UAE.

Kadim Al Sahir The Iraqi singer and crooner has been posting informative posts on COVID-19 and the importance of social distancing to his 3.5 million Instagram followers. During Eid, he gave fans an online treat by joining a star-studded virtual concert hosted by Department of Culture and Tourism Abu Dhabi and the Abu Dhabi Cultural Foundation as part of the Abu Dhabi government's #StayCurious initiative.

From self-isolating to raising funds, here are some other regional celebrities doing their part: F O R B E S M I D D L E E A S T.CO M

JULY 2020

Ahlam's Image via Ahlam's Facebook page; Kadim Al Sahir photo by Ben Houdijk / Shutterstock.com

Celebrities around the Arab region have played a role in mobilizing and fighting the coronavirus outbreak that continues to rip through the global economy.

By Samar Khouri

ARAB CELEBRITIES

Arab Celebrities Doing Their Part During COVID-19 Lockdown

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.

I Hussain Al Jassmi

Hussain Al Jassmi image credit: WAM; Image via Ramadan's Facebook page; Image by Andrea Raffin / Shutterstock.com; Image via Nasri's Facebook page; Image via Zeytoun's Facebook page; Image by Featureflash Photo Agency / Shutterstock.com

Emirati singer Hussain Al Jassmi performed in the starstudded “One World: Together at Home” virtual benefit show to raise funds for the World Health Organization. Organized by award-winning songstress Lady Gaga, the World Health Organization, and charitable organization Global Citizen, the six-hour cross-platform variety concert raised $128 million for COVID-19 relief efforts around 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.

The Syrian singer posted a video of frontline workers and families dancing on balconies during the COVID-19 lockdown with his 2019 song Mesh Khayef Mennak, which loosely translated to “I am not scared of you” in English. He kept fans entertained by uploading a video of his band performing remotely at home.

I Sonia Ben Ammar

I Mohamed Ramadan Ramadan is among various Egyptians mobilizing the fight against COVID19. 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 The Tunisian actress has become involved in the “Kheir” challenge, disclosing in an Instagram post that she will sponsor 100 families and will take care of all their bills. Sabry, who is set to star and executive produce a new Arabic drama-comedy original Netflix series by her company SALAM Production, has also started the #supportourcarers initiative dedicated to frontline workers at the forefront of fighting COVID-19.

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

French-Tunisian singer and model Sonia Ben Ammar recently donated 100 facemasks to the elderly in retirement homes. “Made 100 masks to donate to retirement homes I really recommend you do this if you need masks (I used materials I had at home). They’re not medical masks but they are perfectly safe for everyday use & can be washed (sustainable!!),” she wrote in an Instagram post. She has also taken part in #BlackOutTuesday on social media and joined protestors in Paris to show support for the Black Lives Matter movement. JULY 2020

ARAB CELEBRITIES

I Nassif Zeytoun

THE CELEBRITY 100

THE WORLD’S HIGHEST-PAID CELEBRITIES

100

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

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

JULY 2020

Robin Marchant / Getty Images via AFP

CELEBRITY

Kylie Jenner

Rich Fury / Getty Images via AFP

n one of the biggest celebrity cash-outs of all time, Kylie Jenner agreed to sell 51% of her Kylie Cosmetics to beauty giant Coty in November. Her cut: $540 million before taxes, by Forbes’ estimates—more than Wall Street thought it was worth, and more than enough to crown her this year’s top-earning celebrity. Right behind her at No. 2 is brother-in-law Kanye West, who brought in all but $10 million or so of his estimated $170 million in pretax earnings from his high-end sneaker brand, Yeezy. But this cash-grabbing clan would rather talk about their “billions” than their millions. “It’s fair to say that everything the Kardashian-Jenner family does is oversized. . . . To stay on-brand, it needs to be bigger than it is,” says Stephanie 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 a billionaire. America’s hip-hop genius sent over documents outlining the massive royalty checks Adidas sends him, plus an accounting of his assets, all the way down to $297,050 worth of livestock on his Wyoming ranches. F O R B E S M I D D L E E A S T.CO M

1. Kylie Jenner $590.0 MIL • PERSONALITY

11. Rush Limbaugh $85.0 • PERSONALITY

2. Kanye West $170.0 • MUSICIAN

12. Ellen DeGeneres $84.0 • PERSONALITY

3. Roger Federer $106.3 • ATHLETE

13. Bill Simmons $82.5 • PERSONALITY

4. Cristiano Ronaldo $105.0 • ATHLETE

14. Elton John $81.0 • MUSICIAN

5. Lionel Messi $104.0 • ATHLETE

15. James Patt erson $80.0 • AUTHOR

6. Tyler Perry $97.0 • PERSONALITY

16. Stephen Curry $74.4 • ATHLETE

7. Neymar $95.5 • ATHLETE

17. Ariana Grande $72.0 • MUSICIAN

8. Howard Stern $90.0 • PERSONALITY

18. Ryan Reynolds $71.5 • ACTOR

9. LeBron James $88.2 • ATHLETE

19. Gordon Ramsay $70.0 • PERSONALITY

10. Dwayne Johnson $87.5 • ACTOR

20. Jonas Brothers $68.5 • MUSICIANS JULY 2020

61 THE CELEBRITY 100

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 youngest self-made billionaire. (Her net worth has now fallen below $1 billion as Forbes has reevaluated her business 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.

Ryan Reynolds The hotshot who plays a billionaire on Netflix’s Six Underground and stars in its upcoming film Red Notice collected $48.5 million from the streaming giant in the past year, more than anyone on this list; all together, the stars here pulled in $220 million from Netflix, up 200% from 2019, bringing the five-year total to nearly $600 million.

21. The Chainsmokers $68.0 • MUSICIANS

32. Rolling Stones $59.0 • MUSICIANS

22. Dr. Phil $65.5 • PERSONALITY

33. Mark Wahlberg $58.0 • ACTOR

23. Ed Sheeran $64.0 • MUSICIAN

34. Tyson Fury $57.0 • ATHLETE

24. Kevin Durant $63.9 • ATHLETE

35. Marshmello $56.0 • MUSICIAN

25. Taylor Swift $63.5 • MUSICIAN

35. Russell Westbrook $56.0 • ATHLETE

26. Tiger Woods $62.3 • ATHLETE

37. Ben Affleck $55.0 • ACTOR

27. Kirk Cousins $60.5 • ATHLETE

37. Diddy $55.0 • MUSICIAN

28. JK Rowling $60.0 • AUTHOR

39. Shawn Mendes $54.5 • MUSICIAN

28. Post Malone $60.0 • MUSICIAN

40. Vin Diesel $54.0 • ACTOR

28. Ryan Seacrest $60.0 • PERSONALITY

40. Lewis Hamilton $54.0 • ATHLETE

31. Carson Wentz $59.1 • ATHLETE

42. Jay-Z $53.5 • MUSICIAN

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

54. James Harden $47.8 • ATHLETE

44. Rory McIlroy $52.0 • ATHLETE

55. Giannis Antetokounmpo $47.6 • ATHLETE

45. Simon Cowell $51.0 • PERSONALITY

56. Jennifer Lopez $47.5 • MUSICIAN

45. Jerry Seinfeld $51.0 • COMEDIAN

57. Anthony Joshua $47.0 • ATHLETE

47. BTS $50.0 • MUSICIANS

57. Pink $47.0 • MUSICIAN

48. Kim Kardashian West $49.5 • PERSONALITY

59. Deontay Wilder $46.5 • ATHLETE

49. Drake $49.0 • MUSICIAN

60. David Copperfi eld $46.0 • MAGICIAN

49. Jared Goff $49.0 • ATHLETE

60. Rihanna $46.0 • MUSICIAN

49. Judy Sheindlin $49.0 • PERSONALITY

62. Lin-Manuel Miranda $45.5 • ACTOR

52. Akshay Kumar $48.5 • ACTOR

62. Luke Bryan $45.5 • MUSICIAN

53. Conor McGregor $48.0 • ATHLETE

64. Backstreet Boys $45.0 • MUSICIANS

Billie Eilish Winner of five Grammys this year. When We All Fall Asleep, Where Do We Go? was the No. 1 album of 2019, with 3.9 million units sold. She reportedly collected $25 million from Apple for a documentary about her life and career, and if the coronavirus hadn’t killed her arena tour, she might have cracked the Top 20. JULY 2020

Sam Aronov / Shutterstock.com; DFree / Shutterstock.com

THE CELEBRITY 100

43. Billie Eilish $53.0 • MUSICIAN

91. Oprah Winfrey $37.0 • PERSONALITY

87. Lady Gaga $38.0 • MUSICIAN

95. DJ Khaled $36.5 • MUSICIAN

87. U2 $38.0 • MUSICIANS

95. Kiss $36.5 • MUSICIANS

90. Naomi Osaka $37.4 • ATHLETE

97. Sebastian Vettel $36.3 • ATHLETE

91. Canelo Álvarez $37.0 • ATHLETE

98. Serena Williams $36.0 • ATHLETE

91. Damian Lillard $37.0 • ATHLETE

99. Angelina Jolie $35.5 • ACTOR

91. Paul McCartney $37.0 • MUSICIAN

100. Mohamed Salah $35.1 • ATHLETE

Travis Scott

Ovidiu Hrubaru / Shutterstock.com; Leonard Zhukovsky / Shutterstock.com

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 $45.0 • ATHLETE

75. Adam Sandler $41.0 • ACTOR

64. Phil Collins $45.0 • MUSICIAN

77. Phil Mickelson $40.8 • ATHLETE

67. Drew Brees $44.8 • ATHLETE

78. Julio Jones $40.5 • ATHLETE

68. Novak Djokovic $44.6 • ATHLETE

78. Metallica $40.5 • MUSICIANS

69. Will Smith $44.5 • ACTOR

80. Jackie Chan $40.0 • ACTOR

70. Blake Shelton $43.5 • MUSICIAN

80. Rafael Nadal $40.0 • ATHLETE

71. Sean Hannity $43.0 • PERSONALITY

82. Heidi Klum $39.5 • PERSONALITY

71. Sofia Vergara $43.0 • ACTOR

82. Travis Scott $39.5 • MUSICIAN

73. Celine Dion $42.0 • MUSICIAN

84. Kevin Hart $39.0 • COMEDIAN

74. Kyrie Irving $41.9 • ATHLETE

85. Klay Thompson $38.8 • ATHLETE

75. The Eagles $41.0 • MUSICIANS

86. Katy Perry $38.5 • MUSICIAN

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

Naomi Osaka A mix of Japanese and Haitian heritage (and a monster backhand) make her a dream for marketers including Nike, Nissan and a dozen others that signed endorsement deals 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 for the first time. Edited by Zack O’Malley Greenburg and Rob LaFranco Reported by Kurt Badenhausen, Kellen Becoats, Madeline Berg, Dawn Chmielewski, Hayley Cuccinello, Abigail Freeman, Chase Peterson-Withorn, Christina Sett imi, Ariel Shapiro and Chloe Sorvino

METHODOLOGY: This list ranks “front of the camera” stars worldwide using pretax earnings from June 2019 through May 2020 before deducting fees for managers, lawyers and agents. Figures are based on information from Nielsen Music/MRC Data, Pollstar, IMDB, NPD BookScan and ComScore, as well as interviews with industry experts and many of the stars themselves. ALL FIGURES GIVEN IN MILLIONS JULY 2020

63 THE CELEBRITY 100

87. Bon Jovi $38.0 • MUSICIANS

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

CELEB 100:

2020 2019 2018 2017 2016

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

$78.5 M $99 M $83 M $41.5 M $122 M

ACTRESSES

$545.5 M $553.3 M $714.5M $488.5 M $488.5 M

Joe Seer / Shutterstock.com

THE CELEBRITY 100

WHERE ARE THE HOLLYWOOD WOMEN?

JULY 2020

THE CELEBRITY 100

Tinseltown / Shutterstock.com; Andrea Raffin / Shutterstock.com; Sky Cinema / Shutterstock.com

Netflix has paid $540-million to Celebrity 100 performers since 2016, more than even Disney spent on the seven stars of its $22 billionplus Marvel franchises. Along with Apple and Amazon it has salary commitments of more than $100 million teed up for next year’s list.

CUMULATIVE EARNINGS: $600 M

NETFLIX

MARVEL

APPLE

AMAZON

THE CELEBRITY 100

THE NETFLIX EFFECT

$500 M $400 M $300 M $200 M $100 M $0

2016

2017

2018

2019

2020

COMBATING COVID The currency of fame isn’t just valued in dollars, but also influence, as seen in the chorus of celebrity voices calling for change after the killing of George Floyd. Many have also donated time, ideas or money to help fight coronavirus. Here are some of the more public gifts.

RIHANNA Donated $5 million to relief organizations including Feeding America and the International Rescue Committee.

LADY GAGA Co-producer of the Together At Home concert with Global Citizen that raised nearly $130 million and featured listmates Billie Eilish, Taylor Swift and the 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.

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• THOUGHT LEADERS • By Ramez T. Shehadi, Facebook MENA’s Managing Director

THOUGHT LEADERS

How COVID-19 Is Shaping The Future Of Commerce For Good COVID-19 has taken the trends that might have seen wider adoption over the next five years and compressed them into a time span of months. Necessity has proven to be not just the mother of invention but of adoption as well. As a result of this pandemic, digital transformation has proven to be crucial for the survivability of businesses across the region, especially within the e-commerce industry that strongly drives the digital economy closer to home. According to a 2019 UAE eCommerce Landscape Report, the digital economy in the U.A.E. contributed to 4.3% of the nation’s GDP and the U.A.E.’s e-commerce industry is set to reach $63.8 billion by 2023. Now, despite the social and economic challenges presented by the pandemic, the U.A.E.’s e-commerce sector has been comparatively more successful than more than 30 other economies, according to a recent analysis conducted by the Dubai Chamber of Commerce and Industry. This is illustrated by the fact that online sales in the region are on the rise according to a new report “Life After COVID-19: Retail” by the Dubai Future Foundation (DFF). For example, Dubai-based Majid Al Futtaim (MAF), which operates 27 shopping malls, has seen a surge in online sales, with a 59% year-on-year increase in online customers in March 2020. MAF’s Carrefour brand has recently launched one main digital platform that integrates over 100,000 products on its website, in-store kiosks and tablets, and mobile app, re-inventing experiences for over 750,000 daily customers. Similarly, Saudi Arabian retailer BinDawood Holding has seen a 200% increase in its online sales. Businesses of all sizes are being forced to change their model and focus primarily on selling online. Even those who historically viewed digital as a secondary channel, are having to reorient every aspect of their business to enable online shopping. While physical stores will always be important to the social and economic wellbeing of local communities, it’s clear that ecommerce is here to grow. It will continue to power the isolation economy even as countries like the U.A.E. and others across the region start to cautiously relax F O R B E S M I D D L E E A S T.CO M

social distancing measures. What does this mean for the future of commerce and how can businesses and brands adapt? First, businesses will have to find creative ways to redesign experiences that are completely reliant on in-store footfall. The variety of online shopping modes will continue to expand in the isolation economy: shopping directly from social channels, live video, messaging with businesses, clickand-collect, or subscription services all look poised for explosive growth. Apparel Group, for example, are using WhatsApp as a customer service as well as a sales channel. Most recently, it saw 20% more sales generated by WhatsApp for a given brand, versus sales coming from the same brands’ e-commerce website. Brands and social platforms are also exploring VR experiences that can cater to the human need for tactile and visual connection. If anything, people have discovered there is no one way to shop and it has created an openness to new ways of discovering products and shopping online. Next, businesses need to refresh their understanding of people’s preferences and consistently learn from their creativity. Businesses are now using live video to launch a range of things—from shoe stores announcing new sneakers to beauty influencers trying on different lipsticks. People like the immediacy and connection of shopping real time. Finally, businesses need to pay attention to the fundamental need that buyers and sellers have to connect, chat, and enjoy the social value that makes a transaction fun. So while we do not know how long the shadow cast by this global pandemic will last or what new challenges may lay ahead, we do know that there has been a tectonic shift in the nature of commerce for good. We may in fact be going back full circle. For hundreds of years, commerce was a relationship initiated by a person’s need, and fulfilled by another’s supply. It wasn’t just a conversion; it was a connection. And now, even in the current period of physical isolation, consumers are still looking for that relationship and connection, digitally. JULY 2020

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

JULY 2020

THE CELEBRITY 100 By Christina Settimi

Ronaldo’s

$105 Million

Year Tops Messi And Crowns Him Soccer’s First BillionDollar Man

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

Miguel MEDINA / AFP

THE CELEBRITY 100

JULY 2020

the squad. Real Madrid won the Spanish title twice and the Champions League four times with Ronaldo. During their years in the league, each player nabbed the Ballon d’Or (soccer’s MVP award) four times, and El Clásico, the nickname for their clubs’ fierce clashes, was a record-setting television event worldwide. But when it comes to leveraging celebrity, it has been no contest. Guided by Jorge Mendes of Gestifute, one of the world’s most powerful agents, Ronaldo has amassed an ever-growing following of fans and consumers drawn to his poster-boy good looks, his trend-setting hair styles, his impeccable fashion sense and, lately, his softer side as a family man whose toddlers pop up on his social media posts. In January, he became the first person with 200 million followers on Instagram, part of a social media army of 427 million across Facebook, Instagram and Twitter that makes him the most popular athlete on the planet. Nike pays him upwards of $20 million annually and signed him to a lifetime deal in 2016, making him just the third athlete, after Michael Jordan and LeBron James, hitched to the Swoosh for eternity. In May, the footwear maker announced the release of a ten-year-anniversary edition of his first signature Mercurial Superfly and a child’s version to celebrate his son’s 10th birthday, complete with his famous celebration stance, signature and logo. Pitches for Clear shampoo, Herbalife HLF and pharmaceutical maker Abbott help raise 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 accounts for a quarter of his annual endorsement income, including branded underwear that debuted in 2013 and was followed by a line of shoes, fragrances and denim wear. He partnered with Pestana Hotel Group in 2015 to open his first property a year later in his hometown of Funchal, Madeira, right above Museu CR7, a shrine for his trophies and a retail outlet for his merchandise. He’s since added CR7 clubs with Crunch Fitness, posted workout routines on YouTube and attached his name to a social media influencing degree offered by Italian online university eCampus. And the rivalry is far from done. Ronaldo’s 2020 earnings include a salary of $60 million, slightly less than last year because of a 30% pay cut he agreed to take this April as a result of the pandemic. Messi, who earned $104 million in the past year after taking a 70% pay cut while the coronavirus sidelined play, is poised to surpass $1 billion in all-time earnings as soon as next year, before his current Barça contract ends.

Ronaldo, the first to reach the earnings milestone in a team sport, has made $650 million on the pitch during his 17 years as a pro and is expected to reach $765 million in career salary with his current contract, which ends in June 2022. worldwide based on total salary expense. “He’s box office.” Ronaldo and Messi’s head-to-heads heated up in 2009 in Spain’s La Liga, where Ronaldo played for Real Madrid and Messi for Barcelona. Their faceoffs on the pitch ignited a nine-year battle for bragging rights as the best—and toppaid—in the sport, a highly personal tit-for-tat that had them re-negotiating contracts in lockstep and monopolizing the game’s highlight reel. The rivalry was as entertaining as it was profitable, coming just as clubs around the world were seeing soaring attendance and an influx of television money. The two were perfectly matched for battle, on and off the pitch: Ronaldo perfected a shirtless, stylized showmanship while Messi played the quiet game, always a tad unkempt and as prolific a scorer as he was a wingman. Ronaldo strutted after every goal. Messi was a master at thanking his teammates. Both backed it up. Barcelona won La Liga’s title six times and two Champions Leagues trophies with Messi on F O R B E S M I D D L E E A S T.CO M

JULY 2020

69 THE CELEBRITY 100

Ronaldo, the first to reach the earnings milestone in a team sport, has made $650 million on the pitch during his 17 years as a pro and is expected to reach $765 million in career salary with his current contract, which ends in June 2022. Messi, who began playing at the senior level three years after Ronaldo, has earned a total of $605 million in salary since 2005. The only team athlete to even come within striking distance of those figures was former New York Yankees slugger Alex Rodriguez, who retired in 2016 after 22 years in Major League Baseball having earned $450 million in salary. Not even soccer legend David Beckham came close, ending his career with total earnings of $500 million, half of which came from off-the-pitch endorsements. “Cristiano Ronaldo is one of the greatest players of all time, in the world’s most popular sport, in an era when football has never been so rich,” said Sporting Intelligence’s Nick Harris, whose Global Sports Salaries Survey ranks teams

THE CELEBRITY 100 By Madeline Berg

THE CELEBRITY 100

prah Winfrey returned to the Forbes list of topearning celebrities this year landing at No. 91 with estimated earnings of $37 million before taxes and fees, thanks mostly to a lucrative Apple AAPL TV+ deal. Winfrey’s return to the small screen landed her back on the Celebrity 100, which tracks annual earnings for performers, athletes and other front-of-the-camera stars. The nine-figure deal with Apple—the actual number has never been revealed—put her back in the mix as a performer and brought her an estimated $10 million this year, with a much larger payout coming later in the deal. The rest of her earnings are mostly made up of profits from television network OWN—she owns a 25% stake—payments from WW WW (formerly Weight Watchers) and her deal with Hearst to produce O, The Oprah Magazine. Winfrey has a net worth of $2.6 billion. Since Winfrey ended her eponymous talk show in 2011, she has largely stayed away from major on-screen projects, in part due to limitations set by a contract with Discovery, F O R B E S M I D D L E E A S T.CO M

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 explain the virus and its effects. “I wanted to be able to offer some solace, some comfort, some hope,” Winfrey says in the first episode, which she shot from her home. “And in doing so, speak to people who are actually going through it and getting through it, speak to thought leaders who can add some perspective to let us all know that we are not alone, that we are indeed in this together.” Her starpower is a hopeful antidote to the struggles Apple TV+ has had keeping up with its competitors since its debut in November 2019. At the end of last year, it had only 33.6 million U.S. subscribers, according to research firm Ampere analysis, compared to Netflix NFLX ’s 61.3 million and Disney+’s 28.6 million, but a vast majority of those subscribers haven’t paid a cent, with the service offered free for a year with the purchase of any new Apple device. Apple’s other bids for audience include spending $200 million for the next Martin Scorsese film and $36 million for a documentary on music’s star of the moment, Billie Eilish. JULY 2020

Steve Jennings / Getty Images via AFP

Inside Oprah’s Return To The Celebrity 100

â&#x20AC;˘ THOUGHT LEADERS â&#x20AC;˘ By Dr. Sheikh Selim, University of Birmingham Dubai

The Future Of Financial Inclusion In MENA

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

region has not been sufficiently formalised. Only 27% of MENA SMEs generated value chains and backward linkage (and therefore operated on a fully formal scale), making the rest heavily reliant on third parties and therefore vulnerable to business cycle and external shocks. Important employment protection instruments and schemes (such as pensions, job security, ILO international labour standards) are either missing or vague in the region, which now will make the challenge of employment generation more complex for most parts of it. However, the emergence of a digital economy and the opportunity to focus on innovative business models creates an excellent prospect to develop a more resilient SME sector in the region with potential for long-term growth and employment generation. Due to the pandemic crisis, a major share of public expenditure in Arab countries is likely to be devoted to saving lives, providing healthcare and subsidizing losses in business and income. In the short term, it is difficult to think of strategic reallocation of public resources that could generate financial incentives for the private sector to come up with new investments and jobs. The IMFâ&#x20AC;&#x2122;s key suggestion to overcome these problems is for Arab countries to design reforms to enhance financial literacy in the disadvantaged parts of the economy. This should include improving the SME governance structure and insolvency frameworks and incentivising technological and structural innovation aimed at encouraging female and youth employment. Policy reforms and public-private partnerships at country level to minimize the informal market share and employment gap therefore require immediate attention. This would have to be supplemented by regionally agreed long-term vision for human development, which should prioritise enhanced and balanced financial literacy, technological development to minimize the cost of search and matching frictions in employment, government initiatives for employment protection, and transformation of the regional perception of economic participation. JULY 2020

THOUGHT LEADERS

A recent World Bank study revealed that almost 92% of the Arab World population are in immediate need for adequate financial inclusion (i.e. greater access, resilience and choices). While there has been some improvement in banking for all in the GCC countries, important sectors (such as SMEs) remain predominantly informal and have little access to financial opportunities. There is also a gender gap in the region in terms of individual access to finance. Of the 69% of the Arab World population who remain unbanked, more than half are women. The Findex 2017 suggests that only 9% of the women in the MENA region have access to adequate financial opportunities. For MENA, the major impediment to financial inclusion is the informal structure of SME growth and female and youth unemployment. While these problems are deep-rooted, and while there has been evidence of collective efforts to make progress in resolving these, it is too early for the outcomes to be realised. The ongoing pandemic crisis is an excellent opportunity for the region to prioritise and address these issues. Stringent preventive measures and continuous lockdown in most Arab states have seriously affected businesses, which will soon have a knock-on effect on employment in major sectors. According to the ILO COVID-19 projections, the economic impact of the pandemic will result in medium-high to high losses in the sectors where almost 48% of the MENA workforce are employed (e.g. retail, manufacturing, transport, accommodation, food, hospitality). These losses will magnify the frictions in job search and matching, and eventually will hurt the quality of jobs and result in job losses. Unfortunately, the region was suffering from economic issues prior to the pandemic. In the last decade, oil price shocks and heavy reliance on oil exports have stressed out economic growth in oil-rich Gulf countries. The non-GCC countries suffered from conflicts and wars, refugee concerns, and hold-ups due to local protests. The SME sectors have shown moderate growth, but the governance of SMEs in most parts of the MENA

• NEXT BILLION-DOLLAR STARTUPS •

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

JULY 2020

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.

Tommaso Boddi / Getty Images via AFP

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

JULY 2020

BRYNN PUTNAM

March 13, as New York prepared to move indoors to slow the spread of the coronavirus, Mirror founder Brynn Putnam closed the offices of her high-tech fitness startup and sent her nearly 100 employees home. The former ballerina now hunkers down in her Greenwich Village apartment with her husband, Lowell, also an entrepreneur. The couple alternates who gets to be on Zoom from the bedroom and who watches their 3-yearold son, George, in the living room. The only thing that’s easy: working out. Putnam brought home two of her fitness company’s eponymous interactive Mirrors. One is in the bedroom, the other in the guest bedroom. “If [Lowell] wants to box and I want to do yoga, we can,” says Putnam, 36. With a market capitalization above $13 billion and a product and marketing campaign that have become a meme, Peloton has emerged as the buzziest fitness company of the coronavirus era. But privately owned Mirror is hot on its heels, with a single advantage Peloton can’t match: compactness. At 22 inches wide, 52 inches high and 1.4 inches deep, Putnam’s product looks and acts like a regular mirror. Turn it on, though, and users see an instructor teaching the class (as well as their own reflection so they can work on form); software provides personalized modifications in the corner of the screen and helps track fitness goals. Members pay $1,495 for the Mirror and an additional $39 a month for access to an array of livestreamed classes including cardio, barre, strength training and yoga in 15-, 30- and 60-minute increments. “No one had thought about putting a screen into a mirror and having it be a workout platform,” says Kevin Thau, general partner at Spark Capital, one of Putnam’s early investors. “It seems obvious in hindsight, but it wasn’t before.” F O R B E S M I D D L E E A S T.CO M

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 millions of people stuck in their homes and desperate for exercise, she’s riding high, with sales surpassing her 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 $45 million in 2019 and will surge past $100 million this year, which Putnam confirms. While the obvious focus is growth, Putnam now says she expects Mirror to turn profitable by early next year. “It’s definitely one of the most exciting highfliers in the portfolio,” says Ben Lerer, managing partner of venture firm Lerer Hippeau, which had previously backed Warby Parker, Allbirds and Glossier. “This can be a very big business, as big as Peloton, over a shorter period of time.” To date, Putnam has raised $72 million from Lerer Hippeau, Spark Capital and Point72 Ventures, the VC firm of hedge fund billionaire Steve Cohen. Its last raise, in October, brought in $34 million and valued the company at just under $300 million. Putnam, the sole founder, is worth at least $80 million—and after the Covid-19 boost, probably much more. Her challenge going forward: ensuring that Mirror becomes the new normal, versus a fleeting pandemic trend.

rynn Jinnett Putnam grew up on Manhattan’s Upper East Side, the daughter of a lawyer and a stay-at-home mom. At age 3, she started dance lessons. “One of their earliest stories of me was that they took me to a restaurant where someone was singing and playing live music onstage,” she says. “I had found my way to the stage and was dancing with the singer.” At age 7, she joined the School of American Ballet, cofounded by George Balanchine. Her debut with the New York City Ballet was noted in the New York Times with a photograph of her and two friends. That year, she played the Bunny in The Nutcracker. Some dancers only dance; others have additional interests. Putnam was in the latter category. JULY 2020

NEXT BILLION-DOLLAR

STARTUPS 2020

ACORNS

Image courtesy of MIRROR

Pandemic Workouts: Mirror’s eight instructors, dressed in bright colors (never black, because they’re filmed against a black backdrop), teach 50 types of classes that thousands stuck inside can stream whenever they want. MIRROR

“My dad said to me, ‘It would be great if you could learn some actual skills,’ ” she recalls. She studied Russian literature and culture at Harvard. After college, she went on the road with the Pennsylvania Ballet and Les Grands Ballets Canadiens de Montréal. During the off months in New York, she taught ballet and toning classes. Boutique fitness studios were booming, and it was an easy way to bring in cash. When she retired from ballet a decade ago, she sought to open her own boutique studio. At the time, she had just $15,000 in personal savings, so she wandered the streets of Manhattan searching for whatever strange off-market space she could find. Walking past an Orthodox church on the Upper East Side, she heard people speaking Russian and struck up a conversation, in Russian, with the minister and some parishioners. The chat soon switched to English, and she learned they had a space available. In 2010, Refine Method was born. “The catch was that every Sunday we had to turn it back into a church,” she says. Another catch: There wasn’t enough space for standard 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 one of Boston’s blueblood families (his great-grandfather founded Putnam Investments). The device they built was a 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. F O R B E S M I D D L E E A S T.CO M

Founders: Jeff Cruttenden, Walter Cruttenden; CEO: Noah Kerner Equity Raised: $257 million Estimated 2019 revenue: $50 million Lead investors: Bain Capital, e.ventures, Greycroft, NBCUniversal, PayPal, TPG Capital

ALGOLIA

Founders: Nicolas Dessaigne, Julien Lemoine; CEO: Bernadette Nixon Equity Raised: $184 million Estimated 2019 revenue: $50 million Lead investors: Accel, Alven, SaaStr Fund, Salesforce Ventures

ANDELA

Founders: Iyinoluwa Aboyeji, Ian Carnevale, Nadayar Enegesi, Jeremy Johnson (CEO), Brice Nkengsa, Christina Sass Equity Raised: $181 million Estimated 2019 revenue: $50 million Lead investors: Chan Zuckerberg Initiative, CRE Venture Capital, Generation Investment Management, Spark Capital

BENCHLING

Founders: Ashu Singhal, Sajith Wickramasekara (CEO) Equity Raised: $114 million Estimated 2019 revenue: $21 million Lead investors: Alkeon, Andreessen Horowitz, Benchmark, Menlo Ventures, Thrive Capital, Y Combinator JULY 2020

75 BRYNN PUTNAM

FOR THE SIXTH YEAR in a row, Forbes has teamed up with TrueBridge Capital Partners to search the country for the 25 fastestgrowing venture-backed startups most likely to reach a $1 billion valuation. TrueBridge asked 300 venture capital firms to nominate 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.

BRYNN PUTNAM

CAPSULE

Founder: Eric Kinariwala (CEO) Equity Raised: $270 million Estimated 2019 revenue: $100 million Lead investors: Glade Brook Capital, TCV, Thrive Capital

COALITION

Founders: John Hering, Joshua Motta (CEO) Equity Raised: $125 million Estimated 2019 revenue: $27 million Lead investors: Hillhouse Capital, Ribbit Capital, Valor Equity Partners, Vy Capital

COCKROACH LABS

Founders: Ben Darnell, Spencer Kimball (CEO), Peter Mattis Equity Raised: $195 million Estimated 2019 revenue: $5 million Lead investors: Altimeter, Benchmark, Bond, GV, Index Ventures, Redpoint

EXPANSE

Founders: Tim Junio (CEO), Matt Kraning, Shaun Maguire Equity Raised: $136 million Estimated 2019 revenue: $30 million Lead investors: Founders Fund, IVP, New Enterprise Associates, TPG Capital

FIVETRAN

Founders: Taylor Brown, George Fraser (CEO) Equity Raised: $60 million Estimated 2019 revenue: $15 million Lead investors: Andreessen Horowitz, CEAS, Matrix Partners, Y Combinator

GONG

Founders: Amit Bendov (CEO), Eilon Reshef Equity Raised: $133 million Estimated 2019 revenue: $30 million Lead investors: Battery Ventures, Norwest Venture Partners, Sequoia F O R B E S M I D D L E E A S T.CO M

JULY 2020

Noam Galai / Getty Images via AFP

Eric Kinariwala

“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 tried. Her aha! moment came when she upgraded Refine, adding more mirrors, and got rave reviews from her clientele. “I realized a lot of the technology I had been thinking about could be put in a mirror,” she says. Putnam built a crude prototype in her kitchen with a cheap tablet from Amazon, a piece of glass and a Raspberry Pi, a small, low-cost computer often used by do-it-yourself hobbyists. By the time she had a prototype viable enough to raise 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, ‘It’s great you’re doing this, but I think you’re going to meet resistance. They don’t like backing solo founders, they don’t like backing solo female founders and they certainly don’t like backing solo female founders who are seven months pregnant,’ ” Putnam says. But she didn’t want to wait. She had seen boutique fitness chains like SoulCycle and Barry’s Bootcamp turn into behemoths, while Refine, which she still owns, was stuck at three outlets. She ultimately closed her seed funding with Lerer Hippeau from the hospital on November 15, 2016, the day her son was born. “Don’t mess with Brynn,” says Lerer, who agreed to invest after seeing her janky prototype. “She is extraordinary at getting people to believe in her vision and follow her.” Putnam and a small team figured out the fitness 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 prototypes and ideas,” says Abby Bales, a personal trainer who now serves as Mirror’s scientific advisor. Product testing? Early on, Putnam dragged a Mirror prototype to the Refine studio to see what loyal customers would think. “It was very large, like huge, with a lot of metal, and it was 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 was driving the U-Haul, and I was in the back of the van with Brynn, and we were literally holding this hunk of a mirror that was wrapped in an old blanket.” Putnam says her lack of technical expertise was an advantage because it enabled her to focus on the few things customers cared about rather than trying to build a perfect product. For her, what mattered was that the Mirror be an inch deep or less, look frameless and have the right balance

HOMEBOUND

Image credit: Moveworks

eople have posited that fitness was destined to move to the home since Jane Fonda released her first workout tapes in 1982, and the cycles of home versus gym have ebbed and flowed since 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 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

Founders: Jack Abraham, Nikki Pechet (CEO) Equity Raised: $53 million Estimated 2019 revenue: $10 million Lead investors: Atomic, Fifth Wall, Thrive Capital

IRONCLAD

Founders: Jason Boehmig (CEO), Cai GoGwilt Equity Raised: $84 million Estimated 2019 revenue: $10 million Lead investors: Accel, Sequoia, Y Combinator

LYRA HEALTH

Founders: Dena Bravata, David Ebersman (CEO), Bob Kocher, Bryan Roberts Equity Raised: $176 million Estimated 2019 revenue: $50 million Lead investors: Glynn Capital, Greylock Partners, IVP, Meritech Capital, Tenaya Capital, Venrock

MIRROR

Founders: Brynn Putnam (CEO)

Equity Raised: $72 million Estimated 2019 revenue: $45 million Lead investors: Lerer Hippeau, Point72 Ventures, Spark Capital

MOVEWORKS

Founders: Jiang Chen, Vaibhav Nivargi, Bhavin Shah (CEO), Varun Singh Equity Raised: $105 million Estimated 2019 revenue: $10 million Lead investors: Bain Capital, Iconiq Capital, Kleiner Perkins, Lightspeed

MOVEWORKS founders F O R B E S M I D D L E E A S T.CO M

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77 BRYNN PUTNAM

between transmission and reflection. “The member doesn’t care what the back of the mirror looks like because it’s 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 quality.” After two years of design work, Putnam launched the product, now made in Mexico, in September 2018. Though that was six months later than she hoped, it went off without any major flaws, a big win for a complex piece of electronic equipment. Three months later, she was at her in-laws’ house for Christmas, hoping sales would be strong. “I heard my cousin scream from the other room—Alicia Keys had posted on Instagram her family gifting her a Mirror,” Putnam recalls. In the video, Keys’ children lead her to a closed door and tell her not to yell out, but as soon as she sees the Mirror mounted to the wall, she begins to shriek and dance with excitement. Soon, Mirror was attracting other celebrity clients, and Putnam was promoting their names as a seal of approval: Reese Witherspoon, Ellen DeGeneres, Gwyneth Paltrow and Kate Hudson, among others. “It was this funny network effect that started to happen,” she says. “In the early days, orders would come in and your jaw would drop because there were so many celebrities.” The mix of fitness, glitz and technology turned out to be the perfect combination for Putnam, who signed on influencers and put up billboards, rather than first building a following with targeted Facebook and Instagram ads, as most direct-to-consumer startups do. “We knew from the early days we were launching not just a new product, but a new category,” she says. “I knew we had to have a launch where the brand seemed bigger than it was.”

Lucas Haldema, SMARTRENT

RIPPLING

Founders: Parker Conrad (CEO), Prasanna Sankar Equity Raised: $100 million Estimated 2019 revenue: $10 million Lead investors: Initialized Capital, Kleiner Perkins, Y Combinator

SHIPWELL

Founders: Gregory Price (CEO), Jason Traff Equity Raised: $47 million Estimated 2019 revenue: $30 million Lead investors: Fifth Wall, First Round Capital, Georgian Partners

SIGNAL SCIENCES

Founders: Nick Galbreath, Zane Lackey, Andrew Peterson (CEO) Equity Raised: $62 million Estimated 2019 revenue: $30 million Lead investors: CRV, Harrison Metal, Index Ventures, Lead Edge Capital, OATV

SMARTRENT

Founder: Lucas Haldeman (CEO) Equity Raised: $102 million Estimated 2019 revenue: $35 million Lead investors: Bain Capital, RET Ventures, Spark Capital

SOLUGEN

Founders: Gaurab Chakrabarti (CEO), Sean Hunt Equity Raised: $80 million Estimated 2019 revenue: $12 million Lead investors: Fifty Years, Founders Fund, Y Combinator F O R B E S M I D D L E E A S T.CO M

Brynn Putnam has big plans to expand beyond fitness. Mirror already added meditation classes in partnership with Lululemon. Next up: physical therapy, rehabilitation and maybe even telehealth. could well be next. Publicly traded Town Sports is now worth just $12 million and has nearly $200 million in debt coming due in November. It issued a “going concern” warning in a regulatory filing this spring but did not respond to requests for further comment. 24 Hour Fitness said in a statement 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 smart home gym powered by 3D modeling and artificial intelligence; Hydrow, which sells smart rowing machines; and FightCamp, which sells interactive home boxing and kickboxing classes. Meanwhile, the big gyms are turning to digital home fitness to help salvage their businesses. This 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 classes and also pairs its SoulCycle workouts with an at-home bike (priced at $2,500). There’s even a competing interactive mirror from startup Echelon, which it calls Reflect. Putnam’s plan to stay ahead: Position Mirror as a third screen for the home. “I think of a Mirror as the next iPhone,” she says, without irony. She has already added meditation JULY 2020

Image credit: SmartRent

BRYNN PUTNAM

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. Then came the coronavirus and social-distancing mandates, which Alex Alimanestianu, former CEO of Town Sports International (parent of New York Sports Clubs) and an advisor to Mirror, terms “an existential threat to a lot of gyms.” In May, Gold’s Gym, with 700 locations worldwide and minimal digital strategy, filed for Chapter 11 bankruptcy. There have been reports that Town Sports or 24 Hour Fitness

79 Jason Brown and Jasper Platz, TALLY

SUPERHUMAN

Founders: Conrad Irwin, Vivek Sodera, Rahul Vohra (CEO) Equity Raised: $51 million

PELOTON vs. MIRROR AS THE IN-HOME FITNESS BATTLE INTENSIFIES, UPSTART MIRROR IS BETTING ON ITS VERSATILITY, LOWER PRICE AND SMALLER FOOTPRINT TO COMPETE AGAINST INDUSTRY BEHEMOTH PELETON.

Estimated 2019 revenue: $20 million Lead investors: Andreessen Horowitz, First Round

TALLY

Founders: Jason Brown (CEO), Jasper Platz Equity Raised: $92 million

Toronja6090 / Wikipedia

Estimated 2019 revenue: $20 million

PELOTON

MIRROR

Focus

Connected bikes and treadmills

Interactive mirrors

CEO

John Foley, competitive cyclist and the former president of Barnesandnoble.com

Brynn Putnam, former ballerina and owner of a boutique fitness studio in New York

Year Product Launched

2013

2018

Valuation

$13.7 billion

$300 million

Revenue

$1.2 billion

$45 million

Cost

$2,245 for the bike or $4,295 for the treadmill, plus $39/ month subscription

$1,495 for the Mirror, plus $39/ month subscription

Footprint

4 feet by 2 feet (bike) 22 inches by 1.4 inches

Viral Moment

Peloton's 2019 holiday ad gets viciously mocked and turns into a meme

Alicia Keys' Instagram post about getting a Mirror for the 2018 holidays draws 635,000 views

Sources: Peloton, Mirror, Forbes research 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.

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

Lead investors: Andreessen Horowitz, Cowboy Ventures, Kleiner Perkins, Shasta Ventures

TRAY.IO

Founders: Dominic Lewis, Alistair Russell, Richard Waldron (CEO) Equity Raised: $109 million Estimated 2019 revenue: $15 million Lead investors: GGV Capital, Meritech Capital, Mosaic Ventures, Spark Capital, True Ventures

TRUSTED HEALTH

Founders: Matt Pierce, Lennie Sliwinski (CEO) Equity Raised: $25 million Estimated 2019 revenue: $28 million Lead investors: Craft Ventures, Felicis Ventures, Founder Collective

WEAVE

Founders: Clint Berry, Brandon Rodman (CEO), Jared Rodman Equity Raised: $152 million Estimated 2019 revenue: $50 million Lead investors: A.Capital Ventures, Catalyst Investors, Crosslink Capital, Lead Edge Capital, Tiger Global Management JULY 2020

BRYNN PUTNAM

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 White’s Evil Queen. In fact, Putnam has been getting calls nonstop from 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 about saying no?” she says. “That has been the hardest but most important lesson of the past 18 months.”

• THOUGHTS ON •

Ingenuity “You might be poor, your shoes might be broken, but your mind is a palace.” —Frank McCourt

“I am a brain, Watson. The rest of me is mere appendix.” —Sir Arthur Conan Doyle “The world is in perpetual motion, and we must invent the things of tomorrow. . . . Act with audacity.” —Madame Clicquot

“Falsity cannot keep an idea from being beautiful. There are certain errors of such ingenuity that one could regret their not ranking among the achievements of the human mind.” —Jean Rostand

“I just invent, then wait until man comes around to needing what I’ve invented.” —Buckminster Fuller

“Be alert and of sober mind. Your enemy the devil prowls around like a roaring lion, looking for someone to devour.” —1 Peter 5:8

“Even if the situation or challenge is very complex, usually the simplest solution is the one to go with.” —Roxanne Quimby “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 really brings out the true ingenuity of a creature.” —M.D. Elster “It will be found, in fact, that the ingenious are always fanciful, and the truly imaginative never otherwise than analytic.” —Edgar Allan Poe “Whenever I found out anything remarkable, I put down my discovery on paper, so that all ingenious people might be informed thereof.” —Antonie van Leeuwenhoek F O R B E S M I D D L E E A S T.CO M

Lauren Willig

“The more I pushed myself to get over my fears, I realized that my imagination was the thing that stopped me.” —Amy Vitale “Facts aren’t everything; at least half the battle consists in how one makes use of them.” —Fyodor Dostoevsky

“They tried to be too clever, and that was their undoing.” —Agatha Christie “Only a mind free of impediment is capable of grasping the chaotic beauty of the world. This is our greatest asset.” —Oliver Bowden

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 PUNISHMENT, BY FYODOR DOSTOEVSKY; THE MYSTERIOUS AFFAIR AT STYLES, BY AGATHA CHRISTIE; ASSASSIN’S CREED, BY OLIVER BOWDEN; ANGELA’S ASHES, BY FRANK MCCOURT; THE MURDERS IN THE RUE MORGUE, BY EDGAR ALLAN POE.

FINAL THOUGHT

“Ponder the genius exhibited in discovering substitutes for scarce war materials. . . . The research laboratories of private enterprise have wrought miracles.”

—B.C. Forbes

JULY 2020

B.C. Forbes Picture from Forbes; Lauren Willig picture from laurenwillig.com Antonie van Leeuwenhoek picture and Fyodor Dostoevsky, from wikipedia.org

THOUGHTS

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