From a total of 19 sectors- Technology, Banking & Financial Services and Automobiles & Autoparts dominated the ranking
American companies tops the list with 46 executives.
For the fourth consecutive year Forbes Middle East has unveiled its list of the top 100 regional heads of the most successful multi-national organizations at its exclusive Global Meets Local 2016 event. The event was attended by the Middle East-based senior business leaders and executive management of conglomerates from a variety of sectors such as technology, banking & finance and automobiles.
Forbes Middle East shortlisted the top 100 global organizations with offices in the Middle East from the Forbes Global 2000 list, which annually ranks multi-national conglomerates based on their revenues, profits, assets and market value. The leaders of these regional offices were then ranked based on their title, work experience and inputs from Global 2000 list.
Over 90 of the shortlisted publicly-traded companies have the U.A.E. as their regional headquarters in the Middle East, showcasing the Emirates as a truly global hub for international trade. American and European companies dominate the list with 46 and 11 companies respectively. The technology sector dominated with 18 executives, closely followed by banking with 16 executives and automotive & autoparts with 11. The leaders heading up these offices originate from all over the world, with the majority of them hailing from Asia and Europe.
Many multinational organizations have face adversity because of global economic circumstances and oil prices dipping below the $30 mark before staging a partial recovery to about $50 a barrel. The retail banking, insurance and automobile industries have witnessed a slowdown. The pharmaceutical sector in the region also has slowed down and insurance companies had to deal with high competition and lower growth.
With current sentiments, there are chances that businesses might see a further drop in sales, and several companies are opting for a change in strategy as they see potential growth in the region due to diversification in the country’s economy. For example, the automotive sector saw a drop in sales and retail banking is feeling the pinch of economic slowdown, but banks have also benefited from Gulf countries issuing bonds, and construction giants have won significant contracts.
It was highlighted that companies who adopt to change and capitalize on the opportunities in these challenging times will prosper in the long run.
Forbes Middle East had support from valued partners including: regional travel and tourism leader Al Tayyar Travel Group; the largest Islamic bank in the UAE, Dubai Islamic Bank; multinational conglomerate, Stallion Group; Kuwait-based shareholding company, HumanSoft Holdings; integrated healthcare provider, VPS Healthcare; Italian luxury automaker, Maserati; one of the leading universities in the Northern Emirates, Skyline University College; and one of the largest Arabic daily newspaper – Al Bayan.