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Forbes Middle East 30 Under 30 Celebrates Impactful Young Leaders

Abdallah Abu Sheikh, leads U.A.E.-based Astra Tech, the highest-funded company on the list…reports Asian Lite News

Forbes Middle East has unveiled its highly anticipated sixth annual 30 Under 30 list, showcasing the region’s most exceptional young talent making waves across diverse industries. This year’s list spotlights 120 entries spanning four main categories: Commerce and Finance, Entertainment, Science and Technology, and Social Impact. Each category has 30 entries. To be eligible for the 30 Under 30 list, applicants had to have been under 30 years old on December 31, 2022, meaning that anybody born in 1993 or later was eligible to be on the list. Candidates could have any nationality but had to have their primary impact in MENA.To find the region’s most promising young talent, Forbes Middle East assessed more than 600 applications over several rounds of assessments. A shortlist of 240 candidates were then evaluated by independent external judges, all experts in their respective fields. Factors like candidates’ impact on their industry, market, society, and future potential were considered. Quantifiable data such as funds raised, awards won, revenues, the value of deals, number of people impacted, number of customers, and number of social media followers were also taken into account.

The Class of 2023 celebrates the achievements of 145 individuals representing 22 nationalities, with Egyptians leading the way with 44 individuals, followed by 15 Saudis, 14 Lebanese, 13 Emiratis, and 10 Jordanians. All honorees are based in the Middle East or have their primary business or conduct their core activities in the region. They are dispersed across 20 countries, showcasing the diversity and impact of the region’s emerging leaders. The U.A.E. is home to the most listees with 43 based in the emirates, 36 in Egypt, 14 in Saudi Arabia, nine in Lebanon, and six in Jordan.While each category has 30 entries, Commerce and Finance dominates with the highest number of individuals with 44, followed by Science and Technology and Social Impact with 34 each, and 33 in Entertainment. Among the impressive roster of honorees is Egyptian table tennis champion Hana Goda, the youngest listee at just 15, and 18-year-old Iraqi weightlifter Ali Ammar Rubaiawi. The average age of everyone on the list is 26.6 years old. The list also features Egyptian rapper Wegz and sports stars Mayar Sharif, Hana Gouda, Basant Hamida and Sarah Samir.Of the 145 individuals, 107 are entrepreneurs, making up 74% of the list. If one business had two cofounders or more under the age of 30, they were counted as one entry.

Notably, Abdallah Abu Sheikh, leads U.A.E.-based Astra Tech, the highest-funded company on the list. The 28-year-old secured $500 million from G42 in 2022.Forbes Middle East is now finalizing an electrifying agenda for its flagship Under 30 Summit in El Gouna, Egypt in January 2024, which will gather together the Middle East’s esteemed Under 30 community, investors, and business leaders. For more information, click here.Click here to view the complete Forbes Middle East 2023 Class of 30 Under 30.

ALSO READ-El Gouna to Host Second Forbes Under 30 Summit

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4 Indian-Americans appear on Forbes’ 2023 Richest Self-Made Women list

The overall list is topped by Diane Hendricks, 76, of ABC Supply with a wealth of $15 billion….reports Asian Lite News

Indian-Americans Jayshree Ullal, Neerja Sethi, Neha Narkhede, and Indra Nooyi feature in the ninth Forbes’ Richest Self-Made Women list of 2023.

The four have been named to the list of 100 most successful entrepreneurs, executives, and entertainers in the US with a cumulative wealth of record $124 billion, up nearly 12 per cent from a year ago.

Silicon Valley engineer and Cisco veteran Jayshree Ullal, 62, leads the Indian-American pack ranking at number 15 on the list with a net worth of $2.2 billion.

According to Forbes, Ullal joined the computer networking company Arista Networks as CEO in 2008 when the business had no sales.

The now publicly-traded company, which she still runs, recorded $4.4 billion in revenue in 2022, up 48 per cent from the prior year, despite component shortages and supply chain challenges.

Neerja Sethi, 68, ranks at number 25 with a net worth of $990 million.

She co-founded IT consulting and outsourcing firm Syntel with husband Bharat Desai in 1980 in their apartment in Troy, Michigan. In 2018, they sold it to French IT firm Atos SE for $3.4 billion.

Software engineer-turned-entrepreneur, Neha Narkhede, 38, announced her new company, fraud detection firm Oscilar, in March. She co-founded the business with her husband in 2021, funding it with $20 million and positions at number 50 on the list with a wealth of $520 million.

Ranking at number 77 with a net worth of $350 million is Indra Nooyi, the first woman of colour and immigrant to run PepsiCo, one of America’s 50 largest companies.

Nooyi retired as PepsiCo’s CEO in 2018 and as chair in 2019 after a dozen years in those roles.

Now a director of Amazon and health tech firm Philips, Nooyi joined scandal-plagued Deutsche Bank’s new Global Advisory Board last November.

“This list is a testament to the hard work and success of these women,” Kerry A. Dolan, Assistant Managing Editor, Wealth, at Forbes, said.

“We continue to see women breaking records and increasing their influence and power along with their fortunes, and each year new women in a variety of industries break into these ranks.”

The overall list is topped by Diane Hendricks, 76, of ABC Supply with a wealth of $15 billion.

ALSO READ: Iowa newspaper apologises to Indian Americans, Ramaswamy for ‘racist’ cartoon

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Business World News

Billionaire Austin Russell buys 82% stake in Forbes

Austin Russell.(photo:Instagram)

Russell plans to serve as a visionary for Forbes brand and won’t be involved in day-to-day operations..reports Asian Lite News

Austin Russell, 28-year-old Chairman and CEO of automotive technology company Luminar Technologies, has acquired 82 per cent stake in Forbes Global Media Holdings, that published the Forbes magazine, in a deal that values the media house at nearly $800 million.

According to a report in Wall Street Journal, Russell’s stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments in 2014.

Integrated Whale Media will retain a minority stake, according to the report late on Friday.

Russell plans to serve as a visionary for Forbes brand and won’t be involved in day-to-day operations, according to the statement.

Forbes plans to appoint a new board consisting of American media, technology and artificial intelligence experts. Integrated Whale will keep one board seat.

Russell will not be involved in day-to-day operations at Forbes, founded in 1917 by BC Forbes, and the publication plans to appoint a new board with US media, technology and artificial intelligence (AI) experts.

Luminar Technologies currently has a $2.1 billion market cap.

For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs.

From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles.

In Q1 2023, Luminar said it exceeded its revenue guidance and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow.

It posted revenue of $14.5 million, up 112 per cent year-over-year. Luminar expects at least 100 per cent revenue growth in 2023.

“Luminar is firing on all cylinders and successfully proving our ability to execute, industrialise and capitalise on our business. Over the past quarter, leading automakers have continued to expand our technology across their vehicle lineups, betting on the future of their ADAS and autonomous roadmaps in partnership with Luminar,” said Russell.

ALSO READ: France to send more tanks to aid Ukraine’s war efforts

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Business Economy India News

India 3rd in list of ‘most billionaires’

The Us still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion…reports Asian Lite News

India, which has the third-most billionaires, with 169, had a more mixed year. Indian billionaires as a group – worth $675 billion – are $75 billion poorer than in 2022, as per the Forbes World’s Billionaires List 2023.

As per the list, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd (RIL) is the richest India with a net worth of $63.4 billion. Ambani is the 9th richest in the world as per the list.

The Us still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion. China (including Hong Kong and Macau) remains second, with 562 billionaires worth $2 trillion, followed by India, with 169 billionaires worth $675 billion.

Nearly half of all billionaires are poorer than they were a year ago, as per the Forbes World’s Billionaires List 2023.

Falling stocks, wounded unicorns, and rising interest rates translated into a down year for the world’s wealthiest people.

Globally, the list counted 2,640 ten-figure fortunes, down from 2,668 last year. Altogether, the planet’s billionaires are now worth $12.2 trillion, a drop of $500 billion from $12.7 trillion in March 2022.

Nearly half the list is poorer than a year ago, including Elon Musk, who falls from No. 1 to No. 2 after his pricey acquisition of Twitter helped sink Tesla shares.

Bernard Arnault, head of luxury goods giant LVMH, takes his place as the world’s richest person, marking the first time a citizen of France leads the ranking.

Despite a down year in the markets, rising inflation and war in Eastern Europe, more than 1,000 billionaires are actually richer than they were on Forbes’ 2022 list – some by tens of billions of dollars.

Luxury goods tycoon Arnault has had the best run. His net worth surged by $53 billion since last year, a bigger gain than anyone on the planet. Shares of his LVMH, which owns brands like Louis Vuitton, Christian Dior and Tiffany & Co, rose by 18 per cent on the back of strong demand. Now worth $211 billion, Arnault has taken the top spot on the World’s Billionaires ranking. It’s his first time at No 1 – and the first time a citizen of France has led the list.

Michael Bloomberg is ranked 7th on the list with a net worth of $ 84.5 billion.

ALSO READ: Zoho expands rural outreach

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Business India News World News

Meet 2 Indian entrepreneurs making their mark in 2023

Founded by Global Indian investor, Biswanath Patnaik and UK-based Indian entrepreneur, Arun Kar, FINNEST is an early-stage Private Equity investment firm that invests in visionaries with disruptive ideas…reports Asian Lite News

Two UK-based Indian Investors Biswanath Patnaik and Arun Kar got featured in Forbes.mc magazine in one of their latest print editions. These two Indians made it to the cover page of the Forbes International Magazine brand.

Founded by Global Indian investor, Biswanath Patnaik and UK-based Indian entrepreneur, Arun Kar, FINNEST is an early-stage Private Equity investment firm that invests in visionaries with disruptive ideas. FINNEST brings more than just capital and is focused on Renewables, EVs and Hydrogen Locomotives, Innovative Technology, Consumer Market Places, Fintech, Smart Cities and Public Sector. FINNEST is governed by eminent industry experts from banking, technology, healthcare, renewables, and is led by partners, who have been founders and CEOs of successful companies, and who have domain expertise ranging from banking to telecom to consumer marketplaces.

Keeping new technology at the forefront, their team are helping founders and their companies towards a better world for the mankind. They are at the forefront of the change which they believe will benefit the society at large. Visionary Founders with strong Investor Networks, they believe in Diversity, Equity and Inclusion; and with the target talent pools they aim to connect entrepreneurs, executives, engineers, academics and industry experts in the technology ecosystem.

FINNEST is associated with Fortune 100/Global 500 top companies for the resources in relation to technology decision makers, influencers, and key opinion leaders. FINNEST uses this elite network as a part of company’s preamble to help and grow portfolio companies with access to insights across the entire diversified spectrum.

FINNEST has an extensive track record of investing in some of the fastest growing companies across Europe, the UK, USA, Middle East and Asia-Pacific.

‘From Our Founders To Our Own Team, We Partner With The Best And Brightest – No Matter Their Background, Our Door Is Open to New Talent and Disruptive ideas’ says the Chairman Biswanath Patnaik.

Recently secured investment for FINNEST

FINNEST has secured £500m investment for upcoming & innovative technology-driven ventures across industries like Renewable Energy, Hydrogen based logistic locomotives, Environmental & Sustainability, and Economic Social Governance with non-financial factors as part of the material risk and growth opportunities. FINNEST focuses on companies that can harness techniques like green hydrogen and/or solutions that reduce the dependency on rare earth metals in battery technology. Offering the potential combined with Smart Connected vehicle technology to redefine how goods are moved primarily. They are also entering into satellites and space technology for the future.

Building upon the idea of delivering technology for good, the FinNest team are also in detailed discussions with a number of forward-thinking UK local authorities. Working in partnership to identify investment opportunities which deliver real change for local citizens by leveraging the power of Smart City technology. It remains a core philosophy of the Finnest group that by bringing the right partners together, whether public, private or 3rd sector, is the way to find the optimum path to achieve social good whilst also delivering a reasonable rate of return and thus unlocking an approach which delivers benefit for all.

FinNest also has a number of ongoing investment negotiations looking at green energy solutions with a particular emphasis on new commercial models which include local communities establishing energy service capabilities. Whilst looking to support technologies including, solar, heat, wind and tidal, FINNEST are also aware that many of the barriers to decarbonisation lay outside the pure technical challenges of energy generation.

Consistent with the FinNest aim of supporting all, they are also looking at a number of exciting emerging companies which have technology solutions which have the potential to deliver significant societal benefit.

ALSO READ: Qatar-based Al-Abdullah Group bets big on Kabira Mobility

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Arab News Business Woman

Meet Forbes Middle East’s 100 Most Powerful Biz women in 2023

The 2023 ranking of the region’s top women in businesses features 104 women from 27 nationalities across 27 sectors…reports Asian Lite News

Forbes Middle East has revealed its flagship annual list of the region’s most powerful businesswomen for 2023, ranking the female leaders championing business success in the Middle East and beyond. The list was constructed based on the size of the business, the individual’s impact, achievements, and performance over the last year, and the scope of CSR and other initiatives led by the person.

Hana Al Rostamani, Group CEO of the First Abu Dhabi Bank (FAB), climbed two spots to land first place this year. In June 2022, FAB completed a merger with Bank Audi Egypt under the umbrella of FABMISR, making it one of the largest foreign banks in Egypt, with assets worth $10 billion as of March 2022. Raja Easa Al Gurg, Chairperson and Managing Director of Easa Saleh Al Gurg Group, and Lubna S. Olayan, Chair of the Saudi British Bank and Chair of the Executive Committee and Deputy Chair of Olayan Financing Company, rounded up the top three. NBK’s Sheikha Khaled Al Bahar ranks first in Kuwait and fourth regionally. Al Rostamani and Al Gurg were also both recognized on Forbes’ 2022 list of the World’s 100 Most Powerful Women.

The 2023 ranking celebrates business titans from 27 different nationalities across 27 sectors. Emirati and Egyptian women dominate the list, with 15 and 12 entries, respectively. They are followed by Saudi with 11 listees, Kuwait with eight, and Lebanon, Oman, and Qatar with six each. Leaders working in the banking and financial services make up 23 of the 100 listees. Diversified conglomerates and the investments industry follow with 11 and eight women, respectively.

Three industry disruptors entered the top 10 for the first time: Shaista Asif, Cofounder and Group COO of PureHealth Group; Hanan Mohamed Al Kuwari, Managing Director of Hamad Medical Corporation (HMC); and Wadha Ahmed Al-Khateeb, CEO of the Kuwait National Petroleum Company (KNPC). Half of the top 10 ranked women work within the banking and financial services industry.

Many of the businesswomen on this year’s ranking are placing significant importance on education and empowerment initiatives. The Apparel Group, led by Founder and Chairwoman Sima Ganwani Ved, launched its Digital Learning Academy in October to offer bilingual courses in the GCC. Rawya Mansour, Founder and Chairwoman of RAMSCO, spearheaded a partnership with the National Council for Women to empower women in Africa through an organic farming project and entrepreneurs’ initiative for zero-waste eco-villages. And Hind Bahwan, Founder and Chairperson of Bahwan CyberTek Group, signed an MoU with Dubai’s Heriot-Watt University to offer internships and deep work immersions to students to tackle the growing demand for emerging technologies like AI, ML, and IoT.

Top 10 Most Powerful Businesswomen In The Middle East 2023

Hana Al Rostamani

Nationality: Emirati

Group CEO, FAB

Raja Easa Al Gurg

Nationality: Emirati

Chairperson & Managing Director, Easa Saleh Al Gurg (ESAG)

 Lubna S. Olayan

Nationality: Saudi

Chair of Saudi British Bank; Chair of the Executive Committee and Deputy Chair of Olayan Financing Company

Shaikha Khaled Al Bahar

Nationality: Kuwaiti

Deputy Group CEO, National Bank of Kuwait Group

 Renuka Jagtiani

Nationality: Indian

Chairwoman, Landmark Group

Wadha Ahmed Al-Khateeb

NEWCOMER TO TOP 10

Nationality: Kuwaiti

CEO, Kuwait National Petroleum Company (KNPC)

 Sarah Al Suhaimi

Nationality: Saudi

Chairperson, Saudi Tadawul Group

Hanan Mohamed Al Kuwari

NEWCOMER TO TOP 10

Nationality: Qatari

Managing Director, Hamad Medical Corporation (HMC)

Shaista Asif

NEWCOMER TO TOP 10

Nationality: Pakistani

Cofounder & Group COO, PureHealth Group

    Randa Sadik

Nationality: Jordanian

CEO, Arab Bank

Top 5 Women In Banking & Financial Services

    Hana Al Rostamani

Nationality: Emirati

Group CEO, FAB

    Lubna S. Olayan

Nationality: Saudi

Chair of Saudi British Bank; Chair of the Executive Committee and Deputy Chair of Olayan Financing Company

    Shaikha Khaled Al Bahar

Nationality: Kuwaiti

Deputy Group CEO, National Bank of Kuwait Group

    Sarah Al Suhaimi

Nationality: Saudi

Chairperson, Saudi Tadawul Group

    Randa Sadik

Nationality: Jordanian

CEO, Arab Bank

ALSO READ: Noida becomes choicest biz destination

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-Top News Woman World News

Sitharaman, Harris feature on Forbes’ 100 most powerful women

This is the fourth year in a row that Sitharaman made it to the list. Last year, she was in the 37th spot, 41st in 2020 and 34th in 2019…reports Asian Lite News

Union Finance Minister Nirmala Sitharaman and US Vice President Kamala Harris are among Forbes’ 19th annual list of ‘World’s 100 Most Powerful Women’ of 2022.

While Harris is ranked third, Sitharaman is at number 36 on the list that was released on Tuesday highlighting “innovators and instigators who are leading on the world stage to redefine traditional power structures”.

This is the fourth year in a row that Sitharaman made it to the list. Last year, she was in the 37th spot, 41st in 2020 and 34th in 2019.

In 2021, Harris became the first woman, the first Black person, and the first South Asian-American to become the American Vice President.

A California native, Harris was born in Oakland to immigrant parents — her mother was from India and father from Jamaica.

Apart from Harris, Bela Bajaria, head of Global TV at Netflix, is another Indian-American on the list who is ranked at number 71.

Bajaria is responsible for hits including ‘Bridgerton’, ‘The Queen’s Gambit’, ‘Lupin’ and ‘Cobra Kai’.

Before joining Netflix in 2016, Bajaria was president of Universal Television, where she made history as the first woman of color to oversee a studio.

London-born Bajaria was named to TIME’s 100 Most Influential People list in 2022.

Sitharaman was appointed as India’s first female Finance Minister in May 2019. Before her career in politics, she held roles at the UK-based Agricultural Engineers Association and the BBC World Service.

Besides Sitharaman, other Indians on the list include, HCL Corporation CEO Roshni Nadar Malhotra — the youngest Indian woman on the list; Biocon founder Kiran Mazumdar-Shaw; Madhabi Puri Buch, the first female chair of the Securities and Exchange Board of India; Soma Mondal, the first woman to chair the state-run Steel Authority of India; and Nykaa founder Falguni Nayar.

Every year, the American business magazine releases a list of 100 powerful women of the world.

This year’s list was topped by European Commission president Ursula von der Leyen “for her leadership during the Ukraine war, as well as her handling of the Covid-19 pandemic”.

ALSO READ: Meet the Indian women diplomats marking their mark globally

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Business UAE News

Forbes unveils Middle East’s Top 30 Banks 

For the second consecutive year, Qatar’s QNB Group tops the list with $300.3 billion in total assets…reports Asian Lite News

Forbes Middle East has unveiled its ranking of the Middle East’s Top 30 Banks 2022, recognizing the region’s most resilient banking heavyweights that have emerged strong from the pandemic crisis. To construct the list, Forbes Middle East compiled data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value.

As of June 28, 2022, the 30 banks had a total market value of $586.6 billion and assets worth $2.5 trillion. Gulf banks dominate this year’s ranking, with 25 out of the 30 based in the GCC. Saudi Arabia and the UAE are the most represented countries on the list, with 10 and seven banks, respectively. Qatar follows with four banks, while Morocco has three.

For the second consecutive year, Qatar’s QNB Group tops the list with $300.3 billion in total assets. The UAE’s FAB, Saudi’s Al Rajhi Bank, and Saudi National Bank follow in a three-way tie for second place. UAE-based Emirates NBD rounds up the top five. Combined, these five amassed $16.8 billion in 2021 profits, constituting 49% of the aggregate profits of the 30 banks on the list.

Top 5 Banks In The Middle East 2022

1 | QNB Group  
Country: Qatar
Group CEO: Abdulla Mubarak Al-Khalifa

2 | First Abu Dhabi Bank (FAB)
Country: UAE
Group CEO: Hana Al Rostamani

3 | Saudi National Bank (SNB)
Country: Saudi Arabia
Group CEO and MD: Saeed Al-Ghamdi

4 | Al Rajhi Bank
Country: Saudi Arabia
CEO: Waleed Abdullah Ali Al-Mogbel

5 | Emirates NBD
Country: UAE
Group CEO: Shayne Nelson

ALSO READ-Emiratis dominate Forbes’ top CEOs list