Saudi businesswomen in Forbes Middle East top five

Samba Financial Group’s Rania Nashar, center, was ranked third on the Power Businesswomen in the Middle East list. (Supplied)
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Updated 05 February 2020

Saudi businesswomen in Forbes Middle East top five

  • Rania Nashar, Sarah Al-Suhaimi and Lubna Olayan find special place in the list of exceptional businesswomen

JEDDAH: Saudis dominate the Top 10 of Forbes annual Power Businesswomen in the Middle East list, with three of the country’s biggest names in the top five.

Samba Financial Group’s Rania Nashar is ranked third on the list, followed by Tadawul’s Sarah Al-Suhaimi and Saudi British Bank’s Lubna Olayan.

On the cusp of International Women’s Day next month, Forbes Middle East has unveiled its annual Power Businesswomen in the Middle East list, packed with 100 exceptional businesswomen at the head of many of the most influential and transformational companies in the region.

In the 2020 list, there are 22 new entries and 23 nationalities represented across 28 sectors. Emiratis are the most prevalent nationality with 23 entries. There are also nine Egyptians, eight Lebanese and eight Omani women.

The Forbes list was constructed via nominations and through in-depth research based on criteria including the size of the businesses that these women head, their accomplishments over the past year, the initiatives that they champion, and their overall work experience.

The majority (79) of the 100 women are self-made, 16 of whom have started their own businesses. And 21 women work in their family businesses, with many of them starting out when it was rare to find women in the workplace. There are 21 women from the banking and financial services sector, including four from stock exchanges and financial regulators.

FASTFACT

In the 2020 list, there are 22 new entries and 23 nationalities represented across 28 sectors. Emiratis are the most prevalent nationality with 23 entries. There are also nine Egyptians, eight Lebanese and eight Omani women.

The public sector is also well represented, with 13 women on the list heading government organizations, including Director General of Smart Dubai Aisha Bin Bishr, who is overseeing Dubai’s digital transformation. Sarah Al-Suhaimi chairs Tadawul, the region’s biggest stock exchange, which recently handled the IPO of the world’s most valuable company, Aramco.

Half of the list head large corporations, including Nadia Al-Saeed, who runs Jordan’s fourth biggest lender, Bank al Etihad, and Pakinam Kafafi, CEO of Egyptian energy company, Taqa Arabia, who is the only female leader in the oil and gas sector on the list.

The Middle East’s outstanding female leadership was reflected internationally in 2019 when Forbes’ list of the World’s 100 Most Powerful Women featured three women from this region — who now make up the top three. Raja Al Gurg (#84 on the Forbes list) manages her family’s business, which was first founded by her father. Indian national Renuka Jagtiani (#96 on the Forbes list) has built a retail empire in the UAE. And Rania Nashar (#97 on the Forbes list) became the first female CEO of Samba Financial Group in 2017, Saudi Arabia’s fourth-biggest bank by assets.

“These Arab women are not only driving economic growth in the region, but they are also representative of the Middle East’s strong female leadership and influence across all areas of life, from e-commerce to financial services,” said Khuloud Al-Omian, editor in chief of Forbes Middle East.


Saudi minister: OPEC+ will take responsible approach to virus

Updated 26 February 2020

Saudi minister: OPEC+ will take responsible approach to virus

  • Saudi Arabia supports the further oil production cut, but Russia is yet to announce its final position on the matter

RIYADH: Saudi Arabia’s energy minister said on Tuesday he was confident that OPEC and its partner oil-producing nations, the so-called OPEC+ group, would respond responsibly to the spread of the coronavirus.

He also said Saudi Arabia and Russia would continue to engage regarding oil policy.

“Everything serious requires being attended to,” the minister, Prince Abdul Aziz bin Salman, told reporters at an industry conference in Riyadh.

An OPEC+ committee this month recommended the group deepen its output cuts by an additional 600,000 barrels per day.

Saudi Arabia supports the further oil production cut, but Russia is yet to announce its final position on the matter.

The minister said he was still talking with Moscow and that he was confident of Riyadh’s partnership with the rest of the OPEC+ group.

“We did not run out of ideas, we have not closed our phones. There is always a good way of communicating through conference calls,” he said.

Regarding the coronavirus, which has impacted OPEC member Iran, he said OPEC+ members should not be complacent about the virus but added he was confident every OPEC+ member was a responsible and responsive producer.

The flu-like SARS-CoV-2 virus, which first broke out in China, has now spread to more than 20 countries.

“Of course there is an impact and we are assessing, but we’ll do whatever we can in our next meeting and we’ll address that issue,” UAE Energy Minister Suhail Al-Mazrouei said at the same industry conference.

Saudi Aramco CEO Amin Nasser on Monday said he expected a short-lived impact on oil demand.

“We think this is short term and I am confident that in the second half of the year there is going to be an improvement on the demand side, especially from China,” he said.

Oil climbed on Tuesday as investors sought bargains after crude benchmarks slumped almost 4 percent in the previous session, although concerns about the global spread of the virus capped gains.