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COMEX Global Technology Show 2024 Kicks off

HM The Sultan Arrives in Kuwait

Kuwaiti diplomat: Omani Sultan’s Kuwait visit indicative of strong ties

UAE President holds dinner banquet at Qasr Al Watan in honour of Sultan Haitham bin Tariq

UAE President receives Sultan of Oman upon arrival in UAE on state visit

Oman and UAE: Fraternal Bonds, Strategic Relations and Economic Partnership

OIA Announces Social Investment Policy, Launches “Qimam” Platform

POPS Supervisory Committee Holds First Meeting in 2024

Bank Muscat’s Sayyarati Auto Finance Option Comes with the Best Financing Facilities for Customers

“Ooredoo Oman Welcomes Khawla Al-Amiri as Chief People Officer, Reinforcing Commitment to Local Leadership Empowerment”

Bank Muscat Launches EAGLEs Programme: A Pioneering Leadership Engagement Across Branch Network

“Forging Tomorrow: A Global Imperative for Advanced AI Infrastructure”

“High-Paying Careers in Artificial Intelligence: Securing Your Future in the Evolving Job Market”

HM The Sultan Issues Two Royal Decrees

Unlocking New Horizons for Entrepreneurs: The Fourth Industrial Revolution

Royal Army of Oman Celebrates Passing Out of Officer Cadets, University Officers

HM The Sultan Offers Condolences on the Death of Kuwaiti Emir

HM The Sultan Gives Audience to Business People in India

HH Sayyid Theyazin Conveys HM The Sultan’s Greetings to Russian President

First Muscat Dialogue Sessions Begin

Oman and Switzerland Strengthen Bilateral Cooperation with Multiple Memoranda of Understanding

Empowering Coastal Women in Oman: “Mina” Project Unveiled

Information Minister Affirms Keenness to Strengthen Communication with International Media Institutions

“Oman’s Education and Innovation Drive: Sultan Haitham’s Vision”

UAE Space Agency launches National Space Academy to develop national cadres

HM The Sultan Presides over 8th Term Convening of Council of Oman

Selecting Topics Phase Launched of “Together we Make Progress” Forum

HM The Sultan Issues 2 Royal Decrees

Interior Minister visits Operations Chamber of Shura Council Elections

Omanis Cast Ballots for Shura Council’s 10th Term Membership

“Navigating Talent Challenges in Oman’s Telecom Sector”

“Bank Merger in Oman: A Human Resources Transformation Story”

Omantel’s 5G Excellence Recognized with “Samena Communications Award”

NHS scientist awarded £58,000 after being named ‘Paininarse’ on spreadsheet

‘Kill list’ | Mystery doc shows list of LinkedIn staff facing redundancy, days before HR announcement

HM The Sultan Receives Ambassadors’ Credentials

“Empowering Omani Women: A Message of Hope and Progress”

Mohammed bin Rashid opens GITEX GLOBAL

HH Sayyid Bilarab Chairs Meeting of Omani Startups’ Supervisory Committee

“Dhi Yazan bin Haitham Al Said Inaugurates Duqm Economic Forum “

Omani Woman: Clear Vision & Remarkable Achievements

“Strategies for Cultivating a Healthy and Productive Work Environment”

“Essential Reading for HR Professionals: 17 HR Books You Can’t Miss in 2023”

“Future-Proofing Your Career: Essential Skills for Tomorrow’s Job Market”

MAWARED annual book

Transformational Leadership: Inspiring Change and Achieving Excellence

“al sulaam Program (Episode four) with Dr. Aamal al bussaidi .”

“al sullam Program (Episode Two) with Dr. Ahmed Al-Ghusani.”

Nama Group and Omani Society for Human Resource Management (OSHRM) announce strategic partnership in Human Resources development

Saudi Oil Giant Aramco Announces $121 Billion Profit in 2023

Tender Board Signs Agreements with Karwa Motors on Government Procurement, School Bus Purchase

Najahi Business Banking from Bank Muscat: Empowering Small Businesses

His Majesty Exchanges Ramadan Greetings With Arab, Islamic Leaders

A’Rustaq Hospital Diagnoses Child with Gastric Wall Vein Bleeding

QCB Launches ‘FAWRAN’ Instant Payment Service

National Development Fund Partners with World Economic Forum

Qatar Chairs 49th Meeting of GCC Standing Committee for Combating Harmful Practices in International Trade

Saudi Arabia’s Air Connectivity Program Signs Deal with Eurowings to Enhance Air Connectivity between Saudi Arabia and the EU

HM King presented unique development model: Omani Ambassador

July 14, 2024

“Forbes 2023: Arab Billionaires Navigate Challenges, Resilience in a Shifting Landscape”

The year 2023 proved to be a formidable challenge for the world’s wealthiest individuals, as Forbes’ annual list of billionaires witnessed a decrease from 2,668 in 2022 to 2,640. Despite this slight decline, the total wealth of billionaires globally reached $12.2 trillion, a decrease of approximately $500 billion from March 2022. In the Arab world, nine out of 21 billionaires saw a decrease in their fortunes, yet collectively, their wealth increased from $52.9 billion in 2022 to $53.9 billion in 2023.

Trends in the Middle East: The Middle East mirrored global trends, with nine out of 21 Arab billionaires experiencing a decrease in their fortunes compared to the previous year. However, their combined wealth increased from $52.9 billion in 2022 to $53.9 billion in 2023. Notably, Saudi billionaires faced exclusion from Forbes’ global list for the sixth consecutive year.

Top Arab Billionaires:

  1. Nassef Sawiris:
    • Retaining the top spot among Arab billionaires, Nassef Sawiris boasts a net worth of $7.4 billion. Despite a slight decrease of $300 million from 2022, his 6% stake in Adidas remains a significant investment.
  2. Issad Rebrab:
    • The Algerian billionaire, founder, and CEO of Cevital, Issad Rebrab, secures the second position with a net worth of $4.6 billion. Despite a $500 million decrease from 2022, Rebrab’s Cevital owns one of the world’s largest sugar refineries.
  3. Hussain Sajwani:
    • The net worth of Emirati billionaire Hussain Sajwani witnessed an impressive 66.7% increase compared to 2022, marking one of the highest growth rates. Similarly, Mohammed Mansour saw a 44% increase in his wealth this year.

Wealth Distribution in Egypt and Lebanon: Egypt and Lebanon dominate the list, each having six billionaires. The combined net worth of Egyptian billionaires is $19.1 billion, including the Mansour brothers and the Sawiris siblings. Lebanese billionaires, with a combined net worth of $11.8 billion, include the Makhzoumi brothers, Robert Mouawad, and the Hariri siblings.

UAE Presence: The UAE contributes three billionaires to the 2023 list: Hussain Sajwani, Abdullah bin Ahmed Al Ghurair and family, and Abdullah Al Futtaim and family. Collectively, their net worth amounts to $9.9 billion.

Representation from Other Arab Countries: Morocco is represented by Prime Minister Aziz Akhannouch and banker Othman Benjelloun and his family. Qatar is represented by Faisal bin Qassim Al Thani and Hamad bin Jassim Al Thani, both members of the Qatari royal family.

Conclusion: The Forbes 2023 list showcases the resilience and adaptability of Arab billionaires in a dynamic economic landscape. While challenges persist, the collective wealth of these individuals continues to make a significant impact, reflecting the diverse industries and sectors contributing to the region’s economic growth. As the global economic landscape evolves, Arab billionaires navigate challenges with strategic investments, reinforcing their positions on the global stage.

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